For a budget without a deficit. Iraq needs to sell oil at $75.8 a barrel
The International Monetary Fund saw that Iraq needs to sell a barrel of oil at a price of $ 75.8 to achieve parity in the budget and stay away from the deficit.
A table of the Fund seen by Shafaq News Agency showed that the balance in Iraq’s budget for 2023 will be achieved if the price of oil it sells is $ 75.8 per barrel, after it was $ 66.5 for the year 2022, $ 53.3 for the year 2021, and $ 56.6 for the year 2020.
“The equilibrium of the price needed by Iraq is expected to increase in 2024 to reach $76.4 per barrel.
He pointed out that “the most countries that need a higher price in selling oil in order to equalize their budget are Bahrain at $ 126.2 per barrel for 2023, while the least countries are Qatar, which only needs $ 44.8 per barrel to equalize its budget during 2023.
Political expectations of a series session during the passage of the budget
On Monday, the representative of the Law Coalition, Muhammad Al-Saihoud, confirmed the existence of a prior political agreement to pass the budget law during the next few days, indicating that the budget is in the process of agreeing on the last points.
Al-Zion said in a statement to Al-Maalouma that “the State Administration Coalition, which brings together most of the political forces, has finally agreed to pass the budget law during the current week without putting any obstacles in place.”
He added, “The draft budget has been subject to extensive discussion by the relevant committees, and the volume of spending will be reduced, as well as the deficit to acceptable limits, in order to start approving it.”
He pointed out that “what matters to parliament at the present time is redressing the popular segments affected by previous governments and launching service and educational projects as quickly as possible.”
The Deputy Speaker of the House of Representatives, Shakhwan Abdullah, had confirmed the parliament’s intention to vote on the federal budget law this week. link
Signing Iraqi-Emirati memorandums of understanding on investment opportunities
It was announced in the capital, Baghdad, the signing of memorandums of understanding on Emirati investment opportunities in Iraq, as part of the activities of the Iraqi-Emirati Business Forum, which launched today, Monday, under the auspices of Prime Minister Muhammad Shayaa Al-Sudani.
The memorandums included the signing of a memorandum of understanding between the Federation of Iraqi Chambers of Commerce “represented by Abdul Razzaq Al-Zuhairi” and the Federation of UAE Chambers of Commerce “represented by Abdullah Muhammad Al Mazrouei”, and the signing of a memorandum of understanding between the Baghdad Chamber of Commerce “represented by Firas Al-Hamdani” and the Abu Dhabi Chamber of Commerce “represented by Abdullah Muhammad Al-Mazrouei,” and the signing of a memorandum of understanding between the Iraqi Businesswomen’s Council, “its representative, Sabah Al-Tamimi,” and the UAE Businesswomen’s Council, “its representative, Fatima Al-Awadi.”/ End link
Robotic factory opens to produce high-performance adhesives in Basra
Basra / Nina / Basra Investment Commission inaugurated today “the first factory powered by robots to produce high-performance adhesives and liquids in the construction industry at a cost of $ 12 million in the Zubair district, south of Basra.
The head of the Investment Commission, Alaa Abdul Hussein Salman, told the Iraqi National News Agency (Nina) that the production capacity of the plant is more than 400 thousand tons per year of adhesives and liquids, and these materials comply with international standards in this field. Indicating that it is available in 16 different types as a first stage to reach 30 types during the next eight months, allowing to meet the requirements of different industries.
For his part, the director of the laboratory, Ammar Al-Jubouri, said that the laboratory relies on robotics techniques in production processes, which helps to increase productivity, improve the quality of products and reduce human errors. He pointed out that the factory machines were imported from Germany, due to their progress in the field of engineering and production.
He added, “The factory is a great achievement in the manufacture of high-performance adhesives and liquids in Iraq and is considered a qualitative leap in this field for its contribution to meeting the needs of the local market and producing high quality products that are accepted.
Source: Dinar Recaps
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