Saturday Afternoon Iraq Economic News Highlights 7-1-23
Money Inflation’.. Integrity Sets A Month For The Oil Sector And Sends An Invitation In This Regard
2023.07.01 – Baghdad – Nas On Saturday, the Federal Integrity Commission renewed its call for citizens to cooperate with it in preserving public money and returning looted money to the state treasury, announcing the continuation of its campaign to report the crime of money inflation and illegal gain.
The authority, speaking about the campaign, stated in a statement that “NAS” received a copy of (July 1, 2023), that it “set the period from the first of this July to the first of next August; to report on the Ministry of Oil sector, urging the honorable citizens to report Any increase in the funds of employees and managers in this sector, or their spouses or children, is not commensurate with their usual resources.
And she pointed out that “the continuation of the campaign to report the inflation of the funds of employees, those assigned to a public service, their spouses or children, and in the form of sectors, was thanks to the cooperation of citizens who provided the authority with important information that is being investigated, and some of which a judicial order was issued, noting that the continuation of cooperation between the authority and citizens in a file Inflation of funds will lead to the return of billions of dinars to the public treasury.
And she warned that “her campaign falls within her duties to prevent and combat corruption, and to recover the people’s money stolen and looted by the corrupt, as she opened two accounts in the Rafidain Bank in Iraqi dinars and US dollars, in order to deposit the refunded amounts.”
She pointed out that “several windows have been allocated to receive communications in this regard, including: the hotline (07800701653), the page (Where did you get this from) on its official website, in addition to the e-mail ([email protected]).” https://www.nasnews.com/view.php?cat=110090
Money Inflation’.. Integrity Sets A Month For The Oil Sector And Sends An Invitation In This Regard
2023.07.01 – Baghdad – Nas On Saturday, the Federal Integrity Commission renewed its call for citizens to cooperate with it in preserving public money and returning looted money to the state treasury, announcing the continuation of its campaign to report the crime of money inflation and illegal gain.
The authority, speaking about the campaign, stated in a statement that “NAS” received a copy of (July 1, 2023), that it “set the period from the first of this July to the first of next August; to report on the Ministry of Oil sector, urging the honorable citizens to report Any increase in the funds of employees and managers in this sector, or their spouses or children, is not commensurate with their usual resources.
And she pointed out that “the continuation of the campaign to report the inflation of the funds of employees, those assigned to a public service, their spouses or children, and in the form of sectors, was thanks to the cooperation of citizens who provided the authority with important information that is being investigated, and some of which a judicial order was issued, noting that the continuation of cooperation between the authority and citizens in a file Inflation of funds will lead to the return of billions of dinars to the public treasury.
And she warned that “her campaign falls within her duties to prevent and combat corruption, and to recover the people’s money stolen and looted by the corrupt, as she opened two accounts in the Rafidain Bank in Iraqi dinars and US dollars, in order to deposit the refunded amounts.”
She pointed out that “several windows have been allocated to receive communications in this regard, including: the hotline (07800701653), the page (Where did you get this from) on its official website, in addition to the e-mail ([email protected]).” https://www.nasnews.com/view.php?cat=110090
Somo” Announces Its Oil Exports, And An Economist Monitors A New Deficit In The Iraqi Budget
2023-07-01 Shafaq News / The Iraqi Oil Marketing Company “SOMO” announced, on Saturday, the financial revenues for exporting crude during the first half of this year, while an economist warned of “dark economic shadows” and a new deficit in the 2023 budget.
Shafaq News Agency viewed the company’s tables, which showed that “the total oil exports for the first half of this year amounted to 595,571,118 barrels of oil, at a monthly export rate of 99,261,000 barrels, at a rate of 3,308,000 barrels per day.”
According to those tables, “the revenues generated from its sales of crude oil amounted to 44,371,808,000 dollars, at a rate of 7,395,301,000 dollars per month.”
He pointed out that “the average monthly selling price of crude oil for the first half of this year amounted to 74 dollars and 548 cents.”
According to the company’s schedules, “the rate of oil exports from the ports of Basra amounted to 586 million and 43 thousand and 170 barrels, at a rate of 97 million and 673 thousand barrels per month, at a rate of 3 million and 255 thousand barrels per day, while the rates of oil exports through Kirkuk and through the basins to Jordan were two million and 120 thousand And 359 barrels, at a rate of 353 thousand and 393 barrels of oil per month.
And the tables of the “SOMO” company showed that “the number of companies that bought Iraqi crude oil amounted to 36 international companies.”
