Sunday Morning Iraq Economic News Highlights 5-7-23
Iraq Achieves 17 Trillion Dinars In Financial Revenues Within One Month
2023-05-07 Shafaq News/ The Ministry of Finance issued the accounts of the Iraqi state for the month of February for the fiscal year 2023, which indicated that the volume of financial revenues amounted to more than 17 trillion dinars, while it showed that the contribution of oil to the federal budget amounted to 96%.
Shafaq News Agency followed the data and tables issued by the Ministry of Finance in the current month of May for the accounts of last February of the year 2023, which showed that oil is still the main resource for Iraq’s general budget, reaching 96%, which indicates that the rentier economy is the basis for Iraq’s general budget. .
And through the financial tables, it showed that the total revenues until January amounted to 17 trillion, 668 billion, 982 million, 693 thousand, and 586 dinars, after excluding from them the transfer revenues amounting to 2 trillion, 233 billion, 629 million, and 735 thousand dinars, indicating that the total expenditures with Advances amounted to 15 trillion, 923 billion, 515 million, and 419 thousand dinars.
According to the financial table, oil revenues amounted to 19 trillion, 207 billion, 539 million, 763 thousand, and 376 dinars, which constitute 96% of the general budget, while non-oil revenues amounted to 695 billion and 72 million and 665 thousand dinars.
The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed last March, in an interview with Shafaq News agency, that “the reasons for the survival of the economy as a rentier go back to wars and the imposition of siege during the past era, and what we are witnessing today of political conflicts, which led to the dispersion of economic resources.”
And the continuation of the Iraqi state’s dependence on oil as the sole source of the general budget puts the country in danger of being exposed to global crises that occur from time to time due to the impact of oil on them, which makes Iraq tend every time to cover the deficit through borrowing from abroad or from the inside, and thus indicates the lack of The ability to effectively manage state funds, and the inability to find alternative financing solutions. LINK
Counselor Mazhar Salih: Budget Discipline Is Necessary To Avoid A Drop In Oil Prices
May 6, 2023 Baghdad / Obelisk Al-Hadath: The appearance of Muhammad Salih, the financial advisor to the Prime Minister, Muhammad Shia’ al-Sudani, confirmed that the draft financial budget law is “conservative.”
Saleh said, in a statement to Al-Masalla, that “the budget is conservative at an oil price of $70 a barrel, and the important point is that he will spend more than half of the year for the financial life of Iraq, and he sells for more than $70.”
However, he added, “However, there are risks from a drop in prices to less than $70, so the budget must tighten its discipline more and the most important is presented with regard to expenditures,” noting that “price fluctuations remain possibilities.”
Saleh pointed out that “the risks will continue to decrease oil prices for months to more than $70 a barrel.”
A member of the Parliamentary Finance Committee, Jamal Cougar, said that the decline in oil prices in global markets contradicted the government’s expectations in preparing the draft financial budget law.
المستشار مظهر صالح: انضباط الموازنة ضروري لتجنب انخفاض أسعار النفط
Expert: Kurdistan Smuggling Mafias Lose One Billion Dinars Daily After Imposing Security[/Size]
Today 11:17 Information / Diyala .. The expert in local security affairs, Ahmed Al-Shammari, revealed, on Sunday, the size of the losses of the smuggling mafias in Kurdistan after the plan to impose security in Diyala, indicating that the losses are estimated at about one billion dinars per day.
Al-Shammari said in an interview with Al-Maalouma, “One of the most important goals of the Imposition of Law plan in Diyala is to end smuggling routes coming from the Kurdistan region, which posed a threat to the national economy, not to mention its negative effects, as the goods are unfit for human consumption.”
He added, “The smuggling mafias in the Kurdistan region lost more than a billion dinars per day due to cutting off smuggling through Diyala roads, especially with the overthrow of 16 smugglers from the most important smuggling networks in the province by the elite forces.”
The security expert explained, “Cutting off smuggling has led to positive results, most notably the restoration of border crossings in Diyala Governorate.”
Diyala has suffered from the smuggling file in the past years due to its negative impact on the national economy, not to mention its environmental and health effects. LINK
A Parliamentary Move To Reduce The Fiscal Deficit In The Budget To 40 Trillion Dinars
Today 12:49 Information / Diyala.. Representative Salem Al-Anbuge revealed, on Sunday, the existence of a parliamentary movement to reduce the financial deficit in the 2023 budget to 40 trillion dinars.
