Friday Morning Iraq Economic News Highlights 6-16-23
Friday Morning Iraq Economic News Highlights 6-16-23
The Parliamentary Finance Committee Announces The Arrival Of The Federal Budget Law To The Presidency Of The Republic
Iraq 10:28 - 2023-06-16 Today, Friday, the Parliamentary Finance Committee announced the arrival of the budget law to the Presidency of the Republic. The head of the committee, Representative Atwan Al-Atwani, said in a statement: "The budget law reached the Presidency of the Republic for approval."
Last Monday, the House of Representatives voted on the general budget law.
What If The President Of The Republic Does Not Approve The Budget? .. And What Is The Issue Of The 15 Days?
Economy / Localities |Baghdad today – Baghdad Today, Friday, legal expert Salem Hawass clarified the mechanism for approving the federal budget in the event that the President of the Republic does not sign it.
Al-Hawas told (Baghdad Today) that "the arrival of the budget to the President of the Republic and the lapse of fifteen days on it is considered approved even if the President does not approve it."
The legal expert added, "It is true that the President of the Republic has the constitutional right to ratify death sentences or not, as it is a discretionary authority for him, and there is no effect on his non-ratification in accordance with Article 73 of the Constitution," noting that "this text differs in other clauses in the president's powers over laws and legislations." Including the budget law, which has an important impact.
And Hawass indicated that "the president has a discretionary power in rulings because it is not obligatory for him and is not obligatory for him to ratify it during a certain period, while the same article made the president's approval of laws, including the budget legislated by parliament, permissive, and therefore laws are considered effective after the fifteen days of the constitutional period."
And he continued, “The constitution considers the laws that the President of the Republic did not ratify as approved, even if he did not ratify them once the specified period has passed, based on the provisions of Article 73 / Third of the constitution, which stipulates that the laws enacted by the House of Representatives must be ratified and issued, and they are considered approved after fifteen years have passed.” days from the date of its receipt.
Earlier, the Parliamentary Finance Committee announced that the budget law had reached the Presidency of the Republic.
The head of the committee, Representative Atwan Al-Atwani, said in a statement received by (Baghdad Today) that "the budget law has reached the Presidency of the Republic for approval."
The House of Representatives had voted on the general budget law last Monday. LINK
Stability Of The Exchange Rates Of The Dollar Against The Dinar For Today
2023-06-16 Today, Friday, the exchange rates of the dollar recorded stability in the local markets in the capital, Baghdad. Al-Mutala' correspondent said, "The Al-Harithiya and Al-Kifah stock exchanges are closed today for buying and selling."
Our correspondent added: "While the selling price in exchange offices reached 148,500 dinars per 100 dollars, and the purchase price amounted to 146,500 dinars per 100 dollars." LINK
Dollar Exchange Rates In The Local Markets For Today
Economy |Baghdad today – Baghdad Today, Friday, the exchange rates of the dollar recorded stability in the local markets in the capital, Baghdad.
The (Baghdad Today) correspondent said, "The Al-Harithiya and Al-Kifah stock exchanges are closed today for buying and selling."
He added, "While the selling price in exchange offices reached 148,500 dinars per 100 dollars, and the purchase price amounted to 146,500 dinars per 100 dollars." LINK
Integrity: We are working to combat corruption and Iraq is in the process of transitioning to e-gove Integrity: We are working to combat corruption and Iraq is in the process of transitioning to e-governance LINK
Al-Sudani's Office Reveals The Details Of The Joint Declaration Of Intent And The Agreements Concluded Between Iraq And Qatar
2023-06-15 The Office of the Prime Minister, Mohamed Shiaa Al-Sudani, announced, this evening, Thursday, the details of the joint declaration of intent and the agreements concluded with Qatar.
The office stated in a statement that Al-Sudani and the Emir of the State of Qatar, Tamim bin Hamad Al-Thani, sponsored the signing ceremony of a joint declaration of intent between the governments of Iraq and Qatar, for comprehensive cooperation in the political, economic, energy and investment fields, as well as the signing of two agreements in the fields of air and maritime transport, and a memorandum of understanding regarding Cancellation of visa requirements for holders of diplomatic passports.
On the sidelines of the Qatari visit, a number of memorandums of cooperation in the field of energy were also signed, pertaining to crude oil and supplying Iraq with liquefied gas, a memorandum of cooperation to establish a joint oil company and another to establish a refinery.
In the field of investment, four memorandums of cooperation were signed for the National Investment Authority, the first with the Qatari “Urbacon” Holding Company, the second with the Qatari “Elegancia Health Care” company, and two memorandums of cooperation with the Qatari “Istithmar” Holding Company in the field of developing new cities and building and hotel development.
