Iraqi News Tuesday Evening 4-26-22
Iraqi News Tuesday Evening 4-26-22
TLM724 Administrator BondLady’s Corner
World Bank: Commodity Prices Will Remain High Until The End Of 2024
Arabic and international Economy News – Baghdad The World Bank warned on Tuesday that food and energy prices, which have soared due to the war in Ukraine, could remain high for years, at least until the end of 2024.
"The war in Ukraine caused a great shock to commodity markets and changed the pattern of trade, production and consumption in the world," the bank said in a report, noting that "prices will remain at historically high levels until the end of 2024."
He stated that "the rise in energy prices during the past two years was the largest since the oil crisis in 1973," noting that "the prices of food raw materials, of which Russia and Ukraine are major producers, and fertilizers whose production depends on natural gas, have not been this strong since 2008.".
"Overall this is the biggest commodity shock we've seen since the 1970s," he added.
Views 8 Date Added 04/26/2022 https://economy-news.net/content.php?id=27793
World Bank: Commodity Prices Will Remain High Until The End Of 2024
Tuesday, 26 April 2022 6:55 PM National News Center / Follow up The World Bank warned on Tuesday that food and energy prices, which have soared due to the war in Ukraine, could remain high for years, at least until the end of 2024.
"The war in Ukraine caused a great shock to commodity markets and changed the pattern of trade, production and consumption in the world," the bank said in a report, noting that
"prices will remain at historically high levels until the end of 2024."
He stated that "the rise in energy prices during the past two years was the largest since the oil crisis in 1973," noting that
"the prices of food raw materials, of which Russia and Ukraine are major producers, and fertilizers whose production depends on natural gas, have not been this strong since 2008.“.
"Overall, this is the biggest commodity shock we've seen since the 1970s," he added.
As for energy prices alone, the Bank expects them to rise by more than 50% this year before declining in 2023 and 2024.
As for non-energy-generating commodities such as agricultural products and minerals, their prices are expected to rise by about 20% in 2022, to decline in the coming years. next.
The bank warned that “it is expected that commodity prices will remain much higher than the average of the past five years, and
in the event the war is prolonged or new sanctions are imposed on Russia, it may become higher and more volatile than what is currently expected,” indicating that this rise in prices will result in it.
It has a huge human and economic cost and threatens to impede progress on poverty reduction.”
It is noteworthy that global food prices began to rise since the beginning of the year 2021, as a result of the irresponsible policy pursued by Western central banks during the past years, as
they deliberately pumped tens of trillions of unsupported dollars, euros and pounds sterling into Western economies, which fueled inflation.
Inflation has worsened recently with Western countries, including the European Union and the United States, imposing unprecedented sanctions on Russia, which is one of the world's leading producers of energy resources and food exporters. patriot/follow up..
The World Bank warned today, Tuesday, that food and energy prices, which have risen sharply due to the war in Ukraine, may remain high for years, at least until the end of 2024.
The World Bank said in a report that “the war in Ukraine has caused a major shock to commodity markets and changed the pattern of trade, production and consumption.” in the world,” noting that
“prices will remain at historically high levels until the end of 2024.”
He stated that "the rise in energy prices during the past two years was the largest since the oil crisis in 1973," noting that
"the prices of food raw materials, of which Russia and Ukraine are major producers, and fertilizers whose production depends on natural gas, have not been this strong since 2008.“.
"Overall, this is the biggest commodity shock we've seen since the 1970s," he added.
As for energy prices alone, the Bank expects them to rise by more than 50% this year before declining in 2023 and 2024.
As for non-energy-generating commodities such as agricultural products and minerals, their prices are expected to rise by about 20% in 2022, to decline in the coming years. next.
The bank warned that “it is expected that commodity prices will remain much higher than the average of the past five years, and in the event the war is prolonged or new sanctions are imposed on Russia, it may become higher and more volatile than what is currently expected,” indicating that
this rise in prices will result in it. It has a huge human and economic cost and threatens to impede progress on poverty reduction.”
It is noteworthy that global food prices began to rise since the beginning of the year 2021, as a result of the irresponsible policy pursued by Western central banks during the past years, as
they deliberately pumped tens of trillions of unsupported dollars, euros and pounds sterling into Western economies, which fueled inflation.
