Monday Morning Iraq Economic News Highlights 3-27-23
Monday Morning Iraq Economic News Highlights 3-27-23
Planning: We Will Soon Present Recommendations To The Council Of Ministers To Address The Repercussions Of Changing The Exchange Rate
Economy| 01:51 - 03/27/2023 Baghdad - Mawazine News The Ministry of Planning announced, on Monday, that it will soon submit recommendations to the Council of Ministers to address the repercussions of changing exchange rates on the economic movement.
The ministry said in a statement, "The Undersecretary for Technical Affairs, Maher Hammad Johan, held an extensive meeting with the participation of the Investment Commission and a number of government agencies, representatives of the Iraqi Contractors Union, the Iraqi Federation of Industries, the Baghdad Chamber of Commerce, and the Foundation for Sustainable Development, to discuss the effects of changing the exchange rate on the market." Iraqi.
She added, "The meeting discussed a number of proposals and recommendations, which aim to address the repercussions of changing exchange rates on the economic and commercial movement," stressing that "the ministry will present its recommendations to the Council of Ministers during the coming period." Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=222989
Deputy shows the mechanism of distributing the investment budget between the provinces[/size]
political| 03:08 - 03/27/2023 Baghdad - Mawazine News, the representative of the Sadiqun Bloc, Ali Turki Al-Jamali, confirmed, on Monday, that the investment budget will be distributed in varying proportions through the Fund for Reconstruction and Development of the region, indicating that the distribution will be based on the poorest and liberated governorates.
Al-Jamali said, according to his bloc's media, that "although the draft budget law for the current year was not sent to the concerned committees, which are legal, financial and planning, the size of the investment budget is very small compared to the operational budget."
He added, "The investment budget will be distributed in varying proportions through the Fund for Reconstruction and Regional Development," noting that "the distribution will be based on the poorest and liberated governorates."
And Al-Jamali explained, "The investment part of the budget amounts to 49 trillion, or about 25% of the total amounts allocated by the government for the law, but we hope that the investment budget will be higher than what was announced in the government project." Ended 29 / H
https://www.mawazin.net/Details.aspx?jimare=222993
Oil Rises As Concerns About Banking Sector Turmoil Recede
Energy Economy News-Baghdad Oil prices rose in early trade on Monday as concerns about turmoil in the banking sector eased.
Brent crude futures rose 33 cents, or 0.4 percent, to $75.32 a barrel by 0040 GMT. The price of US West Texas Intermediate crude was $69.65 a barrel, up 39 cents, or 0.6 percent.
Brent rose 2.8% last week, while WTI rose 3.8% after banking sector turmoil subsided.
Tony Sycamore, market analyst at IG, said the rise in oil prices was a comfortable recovery and part of a correction after a 16 percent drop in the past two weeks.
Prices also rebounded after Russian President Vladimir Putin said he would deploy tactical nuclear weapons in neighboring Belarus, escalating geopolitical tensions in Europe over Ukraine.
Russian Deputy Prime Minister Alexander Novak said on Friday that Moscow is very close to achieving its goal of reducing crude production by 500,000 barrels per day, to about 9.5 million barrels per day.
Data from industry sources and Reuters accounts showed on Friday that Russia plans to cut refinery operations (TADAWUL:2030) in April, allowing it to maintain crude oil exports while adhering to previously announced production cuts.
Looking at crude oil, Russian oil product exports have been hit hardest by far by the recent EU embargo, with tons of diesel on board ships waiting for buyers. https://economy-news.net/content.php?id=33139
Parliament Is "Convinced" Of The Budget And New Promises For Retirees
The first 2023/03/27 Shaima Rashid: The House of Representatives again made promises to a segment that includes hundreds of thousands of retired Iraqis regarding increasing their pensions within the federal budget for the current year, despite the high deficit ceiling.
The Parliamentary Economic Committee expressed its satisfaction with the investment budget, and pledged to move the wheel of industrial projects to provide job opportunities for young people, while including in the budget an increase in the salaries of retirees.
A member of the committee, Sardi Nayef Al-Mihyawy, said, in an interview with Al-Sabah: “We, as members of the House of Representatives, waited for the budget to be sent to Parliament, and today we will work to add paragraphs to it, including the increase in the pensions of retirees.”
He added that “the committee will work for the retirees and will not pass it.” budget except with the adoption of amendments in their favour. Regarding the investment budget, Al-Mehyawy explained: "There is nothing wrong with it, on the contrary, many industrial and agricultural projects have been idle for a long time, and this budget is in line with the aspirations of our youth who do not have job opportunities." Edited by: Ali Abdel-Khalek https://alsabaah.iq/74057-.html
Haider Al-Mulla: The Tripartite Budget Leads To Stability... And The "Boy" Will Prevent Its Passage
Policy |Yesterday, 23:27 Haider Al-Mulla: Baghdad today – Baghdad The Iraqi politician and former deputy, Haider Al-Mulla, warned the government of Muhammad Shia'a Al-Sudani, of what he described as "the boy's tricks" in preventing the passage of the financial budget bill.
The House of Representatives had received last week the draft financial budget law and it is still in the drawers of its presidency without putting the law on the agenda of the sessions.
