Saturday Morning Iraq Economic News Highlights 4-15-23
Saturday Morning Iraq Economic News Highlights 4-15-23
The Budget Is Awaiting Release After Being Placed Behind The Bars Of The Political Forces
Posted On2023-04-14 By Sotaliraq Most of the parliamentary and political statements confirm that everyone is heading towards approving the budget and supporting the Sudanese government and its government program, although the budget is currently going through a zigzag road punctuated by many bumps set by some political parties that compete with each other to obtain gains and include them in the budget, as some seek to obtain Amounts for the provinces and others for the components and service of the affected areas at a time when some politicians seek to use the budget paper to reach power again.
Former MP Jassim Muhammad said, “There is pressure exerted by the Kurds, Sunnis, and even Shiites in order to obtain gains for each party in the budget, although this competition is legitimate, but it must come out of the circle of betting and armies, and as a result, passing the federal budget will not be easy and will face difficulties.” It is likely to pass within the next month.
On the other hand, the representative of the Kurdistan Democratic Party, Sharif Suleiman, stated that “the budget, after completing its first reading, was scheduled to be decided in the past days, but the matter did not take place due to discussions between the political parties about some of its paragraphs, and as a result, it will witness some amendments before proceeding.”
With the second reading and voting on it as a whole, as some parties found that there is a need for extensive discussions, especially since the law is intended for three years.
On the other hand, the head of the Parliamentary Health Committee, Majid Shankali, confirmed that there are three issues that will take time for discussion by the political forces regarding the budget law, and the most prominent of these issues is the disagreement of the political forces regarding preparing and voting on a budget for three years, as there is a rejection by some forces that do not want to pass it.
For three years, as for the second matter, it is related to the deficit, which reached 64 trillion, which constitutes 33% of the budget size, and therefore the discussion will intensify in order to reduce it, even if it is a hypothetical deficit. Some consider it a risk and would like to reduce it to a lower level. LINK
]Parliamentary Finance Announces That It Will Soon Host The Minister Of Finance To Discuss Budget Items
Today 12:54 Information/Baghdad.. The Deputy Chairman of the Parliamentary Finance Committee, Ikhlas Al-Dulaimi, revealed, on Saturday, her intention to host Finance Minister Taif Sami to discuss many important matters within the Parliamentary Finance Committee, most notably the issue of the budget.
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Al-Dulaimi said in an interview with the information agency, that "discussions are continuing regarding the budget law, and there will be a close hosting of the Minister of Finance to discuss many important matters."
She added, "The hosting comes on the application of the budget and automation paragraphs, how to activate the electronic system in the ministries, and the extent of its negativity in the budget law."
She pointed out that "the paragraphs of the budget cannot be deleted or amended until they are presented for a second reading, and then the date for starting budget amendments is set."
And the representative of the Kurdistan Democratic Party, Sharif Suleiman, had confirmed in a previous interview with Al-Maalouma, that “the budget, after completing its first reading, was to be decided in the past days, but the matter did not take place due to discussions between the political parties.” LINK
Parliamentary Finance Confirms To / Nina/ That There Are Political Differences Over The Budget
Saturday 15, April 2023 09:43 | politics Number of readings: 328 Baghdad / NINA / - A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed the existence of political differences between the blocs over the budget.
Cougar said in a statement to the National Iraqi News Agency ( NINA ): "The differences are related to the approval of three budgets at once, and this matter constituted a concern among some political blocs that the parliament's work will be marginal after the approval of These budgets, so they wish to pass each annual budget separately, and also there are problems with the petrodollar shares and the shares of the governorates.
He pointed out that there is no fairness in the distribution of funds to the ministries, including not giving importance to some ministries, such as industry and agriculture, whose budgets must be feasible for the recovery of the industrial and agricultural sectors. The same previous distribution returned, huge funds were allocated, and the budget was singled out for electricity and defense, so transfers must be made from our point of view.
And he stressed: “The price of a barrel of oil in the budget will remain at 70 dollars per barrel, given that scientific studies say that the global oil price in the future will range from 80 to 85 dollars per barrel.”/ End 9 To receive more news, subscribe to our channel on https://ninanews-com.translate.goog/Website/News/Details?key=1047213&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en
Alia Nassif: The Budget In Its Current Form Will Cut Off Corruption Mafias And End Political Blackmail
Saturday 15, April 2023 10:29 | politics Number of readings: 264 Baghdad / NINA / - The representative of the State of Law coalition, Alia Nassif, confirmed that the financial budget in its current form, which includes the next three years, will ensure the sustainability of projects and end the annual political blackmail.
