Iraq Economic News and Points to Ponder Late Thursday Evening 5-2-24
Iraq Economic News and Points to Ponder Late Thursday Evening 5-2-24
Away From Oil.” The Iraqi Prime Minister Calls For A Diversified Economic Transformation
Economy Iraq breaking Oil Muhammad Shiaa Al-Sudani 2024-05-01 04:24 Shafaq News/ Iraqi Prime Minister Muhammad Shiaa Al-Sudani stressed, on Wednesday, the necessity of shifting from dependence on oil to a diversified economy.
This came during the opening of the continuous casting factory/first phase, at the General Company for Steel Industries, in the Taji area, north of the capital, Baghdad, after it was rehabilitated, modernized and operated, with a production capacity of up to 600 thousand tons annually.
According to a statement issued by the Prime Minister’s Office and received by Shafaq News Agency,
the casting factory specializes in “melting and casting piles of scrap and converting them into iron billets (bilt) as a primary product ready for rolling, by investing in iron scrap, as it contains smelting furnaces and giant casting machines from the latest origins.” Global, and
this project will work to meet the country’s need for various iron products, provide job opportunities, and provide financial inputs to the General Company for Steel Industries, as a free share of revenues.
The ceremony included the signing of a partnership contract to establish a complex fertilizer production project in Baiji, Salah al-Din Governorate, with the Emirati company (ARJ Holding LLC), with a production capacity of (249) thousand tons annually of types of complex phosphate fertilizers, which will contribute to supporting the agricultural sector and meeting the local need for fertilizers. Fertilizers, in addition to employing labor.
During the opening ceremony, the Prime Minister saluted the working class in Iraq on the occasion of International Labor Day, and affirmed the commitment of the state and the government to caring for workers’ economic and social rights, stressing that the working class was part of the construction process at various stages, and at all levels in the sectors. Private, government and mixed.
He stated that the continuous casting factory came in partnership with the private sector, appreciating the role of the Ministry of Industry and the Minister and the capabilities of its workers, stressing the importance of moving strongly towards partnership with the private sector. To break out of previous traditional contexts.
Return of life to the steel industries
Al-Sudani explained that the continuous casting factory is the backbone for moving towards securing the needs of the rest of the industries and what the local market needs, stressing the return of life to the General Company for Steel Industries, through this factory, and we are waiting for the rolling mill project to be completed and to provide the types of iron that the local market needs..
Al-Sudani said, "We welcome our brothers and friends from the private sector in Iraq, and I applaud their step to invest with the companies of the Ministry of Industry and Minerals." He added,
“We have made important strides in guaranteeing the rights of workers at the level of legislation, the most important of which is the Labor Law, and the Retirement and Social Security Law for Workers, which was voted on in 2023,” explaining that
“The Social Security Law represents a qualitative leap in the level of guaranteeing rights in accordance with the standards of the International Labor Organization.” And the Arab Labor Organization. Al-Sudani also said,
“His government has set industry as a goal in economic reform, based on several facts. Iraq is an industrial country just as it is an oil and agricultural country,” adding,
“All the industrial components are available in Iraq, from raw materials and infrastructure to the industrial base to which the state has contributed significantly.” big".
