Friday Morning Iraq Economic News Highlights 5-5-23
The National: The Iraqi budget has become farcical, and every party is calling for higher allocations
2023.05.05 – Baghdad – people The Emirati English-language newspaper “the national” said that the Iraqi budget has become comical, as each party demands higher allocations for their ministries.
And the newspaper stated in a report affiliated with “NAS” (May 5, 2023), “In all sectors in Iraq, the hype to obtain government funds extends from politically linked clans to state-run companies, official security forces, and even militias linked to Iran.”
She added, “The main political blocs are defending a system that divides state resources in the form of spoils. Iraq is trying to pass a budget bill that would see record spending for 3 years and a record high deficit, which would be compensated for by a year without a budget due to political disagreement before the Sudanese government took power in October.” “.
And she continued, “The budget has become comical, as each party demands higher allocations for their ministries. The increased operational spending to increase government salaries – resulting from politicized employment – will crowd out investment in public services.”
And she indicated, “The draft budget could increase employment in the public sector by 700,000.”
And she pointed out that “Al-Sudani expressed his desire to conduct a strict assessment of the performance of the positions (special grades) appointed by the parties, which are the senior ministerial positions that in some cases enjoy wide-ranging powers, such as influencing the awarding of contracts. But Al-Sudani, like before him, is simply replacing Failed officials with more loyalists.
https://www.nasnews.com/view.php?cat=106847
A New Statement From The Parliamentary Finance Regarding Returning The Budget To The Government
Time: 05/05/2023 Read: 1,586 times {Economic: Al Furat News} The Parliamentary Finance Committee stated, today, Friday, that there is no intention to return the draft budget law to the government to make an adjustment to oil prices.
Jamal Cougar, a member of the Parliamentary Finance Committee, told {Euphrates News}: “It is not possible to overcome the decline in oil prices globally and its impact on Iraq except by maximizing non-oil resources, and without that matter, Iraq does not have any other field.”
He added that “consumption must be rationalized and real reforms carried out, and there is no intention to return the draft budget law to the government to make an adjustment to the oil price.”
From.. Raghad Dahham LINK
6 Days Until The “Agreed Upon” Date For Settling The Budget. The Finance Committee Has Another Opinion
Baghdad today-Baghdad The Parliamentary Finance Committee confirmed, today, Thursday, that passing the budget law may take place at the end of this month or the beginning of next June, indicating that it needs more time to discuss the law with the executive authorities.
Committee member Mustafa Al-Karawi told “Baghdad Today” that “talking about passing the budget on the 10th of the current month of May is very difficult. We in the Parliamentary Finance Committee need more time to discuss the law with the executive authorities and in order to make amendments to the law with the aim of reducing fiscal deficit.
Al-Karawi indicated that “passing the budget law may be the end of this month or the beginning of next month, and announcing a political agreement to pass before the middle of next month, we think is very difficult, so we need a long time to complete the study and amend the budget.”
And the State Administration Coalition, in an expanded meeting in the presence of Al-Sudani a few days ago, had set May 10 as the final date for resolving discussions on budget items, which means 6 days from now. LINK
Parliamentary Finance: The Vision Of Voting On The Budget Will Become Clear During The Next Two Weeks
May 4, 2023 Baghdad / Obelisk Al-Hadath: The Parliamentary Finance Committee announced that it will host four important ministries during the next two weeks, while setting the date for announcing the vote on the budget.
Committee member Ahmed Mazhar al-Jubouri said that the Finance Committee is still continuing its work and strategy to reduce the fiscal deficit in the federal budget, and make transfers, especially since there are chapters in which financial allocation is weak, including allocations for the development of regions, and there is a ministry in which expenditures have become large.
He explained that the work of the committee is to balance financial spending and distribute financial allocations fairly to everyone.
He pointed out that there are clear differences in the budget, especially in service goods, and there are numbers that have doubled from what was in the 2021 budget.
He added that time is still available to reduce expenditures, especially since oil prices fluctuate, and the current oil price cannot be adopted.
He pointed out that it is not possible to set a time for voting on the budget, and during the next two weeks the vision will become clear, and the time for voting will be determined.