And she said in a statement today: "We see that the financial budget with this bold formula includes goals related to the government program for the first time for the next three years and puts an end to the annual political extortion, and through it we will Ensure sustainability in the implementation of projects and their independence because it gives stability to projects instead of fluctuation in implementation and waste of public money without realization. Results on the ground.”
Nassif indicated: "This budget will block the road to corrupt mafias that are accustomed to draining public money through bargaining and extortion."
The Iraqi Delegation Is Discussing In Washington Ways To Stabilize The Iraqi Economy
Saturday 15, April 2023 04:07 | Economical Number of readings: 418 Baghdad / NINA / - The Iraqi delegation discussed, on the sides of the meetings of the International Monetary Fund and the World Bank in Washington, with the International Monetary Fund, ways to stabilize the Iraqi economy.
And the Ministry of Finance stated in a statement: “The Minister of Finance, Taif Sami Muhammad, held a meeting with the representative of the International Monetary Fund, Jihad Azour, and the Director of the Fund Department for the Middle East, Tukhir, in the presence of the Director General of the Public Debt Department and the Director General of the Iraqi Fund for External Development."
She added, "During the meeting, they discussed Iraq's relationship with the International Monetary Fund, and cooperation in the field of supporting financial policies and plans, in a way that contributes to achieving stability in the Iraqi economy."
The meeting discussed the most prominent economic challenges and government measures taken to address them, in a way that guarantees and provides protection for the poor and vulnerable classes, in addition to creating the conditions for concluding a partnership program between Iraq and the IMF to contribute to Strengthening the requirements of comprehensive development and reform of the Iraqi economy.
For their part, the Fund's representatives expressed their willingness to provide all forms of support to accomplish the tasks of the government program in terms of capacity building, training of working cadres and technical contributions in a manner appropriate to the establishment of productive sectors that contribute to Raising the rates of domestic product and achieving balance for the Iraqi economy. https://ninanews-com.translate.goog/Website/News/Details?key=1047175&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en
Chambers Of Commerce: The Dollarization Of The Markets Has Decreased, And The Exchange Rate Will Reach 140
Economy: information / special.. The head of the Chambers of Commerce in Diyala, Muhammad al-Tamimi, confirmed, on Saturday, that the circulation of the dollar in the markets decreased by 10%.
Al-Tamimi said in an interview with Al-Maalouma, that "the use of the dollar in commercial exchange and the payment of debts at home, or what is known as the dollarization of markets, decreased by 10% for the first time in many years, and the demand for the dinar began to be greater in ending deals and exchanges between merchants in the local markets." .
He added, "The decline in dollarization led to a lack of demand for buying dollars from parallel markets and pushed the exchange rate to 144,000 dinars per $100," expecting that "the exchange rate will reach 140,000 dinars per $100 at the end of this April."
He pointed out that "the government's steps to make important changes in the Iraqi markets are taking place at a good pace so far by limiting the use of the dollar at home, restricting the exit of hard currency abroad, and adopting the principle of electronic trading in transferring funds, which will directly enhance control efforts."
The Diyala markets and the rest of the provinces are witnessing a remarkable decline in the exchange rate of the dollar recently, and it reached 144, while it was about 160 weeks ago. LINK
The Central Bank Of Iraq Is Taking Measures To Spare Currency Reserves From Risks
Economy 11:29 - 2023-04-15 Today, Saturday, the Central Bank of Iraq announced the size of foreign reserves, while indicating that it seeks to spare them from risks.
"The central bank's investments originate in foreign reserves held by the bank," said Deputy Director General of the Investments Department at the Central Bank of Iraq, Muhammad Yunis, pointing out that "it is divided into a group of segments, including liquidity segments and investment segments."
Yunus added, "These reserves have now exceeded (110) billion dollars," noting that "most of them are invested in assets that are as close as possible to risk-free."
He continued, "We try as much as possible to enter into investments that achieve reasonable returns and avoid the risks that foreign reserves may be exposed to," stressing that "the returns on investments achieved are acceptable and achieve the goal for which the reserves were found."
Former Member Of Parliamentary Finance: Central Bank Decisions Regarding The Dollar Stopped The Exploitation Of Citizens By Speculators
Saturday 15, April 2023 09:52 | Economical Number of readings: 263 Baghdad / NINA / - Former member of the Parliamentary Finance Committee, Ahmed Hama Rashid, described the decisions of the Central Bank regarding the dollar as good decisions, stressing that they reflected positively on the local market.
