Bondlady’s Corner

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Iraq Economic News and Points to Ponder Saturday Evening 1-20-24

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Al-Sudani: Iraq Today Is On The Right Path

Saturday 20, January 2024 | Political Number of readings: 271  Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed that Iraq today is on the right path.  Al-Sudani said during his inauguration today of the Fine Arts Intersection Bridge, that the projects are being completed according to the timings, or even less than their timings.

He added that the bridge at the Fine Arts Intersection is simple and the ceiling of our goals and ambitions is large, indicating that this intersection came after a clear vision and promise from the government regarding the provision of services.

He explained that the projects in this area will be completed with the Sarafiya Intersection Bridge and the construction of a bridge parallel to the Sarafiya Bridge.

The Prime Minister renewed the government’s commitment to implementing all projects.

Trade Announces The Conclusion Of The Baghdad Fair And Discusses Its Results

Money  and business  Economy News – Baghdad   Today, Saturday, the Ministry of Commerce announced the conclusion of the activities of the 47th Baghdad International Fair, while mentioning its advantages.

The Minister of Commerce, Atheer Al-Ghurairi, said in a statement received by Al-Iqtisad News: “The activities of the session were distinguished compared to previous sessions in terms of organization, qualification, diversity and size of participation by countries and companies, as well as the achievement of many partnership contracts between Iraqi sectors and sectors of countries and companies participating in the international session.”

He pointed out that “the Baghdad International Fair is a message to the world that Iraq is coming strong as an important economic player capable of containing the largest international gatherings and interacting with them in a way that serves the aspirations of our people for a free and dignified life. In addition, the exhibition was a message from the participating countries of their desire to extend bridges of cooperation.” With Iraq.”

For his part, the company’s general manager, Mustafa Al-Ani, confirmed, “The conclusion of the activities of the Baghdad International Fair, bidding farewell to another year in its pioneering journey that accompanied its launch in the sixties of the last century.” He said, “This session was distinguished by the participation of 22 countries and 850 local, Arab, and international companies, which is the highest participation compared to the sessions.” Previously, the participation of the Kingdom of Saudi Arabia was the largest.

He added, “The conclusion of this session gives other aspects to the new Iraq in its economic developments, which could give it the opportunity to enter international investments, as the exhibition witnessed commercial displays of various international and local commodities and goods in addition to the projects and achievements of local and international companies from various sectors, as well as projects related to infrastructure.” agricultural, industrial, technological and other sectors.”

Views 80 01/20/2024 –

With The Closure…The Dollar Price Decreased

Time: 01/20/2024 Read: 910 times  {Economic: Al-Furat News} The main stock exchange in the capital, Baghdad, closed today, Saturday, due to the decline in the exchange rate of the dollar against the Iraqi dinar.

Selling prices in money exchange shops in local markets in Baghdad reached 153,250 Iraqi dinars for 100 dollars, while purchasing prices reached 151,250 dinars for 100 dollars.  LINK

A Slight Decline In Oil Despite Achieving Weekly Gains

Saturday 20, January 2024 | Economical Number of readings: 300  Baghdad / NINA / Oil prices fell slightly, but recorded weekly gains, as tensions in the Middle East and disruption to oil production outweighed concerns about the Chinese and global economies.

The settlement price for Brent crude futures contracts was set at a decrease of 54 cents at $78.56 per barrel, while US West Texas Intermediate crude fell by 67 cents to reach $73.41 at settlement.

Over the course of the week, Brent rose about 0.5%, while US crude rose more than 1%.

In China, slower-than-expected economic growth in the fourth quarter raised doubts about expectations that demand there will drive global oil growth in 2024.

In the Middle East, geopolitical risks supported prices during the week.

In the United States, about 30% of oil production in North Dakota, the third largest producing state in the country, remained closed due to extreme cold, the state Pipeline Authority reported on Friday.

Production fell by about 700,000 barrels per day, more than half, in the middle of the week.

The state regulator said on Friday that it could take a month for production to return to normal levels.

Meanwhile, the number of oil rigs operating in the United States, an early indicator of production, fell by two to 497 this week, Baker Hughes (BKR.O) said on Friday.

This week, the International Energy Agency raised its forecast for global demand for 2024, but its forecast is less than half of OPEC’s forecast.

The Media Cell Spokesman Denies, Via Nina, The Arrival Of 1,500 American Soldiers To Iraq

Saturday 20, January 2024 | a wish Number of readings: 440  Baghdad / NINA / The spokesman for the Security Media Cell, Brigadier General Miqdad Miri Al-Moussawi, denied the arrival of 1,500 American soldiers to Iraq.

