Parliamentary “Finance” expects to achieve a surplus in Iraq’s budget 2021
The Finance Committee of the Iraqi Parliament suggested, today, Friday, a surplus in the federal general budget for the current fiscal year 2021, due to the increase in oil export prices above the planned rate in the budget law
Committee Rapporteur Ahmed Al-Saffar said in a statement to the Iraqi News Agency (INA): “Calculating the financial deficit is annually and not monthly, but by calculating oil revenues during the first six months of this year, it is noted that the difference between the selling price of oil and the rate of the planned price in the budget law covers the deficit.” In full, if the same rate is calculated for the next six months
Al-Saffar added that “expectations indicate a rise in oil prices, and they are now on a continuous rise, and perhaps the deficit will be covered and a surplus will also be achieved as a result of the rise in oil prices and the change in the dinar exchange rate and its reduction against the dollar, which provided the government with sums that can cover the deficit and more
On the 14th of last July, the Federal Supreme Court postponed the date for appealing the Federal Budget Law for the fiscal year 2021, as a judicial source stated to the Iraqi News Agency (INA), that the Federal Supreme Court postponed the date for appealing the Federal Budget Law for the fiscal year 2021, to the twenty-fourth of this month link
An American bank suggests that OPEC + will not respond to Washington: a barrel of oil reaches $ 80 at the end of the year
The US investment bank Goldman Sachs said the US’s recent call for OPEC + to boost oil production is unlikely to lead to increased production in the short term given the threat of demand from the delta strain of the Corona virus.
On Wednesday, the administration of US President Joe Biden urged the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC +, to increase production to counter rising gasoline prices, which they see as a threat to global economic recovery.
“We see neither the recent White House statement threatening the current market deficit nor the pace of rebalancing in the second half of 21,” Goldman Sachs said in a note dated Thursday, maintaining its year-end forecast for Brent crude at $80 a barrel.
Brent crude futures fell 0.4 percent to $71 a barrel on Friday, while US West Texas Intermediate crude traded around $68.76.
However, Goldman noted that an additional increase in OPEC+ production by the end of the year is required to counteract recent supply disappointments globally, and expects that OPEC+ spare capacity will be fully normalized by the spring of 2022.
Last month, OPEC+ agreed to increase oil supply from August to cool prices that had climbed to two-and-a-half-year highs. Read more
The US bank recently lowered its forecast for oil demand in China, citing growing concerns about the spread of the delta variable.
“In the short term, Delta’s threat to oil demand has already weakened the global balance, with the deficit narrowing from 2.3 to 1.0 million barrels per day,” the bank said. link
Iraq concludes a new agreement with Jordan and Egypt
Today, Thursday, an agreement was signed to enhance inter-tripartite cooperation, especially in the humanitarian field, between the Jordanian, Iraqi and Egyptian Red Crescent societies, based on the outcomes of the tripartite summits between the political leaders of the three countries, during the past two years, which culminated in the Baghdad Summit last June.
In a news release published today, the official Jordanian news agency, Petra, stated that under the agreement, which was initiated by the regional delegation of the International Federation of Red Cross and Red Crescent Societies, it was agreed to combine humanitarian efforts to draw a model for cooperation and integration in the fields of humanitarian and development work and community service.
According to the agency, the agreement aims to enhance cooperation between the three National Societies in the areas of common challenges and to take advantage of available opportunities to highlight their role as a major contributor in humanitarian fields related to the priorities referred to in the Tripartite Summit Declaration.
The National Societies agreed to set priorities for cooperation in the areas of health emergencies, especially with regard to the Covid-19 pandemic, and its social and economic impacts, and to form a technical working group that would formulate a map for joint training of National Societies staff and volunteers, mobilize the necessary resources for its implementation, and formulate a unified program for National Societies to enhance their capabilities with the support of From the International Federation’s Capacity Building Fund and other institutional development support funds, and preparing a practical program for cooperation in the areas of common challenges, especially climate change, food security and livelihoods, and drawing a map for joint exchange, according to the agency.
The news indicated that it was agreed to establish a joint fund to be contributed equally by the National Societies, and the fund may receive additional unconditional aid.
The agreement was signed by the General President of the Jordan Red Crescent, Muhammad Al-Hadid, the President of the Iraqi Red Crescent Yassin Abbas, the Executive Director of the Egyptian Red Crescent, Rami Al-Nazer, and the Regional Director of the International Federation of the Red Cross and Red Crescent, Hossam Sharkawy
Source: Dinar Recaps
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