Monday AM Iraq Economic News Highlights 7-11-22
Monday AM Iraq Economic News Highlights 7-11-22
Oil Prices .. Brent Rises And West Texas Declines
Economie 2022-07-11 | 01:27 1,250 views Oil prices were unsettled on Monday, with Brent crude rising on supply concerns, while West Texas Intermediate crude fell as traders weighed supply concerns against concerns about a recession or China's coronavirus restrictions hurting demand.
Brent crude futures rose 11 cents, or 0.1 percent, to $107.13 a barrel, by 0102 GMT.
But the futures contracts for West CrudeTexasThe US broker fell 15 cents, or 0.1 percent, to $104.64 a barrel. Trading was weak due to a public holiday in parts of the country Southeast Asia .
The contracts of both crudes recorded a weekly decline last week, after fears that high interest rates to curb inflation could lead to a recession and weaken demand for oil dominated the market. LINK
The Ounce Of Gold Is Declining Amid The Stability Of The Dollar
Economie 663 views The price of an ounce of gold fell, today, Monday, amid the stability of the dollar price near its highest level in 20 years, to continue the pressure on the demand for gold denominated in dollars.
And the price of gold fell 0.1 percent to $ 1740.16 an ounce, by 0045 GMT. US gold futures fell 0.2 percent to $1,739.50.
The dollar has stabilized near its highest level in nearly 20 years, causing foreign buyers to stay away from gold.
Gold fell for a fourth consecutive week on Friday, hurt by the dollar's rise and bets on sharp interest rate hikes gaining strength after strong US jobs data.
Asian stocks started cautiously on Monday as investors prepared for a US inflation report that could force another big hike in interest rates.
As for other precious metals, the price of silver in spot transactions fell 0.2 percent to $ 19.27 an ounce, and platinum fell one percent to $ 887.89. Palladium fell 1.3 percent to $2,153.50, after rising about 10 percent on Friday. LINK
A Speech From Al-Kazemi’s Financial Advisor Regarding Fluctuations In Oil Prices
Energy Economy News – Baghdad Adviser to the Prime Minister for Financial and Economic Affairs Mazhar Muhammad Salih attributed the fluctuation of crude oil prices to several reasons, one of which is the decline in the global industrial sector.
Saleh said in an interview with "Al-Furat News", which was followed by "Al-Iqtisad News", that "the fluctuation of oil prices has decreased during the recent period, and it has a number of reasons, most notably the continuation of the Russian-Ukrainian war, and the other is the decline of the global industrial sector."
He added, "In the whole world, we find there is a decline in global industries and economies that depend on oil as their main source of energy, so this decline will not be permanent and will not return to those levels that were in the past." https://economy-news.net/content.php?id=28862
The Government Announces The Use Of Wells To Grow Two Million Acres Of Wheat In 5 Governorates
Economie| 05:22 - 10/07/2022 Baghdad - Mawazine News, Minister of Agriculture, Muhammad Karim Al-Khafaji, announced, on Sunday, the use of underground wells to cultivate two million acres of wheat.
Al-Khafaji said in a statement to the official news agency, "The work of the agricultural electronic card project has been launched in Karbala governorate," noting that "the project prepares the strategic plans for the ministries of agriculture and planning through accurate data that talks about the farmer and what he owns and how to develop strategic plans and save money."
He pointed out that "if there are no accurate and correct data, no strategic plan can be developed to include all governorates, including the Kurdistan region."
On the use of modern technologies, the minister explained that "modern technology was used in Karbala, as production was developed by 200% as a result of using modern irrigation and center pivot irrigation systems."
He added, "The governorates of Karbala, Anbar, Salah al-Din, Nineveh and Muthanna are moving towards working with underground wells and using modern technologies to treat water scarcity to grow the wheat crop. We have great hope to use two million acres of the modern irrigation system to compensate for the loss due to the lack of sufficient water in implementing the agricultural plan." Ended 29/R77
https://www.mawazin.net/Details.aspx?jimare=199037
This Summer Will Be Better Than The Previous One In Providing Energy
Iraq 10:28 - 07-11 2022 The Federal Minister of Electricity, Adel Karim, confirmed that the supply of electric power to citizens this summer will be better than the previous one, while noting that Iraq receives daily 240 bottles of gas from the Iranian side.
Karim said, "This summer will be better than last summer in providing electrical energy," noting that "there is an increase in energy demand compared to last year by 20 to 25 percent."
He added, "Last year, we reached a production rate of 21,000 megawatts, and now to about 22,000 megawatts," stressing that "it is hoped that we will reach 23,000 megawatts as a rate of power generation during this year."
He pointed out that "there is an increase of about 3,000 to 4,000 megawatts this summer," noting that "the supply of Iranian gas is supposed to be better after the agreement with the Iranian Minister of Energy."
He continued: "The citizen has begun to feel that there is an improvement in electric power," explaining that "a billion and 649 million dollars have been paid to the Iranian side as gas dues."
He pointed out that "the ministry took a loan in the first phase from TBI Bank, and the second phase allocated sums in the emergency support law," stressing that "all previous debts were paid to Iran and now amounts due for the supplied gas are being paid monthly."
He noted that "the Iranian side is currently supplying Iraq with 240 million standard cubic meters of gas per day, and we need 250 per day."
He continued, "We need financial support to reach a production rate of 35,000 megawatts," noting that "the amounts allocated for electricity in the emergency support law went to pay off previous debts."
Al-Jazeera Dam Sounds The Alarm, A Parliamentary Warning Against Turkey's Move To Build A Large Dam That Will Cut Off The Tigris Waters From Iraq
Posted On2022-07-11 By Sotaliraq Today, Monday, the Parliamentary Water Resources Committee revealed Turkey's intention to build a large dam that will cut off the Tigris waters from Iraq.
