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Wed. AM-PM TNT News Articles 11-23-22

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TNT

CandyKisses:
In numbers… an unprecedented value for Iraq’s foreign reserves

Tuesday, the financial and economic adviser to the Iraqi government, Mazhar Muhammad Salih, revealed the size of Iraq’s foreign reserves.

Salih told (Baghdad Today) that “Iraq’s foreign reserves are the highest today in the country’s financial history, which amounted to nearly 90 billion dollars,” explaining that “their coverage of the exported Iraqi currency also amounted to about 150%, meaning that every dinar is exported to Trading in the economy is now covered by foreign exchange one and a half times.

He added that “what is happening here and there in terms of fluctuations in the exchange rate through the secondary markets are nothing but commercial speculations that occur suddenly and disappear immediately.

Tishwash:
Iraq is fifth in the world in oil reserves, the cheapest to extract and the most profitable

Iraq’s oil reserves accounted for 8.4 percent of the world’s reserves, in addition to the cheapest extraction, according to the British company BP.

The company said, in a report seen by Shafaq News agency, that “Iraq’s oil reserves amounted to 145 billion barrels,” indicating that “these reserves constitute 8.4 percent of the world’s oil reserves.”

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And she indicated that “Venezuela ranked first with the largest oil reserves in the world, with an amount of 303.8 billion barrels, which constitutes 17.5 percent of the world’s reserves, followed by Saudi Arabia with 297.5 billion barrels, and then Canada came third with 168.1 billion barrels

And then Iran came fourth with 157.8 billion barrels, and Iraq came fourth. Fifth, then Russia came sixth with 107.8 billion barrels, Kuwait came seventh with 101.5 billion barrels, then the UAE came eighth with 97.8 billion barrels, then the United States came ninth with 68.8 billion barrels, and Libya came in tenth place with 48.4 billion barrels.

She explained that “Venezuela has the largest amount of oil reserves in the world with more than 300 billion barrels in reserve, but most of its oil is in the sea or underground and is considered dense, so the cost of extracting oil in Venezuela’s reserves using the technology currently available is too high to be profitable, indicating that the oil reserves in Iraq and Saudi Arabia are close to the surface and on the ground, which makes access to oil more accessible and the extraction process more cost-effective and more profitable.  link

Al-Saffar: Approving the budget is an urgent necessity, and the legislative term may be extended to pass it

The rapporteur of the Parliamentary Finance Committee in the former parliament, Ahmed Al-Saffar, said that the visit of the President of the Kurdistan Region, Nechirvan Barzani, to Baghdad “is not related to the budget only, but rather for the purpose of discussing with the political blocs participating in the government regarding the implementation of the terms of the agreement that was signed and the conclusion of the Sudanese government.”

Al-Saffar explained, “These issues are not related to the budget, but rather to the legislation of the oil and gas law, the Peshmerga, the disputed areas, and other matters, for the purpose of ending the outstanding problems that have caused confusion between the region and the federal government for years, and this visit is at a high level to put an end to these problems.”

With regard to the budget, Al-Saffar said, “There is an intention of the government to present the budget, and if it is not during the current month, the legislative term will be extended until it is approved because it has become an urgent necessity in light of the absence of the budget for the current year 2022 with a large financial abundance,” noting that “The government has started implementing its ministerial platform and government program, and there are serious attempts to finalize the draft budget and submit it to the parliament.”

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And in the event that the budget is not submitted, Al-Saffar stated in an interview with the official newspaper, “Al-Sabah”, which was followed by Mawazine News, that “Parliament will enjoy the legislative recess, and it is possible for the Speaker of Parliament to invite members of Parliament to return during the legislative recess for the purpose of approving the budget due to its importance in facilitating the financial and economic matters of the country.”  link

I bet this will make them happy

Official report: Kurdistan’s share in the 2023 budget will rise to 25%

The Iraqi people, along with the political and parliamentary blocs, are awaiting the government’s announcement of the completion of the federal general budget for the next year 2023 in order to implement the bulk of the government program in providing services, appointments and other entitlements, and while observers confirm that all budgets in previous years were governed by political agreements, they saw that the visit The President of the Kurdistan Region to Baghdad does not concern the issue of the budget only, but also other issues pending with the center.

