Iraqi News Monday Evening 5-9-22
Iraqi News Monday Evening 5-9-22
TLM724 Administrator BondLady’s Corner
Politics Is A Means To Get Rich, Not Serve
Sunday May 8 2022 - 20:11 Adnan Abu Zeid Lebanese writer Democracies are founded on the axis of competition between parties that need money to finance their activities. But this money is dangerous, if it becomes an end, not a means, and it may lead to favoritism for donors who can even buy the votes of the voters. One of the biggest threats to democracy is the money that flows uncontrollably to parties.
In Freedom House's report, it is clear that financial resources during the electoral process are one of the most important challenges even in Europe.
In the third world, the danger of political money to the formation of political maps and governments emerges, as there is often a lack of information about the amount of money that finances players, and this undermines confidence in the state, and opens the way for the violation of public resources, and the acceptance of external penetration.
In some countries, the ruling party dominates state resources and exploits them to promote its programs, and Prime Minister Mustafa Al-Kadhimi's decision not to participate in the 2021 elections was a positive step to remove the influence of government money.
In many countries, parties that lead ministries use the resources of these government institutions to finance themselves and lure their supporters.
It is possible to imagine the privileges of politicians in the ancient democratic countries, since they were not registered with suspicious financing activities, including the fact that 44 US presidents did not become rich.
Barack Obama was born into a middle class family.
Richard Nixon's family went bankrupt and lived in a rented apartment.
Churchill, had a military career, did not appear rich.
In Iran, former President Ahmadinejad, and the presidents after him, are low-income.
In Iraq, huge privileges are being monitored, which moved some politicians from the circle of poverty to the outrageous wealth. https://akhbaar.org/home/2022/5/294094.html
(Budget Reserve) May See The Light Next Wednesday
Money and business Economy News – Baghdad Member of Parliament Faisal Al-Issawi expected, on Monday, the passage of the Food Security Law, which he considered a "syndicate" of the budget law, in the next session of Parliament.
Al-Issawi said in an interview with "Shafaq News" and followed by "Al-Iqtisad News," that "the parliament session scheduled for next Wednesday may witness a vote on the emergency food security law, which is synonymous with the general budget law as it has the support of the majority of parliament members."
He explained, "The law has been amended in accordance with the observations and proposals of members of the House of Representatives, especially those concerned or specialists in this aspect and in proportion to the stage the country is going through."
He added, "The reasons for approving the law are the rise in food prices, and on the other hand, we have a surplus of oil imports as a result of high prices, and there is no budget in the country for this year so far, because the current government is a caretaker, so we had to put a solution to the existing problem, which is the situation The Food Security Law, to address the emergency situation and the difficult situation of the country.
He continued, "The issue of loans in the food security law is one of the contentious points," and the parliamentary trend goes towards canceling debts in the budgets, pointing out that "the food security law will be temporary, not for all years, but during this stage, because the country is going through a difficult circumstance. " Views 16 Date Added 05/09/2022 https://economy-news.net/content.php?id=27912
Financial Adviser To The Prime Minister: Financial Abundance Is A Historic Opportunity For Iraq
Posted On2022-05-09 By Sotaliraq The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Monday, May 9, 2022, that the fiscal policy in Iraq is between a “hammer and an anvil,” noting that the financial abundance is a historic opportunity for Iraq, and spending it is not easy.
Saleh said in a statement that "the financial surpluses that are obtained recently came from the rise in oil prices in the world and are linked to the war in Russia. It is not possible to know how long this war will last, but there are expectations that it will remain until 2024, and thus Iraq will achieve a great financial abundance."
He added, "The financial policy in Iraq is between a rock and a hard place. The hammer is the existence of a large area of poverty that reaches 30% of the population of Iraq, and therefore the irregularity of the ration card pushes the poor to obtain basic commodities such as oils, rice and sugar outside the ration card."
Saleh pointed out that “80% of the income of the poor goes to food, while the amount of what the rich and the middle class spend on food does not exceed 30% because their income is large,” noting that “the absence of a ration card would increase the area of poverty in Iraq.”
And he continued, "As for the anvil, it is to go to investment projects, as there are major projects in Iraq that are suspended, and their operation will add an added value to the national economy and employ thousands of workers, such as fertilizer and petrochemical projects, important factories in the oil industry and many other areas of production."
He stressed, "The necessity of balancing the hammer of social spending and the anvil of investment spending, and this is not easy, and it must be studied intelligently and with high wisdom, and people must take their rights to a decent living, which is an important issue and at the same time ensures the sustainability of development also in the future because it is a historic opportunity for Iraq."
Saleh pointed out that "it is expected that there will be an abundance of money available by the end of this year, amounting to 26 billion dollars and perhaps more."
He stressed that "these resources must be employed very carefully to employ the unemployed and to create income-generating projects that employ manpower." LINK
Kurdistan Regional Government: We Will Respond To The Federal Oil Proposals On This Date
Posted On2022-05-09 By Sotaliraq A man sits in front of the Nahr Bin Omar oil field in Basra Governorate, southern IraqA man sits in front of the Nahr Bin Omar oil field in Basra Governorate, southern Iraq
The Kurdistan Regional Government announced, on Sunday evening, a date to respond to the proposals submitted by the Federal Ministry of Oil regarding the management of the oil file in the Kurdistan Region.
