Iraq News Highlights Tuesday AM 6-25-24
Iraq News Highlights Tuesday AM 6-25-24
An Expert Expects Economic Growth In Iraq To Decline During 2024
Economy |Baghdad today - Baghdad Today, Tuesday (June 25, 2024), the economic expert, Nabil Al-Marsoumi, revealed the rate of economic growth in Iraq during 2024.
Al-Marsoumi said in a post on the Facebook platform, followed by “Baghdad Today,” that “the World Bank confirmed in its report that Iraq’s economic growth reached 7.6% in 2022 and 7.6% in 2022, while it reached 2.9% in 2023,” expecting “Iraq’s economic growth will decrease in the year 2024 to reach - 0.3%, and it will achieve growth in the year 2025 reaching 3.8% and 5.3% in the year 2026.”
He added, "Economic growth in Iraq is not self-growth or planned, but rather a transitory growth linked to external variables, the most important of which is the rise in global demand for oil and the rise in its prices, and therefore it cannot be relied upon to create positive effects among the various economic sectors," pointing out that "it should have been The World Bank should pay attention to the growth rate of non-oil gross product and not to general economic growth, which is greatly affected by oil.”
Al-Marsoumi continued, “The significant economic growth achieved in Iraq in 2022 resulted from the increase in oil production quantities and the rise in oil prices, while the negative economic growth in 2023 and 2024 is linked to the decline in oil production quantities due to OPEC Plus restrictions and the decline in oil prices, as well as the expected positive economic growth.” “The years 2025 and 2026 are linked to a reduction in OPEC restrictions and the possibility of a rise in global oil prices.” LINK
Parliamentary Recommendation For Finance And Planning To Launch Instructions For Implementing Budget Schedules
Political | 06/25/2024 Baghdad - Mawazine NewsToday, Tuesday, the Parliamentary Finance Committee recommended the Ministries of Finance and Planning to release instructions for implementing the 2024 budget schedules, while indicating that all appeals are normal and did not rise to the rejection of some paragraphs.
Committee member Nazem Al-Shibli said, “The budget is effective after its publication in Al-Waqa’i newspaper, but it needs instructions issued by the Ministries of Finance and Planning in order for it to be clearly implemented in the ministries, agencies, and governorates,” explaining that “the budget is not devoid of complaints and appeals every year, but the court It is the one who decides the authority to implement or legislate.”
Al-Shibli added, “The court will hear all appeals,” pointing out that “the budget is subject to appeal if any party objects to a part of it,” noting that “all appeals are normal and do not rise to the rejection of some paragraphs.” https://www.mawazin.net/Details.aspx?jimare=250213
The Dollar Continues To Rise.. Learn About The Exchange Rates In Iraqi Markets[/Size]
Economy 2024-06-25 Alsumaria News – Economy Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Tuesday, June 25, 2024.
Dollar prices rose slightly with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 147,900 Iraqi dinars for every 100 dollars, while selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 148,750 dinars, while the purchase price reached 146,750 dinars for every 100 dollars.
On February 7, 2022, the Council of Ministers announced its approval of amending the dollar exchange rate to 1,320 dinars per dollar.
For about a year, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system ““SWIFT,” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel markets. LINK
Canadian Oil Replaces Iraqi Crude On The American West Coast
Money and business Economy News - follow up Refiners on the West Coast of the United States intend to replace their imports of Iraqi heavy oil with cheaper crude from Canada, at a time when the newly expanded “Trans Mountain” line rearranges trade flows across the Pacific Ocean.
California and Washington are scheduled to import about 150,000 barrels per day of Canadian crude via tankers in June, representing a seven-fold increase in average volumes, according to preliminary data from Vortexa. At the same time, their imports of Iraqi “Basra Heavy” crude are expected to decrease to 3,587 barrels per day, from 76,000 barrels last May.
The Trans Mountain expansion, which began in May, transports 590,000 barrels per day of crude from the Canadian oil sands to Vancouver for export. This is likely to be an advantage for refiners on the US West Coast, which would otherwise pay several dollars more per barrel to buy Iraqi crude.
Trade flows also suggest that the United States will for now remain a dominant buyer of Canadian oil, even as the pipeline gives producers access to coveted Asian markets.
European competition for Iraqi Basra crude in light of the shortage of supplies
While the Trans Mountain line is still not operating at full capacity, the company expects 22 tankers to ship crude oil from Vancouver this month. More than 81 thousand barrels per day are heading to China. Another 50,000 barrels per day are headed to India, the first movement of its kind off the Canadian Pacific coast.
As Canadian imports to the US West Coast rise, shipments of Brazilian medium-sulphur, Tupi, as well as Basra Heavy crude oil are declining.
Alberta heavy West Canadian Standard crude is trading about $13 cheaper than U.S. West Texas Intermediate crude, or about $67 a barrel, according to Bloomberg's general index pricing. Basra Heavy crude is trading about $5.55 cheaper than benchmark Brent crude, or more than $80 per barrel. Views 69 06/25/2024 https://economy-news.net/content.php?id=44588
Basra Council: We Are Serious About Activating The Law On Basra, The Economic Capital Of Iraq
Monday 24, June 2024 | Economical Number of readings: 515
Basra / NINA / The Basra Governorate Council confirmed its intention "to activate the law on Basra, the economic capital of Iraq, pointing to discussing the issue with the Prime Minister in order to activate this law."
The head of the Council’s Finance and Administrative Committee, Shukr Al-Amiri, said, “This is an attractive factor for foreign investment companies, given that Basra will be a corridor for international trade,” indicating that all of this encourages the economy, develops trade, and also provides job opportunities for many unemployed youth. .
Al-Amiri explained that the seventh economic conference in Basra Governorate comes in order to focus on economic activity in the governorate. https://ninanews.com/Website/News/Details?key=1133954
Provoking Thoughts and Points to Ponder on Wealth
I have enough money to get by. I'm not independently wealthy, just independently lazy, I suppose. - Montgomery Clift
I have no complex about wealth. I have worked hard for my money, producing things people need. I believe that the able industrial leader who creates wealth and employment is more worthy of historical notice than politicians or soldiers. - Paul Getty
I was born into it and there was nothing I could do about it. It was there, like air or food, or any other element. The only question with wealth is what you do with it. - John D. Rockefeller
I wish to become rich, so that I can instruct the people and glorify honest poverty a little, like those kind-hearted, fat, benevolent people do. - Mark Twain
In big houses in which things are done properly, there is always the religious element. The diurnal cycle is observed with more feeling when there are servants to do the work. - Elizabeth Bowen
True abundance is not about gathering more things, it's about touching the place in us that is connected to the divine source of abundance, so that we know what we need in the moment will be provided. - Mary Manin Morrissey
It's time we put thoughts of lack behind us. It's time for us to discover the secrets of the stars, to sail to an uncharted land, to open up a new heaven where our spirits can soar. - Sarah Ban Breathnach
It is good to have things that money can buy, but it is also good to check up once in awhile and be sure we have the things money can't buy. - George Horace Lorimer
Ordinary riches can be stolen, real riches cannot. In your soul are infinitely precious things that cannot be taken from you. - Oscar Wilde
'Let us not get so busy or live so fast that we can't listen to the music of the meadow or the symphony that glorifies the forest. Some things in the world are far more important than wealth; one of them is the ability to enjoy simple things. - Dale Carnegie