Iraqi News Monday Morning Iraq Economic News Highlights 4-24-23

Monday Morning Iraq Economic News Highlights 4-24-23


The US Military Finds Barrels Of Gold And Cash In The Secret “Baghdadi Farm”


Monday 24, April 2023 10:01 | a wish Number of readings: 266


Baghdad / NINA / – Local sources in the countryside of Raqqa Governorate, northeastern Syria, confirmed that the US army found a secret hideout of the terrorist organization “ISIS”, south of Raqqa, containing quantities of gold and money, the value of which was estimated at one million dollars.


The sources said that US army vehicles, with air cover from its warplane and support from the militants of the “Qasd forces”, raided the secret hideout of the organization in the Kasra Faraj area on the southern outskirts of Raqqa, which is a house that includes 3 underground rooms.


She indicated that the hideout is a house within a farm located in the Kasra Faraj area on the southern outskirts of Raqqa, known as “Al-Baghdadi’s farm”, because Abu Bakr Al-Baghdadi, the former leader of the “ISIS” organization, was staying there during the organization’s control of the area.


It added that the cache contained four barrels filled with quantities of gold, in addition to money estimated at about one million US dollars, and a group of weapons believed to be used by the organization in its offensive operations.


The raid came after information to the Americans and the “SDF” about the existence of a secret hideout through the investigation of a number of former members and elements of the organization.



Parliamentary Finance: The Budget Will Be Passed Without Disagreement


Iraq  2023-04-24   Today, Monday, the Parliamentary Finance Committee clarified that there are no disagreements regarding the draft budget law for the year 2023.


Jamal Cougar, a member of the Parliamentary Finance Committee, said in a press statement, “The Parliamentary Finance will use its full powers regarding the budget, by reducing, transferring, amending paragraphs, and adding paragraphs, and that the committee All these measures will be taken.”


He added, “The budget will be passed without disagreement.”


At the beginning of this month, the House of Representatives completed the first reading of the draft federal budget law for the Republic of Iraq for the fiscal years (2023, 2024, 2025), and the second reading of the budget took place last Sunday.  LINK

Between abundance and fear of bankruptcy.. Will Iraq take a way out of debt?


economy |Today, Baghdad today – Baghdad   While Iraq has the largest cash reserves in its history, amounting to 125 billion US dollars, economists believe that “if oil prices fall, Iraq will lose its economic capacity and may take debt as a way to add to its previous debts.”


The economic expert, Salam Sumaisem, criticized today, Monday, the federal budget, considering it to be consumer spending and not diversifying any sources of income .



Sumaisem said to (Baghdad Today), that “despite the value of the explosive budget, we may reach bankruptcy and go to the path of debt in the event that the price of oil falls and our revenues are no longer equal to the volume of high spending in this budget, which witnesses great (extravagance) in it. ”


And the economist called for “diversifying sources of income and compressing expenditures for the purpose of reducing the budget and not keeping its price high in order to ensure stability in financial exchange operations .”


She pointed out that “the investment aspect is completely absent from the three-year budget,” which the House of Representatives intends to vote on.


It is noteworthy that the foreign debts incurred by Iraq are limited debts, amounting today to about 17 billion dollars, and are divided into types, including soft debts for the benefit of countries and governments that lend to Iraq in fulfillment of its commitment at the Madrid Conference for the Reconstruction of Iraq in 2003, during which several countries, led by the United States, pledged to provide Grants and soft loans to Iraq amounting to approximately 33 billion dollars in an effort to rebuild the country, which explains the provision of loans through American, Japanese, British and German development agencies.


Observers confirm that Iraq pays 4 billion dollars annually to pay debt installments and interests, and its volume may not constitute 6 to 7 percent of its gross domestic product, and thus it can be said that Iraq is a country that is not bound by debt.   LINK


A New Parliamentary Talk Regarding The Date Of Passing The Budget


money and business   Economy News – Baghdad  A member of the Parliamentary Finance Committee, Jamal Cougar, said that the deadline for approving the budget should be before the end of next month.


Cougar stated, in a statement followed by “Al-Iqtisad News”, that “until now it is not clear when the budget will be approved,” noting that “the matter depends on discussions and discussions with the competent authorities.”   Cougar added, “The maximum date for voting on the budget must be before the end of May.”


