Wednesday Morning Iraq Economic News Highlights 6-28-23

Disclosure Of The Volume Of Iraq's Oil Exports To America During The First Quarter Of 2023

2023-06-28 Shafaq News/ The US Energy Information Administration announced, on Wednesday, that Iraq's oil exports to America amounted to more than 35 million barrels during the first quarter of 2023.

The administration said in a table seen by Shafaq News Agency that "Iraq's exports of crude oil and its products to America during the first quarter of the year 2023 and starting from January, February and March amounted to 35.038 million barrels, an increase of 40% over the same period of the year 2022, which amounted to oil exports." America has 20.999 million barrels, an increase of 69% compared to the same period in 2021, in which oil exports to America reached 10.868 million barrels.

And she added, "The highest rate of oil exports to America during the first quarter of the year 2023 was in February, when it amounted to 12.168 million barrels, while the lowest rate of oil exports was for the month of March, when it amounted to 11.394 million barrels."

Iraq exports nearly 10% of its oil exports to America, and Iraq is considered among the top ten exporting countries to America, along with Canada, Mexico and Saudi Arabia.  LINK

The Exchange Rates Of The Dollar Against The Iraqi Dinar From North To South

Economy  2023-06-28 | 4,592 views  Al-Sumaria News – Local  Al-Sumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets for Wednesday, June 28, 2023.

In Baghdad:  The buying price of the dollar is 148,500 per 100 dollars,  the selling price of the dollar is 146,500 per 100 dollars

In the north:  the buying price of the dollar is 148,250 per 100 dollars,  the selling price of the dollar is 146,250 per 100 dollars

In the south:  the buying price of the dollar is 148,500 per 100 dollars,  the selling price of the dollar is 146,500 per 100 dollars LINK

British Report: Iraq Is Able To Break The Cycle Of Corruption And Use Its Wealth For A Better Future

2023-06-27 | 918 views  Alsumaria News – Translation  The British newspaper "The National" said today, Tuesday, June 27, 2023, that it is entirely possible for Iraq to break the cycle of corruption and use its wealth and resources for a better future for its people.

The newspaper stated in a report seen by Alsumaria news, that "many countries have faced the scourge of corruption, but few are suffering from it more than Iraq, as it is ranked 157 out of 180 countries in the list of corruption issued by Transparency International last year.” He added, “Iraq is witnessing growth in fiscal revenues, mostly thanks to the important oil sector, but there is more wealth to be targeted.”

According to the report, on Sunday, a prominent Iraqi official responsible for post-war reconstruction was relieved of his duties on suspicion of corruption, as expulsion is considered  Mohammed Al-Ani, the head of the fund that It is run by the state and responsible for rebuilding areas damaged by the war against ISIS, the first for a senior government official since he took overSudaneseHe took office in late October.

He continued, "According to research he conducted  Brookings Institution According to research released in April, the United States has "dispersed unregulated and uncontrolled funds into numerous projects, unleashing in the process a thirst for graft and easy money at nearly every level of government, and even in civil society organisations."

He added, "Many ordinary Iraqis despair of the problem of corruption in the country and blame its political parties. Movements aimed at thwarting violations and punishing those responsible for expropriating funds allocated for development are welcomeIraqHowever, any perception that anti-corruption is being used to settle personal scores may cement public disillusionment with the political class.

The report stressed that "despite the inherent nature of corruption inIraqHowever, there are ways for those who care about transparency and fairness to deal with the worst of it. Building a strong civil society network of lawyers, judges, journalists, and academics can be one way to expose, highlight, and combat corruption.

The report pointed out that other countries have accused corruption and won. In 1995,Indonesiaranked last in  Transparency International's index. Last year it was ranked 110 out of 180 countries. This improvement is due in part to the state's establishment in 2002 of the Corruption Eradication Commission, a body with powers to detect wrongdoing.

The report indicated that despite these successes, there is no single solution. Those who stand up to corruption often face a long, dangerous, and lonely struggle. But no country is destined to endure endemic corruption forever. The tools exist if politicians and law enforcement officials have the will to use them. It is entirely possible for Iraq to break the cycle of corruption and use its wealth and resources for a better future for its people.  LINK

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Government: The expected cost of the development road is $17 billion

Money  and business  Economy News – Baghdad  Today, Tuesday, the government spokesman, Basem Al-Awadi, identified the most important strategic projects that the government intends to implement, and while detailing in numbers what has been included in the investment budget, it is expected that most of the costs related to the development road project will be covered through Arab, regional and foreign investments.

