Monday Afternoon Iraq Economy News Highlights 7-4-22
Monday Afternoon Iraq Economy News Highlights 7-4-22
Iraq's oil exports rise by 2% in June and expert: September, the latest increases
Shafaq News/ Iraq's oil exports rose to 3.373 million barrels per day in June, at a rate of more than 2%, compared to 3.300 million barrels per day in May.
According to the data of the Ministry of Oil seen by Shafak News Agency, Iraqi oil exports, excluding flows from the Kurdistan Region, increased by 2.21% on a monthly basis in June, amid the increase in the share of OPEC +.
Exports from the southern oil ports amounted to 3.266 million barrels per day in June, up 2.38% from the previous month.
Kirkuk crude exports through the Turkish port of Ceyhan amounted to 97 thousand barrels per day, which is the same export quantities for the previous month.
Iraq's share of OPEC+ rose to 4.651 million b/d in August from 4.580 million b/d in July as the group continued to ease oil production restrictions.
In an interview with Shafaq News Agency, oil expert Hamza Al-Jawahiri attributed "the reason behind the rise in Iraq's oil exports is to raise Iraq's monthly quota in OPEC and the stability of the weather in the loading areas on the Arabian Gulf."
Al-Jawahiri stressed that "the coming months, Iraq will witness an increase in its oil exports after increasing Iraq's share for two months in August and September, as September will be the last months in which oil production will be increased for the producing countries within the Organization of Petroleum Exporting Countries, and thus Iraq will reach the normal level of its reference production," pointing to That "the Ministry of Oil's future plans include a gradual increase and investing the increase granted by OPEC." LINK
Al-Kazemi Discusses With The World Bank The Challenges Of Energy And Climate
Policy 2022-07-04 | 08:45 Today, Monday, Prime Minister Mustafa Al-Kadhimi discussed with the Special Representative of the World Bank in Iraq, Ramzi Noman, the challenges facing the countries of the region in the fields of energy production and climate change.
Al-Kazemi's office said in a statement received by Alsumaria News, that the latter "received the special representative of the World Bank in Iraq On the occasion of the end of his duties, the meeting witnessed a review of the challenges facing the countries of the region in the fields of energy production and climate change.
Al-Kazemi praised "the role played by the World Bank in supporting the reform directions implemented by the government, especially when the consultations are consistent with the Iraqi conditions and understand the Iraqi economic specificity, noting that the government is determined to move forward with reforms in order to provide better livelihoods for the Iraqi people." .
The Prime Minister stressed that "the reform efforts adopted by the government have begun to bear tangible results through the economic indicators published by international organizations, reiterating his confidence in the promising economic future of Iraq, which will be led by the younger generations."
turn, express Ramzi Nouman He expressed his appreciation for the efforts of the Iraqi government in the field of economic reform, and its ability to implement it despite the difficult challenges, and also praised the Iraqi efforts in the field of achieving regional economic integration in partnership with the rest of the countries in the region, which ultimately serves the Iraqi interest. LINK
Finance Minister: We Look Forward To Reforming The Banking Sector
Sunday 03 July 2022 Baghdad: morning Deputy Prime Minister and Minister of Finance Dr. Ali Allawi stressed the inevitability of reforming the banking sector in Iraq in line with global developments in a way that makes it supportive of the Iraqi economy.
Allawi said during the Iraq Finance Exhibition and Conference: "We must create a real supportive banking sector, and make money go in the direction of creating new funds that are commensurate with sustainable development."
He pointed out that "the future will be better with an international desire to be present in the Iraqi market, and this is what we see when international delegations attend."
And he indicated that "the financial distress that Iraq went through called us to focus on adopting the rules of multi-economy and considering the state's financial policies and the external influences affecting the economy."
He stated that “financial institutions are an artery in every economy, and we cannot manage our affairs under the umbrella of the dual transition to a free economy, in light of the dominance of the public sector over the reality of the economy.”
He pointed out that "since 2006, the government has been provided with studies from international organizations for reform."
The Minister of Finance stressed, “It has become necessary to reform the financial sector, and that government banks’ acquisition of more than 75% of deposits is unhealthy.” “.
He stressed the need to "improve the investment environment in the country to attract international companies to develop economic sectors."
