Adviser to the Prime Minister: Iraq is living in its best financial conditions
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Friday, that Iraq is living in its best financial conditions, while ruling out the government’s resort to external borrowing
Saleh said, in a statement to the Iraqi News Agency (INA): “Iraq today is living in its best financial conditions in its modern history in terms of cash flows.
He called for “the necessity of utilizing these cash flows in productive investments for the national economy resource, as well as employing national human resources in activities that should be income-generating and wealth-promoting at the same time
He added that “investment policies for large resources require operating them with economic joints in order to achieve financial and economic sustainability,” noting that “exceptional circumstances are what impose a borrowing policy, including the deficit of government revenues due to the cycle of declining oil assets
He stressed that “the rise in oil prices and the resulting large rentier revenues will obviate the idea of external government borrowing. link
Seems like the demonstrations set for tomorrow (Friday) may have an affect on the releasing of the new rate sooner rather than later. We can only hope!
How can the budget be opened when they have no government?pe so!
The Supreme Federal Court ruled that they can have an emergency govt in place legally. It’s my understanding that it was determined by the court that the existing caregiver govt can make decisions legally & carry on with business as usual.
Kaseyko! This is awesome news. I hope we get validation soon
Kadhimi has been pushing for the voting of the Food Security Law to be done in an expedient manner this past week. Have read that there is expected to be a vote on this law Sat, which WILL include the new rate. I’m keeping my fingers & toesies crossed for this happening soon!
Just remember that the budget needs the rate but the rate does not need the budget therefore I expect the rate to come out before the budget.
Keep in mind, if Kadhimi gets his way, the new rate will be included with the voting on the Food Security Law that’s looking to be voted on on Sat
Agreed kaseyko, that is the plan, the work around.
Oil records a new high, and Brent crude exceeds $ 111
Oil prices in the global markets resumed their rise, as the price of Brent crude exceeded the barrier of 111 dollars.
Brent crude rose by two dollars and nine cents to reach one hundred and eleven dollars and seven cents per barrel, while US crude rose to one hundred and seven dollars.
The rise in oil prices comes in light of the repercussions of the Russian military campaign in Ukraine and fears of reduced supplies in the global market. link
The World Bank announces in numbers the recovery of the Iraqi economy
Today, Thursday, the World Bank announced, in numbers, the recovery of the Iraqi economy, while it expected that the overall growth for the current year would rise to 8.9%.
And the World Bank said in a report that was followed by (Al-Oula News), that “Iraq’s economy has begun to gradually recover from the dual shocks of the epidemic and the collapse of oil prices,” noting that “oil and non-oil growth are on the right track to reach pre-epidemic levels with increased oil production and easing restrictions.” corona”.
He added, “Financial and external deficits returned to surpluses with the continued rise in oil prices,” expecting “the medium-term growth to be driven by the oil sector, with the gradual cancellation of OPEC + production cuts.”
“The outlook remains subject to significant risks, including uncertainties related to the impact of geopolitical tensions, the ongoing pandemic, security challenges and climate change,” the bank added.
The World Bank confirmed in its report that “estimates indicate that the real Iraqi GDP increased by 1.3% in 2021, after a sharp contraction of 11.3% in 2020,” noting that “the recovery was mainly driven by the non-oil sector, which grew By 6% in 9 months of 2021 year-on-year, supported by the strong performance of the highly telecom sectors including the transportation, accommodation and retail sectors.
Regarding the Iraqi agricultural sector, the bank stated that “this sector shrank by 17.5% and 36.8%, respectively, in the wake of severe drought, power outages and the rise in international prices of inputs during 9 months of a year,” explaining that “the oil GDP shrank by 4% ( on an annual basis) as Iraq adjusted its oil production in accordance with the OPEC + agreement, and the general and core inflation rate rose to an average of 6% and 6.6% (on an annual basis) in 2021, respectively, after a 23% currency devaluation in December of 2020. and a gradual recovery in domestic demand.
And he indicated that “the shift in the oil markets led to a significant improvement in the economic outlook for Iraq in the medium term,” expecting that “the total growth in the current year will reach 8.9% with the end of the OPEC + quotas and Iraq’s production exceeding the pre-epidemic level of 4.6 million barrels per day.” .
The World Bank indicated that “growth in the coming years will continue at an average of 3.7% with the moderation of oil production,” expecting that “non-oil GDP growth will converge with the direction of potential long-term growth thanks to increased investments that will be financed through unexpected oil gains link
Source: Dinar Recaps
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