Iraqi Economic News Thurs Early AM

Thursday Early AM Iraq Economic News Highlights 11-3-22


The Exchange Rate.. Fluctuation And Chaos Burdened The Citizen


Posted On2022-11-03 By Sotaliraq   Reporting: Fouad Abdullah   As soon as the new government was formed, news and gossip surfaced promoting the possibility of reducing the dollar exchange rate and returning it to its previous era, and the extent to which Prime Minister Muhammad Shia Al-Sudani was able to adopt some sensitive economic issues, including returning the dollar price to its previous position, which was one of the most prominent criticisms that It was directed by the forces of the coordination framework for former Prime Minister Mustafa Al-Kazemi.


Political Influence


The journalist Ali Al-Hadi explained to (Al-Masra) that as citizens, “we note in recent years that there is a significant impact of politics on the monetary and financial situation of the country, which led to the creation of major problems, including the change in the dollar exchange rate, which in turn formed a crisis and chaos in the Iraqi markets,” noting That “the change that took place in the exchange rate burdened the citizen because the prices of goods rose and created a continuous fluctuation in the value of goods, not to mention the merchants’ exploitation of this issue in order to increase their imports at the expense of the citizen.”


Price Fluctuation


For his part, the economic expert, Dr. Ali Al-Shami, told Al-Masra that “there is a fluctuation in currency rates in the Iraqi markets, due to the formation of the new government, as well as the presence of previous statements by the political parties that formed that government to return the dollar exchange rate to its previous position or to the status of Average, and also the impact of the new prime minister’s policy on the country’s monetary policy, all of these certainly have an impact on the fluctuation of currency rates, and thus the concerns of economists and the negative cases accompanying such a political situation.”


Stagnation And Stagnation


Al-Shami stressed that “this new fluctuating situation will have a role in the coming months on the Iraqi economic reality, and consequently, there will be some reluctance and economic stagnation because of this fluctuation in currency rates.”


Negative Role


As for the economic expert, Dr. Najm Tarish, he indicated to (Al-Masra) that “changing the exchange rate still has a negative role on the financial centers of citizens, meaning that citizens were associated with specific financial centers previously identified by the Central Bank, and their transactions began to proceed according to this subject, and this situation created a kind of From fears, caution and economic downturn, and consequently a recession that may harm the poor classes in particular,” noting that “the price of the dollar against the Iraqi dinar must be determined according to the purely economic considerations determined by economists, not political rivalries and outbidding, as well as trying to win people’s affection and feelings through slogans.” .



Transparency and Clarity


Tarish added, “Until today, no Iraqi official has come out and speaks to the citizens in a clear and transparent way and tries to alleviate or eliminate the state of turmoil that pervades the markets, because frankly this is the government’s responsibility, as it must be clear and transparent in dealing with its citizens in all fields, nor It leaves a loophole that is exploited for slogans and propaganda that may lead to negative effects on the Iraqi economy in the future.”




And Muhammad Shia Al-Sudani announced in previous statements to him when he was a deputy in Parliament before the assignment, that nearly (17) million Iraqis were affected by the decision to adopt the dollar exchange, and called at the time the government to take urgent protection measures and serious treatments to alleviate them with the need to reconsider the minimum salary .   LINK


Al-Sudani Sets Budget Priorities And Issues Directives


Shafaq News/ On Wednesday, Prime Minister Muhammad Shia Al-Sudani set the priorities that should be focused on in the federal budget law for the next year, while issuing a directive regarding its law.


Al-Sudani’s media office stated in a statement received by Shafaq News Agency, that the latter chaired a meeting that included Finance Minister Taif Sami, Oil Minister Hayan Abdel Ghani, Minister of Electricity Ziad Ali Fadel, and a number of advisors, and they discussed the file of the draft federal budget law for 2023, and the need to expedite its preparation, and send it to Parliament.


Al-Sudani directed that the budget be at the level of ambition, and that it prioritizes meeting the needs of citizens for services, as well as taking it upon itself to effectively address the problem of electricity shortage, which has greatly affected the life of the citizen and the economic sectors in the country.


And the Prime Minister, Muhammad Shia Al-Sudani, had previously directed the necessity of preparing the Federal Budget Law for the year 2023 as soon as possible.   LINK


The President Of The Republic: The Iraqi Government Has The Responsibility To Reach An Understanding With Turkey And Iran Regarding The Water Crisis


Posted On2022-11-02 By Sotaliraq   The President of the Republic, Abdul Latif Rashid, stressed that the Iraqi government has the responsibility to develop the understanding from Turkey and Iran regarding the water crisis, in addition to working on the new government’s response to the will of the Iraqi people for reform and strengthening Baghdad’s role regionally and internationally.


During his speech at the 31st Arab Summit, which was held in the Algerian capital, Algiers, Rashid said that “the Iraqi government has many responsibilities that it will work on and in response to the will of our people for reform and construction and to enhance Iraq’s effectiveness in its regional and international surroundings.”



He added, “These are tasks that require the government a lot of strength, firmness and wisdom, as well as all national forces to support, and we expect that the government’s efforts will receive a positive interaction from brotherly and friendly countries.”


With regard to the water file with neighboring countries, he stated that the Iraqi government “has the responsibility to develop an understanding with the brothers in the two neighboring countries, the Republic of Turkey and the Islamic Republic of Iran regarding our problem with the water crisis of the two rivers, after the drop in the water levels incoming to them, and this has led to a reduction in the amount of water in the marshes.” Iraq.”


He expressed his hope that “we will work on developing water resources management from a technical point of view, and that serious dialogue will be productive of solutions that preserve life, the environment and the climate, and preserve the livelihoods of citizens and the country’s economy.”


