Late Thursday Iraq Economic News Highlights 6-23-22
Late Thursday Iraq Economic News Highlights 6-23-22
In The Document.. A Parliamentary Request To Include The Issue Of Reducing The Price Of The Dollar In The Nearest Session Of Parliament
06/23/2022 17 Earth News/ Today, Thursday, Representative Uday Awad submitted a request to include the issue of reducing the price of the dollar in the nearest session of Parliament.
According to a document seen by Earth News, Awad indicated that “the request to include the issue in the parliament session comes because of the economic repercussions for the country and the collapse of the currency and its impact on the Iraqi citizen. https://earthiq.news/archives/103258
Most Notably, Fuel And Food.. Al-Kazemi’s Advisor: “Relative” Control Over Prices And Food Security Will Support Us
Shafaq News/ The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Wednesday, the government's "relative" control over the prices of fuels and foodstuffs in the country, and while he indicated that the Food Security Law will support this, he stressed that monetary policy is able to curb inflation.
Saleh said in an interview with Shafaq News Agency, "The cash flows in foreign currency to Iraq are high and it is in the hands of the government and is considered one of the important things to support prices," noting that "the emergency law's function is to support prices, reduce and confront inflation and maintain the standard of living and cash income from rising prices of foodstuffs and fuels." ".
Salih added that "fuels in Iraq, some of them are imported, and their prices are fixed as a result of the support, although the prices of gasoline in the world are doubling, but there is support for these prices, as is the case with the ration card."
The government’s financial advisor indicated that “there is relative control over prices, and the emergency law will support this control over prices, and there is control over inflation that is based on financial policy tools,” adding that “in the event that prices develop, the reserves of high hard currency and monetary policy will interfere with its tools in a way It is more effective to stop or limit any price hike.”
Saleh pointed out that "prices are still controlled by government support such as fuel and foodstuffs, and all government services have fixed prices, and customs are zeroed, and taxes have been greatly reduced."
For his part, the Minister of Finance said in a statement received by Shafaq News Agency that "the emergency support law for food security and development came to reduce poverty and achieve financial stability," noting that "the ministry is keen to implement the paragraphs of the emergency support law for food security and development, which the House of Representatives voted on recently." .
Allawi explained that "the ministry is committed to financing all the allocations listed in Table (A) of the law to secure the food and electricity sectors, lecturers, administrators, contracts, procedures, graduate degree holders and graduates from among the first whose contracts have been terminated by the security and military services."
The minister added that "the aim of presenting this law is to cover the actual financial needs that contribute to alleviating unemployment, reducing poverty, achieving financial stability in light of urgent global developments, and continuing to provide the best services to citizens and raising the standard of living for them." LINK
The Fact That “Al-Ghazi” Was Assigned To Supervise The Allocations Of The Emergency Food Security Law
Shafaq News/ The General Secretariat of the Iraqi Council of Ministers denied today, Wednesday, the assignment of its Secretary-General, Hamid Al-Ghazi, to supervise the allocations of the emergency food security law.
The secretariat said in a press release received by Shafak News Agency, that it "dismisses the validity of issuing a book in which the order to assign the Secretary-General of the Council of Ministers, Hamid Al-Ghazi, to supervise the general financial allocations for the emergency food security law and grant him the powers of comprehensive financial transfers."
The General Secretariat added that, while denouncing the transmission of such malicious rumors, it calls on all media outlets to verify the information before publishing it, and commit to taking it from its reliable sources; service in the public interest. LINK
A Parliamentarian From Nineveh: Al-Kazemi’s Solutions To The Fuel Crisis Were In The Interest Of Smugglers And The Corrupt
Shafaq News/ A representative from Nineveh called today, Wednesday, to find radical, not "prosthetic" solutions to the crisis of fuel and oil derivatives in the province, while he considered that the solutions developed by Prime Minister Mustafa Al-Kazemi to solve the crisis were in the interest of "smugglers and the corrupt."
Nayef Al-Shammari said in a statement received by Shafaq News Agency, "Nineveh has been suffering for years from the crisis of fuel and oil derivatives, and this oppressed governorate before 2014 was suffering from the same crisis it is experiencing now, and it did not get rid of it until a short period after its liberation, then the crisis returned to the fore." It has become chronic and the concern of its children," noting that "this crisis needs a radical solution, not prosthetic solutions that irritate, provoke and burden the citizen."
