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Iraq Economic News and Points to Ponder Tuesday Afternoon 12-26-23

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Transport Is Moving To Buy And Build Modern Merchant Ships

 Money  and business  Economy News – Baghdad  The Ministry of Transport revealed its intention to purchase and build modern commercial ships to include them in its naval fleet, in order to activate and expand maritime shipping operations.

Director of the Ministry’s Media Office, Maytham Al-Safi, said that the Ministry is currently moving to purchase and build modern commercial ships to include them in its naval fleet, in order to activate and expand maritime shipping operations,

thus raising its efficiency in dealing with environmental and logistical challenges and enhancing its ability to compete economically.

This will also allow it to expand. In international maritime trade, which will contribute to strengthening the national economy and create additional job opportunities for graduates of maritime studies and specialists in this sector.

 He continued, that  the General Company for Maritime Transport is working to expand its commercial fleet, in proportion to the size of the great progress achieved in recent years in this sector, by opening shipping lines with a number of Arab, Asian and European countries, the most important of which was the direct shipping line with China, as It contributed to increasing the number of commercial ships arriving at our national ports.

Al-Safi indicated that the ministry is currently studying a plan to expand its work, by building a number of ships with large tonnage, which will fill the country’s need for the process of transporting ration card items and the goods it needs to support other sectors in all ministries and companies operating in Iraq, which contributes to supporting the country’s economy. Providing hard currency that supports the Iraqi dinar, noting that

there are many options for contracting with a number of well-known international companies in the global maritime sector, to transport goods to and from Al-Faw port after the official operation of the port soon.

He stated that the company currently owns 6 commercial ships, three of which are estimated to have a tonnage of (14) thousand tons, namely the Basra, Al-Muthanna and Al-Hadba, which operate in international waters outside Iraqi territorial waters, to transport many diverse cargoes, in addition to two ships, the first of which is a small service ship that operates in territorial waters.

The local ship is to supply fresh water and fuel to ships arriving at Iraqi ports.

The second is the Baghdad ship, which carries 10,000 tons and operates between the Emirates and Iraq to transport various containers.   12/26/2023 – https://economy-news.net/content.php?id=38856

A Deficit Of 39 Billion Dollars.. A Specialist Comments On International Reports That Warned Of The “Collapse Of The Iraqi Economy

Economy |12-23-2023, Baghdad today – Baghdad   Today, Saturday (December 23, 2023), economic expert Manar Al-Obaidi commented on the international reports issued by the International Monetary Fund and the World Bank regarding the Iraqi economy.

Al-Obaidi told “Baghdad Today” that  “there is ambiguity in the reports issued about the Iraqi economy, and  there is a statement from the International Monetary Fund that was not positive, but rather wanted to formulate the matter in a diplomatic way that is more positive.”

 He added, “The second report was issued by the World Bank, which is an extensive report that talked about the various aspects of the Iraqi economy, pointed out its shortcomings, and mentioned some important information that if it is not taken seriously by the government, we will be facing a major and difficult challenge that may lead to the complete collapse of the Iraqi economy.”

The expert in economic affairs stated,  “The World Bank report stated that if Iraq wants to spend all sections of the 2024 budget, the average selling price of a barrel of Iraqi oil must not be less than 112 dollars, but if the current price rates continue, it will lead to a deficit of 39 dollars.”

One billion dollars will be covered from the reserves achieved from previous years in which Iraq achieved a surplus, specifically in 2022 and 2023.”

Earlier today, Saturday (December 23, 2023), economic expert Nabil Al-Marsoumi summarized 7 risks facing Iraq that came in the latest report of the International Monetary Fund.

Al-Marsoumi said in a clarification received by “Baghdad Today” that

“despite the positive signals included in the report of the International Monetary Fund experts after their visit to Iraq on December 19, 2023, which included a recovery in economic activity in Iraq and a decline in inflation rates, the report indicated in detail some risks.” Challenging the Iraqi economy.

He explained that the most important of these risks are:

First: The significant expansion of public finances within the framework of the effective three-year budget law imposes significant and important risks on the sustainability of the public finances and the external sector in the medium term.