Inflation has worsened recently with Western countries, including the European Union and the United States, imposing unprecedented sanctions on Russia, which is one of the world's leading producers of energy resources and food exporters. https://nnciraq.com/124124/
Planning Announces High Inflation Rate In Iraq
Economie| 08:49 - 25/04/2022 Baghdad - Mawazine News The Ministry of Planning announced, on Monday, a rise in the monthly inflation rate during the month of March, by 0.8%, compared to the previous month of February.
The official spokesman for the ministry, Abdul-Zahra Al-Hindawi, stated that "the annual inflation rate during the month of March, compared to the same month in 2021, increased by (5.2 percent)."
Al-Hindawi added, "The rise in the inflation rate during the month of March was affected by the increase in the prices of a number of departments, including the food and non-alcoholic beverages department, whose prices rose by 1.6 percent, as a result of the increase in the prices of oils and fats by 5.7 percent, and vegetables by 5.7%. (3.7%), fish (5%), fruits (3.7%), meat (1.9%), and bread and cereals increased their prices by (1.5%).
He added, "The prices of the clothing and footwear department rose by 1.9%, while the rate of rise in the restaurants, hotels, goods and services department was 1.5%." Ended 29 / h
https://www.mawazin.net/Details.aspx?Jimare=191233
Strategic Researcher: Al -Kazemi Government Prepared For The Terrorist Organization ISIS With Qualitative Operations
Security, 2022/04/25 22:19, Number of readings: 196 Baghdad- Iraq today: Despite the collapse of ISIS in most parts of Iraq, it is still able to carry out terrorist operations from time to time in a number of governorates, especially those that were the seat of its elements during its period of control over large parts of Iraq in 2014,
but the Iraqi government led by Mustafa Al -Kazemi He is able to defeat and eradicate it, which was confirmed by the Iraqi researcher, director of the Al -Amsar Center for Political Studies, Dr. Raed Al -Azzawi, stressing that
the Iraqi forces launched dozens of major military operations in the face of terrorist organizations and were able to kill many and dismantle a number of its cells.
Al -Azzawi pointed out that these terrorist operations will not end overnight, but will not return with the strength that they were before, and
they are carrying out fast and cheap operations in Diyala Governorate and a number of other Iraqi provinces leading to deaths and injuries.
He stressed that Al -Kazemi vowed to crush, defeat and eradicate its roots from the land of Iraq.
Indeed, the Iraqi forces imposed their control of a number of cities and the strongholds of the organization, considering that the return of ISIS movements in the border provinces between Syria and Iraq has to do with the influence between Iran and Turkey.
Al -Azzawi ruled out that ISIS had control over any lands and regions in the country for several reasons, including: that he was no longer that power that had previously enabled him to control in 2014 after he was defeated, killing the largest number of its elements, and the flight of other numbers to many countries in Europe, Asia and Africa In addition to the readiness of the Iraqi security and military forces to confront it, pointing out that
the elimination of ISIS and its terrorist tails requires an integrated policy for development and stability and ending political conflicts and disputes in Iraq.
He stressed that the security of the security services on its military strongholds does not mean its end, as it is present in small cells that move on the Iraqi -Syrian border, and finds shelter in the failed countries or that witness political chaos, and the activities of ISIS increase in Iraq, the more developments or political crisis occurred The state institutions are busy, as it is an opportunity for these elements to carry out their operations.
http://iraqtoday.com/news/62065/باحث-ستراتيجي-حكومة-الكاظمي-اجهزت-على-تنظيم-داعش-الارهابي-بعمليات-نوعية
The Highest Since Its Founding .. The Assets Of The Central Bank Of Iraq (In Numbers)
Economy, 2022/04/26 17:04, Number of readings: 333 Baghdad - Iraq today: The President of the Future Iraq Foundation for Economic Studies and Consultations, Manar al-Obeidi, was counted on Tuesday, the central bank assets, while expected in the coming days.
"The total assets of the Central Bank until the end of the first year of the current year 2022 amounted to 178 trillion Iraqi Dinars, an increase of 17% compared to the same period last year," Obeidi said.
