Saturday Morning Iraq Economic News Highlights 6-24-23
Saturday Morning Iraq Economic News Highlights 6-24-23
Urgent | The Budget Reaches The Ministry Of Justice And Will Be Published In The Official Gazette On Monday
https://www.youtube.com/watch?v=q0ntxms3qwA
Iraq Market Stops Its Activity For Six Days
2023-06-24 Shafaq News/ The Iraqi Stock Exchange announced, on Saturday, that it has stopped its activity for a period of six days. The market said in a statement received by Shafaq News agency, "Based on the Cabinet's decision to declare a five-day official holiday on the occasion of Eid Al-Adha, its last trading session will be on Monday, April 26."
He added, "The first trading session after the Eid holiday will be on Monday, July 3, according to its official timing." It is noteworthy that the Iraq Stock Exchange organizes five trading sessions per week, from Sunday to Thursday, and includes 103 Iraqi joint stock companies representing the sectors of banking, communications, industry, agriculture, insurance, financial investment, tourism, hotels and services. LINK
A Former Member Of Parliamentary Finance Identifies The Reasons For The Rise In The “Dollar” .. There Is An Illusion
Former member of the Parliamentary Finance Committee, Ahmed Hama Rashid, identified the reasons behind the rise in the dollar in the parallel markets.
Rashid said in a press interview seen by Taqaddam that “there is a misconception that has been circulated recently related to the fact that the price of the dollar in the parallel markets will decrease with the approval of the 2023 budget. .”
And he added, “The exchange rate of the dollar in the parallel markets depends on the principle of supply and demand, and the start of implementing the 2023 budget will mean the release of large sums of money that will lead to a greater increase in the purchase of the dollar.”
He pointed out that "the government's treatments to contain the rise in the exchange rate of the dollar were not sufficient until now," stressing that "Iraq sells nearly 7 billion dollars a month of oil, two billion goes to its multiple financial obligations, and it sells in 5 weekly sessions 200 million dollars each time, but it remains less." From the increasing demand for hard currency, and thus pushes up prices.
The exchange rate of the dollar in the parallel markets in Iraq witnessed a remarkable rise in the past weeks, reaching 147 thousand dinars per 100 $, while the Central Bank set the exchange rate at 132 thousand dinars per 100 $. https://takadum-news.com/archives/170429
The Ministry Of Planning Reveals The Launch Of 7 Thousand Projects Within The Budget Law
Policy 06/24/2023, the number of readings: 129 Baghdad-Iraq today: A spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, confirmed that the investment budget allocations amounting to 48 trillion dinars will represent an “important opportunity” to resume work on more than a thousand lagging projects, and to We continue to work on implementing projects that are more than 7, thousands of projects.
Abdul Zahra Al-Hindawi stated, in a press interview, that "The Ministry of Planning is preparing to launch the five-year plan for the next 5 years, and we launched a month ago from now the National Document for Population Policy.
This document It included 11 axes that covered all aspects of life, starting with children, then health, then the education sector as well The women's empowerment sector and climate change and its impact on vulnerable groups, and we talked about the axis of internal and external migration and the mechanisms to address this problem.
He pointed out that there are axes related to "vulnerable groups in society, children, the elderly and the disabled, social cohesion, definition and education of these policies, and other axes related to housing and the policies required to address the housing crisis in Iraq .”
A spokesman for the Ministry of Planning saw that "all of these axes are policies and objectives that are translated into projects and strategies, which are implemented by various state institutions, whether governmental or non-governmental."
He pointed out that the government aims through these policies to "achieve partnership between the public and private sectors, in light of the need for more job opportunities that can only be provided by the existence of a real, effective and empowered private sector," noting that "the economic and developmental policy towards supporting and empowering the private sector, in order to be able to achieve partnership and thus create the required job opportunities in Iraq.
He also saw that the budget allocations on the investment side, amounting to 48 trillion dinars, “will represent an important opportunity to resume work on more than 1,000 lagging projects, and continue work on implementing projects that number more than 7 thousand projects,” noting. that it is “an opportunity to include important projects.” Strategically, such as the great Al-Faw project, the ring road project in Baghdad, water projects in a number of governorates, road projects and other important projects during the next three years. LINK
The Success Of The Tripartite Budget Depends On Curbing Corruption And Mismanagement
Iraq 2023/06/24 Haider Al-Jaber The tripartite federal budget is about to be in a new issue of Al-Waqi’ newspaper, which means the start of the timeline for implementing its provisions, even if it came in the middle of the fiscal year, pending a rapid implementation of the ministries’ program, according to what Prime Minister Muhammad Al-Sudani announced to provide services and raise the standard of living. to the citizen.