In turn, economist Nabil Al-Marsoumi said, in a statement received by Shafaq News agency, that “the oil revenues achieved until June of this year amounted to 44.337 billion dollars, while it was 61.5 billion dollars in the same period last year.”
And he indicated that “the decline in oil revenues during these two periods is 17.163 billion dollars, meaning that the decline rate is 39%.”
He pointed out that “the oil revenues achieved in the first half of 2023 are equivalent to 57.6 trillion dinars, which is one trillion dinars less than the oil revenues estimated in the 2023 budget. This means an increase in the budget deficit by one trillion dinars.”
Al-Marsoumi attributed this to “the significant decline in Iraqi oil revenues in 2023, largely due to the decline in global oil prices and to a lesser extent, the decrease in oil production and exports due to the (OPEC Plus) restrictions that reduced the production share of Iraqi oil by about 430,000 barrels per day, in addition to the suspension of field exports.” Kurdistan Region and Kirkuk since last March 25, which amounts to 470,000 barrels per day.
Al-Marsoumi warned that this “will reflect negatively on the total oil revenues achieved in 2023 compared to the revenues achieved in 2022, which amounted to $115 billion, which casts a dark shadow over the 2023 budget, which is burdened with a large deficit, which mainly depends in its public revenues on oil revenues.” LINK
Newspaper: Iraqi Party Leaders Evade Disclosing Their Financial Liabilities..Do They Fear Accountability?
2023-07-01 585 Arab and international reports 0 The Federal Integrity Commission in Iraq audits the financial statements of the heads and founders of political parties, as part of the preparations for the provincial elections.
The commission aims to combat corruption and remedy the legislative void with regard to disclosing the financial sources of party leaders. The Commission urges the political leaders in Iraq to be transparent, bear financial and moral responsibility, and cooperate with the relevant bodies in detecting and fighting corruption. It is expected that the Iraqi parties will be elected next November, and participate strongly in order to control local governments.
The London-based Al-Arab newspaper said in a report, followed by Al-Muttall’a, that “the leaders of political parties in Iraq are evading disclosure of their financial liabilities, taking advantage of loopholes in the law regulating the work of parties that was approved in 2015.”
She added, “Many party leaders own financial empires of unknown origin, and a large part of this money is deposited in banks and banks abroad, and part of this money is used during election periods to influence the electoral process, whether by buying votes or controlling propaganda.” Media”.
Party leaders take advantage of the absence of legislation to avoid any obligations to disclose their financial sources, for fear of falling under the law for committing economic violations.
In this regard, the Federal Integrity Commission called on the competent authorities to provide it with the names of those covered by the disclosure of their financial liabilities, and described the response of party leaders and members of its founding bodies to the duty to disclose financial liabilities as “very low.”
The Federal Integrity Commission, an independent institution subject to the oversight of the House of Representatives and whose tasks focus on combating corruption, seeks to remedy the legislative vacuum with regard to disclosing the financial sources of party leaders.
The Commission issued a decision in 2016 that includes all heads of political parties and members of its founding bodies with the duty to disclose their financial liabilities, in accordance with the provisions of Article (17 / Item Twelve) of its Law No. 30 of 2011, which stipulates that “everyone whom the Commission deems necessary shall be included.” disclosure of their financial liabilities.
The commission works in coordination with the Independent High Electoral Commission to provide it with a list that includes the names of those included, and to update its database for them, and stresses that taxpayers must fill out a financial disclosure form, in order to avoid economic irregularities.
It is important to note that the response of the heads of parties and members of the parties’ founding bodies to this duty was very low, which exposes them to legal accountability in the event that it is determined that there are economic violations. The political leaders in Iraq must assume their financial and moral responsibilities, be transparent with regard to the sources of their wealth and money, and cooperate with the concerned bodies in exposing and fighting corruption.
She said that she “contacted with the Non-Governmental Organizations Department in the General Secretariat of the Council of Ministers in order to coordinate with them, for the purpose of filling out a financial disclosure form for the heads of organizations,” noting that “her request for a list that includes the names of all organizations and their heads,” stressing “the importance of notifying the heads of organizations that they have responded to their duty Disclosure of their financial liabilities.
She pointed out that taking these measures coincided with the preparations for holding the provincial council elections, and based on Article (16/First-C, and Third) of the amended Integrity and Illicit Gain Commission Law No. (30 of 2011), which required the heads of associations, unions, unions, and organizations And the founders and heads of political parties to disclose their financial assets.
And the commission granted “the authority to assign any political organization, non-governmental organization, federation, syndicate, or association to prove the legality of funding sources, donations, and expenditures in accordance with the rules followed in spending.”
