Iraq Economic News ans Points To Ponder Wednesday Evening 9-11-24
When Will The Government Resort To Amending The Budget Law? An Economic Expert Explains
Time: 2024/09/11 Read: 1,118 times Economic: Al Furat News} The economic expert, Abdul Rahman Al Mashhadani, clarified the date of the government’s resort to amending the financial budget.
Al-Mashhadani told {Euphrates News} that: "Despite the decline in oil prices, Iraq does not face a problem in the 2024 budget, as 8 months of the fiscal year have passed, and the situation is normal with oil prices rising above $70 per barrel."
He added, "Also, the report issued by the Ministry of Finance for the first 6 months had total spending of 58 trillion dinars, while it was supposed to be 105 trillion dinars for the first half of the year."
Al-Mashhadani added, "The largest part of the spending was for operational expenses, which amounted to 53 trillion dinars, and 5 trillion for investment expenses, and the remaining 4 months of the year can pass easily and without problems, and salaries and wages are secured considering that oil revenues cover the need."
"In addition to the government's continued existence of financing means that it has not yet used, such as deficit financing means, which were planned to be 64 trillion dinars deficit, with the Central Bank contributing 22 trillion dinars of it, government banks covering 3 trillion and treasury bonds,
in addition to the existence of 14 trillion dinars in revolving surpluses, in addition to the existence of a legal authorization for the government to borrow domestically to secure its general budget, and this reassurance is present in 2024," Al-
Mashhadani pointed out. "If prices continue to decline and fall to higher levels of up to $55 per barrel or $60 in 2025, this will push the government to submit different data that will seek to reduce investment expenditures as happened in previous crises and stop the investment aspect, which is now considered to reach 45 trillion dinars."
He continued, "In addition to reducing non-essential operating expenses such as commodity and service requirements, which are spent at 17 trillion dinars annually and were not spent in the first half of the year, the government will also focus on securing governing expenses such as salaries, wages, pensioners' salaries, and the social protection network, which amounts to 90 trillion."
Al-Mashhadani continued, "In addition, purchasing food basket items, gas, and medicines for 10 trillion dinars, in addition to the interest and installments of the public debt, which consists of two parts, the simple part of which is the external debt, which has decreased to 9 trillion, and thus the interest and installments that will be due from government agencies such as the Central Bank and government banks, and its payment can be postponed."
He explained that "the governing expenses of wages and oil production costs and all these expenses will be around 145 trillion dinars, and this is what will determine government spending," noting that "if the problem becomes more complicated, the government can resort to other methods such as imposing taxes on salaries {the nominal salary} only and not on the total because the allocations constitute two-thirds of the general salary." LINK
The Banking Supervision Department Holds Its Periodic Meeting With The Banks
September 11, 2024 The Banking Control Department at the Central Bank of Iraq held its periodic meeting with the licensed banks in the presence of bank representatives.
The meeting discussed a number of topics related to the work of banks by presenting the special requirements of the departments of this bank (the
Banking Control Department, the
Statistics and Research Department, the
Anti-Money Laundering and Terrorist Financing Office, the
Quality Management and Institutional Development Department, and the
Financial Inclusion Department), which must be met by the sector. The banker.
The meeting witnessed
answers to banks’ inquiries and
proposals regarding developing the work of the banking sector.
Central Bank of Iraq Media office September 11, 2024 https://cbi.iq/news/view/2668
Ministry Of Commerce Participates In Digital Education Week At UNESCO Headquarters
Wednesday 11 September 2024 18:21 | Economic Number of readings: 233
Baghdad / NINA / The Ministry of Trade announced, on Wednesday, the presence and participation of its commercial attaché in Paris in the Digital Transformation Week for the Education Sector, which was held at the headquarters of the United Nations Educational, Scientific and Cultural Organization (UNESCO).
The ministry stated in a statement: "The forum included the presentation and discussion of a number of topics, most notably the presentation of Arab and foreign experiences in the use of technology and artificial intelligence (AI) in education and the mechanisms of green and sustainable digital transformation for the education sector and the role of private sector companies in this field."
