Wednesday Afternoon Iraq Economy News Highlights 7-6-22
The Official Gazette Publishes The Law On Emergency Support For Food Security And Development
Political | 02:50 – 06/07/2022 Baghdad – Mawazine News The Iraqi Al-Waqa’i newspaper published the Emergency Support Law for Food Security and Development. After its publication in the Official Gazette, the law will have entered into force. LINK
Big Losses For Oil Amid Fears Of Recession
ECONOMIC 07/05/2022 | 5:59 PM Information / Baghdad.. Oil prices fell $6 on Tuesday, as concerns about a possible global recession denting demand outweighed concerns about supply disruptions, highlighted by an expected production cut in Norway.
Brent crude fell $6.65, or 5.9%, to $106.85 a barrel by 1344 GMT, and US West Texas Intermediate crude fell $5.65, or 5.2%, to $102.78 a barrel from Friday’s close. Trading in West Texas Intermediate crude was suspended on Monday due to a holiday in the United States.
Investors are becoming more concerned as the recent rise in gas and fuel prices is heightening fears about a recession. Investors are increasingly concerned about demand in light of a broad tightening of global financial conditions, as the US Federal Reserve combats inflation by rapidly raising interest rates.
On Tuesday, the Reserve Bank of Australia raised interest rates for a third month, pointing to further increases as it sought to contain rising inflation even with the risk of economic deflation.
Oil prices continue to receive some support from supply concerns as a result of Western sanctions imposed on shipments from Russia due to the conflict in Ukraine, concerns about the ability of major oil producers in the Middle East to increase production, and current labor disputes in Norway. finished/25h
Amid Expectations Of A Price Collapse, Will Iraq’s Oil Honeymoon End?
ECONOMIC 07/05/2022 | 6:06 PM Information / Baghdad..Economist Nabil Al-Marsoumi said, on Tuesday, that expectations indicate a decline in oil prices and a fall between 45 to 65 dollars per barrel at the end of the year, while stressing that the correctness of the expectations will make Iraq the most affected among the oil-producing countries.
Al-Marsoumi said in his Facebook post, which was followed by / the information /, that “the price of Brent crude futures fell to 107 dollars a barrel, while Citigroup Bank warned of the possibility of oil prices falling to between 45 to 65 dollars per barrel at the end of the year, if there was a recession. In the demand for oil in light of high levels of inflation, which may lead to a state of general economic stagnation.
He added, “If these expectations are correct, Iraq will be the most affected among the oil countries due to the significant increase in operating expenses that accompanied the rise in oil prices, which led to an increase in public burdens in the absence of a sovereign fund that could be a wall against violent fluctuations in oil prices.” Finished / 25 ر LINK
Former Deputy: Beneficiary Officials Allowed An Oil Company On The Blacklist To Operate In Iraq
Economic Last Update 07/06/2022 | 9:01 AM Information / Baghdad…The former MP, Ghaleb Muhammad Ali, revealed that there are beneficiary figures and officials who allowed the Kar-Krupp oil company to operate in Iraq, despite being blacklisted.
Ali told Al-Maalouma, “The federal government must deal and send books to the oil companies operating in the region in order to organize their work and ensure that they are not blacklisted.”
He added that “Car Group has many projects in Iraq, despite being blacklisted, which raises many question marks about the availability of this company’s work in Iraq.”
And he indicated that “the Iraqi government, how can it deal with a black-listed company that produces 34 percent of the region’s oil and transports it through pipelines from Erbil to Zakho to the Turkish port of Ceyhan.”
He pointed out that “Car Group is working on many projects in various northern and southern governorates, despite being blacklisted, which confirms that there are Iraqi officials who are beneficiaries and partners with their counterparts in the region who are responsible for operating this company.” finished 25 LINK
A Parliamentarian Warns Against The Iraqi Government Lifting Subsidies On Gasoline Prices: It Will Set Fires
Shafaq News/ Zainab Juma’a Al-Moussawi, deputy of the “Sadiquon” bloc in the House of Representatives, warned on Tuesday that the current federal government headed by Prime Minister Mustafa Al-Kazemi would lift subsidies on gasoline prices.
Al-Moussawi said in a press statement, reported by her media office today, that “the lifting of subsidies on the prices of oil derivatives (gasoline) will ignite the fires of a popular revolution against Mustafa Al-Kazemi’s government, which is working to absorb everything that the Iraqi citizen has.”
And she added, “In the year 2020, the Al-Kazemi government released the white paper, which did not bear economic fruits for Iraq and its people until it carried out a deadly financial project, which is to reduce the exchange rate of the Iraqi dinar against the US dollar from the price of 1180 to 1450 dinars for every 1 dollar, which This led to traders seizing the opportunity and collecting their money from the market by selling warehouse goods at more expensive prices than before.”
There are conversations among the population in the regions and cities of Iraq about the federal government’s intention to subsidize the price of regular gasoline, so that one liter increases from 450 dinars to 700 dinars. LINK
India Is The Largest Importer Of Iraqi Oil During June
India topped the list of countries buying Iraqi oil last June, with a share of more than 35% of total exports.
According to tankertrackers, the total exports during June amounted to more than 101 million barrels, with revenues exceeding $11 billion.
India ranked first with its total imports of Iraqi oil with 36.33 million barrels, or 35.9%, with a daily average of more than one million barrels.
China came after India, as it imported 23.56 percent of the total exports, at a daily rate of more than 769,000 barrels, as its oil purchases amounted to 23.8 million barrels. While America bought 11.77 million barrels from Iraq, representing 11.63% of the total June exports of Iraqi oil. LINK
The Ministry Of Commerce Announces That Iraq Has Food Stocks Outside The Country
Iraq 12:44 – 07-06-2022 The Ministry of Commerce announces that Iraq has food stocks outside the country 9672022_IMG-20210613-WA0043
Today, Wednesday, the Federal Ministry of Trade announced the allocation of the Ministry of Finance 500 billion and 700 million dinars to three aspects, while noting that there are good stocks of foodstuffs inside and outside the country.
