Iraqi News

Wednesday Morning Iraq Economic News Highlights 4-19-23

Economist: We Will Not Face Challenges Despite The Collapse Of Some US Banks

Today Information / Baghdad..   The economist, Dr. Safwan Qusay, confirmed that Iraq will not suffer from financial challenges in light of the collapse of some US banks, pointing out that oil prices will not witness a drop in prices over three years.

Qusai told Al-Maalouma, “Iraq possesses rounded sums from past years and reserves amounting to $115 billion, and therefore Iraq does not face any major challenge in light of the collapse of some US banks.”

He added, “Oil prices will not decline in the next three years and may witness a decrease during a limited period, but in general they will not decline much, especially since there are agreements between Russia, Saudi Arabia and Iraq that are similar to the agreement.”

And he indicated that “oil prices are still stable and growth rates in China are in a positive state, as the imposition of new sanctions on China may reduce prices, but it will create a process of tension between East and West, and thus oil prices will increase.” ended 25 n    LINK

A Leader In The National: The 2023 Budget Will Witness Justice In Distributing Shares Of The Region’s Governorates

Time: 04/19/2023   {Political: Al Furat News} A leadership in the Patriotic Union of Kurdistan expected a fair distribution of the shares of the provinces of the Kurdistan Region from the financial budget for the year 2023.

Surji told {Euphrates News} agency: “The ministers and officials of the regional government belonging to the Patriotic Union did not attend the meetings held by the Baghdad government and the region’s delegations, but the agreement on the region’s share was made with more than 12% of the budget.”

He added, “With regard to the region’s budget, it will be distributed on the basis of the population density of the governorates of Erbil, Dohuk, Sulaymaniyah and Halabja.”

He pointed out that “in the past, there was no transparency in the distribution due to the lack of clarity in the numbers, financial amounts and quantities of oil exported as well, but now things will look clearer.”

It is noteworthy that the House of Representatives finished the second reading of the draft financial budget law, amid the odds of voting on it after the Eid al-Fitr holiday.

And Prime Minister Muhammad Shia al-Sudani announced yesterday that: “The total percentage of allocations for the Kurdistan region in the budget is still constant, which is 12.67, and it has not been changed.”

He stressed that “the duty of the federal government is to pay the salaries of employees, whether they are in the region or any governorate, and it is not an honor, and this is what the Council of Ministers is working on.”    From.. Raghad Dahham   LINK

Parliamentary Concern About The Excessive Budget Deficit, Amid Warning Of An Explosion Of A Crisis

Today Information / Diyala..   Representative Muhammad Al-Shammari described, on Wednesday, the 2023 budget deficit as disturbing and surprising, indicating that Parliament intends to reduce the percentage to the lowest possible level.

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Al-Shammari said in an interview with Al-Maalouma, “The budget law is very important for the continuity of the work of state institutions and the disbursement of dues and salaries, but in return it must adopt clear contexts that contribute to preventing any financial crises.”

He added, “The 2023 budget deficit amounts to 64 trillion dinars, or about 30% of the total budget, and this matter is of concern in three directions, the most prominent of which is that there are determinants of the deficit percentage in budgets.”

He pointed out that “reducing the deficit is a priority for the House of Representatives, which gives high flexibility in ensuring the payment of financial dues without any problems, and this is what we are currently seeking to support.”

Two days ago, the House of Representatives conducted the second reading of the 2023 budget law, amid expectations that its resolution would take another few weeks.   LINK

Al-Sudani: The State Loses 6 Months Every Year Because There Is No Budget

Prime Minister Mohamed Shia Al-Sudani affirmed that all works and projects depend on the government’s seriousness in implementing them.

Al-Sudani said, in an interview with a group of Iraqi TV stations, that “all works and projects depend on the government’s seriousness in implementing them,” pointing out that “the Sadr City housing project will be implemented soon.”

He added, “There is a group of residential cities that will be completed successively in accordance with administrative procedures,” noting that “the tripartite budget guarantees financial stability.”

He continued, “We have had many projects lagging behind since 2012,” noting that “the exchange rate of the dollar against the dinar will decrease to reach its official rate.”

He pointed out that “the Iraqi dinar is strong and the financial situation is at its best,” stressing that “the exchange rates of the dollar tend to stabilize and reach the official price soon.”

He went on to say, “We are close to completing investigations into the cases attributed to those involved in torturing those arrested on corruption charges.

Parliamentary Finance: Al-Sudani Corrected The “Neglect” Of Three “Marginalized” Groups In The Budget

The Parliamentary Finance Committee revealed, on Tuesday, that the draft federal budget law “neglected” three “marginalized” social segments for which no money has been allocated, confirming that the government agreed to include these segments in the budget.

Committee member Jamal Cougar said, in a press interview seen by Taqaddam, that “the Parliamentary Finance Committee met a few days ago with Prime Minister Muhammad Shia’ al-Sudani to discuss the general budget law before its approval in Parliament, and made a number of observations.”

