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The Minister Of Finance Excludes Resorting To Borrowing And Reveals The Size Of The Surplus From Selling Oil

Political | 03:09 – 20/05/2022  Baghdad – Mawazine News, Finance Minister Ali Abdul Amir Allawi ruled out on Friday resorting to borrowing and revealed the size of the surplus from selling oil.

Allawi said, “Iraq will have a surplus of the difference in selling oil, up to 20 billion dollars,” stressing that “in light of the current financial abundance, it is unlikely to resort to borrowing.”

He added that “Iraq has begun to feel the positive effects of changing the dollar exchange rate,” noting that “the 2021 budget is unable to cope with economic fluctuations.”

Allawi explained that “the Food Security Law aims to address the rise in global markets,” noting: “The ministry is committed to the decision of the Federal Court and that the court took its decision based on the concept of judges and away from any pressure.”

He added, “The law submitted by Parliament is similar to the Food Security Law presented by the government.”

He noted that “the political blockage stands behind the failure to pass the budget law,” noting that “the Kurdistan region did not hand over any revenues to the federal government, whether related to the export of oil or the ports, and that the position of the Federal Court on the region’s oil is constitutional and legal.” https://www.mawazin.net/Details.aspx?jimare=193783

Saleh Determines The Average Revenue For 2022 And The Expected Reserve

Money and business  Economy News-Baghdad  Today, Thursday, Adviser to the Prime Minister, Mazhar Muhammad Salih, determined the average oil revenues for the current world 2022, while he expected the financial reserve to reach 40 billion dollars in the event that the current fiscal year ends without enacting a budget law.

Saleh told the Iraqi News Agency, “It is not possible to pass any law by the government before the executive authority completes its constitutional entity according to the results of the 10-10-2021 elections.”

He added, “The recent Federal Court decision cut off the way even for the House of Representatives itself in discussing any bill unless it is passed in accordance with the constitutional contexts, and from a government that is produced by the election results.”

He pointed out that “the caretaker government will work hard to support Iraq’s food security through what is available to it of financial actions determined by the current Financial Management Law No. 6 of 2019, the amended, until the legislation of the Federal General Budget Law for the year 2022 in accordance with the constitutional paths that do not conflict with the court’s decision. Federal.

Saleh added that “the annual government spending in the general budget constitutes nearly half of the gross domestic product, which means that economic activity depends in its greatest weight on government spending.”

And he indicated that “the most important thing in total government spending is the investment part of the spending that drives the demand for productive market resources, specifically the labor market and human skills, which at the same time increases the growth of national income through mechanisms called (the economic accelerator).”

He pointed out that “important investment accelerators are linked to the budget law for the year 2022, through the new investment spending doors and new investment programs, and not by spending 1/12 of the actual current expenditures in 2021, which are mostly related to limited operational spending affecting the growth of GDP. “.

And he indicated that “average oil revenues for the year 2022 will increase by no less than 60% of oil export revenues for the year 2021, which means that there will be a large financial reserve available to the state at the end of the year that may exceed 40 billion dollars in the event that the current fiscal year ends without enacting a budget law and restricting it.” Exchange within the scope of the law.

151 views  Added 05/19/2022 – 7:01 PM  Update 05/20/2022 – 4:55 PM

https://economy-news.net/content.php?id=28085

Finance Minister: Oil Surpluses Amounted To $20 Billion

Economie   Friday, May 20 2022 The National News Center / Baghdad .. The Minister of Finance, Ali Abdul Amir Allawi, ruled out today, Friday, resorting to borrowing and reveals the size of the surplus from selling oil.

Allawi said in an interview with Al-Arabiya TV, which was followed by the National News Center: “Iraq will have a surplus of the difference in selling oil, up to 20 billion dollars,” stressing that “in light of the current financial abundance, it is unlikely to resort to borrowing.”

He added that “Iraq has begun to feel the positive effects of changing the dollar exchange rate,” noting that “the 2021 budget is unable to cope with economic fluctuations.”

