Monday Morning Iraq Economic News Highlights 4-17-23
Monday Morning Iraq Economic News Highlights 4-17-23
Al-Maliki Warns Against Approving The General Amnesty And Budget Laws In One Basket: It Is Still Controversial
2023-04-17 06:55 Shafaq News/ Member of the Parliamentary Legal Committee, Raed Al-Maliki warned, on Monday, of approving the general amnesty law and the federal budget in one basket.
Al-Maliki told Shafaq News agency, "The general amnesty law is controversial and disputed over its articles and the categories it will include, and it will not be discussed in the current legislative term because the parliament is busy discussing and approving the budget law, unless there is a political requirement to approve the amnesty and budget law in one basket."
He added, "The Parliamentary Legal Committee will deal with the general amnesty law officially, and we warn against approving the law with the budget in one basket."
The general amnesty law is one of the most prominent demands of the Sunni blocs that stipulated its approval during the negotiations to form the state administration, which included the Shiite coordination framework and the Kurdish and Sunni blocs, which resulted in the formation of the new government headed by Muhammad Shia al-Sudani.
Despite the passage of about six months since the government's life, the general amnesty is still a matter of controversy between the Sunni and Shiite blocs, and no agreement has been reached on the categories covered by it until now.
Yesterday evening, Sunday, the parliament’s agenda included the second reading of the federal budget law, after the parliament finished, in early April, the first reading of the draft federal budget law for the Republic of Iraq for the fiscal years (2023, 2024, 2025). LINK
Iraq And The World Bank Are Discussing Anti-Money Laundering Measures And Accelerating Banking Reforms
Money and business Economy News – Baghdad The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met with the Iraqi delegation, the regional representative of the World Bank, Farid Belhaj, and his executive team, as part of a series of meetings of the World Bank and the International Monetary Fund in Washington.
The meeting dealt with, "discussing the reality of the Iraqi banking sector and enhancing the concept of financial inclusion in the country through special programs with international institutions, and the two parties also discussed the recent measures taken by the Governor of the Central Bank of Iraq in combating money laundering and financing terrorism, as well as accelerating banking reforms for government banks, Government support for reform in this vital sector.
In turn, Al-Alaq stressed, "continuing to support the green economy and renewable energy through the clean energy initiative, represented by lending citizens to purchase solar energy systems and cooperating with government agencies to ensure the quality of the systems," calling for "technical support and benefiting from the expertise of the World Bank in expanding the Central Bank's initiative in Small business lending in light of the successful experiences of other countries.
Al-Alaq revealed "the creation of the Department of International Organizations and External Relations, which is linked to the Governor of the Central Bank to organize, strengthen and follow up relations, programs and memorandums of understanding with organizations and external parties."
In addition, the regional representative of the World Bank expressed his "cooperation to build the functional and technical capacities of the Central Bank's employees in the field of banking supervision and the supervision of electronic payment companies and non-bank financial institutions."
https://economy-news.net/content.php?id=33616
An Economist Told Nina: If There Are No Financial Amendments In Parliament, The Budget Will Be Passed Today
Monday, April 17, 2023 11:23 | Economical Number of readings: 251 Baghdad / NINA / - The specialist in economic affairs, Durgham Muhammad Ali, confirmed that the amendments and transfers of funds without fundamental amendments will not delay the approval of the budget.
Muhammad Ali said in a statement to the National Iraqi News Agency ( NINA ) that "only the amendments with a financial side can delay the approval of the budget, as it requires returning it from Parliament to the government again to make the amendments and vote on them governmentally again and return them to Parliament again to discuss them again.” .
And between, "Transfers and formal amendments do not require these steps, so the budget will be passed if its amendments are only formal."
Parliament had started yesterday with the second reading of the Federal Budget Law./ End 8[/rtl]
High dollar prices in Baghdad Market Economy News _ Baghdad The exchange rates of the US dollar rose against the Iraqi dinar, on the main stock exchange in the capital, Baghdad, today, Monday.
