Iraqi News Highlights and Points to Ponder Wednesday AM 5-15-24

Parliamentary Finance Indicates Government Negligence Regarding The Budget

Economy  Information/Baghdad..   Member of the Parliamentary Finance Committee, MP Hussein Moanis, confirmed on Tuesday that delaying sending amendments to the 2024 budget schedules to Parliament is a negligence on the part of the government.

Mu'nis told Al-Maalouma, "Extending the legislative term of the House of Representatives for a month was aimed at allowing the government to complete and implement amendments to the special schedules for the 2024 budget and send them to Parliament within this period."

He added, "The committee believes that the delay in sending the schedules is negligent and cannot last longer due to the governorates and state sectors' need for funds to implement projects," indicating that "the committee is still waiting for them to be sent in order to study them and present them to the council for a vote."

The House of Representatives decided to extend the current legislative term for a period of 30 days, in order to wait for the 2024 budget schedules to be sent from the government and to resolve the crisis of electing a new Speaker of the House of Representatives. Ended / 25 AD   LINK

A Government Meeting To Review The 2024 Budget Schedules

Money  and business  Economy News – Baghdad Today, Wednesday, the Minister of Planning, Muhammad Ali Tamim, chaired a ministerial meeting to review the schedules of the federal general budget for the year 2024.

A statement from the ministry received by “Al-Iqtisad News” stated, “Today, the Minister of Planning, Muhammad Ali Tamim, chaired a meeting of the committee concerned with reviewing the schedules of the federal general budget for the year 2024, in the presence of the Minister of Oil, Hayan Abdul-Ghani, the Minister of Construction, Housing, and Municipalities, Benkin Rikani, the Minister of Electricity, Ziad Ali Fadel, and the Prime Minister.

” The Office of Financial Supervision, Ammar Sobhi, the Prime Minister’s advisors for legal, economic and strategic affairs, the head of the legal department in the General Secretariat of the Council of Ministers, and also a delegation from the Kurdistan Regional Government, which included the Minister of Finance, the head of the Office of the Regional Council, the Secretariat of the Council of Ministers and the head of the Coordination and Follow-up Department.” .

He added, "During the meeting, a number of files were discussed on the agenda, including a discussion of the transfer mechanism for the Kurdistan Regional Government's allocations within the budget tables, especially with regard to employee compensation, social care, and regional government revenues, and the mechanism for handing them over to the federal government according to what was stated in the Federal Court's decision and the law." Financial management, and the state’s general budget law.”

He continued, "The meeting also discussed the discussion of maximizing revenues to reduce the percentage of the deficit contained in the general budget by creating legal texts to include electricity sales and local oil sales as revenues in the budget tables." Views 65 05/15/2024 - https://economy-news.net/content.php?id=43451

Al-Sudani Told An American Official: The Government Is Proceeding With Economic And Financial Reform

Political | 02:24 - 05/15/2024 Mawazine News - Baghdad  Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Wednesday, that the government’s efforts and steps in the field of economic and financial reform, especially in the areas of tax, customs, and the banking sector, and completing the elements of an ideal investment environment

Al-Sudani’s media office stated in a statement received by Mawazine News that “Al-Sudani received US Assistant Secretary of State for Energy Resources Affairs Jeffrey Payette, in the presence of the US Ambassador to Iraq,” noting that “the meeting reviewed the most prominent files of cooperation in the field of energy, in all its forms, and ways to develop it.” “In a way that contributes to achieving common interests.”

The Prime Minister stressed “the government’s keenness to implement its executive approach within the axis of achieving energy self-sufficiency, in the areas of exploiting locally produced natural and associated gas, generating electricity, providing petroleum derivatives, and producing chemical fertilizers and petrochemical materials,” referring to the memorandums of understanding that were signed during his visit to The United States of America last April, which is being implemented on the ground.”

Al-Sudani pointed to "the government's efforts and steps in the field of economic and financial reform, especially in the areas of tax, customs, and the banking sector, and completing the elements of the ideal investment environment, calling on American companies to work and invest in Iraq."

For his part, Payet praised the efforts of the Iraqi government in developing the energy sector, noting that “the joint statement by Prime Minister Muhammad Shia al-Sudani and US President Joseph Biden represented a road map and a framework for fruitful work and cooperation.”

He stressed “the desire of American companies to invest and expand their activities within Iraq"

https://www.mawazin.net/Details.aspx?jimare=248040

Al-Sudani Calls On American Companies To Work And Invest In Iraq

Policy - 2024-05-15  Today, Wednesday, Al-Akhbariya - Baghdad,  US Assistant Secretary of State for Energy Resources Affairs, Jeffrey Payette, confirmed on Wednesday the desire of American companies to invest and expand their activities inside Iraq.

