KTFA Some Thursday News Posted by Samson

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KTFA: Samson:  Al-Atabi: 3 Files In The Next Government’s Priorities, The Most Prominent Of Which Is Dealing With The Exchange Rate

 

6th July, 2022

 

The leader in the coordination framework, Turki Al-Atabi, confirmed, on Wednesday, that 3 files are among the priorities of the upcoming government, the most prominent of which is dealing with the exchange rate.

 

Al-Otabi said in an interview with Al-Information, that “3 important files are among the priorities of the next government, which are the removal of the US forces, the return of the dollar exchange rate, and the organization of the national economy file in a way that reduces the fluctuations of the global markets for the sale of oil and its direct impact on the budget.”

 

Al-Otbi added, “The features of forming the government will be more clear after the end of the Eid al-Adha holiday, stressing that the political consensus will resolve all complications and will push all forces towards a broader participation in the next government.” He pointed out that “from 4-6 candidates so far in the scene for the post of prime minister, but its resolution will be directly after the end of the Eid holiday.”

 

The coordination framework is leading an accelerated political movement for the good formation of the next government.”  LINK

 

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Samson:  The Governor of Nineveh announces the launch of the 1000 job grades within the emergency support law

 

07/07/2022 16:45:44

 

Nineveh Governor Najm Al-Jubouri announced today, Thursday, the launch of the 1,000 job grades within the Emergency Support Law for Food Security and Development.

 

Al-Jubouri said in a statement that {Euphrates News} received a copy of it, that: “Based on the provisions of Article (15) of the Law on Emergency Support for Food Security and Development, which includes ((contracting with holders of bachelor’s degrees and diplomas and for all specializations (except for the medical and nursing group, as their appointment is central)) to work in the governorate departments and its local administrations at the rate of (1,000) thousand contractors for each governorate for a period of three years and a monthly salary of (300,000) three hundred thousand dinars for the purposes of training and development)).

 

He referred to the “conditions of submission, which consist of:

 

* To be a resident of Nineveh Governorate, according to the residence card issued by Nineveh Governorate

 

*Must have a bachelor’s degree or diploma

 

* To pledge not to be previously appointed to any government agency

 

* Not to have been convicted of a misdemeanor or felony involving moral turpitude

 

* Not to be punished by the penalty of dismissal from office

 

* He must undertake the authenticity of the documents he submits

 

* The job applicant must verify the information before the completion of the electronic application process, as it is not possible to re-apply again.

 

Al-Jubouri added, “The controls include a percentage (10%) of contracting for those who are primarily the families of the martyrs, political prisoners, martyrs of the popular crowd, victims of terrorism, war operations and military mistakes, and according to the percentage established in the laws in force for the mentioned segments, and a percentage (5%) for contracting with people with needs is determined and (5%) for contracting with components.”

 

He noted that “adopting the criteria listed below to identify candidates for contracting in the aforementioned jobs

 

Graduation rate: excellent (25), very good (20), good (15), average (10), acceptable (5).

 

Year of Graduation: One degree is awarded for each year of graduation, with no more than (5) degrees.

 

Marital Status:

 

Unmarried, widowed, divorced, and has children (10) degrees.

 

Married, the husband is not appointed and he has no children (5) degrees.

 

Al-Jubouri concluded, “Not granting the unmarried one does not mean excluding him from the competition,” calling for “not to approve any submission via any link before the issuance of this announcement.”  LINK

 

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Samson:  The Food Security Law .. Does it guarantee all the financial surpluses achieved for Iraq?

 

7th July, 2022

 

Today, Thursday, the economic expert, Manar Al-Obaidi, commented on the fact that all financial surpluses go to finance the provisions of the Food Security Law.

 

Al-Obaidi said, to (Baghdad Today), that “the information that talks about the disappearance of the financial surpluses that were achieved from the rise in oil prices since the beginning of the year to finance the paragraphs of the Food Security Law is absolutely incorrect, so it is not possible to spend all of this surplus in one time.”

 

And he indicated that “it is not a necessity or a condition that Iraq spends all the allocated matters within the provisions of the Food Security Law,” explaining that “even the public budgets do not spend all the funds allocated in them, and a lot of unspent funds remain for several reasons.”

 

And he added, “This matter will apply to the provisions of the Food Security Law, and that is why not all the financial surpluses of the past months will go to finance the provisions of the law.”

 

It is noteworthy that the House of Representatives voted on the eighth of last month on the law of emergency support for food security in the presence of 273 deputies.   LINK

 

Samson:  The End Of The Year… An Expert Expects Iraq’s Oil Revenues To Reach 125 Billion Dollars

 

6th July, 2022

 

Economist Nabil Jabbar expected, on Wednesday, that Iraq’s financial revenues from oil until the end of this year will reach more than 125 billion dollars, which represents nearly 200% of the average revenue for previous years, while stressing that the revenues achieved during the past months are historic.

 

Jabbar said in an interview with the “Information” agency, “The revenues achieved during the past months are historical over the entire lifespan of the Iraqi state since 1920,” noting that “the revenues achieved during 6 months from oil sales are approximately $62 billion, which is equivalent to an average of $62 billion in oil sales. full year revenue.

 

He added, “Iraq has an opportunity for development by investing and employing these funds, at least for the funds generated for the next three years, during which economists expect the oil price boom to continue or improve.”

