Iraqi News Economic News Highlights Tuesday AM

Tuesday AM Iraq Economic News Highlights 11-8-22


The Minister Of Finance Discusses With The American Ambassador The Paths Of Development Partnership Between The Two Countries


Tuesday, 8 November 2022 1:43 PM  Baghdad/National News Center


Today, Tuesday, Minister of Finance Taif Sami Muhammad discussed with Alina Romanowsky, the US ambassador to Iraq, the paths of partnership between the two countries.


A statement of the Ministry of Finance received by the National News Center stated that, “During the meeting, the minister welcomed the American ambassador, praising the level of bilateral relations between the two friendly countries, and stressed the importance of continuing to build on and strengthen the achievements that have been achieved, which contributes to opening wider horizons at all levels, including aspects of money and economics.


He added that “the paths of the development partnership linking the two friendly countries and the importance of continuing and upgrading them to achieve common aspirations and goals were discussed, in addition to discussing a number of financial and investment issues.”


For her part, Romanowski congratulated the Minister of Finance on the occasion of assuming the duties of the Ministry of Finance, and stressed the continued support of the United States government to the government and people of Iraq, and its aspiration to create wider spaces of partnership and cooperation between the two countries.


Iran: Sohrab Oil Field Joint With Iraq Will Enter The Operational Phase


Iran: Sohrab oil field joint with Iraq will enter the operational phase Upload_1667896669_1459239741


The National Iranian Oil Company announced on Tuesday (November 8, 2022) that the Sohrab oil field, joint with Iraq, will enter the operational phase.


The CEO of the company, Mohsen Khojasteh Mehr, stated, during a speech at the national conference to increase the profitability of oil and gas fields, that “the Sohrab oil field, located in the southwest of the country, will enter the operational phase with investments amounting to one billion dollars.”


Source: Iranian media–.html


2022-11-08 05:20   Shafaq News/ The Ministry of Finance issued the Iraqi state accounts for the month of September for the fiscal year 2022, which indicated that the volume of financial revenues amounted to more than 122 trillion dinars and a financial surplus of more than 38 trillion dinars, while it indicated that the contribution of oil to the federal budget is still 96% for the month. Sixth in a row, while an economist called for the necessity of activating the economic sectors.


Shafak News Agency followed the data and tables issued by the Ministry of Finance this November for the accounts of last September, which indicated that oil is still the main resource for Iraq’s general budget, reaching 96%, which is the same percentage for the past six months, which indicates that the rentier economy is The basis for Iraq’s general budget.


Through the financial tables, it was shown that the total oil revenues for the month of September amounted to 122 trillion and 796 billion and 502 million and 987 thousand and 111 dinars, which represents 96% of the total revenues, while the total non-oil revenues amounted to 4 trillion and 958 billion and 597 million and 101 thousand and 636 dinars, which constitute 4% of the total revenues, indicating that the total expenditures with the advances amounted to 84 trillion and 666 billion and 606 million dinars.


According to the finance table, the budget surplus for the month of September amounted to 38 trillion and 129 billion and 896 million dinars, or the equivalent of 26.115 billion dollars.



For his part, the financial expert, Hilal al-Taan, called in an interview with Shafaq News Agency to “accelerate the diversification of the Iraqi economy and get rid of the rentier economic system in light of the high budget of Iraq and the existing surplus in order to free itself from dependence on oil as a basic material in Iraq’s annual budget,” noting that “the prices of Oil is affected by economic, political and health fluctuations in the world and by violent shocks as a result of fluctuations in global demand.”


He added, “The countries of the world began to move towards manufacturing industries, as they are the most dynamic, which equips the world with more new products and without interruption,” noting that “Iraq if this money is not used now, it will waste the opportunity for progress and prosperity, and the future of future generations will be lost to misery and weakness in a world where it prevails.” Developed and powerful countries.


The Prime Minister’s Adviser for Financial Affairs, Mazhar Muhammad Salih, had confirmed in March 2021 in an interview with Shafaq News Agency that the reasons for the survival of the economy are rentier due to wars and the imposition of siege during the past era and the political conflicts we are witnessing today, which led to the dispersal of economic resources.


