Iraqi News Sunday Afternoon 8-7-22
Tlm724 Administrator Bondlady’s Corner
Al-Kazemi and Al-Hakim discuss developments in the political scene in Iraq
Political | 01:09 – 07/08/2022 Baghdad – Mawazine News, the head of the National State Forces Alliance, Ammar Al-Hakim, received today, Sunday, Prime Minister Mustafa Al-Kazemi, and they discussed the developments of the political, social and service scene.
A statement by the office of the head of the National State Forces Alliance, a copy of which was received by Mawazine News, stated that “Al-Hakim demonstrated during the meeting the importance of keeping the interests of citizens and state institutions away from the differences of political forces,” once again referring to “the need to invest the financial abundance resulting from the rise in oil prices in improving the economic and social reality.” diversification of sources of income.
He added that “financial abundance is an accidental event that must be invested in reviving projects that end the rentier state,” stressing “attention to the electricity sector and working to sustain it so that cases of complete extinction are not repeated in some provinces.”
He stressed, “the importance of reforming the political system and combating corruption, and the necessity of using legal methods and the constitution and adopting the principle of consultation among all so that reform enjoys popular and societal support from all walks of life.”
In the statement, Al-Hakim called “the government and security services to continue military and security operations to strike terrorism in its strongholds,” stressing “the need to maintain relations with neighboring countries and the world, based on the constant national interest and Iraqi sovereignty.” Ended 29/M99 https://www.mawazin.net/Details.aspx?jimare=201737
Al-Kazemi’s Financial Advisor: The Current Political Crisis Will Not Affect The Country’s Economy
Sunday, August 7, 2022 5:02 PM National News Center / Special The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Sunday, that the general conditions in the country will not affect the economy, pointing out that the high-return oil industry is the main player in holding the limits set for living life in Iraq and reassuring its divergent concerns.
Saleh said in a statement to the “National News Center”, that “despite the presence of two influential restrictions: the absence of the country’s general budget law for the year 2022 and the other, it is under widespread immersion in the current political and parliamentary crisis and its negative repercussions on decision-makers, especially the private sector, but that Economic conditions, market decision-making, and the general investors have a stable degree of certainty, even at a minimum level, which is the result of the promising macroeconomic situation, its great potential, and its high financial surpluses prepared for future development.
He added that “this matter helps in narrowing the cases of uncertainty and reducing the risks facing the current investment initiatives and the general economic decisions constantly, especially those decisions whose promising effects extend to the future,” noting that “the economic policy must move government investments with the speed and efficiency required that it provides.
The law on financial management of ongoing investment projects, as well as the emergency law for food security and development with regard to moving the stalled projects, which will be addressed by the new law.
He pointed out that “the two financial laws undoubtedly constitute a safety valve in revitalizing the economic cycle and at the same time give market forces (being the main partner in development) an important interactive framework that is more realistic in drawing stable expectations and ensuring the success of investments and future employment opportunities.” https://nnciraq.com/145961/
Al-Sadr: There Is No Alternative To Dissolving Parliament
The leader of the Sadrist movement, Muqtada al-Sadr, affirmed that the dissolution of Parliament has become a popular, political and elitist demand that has no alternative.
Al-Sadr said in a tweet: “Thanks to God and His grace and the efforts of the heroic sit-ins, positive responses came regarding (dissolving Parliament) and a popular and clan response, from academics, civil society institutions, and preachers of the Husseini pulpit, and even from some scholars of the honorable seminary and from some Kurdish, Sunni and even Shiite political leaders as well. “.
Al-Sadr added, “After I thank them, I invite them to take a serious stand to save Iraq from the tusks of corruption and dependency and to correct the course of the political process that harmed the people and the country.”
Al-Sadr continued, “So come to a common word and to serious and real actions, and let us stay away from meager dialogues. Iraq needs actions, not words.”
He pointed out that “the people yearn for real reform that will save them from the suffering they are in, for which patience is no longer commendable, and let everyone know that the revolutionaries will continue their revolution until the demands are achieved and will not give up at all. O people, proud of oppression, just like Hussein.”
And Al-Sadr said, “Yes, (dissolving Parliament) has become a popular, political and elitist demand that has no alternative, and all the corrupt mouths should be silenced wherever they are, and God is the guardian of success and the supporter of reformers, for God does not like corruption.”
Oil Minister: Iraq Is The Only Country Capable Of Producing The Largest Amount Of Crude Oil
The Minister of Oil and Chairman of the National Oil Company, Ihsan Abdul-Jabbar, announced today, Sunday, that Iraq is the only country capable of producing the largest amount of crude oil among the crude oil-producing countries in the coming years, stressing that Iraq has a surplus production at stake to supply the global market, indicating that Iraq It will achieve semi-self-sufficiency in the production of oil derivatives by 2025.
The minister told Al-Sabah newspaper, “Iraq has exceptional capabilities and is almost the only one among the OPEC and non-OPEC producing countries that is able to increase crude oil production in quantities of up to 3.3 million barrels per day record over Iraq’s current production in the coming years.”
He added, “Iraq has transferred and other projects under referral capable of collecting more than 3,300 million barrels per day by the end of 2028, which will enable it to produce 8 million barrels per day at the end of 2025 in a manner that ensures the achievement of global stability in the energy market.”
He pointed out, “The rate of Iraq’s export of crude oil through Basra ports was about 3 million and 300 thousand barrels per day.”
He explained, “The total for Iraq, which is fixed in the OPEC schedule, after the recent increase, has become around 4 million and 664 thousand barrels per day, compared to Iraq’s share in the previous schedule, which was 4 million and 600 thousand barrels per day.”
