Sunday Morning  Iraq Economic News Highlights 5-28-23

Parliamentary Confirmation Of Passing The Budget At The End Of This Week

Information / Baghdad .. Member of the Strategic Planning Committee, Souad Al-Maliki, confirmed, on Sunday, that the Finance Committee had finished resolving all the details of the federal budget, indicating that Parliament intends to vote at the end of the week on all provisions of the law.

Al-Maliki said in an interview with the information agency, “The Finance Committee is in the process of putting its final touches, and it will be sent to the Presidency of the House of Representatives in order to vote on it at the end of this week."

She added, "There are some observations that will be finalized, and as a result, a date for the parliament session will be set to proceed with the law's legislation."

She pointed out that "the Parliamentary Finance Committee is making exceptional efforts to produce and ripen the provisions of the budget bill in a discreet manner, since it is for three fiscal years."

Member of Parliament, Rafik al-Salhi, promised that the Democratic Party's objection to the financial budget amendments would be unjustified, and he described the Finance Committee's amendments as "fair." LINK

The President Of The Republic: The Delay In The Budget Greatly Affected The Implementation Of Vital Projects

The President of the Republic, Abdul Latif Jamal Rashid, confirmed today, Sunday, that the delay in the budget greatly affected the start of implementing vital projects.

A statement by the Presidency of the Republic stated, “The President of the Republic, Abdul Latif Jamal Rashid, received today, at the Baghdad Palace, the professor of linguistic and Quranic studies, Fadel Saleh Al-Samarrai, the sheikh of Arab diplomats, Mahmoud Ali Al-Daoud, and the head of the Al-Zaher Media Foundation, a consultant dermatologist, Ali Abdul-Razzaq Mohiuddin.”

Rashid stressed, during the meeting, according to the statement, "the necessity of caring for scholars and researchers and supporting Iraqi scientific scholars who had a prominent and recognized role in local and international forums," pointing to "the importance of reading and libraries in building societies and the advancement of countries."

He pointed out that "establishing security and stability is a priority in the government's ambitious approach, in addition to providing services and rehabilitating infrastructure," noting that "the delay in the budget greatly affected the start of implementing vital projects."

He stressed "the importance of peaceful coexistence between ethnic and religious components," stressing that "cultural and scientific work is the way to consolidate coexistence among all."

He pointed out that "there are efforts being made for the convergence of the Arab and Kurdish cultures," noting the "necessity of upgrading the role of the Iraqi diplomat in order to contribute effectively to the process of advancement and construction, which requires concerted benevolent efforts to enhance Iraq's role in the region and strengthen relations with its neighbors and countries of the world, and the necessity Benefit from energies and expertise in order to complete the process of construction and development in the country.

For their part, the guests expressed their thanks and appreciation to the President of the Republic for his efforts in caring for science and scholars, stressing that "their energies are harnessed to serve Iraq."

They also reviewed the activities of the House of Wisdom, and the cultural and scientific publications issued by it, noting “coordination and cooperation with universities to attract scientific and literary cadres.”   https://takadum-news.com/archives/166538

Barzani: Changes To Kurdistan's Share In The Budget Are "Treason, Injustice And Conspiracy"

Money  and business   Economy News – Baghdad   On Saturday, the President of the Kurdistan Government, Masrour Barzani, said that the changes made to the share of the Kurdistan region in the budget are "treason, injustice and a conspiracy."

The Kurdistan government stated in a statement that Barzani visited the Zarrati Plain in Erbil Governorate, and was briefed on the conditions of farmers and farmers, "he also participated in the process of harvesting crops, as the siloes of the Kurdistan Region began to receive wheat from farmers."

During a session with a number of farmers, Barzani said, according to the statement, "The Kurdistan Regional Government is working hard to make every effort to increase interest in the agricultural sector and to market the products of Kurdistan farmers in a way that aims to dispel their concerns and concerns about marketing their products."

He added, "The changes that were made to the share of the Kurdistan region in the federal budget are treason, injustice, and a conspiracy plotted against the Kurdistan region, but we will confront this conspiracy by all means, and we will not let it go."

He expressed "regret that there are internal hands involved in this plot, and worse than that, they consider reducing the powers of the Kurdistan region a success for them, but we assure you that this is nothing but a desperate attempt, and it will not succeed."  05/27/2023 - https://economy-news.net/content.php?id=34433

Parliamentary Legal: It Is Hoped To Start Discussing The Oil And Gas Law After Approving The Budget

Energy    Economy News – Baghdad   A member of the Parliamentary Legal Committee, Aref Al-Hamami, confirmed today, Sunday, that the approval of the oil and gas law has become mandatory.

Al-Hamami said, "The oil and gas law was agreed upon politically before the government's approval, as the state administration coalition agreed in principle to approve the oil and gas law, in addition to the decision of the Federal Court and the International Court of Arbitration not to deliver any amount to the Kurdistan region."

