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More Iraqi News Thursday AM 10-8-20

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Economist: $ 61 Billion, Iraq’s External And Internal Debts

Pratha News Agency119 2020-10-07   The economic expert, Ali Al-Saffar, confirmed, on Wednesday, that Iraq’s external and internal debts until early 2020 reached about $ 61 billion, indicating that there are other debts this year that have not yet been calculated.

Al-Saffar said in a press interview that “Iraq’s foreign debts up to January 1, 2020 amounted to $ 25 billion, including Gulf War compensation and previous international loans and others.”

He added that “there are debts and internal government loans until the beginning of 2020 estimated at 40 trillion dinars, equivalent to 36 billion dollars,” noting that “the total debt totaled about 61 billion dollars, according to what is proven in government papers.”

He explained that “those debts have doubled during the current year, especially the Al-Kazemi government, which has gone on borrowing and has not yet been disclosed,” noting that “the size of the debts will be seen by the end of this year after calculating the final accounts.”

Oil Rises With The Arrival Of “Delta” In The United States

Time: 10/08/2020 12:02:51 Read: 2,249 times  {International: Al Furat News} Oil prices rose during trading on Thursday, after workers in the oil sector evacuated platforms in the Gulf of Mexico in the United States before the arrival of Hurricane “Delta”.

US West Texas Intermediate crude futures rose 1.03% to $ 40.36 a barrel.

Brent crude futures increased by 1.21% to $ 42.50 a barrel, according to Bloomberg data.

With expectations that Hurricane Delta will turn into a Category III storm with winds of up to 193 kilometers per hour, oil producers in the Gulf of Mexico evacuated 183 offshore facilities and stopped production of 1.5 million barrels per day of oil.

The Gulf of Mexico produces 1.65 million barrels per day, according to the US government. The region, which accounts for 17% of US crude production, has been affected by a number of storms over the past few months, each of which has negatively affected oil production for a while.  Prices were also supported by a possible production disruption in the North Sea in Europe due to a labor strike in Norway.   LINK

In Numbers … 940 Billion Dinars Per Month To Fill The Deficit In State Institutions, Even Those That Produce Them

Time: 10/08/2020 11:38:34 Read: 3,211 times  {Baghdad: Al Furat News} The Future Iraq Foundation for Economic Studies revealed the volume of monthly disbursements to the ministries and governorates of the state to bridge the deficit.

The center stated that “the volume of grants to the ministries and governorates of the state amounted to more than 940 billion dinars per month, and it is expected that the size of grants during this year will reach more than 12 trillion Iraqi dinars, most of them to fill the deficit in the ministries and provinces.”

He added, “The Ministry of Finance occupied the largest share of grants, at an amount of 713 billion dinars per month, to meet the ministry’s need for various expenditures and its related programs.”

And he continued: “As for the three productive ministries (industry, electricity, housing), whose strategy is supposed to be to raise the state’s domestic product and increase revenues, but the weak economic policies have transformed those ministries into consuming parties, the level of deficit in them exceeds the logic and goal of their existence.”

He indicated that “the Ministry of Industry and Minerals occupied the most productive ministries, depending on grants, at an amount of more than 83 billion dinars per month.” “. He continued: “As for the cabinet, the average monthly grants granted to it amounted to 30 billion Iraqi dinars.”   LINK

The Price Of The Dollar In Iraq Today

Time: 10/08/2020 11:26:44 Read: 14,586 times  {Baghdad: Al Furat News} The foreign currency markets in Baghdad recorded a stable exchange rate of the dollar against the Iraqi dinar on Thursday.

The exchange rate on the Central Kifah Stock Exchange today was 1237 dinars to one dollar, or 123 thousand and 700 dinars for one hundred dollars, the same as yesterday.

The exchange rates in Al-Harithiya Stock Exchange did not differ from Al-Kifah.

On the Erbil Stock Exchange, it recorded price stability and did not differ from the Baghdad Stock Exchange.

Iraq Is About To Invest Methane Gas In Electricity Production

Energy  Economy News _ Baghdad   Iraq plans to invest methane gas in the production of electrical energy, which it suffers from, and to promote the use of a new source of cleaner energy.

Following a high-level webinar hosted by the Iraqi Ministry of Health and Environment and the United Nations Environment Program and followed by Al-Eqtisad News, the Iraqi Undersecretary for the Environment, Jasim Hammadi, said, “The ministries of health, environment and oil have agreed to form a joint technical working committee to understand the nature and size of the resulting methane emissions. Better on the country’s oil and gas sector. ”

While Iraq produces about three percent of global oil and gas, it is responsible for about eight percent of global methane emissions, according to estimates by the International Energy Agency. The value of this wasted gas is estimated at 1.5 billion USD.

Hammadi added, “What Iraq needs now is” building its methane metering capabilities and establishing a national baseline for emissions “, calling for” technical support from United Nations agencies and global initiatives, including the Global Methane Alliance, to help Iraq set “national goals.” Suitable for reducing methane emissions can be incorporated into the document of NDCs to reduce greenhouse gas emissions in Iraq “under the Paris Climate Agreement”.

Methane is a potent climate pollutant responsible for 25 percent of global warming, according to the Intergovernmental Panel on Climate Change (IPCC). “Methane has a tremendous climate impact because it can trap heat that is 84 times greater than that of carbon dioxide over 20 years,” said Julia Ferini, coordinator of the Global Methane Alliance for the Energy and Climate Division of the United Nations Environment Program.

“We are very keen to obtain better data on methane and instead of losing huge quantities of it and how to exploit it, so that we can generate the electricity our people badly need and promote the use of a relatively new source of cleaner energy in Iraq,” the Ministry of Oil said in a statement after the seminar.

She explained, “This will also help Iraq to implement its obligations under the United Nations Framework Convention on Climate Change and the Paris Agreement, which fits perfectly with our vision to increase the use of associated gas and stimulate investment in this important sector in the future.”

“The challenge in monitoring methane is that it is an invisible gas, so specialized equipment and studies are needed to detect these leaks and quantify them,” said Marisol Estrela, disaster risk reduction coordinator in the Crisis Management Branch of the United Nations Environment Program.

The United Nations Environment Program, through its partnership with the Norwegian Oil for Development Program as well as its international methane initiatives and networks, stands ready to support Iraq in getting a better picture of how much gas it is losing and how to reduce emissions.

Efforts to solve the methane gas problem in Iraq received an encouraging welcome, with the Iraqi parliament’s ratification of the Paris Agreement on September 22.

The good news is that reducing methane emissions is an easy process at net zero cost. Typically, about 40 percent of emissions can be reduced using readily available technology whose cost can be offset by gains in gas production. These benefits are even greater in the case of Iraq, where it can reduce emissions by about 64 percent at no cost, according to an analysis by the International Energy Agency.

In addition to the climate and economic benefits, reducing methane emissions will also help alleviate chronic air pollution in Iraq. In oil-producing regions such as Basra, methane emissions and pollution from combustion are suspected of exacerbating respiratory diseases and contributing to the incidence of some types of cancer. Number of observations 33 Date of addendum 10/8/2020

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