Iraqi News Highlights Tuesday Afternoon

Iraqi News Highlights Tuesday Afternoon 6-13-23

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Al-Sudani: The Budget Includes An Item To Support The Private Sector And Grant It Sovereign Guarantees

Money  and business   Economy News – Baghdad   Prime Minister Mohamed Shiaa Al-Sudani and his Egyptian counterpart, Mustafa Madbouly, chaired the activities of the Iraqi-Egyptian Business Forum, which kicked off in the Egyptian capital, Cairo, today, Tuesday.

Al-Sudani said, according to a statement by his office, that “the participation of the Iraqi private sector in this forum reflects the serious desire for the private sector to be a partner with the government,” stressing that “the tripartite budget approved by Parliament includes an item to support the private sector and give it sovereign guarantees.”

He pointed to “the government’s implementation of important projects in the housing and education sectors, in addition to the establishment of the Iraq Fund for Development with a capital of one trillion dinars, from which specialized funds for housing, schools, electricity, agriculture, health and industry will branch out, and implementation will be by the private sector, which will be supported by the government, and will be available.” It has the right environment for investment.

He pointed to “the government’s determination to localize the pharmaceutical industries, as a list of the most important procedures and facilities that enable producers and manufacturers to enter Iraq to establish their factories, as well as projects for manufacturing and petrochemical industries,” was drawn up. water.”

The Prime Minister emphasized “supporting partnerships between the Egyptian and Iraqi private sectors,” pointing to “reconsidering trade exchange between the two countries.”

Views 18   Added 06/13/2023 –

Al-Halbousi To An American Delegation: The Conditions Are Ripe For Economic Work In Iraq

Money  and business   Economy News – Baghdad   Parliament Speaker Muhammad al-Halbousi affirmed today, Tuesday, that Iraq is open to foreign companies, and that conditions are now ripe for economic work in the country.

A statement from Al-Halbousi’s office said that the latter received “a delegation from the American Chamber of Commerce, which included a large group of companies specialized in various fields, headed by the President of the American-Iraqi Business Council, Steve Lotus, and in the presence of the Chairman of the Investment Committee and the Vice-Chairman of the Parliamentary Economy, Industry and Trade Committee.”

 The meeting discussed “strategic cooperation, strengthening bilateral relations in the economic aspect between Iraq and the United States of America, and (Al-Halbousi) listened to a review by members of the delegation of existing investment opportunities and proposed projects in the field of health, energy, banking system, infrastructure, services, and others.”

Al-Halbousi stressed that “Iraq is open to foreign companies, provides the necessary facilities for investment in various fields, and works to provide the appropriate environment for international companies through the necessary legislation.”

He pointed out that “the conditions are now ripe for economic work in Iraq, and there are many investment opportunities and important projects within the government’s vision and its executive program, which were approved within the Federal General Budget Law.”

Views 29   06/13/2023 –

Iraq Signs A Contract With Two International Companies For The Sustainability Of Water And Land

Money  and business  Economy News _ Baghdad  Today, Tuesday, the Ministry of Water Resources announced the signing of a contract with two international companies for the sustainability of water and land in Iraq.

A statement by the ministry, received by “Al-Iqtisad News”, stated that “Minister of Water Resources, Awn Dhiab Abdullah, signed a contract with a consortium of the Italian companies Hydronova and the Jordanian Concorde to update the strategic study of water and land resources in Iraq with a planning horizon that extends until 2035,” indicating that “the signing of the contract has been completed.” In the presence of the Director General of the Planning Department and his assistant, as well as the head and employees of the Contracts Department.

He added, “The contract includes a study of the development work taking place in the riparian countries, and the impact of climatic changes and their repercussions on securing water of good quality for southern Iraq and the marshes in particular, as well as the impact of groundwater on agriculture.”

He continued, “The study is a roadmap for the sustainability of water resources in Iraq and a guide for managing this vital sector in light of the conditions of water scarcity expected in the future, in order to achieve the Ministry’s goals of achieving the sustainability of water resources in Iraq.”

