TNT:
Tishwash: International agency: Iraq will lose 80 percent of the fiscal surplus over the next year
The Fitch Ratings agency suggested that Iraq’s fiscal surplus will decline next year, compared to 2022, as the figures show the possibility of its decrease by 78%.
The agency stated that “Iraq’s budget surplus will rise to about 10% of GDP in 2022, supported by increased oil revenues,” expecting that “the surplus will be much lower in the 2023 budget at 2.2% of GDP.”
And the agency classified Iraq at the B- rating, pointing out that “the B- rating reflects the heavy dependence on primary commodities, weak good governance, political risks, and the lack of development of the banking sector,” according to Reuters.
It noted that the B- rating is balanced by large foreign exchange reserves and low interest costs on government debt.
Observers translate the fiscal surplus in order to reach a clearer picture of the size of the decline, as the decrease in the surplus from 10% of GDP in 2022 to 2.2% of GDP in 2023 means that the surplus will decrease by 78% next year.
Iraq’s gross domestic product is more than 200 billion dollars, which means that the surplus during 2022 amounted to more than 20 billion dollars, but in 2023 the surplus will reach only 4.5 billion dollars, which is a decrease of 78%. link
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Tishwash: Kurdistan government cancels New Year’s celebrations – Urgent
The Kurdistan Regional Government announces the cancellation of New Year’s celebrations due to the incidents of gas leak explosions and announced that it will not stop the activities and celebrations on this occasion link
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Tishwash: The President of the Republic: Iraq is currently going through a period of political and security stability
President of the Republic Abdul Latif Jamal Rashid confirmed today, Thursday, that Iraq is currently going through a period of political and security stability.
The media office of the Presidency of the Republic said, in a statement received by Alsumaria News, that “the President of the Republic received at the Baghdad Palace a delegation from the Al-Rafd Center for Media and Strategic Studies, headed by the Director of the Center, Dr. Abbas Al-Jubouri
He added, “During the meeting, the overall political situation on the Iraqi and international arenas was discussed, as the President of the Republic affirmed that there is a universal welcome to the formation of the government by the international community, which demands that Iraq have a major role in many issues.”
The President of the Republic indicated that “strategic studies centers should study the various public issues in an integrated manner, with a focus on local issues, suggesting that the media and analysis centers monitor the negatives to correct them and highlight the positives for their development and to convey the true picture about the growing stability in Iraq.”
He explained: “We believe in a strong Iraq in terms of democracy and its economic and service approach,” explaining that: “Iraq is for everyone, and it is our duty to strengthen it.”
The President of the Republic spoke about the displaced and displacement centers, indicating the importance of the work of the analysis and media centers in showing the bad conditions in which they live in order to expedite finding appropriate solutions and returning them to their areas after their rehabilitation and reconstruction.
Rashid also explained that “Iraq is currently going through a period of political and security stability, and the media must convey this positive image to the world, which will facilitate attracting investments to support the economy.”
In turn, the members of the delegation thanked the President for the warm reception, expressing their belief that the President of the Republic is the protector of the constitution and he is the one who preserves the unity of Iraq. His Excellency, through his patriarchal role, intervened to resolve all outstanding issues, wherever they may be, between the people of the same country. link
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Tishwash: Iraqi chambers of commerce make proposals to end the “daily massacre” of the dollar in the market
The head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, presented, on Thursday, proposals to stop the rise in the exchange rate of the dollar against the local currency, considering at the same time that the volume of currency auction sales to the Central Bank is not commensurate with the amount of goods traded in the market.
Al-Zuhairi said in a statement today that the volume of currency auction sales is not commensurate with the quantity of goods traded in the market, and the estimate of the actual need of the market does not exceed half of the amount that is sold daily in the currency auction.
He added, “The recommendations were listened to, and we found the brave man who can stop this massacre through some simple decisions, including not paying the tax on dollar sales, which means that the merchant has the right to transfer the purchase invoice through Iraqi banks and in Iraqi dinars if he wishes.”
Al-Zuhairi explained, “This decision will be implemented at the beginning of next year, and in the coming days, the Iraqi currency will be available in the banks,” adding, “There are decisions that we hope will be taken so that we can end this daily massacre of the dollar.”
The head of the Federation of Iraqi Chambers of Commerce suggested “diversifying the foreign currency commodity within the central bank and not remaining a monopoly of the dollar only, the strict monitoring by the Federal Bank on the movement of the dollar from Iraqi banks to intermediary banks.”
He concluded by saying that by applying these proposals and decisions, the sale of the currency auction would decrease from 200 million and more to 66 million. link