 

The economist explained, “It is expected that the revenue until the end of the year will be more than 125 billion dollars, which represents approximately 200% of the average revenue for previous years.”

 

Jabbar continued, saying: “Spending 40 and 50 years ago from oil revenues on infrastructure projects (bridges, roads and public buildings) is the real generation fund from which Iraqis benefited throughout that period.”

 

The Ministry of Oil had confirmed, earlier, that “the amount of crude oil exports amounted to (101) million (390) thousand and (662) barrels, with revenues amounting to (10) billion and (609) million and (252) thousand dollars.   LINK

 

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Samson:  Because of the difficult financial conditions that citizens are experiencing… deflation invades Iraqi markets with the approach of Eid al-Adha

 

7th July, 2022

 

Iraqi economists confirmed that the economic crises that hit the country made this holiday not like the previous ones due to the state of deflation and the lack of financial liquidity.

 

A number of them indicated that the Iraqi market these days leading up to Eid al-Adha suffers a noticeable stagnation due to the economic crisis, and the deterioration of the financial conditions of citizens with the absence of the state’s financial budget for 2022.

 

They explained that the Iraqi markets and commercial centers witnessed in previous years a great momentum by citizens in shopping during the days leading up to Eid al-Adha are to buy clothes, prepare food for sweets and more.

 

Economic analyst Abdul Rahman Al-Dulaimi said that the economic and social conditions and the high cost of living, as a result of the high exchange rate of the dollar against the Iraqi dinar, contributed to a decrease in the purchasing power of many segments of society, in the face of a continuous stagnation in local markets since the beginning of the current year 2022.

 

Official figures of the Iraqi Ministry of Planning indicate, that the poverty rate in Iraq exceeded 22.5 percent.  LINK

 

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KTFA:

 

Samson:  The Independent: India’s switch to Russian oil presents a real challenge to Iraq and Saudi Arabia

 

7th July, 2022

 

India’s imports of crude oil from Russia rose to 21% in June, making Moscow India’s second largest oil supplier, according to figures provided by data and analytics firm Kpler to The Independent. As of 2021, Russia was India’s tenth largest oil supplier

 

Avoided by many traditional European buyers after its invasion of Ukraine, Russia’s sales of cheap crude oil to India increased from zero in January and February to a record 950,000 barrels per day in June, as Delhi slipped back into recession. In June, Iraq sold about 1 million barrels per day to India, representing a marginal decrease in imports from Baghdad since May

 

Imports from Saudi Arabia decreased from 697,000 bpd in May to 686,000 bpd in June. With Kuwait, imports fell earlier this year with a rise of 297,000 barrels per day in February to 100,000 by April. They increased marginally to 233,000 barrels per day in June

 

The massive increase in Russian crude imports in the past two months means that “flows have declined from major suppliers in the Middle East – Iraq and Saudi Arabia – as well as from elsewhere,” says Matt Smith, senior oil analyst at Kpler. He adds that imports have reached a “historic level” because they are the highest since the company’s records began in 2013

 

Due to the post-pandemic recovery, India’s overall demand for crude oil has swelled by about 13 percent this year, compared to 2021. India is a major refining hub, importing crude and exporting clean products such as gasoline and diesel. Thus, exports of clean products are also up – by nearly nine per cent compared to 2021, making it a lucrative deal for Delhi

 

For India, the opportunity to buy cheap Russian oil remains a political balance with the West. Thomas Murphy, lead analyst for South Asia security and political risks at Dragonfly, tells The Independent but he notes that the deal could lead to some political downsides in the long run as India is expected to face “increasing criticism and diplomatic pressure from both the United States and Europe” for not imposing sanctions or holding Russia accountable for human rights abuses in Ukraine even as the conflict has continued for more than four months

 

This major shift in the Indian oil market is expected to cause unease among the South Asian nation’s allies, who have economic and trade ties that date back centuries. Harsh V Pant, professor of international relations at King’s College London, tells The Independent that the Middle East will have to think carefully about its long-term strategy if its biggest buyers, India and China, gradually stop relying on them

 

For many Middle Eastern countries, the sale of oil is their biggest income. Approximately 65 percent of the world’s oil reserves are located in the Middle East

 

Bilateral trade between India and the Gulf Cooperation Council countries – including Saudi Arabia and the United Arab Emirates – exceeded $150 billion (£126 billion) in the fiscal year ending March 2022 but India is making the most of discounted Russian oil, he says, because it has created incentives to reach other buyers while the Middle East has significantly inflated prices during the energy crisis

 

“I don’t think the Middle East is going to be seen as a long-term strategic challenge, but it does have temporary implications for the Middle East…If you have China and India, which are the two biggest oil importers in the Middle East, and take advantage of the Russian affluence, which may be temporary, but it does exist, and one does not even know how long the war will last.

 

He says that the question of whether Russia will be able to entice these Asian countries with deep discount deals when Europe completely stops buying oil from it by the end of the year will determine long-term strategies. Because he adds, just offering big discounts isn’t viable in the long run

 

“The Middle East has to make sure if they have to continue down this path or there is a need for a recalibration in the oil markets,” he says, adding that India is an important market for the Middle East, and for Delhi, reasonable prices are a priority  LINK

 

 

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