Views 36  Added 06/13/2023 – 12:37 PM

A Slight Decrease In The Price Of The Dollar On The Local Stock Exchange

Tuesday 13, June 2023 11:54 | Economical Number of readings: 328  Baghdad / NINA / – The exchange rate of the dollar recorded a slight decrease in the local stock exchange.

 The purchase price amounted to 146 thousand dinars per hundred dollars, while the selling price reached 147 thousand dinars per hundred dollars./ End11

Globally.. The Rise In Oil Prices In Tuesday’s Trading

Economy | 08:30 – 06/13/2023  Baghdad – Mawazine News  Oil prices rose in early trading, Tuesday, as investors sought to seize the opportunity for the sharp decline witnessed yesterday, but the increase was limited amid the continued state of caution before the expected monetary policy decisions from the US Federal Reserve and other central banks.

Brent crude futures rose 0.7% to $72.36 a barrel, and US West Texas Intermediate crude rose 0.5% to $67.46 a barrel.

The two benchmarks fell by about $3 a barrel on Monday, as analysts focused on global supply growth and demand concerns ahead of key inflation data and the two-day meeting of the US central bank that ends on Wednesday.

Most observers expect the US central bank to keep interest rates unchanged at its policy meeting. The rate hikes boost the dollar’s strength, making commodities denominated in it more expensive for holders of other currencies and weighing on prices.

The European Central Bank is expected to raise interest rates by another quarter of a percentage point next Thursday to curb inflation.

In China, disappointing economic data last week raised concerns about demand growth in the world’s largest importer of crude, which erased the rise in prices after Saudi Arabia pledged to cut its oil production by an additional million barrels per day in July.

Currency Auction.. The Central Bank Achieves More Than 211 Million Dollars

Economy | 11:14 – 06/13/2023   Baghdad – Mawazine News  Today, Tuesday, the Central Bank of Iraq’s sales of foreign currency increased, recording $ 211 million.

According to the schedule of the currency sale window that Mawazine News followed, the Central Bank sold during its auction today 211,749,456 dollars, which the bank covered at an exchange rate of 1305 dinars, per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for external transfers, and at a price of 1310 dinars per dollar, respectively. monetary.

Most of the dollar sales went to enhance balances abroad in the form of (remittances, credits), amounting to 166,249,456 million dollars, while the remaining 45,500,000 million dollars went in the form of cash sales.

An “Unknown Future”.. Parliamentary Warnings Against The Government’s Continued Dependence On The Rentier Sector

Information / special.  A former member of the Finance Committee, Ahad Al-Saffar, counted today, Tuesday, the standard of living of future generations “in danger”, and while he warned against the government’s continued dependence on the rentier sector, he expected a decrease in the value of the dinar in the coming years.

Al-Saffar said, in an interview with Al-Maalouma Agency, that “the government program, through the draft financial budget law, for the government, seems to continue to rely on the rentier economy and the oil sector, which finances more than 93% of public revenues, i.e. an economy that relies on imports only.”.

He added, “The country’s economy will be exposed to inflation and the depreciation of the local currency  (meaning that the Iraqi dinar will lose its value year after year as long as this dinar is not supported by a realistic economy).”

A member of the Finance Committee explained, “Although there is a cash reserve of more than $100 billion and a large amount of gold,

this is not sufficient and will not be a substitute for the existence of a real economy that produces goods, services and needs, and reduces unemployment rates.”  And Al-Saffar indicated that

“the general vision of the Iraqi economy and its future is not joyful, and if the situation remains in this case, the government will not be able to take serious steps to actually advance the Iraqi economy and get it out of the rentier state, and the future of the economy will be unknown, and the standard of living of future generations will be in danger.”.

On Monday, the House of Representatives approved the draft financial budget bill for the next three years, at an estimated amount of 197 trillion dinars (approximately $152 million), based on oil prices estimated at $70 per barrel.

And the largest budget figures in the history of Iraq pose great economic risks to Iraq,  especially with regard to revenues and dependence on the oil resource, according to economists.مستقبل-مجهول-تحذيرات-برلمانية-من-استمرار-الحكومة-بالاعتماد-ع

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