Iraq News Highlights and Points To Ponder Saturday AM 10-26-24
Al-Sudani Directs To Conclude Contracts In Euros
Money and business Economy News – Baghdad Prime Minister Mohammed Shia al-Sudani directed ministries and governorates to accept offers and bids and conclude contracts in euros, equal to the dollar.
The Secretary-General of the Council of Ministers, Hamid Al-Ghazi, said in a letter issued to state institutions that Al-Sudani directed the acceptance of offers and bids and the conclusion of contracts in the European currency "Euro", equal to the US dollar, in accordance with the decisions of the Council of Ministers and the instructions issued by the Central Bank of Iraq regarding the US dollar. https://economy-news.net/content.php?id=49159[
The Central Bank Of Iraq Decides To Reduce Interest To 5.5% In Order To Support Economic Growth
Banks The Central Bank of Iraq decided to reduce the interest rate from 7.5% to 5.5%, after the inflation rate decreased in Iraq. According to the Ministry of Planning, the inflation rate has fallen from 8% to less than 3%.
Deputy Governor of the Central Bank, Ammar Hamad, said, "Based on the monetary policy orientations to enhance access to targeted inflation rates in a manner that does not conflict with the expected economic growth rates, and is consistent with the policy of developing deposits and increasing credit rates aimed at targeting projects, the Board of Directors of the Central Bank decided to reduce the monetary policy rate to 5.5% instead of 7.5%."
He added that the securities, namely Islamic deposit certificates and traditional transfers, were reactivated according to an annual plan with two terms, 14 days with a return of 4% and 182 days with a return of 5.5%.
He stressed that the maximum investment limit does not exceed 50% of the total private sector deposits at the bank.
The Central Bank stressed that the bank's investment ceiling in a single auction does not exceed 500 billion dinars. https://economy-news.net/content.php?id=49146
Al-Maliki: The Position Of The Speaker Of Parliament Is Subject To The Political Agreement
Information/Baghdad... Today, Saturday, the representative of the State of Law bloc, Dhurgham Al-Maliki, confirmed that the position of the Speaker of Parliament is subject to the political agreement.
Al-Maliki told Al-Maalouma Agency, "What is required is a political agreement to elect a new speaker for parliament as soon as possible, indicating that the House of Representatives is ready to hold a session to elect a new speaker if the Sunni partners agree to choose one person."
He added, "The success of the parliament session dedicated to electing a new parliament speaker depends on reaching an agreement and consensus among all political blocs."
Al-Maliki called on the national forces and parties to the political process to "continue dialogues and understandings and agree on one candidate to fill the position of Parliament Speaker." LINK
MP: Sunni House's Conflict Over Parliament Presidency Still Ongoing
Posted on 2024-10-26 by sotaliraq 10/25/2024 The representative of the Coordination Framework, Thaer Al-Jubouri, confirmed, on Wednesday, the continuation of the Sunni House’s conflict over the position of Speaker of the House of Representatives, ruling out that the Sunnis would leave the conflict and give the representatives the opportunity to choose whom they see as suitable for the position.
Al-Jubouri said, “The Sunni component has been in conflict over the presidency of the House of Representatives for the past months and has not agreed throughout the past period on a single person to fill this long-vacant position.”
He added, "The Sunni House is unlikely to leave the choice to the members of parliament to choose the person they find suitable from among the candidates for the presidential position."[/size]
He explained that "there are candidates for the presidency of the House of Representatives, and no other figures can be nominated, and therefore it is possible to resolve matters by the candidates agreeing on a specific formula through which one of them withdraws so that the other can be voted on." LINK
MP: Nominating One Candidate For Parliament Presidency Is A Fantasy
2024-10-26 | 606 views SumerianNews – Special Considered a member of the CouncilRepresentativesOlive Al-Dulaimi, today, Saturday,dealPolitical blocs agree on one candidate for the position of Speaker of the CouncilRepresentatives"It's a fantasy," she said, stressing that the dialogues are still ongoing to come up with more than one candidate.