Second: Exercising caution in public financial conditions and implementing structural reforms are considered extremely important factors in ensuring the protection of macroeconomic stability and sustainability, and achieving lasting and more comprehensive growth.

Third: The decline in oil production after the closure of the oil pipeline linking Iraq and Turkey, and the reduction in production at the request of the OPEC+ group, will work together to reduce the growth of the gross domestic product in the years 2023 and 2024.

Fourth: The public finance balance is expected to transform from a large surplus achieved in 2022 to a budget deficit in 2023. Experts expect the size of the government’s fiscal deficit to expand further in 2024, reflecting the full annual impact of budget measures.

Fifth: The significant expansion of public finances, including a fundamental increase in the numbers of members of the public sector and retirement, creates permanent requirements for public spending that will put pressure on public funds in the medium term.

Sixth: Mobilizing more non-oil revenues, containing the wage bill for government employees, and reforming the government retirement system. These measures must be supported by a move to a more targeted social safety net that works to provide better protection for vulnerable groups.

Seventh: The necessity of creating equal opportunities for the private sector by implementing reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing to make efforts aimed at strengthening governance and reducing the spread of corruption.

https://baghdadtoday.news/238390-عجز-بـ-39-مليار-دولار.-مختص-يعلق-على-تقارير-دولية-حذرت-من-انهيار-الاقتصاد-العراقيّ.html

The Central Bank Sells $202 Million At Auction Today

Economy   Tuesday, December 26, 2023 1:58 PM  Baghdad/National News Center  The Central Bank of Iraq sold $202 million at auction on Tuesday.

The Central Bank of Iraq announced in a statement its sales of hard currency, amounting to $202 million in today’s transactions, according to the official rate of 1310.

The bank’s data showed that “the total cash withdrawals amounted to $22,480,000, while the total amounts of transfers abroad, which include remittances and credits, amounted to $180,117,819, while the total sale amounted to $202,597,819.”   https://nnciraq.com/243034/

The Dollar Rises Again In Baghdad Markets

Time: 12/26/2023 10:29:33 Read: 1,950 times  {Economic: Al-Furat News} Dollar prices rose, today, Tuesday, in Baghdad markets  The prices were as follows..

The selling price was 150,750 Iraqi dinars, while the purchase amounted to 148,750 dinars per 100 dollars.   LINK

Stability Of Oil Prices In Global Markets

Economy | 09:09 – 12/26/2023  Baghdad – Mawazine News  Oil prices witnessed little change on Tuesday, with investors focusing on geopolitical tensions in the Middle East and optimism that the Federal Reserve (the US central bank) will soon begin lowering interest rates, which will contribute to higher global economic growth and boost demand.

Brent crude futures fell 26 cents, or 0.3%, to $79.13 per barrel, while the price of US West Texas Intermediate crude reached $73.59 per barrel, up by three cents.

Both benchmarks gained about 3% last week after attacks on ships disrupted global shipping and trade, raising tensions in the Middle East as the conflict in Gaza continues.

https://www.mawazin.net/Details.aspx?jimare=239608

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Provoking Points To Ponder on Power:

Responsibility n: A detachable burden easily shifted to the shoulders of God, Fate, Fortune, Luck or one’s neighbour. In the days of astrology it was customary to unload it upon a star.  – Ambrose Bierce

The best effect of fine persons is felt after we have left their presence.  – Ralph Waldo Emerson

The fault, dear Brutus, is not in our stars, But in ourselves, that we are underlings. – William Shakespeare

The tyrant dies and his rule is over; the martyr dies and his rule begins.  – Soren Kierkegaard

Unused power slips imperceptibly into the hands of another.  – Konrad Heiden

Who controls the past controls the future. Who controls the present controls the past.  – George Orwell

Power never takes a back step – only in the face of more power.  – Malcolm X

Power is always right, weakness always wrong. Power is always insolent and despotic.  – Noah Webster

Power only tires those who don’t exercise it.  – Pierre Elliott Trudeau

Famous Quotes and Authors, Famous Quotations for all Occasions