Iraqi News

Thursday Evening Iraq Economy News Highlights 1-12-23

The Coordination Framework Confirms The Discussion Of The Exchange Rate Issue At Its Next Meeting

Iraq   12:11 – 2023-01-12  A member of the Coordination Framework, Turki Al-Atbi, announced that the crisis of the rise in the dollar exchange rate will be at the top of the axes of the next framework meeting.

Al-Atbi said that the rise in the exchange rate of the dollar and the state of instability in the markets in the past weeks are worrisome and will be at the top of the axes of the next meeting of the coordination framework with all its leaders.

He added that the change of the head of the Central Bank is possible with the increasing voices calling for this step, especially since the fluctuation of the dollar calls for fundamental changes that contribute to correcting the financial paths in the country and the bank’s policies, which leads to the stability of exchange rates and avoiding sharp vibrations that lead to a rise in prices, which negatively affects millions. the poor and the simple.

List Of Sales Of Goods And Services At An Exchange Rate Of (1470) Dinars To The Dollar

Baghdad today – Today, Baghdad publishes a list of sales of goods and services that the Council of Ministers obligated to sell in dinars and at an exchange rate of (1470) dinars to one dollar:

▪ Sales of national and foreign airlines offices

▪ Sales of commercial agencies with all their specialties and dealings

▪ Telecom companies sales

▪ Internet company sales

▪ Sales of residential and commercial investment complexes

▪ Sales and services of all government agencies inside Iraq


It Is Dependent On The Delivery Of Oil.. A “Semi-Agreement” Between Baghdad And Erbil On The 2023 Budget

Today, Thursday, an informed Kurdish source revealed that a “semi-agreement” had been reached between Baghdad and Erbil regarding the draft budget law for 2023, during the visit of the President of the Kurdistan Regional Government, Masrour Barzani, yesterday.

The source told (Baghdad Today) that “if the region delivers 250,000 barrels of oil with the revenues of the border crossings, it will get 12.67% of the revenues of the financial budget.”

And he added, “In the event that the region delivers 400 thousand barrels of oil and the revenues of the border crossings, it will receive 14%, i.e. the amount of one trillion and 200 billion dinars per month from the federal government, which is an amount that exceeds the salary ceiling allocated to the employees of the regional government, whose value is only 895 billion dinars.” .

Yesterday, Wednesday, the Kurdistan Regional Government, Masrour Barzani, arrived, during which he met with Prime Minister Muhammad Shia al-Sudani, the President of the Republic, Abdul Latif Rashid, and the President of the Supreme Judicial Council.

After Barzani’s meeting with Al-Sudani, the Kurdistan Regional Government issued a statement saying that “the meeting witnessed a mutual emphasis on the importance of resolving problems between the Kurdistan Region and the federal government on the basis of the constitution and the ministerial platform.”

She added, “The discussions mainly included the ongoing preparations regarding the draft federal budget law for the year 2023, and the details related to the share of the Kurdistan region and its financial dues from the federal budget.”

She pointed out that “the meeting discussed the implementation of constitutional Article 140, guaranteeing the constitutional rights of the Peshmerga forces as they are part of the Iraqi federal defense system, as well as the implementation of the Sinjar Agreement.”  Edit: G. F LINK

Parliament Will Resume Its Sessions Next Saturday And Publish Its Agenda (Document)

Today, Thursday, the House of Representatives announced the agenda for its next Saturday session.

The media department published the agenda, and received it (Baghdad Today), which included taking the constitutional oath for some deputies, as well as voting on new deputies in the permanent parliamentary committees, in addition to a first reading of the draft Communications and Informatics Law, and a report and discussion of the second reading of the draft law of the fourth amendment to the investment law. Industrial for the private and mixed sectors.

The table also included the report of the fact-finding committee on the information contained in the Ministry of Environment’s book on the existence of carcinogenic chemical radiation in the Dab fertilizer produced by the Southern Fertilizer Company, in addition to the report of the Health and Environment Committee participating in the Conference of the States Parties to the United Nations Framework Convention on Climate Change (COC27) on climate change. .  LINK

Oil Revenues.. Will They Reflect Positively On The Iraqi Economy?

with video  2023-01-12 | 05:00   Source:  Sumerian  213 views  Despite the rise in oil revenues, many believe that if these funds are not used to develop the industrial and agricultural sectors, there will be no positive repercussions on the Iraqi economy.