Today, Thursday, the Emir of Qatar, Tamim bin Hamad Al Thani, arrived in the Iraqi capital, Baghdad, on an official visit, during which he will meet the three Iraqi presidencies, in addition to a number of Iraqi political leaders, indicating that he will discuss in Baghdad the file of the commercial and investment sector, security cooperation, and other files. LINK
Al-Bawi: The Facts Of The Region's Oil Smuggling Require A Serious Stance From The Judicial Authority[/Size]
Information/Baghdad.. Political analyst Hazem Al-Bawi counted, on Friday, what Kurdish political circles revealed about the numbers of Iraqi oil smuggled in Kurdistan since 2007 until now, that it rises to the ranks of a major scandal and requires a pause from the judiciary to hold the negligent accountable.
Al-Bawi told Al-Maalouma, “The hadith of the former Kurdish deputy and member of the Oil and Energy Committee, Ghaleb Muhammad, about the quantities of oil produced in Kurdistan, which amounted to one billion and 450 million barrels since the aforementioned year , requires a serious stance from the highest judicial authority in Iraq.”
He added, “The calamity lies in the confession of the Kurdish deputies, the last of whom is the aforementioned figure, that most of the smuggled quantities of oil were sent abroad and were sold for large sums, and that the regional government owed 37 billion dollars in favor of Baghdad, so it is something that cannot go unnoticed.”
And he indicated that "Baghdad is sending millions or billions of dollars to the region at a time when Kurdish deputies are talking about that Erbil owes the region's employees salaries for a period exceeding a year. It is strange, especially since the employees did not receive Salaries even with the increase in oil prices, which calls for urgent action from above.” authorities to investigate the matter and hold the negligent accountable.” ended 25 n LINK
Minister Of Oil: We Seek To Use Modern Technology In The Oil Field
2023-06-16 Oil Minister Hayan Abdul-Ghani at the celebration of the anniversary of the founding of OPEC in Baghdad: We seek to use modern technology in the oil field .
OPEC seeks to achieve oil stability. There is cooperation and coordination between OPEC countries for the sake of common interests . Memorandum announcing the founding of OPEC in Baghdad on the occasion of the 63rd anniversary LINK
Accompanied By Kurdistan... Oil: A Joint Delegation Will Arrive In Ankara Next Week To Discuss Oil Exports
2023-06-16 The Federal Ministry of Oil confirmed that a delegation affiliated with it, accompanied by a delegation from the Ministry of Natural Resources in the Kurdistan Regional Government, will visit Turkey next week in order to resume oil exports through the Turkish port of Ceyhan.
"The delegation will go to Turkey, with the aim of discussing the resumption of exporting Kurdistan's oil," said Asim Jihad, a spokesman for the Ministry of Oil, in a statement to the media of the head of the regional government, followed by the insider.
According to the available information, the delegation that will visit Turkey is a technical delegation, and it will conduct decisive negotiations to resume the export of Kurdistan's oil.
On April 4, Erbil and Baghdad signed an agreement to resume oil exports through the Iraqi Oil Marketing Company (SOMO), in the presence of the federal and regional prime ministers.
The Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, announced that the Turkish authorities had been informed of the resumption of export operations from the northern port - the port of Ceyhan.
And the ministry stated in a statement, "The Iraqi Oil Marketing Company, SOMO, informed the Turkish company BOTAS to resume export and loading operations as of Saturday, May 13, 2023," which has not been implemented to this point.
The Minister of Oil indicated that "the conclusion of contracts with international companies for the sale and marketing of crude oil from the Turkish port of Ceyhan has been completed, according to the mechanisms adopted by the Iraqi Oil Marketing Company SOMO."
Turkey stopped Iraq's exports of 450,000 barrels per day through the oil pipeline that extends from the Kurdistan region in northern Iraq to the Turkish port of Ceyhan on March 25.
Reuters calculations indicate that the 80-day stoppage has cost the Kurdistan Regional Government more than two billion dollars.
Turkey's decision to suspend exports followed an arbitration decision by the International Chamber of Commerce that ordered Turkey to pay Baghdad $1.5 billion in compensation for damages caused by the Kurdistan Regional Government's export of oil without permission from the government in Baghdad between 2014 and 2018.
Attempts to restart the pipeline were delayed by last month's Turkish presidential election and discussions between the Iraqi government's Oil Marketing Company (SOMO) and the KRG over an export deal that has now been reached.
Hopes for the resumption of work were boosted when Turkish President Alp Arslan Bayraktar appointed Minister of Energy and Natural Resources on June 3.
Sources told Reuters earlier that among the issues to be resolved was that Turkey seek to negotiate the amount of compensation ordered by the International Chamber of Commerce.
The sources said they also want to permanently resolve outstanding issues in other open arbitration cases before they agree to resume flows. LINK