Which has risen by 33% to 34 trillion dinars as well as high exporter and 8% to 80 trillion Iraqi Dinars."
He added that "the balances of government institutions at the central bank rose by 72% to 8.1 trillion trillion Iraqi Dinars, in return, the amount of investment in retained by 32% to reach more than 50 trillion Iraqi Dinars."
He pointed out that "small and medium-sized enterprise loans from the bank further increased by 155% to 6.6 trillion Iraqi Dinars, as well as the rise in receivables on the Ministry of Finance by 11% to 47 trillion dinars."
"The amount of cash and gold reserve at the central bank has declined by 3.5% to 23.7 trillion Iraqi Dinars, as well as bank deposits rose 4.6% compared to last year to 27.6 trillion Iraqi Dinars," he said.
He stressed that "the value of assets with the Central Bank is the highest since its establishment, giving a reassurance and stability of the Iraqi currency, which is expected to see more violations in its assets as a result of high oil sales revenues, which play an important role in promoting private reserves".
And that the Bank has granted loans to projects worth 6.6 trillion Iraqi Dinar had a significant impact on the growth of important sectors,
particularly the housing sector, which accounted for the bulk of these loans and the bank needs to diversify the distribution of loans to other sectors that could contribute to increased growth in different growth Especially important sectors, tourism, tourism and services."
http://iraqtoday.com/news/62080/الأعلى-منذ-تأسيسه-موجودات-البنك-المركزي-العراقي-بالأرقام
Al-Kazemi’s Advisor Expects 3 Gains For Iraq After Meeting With The International Monetary Fund And The World Bank
Politics / Economy Today, 21:49 Today, Monday, Haitham Al -Jubouri, technical advisor to the Prime Minister, identified the most important proposed projects, which are expected to be discussed with the International Monetary Fund and the World Bank during an upcoming meeting in Baghdad, and 3 of the gains expected to be made by Iraq, while he explained the extent of investment in surplus oil prices in implementing the support law. Emergency Food Security and Development.
Al-Jubouri told Al-Iraqiya News and followed by the Iraqi News Agency (INA), that "the recent World Bank report indicated that there had been positive growth in the Iraqi economy, in both its oil and non-oil parts, and this came after economic reforms through corrective steps taken by the current government and the previous parliament."
He added, touching on the current problems that the economy suffers from, that "the inflation rate was 6% in 2020, and in the last two years it rose to 7.9%, and the reasons for this are the first of which is the increase in the monetary mass offered in the Iraqi market, which rose from 51 trillion dinars to 76 trillion, an increase of 25 trillion dinars, and the
second reason is the increase in the dollar's exchange rate against the dinar."
He pointed out that "the unemployment problem has also risen to 12.7%, due to the outbreak of the Corona pandemic and the suspension of some production plants," noting that
"the revenues generated as a result of high revenues can address the problems of inflation and unemployment if invested correctly."
On the upcoming meeting that government officials will hold in Baghdad with representatives of the International Monetary Fund and the World Bank, al-Jubouri said that “the two parties were briefed on government reforms represented in the white paper and had valuable observations, which were not binding on the Iraqi government, and
their observations are viewed by international institutions into consideration, especially with regard to granting loans and investments.
He stressed that "the World Bank provides loans at a zero interest rate and a repayment period of more than twenty years to the Iraqi government in order to support the investment budget and does not grant any loans to the operating budget such as salaries and expenses."
He pointed out that:
"Iraq needs the implementation of new projects in the field of rail linkage and new roads,
The completion of the great port of Faw and the development of airports, and
these are plans that can be supported by the World Bank after its last positive report."
He pointed out that "the World Bank will study these plans after they are presented by the Iraqi side at the meeting, and perhaps finance part of them, and
this is a great gain for Iraq because it will push the wheel of development, increase job opportunities and create productive projects."
Regarding the extent of investment of the financial mass achieved from the increase in oil imports in the Emergency Support Law for Food Security and Development, Al-Jubouri explained,
“It will go to strengthen the vocabulary of the ration card, support farmers and peasants, cover the costs of oil production, import electric power and gas, and pay off Iraq’s debt, and 30% of it will go to developmental investment projects.".
