Iraq Economic News and Points to Ponder Thursday Afternoon 11-21-24
Al-Najjar: The Development Fund Aims To Mobilize Iraqis’ Savings Estimated At $70 Billion
Money and Business Economy News – London The Executive Director of the Iraqi Development Fund, Muhammad al-Najjar, said on Wednesday that the Fund has six goals, one of which is mobilizing the savings of the Iraqi people.
Al-Najjar said during a symposium organized by the Chatham House research center in Britain and attended by the “Al-Iqtisad News” correspondent, that “the Iraqi government has begun to reform many economic laws that will regulate the lives of citizens and preserve their rights.”
He added, "The Iraqi Development Fund has 6 goals, including mobilizing the private savings of the Iraqi people, estimated at 60-70 billion dollars."
He stated that "the development road is considered one of the most important strategic projects for Iraq, and several countries will participate in it.
It will also shorten the time for transporting goods by 15 days." Al-Najjar continued,
"Women in Iraq wear gold worth 18 billion dollars," pointing out that
"Iraq needs 8,000 schools, so the Iraqi Development Fund granted land to build schools."
views 324 Added 11/20/2024 - 5:32 PM https://economy-news.net/content.php?id=50051
What Is The Relationship Between The Population Census And The National Development Plan? Al-Sudani’s Advisor Explains
Money and Business Economy News – Baghdad Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed today, Thursday, that the National Development Plan 2024-2028 is in dire need of the results produced by the 2024 General Population and Housing Census.
Saleh said: “The population census is the cornerstone of achieving a fair distribution of resources among different populations. It gives decision-makers a comprehensive view of population needs and helps them reduce disparities between different groups and regions. By using its results correctly, and through it, census data, balanced development and greater social justice can be achieved.”
He added that "the population census enables the government and its planning apparatus to build economic policies that take into account the geographical and population distribution, which enhances the fair use of national resources such as energy, water, and others."
Saleh added that “the census helps to reveal deprived areas or areas that suffer from a lack of government investment, which supports directing policies towards reducing the development gap between urban and rural areas. Thanks to the information derived from the census, targeted social support programs can be designed precisely, such as distributing subsidies, providing social care services, or building housing projects for low-income groups, etc.”
He stated that "the census results highlight the population groups that suffer from poverty and unemployment, or lack of basic services such as health, education and necessary infrastructure, which allows the government to direct support and resources to these groups directly,"
noting that "census data is used as a basic tool for the state and the relevant planning institutions to direct policies and resources in a way that achieves social and developmental justice at the same time, and that the National Development Plan 2024-2028 is in dire need of reviewing its path in terms of development justice and resource distribution according to the results produced by the comprehensive population census." 178 views 11/21/2024 - https://economy-news.net/content.php?id=50072
Iraq's Fuel Oil Exports Set To Hit Record Annual High
Buratha News Agency552024-11-20 Iraq's fuel oil exports are set to hit an all-time annual high this year after the country boosted shipments in October amid falling domestic demand even as production increased, sources and shipping data said, Reuters reported.
The increase in fuel oil exports will support the oil revenues of OPEC's second-largest producer despite stagnant crude shipments this year due to production curbs put in place by the OPEC+ alliance, which includes OPEC and other allies.
Increased Iraqi exports are also expected to contribute to increased global supply and reduce rising prices in Asia while reducing raw material costs in refineries.
Iraq's fuel oil exports are expected to exceed 18 million metric tons (380,000 barrels per day) in 2024, a record annual volume, surpassing last year's record of more than 14 million tons, according to calculations based on data from Kepler and the London Stock Exchange Group.
Exports topped 2.15 million metric tons in October, the highest monthly level on record, according to Kepler and the London Stock Exchange Group. https://burathanews.com/arabic/economic/452904
Prime Minister's Advisor: National Development Plans Depend On Census Results
Money and Business Economy News – Baghdad The Prime Minister's Financial Advisor, Mazhar Mohammed Saleh, confirmed today, Wednesday, that the population census data will direct government investments to improve infrastructure and services, while indicating that national development plans will depend on the census results.
The Prime Minister's Advisor, Mazhar Mohammed Salih, said in an interview with the Iraqi News Agency, which was followed by "Al-Eqtisad News", that "the population census represents a basic strategic tool for achieving sustainable economic growth in Iraq."
He stressed that "the data resulting from this census will contribute to improving government administration, enhancing governance levels, as well as supporting investment and increasing the efficiency of resource use to achieve comprehensive economic development."