The continuation of the Iraqi state to rely on oil as the only source of the general budget makes Iraq at risk from the global crises that occur from time to time due to the impact of oil on it, which makes Iraq tend every time to cover the deficit through borrowing from abroad or inside, which thus indicates the inability to manage Effectively state funds, and the inability to find alternative financing solutions. LINK


The President Of The Republic: Desertification Threatens 40% Of The Area Of Iraq


Sweeteners    Economy News – Baghdad   The President of the Republic, Abdul Latif Rashid, stressed, on Monday, the seriousness of the Iraqi government in dealing with water policy, while noting that Iraq will work to expand green spaces.


Rashid said in his speech during the Climate Summit (COP 27), that “the most prominent challenge we face in Iraq is the water file,” noting that “Mesopotamia suffers from water scarcity and that the climate conference constitutes an important sign.”


He added, “The crises in Iraq have multiplied due to poor rainfall,” noting that “the increasing drought in Iraq poses a serious challenge.”


He added, “We hope for cooperation in the water file with neighboring countries,” explaining that “the water crisis in Iraq has forced the authorities to reduce agricultural areas.”


He pointed out that “the problem of water scarcity exacerbates the phenomenon of desertification in Iraq,” stressing that “desertification threatens 40 percent of Iraq’s area.”


He stressed that “Iraq is one of the countries most affected by global warming,” adding that “the Iraqi government is serious about dealing with water policy.”


The president stressed “the importance of exchanging experiences between countries on the climate file,” stressing that “Iraq will work to expand green spaces.”


Views 313   Added 11/07/2022 – 8:13 PM  Update 11/08/2022 – 10:31 AM


President Of The Republic: Iraq Currently Has A Strong Economic Situation That Enables It To Complete Projects


Reconstruction and building   Economy News – Baghdad   The President of the Republic, Abdel Latif Jamal Rashid, received at his residence in Sharm el-Sheikh, on Tuesday, the British Minister of State for Foreign Affairs, Commonwealth Affairs and Development, James Cleverly.


The Presidency of the Republic said in a statement, “In the meeting, which was held on the sidelines of the United Nations Climate Summit COP 27, they discussed friendship and cooperation relations between Iraq and the United Kingdom, and ways to strengthen them.”


The President of the Republic spoke about “Iraq and its people have been affected economically in the past period, especially during the war against the criminal organization ISIS, but the insistence of the Iraqis to go on the path of peace and prosperity, made the country maintain its high position in the region,” noting that “Iraq currently has an economic situation.” He is strong enough to complete projects that serve his children.”


They also discussed, “Environmental problems and climate change in the region and the world, and their negative effects in increasing desertification and water scarcity, which affect the lives and livelihoods of citizens and produce health and economic damage.”


The President of the Republic said, “The phenomenon of climate change affects all of humanity, but Iraq is one of the countries affected greatly by it,” stressing “the need to take the necessary measures to reduce it, and the importance of international cooperation and providing the necessary support to overcome these risks through serious joint work and the exchange of experiences.”


48 . views   Added 11/08/2022 – 12:57 PM  Update 11/08/2022 – 2:09 PM


A Member Of Parliamentary Finance Believes That The 2023 Budget Will Be “The Largest In Iraq’s History.”


Political | 09:25 – 08/11/2022    Baghdad – Mawazine News, a member of the Parliamentary Finance Committee, Rebwar Orahman, said, on Tuesday, that the main pillar of the success of the government program is the adoption of an unconventional and non-political budget.


Orahman added, “We have a great financial abundance and we have to exploit it and turn it into investment plans that serve the country and help us reduce poverty, address challenges such as water scarcity and desertification from an environmental point of view, stopping and disrupting thousands of factories from an industrial point of view and the spread of unemployment.”