He pointed out, “Iraq has a surplus production at stake, to market the required quantities for the oil market globally,” stressing that “there has not been a record drop in the crude export rate, due to problems in the export platforms.”
And he indicated, “Iraq achieves its goals in exporting crude oil on a monthly basis according to the announced target,” adding: “Sometimes there is a small reduction in export numbers, as usual, that occurs during the work of adding new facilities or during the implementation of periodic maintenance, where it is compensated in a smooth manner after the end of the maintenance programs that It does not exceed a few days, to achieve its export goals.”
The minister stated, “Iraq has required reductions due to the export of quantities in previous periods,” noting that “Iraq’s production currently amounts to 4,400 million barrels from federal fields, of which it consumes up to 200 to produce electric power, while local refineries consume more than 700 thousand barrels per day of its production.” The current Kurdistan oil production is 450,000 barrels per day.
He explained, “His ministry is in constant contact with the Ministry of Natural Resources in the region with the aim of finding legal solutions to end the differences between the two parties within the federal constitution, in accordance with the court’s decision in lawsuit No.
The Region shall hand over the entire oil production from the oil fields in the Kurdistan Region and other areas from which the Ministry of Natural Resources in the Kurdistan Regional Government has extracted oil and handed it over to the Federal Government represented by the Federal Ministry of Oil and enabling it to use its constitutional powers regarding oil exploration, extraction and export.
And he indicated that “the media exaggeration of the Kurdistan region’s oil issue, by the various media outlets, by addressing the news, as if it were an issue of external conflicts, involves great risks and ambiguity aimed at confusion.”
He continued, “The federal government deals with the legal discrepancy between the two parties, as one of the normal things that occur between the federal government and local governments.”
With regard to importing oil derivatives, the Minister of Oil stressed that “Iraq will enter the stage of semi-self-sufficiency in oil derivatives locally by the end of 2025.”
He pointed out, “Our steps to dispense with importing oil derivatives will be on two axes. The first is to enter the Karbala refinery into service in October 2022, which will reduce Iraq’s need for gasoline and gasoline by 50%, i.e. from 15 million liters, the amount of daily need, to 7 million. liters, while the second Basra refinery fcc will reduce up to 3 million liters per day, which will help to complete the projects of Baiji north of Baghdad and Diwaniyah in central Iraq, to compensate for the rest of the mentioned needs.
The Central Bank’s Prudential Policy To Face The Global Economic Crisis
Samir Al-Nusairi Economy News-Baghdad The global economic system has been witnessing complex economic, financial and security crises for several months, the cumulative causes of which were concentrated in the rise in energy and food prices due to the Russian-Ukrainian war and the American and European sanctions on Russia, which led to confusion in the map of global trade in food and energy. What we are following now is the rise in stagflation in most countries of the world, most notably in America and the European Union.
Although Iraq may be benefiting from the rise in oil prices as it is the main resource for the country, and the map of its imports of grain and foodstuffs currently is from outside the area of the military conflict and economic crisis, but our economy must suffer in the short term from the lack of control over food supplies and oil prices may drop and spread Economic stagnation in the light of changing conditions and these effects will inevitably lead to a rise in the rate of inflation and a rise in the general level of prices.
Since economic stability is achieved by stability in the financial system and the monetary system, so the hedging measures by the Central Bank, for what is expected of developments in the coming crises, were to rely mainly on building foreign reserves at a level that covers the local currency in circulation, imports, repayments of foreign debt and other international obligations.
As well as working on diversifying the reserves to include a basket of currencies, gold, bonds and securities, and making the most of the rise in oil prices to increase the reserves to the maximum extent possible until the end of 2022.
And this is actually what the Central Bank has done during this period, as its foreign cash reserves amounted to more than 74 billion dollars and 130 tons of gold. The reserve is expected at the end of 2022 to reach $90 billion.
This confirms that the Central Bank is proceeding at a steady pace to achieve the objectives of monetary policy in reducing inflation and controlling the general level of prices as well as controlling the money supply and maintaining the dinar exchange rate within the target price for the public and following up and analyzing the interest rate set by the Central Bank on an ongoing basis.
This requires the financial policy and the main economic sectors and the ministries responsible for them must work jointly and in clear and specific coordination with the Central Bank administration to achieve economic stability and overcome the global economic crisis and limit its repercussions.
42 . views Added 08/07/2022 – 1:27 PM Update 08/07/2022 – 5:13 PM
The International Development Bank Joins The Federation Of Emirates Banks In Dubai
Banks Economy News-Baghdad A banking source revealed, on Sunday, that the International Development Bank of Iraq joined the Federation of Emirates Banks in Dubai.
The source told “Economy News” that “the International Development Bank opened a branch in the emirate of Dubai, UAE,” noting that “the bank joined the Federation of Emirates Banks.”
He added, “The bank will facilitate trade and banking exchange between Iraq and the UAE, as well as provide various banking services and establish activities related to the banking sector between the two countries.”
27 . views Added 08/07/2022 – 1:34 PM Update 08/07/2022 – 5:22 PM
The Dollar Depreciates Against The Iraqi Dinar
Economie| 10:08 – 07/08/2022 Baghdad – Mawazine News, the dollar exchange rates fell, today, Sunday, on the Iraqi Stock Exchange.
And the selling prices of the dollar were recorded at 148,500 dinars per 100 dollars, while the purchase prices of the dollar were recorded at 148,400 dinars per 100 dollars.
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