Saleh pointed out that “the comprehensive population census provides many essential axes that contribute to achieving these goals, the most prominent of which are:
1. The census helps identify areas that suffer from a lack of services and infrastructure, which directs government investments to improve these sectors, as these investments include water services, roads, electricity, schools, hospitals, and banks.
2. The census provides a detailed database for drawing up effective housing policies.
3. Through detailed data on the workforce, the government can develop policies to support employment, train workers, and stimulate productive sectors to serve the national economy.
4. The comprehensive population census allows for the collection of accurate information on the population size, its geographical distribution, age groups, and educational level, in addition to its contribution to helping the government and the private sector plan better, and determine economic priorities and optimal policies within national development plans, especially the 2024-2028 development plan. 195 views 11/20/2024 - https://economy-news.net/content.php?id=50037
Al-Sudani Directs To Equip Border Forces With Modern Weapons And Secure All Their Technical And Security Requirements /Expanded
Thursday 21 November 2024 20:18 | Politics Number of readings: 232 Baghdad / NINA / The Commander-in-Chief of the Armed Forces, Mohammed Shia al-Sudani, directed to equip the border forces with modern weapons and secure all their technical and security requirements.
A statement from his office stated that al-Sudani, today, Thursday, visited the headquarters of the Border Forces Command in Baghdad, during which he laid a wreath of flowers on the Martyrs' Mural, and recited Surat Al-Fatihah in memory of the souls of the heroic martyrs of the Border Forces.
Al-Sudani listened to a briefing on the overall activities, tasks and duties of the Border Guard Forces, and the development of the work it witnessed during the past two years, in addition to a detailed explanation of the security situation and the progress of implementing the plans prepared to combat the remnants of the terrorist ISIS, combat organized crime and drug gangs, and confront security challenges.
The Commander-in-Chief of the Armed Forces stressed that the technical and administrative work of the Border Forces, the occupancy of police stations, and the installation of towers, cameras and barriers have reached their best levels compared to previous years, and is considered a distinction in the face of security challenges of all kinds.
Al-Sudani explained that the Council of Ministers, through its various decisions, provided all the requirements for maintaining and securing the borders, especially in light of the complex regional security conditions, the repercussions of the continued Zionist aggression on Gaza, Lebanon and Syria, and its efforts to expand the aggression in the region, which represents the most important sources of danger threatening Iraq's security and stability.
Al-Sudani directed the officers and commanders to take care of the affairs of the recruits and follow up on their requirements, establish justice in the distribution of duties, and the importance of adopting the continuous rotation process in the forces and units, to maintain the implementation of tasks in the best possible way.
He also directed the competent authorities to work on providing the border forces with modern weapons and continue working to ensure the security of all borders, combat drugs and cross-border crime, and all forms of violations that harm the security and sovereignty of Iraq. / End 9. https://ninanews.com/Website/News/Details?Key=1170344
Gold Extends Gains For Fourth Straight Session
Thursday 21 November 2024 | Economic Number of readings: 273 Baghdad / NINA / Gold prices rose today, Thursday, for the fourth consecutive session, supported by increased demand for safe havens amid the escalation of the Russian-Ukrainian war, at a time when investors are awaiting indicators of interest rates in the United States.
Spot gold contracts rose 0.3 percent, recording $ 2657.41 per ounce, and US gold futures also rose by the same percentage, recording $ 2660 per ounce.
As for other precious metals, silver rose in spot transactions by 0.8 percent, recording $ 31.11 per ounce, and platinum rose 0.4 percent, recording $ 965.30 per ounce.
Palladium also rose 0.7 percent to $ 1027.84 per ounce. / https://ninanews.com/Website/News/Details?key=1170227
Oil Rises Amid Supply Concerns
Thursday 21 November | Economic Number of readings: 336 Baghdad / NINA / Oil prices rose on Thursday, amid concerns about supplies, after the escalation of geopolitical tensions related to the Russian-Ukrainian war.
Brent crude futures for January delivery rose 28 cents, or 0.4 percent, to $73.09 a barrel.
US West Texas Intermediate crude futures for January delivery also rose 28 cents, or 0.4 percent, to $69.03 a barrel.
The US Energy Information Administration said yesterday that crude and gasoline inventories in the United States rose, while distillate inventories fell during the week ending November 15.
It added that crude inventories rose by 545,000 barrels to 430.3 million barrels during the week. / End2
https://ninanews.com/Website/News/Details?key=1170220
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