Iraq achieves large revenues from oil sales, which amounted to approximately one hundred and fifteen billion dollars, but the matter that concerns some is where this money goes, stressing the need to invest in developing industrial and agricultural sectors that achieve stability for the country’s economy.

This can only be achieved by activating several laws that support the industry, and activating mechanisms to monitor imports resulting from oil revenues to ensure that they are properly exploited.

Economic specialists believe that no matter how high the oil revenues are, this will not reflect positively on the Iraqi economy, due to the latter remaining a rentier, in addition to the weak implementation of economic and financial strategies.   LINK

The Regional Government: Masrour Barzani And Al-Sudani Agreed To Solve The Files Of The Budget And The Oil And Gas Law

Posted On2023-01-11 By Sotaliraq  2023-01-11 The regional government: Masrour Barzani and Al-Sudani agreed to solve the files of the budget and the oil and gas law   LINK

The Delegation Of The Region Begins A Round Of Dialogues With The Federal Government Focusing On The Budget And Oil And Gas

Posted On2023-01-12 By Sotaliraq   The delegation of the Kurdistan region started a visit to Baghdad to discuss the implementation of the agreements with the federal government, where the focus will be on a number of technical issues, most notably determining the region’s percentage of the budget law and proceeding with the legislation of the oil and gas law

A statement of the federal government received by (Al-Mada) stated that «Prime Minister Muhammad Shia’ al-Sudani received yesterday, Wednesday, the President of the Kurdistan Regional Government of Iraq, Masrour Barzani and his accompanying delegation».

And the statement continued, “The meeting reviewed the most important files at the national level, and ways of integration in the work of the federal government and the regional government in order to provide the best services to citizens in all parts and governorates of Iraq.”

He pointed out that “a number of ministers, advisors and officials in the federal government and the regional government attended the meeting.”

Later, another government statement received by (Al-Mada) stated that “an extensive technical meeting was held yesterday between the federal government and the delegation of the Kurdistan Regional Government of Iraq.”

The statement continued, “The meeting included the Deputy Prime Minister and Minister of Planning, the Deputy Prime Minister and Minister of Oil, the Ministers of Finance, Construction, Housing and Municipalities, the Head of the Federal Office of Financial Supervision, the Border Crossings Officer, the Economic Adviser to the Prime Minister, and the Head of the Legal Department in the General Secretariat of the Council of Ministers. and General Manager of Sumo Company.

He pointed out that “the delegation of the Kurdistan Region included the Minister of Finance and Economy, the Minister of Electricity and Natural Resources, the Chief of the Cabinet Office in the Kurdistan Region, the Director of the Office of the Prime Minister of the Kurdistan Region, and the representative of the regional government in Baghdad.”

The statement stressed, “The meeting witnessed extensive discussions regarding the general federal budget law for the year 2023, and an emphasis on the speed of its resolution, so that strategic plans, programs and projects in the field of services, economy, investment, and other files can be implemented.”

And the statement went on, that “a number of contentious issues between Baghdad and Erbil were addressed, especially with regard to the oil and gas law, and an emphasis on resolving them in accordance with what was stated in the constitution.”

For his part, a member of the Kurdistan Democratic Party, Ali Al-Faili, stated that “the political agreements that led to the formation of the state administration coalition and then the formation of the government were clear-cut, and were developed within timelines for their implementation.”

Al-Faili continued, “The parties to the state administration coalition, as well as the government, are facing a real test,” stressing that “the most important points that are being talked about at the present time are the oil and gas law and the Kurdistan region’s share of the budget, as well as conducting a population census.”

He pointed out, “The previous dialogues led to temporary agreements pending the approval of the budget law, which is to send an amount of 200 billion dinars to the Kurdistan region per month.”

Al-Faili believes, “The dialogues between the Kurdistan region and the federal government have a period that may not exceed 4 months to zero oil and gas problems, as well as determine the percentage of the budget law.”

And he stressed, “Prime Minister Muhammad Shia’ al-Sudani has full knowledge of all previous disputes, and he can resolve them by exploiting the appropriate political atmosphere.”

Al-Faili goes on to say that “meetings of an artistic and technical nature are of great importance in ending differences and by technical means away from political influences.” LINK