POSTED ON[You must be registered and logged in to see this link.] BY [You must be registered and logged in to see this link.]
[size=52]The jump in oil revenues saves Iraq's economy from collapse..and conflicts reduce gains[/size]
[size=45]The jump in oil prices came to save Iraq from stifling economic and financial crises, and to get it out of the predicament of borrowing, depleting cash reserves and exacerbating the budget deficit.[/size]
[size=45]And revenues from Iraqi oil exports, during the month of June, amounted to about 11.505 billion dollars, according to official figures issued by the Ministry of Oil in Baghdad. The ministry said in a statement that the total amount of crude oil exports for the same month amounted to more than 101 million barrels.[/size]
[size=45]The researcher in Iraqi economic affairs, Hamza Al-Hardan, said that the opportunity for high oil prices comes to Iraq again after the world witnessed a rise in oil prices nearly ten years ago, and the country did not benefit from it in real terms, relying on its rentier economy (oil money) to fill its operating and investment expenses. .[/size]
[size=45]Al-Hardan said that the Iraqi government should take advantage of the opportunity to rise in oil prices correctly this time, because it is expected that oil revenues for this year will reach more than 120 billion dollars.[/size]
[size=45]He added that this increase in oil prices can continue, which may be reflected positively so that there will be a turning point in the Iraqi economy, through the correct and sound investment operations, and the establishment of projects to support the Iraqi budget and the lack of complete dependence on the oil sector.[/size]
[size=45]He explained that the Iraqi government should invest opportunities to develop the economic sectors and industrial and agricultural facilities, and to develop projects that could be an essential source of transforming the national economy from rentier to diversified.[/size]
[size=45]He pointed out that this increase is a temporary opportunity due to international factors and variables, and the possibility of an end to the Russian-Ukrainian crisis, which will be followed by international agreements to reduce global oil prices.[/size]
[size=45]Standard cash reserve[/size]
[size=45]Iraqi Prime Minister Mustafa Al-Kazemi revealed that during the two years of the government's life, the Central Bank's reserves were less than 50 billion dollars, and now it has reached 76 billion dollars, and it will reach 90 billion dollars by the end of this year.[/size]
[size=45]Al-Kazemi indicated during a press conference, that the salaries of employees, retirees, benefits and others amount to 5 billion dollars per month, and there are two billion dollars in operating expenses, bringing the total amount of monthly expenses to 7 billion dollars, at 84 billion dollars annually.[/size]
[size=45]Al-Kazemi made it clear that the Iraqi government has no intention of moving towards changing the dinar exchange rate.[/size]
[size=45]For his part, the economist, Manar Al-Obaidi, stated that the Central Bank owns multiple types of reserves, amounting to more than 160 trillion dinars, including an investment reserve of 60 trillion dinars invested in foreign banks in return for returns and interests.[/size]
[size=45]Al-Obaidi added that there are reserves of gold estimated at 140 tons, worth approximately two trillion dinars, in addition to the presence of internal debts with the Ministry of Finance of the Central Bank of up to 40 trillion dinars, and the high oil prices in the global market contributed to a jump in Iraq's cash reserves.[/size]
[size=45]Possibility to face challenges[/size]
[size=45]A member of the Finance Committee in the Iraqi parliament, Jamal Cougar, explained that it is too early to say that Iraq is capable of facing global economic challenges, because Iraq is a rentier country that depends on oil revenues, and any fluctuations that occur in countries of the world contribute to causing great paralysis in the local economy, which It is considered a fragile economy. And Cougar indicated that the Iraqi state today does not have integrated economic studies, and the effects of global inflation will have great repercussions on the Iraqi economy, because the country depends mainly on importing goods and services from abroad and there is no local production, which means that the Iraqi market is negatively affected by every case of inflation witnessed by the countries of the region. and the world.[/size]
[size=45]He added that the rise taking place today enabled the Iraqi economy to regain its monetary activity, raise reserve rates, and pay large sums of debts owed internally and externally. He pointed out that the government should benefit from the rise in oil prices, and allocate the surplus to support the investment side, because the state is still spending 75 percent of its budget for the operational side, expenses and salaries, and all of these expenses have no financial return.[/size]
[size=45]He called on the government to work on approving an investment budget, not an operational one, to create new sources of funding, and to transform the Iraqi state from a rentier state to a multi-resource state. In light of the intersections within Parliament, the budget has not yet been approved, which specifies the items of state expenditures within a year, especially those allocated to salaries, support and the payment of debt burdens, as well as specifying the target of state revenues.[/size]
[size=45]Despite the government’s success in obtaining about $ 18 billion within the emergency security law recently approved by Parliament to secure energy imports, finance important service projects, and finance the Social Welfare Fund, officials confirm the country’s continued need for the budget that was drafted earlier at nearly 90 billion. dollar.[/size]
[size=45][You must be registered and logged in to see this link.]
