Saturday Morning Iraqi News Highlights 10-15-22

Economist: The New Government Has A Golden Opportunity To Reduce The Dollar Exchange Rate

Posted On10-14-2022 By Sotaliraq   The economic affairs specialist, Muhammad Al-Saadi, confirmed that the new government has a golden opportunity to reduce the exchange rate of the dollar in the local markets and raise the value of the Iraqi dinar, pointing out that all conditions are prepared for this measure.

Al-Saadi said that "Iraq achieved a great financial abundance after the significant rise in international oil prices, which raised the central bank's reserves to more than 80 billion dollars."

He added, "The increase in oil prices and cash reserves will enable the new government to gradually reduce the dollar exchange rate during the next stage, as this is considered one of the first decisions that can serve the people."

And he indicated that "there is a suitable ground to attract foreign investments to establish oil refineries in the governorates and work to export derivatives and thus return to the country with large revenues, in addition to achieving self-sufficiency in derivatives, and in the end, the government's high exchange rate achieved can be achieved through other doors."    LINK

Abdul-Jabbar Heads A Delegation To Participate In The Meetings Of The International Monetary Fund And The World Bank In Washington

Economie| 09:16 - 10/14/2022  Baghdad - Mawazine News   On Friday, the Deputy Minister of Finance, Ihsan Abdul-Jabbar, headed the Iraqi delegation participating in the meetings of the International Monetary Fund and the World Bank, held in the American capital, Washington, with the participation of the Undersecretary and a number of general managers.

A statement by the ministry, which Mawazine News received a copy of, stated that "the Minister of Finance held several side meetings with a number of financial and economic institutions, on the sidelines of the meetings, during which he stressed the importance of strengthening relations with various international partners, and the trend towards developing areas of regional and international cooperation."

And the minister indicated, "the efforts aimed at solving all problems and removing the obstacles that accompany the process of promoting investment opportunities and establishing projects in Iraq, stressing the need to involve the private sector to take its role in the overall economic activity to achieve comprehensive and sustainable development."

According to the statement, "participation in the meetings of the Fund and the World Bank included: central bank governors, ministers of finance and development, senior officials from the private sector, representatives of civil society organizations, and academics to discuss issues of global concern."

The statement indicated that "the visit of the Iraqi delegation comes as part of efforts to enhance and deepen the areas of economic cooperation with the two international institutions, as well as Iraq's intention to obtain technical and technical support from the US Treasury and other financial institutions." Ended 29/R77    https://www.mawazin.net/Details.aspx?jimare=208271

Al-Sudani: I Will Tackle Inflation And Unemployment

Muhammed Shiaa Al-Sudani   Economy News – Baghdad   Muhammad Shia Al-Sudani, who is in charge of forming the next government, announced that he will tackle inflation and unemployment in Iraq.

Al-Sudani said, in his speech broadcast by his media office and seen by Al-Iqtisad News, "I will do my best to form a strong government that is determined to implement its goals and program."

He added, "We will not forget the true demands of our youth, and we will work with dedication and sincerity to address the accumulated problems and crises, foremost of which are the lack of services, poverty, inflation and unemployment, and to work to provide job and housing opportunities, and to improve the health, educational and educational reality, the youth and sports sector, and to empower women and guarantee their rights."

He stressed that our work will start from the first hours of assignment according to a realistic government program that adopts economic reforms aimed at revitalizing the industrial and agricultural sectors, supporting the private sector, diversifying sources of income, addressing environmental impacts, desertification, climate change, and protecting water resources.

Views 568   Added 10/14/2022 - 3:56 PM   Update 10/15-2022 - 12:09 PM

https://economy-news.net/content.php?id=30204

Oil Prices Fall Amid Fears Of Global Recession And Weak Demand

Economie   2022-10-15 | 02:46  Source:   Alsumaria news   614 views  Oil prices ended the week's trading on a strong decline, amid strong fears of a global recession and weak demand for oil, especially in China, which exceeded the support that prices received from the OPEC + production target, a significant reduction.

During trading on Friday, Brent crude futures fell $2.94, or 3.1 percent, to settle at $91.63 a barrel, while US West Intermediate crude futures fell $3.50, or 3.9 percent, to $85.61.

Both Brent and West Texas Intermediate contracts fluctuated between high and low for most of the Friday session.

Over the course of the week, Brent crude fell by 6.4 percent, while WTI fell by 7.6 percent.

