Tues. AM TNT News Articles/Thoughts 5-10-22

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TNT

Tishwash:
Budget: Concern about the delay in passing the law and warnings!‎

The delay in approving the state’s general budget after five months of this year raises the concern of the popular circles, especially with the increasing size of the economic crisis they are experiencing. Iraq, amid warnings of the possibility of compromising state revenues, which would cause greater harm

With the intensification of the economic crisis that is hitting the country, the situation becomes more complicated due to the delay in approving the budget, and at a time when preparations are currently being made for the preparation of the two-thousand-twenty budget, the approval of its counterpart is delayed for the current year, a matter that raises concern and fear among the popular circles. 

The political blockage in the country has led to the delay in approving the general budget, which has led to paralysis in the most prominent economic sectors in general, in addition to the wide negative effects on the lives of citizens

Specialists in economic affairs find that if the country remains without a budget, it will quickly reflect on the revenues, as the delay in its approval will cause the waste of public money and the lack of revenues as a result of the failure to implement a government plan that includes measures to maximize financial resources   link

More than 38 billion dollars in Iraq’s oil revenues in four months

During the first four months of 2022, Iraq’s revenues jumped more than 38 billion dollars, supported by the large and rapid rise in the price of a barrel of oil with the outbreak of the Russian-Ukrainian crisis at the beginning of this year.

According to the schedules of the Oil Marketing Company “SOMO”, which were reviewed by Shafak News Agency; Iraq’s oil revenues during the first four months of this year amounted to 38 billion and 594 million dollars, an increase of 82.8 percent compared to the revenues of the same period of last year 2021, which amounted to 21 billion and 113 million dollars, and an increase of 149.11 percent over the same period of 2020, which It amounted to 15 billion and 493 million dollars.       

And it indicated that the average price of a barrel of oil during the first four months of the current year 2022 amounted to $97,838 a barrel, an increase of 62.91 percent compared to the price of the first four months of last year 2021, which amounted to $60,555 a barrel, an increase of 156.85 percent over the year 2020, when the average price of a barrel reached One is $38.091.  link

The rate of Iraqi oil exports reached 3.2 million barrels per day on average during the first 4 months of 2022, compared to 2.9 million barrels per day on average during the same period last year 2021, compared to 3.4 million barrels per day for the year 2020.

A former candidate for prime minister warns of a law that allows America to confiscate the Iraqi reserves

Muhammad Tawfiq Allawi, a former candidate for prime minister, warned, on Monday, of an American law, which he said would allow the United States, if approved, to confiscate the Iraqi dollar reserves.

Allawi said, “NOPEC is the most dangerous American law facing oil-exporting countries that ends the financial abundance of producing countries due to the rise in oil prices, following this law, which may become effective within a few weeks.”

He added that “America will be the one who sets oil prices, as the law gives it the right to take legal measures against the oil-exporting countries, if they raise oil prices based on their monopolistic agreements within the framework of OPEC.”

Allawi continued: “Since most of the reserves of the world’s countries, including Iraq, are in US dollars, meaning that they are in the US Federal Bank, the US judiciary, according to this law, gives the US government the right to confiscate the money of any country if it moves in a monopolistic manner within the (OPEC) or (OPEC +) system to raise Oil prices are as they are now.

And he added, “But the good news is that the major American oil companies are against this law because it contradicts their interests, and the adoption of the law requires the approval of the President of the Republic, Biden, and perhaps he will not agree. It doesn’t reveal until after a few weeks.” link

A deputy from Asaib expects the parliament to be dissolved and the elections to be rerun next year

Representative of the Al-Sadiqoon Parliamentary Movement, Suhaila Al-Sultani, said that delaying and disrupting the House of Representatives will lead to the rerun of early legislative elections and the dissolution of Parliament, stressing the need to resume sessions immediately.

Al-Sultani stated that “so far, the Presidency of the House of Representatives has not set a new parliamentary session, despite collecting signatures and parliamentary pressure,” noting that “the Presidency of Parliament and its two deputies burned five months of the life of the Legislative Parliament.”

She added that “the effects of the political process cast a shadow over the work of the Legislative Parliament and contributed to disrupting it significantly, and we call for the immediate resumption of its sessions.”

And she indicated that “delaying the disruption of the parliament will lead to the rerun of the early legislative elections and the dissolution of Parliament, which may end 2022 without a new government and a general budget  link

Source: Dinar Recaps


AL:
Can you imagine waking up someday soon and NOT thinking , I wonder if the RV has happened? I will have to rewire my brain to think new thoughts

RoraH:
Al…Right?!?! I’m going to have to get a new hobby with all of the extra time I will have post-RV when I no longer have to think about when the RV will happen! So excited for that day!

KaseyKo1:
Thanks for bringing us the great article, Tish! Looks like the Food Security Law should have the 3rd reading & vote done today!!

AL:
I also saw where Sadr is meeting with the financial people tomorrow. If food security is passed and Sadr Talks to the financial people as planned tomorrow, could showtime be Thursday?

Tishwash:
Parliament Finance: Today we will pass a law on emergency support for food security

A member of the Finance Committee, Mishaan al-Jubouri, announced that his committee will hold a meeting today, Tuesday, while noting that it will approve the law on emergency support for food security.  link

Source: Dinar Recaps

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