TLM724 Administrator BondLady’s Corner
Oil Prices Rise 2.5%
Economie| 08:56 – 16/07/2022 Follow-up – Mawazine News: Oil prices rose 2.5% after a US official told “Reuters” that an immediate increase in Saudi oil production is not expected, and at a time when investors are wondering whether OPEC has room to increase crude production significantly.
Brent crude futures rose 2.5 percent to $101.60 a barrel, while West Texas crude rose 2.5 percent to $98.16.
On the weekly front, both benchmarks posted their biggest weekly percentage declines in about a month, mainly due to concerns earlier in the week that an impending recession might curb demand.
https://www.mawazin.net/Details.aspx?jimare=199468
Al-Kazemi’s Advisor Details The Necessary Financial Measures In The Absence Of The General Budget
Saturday, July 16, 2022 10:32 AM National News Center / Special Today, Saturday, the financial advisor to the Speaker of the House of Representatives, Mazhar Muhammad Salih, separated the process of the absence of the general budget for 2022 and the measures to be taken.
Saleh said in an interview with the “National News Center”, that “the increase in total revenues (the basis of which is oil revenues) is subject when it is outside the limits of financing the expenditures set forth in Law No. 2 of 2022, that is, the emergency law for food security and development, or exceeds the funding limits set forth in accordance with the provisions Article (19) / Second of the effective Financial Management Law No. (6) of 2019 disbursing 12/1 of the actual current expenditures realized in the fiscal year 2021, based on the provisions of the two laws above and when actual revenues exceed expenditure estimates, and after covering the actual deficit,
if any in the law As mentioned, the surplus is directed and employed in the budgets of the following years through a “sovereign fund” provided that legal adaptation is provided for the current fiscal year’s conditions because the financial savings that go to the account of the sovereign fund are required under the applicable Federal Financial Management Law.
He added that “the annual general budget law does not exist for the year 2022, despite that, this means that the generation of official reserves that are used for spending in the coming years through a sovereign provision fund is impossible and managed according to the best international practices in managing and investing official reserves and benefiting from the investment returns of those official foreign reserves.
Or disposing of it in financing the budgets of the coming years and achieving the so-called financial sustainability, as confirmed by the Central Bank of Iraq in its recent statements about the management of the fund, and certainly the priority will go in an important aspect of it towards financing investment projects that contribute to the development of national income and economic prosperity for our country.
He continued: “If the 2022 fiscal year ends without approving the general budget (and starting spending at a ratio of 1/12 of the actual current expenditures for the past year), that is, for the year 2021, the financial surpluses will go to a fund or reserve account that represents the sovereign wealth.”
And he indicated that “priority will go towards the sustainability of financing investment projects that contribute to the development of national income and the economic prosperity of our country, especially petrochemical, refining, fertilizer and strategic agricultural projects.” https://nnciraq.com/140938/
Al-Halbousi Calls On The Political Forces To Resolve The Dialogues To Proceed With The Election Of The President Of The Republic
Parliament Speaker Muhammad Al-Halbousi called on the political forces to resolve the dialogues to proceed with the election of the President of the Republic.
Al-Halbousi said in a statement issued by his office that “with the end of the legislative recess for the first term of the House of Representatives, the blessed Eid al-Adha holiday and the start of the new legislative term, I call on the brothers and sisters, heads of political forces and parliamentary blocs, to assume responsibility and resolve dialogues to proceed with the election of the President of the Republic.”
He added, “This will allow the necessary measures to be taken, in accordance with the provisions of the constitution and the internal system of the parliament, in determining the date of the election session, and completing the constitutional dues to form the expected government.”
https://www.radionawa.com/all-detail.aspx?jimare=30329
Iraq Proposes The Establishment Of The Middle East Bank For Development And Integration
Money and business Economy News – Baghdad Today, Saturday, Prime Minister Mustafa Al-Kazemi proposed the establishment of the Middle East Bank for Development and Integration.
Al-Kazemi said in his speech during the Jeddah Security and Development Summit: “The dangers created by the repercussions of the crisis in Ukraine require intensifying regional and international efforts to find quick solutions and unify efforts in the field of ensuring food security for our peoples and securing energy supplies.”
He added, “The Middle East region has been significantly affected by the consequences of climate change, the water crisis and the risks of desertification, in addition to all the health challenges following the emergence and spread of epidemics such as the Corona pandemic. All of these crises require that we move together and unite to confront them.”
He continued, “The tripartite meetings and conferences that brought together Iraq with the Arab Republic of Egypt and the Hashemite Kingdom of Jordan have produced a common vision to open up the ranges of cooperation and integration in various fields, as the Baghdad Conference for Cooperation and Partnership was an expression of the historical ties that unite all the countries of the region, and Iraq and the GCC countries have followed suit.
Gulf cooperation is important steps to strengthen their relations aimed at achieving integration in various fields, and from this point of view, we have concluded two electrical interconnection agreements with the Kingdom of Saudi Arabia and with the countries of the Gulf Cooperation Council, and we are proceeding with the electrical linkage with Jordan and Egypt.”
He pointed out that “Iraq, although it remains an important oil producer, but this economic artery increases our environmental challenges. Therefore, we are working quickly to invest gas that is burned in oil fields, and we are also expanding the scope of investment in alternative energy.”
He continued, “Iraq proposes to establish the Middle East Bank for Development and Integration in partnership with the Gulf Cooperation Council countries, Egypt and Jordan.
