Tuesday Morning Iraq Economic News Highlights 5-30-23

Tuesday Morning Iraq Economic News Highlights 5-30-23

About 30 Billion Dollars Iraq's Oil Revenues Within 4 Months

Energy   Economy News _ Baghdad  Today, Tuesday, the Iraqi Oil Marketing Company (SOMO) announced that oil revenues in the first third of this year 2023 amounted to about $30 billion.

Al-Eqtisad News reviewed the company's tables, which showed that "the total oil exports for the first third of the current year 2023 amounted to 393 million 48 thousand and 679 barrels of oil." It also showed that "the monthly export rate amounted to 98 million 262 thousand barrels, at a rate of 3 million." And 275,000 barrels per day.

According to those tables, “the revenues generated from its sales of crude oil amounted to 29,932,167,000 dollars, at a rate of 7,483,41,000 dollars per month,” noting that “the average monthly selling price of crude oil for the first third of this year amounted to 76.” One dollar and 173 cents.

According to the company's schedules, "the rate of oil exports from the ports of Basra amounted to 385,120,137 barrels, at a rate of 96,280,000 barrels per month, at a rate of 3,209,000 barrels per day," while the rates of oil exports through Kirkuk were 529,953 barrels. At a rate of 176,651 barrels of oil per month, by exporting only the first three months of this year.

And the tables of the SOMO company showed that "the number of companies that bought Iraqi crude oil amounted to 36 international companies." Views 39   05/30/2023 - https://economy-news.net/content.php?id=34479

Al-Sudani Directs Banks To Adopt The Official Dollar Rate For All Pilgrims

05/30/2023 Read: 1,118 times  {Local: Al Furat News} The Hajj and Umrah Authority announced that Prime Minister Muhammad Shia Al-Sudani directed banks to adopt the official dollar rate for all pilgrims.

Today, Tuesday, the Supreme Commission for Hajj and Umrah surprised the first batch of pilgrims through Baghdad Airport, with 336 pilgrims on board.

The head of the authority, Sami Al-Masoudi, confirmed that the authority provided specialized cadres to serve the pilgrims and ensure their comfort, and was keen to ensure that the accommodation of the pilgrims is in the best areas in Medina and Makkah Al-Mukarramah, while providing meals with an Iraqi taste, announcing the support for the cost of the pilgrims with 39 billion dinars from the budget of the investment authority under the guidance of Prime Minister Muhammad Shiaa al-Sudani, as the Iraqi pilgrim has become the least expensive among the pilgrims of Arab and Islamic countries.

Al-Masoudi addressed the pilgrims with the necessity of "enjoying the rituals of Hajj and making the goal of the guest of God to perform the visit and circumambulate around the House of God and leave worldly preoccupations such as photography, launching political chants and ideological slogans, or publishing pictures of religious and political symbols."

He pointed out that "the airlifting of pilgrims will be one of the six Iraqi airports to which Kirkuk Airport has been added this year."

With regard to the dispatch of land pilgrims, Al-Masoudi announced the completion of preparations for the land dispatch, as it was agreed with the Joint Operations Command to facilitate the movement of pilgrims' buses and their security escort, and this year will witness the dispatch of land convoys from the Kurdistan region for the first time.

He added, "It was also agreed to increase the number of passport booths to speed up the dispatch process, stressing that the authority will provide hot meals and hospitality to the pilgrims at the Arar port, and prepare their overnight sites to ensure their comfort."

And Al-Masoudi announced the commission’s readiness to receive pilgrims from the courtesy granted by the Kingdom of Saudi Arabia to some Iraqi personalities outside the umbrella of the commission, and that their services be among the pilgrims of Iraq, due to its high quality of services and the price difference from commercial pilgrims in the market, which we heard amounts to $130,000. ".

The head of the authority pointed out that "the prime minister directed the banks to adopt the official dollar rate for all pilgrims."   LINK

With Reserves Of More Than 132 Tons.. Iraq Ranks 30th In World Gold Possession

Economy  |Baghdad today - Baghdad   Today, Monday, the Central Bank of Iraq announced the purchase of new quantities of gold of approximately 2.3 tons, maintaining its sequence in the 30th rank in the ranking of gold holdings for the countries of the world.

And the media office of the bank stated, in a statement received (Baghdad Today), that “new quantities of gold were purchased, approximately 2.3 tons, which resulted in an increase in its holdings of this metal by 1.79%, bringing its total to 132.74 tons, to maintain its sequence in rank 30.” Within the ranking of gold holdings for the countries of the world.

The statement added, "The Investments Department of the Central Bank of Iraq made it clear that the purchase came with the aim of increasing its holdings of gold in light of the economic and political conditions the world is witnessing . "

It is noteworthy that gold is one of the most important components of the reserves held by banks and international financial institutions, as these banks and institutions constantly increase their reserves of this metal, because of this measure’s positive impact on the financial solvency of these institutions and the creditworthiness of their countries .   LINK

The Regional Government Discusses Budget Amendments With 40 Consuls And Representatives Of Foreign Countries

2023.05.30   Baghdad - Nas The Foreign Relations Office of the Kurdistan Regional Government, consuls and foreign representative offices will discuss, on Tuesday, the changes in the draft Iraqi budget law. 

