Fri. AM KTFA News Articles 3-18-22

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Samson » March 18th, 2022

Russia-China talks on bilateral security cooperation

18th March, 2022

The Special Representative of the Chinese Foreign Ministry for External Security Affairs Zheng Guoping and Russian Ambassador to China Andrey Denisov discussed bilateral security cooperation

“The two sides exchanged views on Sino-Russian bilateral relations and bilateral cooperation in the field of security and combating terrorism,” a statement from the Chinese Foreign Ministry said

China has recently expressed its concern about the information announced by Russia about the development of biological weapons by Ukraine with US funding

And its permanent representative to the United Nations, Zhang Jun, said during a meeting of the UN Security Council last Friday: “China has taken into account with great concern the information published by Russia with the aim of ensuring the implementation of the Treaty on the Prohibition of Biological and Toxin Weapons.. These are the obligations of all countries. They must The concerns raised by Russia are receiving due attention  LINK

With the rise in oil… the fate of the Iraqi import surplus was revealed

18th March, 2022

A financial advisor to the Prime Minister revealed the fate of the Iraqi oil surplus, with the continued rise in crude prices in global markets.

Mazhar Muhammad Salih told {Euphrates News}: “If the financial difference in the country’s surplus oil imports continues for a year with spending pressure and maximizing non-oil revenues, it will be placed in a sovereign fund used for development purposes after paying the financial deficit.”

And “this fund serves the economy through investment projects without approving the budget in accordance with the Financial Management Law / Chapter One, which replaces the budget in the event of its delay in approval.”

It is noteworthy that the calls of a number of political forces and economic experts, have recently escalated, for the necessity of establishing an Iraqi sovereign fund, similar to several countries in the region, so that the fund would seize the current financial abundance after the rise in oil prices, and manage this wealth and use it in the context of alleviating the severity of any future financial crisis. 

The price of a barrel of oil reached 110 dollars on Friday morning, with little progress in peace talks between Russia and Ukraine, raising fears of tightening sanctions and disruption of oil supplies for a long time.

While Iraq’s resources increased after stopping the deduction of 3 percent of revenues to pay compensation to Kuwait, which Iraq finished paying in full last month. The Ministry of Oil announced that the rate of exports and revenues achieved for the month of February was the highest in eight years, reaching 8.5 billion dollars, and an export rate of 3 million and 314 thousand barrels per day.

The National Oil Marketing Company (SOMO) expected that the revenues of the current month of March will be higher than February, based on the current market data.  LINK

Source: Dinar Recaps

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