And the rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, believes in an interview with “Al-Sabah” that the visit of the President of the Kurdistan Region, Nechirvan Barzani, to Baghdad “is not related to the budget only, but rather for the purpose of discussing with the political blocs participating in the government regarding the implementation of the terms of the agreement that was signed and the exit government of the Sudanese Prime Minister.

He explained that “these issues are not related to the budget, but to the legislation of the oil and gas law, the Peshmerga, the disputed areas and other matters, for the purpose of ending the outstanding problems that have caused confusion between the region and the federal government for years, and this visit is at a high level to put an end to these problems.”

With regard to the budget, Al-Saffar believes: “There is an intention by the government to present the budget, and if it is not during the current month, the legislative term will be extended until it is approved because it has become an urgent necessity in light of the absence of the current year 2022 budget with a large financial abundance,” noting that “The government has started implementing its ministerial platform and government program, and there are serious attempts to finalize the draft budget and submit it to Parliament

And in the event that the budget is not presented, Al-Saffar indicated: “Parliament will enjoy the legislative recess, and it is possible for the Speaker of Parliament to invite members of Parliament to return during the legislative recess for the purpose of approving the budget due to its importance in facilitating the financial and economic matters of the country.”

For his part, the financial expert, Obaid Mahal, explained in an interview with “Al-Sabah”: “The budget is governed by the constitution, and it is assumed that there will be a lot of discussions that have been decided outside the budget and not through it,” and that “many see that the budget is a place for setting laws Or to conclude agreements, and because of this concept, many problems arise regarding the misunderstanding of the budget. Regarding Nechirvan Barzani’s visit to Baghdad, Mahal believes that “the problem is related to the absence of the rule of law and the predominance of political agreements over it, and if we were dealing with the law and the constitution, everything would be clear and specific and would be implemented based on legislative provisions, and we do not need annually to address these problems outside the law.” since 2004″.

In turn, the analyst on international affairs, Haider Salman, said in an interview with “Al-Sabah”: “The visits of Kurdish officials escalate during the period of distributing sovereign positions, as happened in the position of the President of the Republic, and this always happens in the budget stage.”

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He added, “The fact indicates that Nechirvan Barzani’s visit confirms the imminent launch of the general budget, and therefore this visit is to guarantee the Kurdish share in light of the non-payment of their dues for many years with the change of alliances.”

He pointed out that “this visit will be fleeting and part of it will not be announced, especially with regard to the visit of the heads of the blocs to reach the Kurdish share of 17% in addition to the salaries of the Peshmerga and employees, so that the Kurds’ share in the general budget will be from 20 to 25%, and the budget may be submitted according to A prior political agreement is being confirmed.    link 

Source: Dinar Recaps


Tishwash:
The Central Bank sets paths to reform the economic system

Today, Wednesday, the Central Bank of Iraq identified paths to reform the economic system in the country, while announcing support for clean energy by one trillion dinars.

The Central Bank’s advisor, Ihsan Shamran Al-Yasiri, told the Iraqi News Agency (INA): “It is not possible to create an economic sector and attract investors without a successful and healthy banking sector,” noting that “the government banking sector acquires a large percentage of the government or private public’s money, so reform The banking sector is a starting point for reforming the economic system. 

He added, “The Central Bank launched an initiative in the amount of 1 trillion dinars to finance the purchase of electricity generation units from renewable energy,” noting that “the initiative constitutes a great starting point for changing the destinations and mood of the public to switch to clean energy.” 

He continued, “The government began more than a year ago trying to switch to clean energy,” explaining that “the Central Bank contributed to the initiative through simple, interest-free loans for the family community and the private economic sector.”   link

Source: Dinar Recaps

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