Al-Shammari added, "We have called for years to solve this crisis by meeting with officials and ministers, and we put the reasons and solutions before the prime minister in our last meeting with him, where we promised a radical solution, but we find that all solutions are in the interest of smugglers, corrupt and greedy traders and work against the simple citizen."
The representative of Nineveh added, "We found that the scene that we have seen daily over the years provokes the media and officials when it is repeated in another governorate, while everyone remained silent in front of the suffering of our governorate for many years."
Al-Shammari believes that "things in Nineveh Governorate portend dangerous matters and could get out of control if this suffering and this apparent injustice continue, after those responsible for solving the crisis took all the crooked ways and left the right path to the solution," wondering, "Is it possible that the solution would be to raise the price of gasoline? In some stations, he made it (1000) dinars instead of (450).”
MP Al-Shammari explained that "raising the price of gasoline is not within the authority of the Ministry of Oil, and it has no right to raise the price at all. We and the people of Nineveh Governorate categorically reject this arbitrary measure, and we call on the ministry to cancel it immediately and return to real ways to solve the crisis."
The deputy stressed that "coupons, doubles and singles are not radical solutions, but rather temporary solutions, and the crisis will return again after a while, and the solution is to address administrative and financial corruption, stop smuggling of oil derivatives, and strike with an iron hand by the hand of all stores with people's food and livelihood, and every thief and smuggler." LINK
The Iraqi Parliament Calls For Pressure On The Iranian Side And An Increase In The Gas Quota
Shafaq News/ Today, Thursday, a parliamentary committee called on the Iraqi government to pressure the Iranian side and increase the gas quota to increase electric power amid rising temperatures.
The head of the Parliamentary Electricity and Energy Committee, Khaled Al-Daraji, said in a press conference held today, in the parliament building, which was attended by Shafak News Agency correspondent, "Due to the advent of the summer and rising temperatures, and with the aim of increasing the energy produced in generation stations to meet the needs of the citizen, it requires the Iraqi government and the Ministry of Electricity In particular, pressure on the Iranian side to increase the amount of gas supplied, especially after paying the financial dues owed by the Iraqi Ministry of Electricity for the previous debts.
Al-Darraji indicated that "the amount of gas currently received by the Iranian side is much less than the quota established in accordance with the contracts and agreements between the two countries, and this negatively affects the energy produced in the power plants, which amounts to nearly 2000 megawatts."
In mid-June, Iranian Oil Minister Javad Oji announced that Iran had received $1.6 billion in arrears for gas exports to Iraq.
This came after the Iraqi Ministry of Electricity pledged to complete the payment of the debts and dues of Iranian gas supplied to Iraq within only two days, in order to avoid reducing it or cutting it completely.
Iraq relies on Iranian gas to operate electric power plants. Earlier, Minister of Electricity Adel Karim announced that Iraq needs Iranian gas between 5-10 years, while confirming the ministry's agreement with the Iranian side to supply the country with 50 million cubic meters per day of gas. LINK
The KRG Pays More Than 60 Million Dollars To The British "Gulf Keystone" Company
Shafaq News/ The British "Gulf Keystone" company announced on Thursday that it had received 62 million US dollars in sales of crude oil from the "Shekhan" field.
The company said in a statement that it had received a total payment of $62.0 million from the KRG for crude oil sales from the Shekhan field during the month of March 2022. LINK
The National Iranian Oil Company Expresses Its Readiness To Cooperate With Iraq In Developing The Oil And Gas Field Between The Two Countries.
The Executive Director of the National Iranian Oil Company, Mohsen Khojasteh Mehr, expressed his country's readiness to cooperate with Iraq in developing the oil and gas field between the two countries. This came during the meeting of the joint working group for oil cooperation between Iran and Iraq, according to what was published by the Iranian semi-official “Fars” agency.
Mehr said that all our efforts are aimed at moving in the various fields of oil and gas and developing economic relations between the two countries, adding, "The time has come for Iran and Iraq to take practical steps for cooperation in the field of oil and gas activities and the scientific, technical and educational sectors."
He pointed out that Iran and Iraq have great energies in the region and the world, and that both countries have strong influence and powers in the Organization of Petroleum Exporting Countries (OPEC), and serious cooperation between them is necessary in order to ensure sustainable energy security in the region, and this requires cooperation in various productive and scientific sectors. .