[size=52]The jump in oil revenues saves Iraq's economy from collapse..and conflicts reduce gains[/size]
[size=45]The jump in oil prices came to save Iraq from stifling economic and financial crises, and to get it out of the predicament of borrowing, depleting cash reserves and exacerbating the budget deficit.[/size]
[size=45]And revenues from Iraqi oil exports, during the month of June, amounted to about 11.505 billion dollars, according to official figures issued by the Ministry of Oil in Baghdad. The ministry said in a statement that the total amount of crude oil exports for the same month amounted to more than 101 million barrels.[/size]
[size=45]The researcher in Iraqi economic affairs, Hamza Al-Hardan, said that the opportunity for high oil prices comes to Iraq again after the world witnessed a rise in oil prices nearly ten years ago, and the country did not benefit from it in real terms, relying on its rentier economy (oil money) to fill its operating and investment expenses. .[/size]
[size=45]Al-Hardan said that the Iraqi government should take advantage of the opportunity to rise in oil prices correctly this time, because it is expected that oil revenues for this year will reach more than 120 billion dollars.[/size]
[size=45]He added that this increase in oil prices can continue, which may be reflected positively so that there will be a turning point in the Iraqi economy, through the correct and sound investment operations, and the establishment of projects to support the Iraqi budget and the lack of complete dependence on the oil sector.[/size]
[size=45]He explained that the Iraqi government should invest opportunities to develop the economic sectors and industrial and agricultural facilities, and to develop projects that could be an essential source of transforming the national economy from rentier to diversified.[/size]
[size=45]He pointed out that this increase is a temporary opportunity due to international factors and variables, and the possibility of an end to the Russian-Ukrainian crisis, which will be followed by international agreements to reduce global oil prices.[/size]
[size=45]Standard cash reserve[/size]
[size=45]Iraqi Prime Minister Mustafa Al-Kazemi revealed that during the two years of the government's life, the Central Bank's reserves were less than 50 billion dollars, and now it has reached 76 billion dollars, and it will reach 90 billion dollars by the end of this year.[/size]
[size=45]Al-Kazemi indicated during a press conference, that the salaries of employees, retirees, benefits and others amount to 5 billion dollars per month, and there are two billion dollars in operating expenses, bringing the total amount of monthly expenses to 7 billion dollars, at 84 billion dollars annually.[/size]
[size=45]Al-Kazemi made it clear that the Iraqi government has no intention of moving towards changing the dinar exchange rate.[/size]
[size=45]For his part, the economist, Manar Al-Obaidi, stated that the Central Bank owns multiple types of reserves, amounting to more than 160 trillion dinars, including an investment reserve of 60 trillion dinars invested in foreign banks in return for returns and interests.[/size]
[size=45]Al-Obaidi added that there are reserves of gold estimated at 140 tons, worth approximately two trillion dinars, in addition to the presence of internal debts with the Ministry of Finance of the Central Bank of up to 40 trillion dinars, and the high oil prices in the global market contributed to a jump in Iraq's cash reserves.[/size]
[size=45]Possibility to face challenges[/size]
[size=45]A member of the Finance Committee in the Iraqi parliament, Jamal Cougar, explained that it is too early to say that Iraq is capable of facing global economic challenges, because Iraq is a rentier country that depends on oil revenues, and any fluctuations that occur in countries of the world contribute to causing great paralysis in the local economy, which It is considered a fragile economy. And Cougar indicated that the Iraqi state today does not have integrated economic studies, and the effects of global inflation will have great repercussions on the Iraqi economy, because the country depends mainly on importing goods and services from abroad and there is no local production, which means that the Iraqi market is negatively affected by every case of inflation witnessed by the countries of the region. and the world.[/size]
[size=45]He added that the rise taking place today enabled the Iraqi economy to regain its monetary activity, raise reserve rates, and pay large sums of debts owed internally and externally. He pointed out that the government should benefit from the rise in oil prices, and allocate the surplus to support the investment side, because the state is still spending 75 percent of its budget for the operational side, expenses and salaries, and all of these expenses have no financial return.[/size]
[size=45]He called on the government to work on approving an investment budget, not an operational one, to create new sources of funding, and to transform the Iraqi state from a rentier state to a multi-resource state. In light of the intersections within Parliament, the budget has not yet been approved, which specifies the items of state expenditures within a year, especially those allocated to salaries, support and the payment of debt burdens, as well as specifying the target of state revenues.[/size]
[size=45]Despite the government’s success in obtaining about $ 18 billion within the emergency security law recently approved by Parliament to secure energy imports, finance important service projects, and finance the Social Welfare Fund, officials confirm the country’s continued need for the budget that was drafted earlier at nearly 90 billion. dollar.[/size]
[size=45][You must be registered and logged in to see this link.]
