Money and business  Economy News – Follow-up  The Parliamentary Finance Committee downplayed concerns about the decline in oil prices on the economic reality, stressing that Iraq’s financial and economic conditions are good, and that revenues exceed the size of concerns resulting from the possibility of a decline in global oil prices.

Member of the Parliamentary Finance Committee, MP Jamal Kojer, said in an interview with “Al-Sabah” followed by “Al-Eqtisad News”, that “oil prices have not fallen to worrying levels, and therefore we are now in a stable economic situation with a financial surplus, and therefore we cannot talk about a crisis unless oil prices fall to less than $70.”

he member of the Finance Committee stressed that “Iraq has gone through many economic and oil crises in the past, but the financial situation has remained stable and there is no fear of a current crisis.”

“According to the Financial Management Law, the 2024 budget was supposed to be submitted after the middle of October, but there is still a delay in the expected schedules, which may be submitted in the first quarter of next year,” Koger continued. The MP pointed out that “the majority of the 2023 budget has already been disbursed, with 9 trillion dinars disbursed two months ago, while the 2024 budget has not yet been disbursed due to changes in governors and attempts to introduce new projects.”

The member of the Finance Committee added, “As for liquidity, the government has guaranteed the liquidity of salaries, but there is a shortage in the liquidity of projects. However, the projects that have been started will continue, including bridge projects.”

Parliamentary Committee Reveals A Way To Increase The Price Of A Barrel Of Iraqi Oil To $2,500

 The Parliamentary Oil, Gas and Natural Resources Committee revealed, on Tuesday, a way to increase the price of a barrel of Iraqi oil to $2,500.

A statement by the Parliament’s media department received by Mawazine News stated that “the Parliamentary Oil, Gas and Natural Resources Committee, headed by the head of the subcommittee for following up and proposing legislation, MP Ali Shaddad, and attended by MPs Basem Al-Gharibawi and Zainab Jumaa Al-Moussawi, met with the Undersecretary of the Ministry of Oil for Refining Affairs, Hamid Al-Zubaie, and the Director of the Legal Department at the Ministry of Oil, Salam Hamdan, to discuss the Private Investment Law in Refining Crude Oil No. (64) of 2007.”

MP Ali Shaddad explained, according to the statement, that “the committee has included in its strategy the amendment of five laws due to their antiquity, and has taken it upon itself to host those concerned in the Ministry of Oil and advisors in the Council of Ministers, and at other times it has gone to the Ministry of Oil to meet with the relevant departments and authorities; to save time and reach understandings between the legislative and executive authorities regarding the paragraphs of the laws to be amended.”

He added that “the Ministry of Oil has, for many years past, offered a group of investment opportunities in the field of refineries, which have not received real interest from investors and companies, and there will be no seriousness in investing in this sector; due to the current law not being in harmony with the aspirations of investors and the requirements of this stage, and hence the need to amend this law despite it having been amended twice previously.”

He added, “The subcommittee for following up and proposing legislation discussed the paragraphs that should be focused on in the law to attract investment in the refining sector, and that the goal of amending the law is to make investment in refineries successful and create an attractive environment for investment in refineries, which will positively reflect on the country’s economy,” noting that “the legal department in the Ministry of Oil has been assigned to prepare a draft law that will later be presented to one of the consultants contracted with the ministry to mature this draft.

” The representative stressed, “The committee is keen for the draft law to reach the House of Representatives complete in terms of legal, technical and economic vision,” noting that “the current value of a barrel of oil is $70, but transferring this barrel to the refining and petrochemicals sector increases the price of the barrel to $2,500.”

Parliamentary Finance To {Sabah}: No Economic Crisis In Iraq

  The Parliamentary Finance Committee downplayed concerns about the impact of falling oil prices on the economy, stating that Iraq’s financial and economic situation is good. Jamal Kocher, a member of the Parliamentary Finance Committee, told Al-Sabah that “oil prices have not fallen to worrying levels,

and therefore we are now in a stable economic situation with a financial surplus, and therefore we cannot talk about a crisis. He added that there is no fear of a current crisis, noting that “the government has guaranteed the liquidity of salaries.”