Core inflation in the US posted its biggest annual increase in 40 years, reinforcing views that interest rates will remain higher for longer with the risk of a global recession. The next US interest rate decision is due in early November.

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A survey showed that US consumer sentiment continued to improve steadily in October, but household inflation expectations eased slightly.

The dollar index rose by about 0.8 percent. A stronger dollar reduces demand for oil by making fuel more expensive for buyers who use other currencies.

On Thursday, the International Energy Agency lowered its forecast for oil demand for this year and next, warning of a possible global recession.

The market is still absorbing a decision issued by the Organization of Petroleum Exporting Countries (OPEC) and its allies, in what is known as OPEC +, when they announced a cut of two million barrels per day from oil production targets.

The International Energy Agency estimates that the lack of production among the countries of the group means the possibility of reducing production by one million barrels per day.

Oil prices were also supported by a sharp decline in US distillate inventories, although US crude oil inventories are larger than expected.   LINK

The Economic Contact Group Renews Its Commitment To Support The Iraqi Government In Facing Challenges

Economie| 11:05 - 10/15/2022   Baghdad - Mawazine News, The Economic Contact Group of Iraq confirmed, on Saturday, its commitment to support the government to face economic and social challenges, while identifying the most important points that help in the economic advancement of the country.

The Iraq Economic Contact Group stated in a joint statement that "the United Kingdom and Japan co-hosted a meeting on economic reform and climate action in Iraq, at the annual meetings of the International Monetary Fund and the World Bank Group."

She added that "the Iraq Economic Contact Group met in Washington, DC, with representatives from Iraq."

And she continued, "The representatives from Iraq, the World Bank, the International Monetary Fund, and the Group of Seven discussed economic challenges and opportunities in Iraq, and the need for broad-based economic reform."

She noted that, "Despite the progress that has been made under the current government and in the midst of difficult conditions, Iraq continues to face enormous medium and long-term economic difficulties, exacerbated by the negative effects of climate change - including water scarcity, desertification, drought, high Temperatures".

For its part, the Economic Contact Group for Iraq is working to "encourage the Iraqi government to present an ambitious plan for economic reform and to take decisive climate action."

The contact group stressed that "the reform and recovery of the Iraqi economy, the consolidation of democracy in the country, and the increased participation of women and girls in all aspects of economic and political life, are all essential factors for enhancing stability not only in Iraq, but also in the region."

He pointed out that "the diversification of the economy and building a dynamic private sector that includes everyone to complement the fossil fuel sector, which leads to strengthening the resilience of the overall economy and providing opportunities and livelihoods for the Iraqi people.

This requires reforms that improve the business environment, modernize the financial sector, and enhance overall economic stability and financial management." public sector, combating corruption, and thus stimulating growth and laying the necessary building blocks for the prosperity of the private sector.

He explained that "prudently investing Iraq's oil revenues - through good governance, effective financial management and transparency - will be important to rebuilding climate-resilient infrastructure, improving basic services, and laying the foundations for sustainable growth."

The Iraq Economic Contact Group affirmed its commitment to support the Government of Iraq to face the important economic and social challenges in Iraq. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=208297

The Minister Of Finance Heads An Iraqi Delegation To Meet With The World Bank On Investment

2022-10-15 05:25   Shafaq News/ The Minister of Finance, Ihsan Abdul-Jabbar Agency, headed on Friday the Iraqi delegation participating in the quarterly meetings of the International Monetary Fund and the World Bank in Washington.

According to a statement of the Ministry of Finance received by Shafak News Agency, "the meeting, in which the Undersecretary and a number of general managers participated, included several meetings on the sidelines of meetings with a number of financial and economic institutions."

During the meetings, Abdul-Jabbar stressed the importance of strengthening relations with various international partners, and the trend towards developing areas of regional and international cooperation. The minister referred to efforts aimed at solving problems and removing obstacles that accompany the process of promoting investment opportunities and establishing projects in Iraq, stressing "the need to involve the private sector to take its role in the overall economic activity to achieve comprehensive and sustainable development."

The statement continued, "Participation in the meetings of the Fund and the World Bank included central bank governors, ministers of finance and development, senior officials from the private sector, representatives of civil society organizations, and academics to discuss issues of global concern."

The statement indicated, "The visit of the Iraqi delegation comes within the efforts to enhance and deepen the areas of economic cooperation with the two international institutions, as well as Iraq's intention to obtain technical and technical support from the US Treasury and other financial institutions."   LINK