The statement pointed out "the importance of Iraq's participation in this forum to learn about the latest programs and initiatives adopted by UNESCO in supporting digital transformation and artificial intelligence and methods of financing these programs, in line with the Iraqi government's orientation to adopt governance and digital transformation in all activities and services provided by Iraqi ministries." / End 11 https://ninanews.com/Website/News/Details?key=1153258
Oil Minister Discusses With Officials Of The American Company "Honeywell" Enhancing Cooperation In The Fields Of Energy And Refining Sector
Thursday 12 September 2024 | Economic Number of readings: 62 Baghdad / NINA / Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani discussed with officials of the American company "Honeywell" prospects for enhancing cooperation in the fields of energy and the refining sector.
A statement by the Ministry of Oil stated: "Abdul-Ghani visited, on Wednesday, the headquarters of the American company "Honeywell", and met with officials in the company and was briefed on its activities. It is one of the large specialized companies with extensive work in many fields."
According to the statement, the minister held a meeting with the company during which prospects for enhancing cooperation in the fields of energy and the refining sector were discussed. The
Minister of Oil signed, in the presence of Prime Minister Mohammed Shia al-Sudani, a memorandum of understanding with the company "Honeywell" in May of this year, specifically to develop Iraqi refineries and support the national energy sector.
The meeting was attended, according to the statement, by the Undersecretary of the Ministry for Gas Affairs, Ezzat Saber, the Prime Minister’s Advisor, Falah Al-Amiri, the Director General of the Department of Studies, Planning and Follow-up, Nasir Aziz, the Director General of the Economic Department, Alaa Al-Yasiri, the Director General of the Southern Refineries Company, Hussam Hussein Wali, the Director of the Research Center, Ali Jassim, the Consul of Iraq in Houston, Hawri Muhammad Gharib Al-Talabani, and representatives of the Iraqi Embassy in America and a number of officials in the ministry. / End 2 https://ninanews.com/Website/News/Details?key=1153297
Oil Prices Expected To Rise Again
Economy | - 11/09/2024 Mawazine News – Economy Global oil demand will rise this year at a time when production growth is lower than previously expected, the US Energy Information Administration said.
The widening supply deficit will further draw oil from global inventories, pushing Brent crude prices back above $80 a barrel in spot trading this month, the agency said in its short-term energy outlook. Spot
Brent crude averaged $73 a barrel on Sept. 6, it said. Futures for the global benchmark crude fell below $70 a barrel on Tuesday for the first time since December 2021.
The agency forecast global oil demand to average about 103.1 million barrels per day (bpd) this year, up about 200,000 bpd from its previous forecast of 102.9 million bpd.
Global production is now expected to average 102.2 million bpd, the agency said, down from its previous forecast of 102.4 million bpd after the Organization of the Petroleum Exporting Countries (OPEC) delayed its plan to increase output.
OPEC and its allies had planned to raise output from October but with crude prices falling amid a weak global economy, they delayed their plan last week and will increase output from December.
OPEC on Tuesday cut its forecast for crude oil demand growth this year to about 2 million barrels per day, still double the U.S. Energy Information Administration’s current estimate of about 1 million bpd. The
EIA forecasts global oil demand will exceed production by about 0.9 million bpd this year, compared with a 0.5 million bpd gap in its previous forecast.
“Despite growing market concerns about economic growth and oil demand growth, especially in China, which have depressed oil prices, OPEC+ production cuts mean less oil is produced globally than consumed,” the agency said. https://www.mawazin.net/Details.aspx?jimare=254768
Central Bank Sales Today Exceeded $262 Million
Wednesday 11 September 2024 15:20 | Economic Number of readings: 218
Baghdad / NINA / The Central Bank of Iraq revealed, today, Wednesday, the total sales of foreign currency through the electronic window.
The total amounts of transfers abroad (remittances, credits) amounted to 246,543,208 dollars, while the total cash sales amounted to 16,400,000 dollars, and the total sales amounted to 262,943,208 dollars.
The selling price for transfers and cash was 1310 dinars per dollar, while the bond credits and international settlements for the electronic card were 1305 dinars. / End 11 https://ninanews.com/Website/News/Details?key=1153224
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