Bondlady’s Corner Iraqi News Saturday Afternoon

Iraqi News Saturday Afternoon 8-5-22


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Al-Halbousi: We support proceeding with parliamentary elections within an agreed period of time


Parliament Speaker Muhammad al-Halbousi announced his support for early elections.


Al-Halbousi said in a tweet to him: “The House of Representatives is the representative of the people, and those masses that mobilized are part of his entity and conscience, and whose will in early elections that Muqtada al-Sadr called for cannot be neglected.”


He added, “We support proceeding with parliamentary and local elections within an agreed period of time to re-start the democratic process under the roof of the constitution and understanding in line with the country’s supreme national interest.”


He Set A Condition For Its Establishment.. Al-Kazemi’s Advisor: The Central Bank Has Expressed Its Willingness To Manage The Generations Fund


Economie| 01:34 – 06/08/2022   Baghdad – Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set, today, Saturday, a condition for the establishment of the sovereign fund, noting that the Central Bank of Iraq expressed its willingness to manage the fund


. From the text and spirit of Article 19 of the amended Federal Financial Management Law No. 6 of 2019, which stipulates the establishment of a (sovereign fund) in which financial savings shall be deposited after covering the expenditures stipulated in the annual Federal Budget Law, including covering the hypothetical or planned deficit in the estimates of the general budget annual research topic.


He added, “The Sovereign Fund or the Generations Fund requires the availability of a law for the federal general budget for the year 2022 to be defined and set the rules and mechanisms for the fund’s work at the end of the current fiscal year, especially after the Central Bank of Iraq expressed its willingness to manage the fund based on its law as the state bank and financial agent. It has the right to manage all its financial investments.


He continued, “However, this does not prevent the Ministry of Finance from preparing to draw up a program for managing the sovereign fund or the Generations Fund, and setting its investment objectives to serve development and economic progress in our country.”


He pointed out that “the financial savings achieved outside the Emergency Law for Food Security and Development No. 2 of 2022 and the applications of Article 13 of the Financial Management Law No. 6 of 2019 amended regarding the restriction of exchange at 1/12 of the total actual current spending for the year 2021, are still managed as reserve financial savings.


By the Central Bank of Iraq (the financial agent of the state) and according to the best applications available globally in the management of safe short-term financial investments.


Saleh stressed, “The Sovereign Fund or the Generations Fund, when established, remains attached to a prerequisite, which is the existence of a general budget law, and otherwise, the financial savings achieved will remain in part in the hedging account referred to in the first articles of the current Emergency Food Security Law No. 2 of 2022. Until the end of the 2022 fiscal year, in the event that a budget law is not issued.


He continued by saying that “any savings outside the expenditures of the two laws above will be partly spent within the opening balance of the next fiscal year 2023, and the other part will remain a financial reserve for the government pending the enactment of a budget law for the year 2023, so that the Generations Fund or the Sovereign Fund can work, due to the legal connection between the Sovereign Fund and the availability of funds.” The surplus through an approved annual budget and legally committed to its provisions. Ended 29/N33


Agriculture: Allocating 34 Billion Dinars From The Emergency Support Law To Purchase Modern Irrigation Systems


Economie| 12:04 – 06/08/2022   Baghdad – Mawazine News, Saturday, the Ministry of Agriculture announced the allocation of 34 billion dinars from the emergency support law to purchase modern irrigation systems, while revealing international contracts to reduce water waste in agriculture.


The Director General of the General Company for Agricultural Supplies, Talib Jassem Al-Kaabi, said, “The Iraqi farmer needs modern irrigation systems to change from regular irrigation to modern technologies, systems that have proven their quality,” noting that “the company has previous contracts with American, German and Saudi companies, and an amount of 34 One billion dinars from the emergency support law for the purchase of pivotal and fixed irrigation systems.