Outside The Stock Exchange.. The Dollar Settles At 144 Thousand Dinars In The Markets Of Baghdad And Erbil


2023-04-24 Shafaq News/ The exchange rates of the US dollar against the Iraqi dinar stabilized today, Monday, in the markets of the capital, Baghdad, and in Erbil, the capital of Kurdistan Region.



Shafaq News agency reporter said that the Al-Kifah and Al-Harithiya stock exchanges in Baghdad did not open their doors during the Eid Al-Fitr holiday, however, some exchange shops in the capital’s markets recorded this morning an exchange rate for sale amounting to 144,000 dinars for every 100 dollars, while the purchase price was 142,000.


As for Erbil, the capital of the Kurdistan Region, the main stock exchange does not trade dollars on official holidays, but some exchange shops traded dollar prices, which also recorded stability, as the selling price reached 143,000 dinars against the dollar, and the purchase price was 142,000 dinars against 100 dollars.  LINK


Türkiye Imposes Conditions On Iraq In Exchange For Access To Water


April 24, 2023   Baghdad / Obelisk Al-Hadath: The Parliamentary Agriculture, Water and Marshes Committee revealed the conditions imposed by Ankara on Baghdad to reopen the water again.


Committee member Rafik al-Salhi said that Turkey imposed several conditions on Iraq, in exchange for opening water through its dams and reaching Iraqi rivers, noting that among these conditions: Expelling the PKK from northern Iraq as it represents an opposition party to the Turkish government.


He added, “As for the other demands, they were represented in concluding more economic and political agreements, which greatly serve the interests of Ankara, indicating that Turkey is trying to exploit Iraq regarding the water crisis to achieve its desired interests.”


Regarding the proposals of the agricultural sector in the 2023 budget, Salhi said that one of the most important proposals that must be included in the current year’s budget for the agricultural sector is to repeat and re-work the agricultural initiative and support the farmer with appropriate agricultural supplies such as seeds and fertilizers and distribute them through agricultural associations.


He pointed to the need to cancel or extinguish advances and agricultural loans of 50 million or less, because the farmer is unable to pay what he owes to agricultural banks, as a result of his repeated losses.


Diyala Trade: May Witness The Breaking Of The Price Barrier Of 140 To Sell The Dollar


The information / Diyala .. The head of the Chambers of Commerce in Diyala, Muhammad Al-Tamimi, confirmed, on Monday, that May will witness the breaking of the price barrier of 140 in the parallel market for the sale of the US dollar.


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Al-Tamimi said in an interview with Al-Maalouma, that “the parallel market for the exchange rate of the dollar lost 15% of its value in a few weeks, especially with the Central Bank’s measures to reduce demand for it,” noting that it succeeded in curbing its repeated rise and creating relative stability in prices.


He added, “Next May will witness another decline in the exchange rate of the parallel dollar, and it may break the barrier of 140,000 dinars for every $100, i.e. the price will be below 140 for the first months in months.” Before the


Central Bank at the 1320 borders, it will not be impossible with the continuation of the slow decline, but it may happen within two months or less if dealing with the measures set by the Central Bank continues at their current rates. The parallel


The market for selling the dollar is of great importance, especially as it greatly affects the Al-Iraqiya markets. LINK


Low Oil Prices Amid Uncertainty About The Future Of The Global Economy


Political | 10:18 – 04/24/2023   Baghdad – Mawazine News  Oil prices fell, in trading today, Monday, due to the uncertainty about the future of the global economy, which will affect the demand for black gold.


And by 09:20 Baghdad time, US crude futures fell by 1.35% to $76.82 a barrel, while Brent crude futures fell by 1.30% to $80.60 a barrel, according to Bloomberg agency data.


Last week, US crude contracts ended trading up by 0.70% at $77.87 a barrel, but recorded weekly losses of about 6%.


While Brent contracts closed up by 0.70%, also at $81.66 a barrel, and the contracts recorded weekly losses of about 5.8%.


Today, oil prices fell, as concerns about high interest rates, the global economy, and expectations of fuel demand overshadowed the possibility of a decline in supplies after countries in “OPEC +” cut production.