Thursday AM Iraq Economic New Highlights 6-16-22
Thursday AM Iraq Economic New Highlights 6-16-22
The Absence Of Three Budgets Hinders The Presentation Of The Final Account Since 2012
Posted On2022-06-16 By Sotaliraq After the vote on the Food Security Law, which sparked widespread controversy in light of the political impasse and the absence of a budget, a government advisor stressed the need to convert the final accounts into a law to preserve public money.
On the other hand, specialists stressed the necessity of investing the surplus funds from oil revenues and their statistics, asking: Where did the funds go since the dissolution of Parliament in 2021 until today?
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said, “The final accounts must be turned into a law, so that governments are obligated to submit them, since governments have not submitted final accounts since 2012 until now,” noting that, “the first obstacle to not submitting final accounts is That there are years without a budget in 2014 and 2020.”
Experts rule out that the current year will witness the adoption of the budget law, and therefore the total unapproved budgets will be three.
Saleh added, "The indicators of the emergency support law for food security have important priorities, and one of these priorities is that it touches the free lecturers and the electrical sector, whether at the level of investment or operation, and I think that emergency support will give public finances flexibility in spending."
He stressed that there is "no alternative to the general budget, and planning for the financial situation requires a single document and is not issued with documents or laws here and there, but the political circumstance is the ruler, in addition to the fact that the political reality requires a new government that presents projects for four years under the constitution."
Saleh stressed the “importance of the role of the oversight and internal audit bodies in ministries and government institutions by assuming professional, functional and national responsibility in addressing phenomena that violate public funds and administrative penetration. Being early warning devices in protecting the Iraqi state institutions and consolidating the principles of their performance.”
Last Wednesday, the House of Representatives approved the “emergency support” law, which aims to legislate emergency payments, especially in the electricity sector, and achieve “food security”, in light of the fact that the 2022 budget has not yet been approved due to the political crisis.
The total value of the law amounts to 25 trillion dinars (about 17 billion dollars), of which 4 trillion dinars (about two billion and 746 million dollars) were allocated to electricity “to pay off external and import debts and to purchase gas and energy.”
In turn, economic expert Salam Sumaisem says that "the food security law depends on oil revenues, because we do not have another financial resource."
And global oil prices recorded, yesterday evening, Tuesday, a new high, touching 125 dollars a barrel.
And she continued, "It was supposed that the law's name would be (an emergency plan for humanitarian needs) in order to address the imbalance that arose due to the absence of the concept of food security."
Sumaisem considered, "Food security is achieved when all individuals have sufficient physical, social and economic access to food that is safe and nutritious, which meets their food needs and what they prefer from food for an active and healthy life, and this was reported by the Food and Agriculture Foundation."[/size]
And she spoke about the lack of "political will and efficient authority for accountability and showing the final accounts, if we do not know where the oil surpluses that will exceed the value of the Food Security Law will go, such as the money that went since the dissolution of Parliament in October 2021 until today."
What Is The Secret Of The Fuel Crisis In Kurdistan?
Posted On2022-06-15 By Sotaliraq A number of citizens complained about the continuous rise in fuel prices at petrol stations in the cities of the Kurdistan Region.
Our correspondent said that, fuel prices recorded a record boom, as the price of a super liter reached 1600 dinars.
He added that the gasoline sent from Baghdad is sold on the black market, and there are full lines of waiting, and there are accusations against companies affiliated with the ruling parties of monopolizing the import.
At a time when the Kurdistan Regional Government announced through its spokesman that the fuel crisis will be resolved within the next 72 hours. LINK
Iran's Oil Minister Tweeted About Iran Receiving $1.6 Billion In Arrears For Gas Exports To Iraq
Political scene Thursday, June 16, 2022 at 12:18 pm 66 views Sky Press
Iranian Oil Minister Javad Oji announced that Iran had received $1.6 billion in arrears due on gas exports to Iraq.
Ogi wrote in a tweet on Twitter, yesterday, Wednesday: “In light of the active energy diplomacy, and after several months of negotiations, we received, hours ago, 1.6 billion dollars in arrears due from past years regarding gas exports to Iraq.”
And since the beginning of this year (as of March 21, according to the Iranian calendar) compared to the same period last year, the country’s gas exports have increased by 25%, and the receipt of hard currency earnings from it has increased by 90%. LINK
After Falling For Successive Days, Gold Prices Are Rising Again In The Iraqi Markets
Shafaq News/ "foreign and Iraqi" gold prices in the local markets returned to rise today, Thursday (June 16, 2022) after several days of repeated decline.
Shafak News Agency correspondent said, that gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, recorded this morning, the selling price of one weight of 21 karat of Gulf, Turkish and European gold 377 thousand dinars, and the purchase price 373 thousand, while the selling prices for yesterday, Wednesday, were 374 thousand. Dinar.
Our correspondent indicated that the sale price of one 21-carat weight of Iraqi gold also increased at 337 thousand dinars, and the purchase price reached 333 thousand.
With regard to gold prices in goldsmiths’ shops, the selling price of a 21-carat Gulf gold weight ranged between 380 thousand and 390 thousand dinars, while the selling price ranged from an Iraqi gold weight between 340 thousand and 350 thousand dinars. It is equal to one mithqal of gold (five grams). LINK
Iraqi Oil Reassures Citizens And Explains The Cause Of Congestion At Petrol Stations
Shafaq News/ Today, Thursday, the Iraqi Ministry of Oil attributed the cause of congestion at fuel stations to the high demand for gasoline during the summer, assuring citizens of the availability of all oil derivatives.