The President of the Republic affirmed Iraq’s keenness on “Syria’s sovereignty, territorial integrity and the safety of its people,” expressing his support for “the completion of political talks between all Syrian parties in a way that enhances security, peace and democracy and consolidates efforts to end the humanitarian crisis suffered by the Syrian brothers.”


In addition, he also expressed Iraq’s full support and standing “by Lebanon’s side in order to put aside differences and overcome the political and economic crisis that the country is going through.”


On the Palestinian issue, he affirmed Iraq’s adherence to “the legitimate right of the Palestinian people to establish their state on all Palestinian lands, with Jerusalem as its capital.”


Rashid called for “compliance with Security Council Resolution No. 478 of 1980 in the face of all attempts to move diplomatic missions to Zahrat al-Madaen.”


Disclaimer: All published articles represent the opinion of its authors only   LINK


The Prime Minister Announces The Dismantling Of The Largest Oil Smuggling Network In Basra


Posted On2022-11-03 By Sotaliraq   Journalist: Sajjad Shankali   On Wednesday, the Prime Minister, Muhammad Shia Al-Sudani, announced the dismantling of the largest oil smuggling network in Basra Governorate.


And journalist Sajjad Shankali quoted Al-Sudani’s tweet via Twitter, “We directed them to track down oil smuggling networks and implement arrest warrants against the gangs that dared and roamed to steal the rights of the Iraqis,” noting that “the National Security Service detachments, in cooperation with other agencies, managed to dismantle the largest oil smuggling network. in Basra.


The Prime Minister stressed, “We will spare no effort and will work day and night to combat corruption in its various forms.”


Disclaimer: All published articles represent the opinion of its authors only    LINK



Nechirvan Barzani: We Are Dealing With The Oil File From A Commercial Perspective… The Goal Is Not To Violate Iraq’s Sovereignty


Posted On2022-11-03 By Sotaliraq   The President of the Kurdistan Region, Nechirvan Barzani, stressed, on Wednesday, that the region does not want the oil file to violate sovereignty in Iraq, and that the region deals with this file from a commercial perspective.


Nechirvan Barzani said in his speech on the sidelines of hosting him at the Miri Forum on Middle East Affairs: “Since 2004 until now, the two main Kurdish parties (the Kurdistan Democratic Party and the Patriotic Union of Kurdistan) have signed several agreements to solve budget problems, Shingal, and Article 140 of the constitution, setting up A time limit for resolving them,” he asked, “until when Baghdad imagines that these problems will remain unresolved, and if it wants a politically and economically stable Iraq, it must resolve the differences with the Kurdistan Region.”


He went on to say, “The Kurdistan Region wants a solution to these problems, and it has a loud voice in that at the regional and international levels, and it is in Baghdad’s interest to take the initiative to solve them, so what does Baghdad benefit when we tell countries that they do not want to solve those problems?” Baghdad can solve these problems from a political point of view, and this is not a big issue.”


The head of the region stressed by saying: “We do not want to violate the sovereignty in Iraq through the oil file, and we want to deal with oil commercially in the interest of all of Iraq,” adding: “But the issue of oil is always linked to sovereignty, and oil cannot achieve independence.” For the Kurdistan Region because of the geography in which the map of Kurdistan is located, but oil can only bring prosperity to the people.”


He continued, “After 2003, the United States and the West told us that the Iraq that will be established is a new Iraq that will include everyone,” adding, “Therefore we participated in it with enthusiasm and vitality.”


Nechirvan Barzani said: “It is not too late to build a new Iraq,” stressing that “the political stability of Iraq is the stability of the Kurdistan Region.”


He added that “if the outstanding problems between Erbil and Baghdad are resolved, Iraq will enter a new phase,” noting that “commitment to the constitution will solve all problems.”


He stressed that “dealing with the logic of the strong and the weak will not solve Iraq’s problems,” and said: “We need solutions to live on a geography called Iraq.”


He pointed out that “a new generation has risen in Iraq and is watching how countries are developing around it,” stressing that “the Iraqi people also deserve better living conditions than the ones they live in now.”


He stressed that “democracy is not a gift given to countries, but rather a culture that people learn how to practice.”


He pointed out that “there are non-Iraqi actors that influence decision-making,” stressing “the importance of searching for solutions to manage the state.”


He explained that “the new Iraqi Prime Minister, Muhammad Shiaa al-Sudani, is supported by Shiite, Kurdish and Sunni political forces.”


He continued, “We in Iraq are still far from the mentality of a strong government that monitors its actions by an organized opposition,” stressing that “Iraq is going through a transitional period.”[/size]


Nechirvan Barzani said: “After 2003, this is the first time that we sign an agreement with the Iraqi political forces before we agreed to participate in the new government,” stressing that “all forces signed the text of that agreement document.”


He added that “the document signed between us includes the approval of the oil and gas law, Kurdistan’s share of the federal budget and the implementation of Article 140 of the Constitution,” noting that “a specific time limit has been set for its implementation.”


He stressed that “to build a politically and economically stable Iraq, all problems with the Kurdistan Region must first be resolved.”


Regarding the Turkish and Iranian bombing, he said: “We do not want the Kurdistan Region to be a springboard to threaten our neighboring countries,” but he called on the Iraqi government to take the repeated bombing by the two countries seriously.


Nechirvan Barzani said, “The Kurdistan Region proposed to Baghdad that a joint committee be formed from the federal government and the regional government regarding violations, because this matter is related to the sovereignty and security of Kurdistan,” stressing that “this file is primarily related to the federal government, but it did nothing towards the end of right Now”.   LINK