Iraqi News Late Sunday Evening 4-2-22
Iraqi News Late Sunday Evening 4-2-22
TLM724 Administrator BondLady’s Corner
Does The Rise In Oil Prices Affect The Upgrade Of Iraq's Sovereign Rating?
Posted On2022-04-03 By Sotaliraq Baghdad: Mustafa Al-Hashemi A year and a few days after Iraq obtained its last credit rating from Fitch International at B-, two economic experts see the possibility of raising the rating to a higher degree, especially after the payment of Kuwait’s debts and the recent rise in oil prices to more than $100 a barrel. On March 24 last year, Fitch International, the international credit rating agency, revised the future outlook for Iraq to stable at B-, but the dynamics of the political economy still hinder policy-making, despite the 18.5% devaluation of the dinar and financial and economic reforms. It points to some possibilities for taking measures to put Iraq's finances on a more sustainable footing.
Gross domestic product
According to the Trade Economics website, the classification issued by Fitch reported the gross domestic product data for Iraq that it actually amounted in the year 2020 to 167.22 billion dollars.
In this regard, the economic academic Dr. Majid Al-Baydani said: “Raising the rating will be possible if the economic imbalances are confronted and modified, by eliminating dependence on import commodities, strengthening governance, reducing high risks, developing the banking sector, and increasing foreign currency reserves. in the central bank and to reconsider the interest rate on government debt.”
The importance of approving the budget
Al-Baydani added that "the approval of the 2022 budget is necessary to show the aspects of government spending, job rates and retirement in the public sector, as well as benefiting from the rise in oil prices and the adjustment of the exchange rate, which led to a decrease in the value of the dinar against the dollar by increasing job opportunities in the private sector."
In a previous review of Iraq's credit rating, Fitch had confirmed, "We expect reserves to decline in 2022 to $48 billion, and Iraq's reserves will remain stronger than the 4.3-month average B `" ratio of 4.3 months from CXP and significant in relation to the expected consumption of government debt. amounting to 4.7 billion US dollars.
Al-Baydani stressed “the need to benefit from international conditions by increasing reliance on Iraq’s available capabilities in terms of agriculture by adopting groundwater and increasing the agricultural plan and keeping it away from the effects of reducing Iraq’s share of the water entering it,” opening the way for the private sector, enforcing insurance and retirement laws for its workers, and equalizing the level of wages. between the public and private sectors.”
Increased investor facilities
For her part, economic researcher Lamia Al-Ani said: "Iraq is able to raise the current credit rating to at least B through a number of reforms, which are represented in increasing the granting of facilities to investors (foreign and local) and standing in the face of cases of extortion that they are exposed to."
Al-Ani added that "the reform also consists in restructuring the institutions that have been engulfed by corruption, in addition to restructuring the public banking sector, and rehabilitating its private counterpart to assume its true responsibility in building Iraq's economy, in line with global development in all fields."
She indicated the need to get rid of the uncertainty in expectations because the 2022 budget has not yet been approved, amid calls and proposals directed to Parliament and the government on a large scale to expedite its approval, provided that it does not include a deficit similar to the 2021 budget, as the rise in oil exports compensated for the drop in oil prices. , while spending only increased marginally after strong growth that year. LINK
OPEC Sets Iraq's Share Of Oil Production Next May
Energy Economy News – Baghdad The Organization of the Petroleum Exporting Countries announced that the share of Iraq's oil production will reach 4461 million barrels per day during the month of May, after the OPEC + agreement to increase 400 thousand barrels per day.
The organization stated in tables published by the media that "the production share of Iraq for the month of May was set at 4461 million barrels per day, an increase of 47 thousand barrels per day over the month of April, which amounted to 4.414 million barrels per day, and an increase of 91 thousand barrels per day over last March," indicating that " Iraq was the second largest producer in the organization after Saudi Arabia, and the third largest producer in OPEC + after Saudi Arabia and Russia.
And she added, "The production of both Saudi Arabia and Russia was set at 10,549 million barrels per day, during the month of May, an increase of about 113 thousand barrels per day from the current month of April, and the UAE's production share increased by 34,000 barrels per day, to reach 3.040 million barrels per day during the month." next".