He continued, "We have a market that needs all products, goods and services," stressing that
"the government is continuing to support the industrial sector, and the important investment opportunities announced by the Ministry of Industry are reaping their fruits today." He pointed out,
"We previously opened the rolling mill at the General Iron and Steel Company after stopping since 2003, and we are preparing to open the steel factory after completing its rehabilitation in the company itself." He added,
Self-sufficiency
"We opened the Dab fertilizer line factory, which secures the needs of the agricultural process in Iraq, as well as the urea fertilizer line," declaring
"reaching the stage of self-sufficiency in securing the fertilizers needed by the official agricultural plan." The Prime Minister continued,
“Within the current contracts, we are heading to the production of complex fertilizer, which will provide the fertilizer needs of farmers,” noting that
“several measures have been taken that contributed to the start of the localization of the pharmaceutical industry, after conducting a review with producers in the private sector.” Al-Sudani said,
“We described this year as a year of achievements, and we implemented it in word and deed by opening many projects,” noting that
“a large number of projects returned to work, after they had been idle for years, due to mismanagement, neglect, or failure to make decisions in projects.” a task". He stressed,
"We have no choice but to support industry, agriculture, trade, and tourism to achieve the transition from a country dependent on oil revenues to a diversified economy." He pointed out that
"the readings of international financial institutions on the high growth indicators in Iraq are evidence of the correctness of the government's path in following this policy," adding,
"Without the private sector, which is financially and technically capable, we will not be able to accomplish the tasks in the planned manner." https://shafaq-com.translate.goog/ar/اقتصـاد/بعيدا-عن-النفط-ر-يس-الوزرا-العراقي-يدعو-لتحول-اقتصادي-متنوع
Rentier-Seeking" Hits Iraq's Economy Despite Trillion-Dollar Revenues
Economy Iraqi economy Rentier economy Oil revenues Non-oil revenues
2024-04-29 01:37 Shafaq News/ The Federal Ministry of Finance revealed, on Monday, that the volume of Iraqi revenues in the budget exceeded 20 trillion dinars within two months, while confirming that the
oil contribution to the budget had risen to 91%. Shafaq News Agency followed the
data and tables issued by the Ministry of Finance in April for the January and February accounts of the current fiscal year,
which showed that oil is still the main resource for Iraq’s general budget, reaching 91%, which indicates that the rentier economy is the basis of the country’s general budget..
The financial tables showed that the total revenues in January and February amounted to 20 trillion, 465 billion, 480 million, 278 thousand and 344 dinars.
They also indicated that the total expenditures with advances amounted to two trillion, 752 billion, 731 million and 419 thousand dinars.
According to the financial tables, oil revenues amounted to 18 trillion, 678 billion, 903 million, and 892 thousand dinars, which constitute 91% of the general budget, while non-oil revenues amounted to 1 trillion, 786 billion, 576 million, and 385 thousand dinars.
In this regard, economic expert Muhammad Al-Hassani told Shafaq News Agency,
“Iraq cannot get out of the cycle of rentier economy due to the lack of infrastructure for the industrial and agricultural economic sectors and the absence of a real investor,” adding that
“the surplus funds in the general budget are not directed towards... Investment, but rather towards expenditure.
The Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Salih, confirmed in March 2021, in an interview with Shafaq News Agency, that the
reasons for the economy remaining rentier are due to wars and the imposition of the economic blockade on Iraq during the past era and the political conflicts we are witnessing today, which led to the dispersion of... for economic resources.
The Iraqi state’s continued reliance on oil as the sole source of the general budget puts Iraq at risk from the global crises that occur from time to time because oil is affected by them,
which makes the country tend every time to cover the deficit through borrowing from abroad or within, and thus indicates the inability to Managing state funds effectively, and the inability to find alternative financing solutions. https://shafaq.com/ar/اقتصـاد/الريعي-يضرب-اقتصاد-العراق-رغم-ال-يرادات-التريليونية
Through Electronic Payment... Sales Of Petroleum Products Exceed The Trillion Dinars Barrier
Money and business Economy News – Baghdad The Petroleum Products Distribution Company announced today, Thursday, that it has crossed the trillion dinars barrier through its sales through electronic payment devices.
A statement from the company received by Al-Eqtisad News stated, “After a full year has passed since the launch of the electronic collection project at the Petroleum Products Distribution Company, and with the efforts of the team responsible for the project and its management, the company’s sales for the month of April reached a total amount of approximately 415 billion dinars, achieving a noticeable increase.” 67 percent over sales in the previous March.
He added, "The total sales of the Petroleum Products Distribution Company since the start of the electronic collection project exceeded one trillion dinars." Views 183 Added 05/02/2024 - https://economy-news.net/content.php?id=43087
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Provoking Thoughts and Points to Ponder on Wealth
He that maketh haste to be rich shall not be innocent. - Bible
I glory more in the coming purchase of my wealth than in the glad possession.- Ben Jonson
I'll fares the land, to hastening ills of prey Where wealth accumulates, and men decay. - Oliver Goldsmith
It is the wretchedness of being rich that you have to live with rich people. - Logan Pearsall Smith
One cannot both feast and become rich. - Ashanti proverb
Poor men seek meat for their stomach, rich men stomach for their meat. - Old saying