 According to the official media sources in the region, followed by "NAS", (May 30, 2023), the head of the Foreign Relations Office in Erbil, Sven Dziye, met this morning with consuls, offices and representations of countries. 

  The meeting was also attended by Omid Sabah of the Prime Minister's Office, and Jutiar Adel, spokesman for the Kurdistan Regional Government. 

The main topic of the meeting is the discussion of Articles 13 and 14 of the share of the Kurdistan region in the draft Iraqi budget law, as well as negotiations between Erbil and Baghdad about financial dues, according to those sources.    There are 40 consulates and representative offices of international organizations in the Kurdistan region.      https://www.nasnews.com/view.php?cat=108203

Parliamentary Finance calls for expediting the determination of the voting session on the budget

The first  2023/05/30  Yesterday, Monday, the Parliamentary Finance Committee called on the Presidency of Parliament to expedite setting up a voting session on the budget.

The head of the committee, Atwan Al-Atwani, said in a statement: “After discussing the draft general budget law in the Parliamentary Finance Committee, and striving to ripen it in a manner that preserves the supreme interests of the country, and guarantees the rights of our dear people alike, we call on the presidency of the honorable parliament to expedite.” In determining the voting session on the law during the current week.

Al-Atwani explained, "The committee's emphasis on the importance of speeding up the approval of the general budget is in order to initiate development plans, rehabilitate infrastructure, continue economic reform, and focus on priority projects, especially health, housing, basic services, and support for investment and the private sector."

Al-Atwani reaffirmed that this law bears great and sensitive importance related to the livelihood of the Iraqi people, and the economic, administrative and social implications of its approval.

And he continued, "We appeal to the political forces to overcome their differences and work in a patriotic spirit in order to achieve this merit, in implementation of the covenant that the parliament and the people's representatives made on themselves to serve the nation, and to strive to pass legislation and laws that are in the interest of the citizen."   https://alsabaah.iq/77931-.html

The Budget Ignites Disputes... And The State Administration Coalition Is "Dying And Threatened With Collapse"

Policy | Baghdad today - Baghdad   The federal budget bill has sparked disputes between the political blocs, destabilizing the political process that resulted in the state administration coalition, which is going through a "dying" stage and may be in danger of collapsing.

And between supporters and opponents of the draft federal budget law, and between northern and southern Iraq, voices began to rise to demand "fairness and rights."

Where the deputies of the southern provinces called for fairness in their provinces, similar to the budget of the Kurdistan region, while the independents sharpened their resolve, in preparation for refusing to vote on the federal budget.

Independent MP Haitham Al-Fahd Al-Zargani said in a statement received by (Baghdad Today) that "with the approaching date of the voting session on the budget, we are working to create an opinion in Parliament and not to vote on paragraphs that do not do justice to the governorates of the center, the south, and Basra in particular."

For its part, "The New Arab" network revealed that the Iraqi Kurdistan government "deliberately" obstructed passing the budget law as a result of its refusal of items that impose new conditions on it, including the payment of arrears of its employees' salaries.

The Kurdistan Regional Government promised the amendments made by the Parliamentary Finance to the budget regarding the paragraphs of the region, unfair and contrary to the constitution, while the head of the regional government described it as "treason and conspiracy against the Kurdistan region."

The regional presidency confirmed that it would not abide by these amendments that contradict the political agreement to form the government of Prime Minister Muhammad Shia al-Sudani, as well as the Baghdad and Erbil agreement signed with al-Sudani.

The researcher in political affairs, Ihsan Al-Shammari, confirmed today, Tuesday, that the differences between the political forces over the budget law threaten the collapse of the state administration alliance.

Al-Shammari told (Baghdad Today) that "the new dispute over the budget law will have an impact on the state administration coalition, especially since this alliance suffers from major internal disputes, and it is currently in a moment of political death."

He added, "We believe that we are now the beginning of the end for the state administration coalition and the end of the stage of political agreements, and this will push towards the existence of new political alignments."

In order to avoid the differences that cast a shadow over the political agreement of the State Administration Alliance that resulted in Al-Sudani, the State Administration Alliance held a meeting at the house of the leader of the Kurdistan Democratic Party, Fuad Hussein, to discuss the region's share in the federal budget.

An informed source told (Baghdad Today) that "the regional government authorized Hussein to negotiate from the side of the region, while the Secretary-General of the Badr Organization, Hadi al-Amiri, will be the representative of the coordination framework."

He added, "The Patriotic Union of Kurdistan and the Kurdistan Democratic Party agreed to cancel the clause that the regional government pays 10% of the salaries saved for employees in the region, which is the paragraph that was added by the Finance Committee to the Budget Law in Article 13 and objected to by the regional government." 

Last Saturday, the House of Representatives failed to hold a special session to vote on the draft financial budget law for the year 2023, due to the addition of paragraphs by the Parliamentary Finance Committee, which the Kurdish political forces considered to be inconsistent with the political agreements on which the Sudanese were formed, and which relate to the oil of the Kurdistan region. LINK