More Iraqi News Friday PM 5-28-21
More Iraqi News Friday PM 5-28-21
TLM724 Administrator BondLady’s Corner
The World Bank Announces Important Details In Its Report On Iraq
Time: 05/27/2021 21:15:10 Read: 10,491 times {Economist: Al Furat News} A senior expert at the World Bank, Wael Mansour, revealed, on Thursday, important details in his report on Iraq.
Mansour said in a televised interview, "Negative GDP growth has reached 10%, which is one of the worst growth that we see after 2003, and we attribute it to the drop in the price of oil, the OPEC Plus agreement that reduced oil production, and the Kurna pandemic that strikes many sectors, including services, religious tourism and others."
He pointed out, "a sharp decline in financial resources, and the government has taken harsh measures, including with regard to reducing all spending outside of wages and salaries, and we have seen a sharp decline in public investment, social benefits and all programs that can support growth and reduce poverty, and a sharp decline in them."
Mansour stressed, "The World Bank is very interested in the growth factor and sustainable growth, the need for diversification and job creation outside the oil sector, and a fundamental necessity for the participation of women in the labor market, as Iraq is at the lowest rates in the world in this aspect."
And he stated, "If Iraq is able to achieve policies and involve women in the labor market
$ 2.5 billion as a result of burning gas associated with oil extraction and losses in agriculture and water. ”
Mansour continued,“ The solutions to Iraq's problems have become a large structural pile up from one government to another, and solutions are not easy and not immediate, and we are talking about problems in the public sector, electricity and infrastructure, and a very small banking sector that does not exist.
And not supportive of public sectors. ”He noted,“ We are aware of the importance of the current government's white paper, which is diagnosed with such accuracy and seriousness and sounds an alarm bell for the Iraqi economic situation and says that the solution is not immediate and there must be short-term measures and all of the reforms need a pause and a political decision in the first place. ”
Mansour concluded, "Not diving into these reforms means that problems will recur from one government to another with the low exchange rate of the dollar against the Iraqi dinar." The first is the political and security risk that topples all economic recovery and the risk of fluctuations in the price of oil, and it may drop to 50 or 40 dollars a barrel. The other danger is the absence of reform and the failure to implement the white paper means losing 11 billion dollars for Iraq.
The World Bank expert stressed that "reforms affect salaries, electricity, social protection networks and other government-supported aspects," noting that "e-government places Iraq in the back ranks in terms of corruption and the effectiveness of management." LINK
The Minister Of Oil Confirms: Our Priorities Are To Stop Burning Associated Gas
Economie| 02:04 - 05/28/2021 BAGHDAD - Mawazine News, Minister of Oil, Ihsan Abdul-Jabbar, confirmed, on Friday, that the most important priority of the Ministry of Oil is to stop burning gas associated with oil operations.
Abdul-Jabbar said during his presidency of a series of meetings with the departments of the oil fields authorities in Basra Governorate, according to a statement by his media office, Mawazine News received a copy of it, that "the most important priority of the ministry and its current and future plans is to stop burning gas associated with oil operations and converting it into useful energy." .
And he instructed all officials and workers in the oil companies to "make the utmost efforts to implement projects that achieve goals during the short and medium term, in addition to working to overcome all financial and health difficulties," stressing "
The statement pointed out that "these meetings come within the framework of following up the field leadership of the oil sector with plans to develop oilfields programs to sustain and increase production, as well as investing associated gas, and projects related to increasing treasury and export capacities, extending marine pipelines and injecting water."
He mentioned that "the meetings were attended by the Undersecretary for Extraction Affairs, Directors of Basra Oil and Southern Gas Companies, the Director General of the Studies, Planning and Follow-up Department at the Ministry's Center, the Director of the Media Office and a number of officials concerned with the oil companies." https://www.mawazin.net/Details.aspx?jimare=154811
High Oil Prices
Time: 05/28/2021 10:17:57 Read: 3,328 times {Economic: Al Furat News} Oil prices rose on Friday, raising Brent to nearly $ 70 a barrel, as the market was supported by strong US economic data and expectations of a strong recovery in global fuel demand in the third quarter.
July Brent crude futures rose 32 cents, 0.5 percent, to $ 69.78 a barrel by 0610 GMT, while U.S. West Texas Intermediate crude for July reached $ 67.18 a barrel, up 33 cents, or 0.5 percent.
"Oil is trending higher on the back of strong US economic data and growing sentiment that if the Iran nuclear deal is revived, it will not include an immediate lifting of sanctions and that the oil market will not be overwhelmed by excess supplies quickly," said Edward Moya, an analyst at OANDA.
Brent and West Texas Intermediate are on the right track for weekly gains ranging between 5% and 6% as analysts expect global oil demand to rebound to nearly 100 million barrels per day in the third quarter during summer travel in Europe and the United States after the spread of the new Corona virus. . Vaccination programs.
“Demand for gasoline has exceeded 2019 levels in many areas,” ANZ analysts said in a note, adding that this may be partially offset by weakness in Asia that is experiencing the wave of COVID-19.
The strong economic data from the United States, the world's largest economy and consumer of oil, also boosted risk appetite. The number of Americans filing new claims for unemployment benefits fell to the lowest level since mid-March 2020, beating estimates.
Balancing expectations of a recovery in demand against a possible increase in Iranian supplies, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC +, will likely stick to the current pace of a gradual easing of oil supplies at a meeting. OPEC sources said on Tuesday.
Iran and world powers have negotiated in Vienna since April to find steps that Tehran and Washington should take on sanctions and nuclear activities to return to full compliance with Iran's 2015 nuclear deal with world powers.
Analysts expect Iran to add between 500,000 bpd to 1.5 million bpd of crude and condensates to the market once the sanctions are lifted. LINK
Employment: Social Assistance Will Be Given To Those Actually Entitled To It
Money and business Economy News _ Baghdad The head of the Social Protection Authority at the Ministry of Labor, Hoda Sajjad, confirmed that the application of the Social Protection Law No. 11 of 2014 was not at the required level and that the authority’s database needed to be reviewed.
Sajjad said in a statement received by Al-Iqtisad News, that "social assistance must reach the actual beneficiaries," noting that "there are large numbers of beneficiaries who are of working age and these need to be included in training programs to put them in the labor market."
She pointed to "the importance of training social researchers to work according to modern electronic systems to shorten time and effort and save money."
Number of observations 91 Date added 05/28/2021 https://economy-news.net/content.php?id=25201
Generations Fund ... An Alternative Plan To Confront Poverty And Unemployment
Friday, May 28, 2021 12:05 PM Baghdad / National News Center The High Commission for Human Rights confirmed today, Friday, that the establishment of the Generations Fund is the solution to poverty, unemployment and begging in Iraq.
"The establishment of the Generations Fund is the solution to address poverty, unemployment, begging and child labor," said a member of the Commission, Fadel Al-Gharawi, in a statement received by the National News Center.
Al-Gharawi added, "The state has a legal obligation to guarantee the rights of individuals and to secure the rights of future generations to a decent life, an environment and a high level of well-being, education, health and other rights."
He pointed out that "the high oil prices and the state's income from the money must be allocated directly to every citizen through the establishment of a bank account in the Generations Fund, as is the case in all the world in a way that ensures that his human dignity is not violated." https://nnciraq.com/66543/
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