Iraqi News Highlights Sunday Evening 4-9-23
Iraqi News Highlights Sunday Evening 4-9-23
Tlm724 Administrator Bondlady’s Corner
Deputy Speaker: The Budget Will Be Approved Soon
Political | 02:36 - 09/04/2023 Baghdad - Mawazine News, First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, confirmed, on Sunday, that the budget includes many sections and paragraphs related to the development of infrastructure and projects.
Al-Mandalawi's office stated in a statement, "The First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, received today a number of sheikhs and notables in the New Baghdad region."
Al-Mandalawi stressed, according to the statement, "the importance of permanent follow-up to the file of services and the development of infrastructure, in a way that guarantees a decent life for citizens," noting that "the next budget, which the House of Representatives has completed its first reading, will be approved soon."
He pointed out that "the budget will include many sections and paragraphs for the development of infrastructure and service projects for Baghdad and the provinces in line with the ministerial platform of the national service government." https://www.mawazin.net/Details.aspx?jimare=224151
Iraq And The World Bank Agree To Accelerate The Implementation Of Projects In The Poorest Areas
Economy| 12:43 - 09/04/2023 Baghdad - Mawazine News, Deputy Prime Minister and Minister of Planning Muhammad Ali Tamim met, on Sunday, the representative of the World Bank in Iraq, Richard Abdel Nour, and his accompanying delegation.
The two sides discussed "mechanisms of work in implementing service projects in the poorest regions and villages, which are implemented by the Ministry of Planning, within the Social Fund for Development funded by a loan from the World Bank, and the two parties agreed to work jointly to develop appropriate mechanisms that would accelerate the pace of work in completing these projects." The projects because of their importance in enabling the people of the included villages to obtain basic services.
The meeting also witnessed, according to a statement by the Ministry of Planning, "a discussion of joint work between the Ministries of Planning and Finance and the World Bank to develop appropriate mechanisms and instructions that would address and overcome all problems facing the implementation of projects funded by the World Bank and international organizations." Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=224138
Significant Rise In Central Bank Sales Of The Dollar
Economy| 12:57 - 04/09/2023 Baghdad - Mawazine News The Central Bank of Iraq's sales of dollars increased in an auction today, Sunday, to record more than 281 million dollars. https://www.mawazin.net/Details.aspx?jimare=224140
Commerce Announces The Launch Of The Electronic Ration Card And Calls On Citizens To Update Their Data
Money and business Economy News / Baghdad Today, Sunday, Minister of Commerce, Atheer Daoud Al-Ghurairy, announced the launch of the electronic ration card, while calling on all citizens to update their data.
Al-Ghurairy said in a press conference held at the ministry's building: "In implementation of the government program, the Ministry of Commerce launched the electronic ration card by forming a work team headed by the minister and supervising undersecretaries and general managers," noting that "each general manager will be a supervisor of a governorate and empowered with all powers, as All committees have been configured and the electronic ration printing has begun and data has been updated.
The Minister of Commerce called on "citizens in all governorates to update their data during this week in the ration centers using the unified card issued by the Ministry of the Interior," noting that "the electronic ration card will be a substitute for the unified card."
He added, "The benefit of the ration card is through it the transition from the paper card stage to electronic updating and control of public money in all governorates," pointing out that "the experiment succeeded in the honorable Najaf, and more than 15,000 dead or travelers were discovered, and the agents receive the ration instead of them." ".
He continued, "The card provides a service through the ease of adding a son or wife, or transferring a place, and it is possible to add him while he is at home through an electronic application that eliminates the need for review."
He stressed that "the Ministry of Commerce has completed all its procedures and transferred them to the National Data Center, and after completing its audit, the registration of companies will be converted to electronic and paperless dealings," directing "the ministry's departments to move to electronic payment in the coming weeks."
He stated that "this is considered the first step to eliminate corruption through slackness in performance, procrastination, procrastination, and the procedures on which corruption is built," noting that "the ministry has completed the previous steps and what it promised by distributing food baskets on time, adding other materials and improving them, and that the coming days We will witness harsher accountability for violators."
And he indicated that "Baghdad and the provinces will witness marketing complexes, and the Ministry of Commerce will restore its real role in providing materials at subsidized prices in cooperation with the private sector." https://economy-news.net/content.php?id=33448
A Continuous Decline In The Exchange Rates Of The Dollar In Iraq
Sunday 09, April 2023 19:24 | Economical Number of readings: 131 Baghdad / NINA / - The price of the dollar continues to decline in the markets and exchanges, currently hovering around 145,000 dinars per 100 dollars.