In its report issued during the current month of April, the World Bank confirmed that Iraq ranked first in the Arab world with the largest growth in GDP and per capita for the year 2022.
The World Bank report expected that "Iraq's gross domestic product will grow during the current year by 8.9 percent, surpassing the rest of the Arab countries, including Qatar, which is expected to grow by 4.9 percent, Saudi Arabia 7 percent, Kuwait 5.7 percent, UAE 4.9 percent, Algeria 3.2 percent, Egypt 5.5 percent, and Jordan." 2.3 percent and Morocco 4.3 percent.
He added, "The growth of Iraq's GDP will be 4.5 percent, similar to Qatar, and it will rise in Egypt to 5 percent, Saudi Arabia will have 3.8 percent, Kuwait 3.6 percent, Algeria 1.3 percent, Tunisia 3.5 percent, and Jordan 2.3 percent."
The World Bank report indicated that "Iraq will also be the highest among the Arab countries in terms of per capita GDP growth during 2022, at 6.3 percent, while Saudi Arabia's per capita growth will be 5.5 percent, Kuwait 4.5 percent, Bahrain 1.4 percent, Egypt 3.6 percent, and Qatar." 4.5 percent, while Morocco will decrease 0.1 percent. https://www.ina.iq/154570--3-.html
Finance Minister Ali Allawi Reveals The Details Of His Discussions With The International Monetary Fund And The World Bank
Politics 2022/04/25 22:21 the number of readings: 273 Baghdad - Iraq today:
Iraqi Finance Minister Ali Allawi revealed the details of his country's meetings with the International Monetary Fund and the World Bank in Washington.
Allawi indicated that agreements had been reached that included providing support for economic reform projects in Iraq within what is known as the "white paper".
Allawi said in a statement, "The meetings with the International Monetary Fund, the World Bank and other major institutions in Washington were good," stressing that
"several agreements were reached, the most important of which is support for the reform process, especially the white paper."
And the white paper, a comprehensive reform program focusing on economic and financial aspects, that was put forward by the Al-Kazemi government in late 2020, includes many items and paragraphs that deal with medium and long-term strategic treatments.
The white paper came on the impact of a severe economic crisis experienced by the country due to the decline in oil prices and the global closure conditions that accompanied the Corona pandemic, which prompted Baghdad to borrow more than once to secure the salaries of government institutions employees.
Allawi added, "There are close meetings in Baghdad, which will be after the blessed Eid Al-Fitr, so that the support will be technical in order to strengthen the capabilities of the Iraqi government, in order to advance and move forward with the reform project."
He pointed out that "Iraq is in the process of implementing agreements with the World Bank, especially with the support of the technical side.
We have reached very good results, and will contribute to strengthening the cadres working in the country."
He pointed out that "the ministry is in the process of submitting a law to the House of Representatives for the purpose of employing the unexpected gains resulting from the rise in oil prices, in the areas of strengthening support for groups affected by the prices of raw materials."
He continued, "The law is before the House of Representatives and will be enacted, and it will give strong support to the groups affected by the rise in prices of basic materials and foodstuffs in particular, strengthening the pillars of the Ministry of Finance and strengthening the possibilities of employing public employment projects," explaining, that "
He added, "This support is outside the concept of reform for the public sector, and we want to reduce government support, especially for sectors that can thrive without government support, but this will be for one time," explaining that
"the government acknowledges that some groups have been affected by the rise in the prices of raw materials, so the support will be once and not repeatedly.
He stated, "We have a strategic agreement with the United States, especially in the economic aspect, and we want to do it now," stressing that
"there are preparations for cooperation at all levels."
Allawi stressed the necessity of "presenting projects to obtain support, or for some kind of American assistance, especially in the technical aspect," stressing that
"the financial situation is very good, and we do not need support from any foreign parties, except for specific projects."
http://iraqtoday.com/news/62067/وزير-المالية-علي-علاوي-يكشف-تفاصيل-مباحثاته-مع-صندوق-النقد-والبنك-الدولي
To read more current and reliable Iraqi news please visit BondLady’s Corner: