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More Iraqi News Wednesday PM 4-14-21

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An Economic Specialist To / NINA /: The Rise In The Dollar Has Bitten Off A Third Of The Salaries Of Employees, Low-Income Workers, Workers And Workers

Wednesday 14, April 2021 09:14 | Economical Views: 331   Baghdad / NINA / The specialist in economic affairs, Hussein Shaker Tahilo, confirmed that the high exchange rate of the dollar against the dinar is about eating about a third of the salaries of employees or those with limited income, workers and workers.

In a statement to the Iraqi National News Agency ( NINA ) , Tuhilo said : Iraq sits on enormous natural resources, oil resources, water resources and all the elements of the economy, but it suffers from many crises and imbalances, the last of which is the rise of basic foodstuffs in the markets in the absence of some items of the ration card, attributing that To three axes, the first is the high exchange rate by the Iraqi government under the pretext of helping the local industry, the second is that the government does not control the markets, which prompted some traders to manipulate prices, and the third is the failure to provide the ration card items.

He added: All these reasons have led to an increase in the prices of foodstuffs, and the main reason is the high exchange rates, because most of the necessary materials are imported from abroad and the lack of alternatives to them in the local markets, as well as the government’s lack of control over the markets has led to some merchants’ greed to raise prices with the increase Demand for it with the approach of the blessed month of Ramadan.

”And also the failure to provide some of the basic ration card items for the Iraqi citizen, although the Council of Ministers had instructed the Ministry of Trade to provide the items of the ration card and also promised to monitor prices in the markets, but it did not result in any effect on that .. This increase has led to the erosion of nearly a third of the salaries of employees or those with limited income, workers and workers.

He stressed: “The way out of this crisis is through studying and planning the rise in exchange rates and their impact on the rise of basic materials and support for the local industry, as well as providing the ration card items for the Iraqi citizen so that the demand in the markets decreases and thus prices decrease and also control the local markets by the government and be There is severe accountability for those who manipulate prices at the expense of the citizen ./     https://ninanews.com/Website/News/Details?key=898962

Al-Halbousi Discusses With The US Ambassador Strengthening Security Cooperation To Combat Terrorism

Wednesday 14, April 2021 16:48 | Political Views: 46   Baghdad / NINA / Parliament Speaker Muhammad al-Halbousi discussed with the US ambassador to Iraq, Matthew Tueller, enhancing security cooperation to combat terrorism.

The media office of the Speaker of Parliament said, in a statement, that: “During the meeting, bilateral relations between Iraq and the United States were discussed, and the strengthening of security cooperation to combat terrorism.”

He added, “The meeting touched on the strategic dialogue between the two countries, and the importance of continuing to support Iraq in all fields, in a way that contributes to achieving development and stability, as well as discussing a number of issues of common interest.” / End 7

https://ninanews.com/Website/News/Details?key=899069

Iraq Is Taking The Investment Road After Months Of The Salary Crisis

Reports  Economy News – Baghdad  Iraq is rushing to attract large foreign investment in the energy sector, in conjunction with an expected escalation of financial returns following the decision of the OPEC Plus agreement to increase production, which will help enhance its weak financial position.

Iraq is a founding member of OPEC and the second largest oil producer in it, charting its way forward with a number of public and private sector contracts through which the government hopes to support and entrust its financial resources after it was forced last year to reduce the value of its currency.

Iraq’s investment trend now contrasts significantly with its financial situation last year when its economy was on the brink of collapse, with a flabby public sector consuming $ 5 billion a month to pay the salaries of government employees, and it was difficult for the government to provide it.

Oil prices are now 50% higher than they were six months ago, and Iraq has also been allowed to increase its oil production, as OPEC Plus looks to pump an additional 2 million barrels per day to the market by next July.

According to the International Monetary Fund, the Iraqi economy shrank by 10.9% last year and it is expected to grow by 1.1% during this year, supported by the recovery of oil prices and higher production quotas in OPEC.

The World Bank also expects the country’s economy to grow slightly this year by 1.9%, and expand 6.3% over the next two years.

Rising oil prices and increasing Iraq’s share of oil production in accordance with the OPEC Plus agreement will help increase the country’s reserves of hard currency, which shrank last year.

Prime Minister Mustafa Al-Kazemi said last Monday that Iraq’s hard currency reserves have increased to more than 60 billion dollars. He stressed that his government will redouble efforts to end corruption.

Jihad Azur, Director of the International Monetary Fund for the Middle East and Central Asia, told The National news site: “Making progress and perseverance on financial settlement will be an essential factor for the sustainability and stability of the economy in Iraq, despite the improvement in oil prices.”

Azur added, “The high oil price is an opportunity to advance some structural reforms that will allow achieving a higher rate of overall growth in the country.

