Bondlady’s Corner Iraqi News Highlights Saturday Evening

Iraqi News Highlights Saturday Evening 2-25-23


Tlm724 Administrator Bondlady’s Corner


New Directives From The Central Bank Regarding The Sale Of The Dollar .. Document


Economie   Saturday, February 25, 2023 Baghdad / National News Center  Today, Saturday, the Central Bank of Iraq directed all licensed exchange companies to announce the sale of the dollar at the official rate outside its headquarters.  And according to a document obtained by the National News Center, it was decided that your companies should announce clearly and explicitly outside their headquarters, including that you sell dollar currency in accordance with the controls of this bank to citizens wishing to travel or receive treatment outside Iraq and at the official exchange rate announced by this bank.


Deputy: A Proposal To Adopt A Price Of $65 Per Barrel Of Oil In The Budget


Money  and business  Economy News – Baghdad   Independent MP Muhammad Al-Ziyadi confirmed, on Saturday, that the 2023 budget bill will reach the House of Representatives during the current week.


Al-Ziyadi said, “The draft budget law is important in supporting the country’s economy and infrastructure,” pointing out that “the budget is unilateral as it depends on selling oil.”


He added, “The change in oil prices between decline and rise will affect the Iraqi economy,” noting that “there is a proposal to adopt the selling price of oil in the 2023 budget within the limits of $65 per barrel.”


Al-Ziyadi added, in a statement to “Al-Ghad Press” agency, followed by “Al-Iqtisad News”, that “the budget will reach the House of Representatives during the current week.”


Oil Prices.. Basra Crude Closed With A Slight Weekly Loss


Economie| 08:43 – 02/25/2023   Follow-up – Mawazine News, Basra crude closed with a slight weekly loss, while Brent and American crude closed with gains.


Basra Heavy crude closed in its last session of yesterday, Friday, at an increase of 51 cents, to reach 73.75 dollars, but it recorded a slight weekly loss of 47 cents, equivalent to 0.63%.


While Basra Light crude closed in its last session, also at an increase of 51 cents, to reach $ 79.97, and it also recorded a slight weekly loss of 47 cents, or the equivalent of 0.59%.


As for Brent crude, it closed in the last session of Friday, up by 95%. US cents, to reach $83.13, and recorded a slight weekly gain of 13 cents, or 0.16%.


The US West Texas Intermediate crude closed in its last session on Friday, also up by 93 cents, to reach $76.35 a barrel, and also recorded slight weekly gains of $76.35 a barrel. one cent.


Crude oil prices witnessed fluctuations during the past week, with investors’ fears of raising interest rates for central banks, which weakens the global economy, offset by Russia’s statements to reduce its production in March, which reduces the supply of crude oil.


Secrets Of “Inflation” Of The 2023 Budget Numbers.. Will Investment Spending Increase By 170%?


2023-02-23  Yes Iraq: Baghdad   Huge numbers are being talked about regarding the 2023 budget, which is witnessing widespread anticipation in the political, popular and commercial circles, as the numbers being talked about about the size of the budget still touch the 200 trillion Iraqi dinars, a number that can be described as the “largest” in the history of public budgets in Iraq.



The government economic advisor, Mazhar Muhammad Salih, says,


“Last year, 145 trillion dollars were spent through applying the principle of 1/12 in the 2021 budget that preceded it, and what was included in the Emergency Support for Food Security and Development Law, which is the minimum that can be spent for the year 2023.”  And he adds,


“But the ceiling of the budget for the current year, we expect it to range between 180-200 trillion dinars, according to our expectations, thanks to what was included in the ministerial program of great support for the social curriculum in it, such as support for the ration card and the social welfare file, in addition to strategic and service projects and the continuation of service work in many regions.””.


Saleh talks about the 2021 budget, amounting to 129 trillion dinars, “which has not been fully spent,” in addition to 25 trillion dinars for the food security law, which has not been fully spent yet, according to what data from ministries and government institutions indicate.


Hence, Saleh says that these 145 trillion dinars that were spent last year will be spent during the current year as well, with the addition of new sections for spending that exceed these 145 trillion, as these ruling spending sections represent the appointments and grades that have been installed, amounting to about one million new employees. In addition to the new categories that have been added to social care.


