Iraq Economic News and Points to Ponder Monday Afternoon 12-18-23

Iraq Economic News and Points to Ponder Monday Afternoon 12-18-23

Tlm724 Administrator Bondlady’s Corner

From Jordan: Minister Of Finance: Economic Recovery Is Underway Amid The Return Of Commercial Financing To Normal

Monday 18, December 2023 15:14 | Economic Number of readings: 327  Baghdad/NINA/ A delegation headed by the Minister of Finance, Taif Sami Muhammad, and including advanced staff in the Ministry of Finance and a number of representatives of the ministries and the Central Bank of Iraq, participated in the meetings of the IMF mission. International in Jordan.

The meeting discussed, according to a statement by the Ministry, the priorities for correcting public finances through structural reforms, represented by encouraging foreign trade payments and reducing dependence on cash, in addition to expanding the use of point-of-sale devices and electronic payments and accelerating the completion of the restructuring of government banks.

The meeting also discussed the actual expenses and revenues until September 2023 and the expected ones for the end of this year and spending ceilings for the year 2024, in addition to the appointment file contained in Budget Law No. (13) of 2023, financial reforms, bank structuring, customs automation, taxes, the unified treasury account, the comprehensive banking system, and the application of the payment system. Electronic POS for the purpose of maximizing revenues.

Support for funds allocated to them in the general budget was discussed, in addition to structural reforms to support the development of the private sector, increase job opportunities, reforms to the retirement system and the social protection network, increased revenues and exports, increased economic growth, banking and electricity sector reforms, strengthening governance, and reducing corruption.

The meeting also highlighted the role of the Central Bank of Iraq in tightening monetary policy appropriately with the aim of alleviating inflationary pressures by continuing to enhance liquidity management, as the Central Bank has made good progress in implementing technical assistance recommendations for managing local liquidity and bridging the time gap between auctions of bank instruments to ensure continuity of liquidity absorption.

Minister Taif Sami explained during the meeting: " The economic recovery is underway amid the return of commercial financing to normal and the large financial expansion, maintaining economic stability and the importance of coordination between monetary and fiscal policy and ensuring the sustainability of the need to gradually renew fiscal policy while maintaining spending on the necessary infrastructure and social spending needs, controlling the wage bill and increasing tax revenues. Non-oil "./ End 8

https://ninanews.com/Website/News/Details?key=1096057   

The Dollar Exchange Rate In Erbil Decreased To 1,530 Dinars

Market  Economy News – Baghdad  The exchange rate of the US dollar in Erbil Governorate fell, on Monday, to the level of 1,530 Iraqi dinars.  Currency exchanges were opened in the governorate, with an exchange rate of 1,532 Iraqi dinars.

While there is no movement on the currency exchanges in the capital, Baghdad, due to the general voting process for the provincial council elections, as the dollar exchange rate outside the stock exchanges ranges at about 1,550 Iraqi dinars. Views 39 12/18/2023 - https://economy-news.net/content.php?id=38613

Iraq's Financial Revenues Exceed 106 Trillion Dinars Within 10 Months

Money   and business  Economy News – Baghdad   The Ministry of Finance revealed, on Monday, that the volume of Iraqi revenues in the federal budget during ten months exceeded 106 trillion dinars, confirming that the oil contribution to the budget had risen to 95%, while an economic expert warned that the country would continue to rely on oil in its general budget.

This December, the Ministry of Finance issued data and tables, which NRT Arabic viewed, for ten months’ accounts for the current fiscal year, which showed that oil is still the main resource for Iraq’s general budget, reaching 95%, which indicates that the rentier economy is the basis of the country’s budget. the public.

The financial tables indicated that the total revenues until last October amounted to 106 trillion and 843 billion and 96 million and 310 thousand and 311 dinars, after excluding transfer revenues, which amounted to one trillion and 676 billion and 486 million and 640 thousand dinars, indicating that the total expenditures with advances amounted to 84 trillion. And 454 billion, 214 million and 761 thousand dinars.

According to the financial tables, oil revenues amounted to 101 trillion and 940 billion and 1 million and 380 thousand dinars, which constitute 95% of the general budget, while non-oil revenues amounted to 5 trillion and 477 billion and 559 million and 979 thousand dinars.

The Iraqi state’s continued reliance on oil as the sole source of the general budget puts Iraq at risk from the global crises that occur from time to time because oil is affected by them, which makes the country turn every time to cover the deficit through borrowing from abroad or within, and thus indicates the inability to Managing state funds effectively, and the inability to find alternative financing solutions.

Views 95  Added 12/18/2023 - https://economy-news.net/content.php?id=38606

Oil Rises With Increasing Fears Of Bab Al-Mandab Tensions

Energy  Economy News – Baghdad  On Monday, Brent crude futures rose 69 cents, or 0.9 percent, to $77.24 a barrel by 00:37 GMT, while US West Texas Intermediate crude rose 65 cents, or 0.9 percent, to $72.08 a barrel.

Russia said on Sunday that it would further reduce exports in December by 50,000 barrels per day or more, earlier than it had pledged, at a time when the world's two largest oil exporters are trying to support global prices.

At the beginning of the week, shipping companies, including MSC and AB Muller, two of the largest container shipping companies in the world, said that they would avoid passing through the Suez Canal as the Houthis in Yemen escalated their attacks on commercial ships in the Red Sea.

Bab al-Mandab is one of the most important routes in the world for shipments of global goods transported by sea, especially crude oil and fuel, from the Gulf to the Mediterranean via the Suez Canal or the nearby SUMED pipeline, in addition to goods heading east to Asia, including Russian oil.

Brent and West Texas Intermediate crude ended the longest series of weekly declines in half a decade with slight gains last week after the Federal Reserve (US Central Bank) meeting last week, which raised hopes for the end of successive interest rate hikes and cuts.

Views 55  Added 12/18/2023 - https://economy-news.net/content.php?id=38600

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Provoking Points To Ponder on Money

Bankruptcy is a legal proceeding in which you put your money in your pants pocket and give your coat to your creditors.  - Joey Adams

There are plenty of good five-cent cigars in the country. The trouble is they cost a quarter. What the country really needs is a good five-cent nickle.  - Franklin P. Adams

I don't like money actually, but it quiets my nerves.  - Joe Louis

Money isn't everything - but it's a long way ahead of what comes next.  - Edmund Stockdale

In the bad old days, there were three easy ways of losing money - racing being the quickest, women the pleasantest and farming the most certain.   - William Pitt Amherst

We forget that money gives its value - that someone exchanged work for it.  - Neal O'Hara

Money is something you got to make in case you don't die.  - Max Asnas

If you would know what the Lord God thinks of money, you have only to look at those to whom he gives it.   - Maurice Baring

Making money is fun, but it's pointless if you don't use the power it brings. - John Bentley

Make money and the whole world will conspire to call you a gentleman.  - Mark Twain

I never been in no situation where havin' money made it any worse.   - Clinton Jones

Money is the wise man's religion.   - Euripides 

Famous Quotes and Authors, Famous Quotations for all Occasions