Allawi explained that “the Food Security Law aims to address the rise in global markets,” noting: “The ministry is committed to the decision of the Federal Court and that the court took its decision based on the concept of judges and away from any pressure.”

He continued, “The law submitted by Parliament is similar to the Food Security Law presented by the government,” stressing that “there are alternative plans in case the Security Law is not legislated in Parliament.”

He noted that “the political blockage is behind the failure to pass the budget law,” noting that “the Kurdistan region did not hand over any revenues to the federal government, whether related to the export of oil or the ports, and that the position of the Federal Court on the region’s oil is constitutional and legal.” https://nnciraq.com/129266/

New Fears.. A Decline In Global Oil Prices

Economie| 11:39 – 20/05/2022   Baghdad – Mawazine News: Oil prices fell, on Friday, in conjunction with investors’ concern that weak global economic growth and the tightening of monetary policy by the Central Bank may limit the recovery of fuel demand.

Brent crude futures for July were down 63 cents, or 0.56%, at $111.41 a barrel by 0432 GMT, while US West Texas Intermediate crude for June was down $1.36, or 1.21%, at $110.85 on its last day. As a front month.

The most heavily traded West Texas Intermediate (WTI) contract for July was down 0.82% to $108.99 a barrel.

The. International Monetary Fund urged Asian economies to be aware of the indirect risks arising from monetary tightening

Crude’s gains were limited this week, with Brent and West Texas Intermediate mostly trading in a range due to the uncertain demand trajectory. Investors, worried about rising inflation and more serious measures from central banks, are working to reduce exposure to riskier assets.

Open interest in West Texas Intermediate crude futures fell to 1.722 million contracts on May 18, the lowest level since July 2016.In the United States, Americans are back behind the wheel, despite rising fuel prices, according to a report from the Federal Highway Administration. About vehicle miles.

Meanwhile, Iran is having a hard time selling its crude now that more Russian barrels are available.”

Iran’s exports of crude oil to China have fallen sharply since the start of the Ukraine war as Beijing favored heavily discounted Russian barrels, leaving nearly 40 million barrels of Iranian oil stored on tankers at sea in Asia and looking for buyers.    https://www.mawazin.net/Details.aspx?jimare=193764

Dollar Exchange Rates In The Iraqi Local Markets

Economie| 09:29 – 20/05/2022   Baghdad – Mawazine News, today, Friday, dollar prices witnessed stability in local markets throughout the country,  and the selling prices of the dollar recorded, 148.750 dinars per 100 dollars, while the purchase prices of the dollar recorded 147.750 dinars per 100 dollars.  https://www.mawazin.net/Details.aspx?jimare=193752

The World Bank Announces Its Readiness To Support Iraq By Expanding The Use Of Clean Energy

Political | 05:26 – 20/05/2022   Baghdad – Mawazine News, today, Friday, the World Bank announced its readiness to support Iraq by expanding the use of clean energy.

The Central Bank of Iraq said in a statement, “The Governor of the Central Bank, Mustafa Ghaleb Mokhif, participated in the closing meeting of the World Bank’s mission to enhance support for the Iraqi financial sector reforms program, which was held in Amman on Friday, May 20, 2022, at the head of a high-level delegation from the Central Bank and representatives of Ministry of Finance”.

The statement added, “The mission reviewed the cooperation and support programs provided by the World Bank to the Central Bank and the Ministry of Finance with the aim of reforming the financial sector and enhancing its role in financing economic development.”

He pointed out that “the mission focused on government bank reform methodologies, capacity building, support for the payments system, digital financial services, financial infrastructure, and measures to combat money laundering and terrorist financing.”

He added, “It was agreed to continue joint cooperation between the above-mentioned entities to increase the financial depth, and the importance of green finance in the face of climate changes was also emphasized,” noting that “the World Bank expressed its willingness to assist the relevant Iraqi authorities in building a roadmap to expand the use of Clean energy, stressing “the importance of the initiative of the Central Bank of Iraq in supporting the financing of solar energy systems with an amount of one trillion dinars.” Ended 29 / h https://www.mawazin.net/Details.aspx?jimare=193796

 

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