Yesterday at 7:23 am by Rocky
» Central Bank: Importance of cooperation and money transfer to facilitate trade with Azerbaijan
Yesterday at 7:19 am by Rocky
» Iraqi Businesswomen Council: A safe environment to support women’s entrepreneurship and develop skil
Yesterday at 7:15 am by Rocky
» Economist: The value of the dinar will decrease and the financial deficit will increase
Yesterday at 7:12 am by Rocky
» American website: Iraq's budget suffers from a deficit of $49.3 billion
Yesterday at 7:11 am by Rocky
» Good news for journalists and writers.. The "financial grant" will be launched on this date
Yesterday at 7:09 am by Rocky
» Iraq is the third Arab country in gold reserves
Yesterday at 7:06 am by Rocky
» Wanted by Iraqi judiciary.. An "Iraqi-American" diplomatic crisis with Trump's victory in the US pre
Yesterday at 7:04 am by Rocky
» Central Bank of Iraq sells more than $280 million in auction today
Yesterday at 6:59 am by Rocky
» Trump's victory... will it be a lifeline from the "judicial guillotine"?
Yesterday at 6:57 am by Rocky
» After winning the presidential race, Trump talks about a “strong mandate”
Yesterday at 6:57 am by Rocky
» Al-Sudani chairs meeting with IATA delegation
Yesterday at 6:54 am by Rocky
» Central Bank Governor stresses need for cooperation to facilitate trade with Azerbaijan
Yesterday at 6:53 am by Rocky
» utube 11/6/24 Donald Trump's full victory speech
Yesterday at 6:50 am by Rocky
» Deep State Confronted by Trump.. Will Elon Musk Lead America, the World and “Mars”?
Yesterday at 6:43 am by Rocky
» Alsumaria Noon Bulletin Files: Trump's Victory and Objections to the General Amnesty Law
Yesterday at 6:40 am by Rocky
» Parliamentary bloc explains reasons for demanding extension of legislative term
Yesterday at 5:11 am by Rocky
» Al-Sudani discusses with an international delegation lifting the ban on Iraqi Airways
Yesterday at 5:09 am by Rocky
» Axios: Washington warned Baghdad that Israel may attack Iraq if it does not prevent the Iranian atta
Yesterday at 5:08 am by Rocky
» Trump declares victory in US elections: I will not start wars, but I will end them
Yesterday at 5:06 am by Rocky
» Parliamentary Foreign Affairs: Trump is wanted by the Iraqi judiciary, but the country's interest co
Yesterday at 5:03 am by Rocky
» "Al-Eqtisad News" publishes the full decisions of the Cabinet session
Yesterday at 5:01 am by Rocky
» Bitcoin Hits All-Time High in Early Trading
Yesterday at 4:58 am by Rocky
» Iraq tops the list of countries importing Arab products related to construction activity
Yesterday at 4:56 am by Rocky
» 2025 Strong national economy and sound banks
Yesterday at 4:53 am by Rocky
» Government stresses the need to secure petroleum derivatives for energy production
Yesterday at 4:52 am by Rocky
» Anbar: The second phase of the electricity connection with Jordan has reached its end
Yesterday at 4:51 am by Rocky
» Iraq's gold holdings rise to more than 152.5 tons
Yesterday at 4:50 am by Rocky
» Al-Alaq stresses to Azerbaijani ambassador the importance of cooperation in transferring money to fa