Rashid said in a statement to the National Iraqi News Agency ( NINA ) that "the central bank's decisions that were taken to control the exchange rate of the dollar were good, as it gradually decreased to 145,000 dinars per hundred dollars, after it rose to 170,000 dinars a short while ago."
He pointed out that "the cabinet set the exchange rate of the dollar at 130 in the central bank and took punitive measures against violators. It also conducted inspection campaigns for banking offices in Baghdad to stop the exploitation of citizens by speculators at the dollar price, And all of them brought positive results for the price of the dinar.”
Rashid stressed, "The decline in the exchange rate of the dollar and the return to its previous price contributes to the stability of the local market and prevents the exploitation of the simple citizen, noting that the dollar in the future will be a bilateral currency after Several currencies that will enter into foreign imports.Some countries seek to consider them official currencies as an alternative to the dollar in their commercial dealings. https://ninanews-com.translate.goog/Website/News/Details?key=1047216&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en
Israel Is Threatened With Great Financial Losses Because Of Iraq
Baghdad today – Baghdad An economist said that the decision of the International Tribunal in Paris regarding the export of Kurdistan region's oil threatened the crude oil refining trade in Israeli refineries.
Nabil Al-Marsoumi indicated in a post on his Facebook page that "Israel was making great profits from re-exporting some of the crude oil produced in Kurdistan, which it buys at reduced prices. Israel uses part of it in the Haifa and Ashdod refineries, and transports the other part through pipelines to the waters of Eilat on the Red Sea." From there, it is shipped to Asian customers, including refineries in China and Taiwan."
He added, "It seems that this trade is threatened after the decision of the International Chamber of Commerce Court in Paris, which prevented Turkey from allowing the export of Kurdistan's oil through the port of Ceyhan."
An informed source told Reuters that the Iraqi government has not asked the Turkish side to resume oil exports from the Kurdistan region so far, despite the agreement between Baghdad and Erbil to resume exports.
Oil exports from Iraqi Kurdistan to the Turkish port of Ceyhan are still suspended, nearly three weeks after the issuance of a ruling in an arbitration case stipulating that Ankara pay compensation to Baghdad in return for allowing the export of oil from the region without a permit from the Baghdad government.
The ruling issued by the International Chamber of Commerce on March 23 obligated Turkey to pay $1.5 billion in compensation to Baghdad for allowing Ankara to pump Kurdistan’s exports from 2014 to 2018.
In response, Turkey cut off the flow of 450,000 barrels per day of oil exports and sources said Turkey was willing to negotiate compensation as well as resolve a second arbitration case related to the flows from 2018 before pumping oil was reopened.
A third source told Reuters that Turkey is seeking direct negotiations on compensation amounting to $1.5 billion, which was ordered to be paid to Iraq. LINK
Al-Bawi Is Likely To Continue To Recover The Dinar Against The Dollar, With The Approaching Approval Of The Budget
Political analyst Hazem Al-Bawi suggested, on Friday, that the dollar will continue to decline and collapse against the dinar, as the timing of approving the financial budget for the current year approaches.
Al-Bawi said in a press interview seen by “Takadam” that this continuous decline in the ceiling of the price of the American currency in the local stock exchange, especially in the capital, proves to the people that the political and economic decision-maker in power is more serious in the task of dealing with this crisis that affected the people in recent years as a result of chaotic The monetary policy adopted by the government of Mustafa Al-Kazemi.
He added that the people are the asset of any government, and that the Sudanese cabinet, if it wants to write for itself success, is required to prove its credibility before it, and thus solve suffocating economic crises, most notably the dollar, as well as housing, unemployment, services, and others.
He pointed out that the cabinet's progress with a clear-cut scientific service program makes the people the first line of defense in the face of any political campaign, whether internal or external, to which the government is exposed in the foreseeable future. https://takadum-news.com/archives/159472
Alia Nassif: The Budget In Its Current Form Will Cut Off Corruption Mafias And End Political Blackmail
Saturday 15, April 2023| politics Number of readings: 264 Baghdad / NINA / - The representative of the State of Law coalition, Alia Nassif, confirmed that the financial budget in its current form, which includes the next three years, will ensure the sustainability of projects and end the annual political blackmail.
And she said in a statement today: "We see that the financial budget with this bold formula includes goals related to the government program for the first time for the next three years and puts an end to the annual political extortion, and through it we will Ensure sustainability in the implementation of projects and their independence because it gives stability to projects instead of fluctuation in implementation and waste of public money without realization. Results on the ground.”
Nassif indicated: "This budget will block the road to corrupt mafias that are accustomed to draining public money through bargaining and extortion