Prime Minister Muhammad Shia al-Sudani said in previous statements that the salaries section in the current budget rose from 41 to 62 trillion dinars, meaning that operating expenses alone rose more than 20 trillion dinars.


And while only one million employees have been appointed, the rate of what they will raise from salaries will not exceed 10 trillion dinars during a full year, and thus the 20 trillion that Al-Sudani talked about, including the salaries of the newly added retirees, as well as the salaries of social welfare.


However, the total new expenditures from salaries will raise the actual spending to 170 trillion dinars at best, which raises questions about whether more than 30 trillion dinars will be allocated to investment projects, after it reached last year 2022, less than 9 trillion dinars, and in 2021 amounted to only 13 trillion dinars.


Accordingly, the rate of spending on investment during the past two years amounted to 11 trillion dinars, and if 30 trillion dinars were allocated and spent on investment in this budget, this means that investment spending will reach more than the rate of the past two years by 170%.


أسرار “تضخم” ارقام موازنة 2023.. هل سيرتفع الانفاق على الاستثمار بنسبة 170%؟


Abdul Hassan Al-Shammari For / Nina / There Is No Benefit From Financial Abundance Without A Strategic Economic Mindset


Wednesday 23, November 2022 21:48 | Economy  Number of readings : 884  Baghdad / Nina / economist Abdul Hassan Al-Shammari stressed that:


“there is no benefit from financial abundance without a strategic economic mindset”.


“In light of the great financial abundance, it is possible to build industry and agriculture and achieve high financial goals,


but the country needs high-level planning to achieve this,” Al-Shammari said in a statement to the Iraqi national news agency (Nina).


He added:  “some do not understand the existence of strategic economic minds that promote the economy for the better by developing various sectors of industry, agriculture and tourism that generate more money for the country than oil revenues and transport Iraq to a country with diversified revenues. /


Al-Sudani: Importing Gas Costs Us Nearly 10 Trillion Dinars Annually


2023-02-21  Yes Iraq: Baghdad  On Tuesday, the Prime Minister, Muhammad Shia’a al-Sudani, attributed the reasons for the continuation of the shortage crisis in the production of electric power to the lack of fuel, indicating that about 10 trillion dinars.


Al-Sudani said in a speech during the signing ceremony of the fifth licensing round,


“Importing gas supplied to electricity production plants costs the country annually about 8 to 10 trillion dinars, revealing that  the Ministry of Oil is determined to achieve self-sufficiency in gas production within three years.”


Al-Sudani said in his speech that  the delay in this tour cost Iraq millions of dollars, and damaged the environment in various fields, and had a negative impact on citizens, especially in the oil-producing provinces.السوداني-استيراد-الغاز-يكلفنا-مايقار/


The Prime Minister’s Adviser Confirms The High Investment Spending In The Budget This Year


Balsam Hamed   The Financial Adviser to the Prime Minister, Mazhar Mohamed Saleh, confirmed today, Friday, the high investment spending in the budget, indicating that


he will contact infrastructure services projects with efficiency in the financial achievement confirmed by the services campaign according to the ministerial curriculum.


“the greater the ceiling of spending, the greater the percentage of increased or height will be devoted to investment spending on a continuous manner.”


“What distinguishes the federal public budget for the year 2023 is investment spending related to infrastructure services in the cities of Iraq and consistently,” he added, noting that


“the most important thing in the investment spending activity is the efficiency of material and financial achievement.”


He pointed out that  “ensuring the efficiency of investment spending was confirmed by the services campaign that the ministerial curriculum brought the government, which has started its realistic and practical indicators strongly since last October before the adoption of the Federal Public Budget Law 2023, as the maximum benefit from the emergency support law for food security and development was made and in a manner that achieves the efficiency of allocation and disbursement Really directed at investment business related to economic development.”


And Saleh indicated that  “the approved expenditures focused on the basic services related to the infrastructure that concerns the people’s daily lives and ensuring their well -being, especially in providing drinking water, roads, sewers and hospitals without neglecting the electricity dilemma.”


Earlier, the Prime Minister’s Financial Adviser expected that the current year of the budget will range between 180-200 trillion dinars thanks to the great support of the ministerial program for the social curriculum in it, such as supporting the ration card and the social welfare file as well as strategic and service projects and the continuation of service work in many From the regions.


مستشار رئيس الوزراء يؤكد ارتفاع الإنفاق الاستثماري في موازنة العام الحالي




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