More Iraqi News Monday Evening 9-5-22
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What Awaits The Iraqi Markets In The Coming Period? .. Economists Warn
Reports & Analytics Iraq breaking budget Warnings markets
2022-09-04 03:48 Shafaq News/ Economists expect a major recession and inflationary stagnation in the Iraqi markets during the coming period, in light of the continuing political crisis and the lack of approval of the country’s financial budget. The economic expert, Basem Antoine, says that “the delay in approving the budget until the present time, without omens for the date of its issuance, indicates a recession and inflationary stagnation in the Iraqi markets.” And Antoine added, to Shafaq News Agency,
“As for the new investment projects, there is no hope for them, because Law No. 6 of 2019 for Financial Management does not allow spending for the following year on investments and creating job opportunities, so there will be a major depression if this problem is not addressed seriously and continuously.”.
Economic analysts rule out the application of comprehensive economic reform in Iraq during the next short period at least.
And returning to its recent history, and it should also be based on dealing with businessmen from a financial perspective, not from a partisan and sectarian perspective,” according to the economist, Hammam al-Shama’.
Al-Shammaa indicates in his interview with Shafaq News Agency, that “the next government – if it is formed – will be similar to its predecessors.
It cannot reduce corruption even by 10-20 percent.
Financial corruption has become available to everyone, so I do not expect much from the next government, The situation will continue as it is.”
And he continues, “But we do not forget that there is a financial abundance, and this abundance goes to the corrupt and moves the speculative sectors (the auto sector, the real estate sector, the remittance sector through the currency buying and selling window in the Central Bank), and
these transfers reached during the past month one billion and 300 million dollars., which is a huge amount, and it has reached this level from about 100 to 120 million dollars per day, and now at a rate of 250 million dollars per day, that is, remittances have doubled.”
“Real estate prices have also risen, and these are indicators of corruption that has increased in depth, size and quality, after the passage of the Emergency Food Security Support Law, which is not subject to financial accounting controls, so I expect the situation to get worse because the poor distribution of wealth causes the financial conditions of the Iraqi people to worsen,”
Al-Shamaa says.. As for the economic expert, Abdul Hassan Al-Shammari, he believes that “Iraqi markets differ from the markets of other countries, as they take the political curve and consider it a major aspect, and
when politicians differ among themselves, it reflects negatively on the Iraqi markets, and the circumstance that Iraq is currently going through makes the markets conflicting.
And another, prices rise and fall according to political news, and two days ago, the prices of materials rose from 75-100 percent, and yesterday they fell 100 percent.”
Al-Shammari pointed out, in his speech to Shafaq News Agency, that “the problem lies with the Iraqi merchants, as the merchant is the cause of the calamity in Iraq,
because he takes advantage of these opportunities in order to develop his materials and criticize, and
this is a big mistake committed by the merchant, while we see that in other countries companies reduce companies Owners of shops and markets own their materials by no less than 20 percent.
The economic expert concludes by saying that “Iraqi markets are on the verge of white and black days, according to the political conditions that drive them, and
if the Ministry of Commerce intervened in the markets, and the central markets and other public companies operating in Iraq remained, we would not have reached this situation, which is getting worse,
because The absence of a real policy and economic vision in Iraq, as well as its volatility and instability, which negatively affected prices in the Iraqi markets.
Iraq Discusses Reforming Its Economy With Germany
09/04/2022 43 Earth News/ The Minister of Finance, Ihsan Abdul-Jabbar Agency, received today, Sunday, the Ambassador of the Federal Republic of Germany to Iraq, Mr. Martin Jekar and his accompanying delegation.
According to a statement by the Ministry of Finance, received by Earth News,
“during the meeting, they discussed the extent of joint cooperation between the two countries in various fields, especially economic and investment, and ways to develop bilateral relations to include broader horizons of partnership.” The minister stressed
“the Iraqi government’s aspiration to enhance cooperation by benefiting from German expertise in developing various development sectors in Iraq, praising the distinguished role of the German government and its great support for Iraq in various fields.”
