Iraqi Economic News Highlights Monday AM

Monday AM Iraqi Economic News Highlights 10-10-22


A Verbal Altercation In Parliament With The Director Of The Iraqi Budget


Shafaq News / A parliamentary source reported, on Sunday, that a “strong” verbal altercation occurred between the Undersecretary of the Federal Ministry of Finance, Director General of the Budget Department Taif Sami, and a number of deputies, who accused the ministry of not cooperating with members of Parliament, about the official books sent.


The source told Shafaq News Agency, “A strong verbal altercation occurred between Sami and a number of deputies, including the representative of Kirkuk, Omid Muhammad, for several reasons, including the failure to launch funding for the financial allocations for the development of the regions, and the failure to disburse the allocations of ongoing projects to spending units and project components.”


He added that “the Parliamentary Finance Committee discussed, while hosting Sami, the file of financing financial allocations for the development of regions and governorates that are not organized in a region, contained in the Law on Emergency Support for Food Security.”


On Sunday morning, the Parliamentary Finance Committee hosted Minister of Planning Khaled Battal, Chairman of the Board of Financial Supervision Ravel Yassin, Deputy Minister of Planning Maher Hammad, Undersecretary of the Ministry of Finance, Director General of the Budget Department Taif Sami, Director General of the Accounting Department in the Ministry of Finance, and the cadre. Advanced in the Ministry of Finance and Planning.   LINK


“It Produces Oil And Is Deprived Of Its Imports”… Kirkuk Poses Two Problems On The Baghdad Government’s Table


Shafaq News/ The governor of Kirkuk and a number of provincial deputies called today, Monday, to address two main problems represented by the lack of electric power and the failure to receive the yellow corn product from farmers.


Kirkuk Governor Rakan al-Jubouri said during a press conference held today, at the parliament building in Baghdad, with the participation of a number of deputies and attended by Shafak News Agency correspondent, that “our presence to the parliament and the central government is related to deep problems in a sensitive and important province in Iraq, which is one of the oil-producing and disadvantaged provinces.” product imports.


He added, “We have two issues that need the intervention of the Council of Ministers and the ministries of oil and electricity, namely the lack of electricity in the province and the file of the yellow corn product,” noting that “there is a great protest from the citizens of Kirkuk and demonstrations take place on a daily basis against it.”


And about the supply of electricity in the governorate, between al-Jubouri, that “it will be 12 hours and another 12 hours are interrupted,” noting that “the private generators are equipped with 5 liters of kerosene per kv, which does not enable the generator owner to operate it for more than a week, and pushes him to go to buy kerosene from the market. black”.


He explained that “the amendment of Resolution 159 of the Council of Ministers stipulates that the provinces be equipped with kerosene oil for generators compared to the hours of processing, but we are surprised by the decision of the Ministry of Oil, which counts all provinces as 5 liters and has nothing to do with the hours of electricity supply.”


He continued, “Today we sent a letter to the Council of Ministers, addressing the Ministries of Oil and Electricity, containing the entitlement of Kirkuk according to the percentage of Iraq’s production, to get a thousand megawatts according to the official entitlement, as we are now preparing to equip 550 megawatts,” calling on the Prime Minister to “intervene to address the shortage.” electricity”.


As for the other issue, Al-Jubouri says, “Yellow maize is a strategic and important product that is widely cultivated,” noting that “the estimates of the Kirkuk Agriculture Directorate indicate that the production of yellow corn reaches 800 thousand tons, and this crop needs the intervention of the Council of Ministers and support for receiving the crop, If not, it will cause the farmers to lose.”


He added that “import from neighboring countries is now carried out at an approximate price of 650,000 dinars per ton, while it is not received from the farmer to compensate for the import,” noting that “the issue of yellow corn is present in the Council of Ministers and presented twice to the vote and did not vote on it.”


The governor of Kirkuk, Al-Kazemi, called “to intervene personally and receive the crop from Kirkuk and all of Iraq,” noting that “Kirkuk represents 80% of the Iraqi crop.”   LINK


Oil Prices Fall After Strong Gains


Economie   10-10-2022 | 01:55   897 views   Alsumaria News – Economy   Oil prices fell today, Monday, from their highest levels in 5 weeks, with the market taking profits, following strong gains last week.


This comes amid expectations of tight supplies after the OPEC + decision to reduce production and before the European Union  imposed a ban on Russian oil.


Brent crude futures fell 81 cents, or 0.8 percent, to $97.11 a barrel by 0131 GMT, while US West Texas Intermediate  crude recorded $91.88 a barrel, down 76 cents, or 0.8 percent.


And both contracts touched their highest level since August 30 earlier in the session, but they lost their gains, and retreated with stocks in Asia amid thin trading with the markets closed in Japan and South Korea  due to public holidays.


“Profit taking may be the main reason for pressure on oil prices today after five days of gains last week,” said Tina Teng, analyst at CMC Markets.


Brent and West Texas Intermediate made the biggest percentage gains since March last week after the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, an alliance known as OPEC+, agreed to cut production by 2 million barrels per day.


Related Articles


The stability of oil prices.. Brent crude recorded 117.68 dollars per barrel


05:53 | 2022-06-3


Because of recession fears, oil prices record a significant decline


00:54 | 2022-09-7


A jump in global oil prices as the European Union prepares to ban Russian crude


00:17 | 2022-05-3


The OPEC+ production cuts that come before the European Union [/url] ban on Russian oil will reduce supplies in an already tight market.