Regional investors are cautiously looking at Iraq as a potential investment destination this year. The Arab Petroleum Investments Company is currently evaluating potential investments in Iraq in the energy sector as well as renewable energy, according to its CEO, Ahmed Ali Ateeqa.

The multi-banking company, which is owned by the ten member states of the Organization of Arab Petroleum Exporting Countries (OPEC), is looking to finance projects in Arab oil-producing countries that witnessed difficult economic conditions after the war, such as Iraq and Libya, and plans to spend nearly $ 2 billion this year.

Atiqa said in an interview with him, “Iraq does not have that huge financial balance. That is why he must think about a mixture of resources that can be mobilized, including the support provided by multiple financing institutions, especially with regard to huge projects in the energy sector.”

He added that attracting private investment should be the “most permanent source” of funding that the Iraqi government could raise.

Regional support is so vital to Iraq, which provides support through export credit financing to foreign investors looking to participate in the country’s lucrative energy industry projects.

At the beginning of this month, Parliament approved the 2021 budget of $ 89.65 billion, with an estimated salary of $ 19.79 billion. The spending capacity was calculated based on the price of $ 45 a barrel, with an export rate of 3.26 million barrels per day.

The state relies on its budget on 97% of the resources of its oil exports. The International Monetary Fund expects the price of a barrel of oil for this year to be around $ 58.52, and it is expected that next year will be at $ 54.83 per barrel. The average price of a barrel of oil last year was $ 41.29.

Kepler Foundation’s data for economic analyzes indicated that Iraq’s exports for the month of February reached 3.4 million barrels per day, including the quantities of oil exported through the port of Ceyhan, but exports decreased in the following month of March to reach 3.2 million barrels per day.

Humayun Falakshahi, an oil and gas analyst at Kepler, said that with the regional support the country has received, it is unlikely that Iraq will breach its oil production ceiling over the next three months, because OPEC Plus plans to add 300,000 barrels per day to its quota in May and June, as well as 450,000 barrels per day in July.    Translation: Term   Number of observations 364 Date of addition 04/14/2021

https://economy-news.net/content.php?id=24813

Industry And Minerals Offer A Plan To Operate The Idle Factories

The headquarters of the Ministry of Industry   Money  and business  Economy News – Baghdad  On Wednesday, the Government Media Cell announced that the Ministry of Industry and Minerals has drawn up a plan aimed at reviving a number of stalled factories.

“The Ministry of Industry and Minerals has prepared a targeted plan within the national project to rehabilitate and operate the stalled factories and factories across the country, after it adopted a campaign to achieve the slogan raised by Prime Minister Mustafa Al-Kazemi (Made in Iraq),” the cell said in a statement seen by Al-Iqtisad News. In order to revive Iraqi industry and enhance local production, in order to revive Iraqi industry and enhance local production.

The cell indicated that “the Ministry of Industry during the last six months of the year 2020 has made tangible progress in implementing its government curriculum and a number of achievements to promote and revitalize the Iraqi industry again through the implementation of a plan to rehabilitate stalled laboratories amounting to (83) factories, and in three short-term stages that include (17) medium-term plants, which included (24) long-term factories, which included (42) factories,

in addition to establishing production lines and new projects, supporting entrepreneurs and unemployed graduates, granting foundation licenses, allocating plots of land for industrial projects, diversifying and increasing the products of the Ministry of Industry as well as Supporting small and medium enterprises and industries, striving to activate laws to protect local products and customs tariffs, holding an exhibition (Made in Iraq), reassessing investment projects and contracts, encouraging and supporting investment and partnership with the empowered and efficient private sector and others.

She affirmed that she “continues to support small and medium enterprises and adopts a project to support young people and graduates, by converting the entrepreneurial ideas of young graduates into productive projects by simplifying procedures for granting licenses to establish industrial projects, as establishment licenses were granted to (416) industrial projects in various fields,

including (131) A project for young graduates and granting (Cool loans through the industrial bank and providing sites for (7) industrial projects for symbolic wages, rehabilitating, operating and opening (11) industrial projects out of (17) factories within the short-term plan that included lines and factories for the production of steel balls, oxygen gas and pipes. Irrigation systems with axial sprinkler, cement and asphalt products throughout the governorates and others.

The statement indicated that “this has contributed to employing (608) employees in it, and the ministry is continuing to implement its plan to rehabilitate and operate the rest of the factories.

The ministry has also made remarkable progress in providing local products through its various companies, which amounted to (816) products distributed by (356) products in The field of medicines and (311) textile products and (149) various products. It was also able to achieve progress in implementing industrial cities projects, as the percentage of completion of the industrial city in Dhi Qar governorate reached (98%) and the implementation of (65%) of the city’s first phase project. Industrial City in Anbar Governorate, as well as the advanced achievement ratios for the industrial cities of Basra and Nineveh.