For his part, Ambassador Yekar praised the level of cooperation between Iraq and Germany in various fields,
stressing his country’s readiness to continue providing all kinds of support to the Iraqi government and the Iraqi people in the path of the Iraqi economic reform program and achieving sustainable development requirements.
On the other hand, Minister Ihsan Abdul-Jabbar met “the delegation of the German International Cooperation Agency, to discuss strengthening the public financial policy programs and the financial market in Iraq, where
they exchanged views and the capabilities available to the two parties and common goals,
taking into account the developments in the global arena that require more cooperation and strategic partnerships, and Requesting more technical details about all components of the project and
discussing the development of project mechanisms to achieve maximum benefit for the ministry’s cadres and institutions.”
During the meeting, the German Agency for International Cooperation (GIZ) provided a “detailed explanation of the program for the development of public financial management and the financial market in Iraq, which is funded by the German Ministry of Economic Cooperation (BMZ) and the European Union (EU).”
The program includes “developing the capabilities of the Ministry of Finance in the field of
public financial policy and budget building, tax and customs administration, comprehensive digital transformation, combating money laundering, financing the private sector and small businesses
https://earthiq.news/archives/136703
Iraq.. Starting Construction Of Two New Oil And Gas Tankers
Economie Today, 11:14 Baghdad – conscious – Nassar al-Hajj The Iraqi Oil Tankers Company, one of the formations of the Ministry of Oil, announced today, Monday, the size of its fleet, and while it indicated to start building two new tankers, it indicated to go to build others for gas.
The company’s general manager, Ali Qais, told the Iraqi News Agency (INA):
“The Iraqi Oil Tanker Company ( LOTC ) is a government company specialized in transporting crude oil and oil derivatives.
It was established in 1972, after the Iraqi government realized its importance in the presence of economic feasibility by increasing the country’s financial imports from Transporting crude oil across the seas with a national fleet and considering it an important link within the integrated oil industry.
Qais added, “The company owned not a small number of oil tankers of different tonnages, which are (Rumaila, Kirkuk, Ain Zala, Khanaqin, Jambour, Baba Karkar, Bazkan, Tariq Ibn Ziyad, Al-Mutanabi, Qadisiyah, Yarmouk, Al-Farahidi, Amoriyah, Hittin, Al-Mustansiriya, the eternal and the dignified.
He continued, “As for the small tonnage that specializes in supplying tankers with fuel (the bunker), they are four tankers.” He pointed out that
“the company owns four tankers with a tonnage of 10-13,000 tons, namely (Baghdad, Tigris, Shatt Al-Arab and the Euphrates), and work has begun to build two tankers with a tonnage of 30,000 tons, namely (Sumer and confirmed). He pointed out that
“the company’s vision is to continue working to achieve advanced steps in the field of transporting crude oil and oil products through the company’s aspiration to own a fleet of tankers with different tonnages, as we are the only carrier that complements the oil industries.”
He noted that “the company’s strategy is to
continue owning tankers with different tonnages for transporting crude oil and oil products,
working on building LPG tankers,
expanding the activity of ship fuel (Al-Bunker), and
proceeding with obtaining any new certificates issued by maritime organizations related to maritime work and
continuous training of maritime and administrative cadres in The company has provided it with stable cadres with high expertise in the maritime field.”
Regarding the ministry’s plans, Qais said:
“The ministry is working on restoring the company’s fleet, as a contract was signed to build two oil tankers with a tonnage of 30,000 tons, work on building two other tankers, and purchase oil tankers of different tonnage, as well as training its cadres and providing support in all fields, and
there is follow-up by the Minister Ihsan Abdul-Jabbar directly, and the agent for extraction affairs, Karim Hattab, will follow up on the work of the tankers and overcome all difficulties to return the work of the company for which it was founded, which is the transportation of crude oil and petroleum products.
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