She noted that Kuwait set its production at 2,694 million barrels per day, and Algeria's production at 1,013 million barrels per day.
And she noted that "the share of OPEC from the increase scheduled in May will amount to 273 thousand barrels to reach 25.589 million barrels per day, while the share of allied with OPEC will reach 127 thousand barrels to reach 16.537 million barrels per day."
And OPEC + agreed, during its meeting last Thursday, to increase its oil production by more than 400,000 barrels per day, according to the previously agreed schedule.
Views 156 Date Added 03/04/2022 https://economy-news.net/content.php?id=27400
With A Difference Of 100 Dinars .. The Exchange Rates Of The Dollar In The Local Markets
Economie| 10:04 - 03/04/2022 Baghdad - Mawazine News publishes / Mawazine News / the exchange rates of the dollar against the dinar for today, Sunday.
Selling price: 147,250 dinars per 100 dollars, buying price: 147,150 dinars per 100 dollars
https://www.mawazin.net/Details.aspx?jimare=189160
Al-Kazemi Issues A Set Of Directives Regarding Supplying Electricity In The Summer
Energy Economy News – Baghdad On Sunday, Prime Minister Mustafa Al-Kazemi issued several directives related to providing the requirements of the Ministry of Electricity.
The media office of the Prime Minister said in a statement that Al-Kazemi "chaired the meeting of the Ministerial Council for Energy, and included a brief presentation regarding the provision of electrical energy production requirements during the next summer season, at rates that guarantee the provision of the best services to citizens."
The Prime Minister stressed his "previous directives on the importance of completing preparations and creating all means and alternatives that guarantee the stability of energy production, in various climatic conditions."
And Al-Kazemi indicated that "the challenges posed by high summer temperatures and climate changes must be met by practical and quick solutions, beyond the poor planning witnessed by the energy sector and contributed to making the crisis to what it is today."
Al-Kazemi explained, "The electric power towers have previously been subjected to acts of sabotage, and have become a terrorist target, which necessitates the speed of treatment and the correct initiative to restore the level of production, and to secure longer processing hours for citizens."
And the statement continued, "Al-Kazemi issued a set of directives related to providing the requirements of the Ministry of Electricity to ensure the best equipment for citizens during the summer."
Views 1 Date added 03/04/2022 https://economy-news.net/content.php?id=27402
Planning Clarifies The Mechanisms For Determining Poverty Rates In Iraq
Money and business Economy News – Baghdad The Ministry of Planning identified, on Saturday, the mechanisms and criteria used in calculating poverty in Iraq .
Ministry spokesman Abdul-Zahra Al-Hindawi told the official news agency that "there are types of poverty, including (income) poverty, which is related to the factor of the individual's income level according to a certain line. The line, it is outside the category of poverty, and includes the details of the need for food .”
He added that "there is a multidimensional poverty factor that includes, in addition to income, 3 other criteria, which are health, education and housing," noting that "if these requirements are not met for a person, he is considered poor ."
And the Ministry of Planning announced, earlier, a new strategy to address poverty in Iraq, extending for 5 years, to complement the previous strategy, which expires this year .
Views 181 Date Added 03/04/2022 https://economy-news.net/content.php?id=27398
Al-Zamili And Zidane Stress The Need To Combat Corruption And Expose And Hold The Spoilers Accountable
The First Deputy Speaker of the House of Representatives, Hakim Al-Zamili, confirmed today, Sunday, that the scourge of corruption has squandered the country's resources.
The media office of the First Deputy Speaker of the House of Representatives stated in a statement that "Al-Zamili met today with the President of the Supreme Judicial Council, Faiq Zaidan, at the headquarters of the Supreme Judiciary, to discuss efforts to combat corruption and coordinate in the field of approving legislation and laws that serve the citizen."
He added that "the two sides stressed the need to strengthen joint coordination in the field of approving laws, combating corruption, and exposing and holding corrupters accountable in accordance with the law."
Al-Zamili stressed, according to the statement, that "corruption is a scourge that squandered the country's money and capabilities, and it was a cause of the bitter reality that our people live in today, and it was and still is eroding the body of the state in all its joints," noting that "the process of fighting corruption requires exceptional joint efforts among all authorities." https://www.radionawa.com/all-detail.aspx?jimare=28826
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