Iraq Economic News and Points to Ponder Late Saturday Evening 1-18-25

Iraq's Internal Debt Between Security Crises, Oil And The Pandemic

Time: 2025/01/18 10:46:25 Read: 1,495 times   {Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained today, Saturday, that the roots of the increase in internal debt in Iraq go back to two stages over a decade.

The first stage was linked to the security/financial crisis that occurred during the war on ISIS terrorism, and the accompanying drop in oil prices to levels in which a barrel of oil lost about 60% of the value of its estimated revenues.

Saleh added in his statement to {Euphrates News} that “the impact of this decline was reflected in the revenues of the general budget, in which oil revenues constitute nearly 90% of the total revenues, and that the internal debt is from treasury transfers whose repayment period is one year with an average interest rate ranging between 4 to 5%, in addition to a small portion of other bonds with different repayment periods, all of which are issued by the Ministry of Finance, and followed exclusively by government banks in most cases.”

He pointed out that "the scene was repeated in the second phase, as the domestic debt increased again between 2020 and 2021 due to the financial crisis resulting from the decline in oil prices by almost the same percentage, which coincided with the Corona pandemic (Covid-19) crisis and the closure of the global economy, which was called at the time (the financial/health crisis)." LINK

Iraq Looks Forward To Enhancing Bilateral Cooperation Under The Next US Administration

Time: 2025/01/18 19:16:43 Read: 728 times   {Local: Al Furat News} Deputy Prime Minister and Minister of Foreign Affairs, Fuad Hussein, received today, Saturday, the new Chargé d'Affaires of the US Embassy in Baghdad, Daniel Rubinstein.

A statement by the Foreign Ministry, a copy of which was received by {Euphrates News}, stated that: “At the beginning of the meeting, Hussein offered his congratulations to Rubinstein on the occasion of his assuming his new duties, where he stressed the depth of Iraqi-American relations, while expressing Iraq’s aspiration to enhance bilateral cooperation under the next American administration.”

He added, "The meeting witnessed in-depth discussions on bilateral relations between the two countries, in addition to reviewing regional conditions, especially the situation in Syria. The two sides also touched on current political developments and the pivotal role played by Western countries, primarily the United States, in the course of events inside Syria."

He added, "The two parties also discussed the outcomes of the Riyadh Conference on Syria, which witnessed the participation of the US Under Secretary of State, and stressed the importance of following up on the recommendations that emerged from the conference."

At the end of the meeting, Hussein stressed "the importance of strengthening cooperation between Iraq and the United States in a way that serves common interests and contributes to achieving regional stability."  LINK

UN Representative Explores Nasiriyah Marshes on River Tour

Number of readings: 97 Saturday 18 January 2025 19:22 | Economic  Baghdad / NINA / The Special Representative of the Secretary-General of the United Nations in Iraq, Head of the United Nations Assistance Mission (UNAMI), Ambassador Mohammed Al-Hassan, conducted an exploratory river tour in the Nasiriyah marshes today, Saturday, accompanied by the Minister of Water Resources, Aoun Diab, and the dismissed Governor of Dhi Qar, Murtada Al-Ibrahimi. / End 5
https://ninanews.com/Website/News/Details?key=1180774

UN Representative Explores Nasiriyah Marshes On River Tour

Number of readings: 97 Saturday 18 January 2025 19:22 | Economic   Baghdad / NINA / The Special Representative of the Secretary-General of the United Nations in Iraq, Head of the United Nations Assistance Mission (UNAMI), Ambassador Mohammed Al-Hassan, conducted an exploratory river tour in the Nasiriyah marshes today, Saturday, accompanied by the Minister of Water Resources, Aoun Diab, and the dismissed Governor of Dhi Qar, Murtada Al-Ibrahimi. / End 5
https://ninanews.com/Website/News/Details?key=1180774

Basra Crude Records Weekly Gains Of $8.24

Economy  |Mawazine News – Baghdad  Basra crude prices recorded weekly gains of $8.24. The prices were as follows:

Basra Heavy crude closed down 95 cents at $78.43 in its last session, posting weekly gains of $8.24, or 11.74%. Basra Medium crude also closed down 95 cents at $81.68 in its last session, posting weekly gains of $4.92, or 6.41%.   https://www.mawazin.net/Details.aspx?jimare=258711

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