The media office of Prime Minister Muhammad Shiaa Al-Sudani stated in a statement received by Al-Youm Al-Akhbariya that “Al-Sudani received US Assistant Secretary of State for Energy Resources Affairs Jeffrey Payette, in the presence of the US Ambassador to Iraq,” noting that “the meeting reviewed the most prominent files of cooperation in the field of energy, In all its forms, and ways to develop it, in a way that contributes to achieving common interests.”

Al-Sudani stressed, “The government’s keenness to implement its executive approach within the axis of achieving energy self-sufficiency, in the areas of exploiting locally produced natural and associated gas, generating electricity, providing petroleum derivatives, and producing chemical fertilizers and petrochemical materials,” referring to the memorandums of understanding that were signed during his visit to the United States of America. Last April, which is being implemented on the ground.”

Al-Sudani pointed to "the government's efforts and steps in the field of economic and financial reform, especially in the areas of tax, customs, and the banking sector, and completing the elements of the ideal investment environment, calling on American companies to work and invest in Iraq."

For his part, Payet praised the efforts of the Iraqi government in developing the energy sector, noting that “the joint statement by Prime Minister Muhammad Shia al-Sudani and US President Joseph Biden represented a road map and a framework for fruitful work and cooperation.”

He stressed “the desire of American companies to invest and expand their activities within Iraq".

https://today-agency.net/Details/11004#hathalyoum

The President Of The Republic: Iraq Is Facing A New Stage And Horizons Of Growth And Economic Development

Baghdad - IA   The President of the Republic, Abdul Latif Jamal Rashid, confirmed today, Wednesday, that Iraq is facing a new stage and horizons of growth and economic development.

The Presidency’s Media Department stated, in a statement received by the Iraqi News Agency (INA), that “The President of the Republic, Abdul Latif Jamal Rashid, received today at Al-Salam Palace in Baghdad, the Vice President of the World Bank for the Middle East and North Africa, Othman Dion, and his accompanying delegation, where the President welcomed... At the beginning of the meeting, the delegation also congratulated Dion on the occasion of assuming his position.

The President of the Republic explained "the importance of strengthening relations between Iraq and the World Bank, noting" the necessity of working to consolidate cooperation and joint coordination in the financial, monetary and technical sectors in a way that strengthens the Iraqi economy.

He pointed out that "Iraq is facing a new stage and horizons of growth and economic development," stressing that "the government's ministerial program includes the implementation of construction and reconstruction projects and infrastructure development."

The President of the Republic stated that "one of our priorities is to establish security and stability in the country because it is the starting point for achieving comprehensive development, developing the economy, investing, and undertaking strategic projects that serve citizens and improve their living conditions," noting that "Iraq is full of human energies, competencies, and expertise."

For his part, Othman Dion expressed his happiness at visiting Iraq and learning directly about the situation in Iraq, praising "the progress that has been achieved."

He also reviewed the work of the World Bank in Iraq in the fields of water, energy, and reducing unemployment.   https://www.ina.iq/208846--.html#hathalyoum

New Policies May Push Iraq To Add 75 Thousand Barrels Of Oil Per Day To Its OPEC Quota

Economy - 2024-05-15   Kazakhstan later on Tuesday opened a thorny debate over OPEC+ production levels, saying it believes it should be allowed to pump more oil in 2025, when all of the producers' group's current production cuts end.

OPEC+ commissioned three companies - IHS, Wood Mackenzie and Rystad Energy - to assess the capabilities of all members for use in reference production - figures by which production cuts or increases are calculated - from 2025. The reviews are scheduled to take place by 2025. End of June.

As a result, the issue will not come up at the June 1 meeting, allowing the group to decide on policy for the rest of 2024 more easily, five OPEC+ sources said. But it also means the June meeting won't give the market much policy guidance for 2025, when all the current cuts end.

One OPEC+ source who requested anonymity said: “Figures related to production capabilities will not be presented at the June meeting,” adding that “the reason is that some countries have not fully concluded their discussions with secondary sources.”

The UAE is expected to gain up to 180,000 barrels per day of additional capacity until 2027, while Kazakhstan is expected to gain up to 80,000 barrels per day of new capacity, according to estimates by JPMorgan. Iraq can add another 50 to 75 thousand barrels per day.

The International Monetary Fund estimates that Saudi Arabia needs an oil price of $96.20 this year to balance its budget, then falling to $84.70 in 2025.

Iraq's budget needs an oil price of $90 next year, and Algeria and Kazakhstan need prices well above $100. dollar.   https://today-agency.net/Details/10951