Iraq Economic News and Points to Ponder Wednesday Afternoon 9-13-23

Iraqi Movements To Join The World Trade Organization

Al-Ghad Press/Baghdad    Today, Wednesday, the Parliamentary Economy and Trade Committee discussed with the World Trade Organization delegation the mechanism for Iraq’s accession to the organization.

The Council’s Media Department stated in a statement received by Al-Ghad Press, a copy of which was obtained, that “the Committee on Economy, Industry and Trade, headed by Representative Ahmed Salim Al-Kinani and in the presence of a number of its members, met with a delegation from the World Trade Organization.”

She added, "During the meeting, the possibility of the Republic of Iraq joining the World Trade Organization was discussed, and what are the most important measures that Iraq must take for the purpose of starting to join the World Trade Organization."  https://alghadpress.com/39278--.html

A Sudanese Advisor Refutes His Statement Regarding The Monetary Bloc.. What Did He Say?

Economy |  Baghdad Today – Baghdad  Today, Wednesday (September 13, 2023), the Prime Minister’s Advisor for Investment Affairs, Muhammad al-Najjar, refuted what was attributed to him regarding the size of the Iraqi monetary mass.

Al-Najjar said in a press statement, followed by "Baghdad Today", that "the Central Bank of Iraq is not within its jurisdiction, and that it will contact the official newspaper to delete the news attributed to it."

The official newspaper Al-Sabah published in its issue of September 9, quoting the advisor to the Prime Minister, Muhammad Al-Najjar, as saying that “the monetary supply of the local currency has reached the barrier of 116 trillion dinars, of which within the banking system is between 30 and 40 trillion dinars.”

Data from the Central Bank of Iraq indicate that the volume of cash in banks until July 2023 amounted to 7.5 trillion Iraqi dinars, and not between 30 and 40 trillion dinars.

As for the volume of printed money until July 2023, it amounted to 99.7 trillion dinars, not 113 trillion dinars.   LINK

Al-Shammari: The Path Of Development Will Turn Iraq Into A Global Transit Point With Huge Returns

Time: 09/12/2023 Read: 2,457 times  Al-Shammari: The path of development will turn Iraq into a global transit point with huge returns 73456737-1

  {Politics: Al-Furat News} Advisor to the Prime Minister, Fadi Al-Shammari, confirmed today, Tuesday, that the path of development will turn Iraq into a global transit point with huge revenues.

Al-Shammari said, in a statement, a copy of which was received by {Al-Furat News}, that: “Iraq announced that it will establish a road complex by declaring a “development road,” through which goods, travelers, and energy lines will be transported from east to west and vice versa as well.

It will also turn the country into a point Global transit, and thus the Chinese market will move to Europe and the European market to Asia, as well as the Gulf, Iranian, Saudi, Indian and Pakistani markets.”

He added, "It will also provide huge financial returns in addition to the desires of countries to establish factories along the line. It represents a qualitative transition for Iraq from a country full of problems to a regional trade center. It will also fulfill the dream of a development road project that will connect the old world and the new world."

Al-Shammari continued, “The development road project starts from the Al-Faw port in Basra and passes through ten Iraqi governorates all the way to Turkey and from there to Europe and other corridors in multiple stages that will be announced successively for the transport of goods and energy, and it starts from a specific point in the large Al-Faw port, as the development road is multiple.”

 “Dual-use modes include highways through which freight trucks pass, railways for transporting goods and passengers, and energy transport corridors.”

He stated, "The road passes through 10 governorates up to the Iraqi-Turkish border, from which it will be connected to the highway network in Turkey. Through this road, Iraq will turn into a major trade station and a major transportation station between Asia and Europe, with the sea journey time reduced from (33) to (15)." "One day."

Al-Shammari added, “The Development Road is a modern multi-modal infrastructure system (consisting of ports, airports, highways, and new railway lines) that complies with the highest international standards and best engineering practices, which facilitates the social and economic development and diversification of Iraq and related neighboring countries.

The corridor will also be "The global transport of goods and energy will achieve significant development gains for Iraq and transform the areas on both sides of it into factories, laboratories, warehouses and investment projects that contribute to diversifying sources of income."

He pointed out, "The maximum capacity of the Al-Faw Grand Port is about (3.5) million equivalent units according to the assumed horizon in 2028, while it will reach about (7.5) million equivalent units according to the assumed horizon in 2038," considering the "shortest and least expensive development path for transportation and transit."

Al-Shammari continued, “Industrial cities will be established along the development road, and the Al-Faw Port project will include the largest industrial city in the Middle East,” noting that “the development road will be the closest and most suitable for transportation and linking operations between the continents of Asia and Europe.”

At the conclusion of his statement, he noted, “The final completion period for the Development Road Project, according to the feasibility study, is until 2028, and it is currently in the first design and soil investigation stage, after which tenders will begin to be referred upon completion of the final designs for any section of the Development Road, whether for railways or highways.” "  LINK

Sudanese Advisor: The Rise In Oil Achieves Two Budget Goals

Time: 09/13/2023 Read: 104 times  {Economic: Al-Furat News} Mazhar Muhammad Saleh, the economic advisor to the Prime Minister, Muhammad Shiaa Al-Sudani, said that two financial budget goals were likely to be achieved due to the continued rise in oil prices.

Saleh told Al-Furat News Agency, "It is possible to benefit from the expected rise in oil prices in reducing the budget deficit through relaxed spending in its law without a shortage in funding."

He pointed out that "fiscal policy resorts to converting part of the hypothetical deficit into an actual deficit, which leads to the hypothetical in all cases, which means dispensing with borrowing when urgent financial necessity occurs."

In another statement, Saleh said, “The general budget for three years was built on a hypothetical deficit of 64 trillion dinars per year,” pointing out that “the government will not face the problem of the deficit this year (2023) in light of the rise in oil prices and their reaching a high level, and that There is an abundance achieved this year of about 23 trillion dinars, in addition to the delay in the budget and some expenses that were not achieved.”

Saleh pointed out, “If the price of oil per barrel reaches $70, then in the next two years a deficit of less than 130 trillion dinars will be achieved for the years 2024 and 2025. This is a large number, and it is what the Prime Minister indicated regarding the issue of managing the deficit.” Raghad Dahham   LINK

Points to Ponder on Extravagance & Extremes:

He that is extravagant will soon become poor, and poverty will enforce dependence, and invite corruption --Johnson

The passion of acquiring riches in order to support a vain expense, corrupts the purest souls -- Fenelon

Waste of time is the most extravagant and costly  of all expenses -- Theophrastus

That  is suitable to a man, in point of ornamental expense, not which he can afford to have, but which he can afford to lose -- Whately

The man who builds, and lacks wherewith to pay, provides a home from which to run away -- Young

Extremes, though contrary, have the like effects -- Extreme heat kills, and so extreme cold; extreme love breeds satiety, and so extreme hatred; and too violent rigor tempts chastity, as does too much license -- Chapman

Too austere a philosophy makes few wise men; too rigorous politics, few good subjects; too hard a religion, few persons whose devotion is of long continuance -- St Euremond

Mistrust the man who finds everything good; the man who finds everything evil; and still more the man who is indifferent to everything -- Lavater