The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded, this morning, an exchange rate of 144,100 dinars against 100 dollars, while the prices on Sunday morning were 143,700 dinars against 100 dollars.
The buying and selling prices rose in exchange shops in the local markets in Baghdad, where the selling price reached 145,000 dinars, while the purchase price reached 143,000 dinars for every 100 dollars.
OPEC + Plans Raise Oil Prices In Global Markets
Energy Economy News – Baghdad Oil prices rose slightly on Monday, supported by OPEC + plans to cut more production, while investors await Chinese economic data in search of indications of a recovery in demand by the largest oil consumer in the world.
Brent crude futures rose 6 cents to $86.37 a barrel by 0350 GMT.
US West Texas Intermediate crude recorded $82.56 a barrel, up 4 cents.
Both contracts posted their fourth weekly gains last week - the longest streak since mid-2022 after the International Energy Agency (IEA) forecast record 2023 demand of 101.9 million bpd, up 2 million bpd from last year. https://economy-news.net/content.php?id=33615
Parliamentarian: All Parties Are Determined To Approve The Budget Quickly
Money and business Economy News – Baghdad Doha Al-Qaiser, a member of the State of Law bloc, confirmed, on Monday, that there is a parliamentary determination to approve the financial budget "quickly."
In an interview with "Euphrates News" agency, which was followed by "Al-Iqtisad News", Al-Qaisar said, "There is a parliamentary determination from all parties to pass the budget law quickly."
And she continued, "Parliament left the second reading session of the law, open since the dawn hours, and will resume its work at 1 pm today to complete the rest of the paragraphs of the second reading of the budget after it was completed by the Finance Committee." https://economy-news.net/content.php?id=33626
High Oil Prices.. Brent Records 86.37 Dollars Per Barrel
Economy |Today, Baghdad today - follow-up Oil prices rose slightly today, Monday, supported by OPEC + plans to cut more production, while investors await Chinese economic data in search of indications of a recovery in demand by the largest oil consumer in the world.
Brent crude futures rose 6 cents to $86.37 a barrel by 0350 GMT, while US West Texas Intermediate crude was $82.56 a barrel, up 4 cents.
Both contracts posted their fourth weekly gains last week - the longest streak since mid-2022 after the International Energy Agency (IEA) forecast record 2023 demand of 101.9 million bpd, up 2 million bpd from last year. .
However, the International Energy Agency warned in its monthly report that the production cuts announced by OPEC+ producers threaten to exacerbate the expected oil supply deficit in the second half of the year and could harm consumers and the global economic recovery.
Rising costs of crude oil supplies in the Middle East, which meets more than half of demand in Asia, have already squeezed refiners' margins, prompting them to secure supplies from other regions.
Meanwhile, oil exports from northern Iraq to the Turkish port of Ceyhan were halted, nearly three weeks after an arbitration case ruled that Ankara owes Baghdad compensation for unauthorized exports. LINK
High Exchange Rate Of The Dollar In The Local Markets
Economy |Today Baghdad today – Baghdad Today, Monday, the exchange rates of the dollar against the dinar recorded a slight increase in the main stock exchange and exchange offices in the capital, Baghdad.
The (Baghdad Today) correspondent said, "The central Kifah Stock Exchange in Baghdad recorded, this morning, an exchange rate of 144,100 dinars for every 100 dollars."
He added, "The selling prices of the dollar in exchange shops recorded 144,500 dinars, while the purchase prices recorded 143,500 dinars for every 100 dinars." LINK
Report Of The Parliamentary Finance Committee Regarding The Iraq Budget Law
Policy |Today, Baghdad today – Baghdad Today, Baghdad publishes the text of the Finance Committee's report on the budget law. Press here
And the House of Representatives decided to keep its session open, provided that it resumes today, Monday, at one o'clock in the afternoon until six o'clock in the evening, and then resumes after that in the evening.
The size of the budget for the year 2023 is about 200 trillion dinars, with a deficit of 63 trillion dinars, and the base price of oil is 70 dollars. LINK