KTFA Some Thursday News Posted by KTFA

KTFA: Samson:  World Bank: Oil developing countries will achieve 4% growth led by Iraq

6th October, 2022

The World Bank expected that developing oil-exporting countries are expected to join the Gulf Cooperation Council and achieve growth, but at lower levels, with expectations that 2022 will witness a rise in growth rates to 4.1%, led by Iraq, with growth reaching 2.7% in 2023


The World Bank added, in the latest report on economic developments in the Middle East and North Africa, entitled “Enhancing Transparency and Accountability in the Region”, that the economies of the Middle East and North Africa region will grow by 5.5% in 2022, to record the fastest growth rate since 2016, to reach The pace of growth to 3.5% in 2023, while it is estimated that growth in the Gulf Cooperation Council countries will accelerate to 6.9% in 2022, driven by hydrocarbon exports, with a growth rate of 3.7% in 2023


The report pointed out that growth is uneven across the region as countries that are still striving to overcome the lasting effects of the “Covid-19” pandemic, are facing new shocks due to high oil and food prices due to global geopolitical tensions, high global interest rates as well as The slowdown in the economies of the United States, China and the Eurozone


The report indicated that for developing oil-importing countries, it is expected to achieve a growth of 4.5% in 2022 and 4.3% in 2023, and Egypt leads this group, recording a growth of 6.6% in the fiscal year ending in June, driven by gas exports, communications and tourism


The report concluded that the oil-exporting countries in the region will benefit from the high prices of hydrocarbons (oil and gas), while the oil-importing countries in the region face adverse conditions, as they suffer from increased pressures and risks as a result of high import bills, especially food and energy imports, and the shrinking space available for spending in their public finances


The report emphasized that slow economic growth in the United States and China and the possibility of recession in Europe pose risks, especially in oil-importing developing countries that rely more on tourism and external demand from Europe, as this group of countries depends more on trade with the euro area, especially countries Importing oil in North Africa and geographically closest to Europe


The report pointed out that policy makers throughout the region have introduced some measures, especially price controls, subsidies and subsidies, to reduce the salty prices of certain commodities such as food and energy compared to their international prices, noting that this matter had an impact in keeping inflation in the region lower than in other regions. He pointed out that the average inflation in Egypt during the period from March to last July amounted to 14.3%, although it would have been higher at 18.4% if the competent authorities had not intervened


The report pointed out that the governments of the region will continue to incur additional expenditures to increase subsidies and cash transfers to mitigate the damage to the living standards of their residents due to the rise in food and energy prices globally, while for the Gulf Cooperation Council countries and developing oil-exporting countries, this is not a major concern. Currently, as unexpected revenue increases due to higher hydrocarbon prices have significantly increased fiscal space and will lead to fiscal surpluses for most oil-exporting countries in 2022, even after increased spending on inflation mitigation programmes


The report expected an acceleration in the per capita real GDP growth for the region to 3.9% in 2022, before declining to 2% in 2023, but this growth varies between groups of countries, and it is expected that the growth rate of per capita GDP will accelerate In the Gulf Cooperation Council countries, it will reach 5.5% in 2022, while the growth rate will reach 2.5% for the developing oil-exporting countries in the same year


The report pointed out that for oil-importing developing countries, the per capita GDP growth rate is expected to remain at about 2.9 percent in 2022, and 2.7 percent in 2023. The report expected that the current account balances and public finances for the Middle East and North Africa region will improve significantly in 2022, to reach 10.5% and 1.9%, respectively, driven by the rise in hydrocarbon prices. In the Gulf Cooperation Council countries, the current account balance is expected to rise to 17.2% in 2022, and 14.6% in 2023, from 7.9% in 2021. LINK




Samson:  A financial expert determines when the dollar will end completely!


6th October, 2022


Andrei Vernikov, an independent financial expert, said that the establishment of a global reserve currency alternative to the dollar will take decades, noting that the dollar is strong despite its negativity, but confidence in it is still high.


The financial expert explained his position by saying that “many countries of the world, on the one hand, have large debts in dollars, and on the other hand, some countries export natural resources, the value of which is declining due to the rise in the value of the dollar, but the cycles of the rise and fall of the dollar alternate constantly,” explaining in this context, developing countries suffer at some point, and then profit again.


Vernikov assumed that the real alternative to the dollar in world trade should have a history spanning at least several decades, while at present, even the euro could not become such an alternative, and the cryptocurrencies that were expected to play such a role too volatile, in his view.


The financial expert also noted that trade in national currencies between some countries is quite possible. And that Russia, in particular, is already making such deals with a number of neighboring countries.   LINK




Samson:  A Kurdish party talks about a UN intervention to end the president’s crisis


6th October, 2022


The Kurdistan Democratic Party confirmed today, Thursday, that there is an international intervention regarding going to an agreement and nominating one person for the President of the Republic.


The leader of the party, Wafa Muhammad Karim, said in an exclusive interview with “Mawazine News”, that “there is interference from the United Nations representative in Iraq, Jenin Plasschaert, to reach a Kurdish agreement and to nominate one person for the presidency of the republic,” noting that any interference from foreign countries or others. It is not relevant because this file is considered an internal matter and it is not permissible to interfere in it.”