He added, “During the meeting, members of the Finance Committee submitted a number of requests and proposals regarding the budget law, including that the government send a copy of the oil agreement between the federal government and the Kurdistan Regional Government in order to include it in the budget law.”

“Al-Sudani told us that voting on the budget law should not include the marginalization of any segment, because that means marginalizing it for three years, and there are segments that need special care and must be included in the budget law,” Cougar continued.

He explained, “We submitted three proposals to be included in the budget law, the first of which is cancer patients who suffer from the lack of government hospitals of their own, and we asked that there be a government hospital for cancer treatment in every governorate of Iraq, including the governorates of the Kurdistan Region.”

He pointed out that “there is also a problem with regard to drug abuse, despite the high rates of drug abusers, and in return, instead of treating them, they are thrown in prisons, and we proposed building addiction treatment and rehabilitation centers in all Iraqi governorates.”

And he added, “The third proposal is related to autism patients, and this complex disease does not have its own government hospitals, and we asked the Prime Minister to build hospitals or special centers for autistic patients.”

Cougar confirmed that “Prime Minister Muhammad al-Sudani agreed with the proposals submitted by members of the Finance Committee, and expressed his readiness to meet them.”

He pointed out that “the members of the Finance Committee also proposed to circumvent the local factories and factories that produce inside Iraq, as they are deprived of obtaining the dollar at the official price, while the importer gets it at the official price easily, and therefore there is no balance between supporting the local product and importing, but rather that this matter kills Local production opportunities are likely to be in favor of the importer, so we asked that there be special government support for this segment.

It is noteworthy that the Iraqi parliament began yesterday, Sunday, the first reading of the draft federal budget law for the years 2023, 2024 and 2025, and yesterday night, Monday, it completed the second reading of the draft law and kept the session open to complete the reading on Tuesday evening.

SOMO: Selling About A Billion Liters Of Oil Derivatives In A Month

Energy  Economy News / Baghdad  The Petroleum Products Marketing Company revealed, on Tuesday, the amount of its sales of petroleum derivatives during the month of March.

The company said in a statement that “the quantity of gasoline sold of all kinds (normal – enhanced – super) amounted to approximately (900 million and a half million liters),” explaining that “the quantity sold of white oil amounted to approximately 112 million liters.”

And she added that “the quantity sold of kerosene oil in both types (regular and heavy) amounted to more than 780 million liters,” noting that “the quantity sold of fuel oil in both types (improved and normal) / more than (one billion) liters.”

The company also indicated that “the sold quantity of jet fuel / jet A1 amounted to approximately (9) million liters, while sales of military jet fuel / JBA amounted to more than (one and a half million liters).”

And she explained that “the oil products exported for the benefit of the marketing company of fuel oil amounted to more than 416 million liters, and of naphtha / more than (101) million liters.”

And the company continued, “These quantities sold include quantities supplied on credit to power stations (gas oil, fuel oil), as well as quantities supplied to the displaced “for free” in the company’s branches, whose stay is paid later by the Displaced Relief Committee.”

Al-Sudani Discusses Efforts To Reform The Iraqi Economy With The US Secretary Of State

Money and business   Economy News / Baghdad  Today, Tuesday, Prime Minister Muhammad Shia Al-Sudani affirmed Iraq’s firm stances regarding security and economic challenges, regionally and internationally.

Al-Sudani’s office said in a statement that the latter “received a phone call from US Secretary of State Anthony Blinken, and they discussed bilateral relations between Iraq and the United States, and ways to enhance them at various levels and fields.”

He added, “During the call, they discussed the Iraqi government’s efforts in the field of economic reform and diversification of development sources, in addition to the performance of the Iraqi security forces in pursuing terrorist remnants, and the role of the American side in providing assistance in the field of military advice and training.”

During the call, the Prime Minister affirmed, according to the statement: “Iraq’s firm positions on security and economic issues and challenges, at the regional and international levels, and strengthening efforts for calm and strengthening the policy of dialogue to resolve differences.”

Deputy: The Government Is Serious About Paying Off All Debts

Money  and business   Economy News – Baghdad  Parliament member Jawad al-Bolani affirmed, on Wednesday, that the government is serious about paying all debts owed by Iraq.

Al-Bolani said, “The payment of debts follows a legal and financial mechanism, and the Ministry of Finance, the Central Bank and the Iraqi government put it in the budget law and take into account the state’s financial ability to pay off debts and loans.”

And he stated, “At the level of Parliament and the political situation, the political forces are not interested in increasing borrowing, and the government is directly responsible for setting schedules and paying off debts, short, medium and long-term, and according to the method of dealing with the Ministry of Finance in this file.”

He stressed that “the government is serious about paying all Iraqi debts,” noting that “the expansion of borrowing is not in the interest of the country.”