Al-Hamami added, in an interview with the official news agency, that "the central government and the region are obligated to approve the oil and gas law, and it is hoped to start discussing it after the budget."  70 views   05/28/2023 - https://economy-news.net/content.php?id=34443

Sudanese Financial Advisor: Budget Support Is About 13%

Money  and business  Economy News – Baghdad  Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that Iraq is currently one of the countries with moderate prices compared to countries in the world, according to International Monetary Fund data, while revealing the percentage of support in the budget.

 Saleh said, "The subsidy in the federal budget, which will remain at approximately 13% of the gross domestic product, is the important control factor assumed by fiscal policy in combating inflationary activities resulting from government spending, which constitutes about 50% of the country's GDP as well."

He added, "The subsidy mainly consists of the stability of originally subsidized fuel prices, electricity and all other basic government services, and it is no secret the important and fundamental role that monetary policy will play in controlling liquidity levels by using its quantitative and price operational objectives in controlling aggregate spending pressures or effective demand, whether by performance."

The stable exchange rate and the role of the foreign currency window in absorbing demand in the Iraqi dinar or by using financial tools launched by the central bank when needed by using the interest tool to control the money supply and target its growth degrees in the range required to stabilize the general level of prices.

He pointed out, "The combined role of monetary and fiscal policies will undoubtedly work in addressing potential inflationary pressures resulting from aggregate demand or aggregate spending in the economy, as public budget spending is the main source of demand or spending."

And Saleh continued, "According to the International Monetary Fund data, Iraq is currently one of the moderate-priced countries compared to other countries of the world," according to the official agency.

Views 22  Added 05/28/2023 -  https://economy-news.net/content.php?id=34445

The Minister Of Finance Of The Region: Amending Articles 13 And 14 In The Budget Has Left No Power For Kurdistan

 05/28/2023 Read: 1,053 times  {Politics: Al Furat News} The Minister of Finance of the Kurdistan Region, Awat Sheikh Janab, considered, on Sunday, that any changes to any article in the federal financial budget outside the agreements concluded between Erbil and Baghdad are considered "illegal."

Sheikh Janab said in a press conference held today in Erbil, that the regional government is committed to all agreements concluded between it and the federal government regarding the oil and gas file and the country's general financial budget.

He added that the recent amendments to the budget with regard to the share of the region aimed at disturbing the current positive atmosphere between Erbil and Baghdad, and creating a problem between them.

According to the agreements concluded, the Kurdistan Region has the freedom to deposit financial revenues in any bank it wants, according to the minister.

Sheikh Janab also indicated that the entire amendments that were made to Articles 13 and 14 did not leave any authority for the region, describing those changes to the two articles as "contrary to the agreements concluded and the law."

The minister stressed that the issue of saved salaries should not be used in political bidding, noting that the Kurdistan Regional Government has a plan for saved salaries.   LINK

The region feels disappointed and disagreements over the budget escalate before it is approved

Posted On2023-05-28 By Sotaliraq  May 27, 2023  Masoud Haidar warns against returning to the spiral of instability

Erbil - Farid Hassan   For his part, the head of the regional government, Masrour Barzani, confirmed that the agreement reached with Prime Minister Muhammad Shia al-Sudani is the cornerstone of cooperation between Erbil and Baghdad.

He said in a tweet on Twitter, which Al-Zaman followed yesterday, that (a group in the Parliamentary Finance Committee made changes to the draft budget, violating a prior agreement we concluded with Al-Sudani), stressing that (the agreement, which is the cornerstone of cooperation between Erbil and Baghdad, and all parties must respect its provisions ).

In turn, the Undersecretary of the Ministry of Finance, Masoud Haider, said in a tweet on Twitter, which was followed by (Al-Zaman) yesterday, that (violating the government curriculum that the House of Representatives voted on and the federal government and the Prime Minister are working on with great care to address all problems, including between the region and Baghdad, will return Iraq and all Iraqis to a point Zero and the spiral of political instability.”

He added, “The government curriculum is a parliamentary mandate for the government.” While the deputies in the National Union renewed their confirmation of attending the voting session on the budget and that any delay in the process of approving it will affect citizens, whether in the region or other governorates. Last Thursday, the Parliamentary Finance Committee voted to oblige the region to pay 10 percent on a monthly basis from the salaries deducted to its employees.

The procedure came as part of the committee's amendments to the budget law, which are being discussed within the committee in preparation for submission to parliament for approval.

The expert, Hussein Al-Asadi, suggested in a statement followed by Al-Zaman yesterday to (the committee treating the region as the provinces in handing over oil and non-oil imports, including the imports of border crossings and other imports, and it is handed over to the federal government and counted as a final revenue for it).

The procedure came as part of the committee's amendments to the budget law, which are being discussed within the committee in preparation for submission to parliament for approval. The expert, Hussein Al-Asadi, suggested in a statement followed by Al-Zaman yesterday to (the committee treating the region as the provinces in handing over oil and non-oil imports, including imports from border crossings and other imports, and it is handed over to the federal government and counted as a final revenue for it).

