Wed. PM KTFA News Articles/Thoughts 4-13-22

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Samson » April 13th, 2022

An economist sets the price of a barrel of oil in the 2022 budget

12th April, 2022

Economic researcher Ahmed Eid set, on Tuesday, the price of a barrel of oil in the 2022 budget, stressing that there is a great opportunity to create a state of balance in the staff ladder.

Eid said in a statement to the National News Center Agency, that “it is possible that the price of one barrel of oil within the new 2022 budget, $90, as a result of economic changes, the Russian-Ukrainian war, and the sanctions issued by the United States and its allies against Russia.”

He added that “Iraq today has a historic opportunity to compensate for the large losses, invest this price in investment projects, and create a state of balance in the salaries of state employees.”  LINK

DoTalkToMe » April 13th, 2022

If Iraq misses the opportunity to activate with oil going up to 150 a barrel I do not know what else it would take. The only thing I can think of is that they are waiting on some thing magical. 

A monkey smoking a cigar riding on an elephant in Egypt on the last day of of Ramadan, with a clown riding a ten foot unicycle in the background.   That would be magical. 

Just having fun while we wait.  Warning… Don’t take seriously… Just funnin around

Samson » April 13th, 2022

The contribution of oil to the Iraqi budget rises to 94%

13th April, 2022

The Ministry of Finance issued the Iraqi state accounts for the month of last January for the fiscal year 2022, which indicated a decline in the contribution of the non-oil sectors to 6%, while an economic expert attributed this to the rise in global oil prices.

Shafak News Agency followed the data and tables issued by the Ministry of Finance in the current month of April for the accounts of last January, which showed that oil is the main resource for Iraq’s general budget, as it rose by 5.62% from last December, bringing the contribution of oil to the general budget to 94%, after it was 89 % in the month of December, which indicates that the rentier economic system is the basis in its general budget.

Through the financial tables, it is indicated that the total oil revenues for the month of January amounted to 10 trillion and 899 billion and 415 million and 915 thousand and 534 dinars, which represents 94% of the total revenues, while the total non-oil revenues amounted to 695 billion and 872 million and 729 thousand and 30 dinars. 6% of the total revenues, while the total oil and non-oil revenues amounted to 11 trillion and 595 billion and 288 million and 644 thousand and 554 dinars, which is 144% higher than the same period last year 2021, which amounted to 4 trillion and 744 billion dinars as a result of high oil prices.

According to the finance report, the non-oil revenues for the month of last January came from the current revenues represented by oil revenues and mineral wealth, amounting to 10 trillion, 853 billion and 496 million and 795 thousand and 32 dinars, and it came from taxes on income and wealth at 41 billion and 18 million and 559 thousand and 210 dinars.

And it also came from commodity taxes and production fees at 63 billion and 996 million and 115 thousand and 583 dinars. It also came from fees that amounted to 102 billion and 631 million and 746 thousand and 567 dinars and from the share of public sector profits of 46 billion and 57 million and 257 thousand and 389 dinars and from transfer revenues that amounted to 387 billion and 244 million and 110 thousand and 958 dinars and from other revenues of 95 billion and 908 million and 666 thousand and 186 dinars.

It also came from capital revenues, which amounted to 4 billion and 935 million and 393 thousand and 6280 dinars.

For his part, the economic expert, Hilal Al-Tahan, considered in an interview with Shafaq News that “the rise in global oil prices was behind the increase in the proportion of oil’s contribution to the federal budget at the expense of non-oil revenues during the month of January,” noting that “this rise does not mean a decline in non-oil revenues. its contribution to the budget.

He added, “The non-oil revenues remain unchanged, the main reason behind the decrease in their percentage in the budget compared to the rise in oil prices, whose rise exceeded more than 50% compared to what was recorded in the same period last year.”

He pointed out that “the process of shifting from the rentier economy needs a complete development of the Iraqi economy through operating the production process in Iraq and developing the backbone of the economy from agriculture and industry, which is still underdeveloped and its low contribution, which does not contribute more than 2 to 4 percent of the gross domestic product,” adding that “Iraq still depends in the provision of goods and merchandise on the foreign importer, at a rate of more than 90 percent.”

The Prime Minister’s Adviser for Financial Affairs, Mazhar Muhammad Salih, had confirmed in March 2021 in an interview with Shafaq News Agency that the reasons for the economy remaining rentier are due to wars and the imposition of siege during the past era and the political conflicts we are witnessing today, which led to the dispersal of economic resources. He pointed out that “development, stability, diversification of the economy, and the transition from the rentier economy require political stability and stable institutions, which is what the state has missed over the years.”

The state’s continued dependence on oil as the only source of the general budget makes the country at risk from global crises that occur from time to time due to the impact of oil on it, which makes Iraq tend every time to cover the deficit by borrowing from abroad or inside, which thus indicates the inability to manage funds The state effectively, and the inability to find alternative financing solutions.  LINK

Source: Dinar Recaps

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