Tuesday Morning Iraq Economic News Highlights 7-4-23
Tuesday Morning Iraq Economic News Highlights 7-4-23
The Government Challenges Articles In The Budget And Demands A {State Order}
The first 07/04/2023: Muhammad al-Ansari, Prime Minister Muhammad Shi'a al-Sudani submitted an appeal to the Federal Supreme Court against a number of articles of the General Budget Law, calling for the issuance of a "state order" to stop the implementation of these articles, while the court gave the Presidency of Parliament a period of 15 days in order to respond to the appeal petition. A government source said: "Prime Minister Muhammad Shia' al-Sudani submitted an appeal to the Federal Supreme Court with a number of articles of the budget law." constitutionality.”
According to an official document, the Federal Court informed the Presidency of Parliament of the appeal petition submitted by the Prime Minister regarding the budget, and the court demanded Parliament to respond to the lawsuit within a period not exceeding 15 days from the date of receiving the notification in accordance with the provisions of Article 21 / second of the Court’s internal system No. 1 of 2022.
Earlier, the House of Representatives approved the draft federal budget law for the fiscal years 2023-2024-2025, and the value of the current year budget is 197 trillion and 828 billion dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars).
And Al-Sudani had stated earlier that "the government will work to review the items that have been amended in the budget and study the extent of their conformity with the government's vision and objectives approved in the ministerial curriculum approved by Parliament."
Commenting on the Prime Minister's submission of an appeal to the Federal Supreme Court with a number of articles of the General Budget Law, a member of the Parliamentary Finance Committee, Representative Jamal Cougar, said:
"It was expected that the Prime Minister would submit an appeal to the Federal Supreme Court with a number of paragraphs of the Budget Law, especially since the Minister of Finance Al-Sudani told parliament, before voting on the law, that the government will challenge any paragraph affecting the government program that has a financial side.
And Cougar indicated that "the House of Representatives, by amending some paragraphs of the budget law, added some paragraphs that have a financial side, despite informing the Minister of Finance and the Sudanese, and for this reason the appeal was very expected."
And the Minister of Finance, Taif Sami, stated, in a statement in early June, that “what the government included in terms of texts and allocations (in the budget) was according to the study and needs of the ministries and governorates, and it meets all requirements according to the government’s vision in its government program,” stressing that “any change will hinder The spending operations drawn up by the government to meet all needs,” and warned that the ministry “will challenge the budget if it is approved and contains a change to the paragraphs that the government included in the budget.”
In addition, a delegation from the Ministry of Finance of the Kurdistan Region will visit Baghdad in the coming days, to complete the discussions on sending The Kurdistan region's share of the budget.
The Text Of Article 75 Of The Budget Challenged By The Sudanese
11:09 2023-07-04 263 Al-Mutala Agency publishes the text of Article 75 of the Financial Budget Law, which Prime Minister Muhammad Shia'a al-Sudani challenged today. The article concerns the contracts of the Ministry of Higher Education and Scientific Research and the rest of the ministries after the date of October 2, 2019. The Federal Supreme Court had informed the House of Representatives of the appeal filed by the government regarding the financial budget.
The Parliamentary Finance Committee described the appeal as "very expected."
A legal expert also predicted that the court would accept the appeals, given that some articles were a "financial side," which is outside the parliament's jurisdiction. LINK
An Expert Talks About The Shortcomings Of The Economic System In Iraq And Planning Reduces The Risk Of Inflation
An economist criticized the lack of clarity in the economic system of Iraq, and while he indicated its stagnation in dealing with many issues, the Ministry of Planning considered that the risks of inflation in Iraq are “low” compared to other countries.
The economist, Basem Jamil Antoine, said in a press interview seen by “Takadam” that “monetary inflation in Iraq has weakened the purchasing power of citizens, and there is stagnation in dealing with many issues,” noting that “the economic system in Iraq is not clear, and it is not known if it is A socialist system or a market economy system. On the one hand, we apply the market economy, and on the other hand, we work according to socialist laws.
He added, "The economy needs flexibility as well as defining the nature of this economy, and it is not enough to issue a statement to determine your economic direction," pointing out that "many economic plans are drawn up and not implemented."
He continued, "It is necessary for a citizen to feel his rights in order to perform his duties under a state of law, similar to the rest of the world."
