"Tidbits From TNT" Tuesday Morning 12-13-2022
TNT:
Tishwash: Al-Sudani: The government is determined to implement its program that includes economic reform
Prime Minister Muhammad Shia Al-Sudani affirmed, on Tuesday, the government's determination to implement its program and strengthen the environment that attracts investments.
The media office of Al-Sudani said, in a statement received by Mawazine News, that "Prime Minister Muhammad Shia' Al-Sudani received today the delegation of the International Finance Corporation / IFC, headed by the Regional Director for the Middle East in the institution, Aftab Ahmed," noting that "during the meeting, they discussed aspects of Various financial and economic cooperation between Iraq and the International Finance Corporation.
During the meeting, Al-Sudani affirmed, "Iraq's openness to everything that would advance the development wheel, and strengthen regional partnership with countries and organizations, for the benefit of the Iraqi people and friendly peoples," noting that "the government is determined to implement its program that includes economic reform, and encourage the private sector from In order for it to play its full positive role, in addition to strengthening the attractive environment for investments in Iraq.
For its part, the Foundation's delegation expressed "the Foundation's desire to partner with Iraq, and to complete cooperation in development programs, in a way that enhances the infrastructure and long-term development of the Iraqi economy." link
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Tishwash: Economic expectations for oil prices to rise to $100 in 2023
Bank of America stated in a recent research note that Brent crude may reach an average of $100 a barrel next year, compared to its current levels near $76.
The bank justified its expectations of a recovery in Chinese demand for oil with the reopening of the economy, and a decline in Russian supplies of crude by about one million barrels per day due to European sanctions.
He referred to the decision of the “OPEC +” coalition to reduce oil production by two million barrels per day, which may provide support for crude prices.
However, Bank of America indicated that demand and price expectations depend largely on the recovery of demand growth from China and India, explaining that any delay in reopening Asian economies may affect price expectations significantly.
ING bank economists predicted that the price of Brent crude would jump to nearly $104 a barrel, on average, by next year.
Experts concluded that the supply of Russian oil will witness a massive decrease early next year, estimated at 1.8 million barrels per day on an annual basis. link
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Tishwash: The President of the Republic: Iraq is currently stable in terms of politics, security and economy
The President of the Republic, Abd al-Latif Jamal Rashid, stressed today, Tuesday, the need to reduce red tape and develop the banking system in Iraq.
The Presidency of the Republic said, in a statement received by Earth News, that “President Abdul Latif Jamal Rashid received, today, at the Baghdad Palace, the delegation of the International Finance Corporation for the Middle East, Pakistan and Afghanistan, headed by the Regional Director of the Corporation, Mr. Aftab Ahmed,” noting that “during the meeting, Discuss ways to encourage investment and service projects in Iraq by supporting the private sector to be a catalyst for the government sector in developing the economic reality in the country.
The President of the Republic affirmed that "the various cities of Iraq have previously suffered as a result of neglect, terrorist acts and the deterioration of the economic situation," explaining that "Iraq is currently stable in political, security and economic terms, and has natural and human resources that qualify it to build an advanced and prosperous country," pointing to "the importance of exploiting abundance." The finances that the country currently possesses are used to establish service projects that meet the aspirations of Iraqis and support the economy.
And the President of the Republic explained to the guest delegation, “the importance of direct work and achievement, and not just holding meetings,” stressing “the need for the concerned state institutions to reduce the routine in completing transactions, taking into account the controls and laws to save time and ensure the completion of work.”
The President stressed "the need for the financial and banking system in Iraq to develop to become more rapid, accurate and secure."
Speaking about ways to support the economy, the President of the Republic indicated “the importance of diversifying sources of income,” noting that “Iraq has a large number of factories that have been suspended since 2003, which must be rehabilitated, put back into operation, and made a source of support for the state budget and the provision of job opportunities.”
He continued, "The agricultural sector in Iraq suffers from neglect, and plans can be drawn up to support this sector through the adoption of modern methods of agriculture and irrigation."
For his part, the Regional Director of the International Finance Corporation affirmed, "his institution's readiness to fully cooperate with Iraq in supporting its economy, as it is one of the countries that have priority because of its capabilities and resources that help in the completion of investment projects that will contribute to the country's progress link
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