Al-Mulla said in a tweet on Twitter: "A budget for three years will certainly lead to political and economic stability, especially if it is combined with the annual review of the House of Representatives if it calls for a review, provided that the review does not affect the ongoing projects."
Al-Mulla added, "The Sudanese government should beware of the tricks of the boy who will do the impossible not to pass it," as he put it.
It is noteworthy that the Council of Ministers approved, in its meeting on March 13, the three budgets and referred them to Parliament for approval.
A member of the Parliamentary Finance Committee, Moein Al-Kazemi, stressed in a press statement today the need to “review the budget quickly,” pointing out that “the amount of the budget deficit is large, which is 64 trillion dinars, and it will be the same by 2024-2025, and this is a real problem that must be reviewed, if it is possible.” Its coverage is for the year 2023, so how will it be covered for the coming years?” LINK
Al-Abadi: Dollar Smuggling Rates During Bremer's Time Are The Highest In Iraq's History
MONDAY, 03-27-2023, AM 10:58 TAYSEER AL-ASADI Former Prime Minister Haider al-Abadi revealed, on Monday, the highest levels of currency smuggling during the era of the so-called head of the American occupation authority Paul Bremer, indicating that the total oil revenues in the years 2015, 2016 and 2017 were around $130 billion.
Al-Abadi said in a televised interview that "the rate of currency auction sales was very high during the years of the presence of the American occupation forces in Iraq and Paul Bremer's presidency of the occupation authority."
He added, "- The banking system needs a new vision by the Central Bank and the government to revitalize it. I have reviewed the currency auction numbers since its inception and made the required reforms."
He pointed out that "the talk about smuggling 260 billion dollars during 2017 is false, as the total oil revenues in the years 2015, 2016 and 2017 were around 130 billion dollars," noting that "the rates of currency auction sales witnessed a decline when I assumed the premiership and during the time of Adel Abdul-Mahdi." https://non14.net/public/155707
Al-Hakim Stresses The Need To Work On Approving The Oil And Gas Law
Policy 2023-03-27 | 01:52 433 views Alsumaria News – Politics The head of the Wisdom Movement, Ammar al-Hakim, stressed today, Monday, the need to work on approving the oil and gas law, as it represents the legal ground for oil and gas activity and natural resources in particular.
The media office of the Wisdom Movement stated in a statement received by Alsumaria News, that "Al-Hakim met with members of the Parliamentary Committee on Oil, Gas and Natural Resources headed by Heibet al-Halbousi, and discussed with them developments in the political and economic scene and the government's paths in providing services."
Al-Hakim stressed, according to the statement, the importance of working on approving the oil and gas law as it represents the legal ground for oil and gas activity and natural resources, especially after the decisions taken by the Federal Court in this regard, which made it an urgent necessity.
Al-Hakim called for "the adoption of the national interest in the legislative and oversight performance of the committee," noting that "the importance of preserving Iraqi wealth and working to invest it and turn it into development projects that benefit future generations." LINK
The Ministry Of Planning Discusses The Effects Of Changing The Exchange Rate On The Iraqi Market
Monday 27 March 2023 14:13 | Economical Number of readings: 155 Baghdad / NINA / - The Ministry of Planning began discussing the effects of changing the exchange rate on the Iraqi market.
A statement by the ministry said that the Undersecretary for Technical Affairs, Maher Hammad Johan, presided over an expanded meeting, with the participation of the Investment Authority and a number of government agencies, representatives of the Iraqi Contractors Union, the Iraqi Federation of Industries, the Baghdad Chamber of Commerce, and the Foundation for Sustainable Development. The meeting discussed a number of proposals and recommendations
. Which aims to address the repercussions of changing exchange rates on the economic and trade movement.
According to the statement, the ministry will present its recommendations to the Council of Ministers during the coming period.
The Prime Minister, Muhammad Shia' al-Sudani, had directed that the Ministry of Planning study the effects of changing the exchange rate on the Iraqi market.
A Kurdish Representative Reveals The Fate Of The 400 Billion Dinars Sent From Baghdad To The Region
Baghdad-Iraq today: A member of Parliament, Badria Al-Barzanji, revealed the fate of the money that Baghdad sent to the Kurdistan Regional Government as salaries for the region's employees, while accusing the two ruling parties of controlling all the resources of Kurdistan.
Al-Barzanji said in a press interview, "The financial loan that arrived from the federal government to the Kurdistan region, which amounted to 400 billion dinars, was delivered to Kurdish and international oil companies," noting that "the government of Erbil was indebted to these companies.”
And she added, "No one knows where this money goes, even if we wanted and asked the regional government to know the fate of the money that comes from oil revenues, taxes or border entrances, we will not find a deaf ear."
The member of the House of Representatives accused the ruling Kurdish parties, namely (Al-Parti and Al-Yakti), of "controlling all the resources of the Kurdistan region, and financial revenues from various aspects."
Al-Barzanji (a representative of the new generation) stated that "Kurdistan employees, until today, with the approaching end of the current month, did not receive the salaries of last February," pointing out that "the Kurdish people did not benefit from Anything, neither from the sale of oil, nor from the amounts sent by the central government. LINK