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Sat. AM TNT News Articles 11-12-22

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TNT

CandyKisses:
The governor of the Central Bank denies talking about fixing the exchange rate for years

Central Bank Governor Mustafa Ghaleb Mikheib denied the talk about fixing the exchange rate for years

An informed source said in an interview with Alsumaria news,that “the governor of the central bank denies his talk about the current dollar price, which will be established for other years to come.”

He was the prime minister Muhammed Shiaa Al-Sudani He confirmed, a few days ago, that the decision to raise the dollar exchange rate was not accompanied by measures to protect the vulnerable classes.

Tishwash:
The budget for the year 2023, the price of a certified barrel of oil, and the size of the surplus

The economic steps that the new government must take are many and important, and the most important of these steps is to approve the federal budget as soon as possible.

If we assume that the budget for the next year will be 130 trillion Iraqi dinars, if a new dollar rate is adopted, which is 1350 dinars per dollar, the budget will be 96 billion dollars, and if the current exchange rate is maintained, which is 1480, the size of the budget in dollars will be 87.8 billion dollars. It is worth noting that the current export volume of oil is about 3.6 million barrels of oil per day,  and therefore the price of a barrel of oil that achieves equality between revenues and public spending will be 66 dollars per barrel on the basis that public spending for the next year is 130 trillion dinars and the old exchange rate.

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But if we impose the new exchange rate, which is likely to reduce the value of the dollar to 1350 dinars (and this is unlikely according to the statements of some officials), the volume of public spending will be 96 billion dinars, and the price of a barrel of oil that achieves this is 73 dollars per barrel.

Note

The total spending for 2020 is 101 trillion, not 130 trillion, and if we adopt that, the amounts will be less. We will not repeat the previous calculations. The sufficient barrel price will be 52 dollars for the exchange rate of 1480 dinars per one dollar, and the price will be useful if it rises above 56 dollars in the event that an exchange rate of 1350 dinars is adopted.

Surplus

All experts in oil expect prices to be above $90 for Brent reference crude, and therefore the surplus will be around $22 billion if the exchange rate is adopted 1350 and spending 130 trillion, and the surplus will be around 30 billion if the current exchange rate remains and the volume of spending is 130 trillion, i.e. Same spending as last year.

It is possible to use it to bring about a major change in solving many problems such as electricity and activating neglected sectors in previous years such as industry, agriculture and tourism, and thus we have increased non-oil revenues and we must work seriously to reduce public spending and the most important points is to reduce job slack and stay away from employment and its replacement Creating job opportunities, not hiring.

As for increasing the appointment and approving the law of compulsory conscription, this means wasting the financial surplus and making it within the current budget, not investment, and adopting a wrong economic policy.

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Finance stated that the price of a barrel of oil may remain unspecified in the federal general budget, and this is a major financial violation. Otherwise, how is the first article calculated in the federal general budget, which is revenues, because it is 95% approved on oil revenues, in previous budgets and in the event of fear of price fluctuations, a price is set A barrel of oil expecting the worst conditions. In the 2021 budget, the price of a barrel of oil was approved at 46 dollars, while it was around 70 dollars, and after that it rose more.

As a result, I recommend to officials on the federal budget that the price of a barrel ranges from 66-72 dollars per barrel of oil to be adopted.  link

The Minister of Foreign Affairs to the ambassadors of Iraq: Economic diplomacy is our effective way

Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein affirmed, during a meeting with a number of the ministry’s ambassadors and employees; Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein said that economic diplomacy “will be our effective way.”

A statement of the Ministry of Foreign Affairs, of which {Al-Furat News} received a copy, stated that Hussein “met a number of ambassadors and employees of the Ministry of Foreign Affairs, during a welcoming ceremony held by the ministry on the occasion of renewing the minister’s ascension to the helm of diplomacy.”

During the meeting, the minister presented “the most important works to be approved during the next stage, foremost of which is strengthening the work of economic diplomacy and raising the level of efficiency of the administrative apparatus in the center of the ministry and Iraqi missions, in addition to completing the steps of training and raising the capabilities of the staffing in the ministry, through the Foreign Service Institute.”

In his speech, the minister indicated that “the next stage should be a real lever and an advanced platform for the Iraqi state to achieve the highest levels of the supreme national interest, in the service of our honorable people, and in line with the government program that the Iraqi parliament voted on.” ink

Sunak affirms his country’s support for the Sudanese government in implementing economic reform

On Saturday, the Iraqi Prime Minister, Muhammad Shia Al-Sudani, received a congratulatory message from the British Prime Minister, in which he stressed the importance of continuing the partnership between Iraq and the United Kingdom.

Al-Sudani’s office said in a statement received by Shafaq News Agency, that the latter received a message from British Prime Minister Rishi Sunak, which included congratulations on the occasion of assuming his duties and forming the government, indicating that the message carried Mr. Sunak’s emphasis on the importance of continuing the partnership between Iraq and the United Kingdom, and working together for interests of the two friendly countries. 

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In his message, the British Prime Minister referred, according to the statement, to the common and firm goals that unite the two countries, the most important of which is the fight against terrorism and the prevention of the return of ISIS terrorist gangs in Iraq and the region, and security and military cooperation with the Iraqi forces.

Sunak’s letter to the Prime Minister also confirmed Britain’s commitment to working with Iraq in the economic aspects, developing the private sector, and supporting stability within the Iraq Economic Liaison Group, along with the Group of Seven, the International Monetary Fund and the World Bank, and supporting the Iraqi government in implementing economic reform.

He also affirmed Britain’s support for Iraq’s efforts in developing investment and switching to environmentally friendly energy, combating the effects of climate change, and continuing regional partnerships for long-term stability in the Middle East.   link

Source: Dinar Recaps

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