For his part, the official spokesman for the Ministry of Planning, Abdul-Zahra al-Hindawi, said in a press interview seen by Taqaddam that “inflation has negative effects on citizens in general in Iraq and in other countries,” noting that “its effects in Iraq may be less compared to other countries, because The state supports many activities that affect human life.”
He explained, "Among these supportive activities is the intervention of the ration card and the provision of food to the citizen, as the government was able to cope with the high prices of food in the markets, by providing basic materials for the food basket, and was able to reduce the side effects on citizens."
He added, "In the field of health, there is also support for the citizen, as well as in the field of education and in the field of services, electricity and water," noting that "without this support, we would have seen a great impact of inflation on people's lives."
He pointed out that "the government has taken measures to reduce the effects on stakeholders, companies and contractors, especially with the rise in inflation and the change in the exchange rate, causing negative damage to them, through the exchange of certain financial differences."
Sulaymaniyah.. One Billion And 225 Million Dinars, "Point-To-Point" Fines On One Street
2023-07-04 01:34 Shafaq News/ A member of Kurdistan Region Parliament, Ali Hama Salih, revealed today, Tuesday, the size of the fines and the number of cars that were fined after registering speeding violations within the "Point to Point" project in Sulaymaniyah Governorate.
In a statement received by Shafaq News agency, Saleh said, "Only on the road linking Sulaymaniyah Governorate and Dokan district, 31,000 cars were fined last June as a result of exceeding the speed limit set by traffic surveillance cameras."
He added that the total amounts of fines amounted to about one billion and 225 million dinars, and these funds go to the executing company that supervises these cameras.
Saleh indicated that the fines range from 70,000 to 250,000 dinars, and all of them are recorded in the area where the speed ranges between 80 km to 250 km, stressing that the money that is recorded goes to the company from the state treasury, indicating that the road linking Sulaymaniyah and Dokan district includes 24 cameras. LINK
Iraq Is On The Cusp Of A Giant Project To Transport Gulf Gas To Europe
Energy Economy News _ Baghdad Iraq stands on the cusp of a giant project to transport gas from Qatar and the Gulf states to Turkey and the countries of Europe and the Middle East by linking Basra to Turkish territory through the "Development Road" project for land and sea shipping.
Research conducted by experts and specialists confirmed that the "Development Road" project encourages Iraq to be the main land for laying giant gas pipelines, while those studies stressed the lack of time and the need to start the project from now.
Dhurgham al-Maliki, a member of the Parliamentary Oil, Gas and Natural Resources Committee, said, "Iraq now occupies the forefront with its capabilities for construction, construction and connectivity, especially with its energies and financial abundance."
And he indicated that "all countries that adopt such projects seek the help of international companies specialized in this field," noting that "most of the countries that enjoy economic prosperity now are built by countries and companies with experience, and Iraq can use companies to establish any project, whether gas transportation or other economic projects." .
Earlier, a report published by the International Center for Development Studies reviewed options for Qatar and the European Union to increase gas exports, whose supplies from Russia were affected by the recent war with Ukraine.
An official source confirmed, "Iraq has all the capabilities to adopt the Gulf gas transfer project to Turkey, and there is no difficulty for it to implement it."
The source pointed out to "the need to move away from bureaucracy and routine that impedes work," noting that "Iraq possesses great and enormous human potential, in addition to natural and technical resources, and with the help of large companies to complete projects."
For her part, the head of the Parliamentary Transportation and Communications Committee, Zahra Al-Bajari, said, "The (development road) project is now being adopted by a specialized consulting company that is studying the economic feasibility and developmental issues that are built along with the road, and it is certain that the issue of gas transportation will be one of them."
And she added, "Until now, the issue is under study, and we await its results, and that the capabilities and space exist because the road will include industrial and residential cities, among other things, and that the Ministry of Oil will have a share of this road."
Al-Bajari drew attention to "a Qatari proposal to transport gas through gas tankers and not through pipelines, as there is an opportunity for gas to be transported via the (development road), but the method of transportation has not yet been confirmed and agreed upon."
Experts and specialists expressed their hope for the implementation of the "Development Path" project soon, due to the benefits it will bring to Iraq and the region. Ali Samin, founder of the Middle East, Eurasia, Asia and Pacific Studies Platform, said: With the outbreak of the war in Ukraine, Russia "has lost its position as a reliable supplier." energy", while "European actors are reviewing their strategies to secure their energy needs".