Yesterday at 4:49 am by Rocky
» 7 decisions on the general population census
Yesterday at 4:47 am by Rocky
» The world awaits the new US president
Yesterday at 4:45 am by Rocky
» Sudanese demands stopping the Zionist aggression
Yesterday at 4:44 am by Rocky
» Wasit: Distribution of seeds among farmers with a support rate of 70 percent
Yesterday at 4:43 am by Rocky
» Trade: Central markets {hypermarkets} to officially open in 2025
Yesterday at 4:42 am by Rocky
» Civil Service Council: Controls for appointing land donors
Yesterday at 4:41 am by Rocky
» Baghdad Municipality: Measures to avoid damage from oil spills in the Tigris
Yesterday at 4:39 am by Rocky
» The Board of Trustees discusses a number of topics related to developing the work of the media netwo
Yesterday at 4:38 am by Rocky
» Sovereign guarantees boost labor market
Yesterday at 4:36 am by Rocky
» Mazhar Saleh: No impact of oil price drop on operating budget
Yesterday at 4:35 am by Rocky
» Iraq's share in the IMF
Yesterday at 4:35 am by Rocky
» Trump's "Historic" Victory: World Leaders Congratulate Him
Yesterday at 4:33 am by Rocky
» Amid US Elections, China Hopes for Peaceful Coexistence with US
Yesterday at 4:31 am by Rocky
» Judge Zeidan discusses with the Special Representative of the Secretary-General of the United Nation
Yesterday at 4:30 am by Rocky
» The President of the Republic congratulates Trump on winning the presidential elections in the Unite
Yesterday at 4:29 am by Rocky
» Following Trump's victory, EU leaders call for emergency meeting
Yesterday at 4:28 am by Rocky
» Nineveh Education: We completed 52 schools under the Chinese loan
Yesterday at 4:26 am by Rocky
» With Arab and foreign participation...the launch of the sessions of the Ninth International Scientif
Yesterday at 4:25 am by Rocky
» Al-Sudani chairs a meeting to follow up on fuel procedures for energy production
Yesterday at 4:24 am by Rocky
» Bitcoin Touches $75K for First Time as Investors Bet on Trump Win
Yesterday at 4:23 am by Rocky
» Trump's Trading Gains Momentum... Markets and Stocks Rise Strongly
Yesterday at 4:22 am by Rocky
» Parliament responds to the framework’s call and sets the extension period for its legislative term
Yesterday at 4:20 am by Rocky
» After the decision to compensate the region for the costs of oil production and transportation.. an
Yesterday at 4:19 am by Rocky
» For the first time in 4 years, Republicans win the majority in the Senate
Yesterday at 4:18 am by Rocky
» Challenges of Trump's Arrival to the White House and Its Impact on Iraq
Yesterday at 4:16 am by Rocky
» Zidane discusses with Al-Hassan the judicial procedures for achieving security and social stability
Yesterday at 4:14 am by Rocky
» US Stocks, Bitcoin Gain as Trump Surges in Election Race
Yesterday at 4:13 am by Rocky
» Dollar price drops against dinar in Iraq
Yesterday at 4:11 am by Rocky
» Workers in Iraq: Continued "marginalization" and calls to "ratify" the retirement and social securit
Yesterday at 4:10 am by Rocky
» “Pharmaceutical Cities”: A Step Towards Self-Sufficiency or a New Challenge for Local Industry?
