Iraq Economic News and Points to Ponder Thursday Evening 9-28-23

Kurdistan Region Finance Announces Receipt Of 200 Billion Dinars From Baghdad

Thursday, September 28, 2023, Tayseer Al-Asadi   Today,, the Kurdistan Region Finance announced the receipt of 200 billion from the federal government for the purpose of distributing employee salaries.

The ministry said in a brief statement: “A short while ago, 200 billion dinars were transferred to the bank account of the Ministry of Finance and Economy in the Kurdistan Region in the branch of the Central Bank of Iraq in Erbil.”

The Kurdistan Region Council of Ministers, in its meeting held under the chairmanship of Masrour Barzani, last Wednesday (September 20, 2023), directed the Ministry of Finance and Economy to begin distributing July salaries without delay immediately upon the arrival of the first batch of 700 billion dinars from the Federal Ministry of Finance, demanding the separation of the salaries file.

About any conflicts and differences in views, he pointed out that "the regional government will never abandon the rights guaranteed by the constitution to the citizens of Kurdistan and will continue to make its efforts to find a radical and fair solution."

It is noteworthy that the Iraqi Council of Ministers decided, in its weekly session headed by Muhammad Shiaa Al-Sudani, to send 700 billion dinars to the region per month, meaning two trillion and 100 billion dinars for three months.   https://non14.net/public/160535

The Political Agreement Paper Is A Binding Document For The Government, And Limiting Black Market Transactions Is Firmly Underway

September 28, 2023  Baghdad/Al-Masala Al-Hadath: The political advisor to the Prime Minister, Fadi Al-Shammari, stressed that the government does not have a magic wand to limit black market transactions, but it is moving forward with confident steps to address it.

The political advisor said in a televised statement followed by Al-Masala: The Prime Minister sent to the world in New York multiple messages about the form of the new Iraq that we want. International relations, internal stability, the fight against corruption, the establishment of security, and the file of services, electricity, and health are among the Prime Minister’s priorities.

He added that the corruption file was present in the Prime Minister’s speech to the world and he called it the “corruption pandemic” and considered it one of the basic challenges that the government insists on confronting, while he issued important messages about human rights, addressing the displaced file, post-ISIS harbingers, compensating affected civilians, and providing the basic necessities of life for their return. And their stability.

He continued that the Prime Minister announced a very important file, which is the approval of the civilian protection policy, as Iraq is considered one of the first countries in the region that will adopt the policy of protecting civilians in wars, conflicts and disasters, pointing out that the Prime Minister’s meetings with the US Treasury and the Federal Reserve were successful, and the Prime Minister adopted the economic networking policy. To advance the country.

He pointed out that the political agreement paper is a binding document for the government, as it is the platform that the House of Representatives voted on, and these are understandings that serve the country.

He noted that the trade exchange between Iraqi and Iranian merchants amounts to approximately 20 million dollars per day, and this causes significant pressure on the currency file, stressing that the government does not have a magic wand to limit black market transactions, but it is moving forward with confident steps to address it.

He pointed out that the government calls on citizens to use the electronic card in financial transactions and that the Iraqi development path is the most feasible from a purely economic perspective and will build a new Iraq along the western side of the country.

He expressed that international companies will work to build city corridors along the development road, which will pass through 10 governorates, reaching the Iraqi-Turkish border, from where it will be connected to the highway network in Turkey.

He continued by saying: The development road will transform the areas located on either side of it, 7 km on either side of the road, along the line (16,660,000 km) into cities, factories, factories, warehouses, and investment projects that contribute to diversifying sources of income.

He concluded his speech by saying: Industrial cities will be established along the path of development.

https://almasalah.com/archives/68145

Sudanese Advisor: The Government Does Not Have A Magic Wand To Limit Market Transactions, And The Path Of Development Will Build A New Iraq

Time: 09/28/2023 Read: 858 times  {Politics: Al-Furat News} The political advisor to the Prime Minister, Muhammad Shiaa Al-Sudani, stressed today, Thursday, that the government does not have a magic wand to limit black market transactions, but it is moving forward with confident steps to address it.

The political advisor said in a televised statement followed by {Al-Furat News}: “The Prime Minister sent to the world in New York multiple messages about the shape of the new Iraq that we want. International relations, internal stability, the fight against corruption, establishing security, and the file of services, electricity, and health are among the Prime Minister’s priorities.”

He added, "The corruption file was present in the Prime Minister's speech to the world, and he called it the 'corruption pandemic' and considered it one of the basic challenges that the government insists on confronting, while he issued important messages about human rights, addressing the displaced file, post-ISIS harbingers, compensating affected civilians, and providing the basic necessities of life." To bring them back and stabilize them.”

He continued, "The Prime Minister announced a very important file, which is the approval of a policy to protect civilians, as Iraq is considered one of the first countries in the region that will adopt a policy to protect civilians in wars, conflicts, and disasters," pointing out that "the Prime Minister's meetings with the US Treasury and the Federal Reserve were successful, and the Prime Minister approved "Economic networking policy for the advancement of the country."

He pointed out that "the political agreement paper is a binding document for the government, as it is the platform that the House of Representatives voted on, and it is understandings that serve the country."

He noted that "trade exchange between Iraqi and Iranian merchants amounts to approximately 20 million dollars per day, and this causes significant pressure on the currency file," stressing that "the government does not have a magic wand to limit black market transactions, but it is moving forward with confident steps to address it."