Al-Awadi said, “What is stated in the government program is binding on the government to implement, and Chapter 22 of it related to the implementation of strategic projects includes 4 paragraphs that include completing the implementation of the great Faw project and establishing the road and rail network for the Dry Canal, which the government called (the development road project) by linking neighboring countries with a port.” FAO".

He added, "The third point includes the establishment of a transformative plant for desalination of sea water in Basra, and fourthly, the development of integrated plans to start announcing investment projects and promoting the refineries and petrochemical industries sector."

And he continued, "The budget has allocated 47 trillion Iraqi dinars for the investment side, as 147 billion has been allocated to rehabilitate large hospitals in all governorates, 400 billion to implement the water desalination project in Basra, 600 billion to implement the fourth ring road project, 300 billion for infrastructure projects in Diwaniyah, and 107 billion to implement a project." Al Nebras Petrochemical Industries.

He stressed, "The allocations also included 280 billion dinars for the maintenance of power plants, a trillion dinars for the Development Fund, and 500 billion for the poorest governorates, as well as the allocation of sums for large investments through the path of development, the implementation of strategic projects, and the movement of lagging projects since the year 2005-2006, which amounted to more than 1450 projects that have been moved." And dealing with 450 of them during only 8 months of the life of the current government.

He pointed out that "the expected cost of the development path will reach 17 billion dollars, and we expect it to be covered by what will be allocated in the next year's budget, the date of its launch, and also through investments, and during the visit of the Emir of Qatar, Tamim bin Hamad Al Thani, the project was one of the most important issues that were discussed, and Qatar is open to contributing and we are Also, we are awaiting bids from a group of regional and other European countries, as well as China and the International Monetary Fund, and there is a conviction from the project supervisors that it covers a large part of the amount through investments.  06/27/2023 - https://economy-news.net/content.php?id=34924

Iraq Is The Fourth Arab Country In Terms Of Industrial Output

Time: 06/28/2023 Read: 1,560 times  {Economic: Al Furat News} Iraq ranked fourth among Arab countries in terms of industrial output.

According to the latest World Bank data, Iraq came fourth in industrial output, after Egypt, which ranked third in the Arab world and 30th in the world, with a value of $124.4 billion.

Iraq was followed by Qatar and Algeria, according to the 2021 statistics.

As for the industrial output in the Arab countries in 2021; Saudi Arabia topped the list of Arab countries, and 13th in the world in terms of industrial production, with a value of $379.4 billion, followed by the UAE, second in the Arab world and 17th in the world, with an industrial production value of $197.1 billion.

According to World Bank data, the global industrial output increased by about 19.3% in 2021, to reach about $26.6 trillion, which represents about 28% of the global GDP, compared to global industrial output levels of about $22.3 trillion recorded in 2020, in which levels decreased. Industrial output as a result of the repercussions resulting from the “Corona” pandemic, and with the contribution of high-income countries to industrial output estimated at 51.5% in 2021, equivalent to about $13.7 trillion. LINK

Electricity Is Looking With A Leading Chinese Company To Manufacture Smart Meters And Meters

Time: 06/28/2023 Read: 754 times  {Local: Al Furat News} The Ministry of Electricity and a leading Chinese company in the field of energy discussed the establishment of smart meters and meters.

A statement of the ministry, which {Euphrates News} received a copy of, stated, "The Undersecretary for Transport and Distribution Affairs, Nizar Qahtan Al-Tamimi, met with a delegation of the East China Company for Engineering and Technology Sciences, which is a Chinese government company, and one of the main formations of CNCEC in China."

The statement pointed out that the company "is considered one of the largest Chinese companies specialized in the field of chemicals and engineering works for power stations, and it also works to design and develop distribution networks, and it has international models that are being discussed in the markets regarding smart meters and meters."

Al-Tamimi indicated that "we have wide work spaces with Chinese companies, especially within the framework of the Iraqi-Chinese strategic framework agreement, where work has taken place on important projects and work is underway to achieve strategic partnerships in the light of the agreement, and that the ministry is working on smart transformation of the network and orientation for automation and governance."

The statement noted that China East Company expressed its desire to cooperate with the ministry and achieve a transformation in the light of advanced Chinese technologies and the development of the electricity sector.   LINK