More Iraqi News Friday PM 12-17-21

More Iraqi News Friday PM 12-17-21

TLM724 Administrator BondLady’s Corner

Hussein Al-Khaqani: Saving 5% Of Oil Revenues Protects Against Price Fluctuations

Saturday 18 December 2021  77   Baghdad: Mustafa Al-Hashemi   Hussain al-Khaqani, a specialist in economic affairs, called on those responsible for preparing the budget for the next year, to continue allocating 5% of the oil revenues, which were deducted as compensation to Kuwait, and to transfer them to a comprehensive and comprehensive fund that protects Iraq from the impact of fluctuations in oil prices in the global market, and to reduce dependence on oil. As the sole resource for the budget.

Al-Khaqani told Al-Sabah that "this percentage was deducted from Iraq's annual sales of oil, whether those sales increased or decreased, and it is a moving number that is not fixed, but the percentage is fixed." fair price

Al-Khaqani considered that “the fair price of oil now is $71 per barrel, and what is more than it can be used for the purposes of diversifying revenues.

From Iraq’s non-oil resources and wealth, through supporting farmers and peasants or paying their dues, or supporting and rehabilitating the tourism sector, and other matters that will be determined after drawing up a spending policy strict.”

The financial advisor to the head of the Iraqi caretaker government, Mazhar Muhammad Salih, said: The Kuwaiti compensation file will be closed at the beginning of 2022, after Iraq announced the payment of 490 million dollars, out of the total compensation amounting to 52.4 billion dollars, from the compensation amounts approved by the United Nations Committee The United Nations Compensation Decision, and will work to pay the remaining amount, estimated at 629 million dollars, early next year, "to still the last effect of Chapter VII (the compensation resolution), which the Security Council imposed on Iraq more than 30 years ago, due to the Kuwait war, and the closure of this file.

Al-Khaqani stressed that “from this percentage, a group of funds can also be established that contribute to achieving sustainable development, such as a fund to promote Iraq’s exports of agricultural and industrial products, a fund to reduce natural disaster damage, and a fund to support the private sector.” and others.”

He continued, "Instead of adding this percentage to the budget without controlling government spending, the 5% will be a limit to the waste of public money, and a control of the operational budget outputs, the majority of whose allocations go as salaries to public sector employees."

Development Measures

For his part, the economic academic Dr. Majid Al-Baydani supported what Al-Khaqani suggested, saying: “Now, after liberating Iraq from the Kuwait compensation file, it must start a series of development measures, including the continuation of allocating 5% of oil revenues to establish local funds that support the economy. Iraq".

Al-Baydani stated that “increasing the percentage to 7% will be better and faster for development.”

The productive sectors, which would increase the gross domestic product of Iraq, and enter the path of economic recovery.”

He pointed to the possibility of deducting other percentages of oil revenues to repay the debts of the International Monetary Fund and the World Bank, and some of them

Other external debts, so that Iraq will be completely freed from the constraints of external debts, and thus achieve prosperity to his sons.”   LINK

Oil Prices Fell, And Brent Settled At $ 74.43 A Barrel

Economie| 11:55 - 17/12/2021   Follow-up - Mawazine News:  Oil prices fell, Friday, putting the market on track for a narrow weekly loss, as the increasing cases of the Corona virus variant Omicron raised fears that the new restrictions could hurt fuel demand.

Brent crude futures were down 59 cents, or 0.8%, at $74.43 a barrel.

West Texas Intermediate (WTI) crude futures fell 67 cents, or 0.9%, to settle at $71.71 a barrel.

Brent is headed for a 1% loss this week, while WTI is set to end the week flat. Ended 29/A 4

https://www.mawazin.net/Details.aspx?jimare=178703

Najjar: The Investment Authority Is Seeking To Give Solid Companies The Opportunity To Revive The Marsh Areas

Posted On 2021-12-17 By Sotaliraq   On Thursday, the head of the National Investment Commission, Suha Daoud Najjar, affirmed the authority's keenness to revive the marshlands for tourism by providing investment opportunities for solid companies working on reviving these areas.

A statement by the Relations and Information Department of the National Investment Commission stated that "this came while chairing, today, Thursday, a meeting that included the Director General of the Marsh and Wetlands Revitalization Center of the Ministry of Water Resources, Hussein Ali Hussein and his accompanying delegation."

The statement added; That the meeting discussed the possibility of establishing investment projects in the marshlands; With the aim of reviving tourism in those areas.

The head of the commission asked the center to provide the commission with the criteria and parameters required to establish investment projects in the marshlands that are in line with the instructions of UNESCO, which included the marshes on the World Heritage List, according to the statement.   LINK

Dollar Exchange Rates In Iraq

Economie  2021-12-17 | 02:59   2,724 views   Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets on Friday.

And the selling prices of the dollar were recorded at 148,500 dinars per 100 dollars, while the purchase prices of the dollar were 148,000 dinars per 100 dollars.   LINK

 

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