Iraq Economic News and Points to Ponder Friday Afternoon 10-20-23
Iraq Economic News and Points to Ponder Friday Afternoon 10-20-23
Tlm724 Administrator Bondlady’s Corner
Member Of Parliamentary Investment: The Government’s Approach Is Not To Delay Budget Instructions
Time: 10/20/2023 13:04:42 Read: 572 times {Economic: Al-Furat News} A member of the Parliamentary Investment Committee attributed the delay in issuing the financial budget instructions to the appeals submitted to them in the Federal Court.
Asaad Al-Bazouni told {Al-Furat News} agency, “We do not expect that there is a government trend regarding delaying the issuance of budget instructions, and that the financial allocations are in place and the government has taken some measures in this regard, and that the delay may be due to the completion of the budget file and its appeals.”
He added, "We do not expect that the government's approach will be delayed."
On June 12, the House of Representatives voted on the federal budget law for the years 2023-2024-2025, after discussions that lasted for five days.
On August 7, the Federal Supreme Court decided the federal government’s appeal of the budget law.
Parliamentarians attributed the Ministry of Finance’s delay in the allocations to ministries and governorates more than five months after approving the budget to “a lack of financial liquidity, or to crossing the largest possible period of time to move away from the financial deficit, or to the delay that occurred in legislating the law and then in issuing implementation instructions,” while others attributed it. to fear that its funds would be exploited in the local elections scheduled for next December 18.
Iraq, for the first time in its history, approved a three-year financial budget in a single draft law, which Parliament voted on last June, and the government defended the move by saying that it aims to develop plans for important projects in The country, in addition to avoiding the problem of delaying the approval of financial budgets every year for several months.
The budget for the current year and the next two years, according to the budget law, amounted to 153 billion dollars, with an expected deficit of up to 48 billion dollars, and the price of oil was approved at 70 dollars per barrel, as exports constitute... Iraqi oil represents more than 96% of Iraq's financial imports.
Oil Prices Are Rising
Economy | 10:41 - 10/20/2023 Baghdad - Mawazine News Oil prices rose today, Friday, with the escalation of geopolitical unrest in the Middle East, a region rich in oil resources, and the markets’ fear that crude supplies to the markets would be affected by the events.
By 09:32 Baghdad time, US West Texas Intermediate crude futures rose by 0.93% to $90.20 per barrel.
Global Brent crude futures also rose by 0.76% to $93.08 per barrel, according to Bloomberg data. Ended
Al-Abadi Hosts An Elite Group Of Economists And Financial Affairs Specialists
Thursday 19, October 2023 00:31 | Economical Number of readings: 506 Baghdad / NINA / The head of the Victory Coalition, Haider Al-Abadi, hosted an elite group of economists and financial affairs specialists, as part of his series of weekly meetings with the elites of Iraqi society.
The meeting began, according to a statement from Al-Abadi’s office, by reciting Surat Al-Fatihah for the souls of the martyrs of the Israeli violations in Gaza, and discussing the impact of this situation on the security, political and economic stability of the region.
At the local level, Al-Abadi indicated that the current financial situation is good and there is no problem, but spending must be controlled strategically.
It is not possible to open many large areas for spending without considering the possibility of a decline in oil prices, which are constantly losing value despite their rise for temporary reasons such as wars.
Regarding the dollar exchange rate, Al-Abadi described the platform’s work as correct, but he added:
“There are unclear and bureaucratic procedures followed by official institutions and the market alike, and this confuses financial movement and increases the currency differential, which pushes to the black market and raises the requirements of living, especially with... The presence of large amounts of money from corruption sources, which constitutes an obstacle for the middle and poor classes regarding real estate prices.”
For their part, the attendees discussed economic and financial issues from many aspects, the
first of which was what they described as legislative failures and the delay in paying attention to the relevant laws, leading to the importance of financial management infrastructure that avoids deficit and debt.
While they warned of the financial demands of some political parties on investors; Because this hinders investment, especially by large companies that Iraq needs.
They pointed out the need to activate the private sector, develop a special strategy for oil and energy projects, and create a sovereign fund for all of Iraq. /End 9
https://ninanews.com/Website/News/Details?key=1084660
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
Points to Ponder on FEAR:
52. When you are grateful, fear disappears and abundance appears. ~ Anthony Robbins
53. There is no beauty in sadness. No honor in suffering. No growth in fear. No relief in hate. It’s just a waste of perfectly good happiness. ~ Katerina Stoykova Klemer
54. Courage is knowing what not to fear. ~ Plato
55. A further sign of health is that we don’t become undone by fear and trembling, but we take it as a message that it’s time to stop struggling and look directly at what’s threatening us.~ Pema Chodron
56. We cannot love when we feel fear…When we release the fearful past and forgive everyone, we will experience total love and oneness with all. ~ Gerald Jampolsky
57. Life can take so many twists and turns. You can’t ever count yourself out. Even if you’re really afraid at some point, you can’t think that there’s no room for you to grow and do something good with your life. ~ Portia de Rossi
58. Never worry alone. When anxiety grabs my mind, it is self-perpetuating. Worrisome thoughts reproduce faster than rabbits, so one of the most powerful ways to stop the spiral of worry is simply to disclose my worry to a friend…The simple act of reassurance from another human being [becomes] a tool of the Spirit to cast out fear — because peace and fear are both contagious. ~ John Ortberg
59. I’m terrified of getting involved with someone who disappoints me or leaves me empty and alone. I’m terrified of rejection, so I set my expectations so high that they can never be met, and I dig around with a magnifying glass looking for flaws in very person I date. There’s always a flaw to exploit, and I’ll find it so I never have to get too close. ~ Rachel Machacek
60. If a fear cannot be articulated, it can’t be conquered. ~ Stephen King