Thurs. PM KTFA News Articles 6-17-21

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KTFA

Samson » June 17th, 2021

Company: There is a reasonable chance that oil will reach $100 a barrel

19:48 – 06/16/2021

Vitol, which specializes in oil trading, expected the price of crude to move between $70 and $80 a barrel in the remainder of 2021, supported by the production discipline of the OPEC + group, even with the possibility that Iran will resume its exports in the event of lifting sanctions.

As for Trafigura, which also specializes in oil trading, it believes that there is a reasonable chance that prices will reach $100 a barrel due to dwindling reserves before the world reaches peak oil demand.

Data from the American Petroleum Institute showed that crude oil stocks in the United States fell last week, while fuel stocks increased.

US stocks fell by 8.5 million barrels in the week ending June 11, while gasoline stocks rose by 2.85 million barrels, while distillate stocks rose by 1.96 million barrels.  LINK

Adviser to the Prime Minister: It is time to turn to solar energy to generate electricity

17th June, 2021

Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, demanded, on Thursday, the need to go now to the use of solar energy to generate electric power, indicating that this energy is being started in the countryside

Saleh said in a press interview, “Part of the solution to the electricity crisis in Iraq is to resort to alternatives, which is the expansion of the use of solar energy to generate electricity,” noting that “the use of solar energy can solve many of the problems that Iraq is currently suffering from due to the lack of electricity supply

He added, “This project should be supported by the state and not used in commercial investment through the popularization of the use of solar energy, and therefore the citizen can obtain it at a subsidized and reduced price to encourage citizens to use this type of energy

He pointed out that “the time has come for us to manufacture the panels or the participation of major companies to manufacture and spread them among citizens, especially the countryside, agricultural areas and separate housing units. He pointed out that “Iraq is rich in solar energy and is considered one of the rarest countries next to Saudi Arabia, with average sunrise hours per year,” adding at the same time that “we need strong programs to support this energy

He stressed that “there is a current tendency to establish solar energy projects after there were doubts and fears about establishing such projects previously,” noting that “the entry of advanced technology into these projects and that their costs have begun to decrease, and they are local alternatives that can be allocated to a single house or to a farm.” separately

Iraq suffers from a lack of electric power supply as a result of the small number of production stations and the old distribution and transmission networks, at a time when the world began to use clean energy to generate energy   LINK

Economist: Heads of corruption in the state prevent the distribution of salaries to employees using modern technologies

19:53 – 06/16/2021

The economic expert, Salam Al-Saadi, confirmed, on Wednesday, that Iraq’s finances do not suffer from a crisis as much as it suffers from the existing heads of corruption.

Al-Saadi said in a statement to the “Information” agency, that “following the defense system” Key Card” constitutes a civil and economic matter by making every employee a current account and paying all dues by electronic means, but this method faces obstacles in its implementation by the symbols of corruption, because it will end the process of selling the dollar, and secures great liquidity for the government to pay its expenses.”

He added, “The use of modern technologies in the performance of the economic cycle is very important, giving the opportunity to the central bank and government banks to control the national currency, on the basis of the three elements: monetary mass, transaction volume, and trading volume.”

He pointed out that “the financial crisis, in light of the presence of the Corona pandemic and the low exchange rates, is not considered a real crisis in comparison to what other countries are facing in terms of a major economic blockade.   LINK

The Iraqi Gazette publishes the amendment of the budget law

17th June, 2021

The Iraqi Al-Waqa’i newspaper, No. (4636), published the amendment of the Federal General Budget Law of the Republic of Iraq No. (23) for the year 2021.

The Ministry of Justice announced, in a statement that Mawazine News received a copy of it, “The issuance of the new issue From the Iraqi Gazette No. (4636), which included a number of statements approved by the Presidency of the Republic.

The Director-General of the Iraqi Facts Department, Haifa Shukr Mahmoud, said that “the number included the issuance of a correction statement issued by the Presidency of the Republic’s Office regarding the Federal General Budget Law of the Republic of Iraq No. (23) for the year 2021.”  LINK

Issue (4636) of the Iraqi Gazette was issued on 6/14/2021

16th June, 2021

A correction statement issued by the Presidency of the Office of the Presidency of the Republic regarding the Federal General Budget Law of the Republic of Iraq No. (23) of 2021.

To download the issue, click here

Translation of page 1 – all the rest are graphs….

Based on the authority entrusted to us by virtue of it (Eighth) of the Publication Law in the Official Gazette No. (78) for the year 1977, we issued the following statement:

First: It was stated in Article (2 / or expenditures) of the Federal General Budget Law of the Republic of Iraq for the fiscal year 2021 No. (23) for the year  2021 published in the Iraqi Gazette Al-Waqa’a after 4620 and dated April 12, 2021. An amount of (1,299,930,6291) thousand dinars is allocated for the year 2021, including: 1. a.  Operational expenditures (900,000,913,9482) thousand dinars are distributed according to field (1, 2 and 3) of table (b) expenditures by ministries, and the correct one is according to the total field (1) and a new additional operational field contained in table (b) expenditures by ministries annexed to this law. 

Secondly: As stated in the table published on page No. (9) regarding paragraph (third), the deficit = (a + b) the total revenue (320141984101) thousand dinars, which does not match the total of paragraph (a + b) and the correct one is (101320141984) thousand  Dinar . 

Third: We attach the tables (1/d/how) amended for the purpose of publishing them in the Official Gazette, with the exception of tables (B) and (C) because they were originally published with the Federal General Budget Law No. 23 

Fourth: This statement is published in the Official Gazette.   LINK

Annual Peace Index: Iraq is the fourth least peaceful country

13:50 – 17/06/2021

A report by the Institute for Economics and Peace revealed that the Corona virus epidemic contributed to an increase in civil unrest in the world, as the year 2020-2021 witnessed violent protests, numbering 5,000 demonstrations.

“There were more than 5,000 protests related to the Corona pandemic from 2020 to 2021, with violence and civil unrest increasing around the world throughout the year despite the closures,” the British newspaper The Independent quoted the report, which was translated by the agency “Information” as saying. “While initially there was a decrease in violence when Covid first hit and people were stuck in their homes, civil unrest increased dramatically as the pandemic continued,” he added. He continued, “There was a 10 percent increase in violent demonstrations in 2020, compared to the previous year, when the index recorded 14,871 violent demonstrations, protests and riots.”

He continued, “The index ranked Iceland as the world’s most peaceful country – a position it has occupied since 2008. New Zealand, Denmark, Portugal and Slovenia were also ranked highly, while the United Kingdom ranked 33 on the list, up six places compared to last year.” And he indicated that “Afghanistan was the least peaceful country for the fourth year in a row, followed by Yemen, Syria, Sudan and Iraq, while Burkina Faso, located in the Sahel region of Africa – a country caught between terrorism and climate change – witnessed the largest drop in the ranking, dropping 13 places on the list.”

The region with the largest increase in violence is North America, where there have been increasing levels of political instability, killings and violent demonstrations, as events such as the storming of the Capitol and large-scale protests related to the Black Lives Matter movement have increased civil unrest and political instability. Although there have been a number of protests in Europe, the region is the most peaceful in the world.”

The report also noted “an increase in militarization around the world, including increased military spending and arms imports. The United States, China, Germany and South Korea have seen the largest increases in military spending over the past two years.

He noted that “the only good news is the decrease in the number of deaths as a result of terrorism around the world, as preliminary data shows that there are less than 10,000 deaths due to terrorism in 2020, down from the peak of more than 33,000 in 2015.”    LINK

Source: Dinar Recaps

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