Mehr added by saying that Iran is ranked first in the world in terms of total oil and gas reserves in the world, and it has 400 oil and gas fields, some of which are located on the Iranian-Iraqi borders, while the current production of oil is 4 million barrels and gas is one billion cubic meters per day, and in order to deliver oil production to 6 million barrels within the next eight years, we need investments worth 90 billion dollars, and in order to bring gas production to 1.5 billion cubic meters per day, we need investments worth 70 billion dollars.
He said, "We want to accomplish part of these investments through joint cooperation with Iraq," considering that the opportunity exists today for joint cooperation with Iraq in the fields of exploration, extraction and production.
The Executive Director of the National Iranian Oil Company also noted Iran's capabilities in the technical and engineering services sector, saying: We are ready to cooperate with Iraq in various fields of geology, studies of oil and gas reserves, and the completion of seismic measurements and exploratory exploration.
He added that Iran has about 140 offshore and onshore drilling platforms to explore for oil. Mehr saw that one of the other areas of cooperation between Iran and Iraq is in the education sector and technology transfer, saying: The University of the Oil Sector is ready to grant scholarships to Iraqi students. LINK
Economist: Iraq Will Get 180 Billion Dollars From The Annual Rise In Oil Prices
Economic Last Update 06/23/2022 | 10:21 AM The Information / Baghdad…The economic expert, Safwan Qusay, explained that Iraq will get 180 billion dollars in the event that oil prices continue to rise until the end of the current year, pointing out that the Russian-Ukrainian crisis is one of the reasons for this rise.
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Qusay told "Al-Maalouma", that "OPEC allowed Iraq to increase its exports by 72 thousand barrels, i.e. 150 percent of the previously agreed increase, meaning that the monthly rate of increase is It will be 47,000 barrels.”
He added, "The Russian-Ukrainian wars and the current conditions have brought oil prices to an average of $120 per barrel, meaning that Iraq will get $1 billion annually if oil prices increase by one dollar per day for a whole year."
Qusay explained, "The average price since the beginning of the year has exceeded 90 dollars per barrel, meaning that Iraq's revenues will be at a rate of 90 billion dollars for the current year, and if the rise continues, Iraq will earn 180 billion dollars by the end of the year." finished 25 https://almaalomah.me/2022/06/23/604972/
Between The Dollar And Gasoline Crises.. Iraqis Are Looking To End The Era Of The “Poverty” Government
Economic Last Update 06/22/2022 | 11:58 AM The Information/Baghdad..The records recorded by the government of the outgoing Prime Minister Mustafa Al-Kazemi are increasing, most of them bear a negative nature, despite the astronomical sums that that government earns due to the rise in global oil prices compared to all governments that have passed through Iraq since the prehistoric era.
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The first months of the era of Mustafa Al-Kazemi witnessed the rise in the price of the dollar, causing a stifling crisis in the prices of basic commodities and building materials, and the collapse of the dinar against the dollar, amid “resonant” government statements that promised Iraqis rosy dreams and a prosperous economy without any achievement.
According to specialists in the field of economics, “making a simple comparison between the government of Adel Abdul-Mahdi, which witnessed demonstrations against it due to the high cost of living, Al-Kazemi hit Abdul-Mahdi’s numbers against the wall, as the price of a liter of cooking oil, flour, medicines and all commodities increased by 120%, while the case of smuggling of gasoline increased. All over the country, what caused the gasoline crisis.”
And regarding the desired economic reform, “Al-Kazemi did not achieve any achievement and did not implement the most important decisions of the Federal Court regarding preventing the sale of Kurdistan oil without the approval of Baghdad or a pledge to make a constitutional amendment and achieve the demands of the October demonstrators, but appointed those close to him as advisers,” as observers see.
In great contradiction to the caretaker government, Iraq achieved historical monthly export revenues estimated at 11 billion dollars, and a rise in cash reserves to 70 billion dollars without the presence of any strategic project.
Amidst these data, the World Bank came to “make matters worse” and confirm that the Iraqi economy is sterile and unable to grow under the current government, while noting that population growth and the lack of foodstuffs will increase Iraq’s economic disasters. https://almaalomah.me/2022/06/22/604823/