Iraq Moves To Export Jet Fuel

Money and business  Economy News – Baghdad  The Oil Products Distribution Company, affiliated with the Ministry of Oil, announced today, Wednesday, that the strategic reserve of gas oil has reached 800 million liters during the current year, while it indicated that a plan has been put in place to export aviation fuel produced by the Karbala refinery.

The General Manager of the Oil Products Distribution Company, Hussein Talib, said: “There is a plan to export the surplus of kerosene and gas oil,” indicating that “the power stations that operate on Iranian gas will be operated based on the gas oil product.”

He added, “The strategic storage, which reached about 800 million liters during this year, contributed to passing the summer season, and the situation is now under control,” noting that “electric power generation stations reached a consumption of 12 million liters per day from the existing production in refineries and refining capacities and what was built from strategic storage during the year 2024.”

He added, “There is a plan to export aviation fuel, which is produced by the Karbala refinery because it meets marketing specifications, and also in the near future shipments of surplus gas oil will be exported,”

explaining that “according to the directives of the Prime Minister and his deputy, the Minister of Oil, there should be one million cubic meters of strategic storage of gas oil products, and the surplus should be for export purposes.”

He pointed out that “the ministry achieved self-sufficiency in the production of kerosene and white oil, and stopped importing them.”

US Treasury: Supporters of Al-Sudani’s Reform Agenda

Money and business  Economy News – Baghdad  The US Treasury Department confirmed, on Tuesday, its support for Prime Minister Mohammed Shia al-Sudani’s reform agenda.

The ministry said in a statement, seen by “Al-Eqtisad News”, that “Deputy Secretary of the Treasury, Wali Adeyemo, met with Iraqi Prime Minister Mohammed Shia al-Sudani on the sidelines of the United Nations General Assembly to discuss reforming the Iraqi banking sector, financial relations with the United States, and combating illicit financing.”

The statement added, “The Deputy Secretary of the Treasury congratulated Al-Sudani on the great progress Iraq has made in reforming the banking sector, which has led to expanding Iraq’s international financial connectivity and increasing financial inclusion.”

According to the Treasury statement, Adeyemo affirmed “Treasury’s support for the Central Bank of Iraq and Prime Minister Mohammed Shia al-Sudani’s reform agenda.”

The Deputy Treasury Secretary praised the growth of the non-oil economy in Iraq by 6.0 percent, asking about “the steps the Prime Minister is taking to diversify the Iraqi economy from hydrocarbons,” according to the US Treasury statement.

Earlier on Tuesday, Prime Minister Mohammed Shia al-Sudani received US Deputy Treasury Secretary Wally Adeyemo and a number of Treasury officials.

Localization Of Employees’ Salaries And Border Crossings.. The Most Important Topics Discussed In The Meeting Of The Finance Committee With Erbil

 The head of the Finance Committee, Atwan Al-Atwani, discussed today, Wednesday, during his meeting with the head of the Kurdistan Democratic Party, Masoud Barzani, the implementation of the provisions of the Federal General Budget Law, the oil and national wealth file, the settlement of employees’ salaries, border crossings, taxes and customs.

The media office of the head of the Finance Committee stated in a statement received by Mawazine News, that “Atwan Al-Atwani and his delegation met with the head of the Kurdistan Democratic Party, Masoud Barzani, in Erbil, where the meeting discussed the overall political and security situation in the country, and ways to resolve the outstanding issues between the central government and the Kurdistan Regional Government of Iraq in a way that establishes a new phase of cooperation, coordination and understanding on the basis of respecting the Iraqi constitution.

” Al-Atwani reviewed “the files that the Finance Committee delegation came to discuss with the Kurdistan Regional Government, most notably the implementation of the provisions of the Federal General Budget Law, the oil and national wealth file, the settlement of employees’ salaries, border crossings, taxes and customs, and other issues related to the financial aspect.”

The statement stressed the “financial committee’s constant efforts to find understandings that lead to radical solutions to the outstanding issues between the federal government and the region,” stressing that “deferring the differences does not solve them, but rather increases their complexity.”

Al-Atwani added, according to the statement, “We have sensed in the federal government a genuine desire to eliminate crises and begin the process of construction and development,” noting that “achieving prosperity for the Iraqi people requires political stability.”