He pointed to the outbreak of a global controversy regarding ways to deliver Qatari LNG to Europe when the Russian-Ukrainian war began in February 2022, and said: "The great port of Faw presents itself as a better alternative for transporting Qatari gas to Europe through Iraqi territory, due to its economic feasibility with a shorter path."
The large port of Faw also increases, according to Samin, "Turkey's energy export potential," saying: "Turkey can transfer Iraqi energy resources to global markets and play an active role in energy trade."
For his part, Wathiq Al-Saadoun, an expert on Iraq affairs at the Middle East Studies Center "ORSAM", said: "Turkey, with its advanced transport lines, will be Iraq's gateway to Europe, and thus the two countries will form a bridge between Europe and Asia." Views 21 07/04/2023 - https://economy-news.net/content.php?id=34987
Study: The Size Of The Oil Market Exceeds The Production Of 10 Major Commodities In Terms Of Production And Prices Annually
Energy Economy News _ Baghdad While the global economy is dependent on many commodities, none come close to the massive size of the crude oil market.
Besides being the primary energy source for transportation, oil is a major raw material for many other industries such as plastics, fertilizers, cosmetics, and pharmaceuticals.
As a result, according to a Canadian study seen by Al-Iqtisad News, the global physical oil market is of astronomical size and has a great economic and geopolitical impact, with a few countries controlling global oil production.
According to the Canadian website (Visual Capitalist), which focuses on topics including markets, technology, energy and the global economy, oil came first in terms of production and market size, as the world produced in 2022 about 80.75 million barrels per day of oil, including condensate, and therefore production The annual volume of crude oil amounted to 29.5 billion barrels, with a market size of $2.1 trillion.
He added that iron ore came second with 2.6 billion tons, with a market size of 183.4 billion dollars, and gold came third, with production reaching 3,100 tons and a market volume of 195.9 billion dollars, indicating that copper ranked fourth with 22 million tons and a market size of 183.3 billion dollars. Aluminum came fifth with 69 million tons, and the market size amounted to $152.6 billion.
He added that nickel ranked sixth with 3.3 million tons, with a market volume of $68.8 billion, while zinc ranked seventh with 13 million tons, with a market volume of $30.9 billion, and silver ranked eighth with 26,000 tons, with a market volume of $19.9 billion. The molybdenum commodity came with 250,000 tons, and the market volume reached 12.9 billion dollars. The palladium commodity came with 210 tons, and the market volume reached 9.2 billion dollars. The commodity came with 4.5 tons, and the market volume reached 9.2 billion dollars.
She noted that the market size of the top 10 mineral markets amounted to $967 billion, less than half of the oil market, and therefore this reflects the huge volume of global oil consumption annually.
Views 12 07/04/2023 - https://economy-news.net/content.php?id=34989
Parliament Comments On Sudani's Challenge To The General Budget Law: Expected!
Policy, 04/07/2023, the number of readings: 207 Baghdad - Iraq today: The Parliamentary Finance Committee confirmed that Prime Minister Muhammad Shia'a al-Sudanese appeal against the budget law was expected.
Committee member Representative Jamal Cougar said, in a press interview, that “Prime Minister Muhammad Shia' al-Sudani submitted an appeal to the Federal Supreme Court with a number of paragraphs of the budget law. A paragraph that affects the government program and contains a financial aspect.
Cougar added, "The House of Representatives, by amending some paragraphs of the budget law, added some paragraphs that have a large financial side, despite informing the Minister of Finance and the Sudanese, and this appeal is very expected."
And the legal department in the House of Representatives announced earlier that it had received Prime Minister Muhammad Shia'a al-Sudani's appeal against the budget law. LINK
Baghdad Today Publishes The Text Of Article 75 Of The Budget Challenged By The Sudanese
Policy |Baghdad today – Baghdad Today, Baghdad publishes the text of Article 75 of the Financial Budget Law, which was challenged by Prime Minister Muhammad Shia al-Sudani today.
The article concerns the contracts of the Ministry of Higher Education and Scientific Research and the rest of the ministries after the date of October 2, 2019.
The Federal Supreme Court had informed the House of Representatives of the appeal filed by the government regarding the financial budget.
The Parliamentary Finance Committee described the appeal as "very expected."
A legal expert also predicted that the court would accept the appeals, given that some articles were a "financial side," which is outside the parliament's jurisdiction. LINK