The Chief of the Office of the Presidency of the Council of Ministers of the Kurdistan Region, Dr. Omid Sabah, said, “The Kurdistan Regional Government is still busy studying the proposals sent by the Federal Ministry of Oil following the visit of the last delegation of the Region to Baghdad and its meeting with the Iraqi Oil Ministry, and it will respond to these proposals officially as soon as possible. And that could be by the end of this week.”
He added that "dialogue, joint action and coordination between the Kurdistan Region and the Federal Ministry of Oil will continue within the framework of the Iraqi constitution."
Regarding the recent decision of the Federal Court regarding the file of oil and gas in the Kurdistan Region, the head of the Office of the Presidency of the Council of Ministers of the Kurdistan Region said, “The position of the four presidencies in the Kurdistan Region was clear in this regard, which was emphasized by the Council of Ministers of the Region,” noting that “the Federal Court Al-Iraqiya deals selectively,” adding, “For example, not implementing its decision issued in 2019 with regard to the Kurdish areas outside the administration of the Kurdistan Region or the so-called (disputed) and defining these areas and implementing Article 140 and obligating the federal government to implement it, and this file was not followed up with any government department or institution.
He continued, "This matter shows that there is a kind of selectivity, and a kind of targeting of the Kurdistan Region with regard to these issues that we want to deal with the entitlements of the Kurdistan Region within the framework of the constitution," stressing, "So we affirm our constitutional rights that we will not give up." LINK
Slight Decline In Global Oil Prices
Monday 09 May 2022 09:10 | economic Number of readings: 285 Baghdad / NINA / - Oil prices fell slightly today, Monday, as Brent crude prices fell 28 cents, by 0.3%, to 112.11 dollars a barrel.
Global financial markets are experiencing turmoil due to concerns about raising interest rates and closing measures due to Covid-19 in China, which is hurting the second economy in the world.
Brent and US crude rose last week for the second week in a row due to concerns about supplies after the European Commission proposed a phased ban on Russian oil as part of a package of tougher sanctions due to the war in Ukraine. The proposal requires a unanimous vote among EU members
https://ninanews.com/Website/News/Details?key=974820
The Appearance Of Muhammad Salih To / Nina /: This Is How The Surplus Oil Revenues Are Disposed Of
Monday 09 May 2022 10:50 | economic Number of readings: 239 Baghdad / NINA / - The financial expert, advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed: "The surplus oil revenues will enhance hard currency balances in the Central Bank."
He told the National Iraqi News Agency ( NINA ): "The surplus revenues, as long as part of it is in the form of financial savings that exceed the requirements for allocation and exchange indicated in the effective financial management law, it is considered one of Iraq's reserve balances and a source of strength for the Iraqi economy."
Muhammad Salih added: “The disposal of the additional revenues is done in light of what is decided in the general budget law, if it is issued, and then it will be deposited in a sovereign wealth fund as stated in the effective financial management law, and its disposal or investment will also be determined by the law.”/ End 3 https://ninanews.com/Website/News/Details?key=974836
Kurdistan Energy Committee: The Kurdistan Region Will Get $900 Million Per Month If Oil Is Delivered To Baghdad
oil field energy Economy News – Baghdad The head of the Energy and Natural Resources Committee in the Kurdistan Parliament confirmed that the implementation of the Federal Court's decision will make the Kurdistan region receive more than 900 million dollars in oil sales revenue per month.
Ali Hama Saleh, head of the Energy and Natural Resources Committee in the Kurdistan Parliament, said during a press statement, that the decision of the Federal Court is in the interest of the people of Kurdistan, and the federal government will not control the oil fields in the Kurdistan Region by force.
He explained, when the Kurdistan region's oil is sold by the federal government, the latter will pay the expenses of the oil-producing companies in addition to paying the wages of the oil carrier after conducting the audits, and
if the oil is sold at the current price, the Kurdistan region's share of the oil revenues will be more than 900 million dollars per month Of which 600 million dollars will be allocated to the salaries of employees and the rest will be allocated to the implementation of service projects with the presence of internal imports .
The head of the Energy and Natural Resources Committee explained: At that time, the Kurdistan region would become part of the Iraqi oil policy, and the price of fuel would also drop to 450 dinars, and the white oil would be provided to the citizens on an ongoing basis.
He pointed out that this desire of the federal government is concerned with the issue of gas to be exported in the future, and
I believe that a comprehensive agreement must be reached, legislation of the oil and gas law, and determining the Kurdistan region’s share of the budget, because the differences do not serve the people of Kurdistan at all.
The Minister of Oil, Ihsan Abdul-Jabbar, had confirmed that the management of oil activity in the Kurdistan Region is incorrect, while noting that the net revenues of the region do not exceed 50 percent of the value of the oil sold.