And he indicated that the committee meets daily from 10 am to 12 pm, in addition to that there are more than three meetings with ministers on a daily basis, stressing that during the next two weeks, the committee will host the most important ministries, which are health, interior, finance and oil.
He added, however, that the committee is not about to host Prime Minister Muhammad Shia’ al-Sudani, unless he wishes to give his observations and access the Finance Committee, and we welcome that.
https://almasalah.com/archives/51195
Shankali: The Budget Deficit Is Unreal And Fabricated By Parties
Sumerian special 2023-05-04 | Source: Alsumaria News 2,350 views The head of the Parliamentary Health and Environment Committee, Majid Shankali, confirmed today, Thursday, that there is satisfaction with the current budget and the deficit in it is not real, indicating that the Kurdistan Democratic Party is supportive of this government and its government program.
“There is satisfaction with the current budget and the financial deficit in it is unreal and fabricated by some political parties to delay the passage of the budget,” Shinkali said in an interview with the “Alanna” program broadcast by Alsumaria TV, stressing that “the Kurdistan Democratic Party is supportive of this government and its government program.”
He added, “We are with maximizing resources and minimizing waste in the state’s resources and managing them in a manner that guarantees a strong economy,” noting that “Iraq’s oil sales during the previous months were at good prices and the financial deficit is unreal because there are funds retained from previous and financial budgets that have funds for investment projects.” Which did not succeed, and we must stop when determining the price of oil, and we should not stop at the budget deficit, as it is not important.
Shinkali indicated that “the price of a barrel of oil must be reduced by at least 15% of the current price in order to achieve balance in the budget and not to create a large deficit in the budget.” LINK
Al-Sudani: We Need Three Years To Secure The Gas.. And We Are Waiting For Turkey’s Response To Resume Pumping Oil From Kurdistan
Money and business Economy News / Baghdad Prime Minister Muhammad Shia al-Sudani confirmed that abandoning imported gas would take about three years.
Al-Sudani said during his speech at the Iraq Forum for Stability and Prosperity held in Baghdad that “Iraq has about three years to stop importing gas from abroad.”
He added, “The government is preparing to launch the sixth round of licensing in the desert of Anbar and Najaf,” pointing to “achieving understandings with the region regarding the oil and gas file, which were included in the budget law.”
Regarding Kurdistan’s oil, Al-Sudani said, “The Turkish side informed us that the oil exporting pipeline needs to be examined before resuming exports.”
He explained, “Iraq is ready to resume exports immediately, in the event that Turkey announces its willingness to do so.”
And the export of oil from the Kurdistan region stopped after a decision by the arbitral tribunal of the International Chamber of Commerce in Paris, regarding the arbitration case filed by the former Iraqi government against Turkey, regarding the “Iraqi-Turkish pipeline agreement”, in which it ruled the illegality of the Kurdistan region’s export of its oil without Baghdad’s approval. .
Regarding the government program, Al-Sudani said, “There are reviews, dialogues, and discussions on all issues in the country,” adding that “the government faced a number of service and economic challenges.”
And he indicated that “the government proved, during 6 months of its work, the invalidity of prejudices against it and was able to implement 31% of the ministerial program,” noting that “gaining the people’s trust is achieved by the credibility of the government’s work, and no success can be achieved without teamwork.” https://economy-news.net/content.php?id=34013
After A Series Of Weekly Losses, Oil Rises To $73 A Barrel
Friday 05 May 2023 09:31 | Economical Number of readings: 275 Baghdad / NINA / – Oil is heading towards recording the third consecutive weekly decline, which is the longest period of oil loss witnessed this year, despite the price hike today, Friday, to $73 per barrel.
Despite today’s rise, US Nymex crude is still down by about 10 percent this week after a decline that lasted four days, and Brent crude fell by nearly 9 percent during the week.
Oil prices have been hit by growing concern that the US economy is on its way to slipping into recession, which could hurt demand for oil, as well as investors following signs of continued instability among US regional banks.
Oil prices have also fallen 14 percent this year, even after the decision of the OPEC Plus group to cut production starting this month.