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Al-Anbuge said in an interview with Al-Maalouma, that “the fiscal deficit in the 2023 budget reaches 64 trillion dinars, which is a large and worrisome figure for all political blocs in the House of Representatives, and represents a challenge to all frameworks , which prompted action to reduce it as much as possible to prevent the impact of difficult fluctuations in the economy.” The instability of the global oil market remained.
He added, “The parliamentary movement aims to reduce the deficit to 40 trillion dinars at the present time in order to reduce the financial risks resulting from the existence of a financial deficit that leads to a high percentage of the budget.”
Al-Anbuge indicated, “We believe in the government’s ability to overcome any crisis, and we are working to support any proposals that lead to increasing the effectiveness of the national economy.”
The percentage of fiscal deficit in the 2023 budget is more than 30% and reaches 64 trillion Diyala, which is the highest after 2003. LINK
Today’s Newspapers Are Interested In The Budget And The International Water Conference
Sunday 07 May 2023 10:17 |Journalism Number of readings: 213 Baghdad / NINA / – The newspapers issued today, Sunday, May 7, focused on the budget and the International Water Conference.
On the budget, Al-Zawraa newspaper, which is published by a syndicate, quoted Aref Al-Hamami, a member of the Legal Committee, as saying: “The meetings and the work of the committees are continuing regarding the budget, and the tenth of this month is the last stage for submitting proposals and discussing between all committees, ministries, and institutions.”
He denied the existence of any differences between the political blocs regarding the budget, stressing that it is “views and demands and there are no challenges, and that the law will be passed.”
Regarding the deficit, Al-Hamami stated, “The government has a plan to address the deficit, and the issue of the barrel price will also be dealt with, and part of the high deficit will be covered by the price hike.”
He stressed that there is a “parliamentary consensus to vote on the budget.” It is expected that the budget will pass “within this month.”
The Finance Committee met, on Saturday, with the governors to discuss the draft federal budget law.
And the media department of the House of Representatives stated in a statement: “The Finance Committee began meeting with the governors to discuss the allocations of the provinces within the draft federal budget law.”
Al-Sabah newspaper paid attention to the International Water Conference and referred to the call of the Sudanese Prime Minister, Muhammad Shia’a, for urgent international intervention to save the Tigris and Euphrates.
“The danger of the water crisis began in the eighties of the last century, and among its causes was the hostile behavior of the dictatorial regime and the lack of regulation of the water situation with neighboring countries,” Al-Sudanese said, during his sponsorship. and inauguration, yesterday, Saturday, of the Third Baghdad International Water Conference.
And he explained, “After the fall of the regime, we inherited the outstanding water problems with the upstream countries, and a backward system in water management that was not modernized, until we reached this sensitive moment, which was accompanied by climatic changes.”
He stressed that “the water file is at the top of our government’s priorities, and neglecting it will make us lose many elements of development and development.”
He explained that “our meetings with officials of the countries with which we share water focused on the need for us to obtain our full share of water, and to intensify technical efforts to solve problems diplomatically away from the language of escalation.” International experts and technicians, the best evidence of our adoption of the policy of dialogue, and reliance on scientific and practical solutions.
He noted that “the government tends to benefit from the experiences of some developed countries to reach rational water management, through training plans and programs, direct contracts, or the transfer of successful experiences in this direction.” He said: “We have developed a strategy that includes (Iraq’s vision for climate action until 2030). And we launched associated gas investment licensing rounds to reduce environmentally harmful activity and invest in clean energy.”
Al-Sudani concluded by saying, “Our duty is to preserve our climate, our wealth, and our environment, and the government has embarked on a seawater desalination project,” stressing that “saving the Tigris and Euphrates requires urgent international intervention.”
Yesterday, Saturday, the work of the “Third Baghdad International Water Conference” was launched in the capital, Baghdad, under the slogan “Water scarcity, the Mesopotamian marshes, the Shatt al-Arab environment, everyone’s responsibility,” with a high-ranking international ministerial and diplomatic presence.
For his part, Minister of Water Resources Abd Aoun Diab said, in a speech during the conference: “Water is a resource of life that is at risk,” pointing out that “the Sudanese government decided to give priority to confronting climate changes and the holding of the climate conference in Basra, which produced important recommendations.” He is currently sponsoring the Water Conference in Baghdad.
He pointed out that “the conference paid attention to water resources and climate changes, and we continue to focus on water scarcity and the Mesopotamian marshes to achieve a number of goals, most notably preserving biodiversity, rationalizing water, and activating international coordination and cooperation.
Al-Khadraa in Baghdad, to demand an increase in salaries, the disbursement of the cost of living allowance, and the amendment of the paragraphs of the Unified Retirement Law.