Abdul Jabbar said during the meeting of the opinion board of the Ministry of Oil: More than (75) days of discussion and initiatives, and all Baghdad’s attempts, flexibility in dealing with the region and the desire to bridge confidence have not achieved any result, and we are going towards the literal application of the Federal Court’s decision regarding Kurdistan Region’s oil. Views 464 Date Added 05/08/2022
https://economy-news.net/content.php?id=27904
A Financial Expert Proposes Allocating 10 Percent Of Oil Revenues For Development And Reconstruction
On May 8, 2022 The Independent - A financial expert suggested allocating 10 percent of the revenues from the sale of Iraqi crude oil for development and reconstruction in the provinces.
This came at a time when the financial advisor to the Prime Minister, Mazhar Muhammad Salih, expected that Iraq's revenues this year would exceed 150 billion dollars.
The expert, Thamer Al-Azzawi, said in a statement to the newspaper "Al-Sabah", which was followed by the independent: "The rise in selling prices of crude oil is an important opportunity to invest the financial surplus in the implementation of strategic projects."
He stressed, "the necessity of allocating a percentage, such as 10 percent of the total revenues for the development and reconstruction sector,"
suggesting that "a higher reconstruction council be formed to allocate funds and identify projects."
Al-Azzawi added: "The funds can be directed to the reconstruction and development of two governorates each year, with the continuation of services in the other governorates.
Thus, all governorates will witness an urban and development renaissance in less than eight years."
Meanwhile, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, expected that Iraq's revenues this year would exceed $150 billion.
Saleh said in a statement carried by the Iraqi News Agency and followed by "Al-Sabah": "The reading of the International Monetary Fund and its expectation of a jump in Iraq's public revenues during the current year 2022, focuses on the total oil and non-oil public revenues of the federal Iraq."
Average Exports
, and added, "The Fund may have estimated the average daily exports of crude oil at 3.4 million barrels per day, with an average annual price of $104 per barrel of oil exported or more, with non-oil revenues of no less than $8-10 billion."
He continued, "If the Kurdistan region's oil revenues and others are added, the total federal revenues could easily exceed $150 billion at the end of the 2022 fiscal year."
The International Monetary Fund expected, earlier, that Iraq would achieve a jump in its public revenues during the year 2022 after the rise in oil prices, amounting to 149 billion dollars and an annual change rate of 73 percent from the year 2021.
European Union
In the same context, oil prices rose yesterday at the close, ignoring concerns about global economic growth, as the imminent European Union sanctions on Russian oil increased the possibility of a supply shortage. Brent crude futures rose $2.08, or 1.88%, to $112.98 a barrel.
US West Texas Intermediate crude futures jumped $2, or 1.85 percent, to settle at $110.26 a barrel.
And the Ministry of Oil announced that "the ministerial meeting of the oil-exporting countries (OPEC) and the producing countries from outside it, decided to maintain its previous strategy regarding restricting production without change."
Production Levels
Undersecretary Hamid Younis, who headed the Iraqi side in the meetings of the Organization of Petroleum Exporting Countries and OPEC Plus, and the Ministerial Committee for Monitoring Production via video, said:
"The meetings concluded to keep the previously established production levels unchanged, and to proceed with the (OPEC Plus) plan towards gradual increases only.
The timetable for the strategy that was approved last year, which aims to achieve a balance between supply and demand and according to the requirements and needs of the global oil market, which faces many challenges that affect its stability.
For his part, the ministry’s spokesman, Assem Jihad, confirmed that “(OPEC Plus) and the research and specialized bodies in the organization will monitor developments in the global oil market during the next stage, as they are every time, by preparing technical reports and recommendations for ministerial meetings, as they are dealt with. realistically with the market, according to the variables by the producers, and in a manner that leads to more stability and the required balance.”
Jihad stressed that "the (OPEC Plus) strategy includes increasing production at a rate of (432 thousand barrels) per day during next June, and that
this increase will be divided among the producing countries according to the previously approved production rates."
The graph
and economist Haider Kazem Al-Baghdadi expected, “The demand and prices for crude oil will continue to rise to limits that were not in the accounts of experts and specialists regarding it,
although the graph is witnessing fluctuations between rise and fall,
but the final result indicates a rise due to the confused situation of the outbreak of Covid-19, Where
we find there are cities that
still suffer continuous closures, and
others double the preventive measures and partial closures, and a
third goes by ending the preventive measures, and
this situation leads to fluctuations in prices, but most countries of the world have lost a lot of their strategic reserves, and this is heading for crude prices in global markets to rise.
Global industries,
and indicated that “the growth movement, which is now rising, its paths are rising to compensate for the losses of the past period,” and that
“many economic blocs around the world have declined due to the closure that lasted for long periods that were not in their accounts and development plans, which confused the scene for most economies that are now heading to compensate The resulting losses, and
therefore global industries are gradually growing at a time when everyone is committed to the prevention of Covid-19 mutations, and
the accelerating global events and tensions witnessed in some regions of the world result in a rise in demand for crude oil, which leads to a continuous rise in oil prices. raw.”
https://mustaqila.com/خبير-مالي-يقترح-تخصيص-10-بالمئة-من-إيراد/
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