Orahman suggested that “the next budget will be the largest in the history of Iraq,” and demanded that it “do not carry a political budget formula like its predecessors.” Ended 29/N33


The Dollar Is Declining In The Iraqi Market


Economie| 09:21 – 08/11/2022   Baghdad – Mawazine News   The dollar exchange rates witnessed, today, Tuesday, a slight decrease in the local stock exchange. Selling price: 146.900 dinars per $100 purchase price: 146.800 dinars per $100


The Minister Of Commerce Launches A Plan To Monitor The Local Market And Warns Against Monopoly And Blackmailing Citizens


Economie| 01:21 – 08/11/2022    Baghdad – Mawazine News, Minister of Trade, Atheer Daoud Al-Ghurairi, launched, on Tuesday, a plan to monitor the local market and materials prohibited from import, while warning against the existence and monopoly of these materials in order to put pressure on the citizens.


Al-Ghurairi said during his meeting with the ministry’s supervisory body from the commercial and financial control departments and its branches in the governorates and companies, that “the plan will include Baghdad and the governorates to follow up and monitor the local market and prepare detailed reports to the competent authorities for the purpose of taking urgent measures to monitor what is happening in the market.”


The Minister of Commerce stressed that “the next stage requires more monitoring, follow-up and scrutiny, and the Commercial Control Department has a pivotal and influential role to follow up on the local market,” noting that “the department’s work needs to change in methods and coordination with stakeholders to find a solution that prevents inflation or rise in prices and prevent monopoly.” And work to support the Iraqi citizen through a footprint provided by these supervisory teams, while following up on the local market.


Al-Ghurairi stressed that “this stage is a stage of follow-up, auditing and control, whether it is in the local markets or even through the daily work that the ministry’s companies play,” noting that “the censor bears the historical responsibility to be a point of light in launching the work of this ministry in ranges.” wider.”


He noted that “the ministry will prepare weekly, monthly and quarterly reports to follow up prices and markets and prevent the monopoly process. The coming period will also witness the process of revitalizing the private sector through the ministry’s efforts,” explaining that “this will happen through two parts, the first is related to following up on local markets, preventing monopoly and raising a price on the shoulders of The citizen and the second by activating the private sector by giving it a natural role in exercising its role in trade.”


He pointed to “the importance of the role of the watchdog in following up and monitoring the market and preparing a database that includes food prices, causes, results and treatments, as well as the evaluation through continuous campaigns for the markets, which will cast a shadow on the services provided by the ministry to the citizen,” stressing “the presence of the supervisory employee in positions of responsibility to audit all Work sites, diagnosing errors and addressing and identifying violations in order to correct the paths that occurred in previous times.


The Minister of Commerce went on to say: “We will follow up on the work of oversight and support its orientations within the framework of auditing and new mechanisms. The next stage will define the features of work in the Ministry of Commerce and help raise the level of performance and send a message of satisfaction to the citizen in the services provided to him.” Ended 29/N33


On Charges Of Harming Public Money.. Integrity Brings In A Director General At The Ministry Of Electricity


Sweeteners  2022-11-08 | 05:01   1,173 views   Today, Tuesday, the Federal Integrity Commission announced the issuance of an order to bring in the current director general of the Central Electricity Transmission Company; On charges of causing serious damage to the funds and interests of the entity in which he works.


The Authority’s Investigation Department, while talking about the case that the authority investigated and referred it to the judiciary, indicated in a statement received by Alsumaria News, that “the Najaf Investigation Court, which is specialized in looking into integrity issues, issued a summons order against the current Director General of the Central Electricity Transmission Company. In the case of purchasing various columns at the expense of budget purchases at a high price difference under (4) contracts, as well as purchasing transformers without bringing offers from Diyala Company.


The department added that “the Najaf Investigation Court, which is specialized in looking into integrity issues, issued a summons order against the Director General of the Central Electricity Transmission Company and (9) other defendants, based on the provisions of Article (341) of the Penal Code.


The aforementioned article stipulates the imposition of a penalty of imprisonment for a period not exceeding three years for every public employee or person assigned to a public service who, by his grave mistake, causes damage to the funds and interests of the entity in which he works.   LINK