Bondlady’s Corner

Iraqi News Highlights Saturday Evening 2-18-23

Tlm724 Administrator Bondlady’s Corner

An Economist Told NINA: The Time Has Come To Approve The 2023 Budget…And To Price A Barrel Of Oil At 70 Dollars

Saturday 18 February 2023 12:12 | Economical Number of readings: 319  Baghdad / NINA / – The expert in economic affairs, Safwan Qusai, stressed the importance of approving the general budget for the year 2023 as soon as possible and not delaying it further, calling for setting the price of a barrel of oil in the 2023 budget at a price of 70 dollars.

Qusai said in a statement to the National Iraqi News Agency (NABNA): “It is clear that the passage of the 2023 budget has been long delayed due to the Ministry of Finance adjusting the estimates of imported items and reconsidering the issue of social welfare, as well as reconsidering determining the exchange rate,” stressing that:

“The time has come to send This budget as soon as possible and set the price of a barrel at 70 dollars, because covering the deficit can be done through the rise in oil prices above 70 dollars, and currently it is at an average of 85 dollars.

He stressed the need to rationalize public spending at this stage, with the need to allocate sufficient funds to the Ministry of Commerce to import all kinds of goods that are purchased at the official price through the window, and that the sale process be a final revenue for the Ministry of Finance, and thus we ensure that prices are not linked to the parallel market price, but are controlled. Through the Ministry of Commerce and other federal ministries, which can import materials at official prices./End

Confirming Its Readiness To Hold A National Economic Conference, The Department Of Private Sector Development Launches A Platform

Posted On2023-02-18 By Sotaliraq  The Iraq Stock Exchange for food and construction materials

Baghdad_Media of Trade   The Private Sector Development Department in the Ministry of Commerce announced the launch of the Iraq Stock Exchange on the Internet for the first time, for the prices of food and construction materials in the local market.

The director general of the department, Muhammad Hanoun, said in a statement, “The Iraq Stock Exchange platform was launched on the Internet, which is concerned with the prices of food and construction materials, in an important step to study the prices of the local market and find realistic solutions to the phenomenon of high prices through effective measures aimed at stabilizing prices through the parallel line that The Ministry of Commerce is currently working on it.

He pointed out, “His department also continues to prepare for convening a national economic conference to study the problems of the Iraqi economy through the participation of the private sector and the development of the complementary relationship with the public sector, which bears the responsibility for drawing up commercial and economic policies and overseeing and following up the market.”

He added, “The conference, in which professors from Iraqi universities and scientific competencies from the Ministry of Trade will participate, will include several important axes that discuss the crises of the Iraqi economy and develop appropriate solutions to all problems in coordination with Iraqi private sector organizations and other sectoral ministries.”

He pointed out, “The department is working to implement the goals entrusted to it within the government program, which is followed up in detail by the Minister of Commerce, as well as mechanisms for working in medium and small projects and caring for workers in these projects.” LINK

Al-Sudani: Iraq Desires To Conclude Advanced Development Partnerships With The European Union Countries

Money and business  Economy News-Baghdad    The Prime Minister, Mohamed Shia’a Al-Sudani, stressed the importance of the European Union’s support for the government’s efforts to combat corruption and recover wanted persons and stolen funds.

A statement by the media office of the Prime Minister stated, “The prime minister met at his residence, the President of the European Commission, Ursal Vondralen, on the sidelines of his participation in the Munich Security Conference in its 59th session, where during the meeting they reviewed relations between Iraq and all European Union countries.”

Al-Sudani affirmed, “Iraq’s desire to conclude advanced development partnerships with the countries of the Union in various fields,” noting that “his meetings with the leaders of Germany, France and Italy come on the path of economic cooperation, and building bonds of cooperation to face economic challenges and the effects of climate change and build stability and sustainable development.”

He referred to “the framework agreement between the Ministry of Finance and the European Investment Bank, and openness to European companies’ investments and their contribution to the service sector in Iraq,” stressing ”

For her part, Vondralen expressed her “support for the Prime Minister and his reform decisions, and the willingness of all European Union countries to cooperate and exchange with Iraq, in light of the long-term partnerships.”

She pointed to “the seriousness of European countries in finding real partnerships in the fields of energy and renewable energy.”

Canada Announces Its Readiness To Rehabilitate Oil Pipelines And Use Alternative Energy In Iraq

Energy    Economy News-Baghdad  Today, Saturday, the Canadian government confirmed its readiness to rehabilitate oil pipelines and use alternative energy in Iraq.

The Canadian ambassador to Baghdad, Gregory Galligan, said during a speech at the second conference on oil and gas in Iraq, and that “Canada is working with Iraq in developing many areas, especially in the field of governance,” pointing out that “millions of dollars have been invested to support the Iraqi economy.”

He added, “Iraq, through the development of its economy, supports empowering youth and fighting unemployment, as well as supporting education, especially for women,” noting that “Canada supports Iraq in the field of environmental treatments, in addition to cooperation with Iraq in the field of oil and gas.”

And he indicated that “Canada’s pioneering experience in the field of oil and gas extraction can be transferred to Iraq, especially in the field of emitted gases, the exchange of experiences, the rehabilitation of oil transport pipelines, the use of alternative energy such as solar energy, and the provision of Canadian expertise, especially in the technological fields.”

Oil Drops Two Dollars And Records A Weekly Loss

Economie| 09:06 – 02/18/2023   Follow-up – Mawazine News  Oil fell by $2 a barrel at the settlement on Friday and ended the week lower.  This comes amid fears on the part of dealers that demand will be affected by any future hike in US interest rates, and they became nervous due to increasing signs of abundant supplies of crude and fuel.

rent crude futures fell $2.14 a barrel, or 2.5 percent, to settle at $83 a barrel, bringing their losses to 3.9 percent for the week.  US West Texas Intermediate crude fell $2.15, or 2.7 percent, to end trading at $76.34 a barrel, a weekly loss of 4.2 percent compared to last Friday’s closing price.

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