He pointed out that "the annual surplus must finance the investment sector, and this surplus is volatile from year to year due to the size of the budget and revenues." LINK
Joint Statement Of The Group Of Seven, The European Union And The World Bank On Iraq
political| 05:40 - 04/07/2022 Baghdad - Mawazine News The Iraq Economic Contact Group announced, on Monday, encouraging the Iraqi government to revive its economic reform agenda.
And the group stated in a statement seen by / Mawazine News /, that "the countries of the Group of Seven, the European Union, the World Bank and the International Monetary Fund met yesterday to launch the joint presidency between Japan and the United Kingdom of the Economic Contact Group for Iraq."
She added that "economic diversification and resilience are essential to the future prosperity of Iraq, as this will lead to the provision of basic services for all, economic opportunities including for women and youth, inclusive growth and greater stability for Iraqi society."
The Iraq Economic Contact Group indicated that it continues to "stand ready to support the Iraqi government in implementing this important agenda for the Iraqi people."
The group encouraged the Iraqi government to "revive its economic reform agenda, using the increased oil revenues to invest in Iraq's long-term future, specifically improving infrastructure, providing water and electricity, human development, and shifting to green energy sources."
It called on the Iraqi government to "integrate climate considerations into its investments and development plans to improve food, water and energy security," noting that "establishing a thriving private sector is critical."
The contact group stressed the need to "
And she pointed out that "the presence of a strong and targeted social safety net that ensures that the most vulnerable groups receive adequate support, the Economic Liaison Group for Iraq will work to encourage the Iraqi government to move forward with reforms in this regard." Ended 29 / h
Ten Bitter Facts About Work And Economic Atonement In Iraq? .. Emad Abdul Latif Salem
2022-07-03 Dr. Emad Abdel Latif Salem wrote:
1- All Iraqis... are "economists", even if they do not "belong" to economics, and even if they do not read one correct and "useful" sentence in economics.
2- All Iraqi politicians... are "economists", and they can "judge" in the economy and its laws and provisions, whether that is by chance, or by necessity.
3- The economy in Iraq is not an applied “science”, and it is not even a “subject” that appeals to some science. They (with all their conceptual frameworks, mechanisms, policies, systems and systems, experiences and applications), are merely "views". When the “science” of economics (such as any “science” that investigates the political and societal behavior of peoples) becomes an “unconnected” set of viewpoints, everyone will become an “economist,” and economics will become the “profession” of the unprofessional (K. Exactly "teach" politics).
4- The politician uses the “economic concerns” of society to serve interests and orientations that are not necessarily economic. For the Iraqi politician, “reforming” the Iraqi economy is a means, not an end. The Iraqi economist does the same, unfortunately. The Iraqi economist is trying to keep up and “moderate” the Iraqi politician (and not the other way around), so he loses the two “walks.”
5- Being a white “crow” in the economy, this does not mean that “economic crows” are not (generally) black when they “crow” with politicians.
6- Iraqi politicians may disagree with each other to the point of killing.. but they agree, and stand united as a “solid structure” in the face of the economists who refuse to be “subordinate” to them. As for the Iraqi economists, they differ among themselves just because of the difference, even if they have no direct or indirect interests in this difference.
From here comes their inability (and their lack of resourcefulness) to provide solutions and gain confidence, and from here comes their "humiliation against people". That is why when an Iraqi politician asks one of three Iraqi economists to have one opinion on a particular issue, they will give him six opinions (to vex each other), which makes him belittle them, and lie on his blessed neck, laughing so hard.
7- The economic concerns of the Iraqi citizen revolve around the “how” to live in the short term, not the “quality” of living in the “long term.” And when the “long term” comes, and the “hour of reckoning” comes for past economic mistakes, sins, and follies, then this “long term” has become a short term in turn. In accordance with this (individual - societal) understanding of the work of the economy and its role in people’s lives, the “political” dances over the wound, while the “economic” (professional, real, and authentic) cries out of the severity of the pain and the severity of the stab.
8- The economy in Iraq (with all its tools, policies, procedures and laws), is just a “recipe” to relieve the pain associated with a terminal illness, which is “spent” in the government’s “pharmacy.” And when the patient dies, the Iraqi citizen attacks the emergency doctor who is standing near the bed, and not the “specialized” doctor who inserted the first wrong injection into a vein.