The procedure came as part of the committee's amendments to the budget law, which are being discussed within the committee in preparation for submission to parliament for approval. The expert,

Hussein Al-Asadi, suggested in a statement followed by Al-Zaman yesterday to (the committee treating the region as the provinces in handing over oil and non-oil imports, including imports from border crossings and other imports, and it is handed over to the federal government and counted as a final revenue for it).

Stressing (the necessity for the region to abide by the implementation of the Federal Court’s decision regarding handing over all oil production from the oil fields), and added that (the region constitutes 12.67 percent of the population, then the manpower table attached to the budget law is corrected on the basis of this percentage, especially in higher grades Likewise, the federal government is not entitled to deliver any of the federal imports to the region except after confirming its commitment to settling all dues from 2004 to 2023).  LINK

The Coordination Framework Openly Challenges The Kurdistan Region: The Budget Has Been Completed And Is On Its Way To Approval

Policy,  2023/05/28, the number of readings: 189   Baghdad-Iraq today:  The coordination framework, which brings together the Shiite political blocs, announced the completion of the entire draft budget law within the Finance Committee.

The leader in the framework, Hassan Fadam, said, in a press interview, that "the budget law was completed within the Finance Committee of the Iraqi Parliament, and all articles and paragraphs of the law were voted on," noting that "during the Coming hours, the budget law will be sent to the Presidency of the Parliament in order to determine the session for voting on the law.

And Fadaam indicated that "the Parliamentary Finance Committee worked to make the budget law fair and equitable," noting that "all Iraqi political forces, Shiite, Sunni, Kurdish, and minorities participated and voted on the paragraphs of the law and amended them in line with the Iraqi constitution and justice in the distribution of wealth."

He stressed that "the boycott was only by the Kurdistan Democratic Party, and the rest of the Kurdish blocs participated in voting and amending the paragraphs of the budget."   LINK

Stability Of Dollar Exchange Rates In Baghdad Markets

Economy  | Baghdad today - Baghdad   Today, Sunday, the dollar exchange rates recorded stability in the local markets in Baghdad, for the fourth day in a row.

The (Baghdad Today) correspondent said, "The exchange rate of the dollar on the Harithiya and Al-Kifah stock exchanges amounted to 146,300 dinars for every 100 dollars."

He added, "While the selling price in exchange offices amounted to 146,750 dinars per 100 dollars, and the purchase price amounted to 145,750 dinars per 100 dollars."

Yesterday, Saturday, the exchange rate of the dollar was stable, reaching 146,500 dinars per 100 dollars. LINK

Iraq's Oil Exports To America Decreased To 136 Thousand Barrels Per Day

Economy  | Baghdad today - Baghdad   The US Energy Information Administration announced today, Sunday, that Iraq's oil exports to America decreased for the second week in a row, to reach an average of 136 thousand barrels per day during the past week  .

The administration said in its schedule, "The average US imports of crude oil during the past week from eight major countries amounted to 5.249 million barrels per day, down by 544 thousand barrels per day from the previous week, which amounted to 5.793 million barrels per day."

She added, "Iraq's oil exports to America amounted to an average of 136,000 barrels per day last week, down by 38,000 barrels as a daily average from the previous week, in which oil exports to America reached an average of 174,000 barrels per day."

The administration also indicated that "most of America's oil revenues during the past week came from Canada at an average of 3.707 million barrels per day, followed by Mexico at an average of 657 thousand barrels per day, and oil revenues from Colombia amounted to an average of 214 thousand barrels per day, and then Saudi Arabia at an average of 212 thousand barrels per day." ".

According to the table, "the amount of US imports of crude oil from Brazil amounted to an average of 175,000 barrels per day, from Nigeria at a rate of 77,000 barrels per day, and from Ecuador at an average of 71,000 barrels per day, while it did not import any quantity from Russia or Libya."   LINK

Ministry Of Oil: Last Month's Revenues Amounted To More Than $7 Billion

Baghdad – conscious   Today, Sunday, the Ministry of Oil announced the final statistics of oil exports for the month of April and the revenues generated from them.

The ministry said, in a statement received by the Iraqi News Agency (INA), that "the total exports of crude oil for the month of April, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), amounted to (98) million (634) thousand and (947). Barrels, with revenues amounting to (7) billion and (699) million and (272) thousand dollars.

And she added, "The total exported quantities of crude oil for the month of April from the oil fields in central and southern Iraq amounted to (98) million (634) thousand and (947) barrels," noting that "the average price per barrel amounted to (78,058) dollars." .

It stated that "the exported quantities have been loaded by (36) international companies of several nationalities, from the ports of Basra, Khor al-Amaya, mono-buoys on the Gulf, the Turkish port of Ceyhan and the modern warehouse of Kirkuk."

It is noteworthy that the Ministry of Oil, through its belief in informing the people of export operations and the revenues generated from it, has taken this monthly procedure. https://www.ina.iq/186206--7-.html