And the stock exchange in Baghdad closed at a price of 145,600 dinars for every 100 dollars, while the price in exchanges reached 145,000 thousand dinars for purchase and 146,000 thousand dinars for sale against every 100 dollars./ End https://ninanews.com/Website/News/Details?key=1046039
Foreign Currency Window And The Stability Of The Dinar Exchange Rate
Sameer Al-Nusairi The procedures of the Central Bank and the three packages issued by it to facilitate obtaining foreign currency for foreign trade purposes and cover travel, treatment and study expenses for citizens, and the strict adherence of banks to the instructions and controls for external transfer for the year 2023 and the due diligence instructions, and the Central Bank’s departments dismantled the obstacles facing foreign transfers operations in cooperation with international bodies.
Which led to the entry of new numbers of merchants and importers to the electronic platform, which raised the rates of foreign remittances amounts in the foreign currency sale window, which ranged between 150-200 million dollars per day, and this was reflected in bridging part of the gap between the official price and the price parallel to the exchange rate of the dinar against the US dollar,
and we expect During the coming period, the dinar will continue to recover and its purchasing value in the market will increase. We also expect that the central bank's efforts will continue to issue new packages to facilitate external transfers.
The important thing in the increase in foreign currency window sales is to make sure 100% that all foreign transfers that are made according to the electronic platform are sound transfers according to international standards and that the foreign currency sale window is an economic indicator that achieves one of the goals of monetary policy.
And that “drawing accusations against the Central Bank and banks of wasting foreign currency without evidence proving the existence of suspicions of corruption, money laundering, or currency smuggling, and that the proposition that says selling currency is a waste of public money, this is a description that has nothing to do with the economic process.”
It must be noted that “the process of selling the currency window began to be implemented by the Central Bank on 4/10/2004 in implementation of Article 28 of the Central Bank Law No. 56 of 2004, which allows the Central Bank to buy and sell foreign currency, and work has continued on this process to meet the needs of the Ministry of Finance in terms of currency For the purposes of the operational budget, the purchase of dinars from the public for the purpose of controlling liquidity levels, which is known as the process of monetary sterilization on the one hand, and to rotate the dinar and resell it to the Ministry of Finance for the purposes of paying salaries and wages and securing government expenditures as well as meeting and covering imports, and maintaining the stability of the target exchange rate from the Central Bank.
And that “the window for selling foreign currency is considered one of the largest open market operations in controlling local liquidity levels and placing the cash surplus in its proper paths, which is a good economic indicator and achieves one of the objectives of monetary policy, and this is consistent with what is practiced by” the Central Bank of Iraq of multidimensional functions, as it is concerned with financial stability Managing the payment system, managing foreign reserves, licensing and monitoring banks and financial institutions, and setting up preventive controls, in addition to other tasks related to cash issuance and publishing economic data, indicators and forecasts.
And that “the basic tasks that the central bank performs is managing monetary policy that aims to control inflation, stimulate the economy, balance the balance of payments, and achieve monetary stability.” https://economy-news.net/content.php?id=33433
Economist: Iraq Faces An Opportunity To Maximize Oil Revenues
April 9, 2023 Information / Baghdad... Economic affairs specialist, Muhammad Al-Saadi, explained that
Iraq is facing a valuable opportunity to maximize oil revenues by exploiting the reduction in oil production and achieving an increase in prices. Al-Saadi told Al-Maalouma,
"OPEC's decision to reduce production was deliberate, and
its results began to appear in the oil markets through high demand and price increases." He added,
"Iraq will not be affected by the reduction in production,
but rather it will achieve large revenues in light of the high oil prices and exceeding the threshold of $85 a barrel, especially since the budget was prepared at the level of $70 a barrel." And he indicated that
"the demand will rise during the coming period,
especially since America needs to strengthen its stocks after losing a lot of stocks in the last period,
during which it sought to reduce oil prices to $70 a barrel in order to buy it from the producing countries, and
as a result, OPEC's decision will raise oil prices and frustrate them." America's plans to increase the strategic stockpile. https://almaalomah.me/news/economy/اقتصادي:-العراق-امام-فرصة-لتعظيم-الايرادات-النفطية
Dr. Mazhar Muhammad Salih *: The Oil Assets Course - The War Game.