The ministry’s spokesman, Muhammad Hanoun, said that “the contracting process started from the first day of the issuance of the Food Security Law, to provide the food basket items through the private sector.”
He added, “The Ministry of Finance has allocated 500 million for the purposes of the food basket and 200 million for the purposes of purchasing wheat, in addition to 500 billion for the dues of farmers and farmers.”
He pointed out, “The ministry has a good stock of foodstuffs inside and outside the country,” expressing his hope that “the market will witness stability as a result of the presence of large quantities of food basket materials among citizens through food agents.”
He explained, “The ministry has no contract except for wheat, because the issue of other materials included in the food basket contracted with the private sector through the food basket project according to Resolution 160 issued by the Council of Ministers for the General Company for Foodstuffs Trade, which requires contracting with the private sector for the purpose of preparing items. The ration card,” stressing that “this project has achieved great success through the continuation of processing operations, and the quality of materials supplied to citizens.”
He pointed out, “The marketing operations are continuing in the governorates of the Kurdistan region, Mosul and Kirkuk, as we have reached two million and 60 thousand tons, and we hope to reach two million and 150 thousand tons,” noting that “these quantities will allow us to prepare flour within the food basket until the end of this year.” . LINK
Digital Marketing And Fraud!
ARTICLES 2022/07/06 | 3:35 PM Books / Zainab Fakhri || The concept of digital marketing revolves around the promotion of goods and commodities for the purpose of selling them or offering services to consumers through social networking sites, and using digital devices, such as smart phones.
Digital marketing witnessed an unparalleled turnout from all professions and craftsmen. This is due to the possibility of its access to various segments and to the farthest place in this world at a low price, if not free, in addition to the fact that some may be satisfied with social networking sites (begat) to be an alternative to a store or a commercial site, that is, it becomes a site without rent that may expose its owner to loss or reduce his profit.
And the beautiful thing is that these marketing sites have found customers, and you find some people have become accustomed to resorting to these sites and (beiges) if they need goods or services.
Digital marketing was associated with (delivery service), whether it was free or for an agreed amount of money.
This delivery service also attracted attention, especially from the youth, and absorbed some of the unemployed youth.
Unfortunately, some merchandise promoters always resort to fraud, as they display on their pages (beiges) goods of high quality and bright colors, and upon request for delivery, goods arrive unrelated to the agreed supply!
It seems that they do not think that they will lose their customers and destroy the bridges of trust between them and the consumer!
It may come to mind that most of them have no fixed place; He limits his thinking to quick profit, even by practicing fraud, i.e. (hitting his blow) from a certain commodity, and soon he closes his page, and opens another with another name and with a different merchandise, and the field is open, starting from shoes and clothes to make-up tools and decorations (Cosmetics) through paintings and curtains!
It may be said to avoid this marketing trap, the goods can be inspected upon their arrival, and returned to their owner in case of non-conformity. Yes, that is possible, but he may argue or cause a quarrel with the taxi driver, claiming that he has nothing to do with the issue, and that his role is limited to delivery only!
It may even happen, that some customers are reluctant to pay the price of the goods on the pretext that they do not match what is offered!
The best solution to this problem remains for the consumer to personally go to the store that promoted his goods, and inspect for himself their quality to decide whether to buy or not!
The Minister Of Planning Reveals Employees Below The Poverty Line And Confirms: The Superficially High Rate Of Unemployed Women
Wednesday, 6 July 2022 1:13 PM National News Center / Baghdad Today, Wednesday, Minister of Planning Khaled Batal Al-Najm indicated a defect in the salary system in the government sector in the country.
Al-Najm said in a statement to a number of media outlets, including the National News Center, that “the labor force survey monitored 17% of women occupying administrative positions, which is not a small percentage,” noting that “the percentage of superficially unemployed women is high, but when details are not High compared to the number of female job seekers and the number of economic activists.
The minister called for “searching for how to read the number and the ratio is not read absolutely,” stressing “the need to reduce the differences between the advantages of government work and the advantages of the private sector.”
He pointed out that “there is no justice in the revenues and salaries of the government sector, and this is a flaw on the salary system in Iraq,” explaining that “the same employees know in the ministries the same degree and qualifications, except that the salary and income of one of them is double or more than the double of the other employee.”
He stressed that “the Economic Council discussed this matter, but it needs a political decision, perhaps for a stable government under stable social conditions,” noting that “there is no equality and justice in the Iraqi salary system, and this also indicates a defect in the salary system.”
He pointed out that “some salaries in the private sector are much higher than government income if compared to capabilities and qualifications, but the prevailing social culture and lack of understanding of the Social Security Law push people, including those working in the private sector, to search for a government job.”
He noted that “the Central Statistical Organization conducted a study across statistical divisions in the governorate and districts on the employee’s poverty line, which showed that employees in the fifth degree downwards are below the poverty line,” referring to “the expansion of the sample, as the planning directorates were entered in the governorates and the center of the ministry, and the results were similar.”
And he indicated, “The young man has a bachelor’s degree, he must be in the seventh grade, but most workers in the private sector are of the same degree with lower qualifications, and their salary is higher,” noting that “the income of the worker in the government sector is not high, but the search for security is behind the demand for the government sector.”
He stressed, “One of the important points for activating the private sector is the Social Security Law,” noting that “the Pension Fund suffers from great pressures because it relies on the same curriculum and previous employment policies.” LINK