He said in a special statement to the National Iraqi News Agency ( NINA ): “Iraq is moving towards scheduling the withdrawal of foreign forces from Iraq,” noting: “The role of the international coalition is limited to training and advice, and this matter is in accordance with the security agreement between Iraq and the international coalition forces.”

$21 Billion Is The Size Of Iraq’s External Debt Until 2028

Economical 01/18/2024   Baghdad: Haider Falih Al-Rubaie, the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, suggested that  Iraq’s external debt until the year 2028 would not exceed the $21 billion barrier,

stressing that the country’s creditworthiness is at a high degree of sobriety and reliability, according to which Iraq will be placed in a stable rating. While  he pointed out that the accumulation of debt came as a result of the national economy being exposed to two shocks.

Despite the accumulation of internal and external debt, the Parliamentary Finance Committee reassured that there would be no financial deficit in the country’s budget for the current year 2024,

while specialists in economic affairs expressed their fear of the continued fluctuation of oil prices, hinting at the possibility that public revenues would be affected in the event of a decline. Global black gold prices.  Saleh told “Al-Sabah”:

“The external debt that must be repaid until the year 2028 does not exceed, in my estimation, the barrier of 21 billion dollars,” indicating that  “the repayment mechanism is subject to the actual current or ongoing allocations allocated in the federal general budget on an annual basis to pay the debt dues.”

The government advisor stressed that  “Iraq’s credit record, or credit worthiness, stands at a high degree of sobriety and reliability,

which is why international credit rating companies have placed Iraq at rank B of the stable category throughout the last ten years, due to its high financial credit and commitment to paying service dues.” his debts on an ongoing basis.

During a previous press statement, Saleh calculated the size of the country’s internal debt, while confirming that the Iraqi economy had been exposed to “two shocks.”  Saleh said: “The internal public debt in Iraq is estimated at approximately 55 billion dollars,” indicating that

“the accumulation of this debt came as a result of two shocks to which the country’s economy was exposed between the years 2014 – 2021.”

He added, “The first shock was financial-security, as a result of the country being exposed to the threat of ISIS terrorist gangs, in addition to the war in which Iraq won against ISIS terrorism, which at that time required financing the budget deficit, due to the growing military expenditures and the sharp decline in oil prices.”

Saleh pointed out that  “the second shock, which was financial-health, resulted from the Corona pandemic crisis and the decline in oil price revenues at the same time due to the sharp cycle of oil assets and the loss of a barrel of oil in both shocks of approximately 40% of its estimated revenues as revenues for the general budget,” noting that this  prompted the financial authority in Iraq to borrow from the government banking market, mostly by issuing treasury bonds or annual treasury transfers bearing an average interest of about 3%.

The advisor noted that  “the internal public debt was traded exclusively within the government financial system without the intervention of the banking market.” Except in a very limited manner, that is, 95% of internal debt, with its tools represented by bonds and treasury transfers, is traded exclusively within government financial agencies.”

In the midst of this, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, expected that there would be no financial deficit in the budget for the current year 2024,

indicating during a press interview followed by “Al-Sabah” that  “the government will submit amendments to the table of amounts, and these amendments are in the process of being completed and sent to the Finance Committee and will be studied there and approved.”

It is decided by Parliament and is on its way to implementation.”  Al-Kadhimi pointed out that  “last year’s budget, 2023, did not suffer from a deficit, but the current year’s budget, 2024, will not have a financial deficit, especially since oil prices are constantly increasing.”

Contrary to the previous opinion, economic affairs specialist, Ali Al-Defafi, believes that the worsening situation in the region may lead to a delay in the arrival of oil supplies to consuming countries, and

thus a decline in the financial revenues of some producing countries, expecting average oil prices to be stable between -75%. $80 for the current year.

Al-Diffai stressed the need to exploit the financial abundance achieved as a result of the increase in oil prices over the past two years,

to establish strategic projects and work to support the productive aspects that can contribute to supplementing the country’s financial budgets, especially the agricultural and industrial sectors,

praising, at the same time, the government’s economic moves in Supporting the private sector, which will contribute during the coming period to reviving many local industries that could block the way for imported products.

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Provoking Points To Ponder on Adversity:

Pain, indolence, sterility, endless ennui have also their lesson for you.  – Ralph Waldo Emerson

Prosperity is a great teacher; adversity is a greater. Possession pampers the mind; privation trains and strengthens it.  – William Hazlitt

Wisdom comes by disillusionment.  – George Santayana

You have learned something. That always feels at first as if you had lost something.  – George Bernard Shaw

I have always grown from my problems and challenges, from the things that don’t work out. That’s when I’ve really learned.  – Carol Burnett

Those things that hurt, instruct.  – Benjamin Franklin

Pain is the root of knowledge.  – Simone Weil

Famous Quotes and Authors, Famous Quotations for all Occasions