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Iraqi News Monday AM 1-11-21

TLM724 Administrator BondLady’s Corner

Expectations That The Rise In Oil Prices Will Contribute To Filling The Deficit Gap

Monday, January 11, 2021  31   Baghdad: Haider al-Rubaie  Specialists in economic affairs have suggested a significant reduction in the fiscal deficit gap in the current year 2021 budget during the coming periods, due to the rise in global oil prices, calling at the same time the need to pursue an economic policy that would increase the country’s non-oil revenues.

The House of Representatives will resume, today, Monday, the second reading of the General Budget Law, after it finished the first reading of the budget, which was estimated at 150 trillion dinars, with a deficit amounting to more than 44 percent, according to the Chairman of the Parliamentary Finance Committee, warning of the repercussions of that deficit that can be paid The government leads to internal and external borrowing, which increases the financial burden on the state.

Reducing expenses

The economic expert, Salam Sumaisem, stressed during her speech to “Al-Sabah” the need for the government to move during the current year’s budget to reduce various expenditures, especially unnecessary expenditures represented by a number of social privileges for many parties, which are very large in relation to the budget.

Sumaisem stressed the importance of cutting salaries for “aliens” and preventing the policy of multiple salaries and being satisfied with one, indicating that these steps can provide liquidity to support the salaries of state employees in general.

And the economic expert urged, to actually go towards increasing state revenues, by controlling the border outlets, which are one of the most important sources of support for the state’s financial budgets, if done correctly, as well as realizing the imports and fees of the rest of the state’s departments, which could fill a great need From the country’s budget, as well as activating taxes on incomes and sales, indicating that these steps taken together, can address the deficit and move Iraq from the economic crisis to the location of economic stability.

Oil prices

For his part, a specialist in economic affairs, Bassem Jamil Antoine, believes that the government took into account not setting high prices for a barrel of oil in estimating budgets, in order not to fall into embarrassment, as happened many times when oil prices rose globally. Antoine points out, that «the budget estimated the price of a barrel of oil at $ 42, and we have a large deficit in the budget, and this deficit is the result of insufficient oil revenues and other things, so the financial surplus resulting from high oil prices will fill part of that deficit».

Antoine expected oil prices to reach more than $ 60 during the coming periods, indicating that this would cover a large proportion of the deficit.   LINK

Minister Of Transport Discusses The Law To Join The Asian Investment Bank

Monday, January 11, 2021  80  Baghdad: Morning  Yesterday, Sunday, Minister of Transport, Nasser Hussein Al-Shibli, discussed with representatives of the Ministries of Foreign Affairs and Finance and the Central Bank of legislation legislation for Iraq’s joining the Asian Infrastructure Investment Bank.

A statement by the ministry stated, “The Minister of Transport discussed during his presidency of a meeting of the Diwaniya Order 70 Committee for the year 2018, which included representatives from the Ministries of Foreign Affairs and Finance and the Central Bank of Iraq, the latest developments with the Turkish side regarding the railway connection and reaching a joint agreement form in preparation for the transit of goods coming from Iraqi ports through Turkish territory to Europe, provided that the agreement includes facilitating transit procedures and opening more than one border crossing.

Al-Shibli directed, according to the statement, to “prepare an economic feasibility study regarding the design capacity of the Faw port in the event of receiving goods and containers coming from China, which will be planned to run through the Iraqi dry canal and reach European markets via Turkish territory.”  LINK

Toller Al-Araji: The US Treasury Must Correct Its Mistake On Al-Fayyad

Time: 01/11/2021 16:22:03 Read: 481 times  (Baghdad: Al Furat News) He assured the US ambassador in Baghdad, Matthew Toller, to the National Security Adviser, Qassem Al-Araji, that the US Treasury must correct its mistake against the head of the Popular Mobilization Authority, Faleh Al-Fayyad.

The media office of the National Security Adviser said in a statement, “Al Furat News” received a copy of it that “during the meeting, the latest political and security developments in Iraq and the region were discussed, and the strengthening of relations between Baghdad and Washington, in the interest of both countries.”

Al-Araji declared, “his rejection of the US Treasury’s decision against Faleh Al-Fayyad,” noting that “Iraq seeks to resolve and dismantle crises,” stressing, “We want Iraq to be a meeting point, as it can play this role, and everyone should realize that the interest of Iraq is supreme.”

For his part, Toller touched on Al-Araji’s position regarding the US Treasury’s decision on Fayyad, in which he affirmed that “the US Treasury must correct its mistake against a government figure. It is not correct for it to be on the sanctions lists.”

The meeting also witnessed, according to the statement, the discussion of the Sinjar agreement and the file of the al-Hol border camp with Syria, and the continued cooperation in pursuing the remaining terrorist cells, as part of the joint international effort to eliminate terrorism.   LINK

Mr. Ammar Al-Hakim Stresses The Deal Between Baghdad And Erbil On The Basis Of “Surrendering To Iraq”

Time: 01/11/2021 15:13:48 Read: 1,248 times  (Baghdad: Al Furat News) The head of the Iraqi coalition, Mr. Ammar al-Hakim, discussed with the delegation of the Kurdistan Democratic Party headed by Rose Nuri Shaways developments in the political scene in Iraq and the region and the relationship between Baghdad and Erbil and the economic crisis that Iraq is going through as a result of the Corona pandemic and the drop in oil prices.

A statement of his office, a copy of which was received by the Al Furat News Agency, stated that “the necessity of enforcing the constitution with regard to the rights of citizens throughout Iraq and the need for oil revenues and wealth to be spent within constitutional contexts”  and Mr. Ammar al-Hakim called for “investing the stage and dealing with The issue of the region’s oil is part of what the constitution has approved.

He said, “The economic crisis is a complex crisis with low oil prices and the Corona pandemic, which requires a strict fiscal policy and moves the productive sectors in the country. It also requires combating corruption and recovering illegally acquired funds.”

And Mr. Ammar al-Hakim stressed, “The dealings between Baghdad and Erbil are based on a concession to Iraq and evoking the equation of right and duty. What is a right for one party is a duty for the other.”   LINK

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