He pointed out that "the government calls on citizens to use the electronic card in financial transactions and the Iraqi development path is the most feasible from a purely economic perspective and will build a new Iraq along the western side of the country."

He expressed that "international companies will work to build city corridors along the development road, which will pass through 10 governorates, reaching the Iraqi-Turkish border, from where they will be connected to the highway network in Turkey."

He added, "The development road will transform the areas located on either side of it, 7 km on either side of the road, along the line (16,660,000 km) into cities, factories, factories, warehouses, and investment projects that contribute to diversifying sources of income."   Al-Shammari concluded his speech, "Industrial cities will be established along the development path."     LINK

Iraq Exports The "Largest Shipment" Of Gas Condensates

Energy    Economy News – Baghdad  Undersecretary of the Ministry of Oil for Gas Affairs, Izzat Saber, affirmed the ministry’s keenness to invest in gas, export quantities surplus to local consumption, and achieve the highest export rates to supplement the federal budget with financial revenues. He pointed out that the ministry seeks, in cooperation with the Basra Gas Company, to increase investment rates of gas, export it, and search for new markets. For export.

According to a statement by the Ministry of Oil, “The Basra Gas Company achieved the highest export rate of 25,000 tons of condensate (C5) in an effort to enhance the quantities exported through Umm Qasr Port in Basra in support of the national economy.”

The authorized director of the Basra Gas Company, Andrew Weber, said, “Exporting 25,000 tons of condensate is a major achievement that will raise export rates, as well as it will enhance Iraq’s financial revenues,” noting that “this export process is the highest for the Basra Gas Company, and will enable the company to Expanding exports to new markets.

He continued, "Iraq has the ability to be a global player in the field of liquefied petroleum gas and condensates, and we have an ambition to be among the developed countries in exports."

115 views 09/28/2023 - https://economy-news.net/content.php?id=36680

An Iraqi Refinery Produces “Super” Gasoline For The First Time In The Country

Energy    Economy News – Baghdad   On Thursday, Undersecretary of the Ministry of Oil for Refining Affairs, Hamid Younis, announced the production of high-octane gasoline of both types, “super and improved,” at the Karbala refinery.

During his visit to the refinery and his meeting with the implementing and supporting companies, Younis confirmed, according to a statement by the ministry, that “the inspection visit comes in implementation of the directives of the Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, to follow up on the refinery’s production operations.”

He pointed out, "The start of production operations for high-octane (super) gasoline, with an octane number of 95, is an important step to advance the refining industry. It will be released for the first time for local consumption in green, in addition to the production of high-octane (improved) gasoline, with an octane number of 92, in red."

According to the statement, Younis held “a meeting that included the Korean coalition, the Petroleum Projects Company, and the refinery’s senior management,” stressing “the importance of continued follow-up and coordination for the continuity of the work of this national and strategic project.”

Younis stressed "the necessity of achieving a high flow of operational operations in the refinery in conjunction with production rates reaching their design capacity of 140 thousand barrels per day."

Younis praised "the national efforts represented in completing the operation of all production units, in addition to the FCC catalyst crushing unit, which is the first of its kind in Iraq to produce gasoline with an octane number of 96 to complement the production of high-octane gasoline, which has reached its highest production capacity." Views 24  09/28/2023  https://economy-news.net/content.php?id=36683

Points to Ponder on Experience:

He hazardeth much who depends for his learning on experience – An unhappy master is he who is made wise only by many shipwrecks;  a miserable merchant who is neither rich nor wise till he has been bankrupt – By experience we find out a short way by long wondering – Roger Ascham

Experience is the common schoolhouse of fools and ill men – Men of wit and honesty are otherwise instructed – Erasmus

We are often prophets to others, only because we are our own historians – Mad. Swetchine

Experience teaches slowly, and at the cost of mistakes – Froude

Experience is a safe light to walk by, and he is not a rash man who expects success in the future by the same means which secured it in the past – Wendell Phillips

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When I was young, I was sure of everything; in a few years, having been mistaken a thousand times, I was not half so sure of most things as I was before; at present I am hardly sure of anything but what God has revealed to me – John Wesley

No man was ever endowed with a judgment so correct and judicious, but that circumstances, time, and experience would teach him something new, and apprise him that of those things with which he thought himself the best acquainted, he knew nothing; and that those ideas which in theory appeared the most advantageous were found, when brought into practice, to be altogether impracticable – Terrence

However learned or eloquent, man knows nothing truly that he has not learned from experience – Wieland

Experience keeps a dear school; but fools will learn in no other, and scarce in that; for it is true we may give advice, but we cannot give conduct – Franklin

No man was ever so completely skilled in the conduct of life, as not to receive new information from age and experience – Terrence

Adversity is the first path to truth – He who hath proved war, storm, or woman’s  rage, whether his winters be eighteen or eighty, hath won the experience  is deemed so weighty – Byron

It is foolish to try to live on past experience – It is a very dangerous, if not a fatal habit to judge ourselves to be safe because of something that we felt or did twenty years ago –Spurgeon

It may serve us as a comfort to us in all our calamities and afflictions, that he who loses anything and gets wisdom by it, is a gainer by the loss – L’Estrange

Experience is a jewel, and  it had need be so, for it is often purchased at an infinite rate – Shakespeare