The Bank is interested in sustainable regional development by financing infrastructure projects that would help link the economies of the region, and the Bank places in its priorities the development of regional electricity networks.” , oil and gas pipelines, highway networks, ports and airports, heavy industries with a large regional market, and it finances projects in the field of water resource management, desertification and mitigating the effects of climate change. 43 . views Added 07/16/2022 – 4:29 PM Update 07/16/2022 – 5:48 PM https://economy-news.net/content.php?id=28911
Al-Kazemi Proposes The Establishment Of The Middle East Bank
Saturday 16 July 2022 15:12 | Economic Number of readings: 148 Baghdad / NINA / – Prime Minister Mustafa Al-Kazemi proposed the establishment of the Middle East Bank for Partnership and Integration.
Al-Kazemi said in his speech during the opening of the Jeddah Summit that the bank will be with the participation of Egypt and Jordan./ Ended https://ninanews.com/Website/News/Details?key=987904
Turkey Pledges To Increase Water Releases To Iraq
Reconstruction and building Economy News – Baghdad The Ministry of Water Resources announced, on Saturday, the Turkish side’s pledge to improve water releases to cross the scarcity crisis that Iraq is suffering from.
Ministry spokesman Ali Radi told the official news agency, “A virtual meeting was held via the Internet today, between the Minister of Water Resources, Mahdi Rashid Al-Hamdani, the special envoy of the Iraqi Prime Minister for Water Affairs, and the envoy of the Turkish President for Water Affairs, Faysal Oroglu.”
He added, “The meeting discussed the status of water imports of the Tigris and Euphrates rivers entering Iraq, in the presence of the technical advisor to the ministry and the director general of the National Center for Water Resources Management,” noting that “the Iraqi side affirmed its adherence to the policy of dialogue and understandings with upstream countries.”
Radi confirmed that “the Turkish side pledged during the meeting to increase water releases to Iraq to cross the scarcity crisis it is suffering from.” 86 . views Added 07/16/2022 – 4:32 PM Update 07/16/2022 – 5:54 PM https://economy-news.net/content.php?id=28912
Crown Prince Of Kuwait: We Have A Unity Of Destiny With Jordan, Iraq And Egypt
Political | 03:12 – 07/16/2022 Baghdad – Mawazine News, Crown Prince of Kuwait, Mishaal Al-Ahmad Al-Sabah, affirmed that his country has a unity of destiny with Iraq, Jordan and Egypt.
The Crown Prince of Kuwait, Sheikh Mishaal Al-Ahmad Al-Sabah, stated that “the challenges require from all of us more consultation, coordination, cooperation and understanding to confront them.”
He added: “We are proceeding in the Cooperation Council in our good offices on the path of supporting our strategic partnership with the United States, based on our absolute belief in its necessity and importance in light of events that require union, integration and rapprochement, not divergence and grouping, not solitude and intensification, not isolation.”
He expressed his hope that “this summit will be the beginning of a new beginning to address the issues of the region that took many decades, foremost of which is the Palestinian cause. Eastern. Ended 29 / h
https://www.mawazin.net/Details.aspx?jimare=199506
Biden: Efforts Have Been Made To Sign The Electrical Connection Between Iraq And The Gulf
Political | 02:12 – 07/16/2022 Baghdad – Mawazine News , US President Joe Biden confirmed today, Saturday, that efforts have been made to sign the electrical connection between Iraq and the Gulf.
Biden said during his speech at the Jeddah Summit for Security and Development held in Saudi Arabia: “Efforts have been made to sign the electrical connection between Iraq, Saudi Arabia and the Gulf.”
He added that “America will remain a key partner in the Middle East.” Ended 29 / AD 99
https://www.mawazin.net/Details.aspx?jimare=199501
Minister Of Planning: The Iraqi Government Seeks To Diversify Sources Of Income And Support Development Programs
The Minister of Planning, Khaled Battal Al-Najm, confirmed that the Iraqi government seeks to diversify sources of income and support development programs.
Al-Najm said, according to a statement issued by the ministry during his participation in the high-level political forum for sustainable development organized by the United Nations in New York that “Iraq’s priorities at this stage are to return to the sound development path to achieve the sustainable development agenda and its goals for the year 2030.”
He added, “We got out of the war against the terrorist gangs of ISIS and began to address the financial consequences of the war, the file of the displaced, and the reconstruction and stability of the affected areas.”
He added, “Iraq witnessed a mass movement in 2019 that led to the resignation of the previous government, and the Corona pandemic caused economic problems, which exacerbated the challenges and negatively affected the pursuit of sustainable development goals.”
The Minister of Planning confirmed that “Iraq completed the response document and the pandemic recovery plan in cooperation with international and local partners, and it was launched in 2021.”
He pointed out that “the drop in oil prices, and Iraq’s commitment to the (OPEC +) agreement in 2019 to reduce the share of production and export by 23%, exacerbated the challenges and negatively affected the pursuit of sustainable development goals.”
He pointed out that “after the Corona pandemic, the world witnessed a sharp rise in food and energy prices, which cast a heavy shadow on countries with special circumstances, including Iraq, and hampered their efforts to achieve sustainable development goals.”
Al-Najm said that “Iraq is one of the most vulnerable countries in the world towards climate issues, in addition to the scarcity of water resources related to the preparation of potable water, agriculture and the flooding of marshes.”
And he indicated that “the unfair water policies of the riparian neighboring countries have greatly harmed Iraq and negatively affected many development goals.”
He stressed, “The Iraqi government’s endeavor to build plans and support programs to face challenges and respond to these changes, through various tools, the most important of which are the economic and structural reforms presented by the government, as in the white paper, and it is also seeking to diversify sources of income and support development programs.” https://www.radionawa.com/all-detail.aspx?jimare=30326
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