Al-Kaabi added, “There is a Saudi loan through which we seek to make a partnership between agricultural equipment companies and other ministry companies to provide systems on the loan outside the amount allocated to it from the emergency law,” noting that “the support amounts allocated to the company are for the purchase of systems by 50 percent.” % previously, and the remaining percentage borne by the farmer, we will pay it in installments over ten years, and the first year will be exempt.


He pointed out that “the farmer needs loans from the Agricultural Bank and the Agricultural Initiative, as well as the entry of private banks into lending agricultural projects, with the aim of supporting farmers,” explaining that “the Ministry of Agriculture seeks to facilitate procedures for delivering the systems with the lowest installments and for many years to reduce the burden on the farmer.”


In an interview with the official news agency, Mawazine News, Al-Kaabi continued, “Sprinkler irrigation covers large areas with small quantities of water, as the soil is greatly affected by tourist irrigation, which causes an increase in salt,” stressing that “drip irrigation helps fight insects and diseases.” Ended 29/N33


Iraq’s Oil Exports To America Rise Within A Week


Saturday, August 6, 2022 9:31 AM   Follow-up / National News Center


On Saturday, the US Energy Information Administration announced that Iraq’s oil exports to America increased during the past week, reaching an average of 369,000 barrels per day.


The administration said in a report followed by the “National News Center”, that “the average US imports of crude oil during the past week from eight countries amounted to 6196 million barrels per day, an increase of 847,000 barrels per day from the previous week, which amounted to 5349 million barrels per day.”


She added that “Iraq’s oil exports to America amounted to an average of 369,000 barrels per day last week, higher than the previous week, in which oil exports to America averaged 165,000 barrels per day.”


She pointed out that “most of America’s oil revenues during the past week came from Canada at a rate of 3.673 million barrels per day, followed by Mexico at a rate of 815,000 barrels per day, and oil revenues from Saudi Arabia at a rate of 500,000 barrels per day, and then Colombia at a rate of 328,000 barrels per day.”


According to the administration, “the amount of US imports of crude oil from Ecuador amounted to 243 thousand barrels per day, from Brazil at a rate of 211,000 barrels per day, and from Nigeria at a rate of 57 thousand barrels per day, while no quantity was imported from Trinidad and Tobago or Russia.”


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Brent Prices Fell 11% In A Week, Near $ 95 A Barrel


Energy   Economy News-Baghdad  Oil prices rose slightly on Friday’s session, to offset some of this week’s losses, due to data on strong US job growth, but ended the week at its lowest level since February due to concerns that the recession could affect demand for fuel .


Brent crude futures rose 80 cents to $94.92 a barrel, down 11% from last Friday’s settlement. West Texas Intermediate crude futures also rose 47 cents to $89.01, down 8% in a week .


The US Department of Labor said that job growth in the United States unexpectedly rose in July, with non-farm payrolls increasing by 528,000, the largest increase since February, according to Reuters .


“This is strong economic data that supports the rise of the oil market,” said Bob Yoger, director of the Energy Futures Department at Mizuho .


Fears of a recession intensified after the Bank of England warned on Thursday of a prolonged recession after it made its largest interest rate hike since 1995 .


The OPEC + group agreed this week to increase its target oil production by 100,000 barrels per day in September, but according to OPEC data, this is one of the smallest increases since the introduction of such quotas in 1982 .


Supply concerns are expected to escalate as winter approaches, as European Union sanctions banning Russian seaborne imports of crude and oil products are set to take effect on December 5 .


Views 130    Added 08/06/2022 – 10:52 AM  Update 08/06/2022 – 5:33 PM


A slight decrease in the exchange rate of the dollar against the dinar


Economie| 10:11 – 06/08/2022   Baghdad – Mawazine News  The dollar exchange rates witnessed a slight decrease on the Iraqi Stock Exchange, on Saturday.


Sale price: 148,600 dinars per 100 dollars,  purchase price: 148,500 dinars per 100 dollars




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