Iraq Economic News 6-7-2024
In Numbers: The Decline In The Value Of The Reserves Of The Central Bank Of Iraq
Economy | Yesterday, 16:10 | Baghdad Today – Baghdad Economic researcher Manar Al-Obaidi revealed today, Friday (June 7, 2024), a decline in the value of the Central Bank of Iraq’s total foreign reserves by 2.4%.
Al-Obaidi said in a statement, received by “Baghdad Today,” that “the official reserves of the Central Bank of Iraq declined in the fifth month of the current year compared to the end of 2023 by 2.4%, so that the value of the official reserves decreased from 147 trillion dinars in 2023 to reach 143 trillion at the end of the fifth month of the year.” current”.
He pointed out that “the Central Bank’s gold reserves increased by 16% compared to 2023, bringing the value of the gold reserves to 14.3 trillion dinars, up from 2023, when the value of the gold reserves at the end of last year was 12.3 trillion dinars.”
Al-Obaidi added, “As for the investment reserve, it decreased by 4.68% compared to the end of 2023, and its value this year reached 126.4 trillion dinars, after it was at the end of last year at a value of 132.6 trillion dinars.”
https://baghdadtoday.news/251067-بالأرقام.-تراجع-قيمة-احتياطيات-البنك-المركزي-العراقي.html
OPEC Plus Assurances Raise Global Oil Prices
Economy | 09:34 – 06/07/2024 Follow – Mawazine News Oil prices rose today, Friday, as assurances from OPEC Plus members Saudi Arabia and Russia indicated readiness to halt or cancel production increases, but the markets are heading towards incurring losses for the third week in a row.
Brent crude futures rose two cents to $79.89 per barrel, and US West Texas Intermediate crude futures rose four cents to $75.59.
Prices rose yesterday, Thursday, when Saudi Arabia and Russia tried to reassure the markets about production agreements, but oil is on its way to recording losses for the third week in a row.
The Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed to extend most of the production cuts until 2025, but they left the way open for eight members to gradually cancel the voluntary cuts.
Saudi Energy Minister Prince Abdulaziz bin Salman said yesterday, Thursday, that the OPEC+ alliance can stop or cancel production increases if it finds that the market is not strong enough. https://www.mawazin.net/Details.aspx?jimare=249292
An Economic Expert For Nina: Reducing The External Debt To 9 Billion Dollars And Reducing The Budget Deficit Will Be The Beginning Of Broader Economic Activities In Iraq.
Friday 07, June 2024 14:11 | Economical Number of readings: 377 Baghdad / NINA / Economic affairs expert, Raad Tawij, confirmed that the actions and achievements of the Prime Minister give flexibility to the Iraqi economy, indicating that reducing the external debt to 9 billion dollars and reducing the budget deficit to 63 billion dollars will be the beginning of broader economic activities.
Tawij said in a statement to the National Iraqi News Agency ( NINA ): “The role of the Prime Minister and his work in developing infrastructure, roads and bridges, health projects, productive diplomatic relations, and his interests in communicating with different social segments, give great scope and flexibility for the Iraqi economy to move to greater extents.”
He stressed . “Reducing the external debt to the lowest possible amount, approximately 9 billion dollars, and reducing the budget deficit to 63 billion dollars will be the beginning of broader economic activities, the most important of which is the road to development.”/ https://ninanews.com/Website/News/Details?Key=1131180
A “Strategic Partnership” Between The Kurdistan Government And The International Development Bank
Time: 06/07/2024 13:59:06 Read: 1,196 times {Economic: Al-Furat News} The International Development Bank signed a partnership contract with the Kurdistan Regional Government to implement the “My Account” project, which aims to localize the salaries of regional government employees.
This important step came in conjunction with the bank’s efforts to expand in the region, as part of its strategic plan that aims to enhance its business and increase the number of its branches in the region, which currently number 3 branches.
This partnership is a major achievement within the framework of efforts aimed at spreading and strengthening the culture of electronic payment and achieving financial inclusion, in implementation of the directives of the Central Bank of Iraq.
The International Development Bank aims to continue its efforts in the field of disseminating electronic payment methods in the region, by activating more ATMs and the bank’s POS points of sale. The bank also intends to open its fourth branch in the region during the current year.
Aziz Ahmed – Deputy Director of the Office of the Prime Minister of the Kurdistan Regional Government praised the efforts of the International Development Bank and its contribution to developing the financial system of the region, by providing various facilities and financial services that contribute to achieving this purpose.
For his part, Ziad Khalaf, Chairman of the Board of Directors of the International Development Bank, stressed the importance of signing this partnership with the Kurdistan Regional Government to localize the salaries of regional government employees and provide all the facilities that contribute to achieving this goal smoothly and with great flexibility. LINK
Baghdad Praises Its Financial Budget And Confirms: We Have Important Projects In 2024
Reconstruction and building Economy News – Baghdad Today, Friday, the Governor of Baghdad, Abdul Muttalib Al-Alawi, announced a package of projects in various sectors within the budget for the current year 2024, while confirming that the governorate’s allocations in the budget were good.
Al-Alawi said, “The financial allocations to Baghdad Governorate within the current year’s budget, 2024, are good,” explaining that “the government and the Parliamentary Finance Committee have an understanding and knowledge of the real needs and required resources in Baghdad.”
He added, “There is continuous communication with the government to meet the special needs required for the projects that will be implemented.”
He pointed out that “the governorate has several important projects during the 2024 budget, including projects in the water sector and building schools and roads, as well as the construction of pedestrian bridges that will be implemented in all areas of Baghdad, the paving of main roads, and strategic projects for sewers at the four entrances to the capital, in addition to the almost completed hospitals, which are “Health centers and strategic water projects will be opened soon.”
He stressed that “all project packages will be placed on the list of priorities of Baghdad Governorate in stages of implementation, whether within last year’s 2023 budget or in the 2024 budget.”
https://economy-news.net/content.php?id=44096
Provoking Thoughts and Points To Ponder On Adversity:
Every failure made me more confident. Because I wanted even more to achieve things, as revenge. To show that I could. – Roman Polanski
Adversity is, to me at least, a tonic and a bracer. – Sir Walter Scott
Difficulties should act as a tonic. They should spur us to greater exertion. – B. C. Forbes
There are times in everyone’s life when something constructive is born out of adversity … when things seem so bad that you’ve got to grab your fate by the shoulders and shake it. – Anonymous
Brave men rejoice in adversity, just as brave soldiers triumph in war. – Marcus Annaeus Seneca
http://famousquotesandauthors.com/topics/adversity_quotes.html