European Union  sanctions on Russian crude and Russian oil products will enter into force in December and February, respectively.


Analysts at banks and brokerages raised their forecasts for crude oil prices and expect Brent crude to rise above $100 a barrel in the coming months.


Teng said that the possible easing of the Covid-19 restrictions imposed by the authorities in China in the last quarter and in 2023 may lead to a recovery in demand for oil and allow for a further rise in its prices.




What Is The Truth About The Effect Of Continued Disbursement According To The 1/12 Rule On Employees’ Salaries?


Time: 10/08/2022   {Economic: Al Furat News} The economic expert, Nabil Al Marsoumi, revealed today, Saturday, the fact that the continuation of the exchange according to the 1/12 rule may affect the salaries of employees.


Al-Marsoumi told Al-Furat News that: “The economic situation with the continuation of the exchange according to the Financial Management Law 1/12 will not affect state employees and the government sector.”


He pointed out that “it will affect the citizens through the absence of the private sector, as whoever invests his money in a political environment such as the one that Iraq lives in and pushes them to invest away from Iraq.”


Al-Marsoumi added, “If the government is formed, it must start preparing the budget law as the first law of its utmost importance.”


He continued, “The budget law is also supposed to be submitted in early October to Parliament for the purpose of studying and voting on it.” Al-Marsoumi held the political paralysis responsible for affecting all joints.        From: Raghad Daham


The Decline In Oil Prices, And A Barrel Of Brent Recorded 97 Dollars


Economie| 09:05 – 10/10/2022   Follow-up – Mawazine News: Oil prices fell, on Monday, from their highest levels in five weeks, with the market taking profits, following strong gains last week, amid expectations of tight supplies after the OPEC + decision to reduce production and before the European Union imposed a ban on Russian oil.


Brent crude futures were down 81 cents, or 0.8%, at $97.11 a barrel by 0131 GMT.


While US West Texas Intermediate crude recorded $91.88 a barrel, down 76 cents, or 0.8%, according to “Reuters”. Ended 29/N33



Federal Planning Reveals The Fate Of Food Security Funds


Economie   16:51 – 09-10-2022   Today, Sunday, the Ministry of Planning announced the imminent release of funds for the governorates within the Food Security Law.


Planning Minister Khaled Battal said, “The Finance Committee hosted us, in the presence of the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, to discuss the mechanism of implementing the Food Security Law in the part related to the investment plan of the law,” noting that “there is a problematic launch of funding by the Ministry of Finance.”


He added, “We explained to the Finance Committee that the Ministry of Planning has fully accomplished what it was required to do, and we included the projects, and we spoke with the Ministry of Finance in the presence of the President of the Financial Supervision Bureau, and there is a common understanding and clarification of some legal paragraphs in which there was a misunderstanding by some departments of the Ministry of Finance.” Soon, the money for the provinces will be released.”


He added that “there is 50%, according to the law, of the money being released by this government and 50% being released by the next government,” explaining that “the original in today’s meeting is to speed up the procedures for releasing 50% of the money, and it will be launched soon.”


Battal stressed that “the Ministry of Planning has completed launching the allocations to the governorates,” noting that “according to the deliberation that took place today, the problem is the understanding of the Accounting Department in Finance for some legal paragraphs, and it was clarified by us and by the head of the Oversight Bureau, and things are on the way to solution.”


Trade: The Food Basket Items Will Be Distributed Among Citizens On A Monthly Basis


Iraq   11:21 – 10-10-2022   Today, Monday, Minister of Commerce Alaa Al-Jubouri announced securing the strategic storage of food basket items.


And the Minister of Commerce said, “The ministry was able to secure the strategic storage of the food basket items, with the aim of keeping Iraqis away from crises.”


He added, “The food basket items will be distributed among the citizens within the ration card and on a monthly basis,” noting that “the food basket includes seven items.”


It is noteworthy that the Ministry of Commerce confirmed earlier the launch of cutting and preparing the eighth meal of the food basket and the arrival of new types of Thai rice to Iraq.


Direction To Distribute A New Meal Of Flour Within The Ration Card


Iraq   21:43 – 09-10-2022   Today, Sunday, the Minister of Trade, Alaa Al-Jubouri, directed all marketing centers in Baghdad and the provinces to prepare a new meal of flour as part of the ration card items that the ministry is preparing for all citizens in the country.


The ministry said, quoting Minister Al-Jubouri, in a statement, that “instructions were issued to grain export companies to prepare civil and governmental mills with a new calculation of flour and prepare citizens within 48 hours of the processing process.”


The statement added that the Ministry of Commerce is working according to exceptional measures to confront the global crisis and exploit the quantity of wheat marketed by farmers and farmers, as well as conducting tenders to buy wheat from foreign outlets.


The Minister of Commerce stressed in the statement,


He pointed out that “the laboratories of the Ministry for the manufacture and trade of grains check the quality of the processed flour, as well as the quantities of flour produced by the private and governmental mills.”


It is noteworthy that the Ministry of Commerce launched the fifth meal and is ready to release a sixth meal of flour to all citizens.