Observers rule out that the Integrity Commission’s moves will receive a response, especially from the dominant parties in the Iraqi scene, pointing out that these parties have more than one way to circumvent the Commission’s demands, including submitting fabricated documents, as this has already happened.
The Iraqi parties are preparing for the provincial elections scheduled for next November, and it is expected that these parties will lose their financial weight in this election, which is of great importance as it is the gateway to controlling local governments. Source: The London-based Arab newspaper. LINK
An Economist Reveals Iraq’s Loss Of Financial Revenues During The First Half Of This Year
Economy 01/07/2023, Number of readings: 141 Baghdad – Iraq today:Nabil Al-Marsoumi, professor of economics at the University of Basra, spoke on Saturday about Iraqi oil revenues for the first half of 2023. Al-Marsoumi said in a statement
, “Iraqi oil revenues during the first half of 2023 came as follows: –
The oil revenues achieved until June 2023 = 44.337 billion dollars –
Oil revenues achieved until June 2022 = 61.5 billion dollars –
The decrease in oil revenues during these two periods = 17.163 billion dollars –
The percentage of decline between these two periods = 39%
He added, “The oil revenues achieved in the first half of the year 2023 are equivalent to 57.6 trillion dinars, which is one trillion dinars less than the oil revenues estimated in the 2023 budget, and this means an increase in the budget deficit by one.” trillion dinars
The significant decline in Iraqi oil revenues in 2023 is related to To a large extent, the decline in world oil prices, and to a lesser extent, the decrease in oil production and exports due to the restrictions of OPEC Plus, which are reduced
The production share of Iraqi oil is about 430 thousand barrels per day, in addition to the suspension of exports from the Kurdistan and Kirkuk fields since last March 25, which amounted to 470 thousand barrels per day.
And he continued, “This decline will negatively affect the total oil revenues achieved in 2023 compared to the revenues achieved in 2022, which amounted to $115 billion, which casts a dark shadow over the 2023 budget, which is burdened with a large deficit, which mainly depends on oil revenues in its public revenues. LINK
Advisor To The Prime Minister: The Market Value Of Iraq’s Raw Wealth Exceeds $15 Trillion
Political | 02:55 – 01/07/2023 Baghdad – Mawazine News Today, Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified a theory to maximize Iraq’s revenues through its natural resources, and while he confirmed that Iraq ranks ninth in the world with its resources, he indicated that the market value of Iraq’s raw wealth exceeds 15 trillion dollars.
Saleh said, in an interview with the official agency: “Iraq is one of the most important countries in the world, if not at the forefront of nations rich in natural resources or raw materials within the scope of the international classification of resources on the globe, as Iraq takes the (ninth) sequence among the priority of countries in the world that possess Natural diversity and economic quantities in the capacity of raw materials reservoirs capable of manufacturing and export or national industrial use.
He added: “As the circles estimate that the market value of those raw wealth in our country may exceed 15 trillion dollars at the current value, compared to about 45 trillion dollars for the United States of America, which is (the second) globally, and 75 trillion dollars for the Russian Federation, which is (the first) globally.”
And he continued: “And when taking into account the historical experience in development, which is represented today by the development of an important international group of economies called (raw or basic material countries), which relied in their economic development and development on the manufacture and export of natural resources, Canada, Australia and New Zealand come at the forefront today, The thesis (raw or basic materials) comes in economic development, and it is one of the theories of export-led growth.
He pointed out that “the theory of export-led growth has its origins in research in social, political and economic history that was conducted specifically in Canadian universities by researchers of what were known as political economy departments, and among these groups of researchers was the economist Harold Ennis, Mackintosh and others, among the most prominent.” researchers who took this approach.
And he added, “Therefore, we find that our country carries a unique model of economic development that puts it in the ranks of developed nations, and development can proceed strongly from the theory of manufacturing raw or natural materials in our country and exporting it to lead development,”
pointing out that “the natural resources that the economic model may work on Al-Iraqi for Development is represented by manufacturing raw exports with dozens of exploitable natural resources, provided that manufacturing chains with high technologies are capable of generating internal manufacturing linkages, which is called (value-added chains generated from links or backlinks of inputs and outputs) within the national factory.
Iraq, through which the process of manufacturing and manufacturing is maximized, and the added value flourishes before being exported as products, which serve as production inputs to world markets.
He stressed “the importance of Derayah’s reflection on the prosperity of economic development and the growth rates required to be achieved, in light of the degree of development of material capital accumulation and its high value, or in terms of the growth of the gross domestic product of our country.” https://www.mawazin.net/Details.aspx?jimare=230423