9- The neighborhood singer sings about politics, so all the “victims” shout out to her “taqooqa”: God, Set..God. As for the neighborhood singer herself, she is stoned, even if she sang an authentic maqam in economics.
10- Economists do not change the condition of a people, until their politicians change what themselves.. All of them without exception (from the mountain to the sea, and from the plain to the desert). Otherwise, these politicians will continue to cook pebbles for the people in the “pots” of the economy, while some “valiant” economic experts go along with them for the sake of fleeting prestige and “false” status, and for the “rent of office,” which is nothing more than a “disgrace.” Personal and “family”, a pure “economic” shame, and a pure “personal” shame.. forever.. forever. LINK
The World Identifies 3 Gates For Iraq To Put Its Money In.. 40 Billion Dollars Will Overflow In Coffers And The Opportunity May Not Return Again
2022-07-04 Yes Iraq: Baghdad Experts expect that with the increase in oil prices, Iraq will have by the end of the year 120 billion dollars, and while Iraq's expenses are estimated according to last year's budget about 80 billion dollars, it is possible to say that 40 billion dollars will be surplus funds in state coffers, amid questions about how The state will invest this money, especially since oil prices may decline in the coming years and it is unlikely that they will return to record the current rise, which makes this opportunity, which achieved a financial surplus, may not return to Iraq again.
The Iraq Economic Contact Group issued a statement after a meeting of the seven countries, the European Union, the World Bank and the International Monetary Fund, and the meeting came out by encouraging the Iraqi government to revive its economic reform agenda, and identified 3 necessary doors to invest the surplus funds.
The group stated in a statement that "the G7 countries, the European Union, the World Bank and the International Monetary Fund met yesterday to launch the joint presidency between Japan and the United Kingdom for the Economic Contact Group for Iraq."
Diversification of the economy and resilience
She added that "economic diversification and resilience are essential to the future prosperity of Iraq, as this will lead to the provision of basic services for all, economic opportunities, including for women and youth, inclusive growth and greater stability for Iraqi society."
The Economic Contact Group for Iraq indicated that it continues to "stand ready to support the Iraqi government in implementing this important agenda for the Iraqi people."
Investing in Iraq's future.. green infrastructure and energy sources
The group encouraged the Iraqi government to "revive its economic reform agenda, using the increased oil revenues to invest in Iraq's long-term future, specifically improving infrastructure, providing water and electricity, human development, and shifting to green energy sources."
Establishing a strong financial sector... and a thriving private sector
It called on the Iraqi government to "incorporate climate considerations into its investments and development plans to improve food, water and energy security," noting that "the establishment of a thriving private sector is critical."
The contact group stressed the need for “reforms to focus on improving competitiveness at the local and international levels, improving transparency and addressing corruption, as well as supporting the Iraqi economy, having a strong and independent financial sector, and a regulatory and tax environment that encourages increased business, and this in turn will allow the dynamic and young workforce in Iraq to thrive.” Creating businesses for the future, as well as attracting foreign investment.
The group concluded, "The presence of a strong and targeted social safety net that ensures that the most vulnerable groups receive adequate support, the Iraq Economic Liaison Group will work to encourage the Iraqi government to move forward with reforms in this regard." LINK
In June.. 46% Of Iraq's Oil Revenues Were Sent Abroad For The Purpose Of Import
2022-07-04 Yes Iraq: Baghdad Sales of the Central Bank of Iraq from the hard currency auction of the US dollar during the month of June reached 5.3 billion dollars, which represents about 46% of the revenues obtained by Iraq in June.
During the month of June, in the days when it opened its auction for buying and selling US dollars, the Central Bank sold 5 billion and 300 million and 417 thousand and 675 dollars, at a rate of 240 million and 928 thousand and 76 dollars per day, up from last May, in which the sales rate was 202 million and 884 thousand and 866 dollars.
Most of these sales went in the form of remittances abroad to finance foreign trade, while the selling price of the dollar transferred to bank accounts abroad, in addition to cash sales, amounted to 1460 Iraqi dinars per dollar.
Iraq's revenues amounted to 11.5 billion dollars from oil exports in June, which means that 46% of Iraq's revenues went to imports. LINK