The director of the Oil Products Distribution Company affiliated with the ministry, Hussein Talib, told Shafak News Agency, "The increase in demand for gasoline at this time of the summer is behind these congestions," stressing that "there is no shortage of fuel or any other product, and our stations are working on 24 hours without interruption to provide the product.
He added that "the local demand for gasoline during this period of summer amounted to 32 million liters, in all governorates," explaining that "our stations are covering this demand throughout the day."
He considered that "there are some malicious people who try from time to time to stir up sedition in the street for certain purposes," assuring citizens "that there is no crisis in oil products."
Talib explained that "the state subsidizes the products by more than double," noting that "a liter of regular gasoline is currently sold in stations at a price of 450 dinars, while its price globally is 1200 dinars per liter, and therefore the state loses 800 dinars per liter."
Talib reassured the citizens by saying, "All oil derivatives of all kinds are available daily and in all governorates," asking them "to be patient in standing for a few minutes to get the gasoline they need."
Taleb pointed out that "the company supplies the needs of each region with gasoline, and in the event that there are closed stations, there are certainly other stations next to them that are open," explaining that "the stations have their own quota or order, and they are supplied according to prepared schedules and according to the needs of the geographical area."
The capital, Baghdad, and some governorates of Iraq, have witnessed, for days, wide crowds in front of gas stations to supply gasoline, due to the decrease in the hours of energy processing on the national electricity network system, and the high temperatures.
Yesterday, Wednesday, a member of the Parliamentary Energy Committee, Suhaila Al-Sultani, said that the reason for the momentum witnessed by gas stations in Baghdad and some governorates of Iraq from time to time is not due to the lack of fuel because Iraq is one of the largest oil-producing countries in the world, but it is caused by “mismanagement by Oil Ministry".
Al-Sultani said, in a press statement, that "the fuel crisis appears from time to time, which causes momentum and long queues for cars, and then the crisis suddenly disappears," usually "evidence that there is no real crisis, but rather the result of mismanagement." LINK
Dollar Exchange Rates Rise In Baghdad And The Kurdistan Region
Shafaq News/ The exchange rates of the US dollar rose against the Iraqi dinar, on Thursday, on the main stock exchange in the capital, Baghdad, and in the Kurdistan Region.
Shafak News Agency correspondent said that the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded this morning 148,475 Iraqi dinars, compared to 100 US dollars.
While the stock market price, on Wednesday, was 148,300 Iraqi dinars, compared to 100 US dollars.
Our correspondent indicated that the buying and selling prices increased in the banking shops in the local markets in Baghdad, where the selling price amounted to 149,000 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 148000 Iraqi dinars per 100 US dollars.
In Erbil, the capital of the Kurdistan Region, the price of the dollar also increased, as the selling price amounted to 148,600 dinars per 100 US dollars, and the purchase price reached 148,400 dinars per 100 US dollars. LINK
A Statement From The Ministry Of Oil Regarding Talking About A Gasoline Crisis In Baghdad And The Provinces
Energy Economy News-Baghdad Today, Thursday, the Iraqi Ministry of Oil attributed the cause of congestion at fuel stations to the high demand for gasoline during the summer, assuring citizens of the availability of all oil derivatives .
The director of the Oil Products Distribution Company affiliated with the ministry, Hussein Talib, told Shafak News Agency, "The increase in demand for gasoline at this time of the summer is behind these congestions," stressing that "there is no shortage of fuel or any other product, and our stations are working on 24 hour uninterrupted supply of the product .
He added that "the local demand for gasoline during this period of summer amounted to 32 million liters, in all governorates," explaining that "our scattered stations cover this demand throughout the day ."
He considered that "there are some malicious people who try from time to time to stir up sedition in the street for certain purposes," assuring citizens "that there is no crisis in oil products ."
Talib explained that "the state subsidizes the products by more than double," noting that "a liter of regular gasoline is currently sold in stations at a price of 450 dinars, while its price globally is 1200 dinars per liter, and therefore the state loses 800 dinars per liter ."
The student reassured the citizens by saying, "All oil derivatives of all kinds are available daily and in all governorates," asking them "to be patient in standing for a few minutes to get the gasoline they need ."
Talib pointed out that "the company supplies the needs of each region with gasoline, and in the event that there are closed stations, there are certainly other stations next to them that are open," explaining that "the stations have their own quota or order, and they are supplied according to prepared schedules and according to the needs of the geographical area ."
The capital, Baghdad, and some governorates of Iraq, have witnessed, for days, large crowds in front of gas stations to supply gasoline, due to the decrease in the hours of energy processing on the national electricity network system, and the high temperatures .
Yesterday, Wednesday, a member of the Parliamentary Energy Committee, Suhaila Al-Sultani, said that the reason for the momentum witnessed by gas stations in Baghdad and some governorates of Iraq from time to time is not due to the lack of fuel because Iraq is one of the largest oil-producing countries in the world, but it is caused by “mismanagement by Ministry of Oil .
Al-Sultani said, in a press statement, that "the fuel crisis appears from time to time, which causes momentum and long queues for cars, then the crisis suddenly disappears," usually this "evidence that there is no real crisis, but rather the result of mismanagement ."