Oil movements witnessed an increase today, as Brent crude rose by 0.9 percent to $73.17 a barrel, and Nymex crude rose by 0.85 percent to $69.13 a barrel./End 8 To receive more news, subscribe to our Telegram https://ninanews-com.translate.goog/Website/News/Details?key=1051372&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en
Regarding Kurdistan’s oil, Al-Sudani said, “The Turkish side informed us that the oil exporting pipeline needs to be examined before resuming exports.”
He explained, “Iraq is ready to resume exports immediately, in the event that Turkey announces its willingness to do so.”
And the export of oil from the Kurdistan region stopped after a decision by the arbitral tribunal of the International Chamber of Commerce in Paris, regarding the arbitration case filed by the former Iraqi government against Turkey, regarding the “Iraqi-Turkish pipeline agreement”, in which it ruled the illegality of the Kurdistan region’s export of its oil without Baghdad’s approval. .
Regarding the government program, Al-Sudani said, “There are reviews, dialogues, and discussions on all issues in the country,” adding that “the government faced a number of service and economic challenges.”
And he indicated that “the government proved, during 6 months of its work, the invalidity of prejudices against it and was able to implement 31% of the ministerial program,” noting that “gaining the people’s trust is achieved by the credibility of the government’s work, and no success can be achieved without teamwork.” https://economy-news.net/content.php?id=34013
After A Series Of Weekly Losses, Oil Rises To $73 A Barrel
Friday 05 May 2023 09:31 | Economical Number of readings: 275 Baghdad / NINA / – Oil is heading towards recording the third consecutive weekly decline, which is the longest period of oil loss witnessed this year, despite the price hike today, Friday, to $73 per barrel.
Despite today’s rise, US Nymex crude is still down by about 10 percent this week after a decline that lasted four days, and Brent crude fell by nearly 9 percent during the week.
Oil prices have been hit by growing concern that the US economy is on its way to slipping into recession, which could hurt demand for oil, as well as investors following signs of continued instability among US regional banks.
Oil prices have also fallen 14 percent this year, even after the decision of the OPEC Plus group to cut production starting this month.
Oil movements witnessed an increase today, as Brent crude rose by 0.9 percent to $73.17 a barrel, and Nymex crude rose by 0.85 percent to $69.13 a barrel./End 8 To receive more news, subscribe to our Telegram https://ninanews-com.translate.goog/Website/News/Details?key=1051372&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en
Iraq And Jordan Agree To Export (10) Thousand Barrels Per Day, Starting Next June
Time: 05/04/2023 13:37:25 Read: 481 times {Economic: Al Furat News} The Ministry of Oil announced today, Thursday, an agreement with the Hashemite Kingdom of Jordan to renew the export contract of 10 thousand barrels per day.
The ministry stated, in a statement received by {Euphrates News}, that “Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani, received today the Minister of Energy and Mineral Resources of the Hashemite Kingdom of Jordan, Saleh Ali Hamed Al-Kharabsheh, and his accompanying delegation,” indicating that “the meeting was attended by the Undersecretary for Affairs of the Hashemite Kingdom of Jordan.”
Extraction, General Manager of the Iraqi Oil Marketing Company, Director General of the Economic Department, Director General of the Legal Department, and Director of the Media and Government Communication Office, while the delegation accompanying the Minister of Energy and Mineral Resources and the Jordanian ambassador in Baghdad attended on the Jordanian side.
She added, “During the meeting, they discussed ways to enhance and develop bilateral relations between the two brotherly countries in the oil and energy sector,” noting that “during the meeting, it was also agreed to renew the export contract of (10) thousand barrels per day, starting from the current month of May, for a period of one year.” LINK
Iraq And Jordan Agree To Renew The Oil Export Contract For A Year
Thursday 04 May 2023 23:55 | Economical Number of readings: 700 Baghdad / NINA / – The Ministry of Oil announced the agreement with the Jordanian side to renew the export contract for a quantity of (10) thousand barrels per day, starting from the current month of May 2023 and for a period of one year.
Today, Thursday, in Baghdad, Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani discussed with the Minister of Energy and Mineral Resources of the Hashemite Kingdom of Jordan, Saleh Ali Hamid Al-Kharabsheh, ways to strengthen and develop bilateral relations relations between the two brotherly countries in the oil and energy sector. LINK