The head of the committee, Thaer Mukhaib al-Jubouri, said, “The dam that Turkey intends to build is one of the most dangerous types of dams, and it is an irrigation dam. Any movement on it, even though it will be established 35 km from the border with Iraq.”
Al-Jubouri indicated that "waving the paper and the trade exchange with Turkey is not true, because we give them the excuse to build. We are bound by international laws. The Iraqi diplomacy must act. Otherwise, silence will make Turkey build the dam within a year because it is smaller than the Ilisu Dam." LINK
Including Iraq...The Number Of Countries In Need Of Food Security Assistance Has Increased
Shafaq News/ The Food and Agriculture Organization (FAO) announced today, Monday, the increase in the number of countries that need external assistance for food, indicating that the high food prices and the lack of local commodities have exacerbated the conditions of food insecurity in the world.
The Rome-based organization said, in its report for the month of July 2022, which was seen by Shafak News Agency, that "the global price index for food commodities recorded a slight decline during the month of June as a result of the decline in international prices of vegetable oils, grains and sugar, in contrast to the increase in dairy and meat prices." ".
She added that "the wars and local conflicts have exacerbated the conditions of food insecurity in many parts of the world, and Ukraine, where the war led to a large number of displaced people, and Sri Lanka, which is witnessing a complex crisis that led to high prices and a severe shortage of basic products, have joined the list. ", indicating that "46 countries in the world, including 33 African countries, 10 Asian countries, 2 in South America and one country in Europe, need foreign aid for food."
The organization indicated that "the Asian countries that need foreign food aid are Iraq, Pakistan, Afghanistan, Bangladesh, Yemen, Syria, Lebanon, Myanmar, North Korea and Sri Lanka." LINK
An Increase In Imports And A Decrease In Expenditures..A Remarkable Development In The Agricultural Sector In Kurdistan Within 3 Years
Erbil (Kurdistan 24) - The agricultural sector in the Kurdistan Region has witnessed a remarkable development since the ninth government cabinet took over its duties three years ago, as the proportion of its imports increased and expenditures decreased, according to what the Minister of Agriculture and Water Resources in the regional government, Bekard Talabani, said.
The ninth cabin was formed on the tenth of July 2019, and since its inception it has faced a series of crises, but these crises - including Baghdad's cutting of the region's share of the financial budget - did not stop the reconstruction revolution in the region, which consists of four provinces.
Bekard Talabani said in an interview with Kurdistan 24, that the regional government attached great importance to the agricultural sector, for its pivotal role in protecting the food security of the region, as it built many factories that depend on agricultural products, and also built silos for storing grains, especially wheat, in many areas of the region.
Talabani stressed that the reform law approved by the government contributed significantly to increasing the region's agricultural imports, by 200 percent, while it reduced expenditures by 70 percent.
She indicated that the Ministry of Agriculture seeks to solve all the problems that farmers previously suffered, stressing that the ministry organizes regular and direct meetings on every Tuesday with farmers to listen to their problems and find ways to solve them.
Talabani pointed out that agriculture in Kurdistan has developed significantly during the current government period, compared to previous periods, due to the government's policy of diversifying sources of income and not relying on oil and imports of government crossings only.
The ninth cabin is doing its best to promote the agricultural, industrial, tourism and economic sectors, including doubling imports, and not relying on single income represented by oil. LINK
Faltered” Attempts In Iraq To Set Drug Prices
Posted On 2022-07-10 By Sotaliraq Baghdad Safa Al Kubaisi ]The Iraqi Pharmacists Syndicate announced its endeavor to set a fixed and specific price for local and imported medicines in all cities of the country, which cannot be bypassed by pharmacies owners, in a move aimed at limiting the significant rise in their prices, amid assurances that the pricing system is difficult to implement.
The problem of high drug prices is one of the problems faced by most Iraqis, whose financial capabilities do not help them in providing medicine and other medical supplies, at a time when Iraqi hospitals suffer from a severe shortage of medicines, and auditors bear the cost of buying medicines from foreign pharmacies, in very high amounts.
According to the Syndicate of Pharmacists, Mustafa Al-Hiti, “The Syndicate continues to set the price of medicines, and we need up to a year to complete the file,” noting in a statement to the official Iraqi News Agency (conscious), that “the rise in the value of the dollar caused a problem in determining the pricing, and we stopped for a while to restore the price.” The new pricing system.
Markets
The Central Bank of Iraq confirms that the dinar exchange rate will not change
He pointed out that "the Ministry of Health sent us a new price for some products, and we are working on it well," noting that "the pricing system will include all drugs, and there will be no drug in any pharmacy without it being stamped with the price." The owners of drug stores reduce the possibility of imposing prices on medicines, stressing that there are difficulties preventing this.
Haitham Adel, a store owner in Baghdad, told Al-Araby Al-Jadeed that "controlling and determining the prices of medicines is not possible, especially since most of the medicines entering the country are not imported through the government, but through traders."
He stressed that “traders are the ones who control prices, according to supply and demand, and according to the value of the dollar, in addition to the fact that the price varies according to the manufacturer, so it is not possible to set a specific price for a type of medicine,” noting that “price setting is possible in the event that the drugs are All of them are entered into Iraq through the Ministry of Health exclusively.
[size=45]The Syndicate had earlier prepared the “pharmaceutical dollar” system, which provides for calculating the exchange rate for one dollar at 1200 Iraqi dinars, not the daily price of the dollar, which currently ranges between 1470 and 1480 dinars, that is, the adoption of the exchange rate before the previous government decision that reduced the value of The Iraqi dinar against the dollar, but she did not succeed in implementing it.
The New Arab" LINK