06/04/20230 What (OPEC +) decided to cut the voluntary production of the member countries throughout the year 2023 by about 1.5 million barrels per day and with different shares for the member countries (as Iraq was among the OPEC countries by reducing 220 thousand barrels per day) undoubtedly comes as a result of the fluctuations in the geopolitical situation and its direct and indirect effects on the battlefields in Ukraine and in two directions,
First: Russia, which is the second largest oil producer in the world after the United States (both of which currently account for 25% of global production of crude oil), are in great contradiction, as
NATO decided earlier that Russian oil should not be sold with a ceiling of more than 60%. Dollars per barrel, which made Russia commit to reducing production also in (OPEC +) in order for the global price to rise and cover the loss of its revenues from selling its oil to China, India and Central Asian countries at prices that are still about $20 less than the global average of world oil prices.
To continue reading, click on the following link
Dr. Mazhar Muhammad Salih - Oil Assets Course - War Game
https://iraqieconomists.net/ar/2023/04/06/د-مظهر-محمد-صالح-دورة-الاصول-النفطية-ل/
Appearance-Mohamed-Saleh-the-cycle-of-oil-assets-the-war-game
Dr. Mazhar Muhammad Salih *: The Oil Assets Course - The War Game.
~~~~~
[Partial and incomplete translation of
Papers In Oil Policies
Dr. Mazhar Muhammad Salih: * The Oil Assets Course - The War Game.
1- The decision taken by (OPEC +) to reduce the voluntary production of the member countries throughout the year 2023 by about 1.5 million barrels per day and with different shares for the member countries (as Iraq was among the OPEC countries by reducing 220 thousand barrels per day) undoubtedly comes as a result of the fluctuations in the situation Geopolitics and its direct and indirect effects on the battlefields in Ukraine and in two directions,
First: Russia, which is the second largest oil producer in the world after the United States (both of which currently possess 25% of global production of crude oil), are in great contradiction, as NATO decided earlier that Russian oil should not be sold with a ceiling of more than 60%. Dollars per barrel, which made Russia commit to reducing production also in (OPEC) + in order for the global price to rise and cover the loss of its revenues from selling its oil to China, India and Central Asian countries at prices that are still about $20 less than the global average of world oil prices.
The second is that the shortage of inventories in the United States, and the announcement of their imminent depletion, makes it preserve energy security in the United States in an accelerated manner, by providing maximum production capacities that compensate either for the lack of supplies or for compensating for the oil embargo on Russia and achieving an average American daily production of about 17 percent. million barrels of its high-cost shale oil
. Selling US crude oil at less than $75 per barrel constitutes a loss and a significant decline in production, which threatens the economic interests of the United States.
Therefore, in view of the contradiction in the rules of the game of oil production between Russia and the United States and the voluntary reduction of OPEC production, as we mentioned, the predictions of (OPEC) + may be believed that the average oil prices in the year 2023 may not be less than 80 dollars per barrel.
The decision of (OPEC) + came in line with the geopolitics of controlling energy flows in the world, which is dominated by preparations for the ongoing field war between East and West.
Petroleum papers
2- In addition to the foregoing, the Rystad Energy Energy Consultative Company expects that the continuation of the voluntary reduction by Iraq, Russia and the Gulf countries in oil production, at least one million barrels per day, will pay crude oil prices this summer to 110 dollars per barrel at the very least. It is expected that the sharp rise in energy/ oil prices will increase the inflationary pressure on the global economy and will push central banks to tighten monetary policies more.
3- In conclusion, the matter was attached to the virtual price to calculate the oil revenues in the federal general budget project in Iraq, which is 70 dollars per barrel, so the expectation of the annual average prices of crude oil is between 90-80 dollars per barrel in the year 2023, may be a doubt about the virtual deficit gap In the estimated budget of about 63 trillion dinars, according to the following two assumptions:
A-The use of financial savings accumulated for the year 2022, which may be estimated between 25-23 trillion dinars in reducing the deficit.
B-compensation for the decrease in Iraq’s share of 220 thousand barrels of oil per day of production comes through the crude oil lost in the internal liquidation operations, in order to maintain the maximum return on the public budget with the least of the planned deficit.
**(Academic researcher and economic writer. Financial advisor to the Prime Minister in Iraq
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