The statement stated that “the Ministry of Industry has also worked to re-evaluate the stalled and stalled investment projects and to activate work on productive projects to provide local products and maximize revenues, as the ministry has implemented (145) projects, of which (42) projects and (24) projects have reached completion rates between (50) – 90%) and (43) projects whose completion rates have reached more than (90%) and (36) projects with completion rates of less than (50%),

in addition to implementing other production plans by reducing expenditures, increasing revenues, treating surpluses, and supporting the manufacturing and strategic industries. Such as petrochemical industries, operating iron and steel plants, capacity building, administrative reform, and others. ”

Number of observations 130 Date of addition 04/14/2021 https://economy-news.net/content.php?id=24825

The Stock Market Index Is Down By 0.87%

The Iraqi Stock Exchange «Economy News»   Market   Economy News – Baghdad  The 17 losing companies caused the stock market index to drop by 0.87% in Wednesday’s session.

The session, during which 710 million shares were traded, worth 461.1 million dinars.

While the Mosul Bank Company topped the losing companies, followed by the Al-Kindi Company for the production of vaccines.   In turn, foreign investors sold 31 million shares, worth 25 million dinars, after executing 20 deals on the shares of 5 companies.    Number of observations 91 Date of addendum 04/14/2021 https://economy-news.net/content.php?id=24827

Dollar Prices Continue To Rise

Time: 04/14/2021 10:46:53 Read: 7,033 times    {Baghdad: Al Furat News} The exchange rates of the dollar rose today, Wednesday, on the main stock exchange in Baghdad.

The central Al-Kifah and Al-Harithiya Stock Exchange in Baghdad registered 149,200 Iraqi dinars for 100 US dollars.   While the Central Al-Kifah Stock Exchange registered 147800 Iraqi dinars during its opening on Tuesday morning.

It is noteworthy that the buying and selling prices rose in the exchange shops in the local markets in Baghdad, where the selling price reached 149,750 Iraqi dinars, while the purchase prices reached 148,750 dinars per 100 US dollars.    LINK

The Minister Of Immigration And The Representative Of The World Bank Delegation In Iraq Discuss The File Of Liberated Areas

Time: 04/14/2021 14:29:36  Read: 949 times   (Baghdad: Al Furat News) The Minister of Immigration and Displacement, Ivan Faiq Jabro, discussed today, Wednesday, with the representative of the World Bank delegation in Iraq, Ramzi Numan, the file of the liberated areas.

The Ministry of Immigration stated in a statement that Al-Furat News received a copy of it that “Minister Evan Faiq Jabro received the representative of the World Bank delegation in Iraq, Ramzi Numan, at the ministry’s headquarters in the capital, Baghdad, to introduce the most important works, programs and projects of the World Bank and the possibility of benefiting from the World Bank to support returnees, and they discussed during The meeting is the file of the liberated areas, their reconstruction and support for the displaced, as well as discussing the economic conditions in the areas of return and working to revive these areas economically through projects and reconstruction in light of an unstable economic and financial situation, whether in the country or the world, imposed by the Corona pandemic.

The minister emphasized that “the ministry is working to encourage the displaced to return and to close displacement camps, so the ministry’s projects will expand to support returning families in the areas of return.”

She added, “All countries of the world are under great pressure under the weight of the worst economic crisis they have witnessed with the outbreak of the Corona virus.”

For his part, Numan affirmed that “the World Bank stands with the Ministry and supports its projects to promote its care categories.”   LINK

Due To US Stocks … High Oil Prices

Wednesday 14, April 2021 10:24 | Economical Views: 250   Baghdad / NINA / Crude oil prices rose today, Wednesday, after industrial data showed that US oil inventories fell more than expected and OPEC raised its forecast for oil demand, but the gains were sharpened by concerns about the Corona virus and increased supplies.

Brent crude futures rose 42 cents, or 0.6 percent, to $ 64.09 a barrel, after rising 39 cents on Tuesday.

U.S. West Texas Intermediate crude futures rose 40 cents, or 0.7%, to $ 60.58 a barrel, after Tuesday’s rise of 48 cents.

Signs of a strong economic recovery in China and the United States underpinned recent gains in oil prices, but concerns about a worldwide halt of vaccine launches and a spike in the number of COVID-19 cases in India and Brazil limited the gains.

The Organization of the Petroleum Exporting Countries (OPEC) revised its forecast on Tuesday for global oil demand growth this year, and now expects demand to rise by 5.95 million barrels per day in 2021, an increase of 70,000 barrels per day from its forecast last month.

To further support the market, sources said that data from the American Petroleum Institute showed a decline in crude inventories by 3.6 million barrels in the week ending on April 9.

https://ninanews.com/Website/News/Details?key=898978

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