The newspaper referred to an invitation circulated on social media, in which it stated that (a demonstration for retirees will be launched in the Al-Alawi area near the Green Zone, in protest against the failure to submit the study presented by the General Retirement Authority and put it forward in one of the cabinet sessions),
stressing that (the owners of the white hair are tired of promises and their voices became hoarse from demanding fairness, and that the government should speed up the increase in the salaries of the segment that spent its youth serving the state).
They pointed out that (our demands will also include a call for the disbursement of the cost of living allowance, which is included in the paragraphs of the Unified Retirement Law).
The retirees added that (the Ministry of Finance does not apply the law that obliges it to increase salaries according to the annual inflation rate, and that ignoring this matter is tantamount to violating the law that guarantees the rights of the segment).
For its part, the Ministry of Finance issued a clarification regarding the administrative procedures against its employees after their recent demonstrations.
Yesterday’s statement said that it “would like to clarify some facts for public opinion and social media pioneers regarding the misleading and inaccurate information promoted by some satellite channels and communication platforms related to its administrative procedures towards some of its affiliates, against the backdrop of organized demonstrations regarding incentives that have not been stopped.”
He added that (the ministry supported the demonstrators, listened to their demands and complaints, and was keen to provide them with protection in accordance with the principles of freedom of expression guaranteed by the constitution, but some of them acted inappropriately by disabling computers, turning off electricity, inciting employees not to adhere to official working hours, preventing the entry of representatives and auditors, and attacking some of them broke the windows of the vehicles),
stressing that (some left their job obligations and stopped financing the salaries of retirees,which called for the issuance of two directives from the same month stressing respect for working hours and commitment to job duties in accordance with Article 4 of the State Employees Discipline Law and Paragraph 12 that obligates The employee performs his job duties, in addition to the seventh Paragraph of Article Five, which prohibits the employee from improper exploitation of working hours or negligence and negligence,
in addition to Article Ten, which prohibits disrupting the work of others, and in accordance with the instructions of the Prime Minister’s Office in this regard).and in accordance with the instructions of the Prime Minister’s Office in this regard).and in accordance with the instructions of the Prime Minister’s Office in this regard).
He pointed out that (its procedures against some undisciplined affiliates took place according to legal articles and it is very keen to respect the rights of citizens and employees alike, and does not allow chaos and harm to the interests of the state and the citizen and to confuse the ministry’s work aimed at improving the economic and financial reality and caring for the financial rights of the people). To receive
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Within A Month.. Iraq Exports About 6 Million Barrels Of Oil To America
2023-05-07 00:33 Shafaq News/ The US Energy Information Administration announced, on Sunday, that Iraq’s oil exports to America amounted to about 6 million barrels last April.
The administration said, in a table seen by Shafaq News agency, that “Iraq exported 5,940 million barrels of crude oil to America during the month of April, with an average of 198,000 barrels per day, down from the month of March, when Iraqi oil exports to America reached 7,533.” Millions of barrels and an average of 243 thousand barrels per day.
She added, “Iraq exported crude oil to America during the first week of April at an average of 241,000 barrels per day, while an average of 180,000 barrels per day was exported in the second week, and an average of 222,000 barrels per day was exported in the third week,” noting that “the fourth week’s exports amounted to An average of 148,000 barrels per day.
The US Energy Information Administration stated that “Iraq ranked fourth in its exports to America during the past month, after Canada, Mexico, and Saudi Arabia, and ranked second in the Arab world after Saudi Arabia, whose last exports to America reached 10 million barrels and 140,000 barrels per day,” indicating that “Canada It ranked first as the most oil-exporting country to America, followed by Mexico. LINK
The Dollar Is Falling Against The Iraqi Dinar In Baghdad And Erbil
2023-05-07 Shafaq News/ The exchange rates of the US dollar decreased against the Iraqi dinar today, Sunday, in the main stock exchange in the capital, Baghdad, and in Erbil, the capital of Kurdistan Region.
Shafaq News agency reporter said that the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded 144,000 Iraqi dinars for 100 US dollars this morning.
While the prices yesterday morning, Saturday, were 144,350 dinars, compared to 100 dollars.
Our correspondent indicated that the buying and selling prices decreased in the exchange shops in the local markets in Baghdad, as the selling price reached 145,000 Iraqi dinars for every 100 US dollars, while the buying prices amounted to 143,000 Iraqi dinars for every 100 US dollars.
In Erbil, the capital of the Kurdistan Region, the price of the dollar recorded a decrease, as the selling price reached 144,250 dinars against the dollar, and the purchase price was 144,150 dinars against 100 dollars. LINK