Al-Dulaimi said in an interview with:SumerianNews, "The issue of the position of PresidentParliamentIt has become a knot that is not easy to solve, and the reason for that is that the wills of the Sunni and Shiite political forces have become intertwined, and it has become very difficult to agree on a person to be a single representative of these multiple, different and contradictory forces,” noting that “talking about a single candidate for the presidencyParliament"It's a fantasy."
Al-Dulaimi added, "The current days are witnessing dialogues and meetings that we hope will lead to the emergence of even two or three candidates, so that voting on them will be according to the conviction of the members of the Council."RepresentativesAnd choosing the most worthy to lead the House of Representatives.”
The President stressedalliancedeterminationdualSamarrai, Thursday (October 24)the first2024) His alliance calls for not participating in any parliamentary session that does not include the election of a president.ParliamentFor his part
, the head of the Sadara bloc, Khaled Al-Obeidi, considered yesterday, Friday (October 26)the first2024) The Sunni consensus on one candidate for the position of PresidentParliamentA message of strength and cohesion. LINK
What Is The Total Spending And Price Of A Barrel Of Oil In The 2025 Budget?
Money and business Economy News – Baghdad The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, specified the expected total spending, the hypothetical deficit, and the price of a barrel in the 2025 budget.
Saleh said, "Next year's budget 2025 will not deviate from the constants approved in the Federal General Budget Law (the three-year budget) submitted by the government and approved by the House of Representatives for the years 2023-2024-2025, especially in the principles and objectives consistent with the government program."
He added, "Despite this, the 2025 budget must be hedged with a hypothetical deficit of 64 trillion dinars, which is a (precautionary) deficit that has been established by law; to avoid fluctuations in the general budget revenues for the coming year, especially oil revenues that are subject to fluctuations in the oil asset cycle and the conditions of energy markets in the world, as long as the total spending ceiling will touch perhaps 200 trillion dinars, depending on the financial and economic circumstances of the country."
He explained, "The price of a barrel of oil in the three-year budget, to which the 2025 budget is subject, was set at $70 and an export capacity of 3.4 million barrels per day for the purposes of determining oil revenues in the general budget." https://economy-news.net/content.php?id=49152
Oil: Gas Investment Project Implementation With Total Is Progressing Within The Specified Timeframe
Posted on 2024-10-26 by sotaliraq The Ministry of Oil confirmed that the gas investment project with the French company Total is proceeding within the specified timeframe.
A statement from the ministry said, “The Undersecretary of the Ministry for Extraction Affairs, Basem Mohammed Khader, chaired the seventh meeting of the joint management committee for the project, in the presence of the Undersecretary of the Ministry for Gas Affairs, Izzat Saber, the Director General of Basra Oil Company, Basem Abdul Karim, and the Director General of the South Gas Company, Hamza Abdul Baqi.”
The Undersecretary said during the meeting, according to the statement: “The progress of the gas investment project implemented by the French company Total in Basra is proceeding within the specified timeframes, as confirmed in the government program and the directives of the Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani.”
The Undersecretary stressed - after chairing the meeting - that “the project is one of the important and strategic projects that have great hopes, as it includes important projects, including the development of the Artawi field and gas investment in five oil fields in two phases with a capacity of 600 cubic meters, each phase 300 cubic meters, in addition to the seawater project to inject water into the fields to compensate for the depleted pressures, as well as the solar electricity project with a capacity of 1000 megawatts in four phases, each phase 250 megawatts.”
He added, "The meeting discussed several topics, the most important of which was how to start the accelerated gas investment project, which is an additional paragraph for the project that was not included in the obligations, but was added after the directives of the leadership of the oil sector and the government on the necessity of closing the gas flaring file and optimal investment of associated gas, and the project was referred with a capacity of 50 MCM."
The statement continued, "During the meeting, the mechanisms for starting drilling operations were discussed, as tenders were referred in this regard, and they will begin after December of this year," noting that "the seismic survey project was assigned to a Chinese company in cooperation with the Oil Exploration Company."
He pointed out that "regarding the seawater project, there are negotiations with one of the companies in agreement with Total, and we hope to reach understandings in this regard."
The statement explained that "the meeting stressed the importance of the participation of Iraqi workers, graduates and other workers in the project, through contracting with them directly from Total, without the need for other parties." LINK