Iraqi News Highlights Saturday Afternoon 9-2-23
Tlm724 Administrator Bondlady’s Corner
Al-Sudani Stresses The Importance Of The Railway Link Project / Basra – Shalamja / In Strengthening The Infrastructure Of The Iraqi Economy
Saturday 02 September 2023 12:16 | Economical Number of readings: 307 Baghdad / NINA / – The Prime Minister stressed the importance of the railway link project / Basra – Shalamcheh / in strengthening the infrastructure of the Iraqi economy and increasing its growth.
He also stressed, in a speech during laying the foundation stone for the rail link project, the importance of the project by transporting travelers and visitors to the holy shrines from Iran and the countries of Central Asia, indicating that: “The rail link is scheduled to reach the holy provinces of Najaf and Karbala.”/ https://ninanews.com/Website/News/Details?key=1075005
Amman Chamber Of Commerce: The Opening Of The Iraqi Trade Center Before The End Of This Year
Saturday 02 September 2023 12:02 | Economical Number of readings: 325 Amman / NINA /- The Amman Chamber of Commerce announced the signing of an agreement with the Iraqi Embassy in Jordan to open the Iraqi Trade Center at the Chamber’s headquarters before the end of this year.
The head of the Amman Chamber of Commerce, Khalil Al-Haj Tawfiq, said during his meeting with the Minister Plenipotentiary and Chargé d’Affairs at the Iraqi Embassy in the capital, Amman, Munif Ali Hussein: “Iraq is considered a trade partner and an important artery for the national economy, which requires building new bases for cooperation between the two brotherly countries based on mutual interests, leading to economic integration.” desired.”
He pointed out: “The opening of the center will allow Jordanian, Arab and foreign businessmen, contractors and investors to see the investment opportunities and bids offered by the Iraqi government in the sectors of housing, roads, infrastructure, finance, banking, information technology, industry and others.”
And Hajj Tawfiq said, “The center will provide Jordanian companies with the opportunity to see Iraqi industries and agricultural products that the local market needs, which will be reflected in the two countries’ trade exchanges and pave the way for building joint economic partnerships.”
For his part, the Chargé d’Affaires affirmed the Iraqi government’s interest in opening the center at the Amman Chamber of Commerce before the end of this year, which will have a great impact in promoting the commercial and investment opportunities available in the Iraqi economy and stimulating the Jordanian commercial sector to benefit from them, expressing his thanks to the Amman Chamber of Commerce for hosting his temporary headquarters.
For his part, the Iraqi commercial attaché in Amman, Nabil Al-Karbouli, indicated the necessity of providing various facilities to Iraqi investors in Jordan and expediting clearance procedures on the borders between the two countries./ https://ninanews.com/Website/News/Details?key=1074996
Association Of Exchange Companies In Nineveh: The Central Bank Obstructs The Merger Of Hawala Companies In Mosul
Saturday 02 September 2023 | Economical Number of readings: 255 Mosul / NINA / The Association of Exchange Companies in Nineveh Governorate accused the Central Bank of obstructing the Association’s work within Nineveh Governorate.
The head of the association, Abdullah Khalil, said in a statement to the National Iraqi News Agency ( NINA ): “The routine procedures by the Central Bank are a major reason for obstructing approvals to merge 10 companies in the city of Mosul into one company in order to obtain our share of the dollar.”
Khalil added: “All exchange companies located within the Iraqi governorates have received their share of the dollar, with the exception of Nineveh Governorate, which still has not received its share due to the obstructive measures imposed on the work imposed by the Central Bank on the city of Mosul,” noting that “there are 43 exchange companies in the governorate that are deprived of their share of the dollar in The Central Bank since the events of 2014./ https://ninanews.com/Website/News/Details?key=1074960
Iraq’s Economy Is “Fragile”… “Shocking” International Figures, So What About Their Accuracy?
Reports Economy News With the impact of fluctuations in currency exchange rates and the reduction in oil production following the interruption of exports through the Turkish Kirkuk-Ceyhan oil pipeline, estimates indicate a contraction in the non-oil real GDP in Iraq by a high rate of up to 9% on an annual basis in the last quarter of this year. Compared to its counterpart in 2022, which means undermining the effects of growth achieved in the first three quarters of this year, according to estimates by the World Bank, which believes that the country’s economy has become “fragile”.
In this regard, the economist and financial expert Abd al-Rahman al-Shaikhli believes in statements to Al-Araby Al-Jadeed that the estimates of the World Bank are “shocking” because they contain true and certain information, and they sound the alarm for Iraq’s economic future, but he believes, at the same time, that they contain some “Exaggeration”.
For example, the figures announced in the bank’s latest reports indicate that the total public debt is equivalent to 76 billion dollars, distributed among 55 billion internal debts and 21 billion external debts, while the debts Iraq can pay easily, because it has a high domestic product, especially since Debt constitutes between 30% and 35% of oil production revenues only.
Al-Sheikhli also confirmed to Al-Araby Al-Jadeed that the Iraqi economy is “fragile,” as described by the World Bank report, due to dependence on oil resources and the worsening rentier situation, with the decline in other sources of resources in the public budget, which made the economy rentier par excellence, adding to that the lack of economic relationship.