He indicated that “there are visits from some consulates of foreign countries in the region, and their visits are limited to dialogue and consultation without pressure.”


He pointed out that “only the United Nations intervened in this matter,” noting with the holding of the parliament session, it is possible to reach a solution to this matter, and without holding it, matters will remain suspended.”


He stressed that “the selection of the President of the Republic depends on holding a parliamentary session, which will help reach a solution.” LINK


Samson:  “Taslujah” hosts the 15th edition of the Sulaymaniyah International Fair


6th October, 2022


The Sulaymaniyah Chamber of Commerce and Industry announced today, Thursday, the completion of all preparations for the launch of the activities of the fifteenth international exhibition on the fairgrounds in the “Taslujah” area, with great participation.


The Director General of the Chamber, Salam Abdullah, said during a press conference attended by Shafak News Agency, that the 15th International Exhibition will open in Sulaymaniyah from 11 to 16 October.


He added that more than 150 companies from 12 Arab and foreign countries will participate in the exhibition, in addition to local companies.  He pointed out that this year’s exhibition will be supported by the Federal Trade Ministries, the Kurdistan Region and the Investment Authority.  LINK




Samson:  Al-Kazemi: Iraq needs a government and a budget, and the crisis is a crisis of confidence


06/10/2022 11:31:18


Prime Minister Mustafa Al-Kazemi confirmed, on Thursday, that Iraq needs a government and a budget, and its absence for this long is unacceptable.


Al-Kazemi said in a statement received by {Euphrates News}, that “this government, despite the difficult political and economic conditions, and despite the absence of the budget, has steadfastly pursued its vision and overcame many obstacles, and it continues to do so tirelessly,” noting that “Iraq needs a government and a budget, and its absence for so long is unacceptable.”


He added, “These circumstances and this obstruction must be resolved and must end, for the sake of Iraq and the Iraqis, and for the sake of building the state and its institutions,” adding, “The crisis today is a crisis of confidence, and it can only be restored or repaired through frank and constructive dialogue.”


Al-Kazemi explained, “The solution is to return to the table of dialogue and discussion, put aside differences and speak in all honesty and integrity, to come up with realistic solutions that end this political crisis,” explaining, “We are destined to understand, cooperate, meet and engage in dialogue, we are the people of one country, and our national and moral responsibility is to preserve it.” And on his abilities, and bear the full responsibility at this historical moment.


He continued, “I call on the brothers in the governorates, the governorate officials, to assume their national and moral responsibilities. They have the authority to address any defect in accordance with the legal contexts and the directions provided to them.”


He stated, “The world has changed, and the concepts of political and economic relations have changed in favor of development and cooperation, and this is what we do when we look for partners and cooperate with them to develop our country and secure the needs of all our people.”


Al-Kadhimi continued, “Today, we are laying the foundation stone for the Iraqi-Jordanian electrical interconnection line project, to devote the project of cooperation and partnership, and positive interaction with our surroundings, in the service of our country and people. policy of openness and cooperation. And he added, “We have previously worked on the electrical connection with Saudi Arabia and the Gulf states, and the agreement was signed at the Jeddah conference months ago and we worked on several clean energy projects with reputable international companies, to keep pace with the developments of the times and the challenges of the environment.”


Al-Kazemi pointed out that “Iraq today enjoys great confidence, weight and presence… and we are trying to invest this privacy, and this opportunity, in the service of Iraq and the Iraqis.”   LINK




Samson:  The sentencing of Iraqi officials in the Ministries of Defense and Reconstruction and Housing


6th October, 2022


The Federal Integrity Commission announced today, Thursday, the issuance of two verdicts convicting officials in the Ministries of Defense and Construction and Housing, Municipalities and Public Works.


In a statement received by Shafaq News Agency, the commission’s investigations department said that the Karkh and Al-Hilla Criminal Courts, which are specialized in cases of integrity, issued two prison sentences and imprisonment in absentia against the director general of the General Directorate of Budget and Programs in the Ministry of Defense and the director general of the municipalities of Babylon, the former; For deliberately causing damage to the funds and interests of the entity in which they work and committing something that violates their job duties.


The circuit added that the Karkh Criminal Court issued a six-year prison sentence to the convict, the former Director General of the General Directorate of Budget and Programs in the Ministry of Defense; For deliberately causing damage to public funds by disbursing the amount of a contract concluded by the Ministry to supply (400) four-wheel drive “Land Cruisers” and (100) ambulances to persons not authorized to receive delivery.


And it indicated that the Hilla Misdemeanors Court, which is competent to look into integrity issues, sentenced the former director general of the municipalities of Babylon to severe imprisonment for a period of two years, for violations committed by him to the terms of the purchase contract (4) vehicles of “waste caps” type “azuz” for the benefit of the municipality of Al-Qasim from the General Company for the Automotive Industry and equipment in Alexandria.


The department indicated that the convict did not calculate the fines for the delay on the company after the expiry of the processing period of (180) days, in addition to paying 95% of the contract value. She confirmed that the two courts issued two judgments in absentia based on the provisions of Articles (340 and 331) of the Penal Code, and issued an arrest and search warrant against them, while supporting the seizure of their movable and immovable property.  LINK