Iraqi News Highlights Monday Afternoon 3-27-23
Iraqi News Highlights Monday Afternoon 3-27-23
Tlm724 Administrator Bondlady’s Corner
Parliamentary Finance Reveals Four Resources To Bridge The 2023 Budget Deficit Of 64 Trillion Dinars
Posted On2023-03-27 By Sotaliraq Today, Saturday, the Parliamentary Finance Committee revealed four resources that contribute to bridging the 2023 budget deficit, which amounts to 64 trillion dinars.
Committee member Moeen Al-Kazemi said, according to the official newspaper, that “the investment of associated and free gas was discussed during the visit of Prime Minister Muhammad al-Sudani to Germany and France,” noting that “there is a great desire of the European Union to enter this sector and work to deliver it to Europe through pipelines.” through Turkey.”
Al-Kadhimi added, “Treating associated gas and benefiting from it instead of burning it over the past decades is a priority today,” pointing out that “exploiting associated gas needs more time and cannot be included in the 2023 budget as revenues, but rather will need financial allocations to rehabilitate and control it. Associated gas can be included in the imports of 2024 and 2025 in order for Iraq to dispense with importing gas from neighboring countries.
Regarding the budget for the current year, he explained that “the deficit is within the range of 64 trillion Iraqi dinars, as the Ministry of Finance presented the budget, including an offer to cover the deficit through four resources,” explaining that “the first resource is the difference between the actual oil sale price with the price approved in the budget of $70.” While it is sold for 80 dollars, here the 10 dollars is a financial abundance that can increase revenues from 146 to higher.
He added, “The second resource is the possibility of exporting an additional 200 thousand barrels of oil, which is another source instead of three million and 700 thousand barrels, in addition to the financial abundance of the state treasury from previous years, and there are approximately more than 20 trillion dinars that can be used as financial abundance, loans, and others.”
The deficit can be filled from it,” pointing out that “the Finance Committee will work to reduce the deficit, because the budget was drawn up for three years and negative possibilities such as the drop in the oil price must be taken into account, and for this the operational budget can be reduced and the investment budget supported, with a period of study in the House of Representatives that may exceed 45 days in the long term.
Regarding the funds of the Emergency Food Security Law and the follow-up of their disbursement, he indicated that “some of the law’s funds were disbursed and others are still in the government’s accounts, and there are 9 trillion Iraqi dinars allocated for the development of the regions and were not spent in 2022 because time was limited.” LINK
Al-Hakim Calls On The Authorities To Control Commodity Prices In The Markets And Prevent The Greed Of Merchants
Monday, March 27, 2023 5:16 PM Baghdad / National News Center Today, Monday, the head of the National Wisdom Movement, Mr. Ammar al-Hakim, called on the supervisory and security authorities to prevent the greed of some merchants and hold the exploiters accountable.
Al-Hakim said, in a statement received by the National News Center, that "in the month of mercy and humanity, it pains us and we regret that the Iraqi market is witnessing an unprecedented rise in the prices of many commodities, goods, and living requirements."
He added, "This caused a state of exhaustion among citizens, especially those with limited incomes, and prompted them to demand the need to control the local market and stop this suspicious rise."
And Mr. Al-Hakim continued, “As we add our voice to the voice of our people, we urge the regulatory and security authorities to control the rhythm of prices, prevent the greed of some merchants, hold the exploiters accountable, and maintain economic security and seek its stability, as it is no less important than others.” https://nnciraq.com/196233/
A Slight Decrease In The Exchange Rate Of The Dollar Against The Dinar
Monday 27 March 2023 09:47 | Economical Number of readings: 421 Baghdad / NINA / - Today, Monday, the exchange rates of the dollar against the dinar witnessed a slight decrease in the local markets.
And the selling prices for the dollar were recorded this morning, 155,000 dinars per 100 dollars, while the purchase prices amounted to 154,000 dinars per 100 dollars./ End 8
https://ninanews.com/Website/News/Details?key=1042994
An Economist Warns Of A Rise In Inflation Rates After Increasing The Money Supply To 93 Trillion Dinars
Monday 27 March 2023 08:42 | Economical Number of readings: 473 Baghdad / NINA / - The expert in economic affairs, Raad Twij, warned today, Monday, of high inflation rates as a result of the increase in the monetary mass from 83 trillion dinars to 93 trillion dinars.
Twij said in a statement to the National Iraqi News Agency ( NINA ) that "inflation rates indicate a rise more than expected, as it may reach more than 10% as a result of the presence of a large incentive for inflation, which is the increase in the monetary mass from 83 trillion dinars to 93 trillion dinars, according to the governor's statements." The Central Bank of Iraq at the Sulaymaniyah Forum.
Twigg added: "It is expected that the monetary mass will become 103 trillion dinars after the approval of the budget."
And the economist continued, "The inflation rate was equivalent to 7.6% in January and is now at a significant increase, which portends a catastrophe for inflation in the Iraqi economy."/ End
Planning: We Will Soon Present Recommendations To The Council Of Ministers To Address The Repercussions Of Changing The Exchange Rate
Economy| 01:51 - 03/27/2023 Baghdad - Mawazine News The Ministry of Planning announced, on Monday, that it will soon submit recommendations to the Council of Ministers to address the repercussions of changing exchange rates on the economic movement.
The ministry said in a statement, "The Undersecretary for Technical Affairs, Maher Hammad Johan, held an extensive meeting with the participation of the Investment Commission and a number of government agencies, representatives of the Iraqi Contractors Union, the Iraqi Federation of Industries, the Baghdad Chamber of Commerce, and the Foundation for Sustainable Development, to discuss the effects of changing the exchange rate on the market." Iraqi.
She added, "The meeting discussed a number of proposals and recommendations, which aim to address the repercussions of changing exchange rates on the economic and commercial movement," stressing that "the ministry will present its recommendations to the Council of Ministers during the coming period." Ended https://www.mawazin.net/Details.aspx?jimare=222989
The rise in oil prices in light of the receding fears in the markets
Economy| 10:23 - 03/27/2023 Follow-up - Mawazine News Oil prices rose, in trading today, Monday, after declining last week, and the rise came in light of the receding concerns in the markets about global demand for crude. By 09:22 Baghdad time, US West Texas Intermediate crude futures rose 0.66% to $69.72 a barrel. While Brent crude futures rose by 0.56% to $74.41 a barrel, according to Bloomberg agency data. Ended https://www.mawazin.net/Details.aspx?jimare=222970
Al-Hakim: Approving The Oil And Gas Law Is An "Urgent Necessity"
Political | 12:32 - 03/27/2023 Baghdad - Mawazine News, the head of the Wisdom Movement, Ammar al-Hakim, considered, on Monday, the approval of the oil and gas law as an "urgent necessity."
Al-Hakim said in a statement, "We met members of the Parliamentary Oil, Gas and Natural Resources Committee, and we discussed with them developments in the political and economic scene and the government's paths in providing services."
Al-Hakim added, "We stressed the importance of working on approving the oil and gas law as it represents the legal ground for oil, gas and natural resources activity, especially after the decisions taken by the Federal Court in this regard, which made it an urgent necessity."
And he continued, "We called for the adoption of the national interest in the legislative and oversight performance of the committee, and we indicated the importance of preserving Iraqi wealth and working to invest it and convert it into development projects that benefit future generations. We also called for investing in political stability to pass pending laws."
https://www.mawazin.net/Details.aspx?jimare=222980
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