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More Iraqi News Sunday PM 9-27-20

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The Economic Adviser To The Prime Minister Shows Options For Future Budgets

Sunday 27, September 2020  Economical Views: 290   Baghdad / NINA / The Economic Adviser to the Prime Minister, Mazhar Muhammad Salih, said: “The options for future budgets … are limited to a planned balance when actual revenues are achieved that disavow borrowing, or an actual deficit when borrowing as a deficit financier is realized.”

He said in a statement to the Iraqi National News Agency ( NINA ): “Any budget that is based on a (actual deficit) in public revenues as a result of exceeding public expenditures requires financing for that deficit, and traditionally the deficit is only financed by borrowing or borrowing, whether borrowing from home or abroad.” .

Saleh added: “In the event that a deficit budget is approved and there is an improvement in revenues such as high oil prices or unexpected revenues, here the deficit will be hypothetical and not arrange a public debt.”

He pointed out that: “If the public finances are unable to finance the actual deficit in the general budget, despite the existence of an allocation, then this leads to an automatic austerity budget, a decrease in public spending, and the deletion of many spending goals. Here, an unplanned balance can occur in the budget.”

Saleh added, “The options now are either a planned balance when actual revenues are achieved that excludes borrowing, or an actual deficit when borrowing is realized as a financier of the deficit or no borrowing occurs, and then the actual spending is equal to the actual revenue, which is a state of austerity imposed on the fiscal policy.”

Representative Agriculture: Self-Sufficiency, A Great Achievement For Iraq

Money  and business   Economy News _ Baghdad  The Parliamentary Committee of Agriculture, Water and Marshlands, on Sunday, considered self-sufficiency in most agricultural and animal products a great achievement for Iraq under the circumstances it went through.

The head of the committee, Salam Al-Shammari, said in a statement that Al-Iktissad News received a copy of, that “the stage of reaching self-sufficiency did not come from a vacuum, but rather according to well-thought-out plans and effective government parliamentary cooperation to serve farmers and producers.”

Al-Shammari added, “Preserving what has been accomplished needs to perpetuate these plans and search for new and modern things to increase the reclamation process and achieve sufficiency with new products and enhance the current ones.”

Al-Shammari stressed, “The need for additional funds to be allocated in the next budget for this matter, especially as enhancing self-sufficiency will open the way to export more of the surplus and to reap additional revenues for the budget.”Number of observations 58 Date added 09/27/2020

Central Bank: The Reform Paper For The Banking Sector Will Start Soon

Time: 09/27/2020 12:30:53 Read: 2,626 times {Baghdad: Al Furat News} The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, held his first meeting for the banking sector this morning, Sunday, in the bank’s building.

A statement to the media of the bank, the Euphrates News Agency received a copy of it, stated that the governor “presented during the meeting the future vision for the work of the Central Bank of Iraq in light of the economic crisis, as well as the terms of the reform paper for the banking sector, which will be initiated soon.”

The governor of the central bank stressed “the importance of developing banking services and products in the coming stage,” noting that “this bank will support the banking sector to advance its current reality.”   LINK

Chairman Of The Investment Authority: The Bureaucracy Is The Main Obstacle To Investment In The Country

Sunday 27, September 2020 12:32 | EconomicalViews: 134   Al-Kut / Nina / In the presence of the President of the National Investment Authority, Suha Al-Najjar, the Wasit Investment Authority held a workshop under the slogan / Investment Construction Gate / attended by the Governor of Wasit Muhammad Jamil Al-Mayahi and a large number of investors, company owners and researchers in economic affairs.

Al-Najjar said, “We seek to address the gaps that hinder the work of investment agencies, as I, since I took over the task of the National Investment Authority, noticed that the bureaucracy is the main obstacle to investment in the country, and we will work to find appropriate solutions according to a well-thought-out plan within the next few period, with Work to make administrative procedures easier and far from red tape, which stimulates the success of investment and makes the whole country a focus of attention for investors.

For his part, the Governor of Wasit indicated: “The governorate is poor in important investment projects, and projects of a commercial nature are insufficient,” stressing the local government’s endeavor to work to attract investments in the industrial, construction and residential fields, and directing all departments of the province to express the required cooperation to facilitate the procedures of investment projects .

At the conclusion of the workshop, the participants unanimously agreed that investment is the important means at the present time to save the country’s economy and boost the national product with real alternatives instead of relying on oil as the only financial source.

Iraq Ranks Second On The List Of Largest Oil Exporter In OPEC

Editing date: 9/27/2020 16:33 • 53 times read   [Baghdad-Where]   The US Energy Administration said that Iraqi oil exports to America reached 230,000 barrels per day during the first months of 2020.

The administration also confirmed in a report today, Sunday, that “the rate of Iraqi exports of crude oil to America during the first six months of this year amounted to 230 thousand barrels per day,” indicating that “this quantity is less than last year for the same months in which the rate of Iraqi exports reached from Crude oil is 351 thousand barrels per day, and less than in 2018 for the same months when the export rate reached 646 thousand barrels per day.

The administration indicated that Iraq ranked second after Saudi Arabia as the largest oil exporter in OPEC by 693 thousand barrels per day, while Nigeria came third at a rate of 70 thousand barrels per day, and Angola came third at a rate of 31 thousand barrels per day, and the rate of exports of crude oil exported to America during the month of January From 2020, it reached 299 thousand barrels, compared to February exports, 262 thousand barrels.

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