The budget for the years (2023, 2024, 2025) is the largest in the country's history, and spending levels reached records close to 200 trillion dinars, but the drop in oil prices may affect the implementation of its provisions.
The Parliamentary Services and Reconstruction Committee stated that it held shuttle meetings to put the service plan in the budget, where the focus will be on raising the level of the poor segments.
The representative of the committee, Mahdia Al-Lami, said, in an interview with "Al-Sabah", that "the committee conducted extensive meetings with the relevant ministries to find out the required, dependent and necessary projects, and it also hosted all the governors except for the governors of the Kurdistan region," adding that "the committee conducted field visits and the governorates were classified according to Service and living reality.”
And she added, “Focus has been placed on services in the general budget, in addition to supporting the Reconstruction Fund and establishing the Development Fund,” noting that “the government encourages the private sector with sovereign guarantees for the first time,” noting that “the committee focuses on monitoring service departments in health.” education, and housing. In previous years, budgets described as explosive were approved, including the 2013 budget estimated at $130 billion.
However, they did not lead to an increase in the level of services, which raises doubts about the possibility of implementing the tripartite budget. In this regard, a member of the Parliamentary Transportation and Communications Committee, Karwan Ali, identified two obstacles facing the implementation of the budget, indicating that it "needs time for implementation because it consists of several stages."
Noting that "the most important obstacle is the financial deficit in the event of a drop in the price of a barrel of oil, in addition to the permanent problem with the Kurdistan region."
He continued, "The rights of the Kurdistan region exist in theory, and it is difficult to implement them in practice, especially after the decisions of the Paris Court and the Federal Court and the agreement between Baghdad and Erbil," pointing out that "the most important obstacles to implementing the budget is mismanagement and corruption, which hindered the implementation of most projects in previous budgets." Edited by: Ali Abdel-Khalek https://alsabaah.iq/79620-.html
After Erdogan's Request.. The Head Of The Kurdistan Government Agrees To Hand Over The Region's Oil File To Baghdad
Baghdad today – Baghdad An informed source revealed that the President of the Kurdistan Regional Government, Masrour Barzani, agreed to hand over the region's oil to the federal government, specifically the National Oil Company (SOMO).
The source told (Baghdad Today) that Barzani: "He agreed to hand over the region's oil file to the federal government because Turkish President Recep Tayyip Erdogan told him in Barzani's recent visit to Ankara that he would only deal with Baghdad, and that would be among the agendas of Erdogan's visit to Iraq on the day 25th of June.”
He pointed out that Erdogan "will also visit Erbil."
Media of the Kurdistan Democratic Party described Erdogan's visit to the Kurdistan region as a "valuable gain" for the Barzani government.
A member of the Kurdistan Democratic Party, Wafaa Muhammad Karim, revealed yesterday, Thursday, an expected visit by Turkish President Recep Tayyip Erdogan to Baghdad next week to discuss the issue of resuming oil exports.
Karim told (Baghdad Today) that "Turkey has set 3 main points for re-exporting oil through the port of Ceyhan, but the Iraqi government did not agree to them during the last meeting held in Ankara."
He added, "The oil problem is no longer in the hands of the Kurdistan government, and the file has been completely transferred to the hands of the federal government, specifically the SOMO company," noting that "Turkish President Recep Tayyip Erdogan will visit the Iraqi capital, Baghdad, and the capital of the Kurdistan region, Erbil, during the next week to resolve the issue of exporting the region's oil again."
This week witnessed Iraqi-Kurdish talks with the Turkish side regarding the re-pumping of Kurdistan's oil to the port of Ceyhan, which had been suspended since March 25 without resulting in solutions.
A few days ago, the head of the Kurdistan Regional Government, Masrour Barzani, visited the Turkish capital, Ankara, at the head of a high-ranking delegation that included officials in energy, security and trade. LINK
Frame: The theft of the century has not been closed.. and a judicial committee is continuing the investigation into the file
June 24, 2023 Baghdad / Obelisk Al-Hadath: The leader in the coordination framework, Jabbar Odeh, stated, on Saturday, that 12 people had been brought in for interrogation on charges of stealing tax funds amounting to two and a half billion dollars, known as the theft of the century.
Odeh said in an interview, “The investigations into the theft of the century are continuing to reveal its chapters, and the talk of closing it is inaccurate,” stressing “the presence of a high judicial committee that is directly following the course of the file.”
He added, "12 people were brought in in recent weeks as part of the investigations of the theft of the century, which show the extent of corruption and its penetration into state institutions," noting that "the coming months will be decisive regarding the completion of the investigation stages and the disclosure of its results to public opinion."
And he pointed out that "the news that talks about giving freedom to some of the defendants in the case is inaccurate, and that there are important decisions that will be revealed by the investigation committee to the public opinion." https://almasalah.com/archives/57258