The rationale between the volume of expenditures from financial allocations and the quantity and quality of the achievements achieved from government projects in light of corruption devouring huge amounts, with the low level of service and development achievements achieved within the framework of the annual budgets of the state, with the increase in the percentage of poverty and unemployment and the high volume of debt borne by the national economy, and all of these, In his opinion, reasons made the economy weak.
Commenting on the causes of fragility, political analyst Haidar al-Moussawi believes to The New Arab that the most prominent of them is the spread of financial corruption in all sectors of life, and the state’s tendency to rely entirely on the oil sector, which feeds 98% of the GDP and is considered the basis for the continuation of economic life, “attributing the economic deterioration to Poor management,
the lack of development and reform programs, effective economic plans, the absence of a real vision to raise the general level of the country, and the lack of solid tools that contribute to alleviating the burdens of citizens and the economy,
while “the governments have not taken any effective measures to revitalize the industrial and agricultural sectors to be synonymous with the energy sector,” thus avoiding the country from an economic disaster in the future.
A number of International Fund experts had met with Iraqi officials in Jordan between May 24 and 31, and they discussed economic developments and general policy plans for the country’s economy in the coming period, stressing at the conclusion of the meeting, in a detailed statement, that “the momentum of the growth of the Iraqi economy witnessed It has slowed down in recent months, after the country recovered last year to the pre-coronavirus situation.
The World Bank followed that occasion by asserting that “the Iraqi economy is fragile,” noting that the central bank’s auction caused the redirection of hard currency to the parallel market, which led to a decrease in the value of the dinar against the dollar, and thus led to a significant increase in food prices.
According to the World Bank report issued entitled “Iraq’s Recovery is in Danger” dated August 20, there are renewed pressures, “as it suffers from stagnant non-oil gross domestic product, industries and agricultural activities, accompanied by high inflation rates, while Iraq lacks under its government The current situation calls for wide-ranging structural reforms that will enhance its economy and diversify its public treasury revenues, rather than relying solely on oil.
In this context, the World Bank expressed its reservations about the recent general budget, as it criticized the large increase in the volume of public expenditures by 59% compared to the year 2022, representing 74.3% of total expenditures, which will lead to a large fiscal deficit of $ 39.7 billion, representing 14.3% of the volume of expenditures. General imports, more than half of the recent record reserves accumulated in the wake of the oil price boom.
According to a report issued by the “International Center for Development Studies” in London last Wednesday, Iraq loses annually at least $5 billion as a result of its import of oil derivatives despite having the second largest oil reserves in the “OPEC” organization, noting that Iraq has the capabilities to refine 1116 tons of oil. One million barrels per day, while its current production does not exceed 950,000 barrels, while the return of the Baiji refinery to work would raise refining capacity to 1,260 million barrels, which would meet the country’s consumer needs for petroleum products.
Source / The New Arab Views 116 09/02/2023 – https://economy-news.net/content.php?id=36130
Oil Prices Continue To Rise, Awaiting An Announcement From Russia
Economy | 01/09/2023 Baghdad – Mawazine News Oil prices rose in trading today, Friday, after Russia, a member of the “OPEC +” group, hinted that it might extend the reduction of its oil exports.
By 10:01 Baghdad time, US West Texas Intermediate crude futures were trading at $83.79 a barrel, an increase of 0.19% from the previous settlement price.
Brent crude futures were traded at $87.01 a barrel, an increase of 0.21% from the previous closing price, according to Bloomberg agency data.
Yesterday, Russian Deputy Prime Minister Alexander Novak said that Russia had agreed with “OPEC +” on new criteria for reducing its crude exports to the markets, indicating that they will be announced next week.
Also, Novak did not rule out, in statements he made on Wednesday, that the voluntary cut in oil exports from Russia would be extended to next October, indicating that work in this framework is being carried out in cooperation with other countries.
In early August, Moscow decided to extend the decision to voluntarily cut oil production to include next September, provided that oil exports are reduced by 300,000 barrels per day.
Saudi Arabia also announced at the same time the extension of the voluntary cut in oil production, amounting to one million barrels per day, until September 2023, in order to support the stability and balance of the oil market. https://www.mawazin.net/Details.aspx?jimare=234234
Oil: Revenues For The Month Of August Amounted To More Than 8 Billion Dollars
Economy | 08:53 – 01/09/2023 Baghdad – Mawazine News The Ministry of Oil confirmed today, Friday, that the revenues of last August amounted to more than 8 billion dollars.
A statement by the ministry, a copy of which Mawazine News received, said, “The total exports and revenues achieved for the month of August, according to preliminary statistics issued by the Iraqi Oil Marketing Company “SOMO”, as the amount of exports of crude oil reached (106) million (122) thousand. And (874) barrels, with revenues amounting to (8.846) billion dollars.
The statement added, “The total quantities exported of crude oil for the month of August from the oil fields in central and southern Iraq amounted to (105) million and (236) thousand and (963) barrels, while the quantities exported to Jordan amounted to (464) thousand and ( 725 barrels, while exports from the Qayyara field were (421) thousand and (186) barrels, while the average daily quantities exported amounted to (3) million and (423) thousand barrels per day,” indicating, “the average price of one barrel amounted to (83.35) ) dollars.
And the statement continued, “The ministry, through its belief in informing the people of export operations and the revenues generated from it, took this monthly procedure.” Ended 29 / m99
https://www.mawazin.net/Details.aspx?jimare=234268
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