Yesterday at 4:09 am by Rocky
» In a phone call with the US Secretary of State... Al-Sudani warns of the dangers of the continuation
Yesterday at 4:07 am by Rocky
» It has not happened in 132 years.. Trump is on the verge of a historic achievement
Yesterday at 4:06 am by Rocky
» Iraqi Drilling: Drilling and rehabilitating 15 oil wells in October to boost production
Yesterday at 4:04 am by Rocky
» Iraq Facing Challenges: Hopes of Establishing a Waste Recycling Plant in the East... Will It Succeed
Yesterday at 4:03 am by Rocky
» Interior: Unprecedented decline in crime rates across Iraq
Yesterday at 4:02 am by Rocky
» ILO: Enacting the Social Security Law in Iraq is a Historic Step Towards Protecting Workers
Yesterday at 3:59 am by Rocky
» Iraqi Tourism Companies Association participates in World Travel Market
Yesterday at 3:58 am by Rocky
» Al-Sudani stresses to Blinken the need to double efforts to stop the war
Yesterday at 3:57 am by Rocky
» The Iraqi Council of Ministers approves a set of service, economic and urban decisions
Yesterday at 3:56 am by Rocky
» Trump's Win Prospects Lift Stocks, Markets Strongly... Dollar at 5-Year High
Yesterday at 3:53 am by Rocky
» A look at the latest results.. Republicans swallow the House of Representatives, the Senate and the
Yesterday at 3:51 am by Rocky
» A look at the latest results.. Republicans swallow the House of Representatives, the Senate and the
Yesterday at 3:50 am by Rocky
» Fox News: Trump is the 47th president of America with 277 votes
Yesterday at 3:48 am by Rocky
» Morning list of dollar exchange rates in Iraqi stock exchanges
Yesterday at 3:47 am by Rocky
» Al-Araji and Al-Sabah at one table in Kuwait.. Discussing several files and issues
Yesterday at 3:46 am by Rocky
» Highlights of Trump's speech after winning the US presidential election
Yesterday at 3:44 am by Rocky
» Iraq and Saudi Arabia's trade achieves tangible convergence and investment cooperation
Tue 05 Nov 2024, 7:08 am by Rocky
» Ports Authority notes the fate of the five berths in the Grand Faw Port
Tue 05 Nov 2024, 7:03 am by Rocky
» MP: Why is the regional government fighting the civil banks war and leaving the core of the issue?
Tue 05 Nov 2024, 6:57 am by Rocky
» Political researcher: The amendment will include sovereign ministries
Tue 05 Nov 2024, 6:54 am by Rocky
» Retirement: End of service bonus paid to more than 7,000 retirees
Tue 05 Nov 2024, 6:50 am by Rocky
» Al-Mashhadani stresses the importance of the role of the Audit Bureau in combating administrative an
Tue 05 Nov 2024, 6:48 am by Rocky
» Al-Mashhadani and Al-Hakim discuss parliament’s approval of important laws
Tue 05 Nov 2024, 6:47 am by Rocky
» Parliamentary consensus to pass controversial laws soon
Tue 05 Nov 2024, 6:45 am by Rocky
» Currency Auction.. Increase in the Central Bank of Iraq’s sales of foreign remittances
Tue 05 Nov 2024, 6:43 am by Rocky
» Interior Ministry dismantles 600 drug networks, electronic passport to be introduced soon - Press co
Tue 05 Nov 2024, 6:41 am by Rocky
» utube 11/2/24 MM&C Report-Iraq 3 Presidents-National-Constitutional Entitlements-Open Market Operati
Tue 05 Nov 2024, 5:22 am by Rocky
» Foreign Minister warns of major and dangerous economic repercussions
Tue 05 Nov 2024, 5:12 am by Rocky
» Roadmap for Reform
Tue 05 Nov 2024, 5:10 am by Rocky
» Government reshuffle looms over Al-Sudani’s cabinet.. The compass of change is heading towards 4 min
Tue 05 Nov 2024, 5:08 am by Rocky
» Parliamentary move to legalize foreign labor in Basra
Tue 05 Nov 2024, 5:07 am by Rocky
» Parliament intends to amend the retirement law and return the service age to 63 years
Tue 05 Nov 2024, 5:06 am by Rocky
» Parliamentary move to question a senior official and complete procedures against the Minister of Com
Tue 05 Nov 2024, 5:04 am by Rocky
» Legal expert explains the mechanism for forming the Kurdistan Regional Government
Tue 05 Nov 2024, 5:03 am by Rocky
» Silk Road imposes a state of maximum alert suddenly
Tue 05 Nov 2024, 5:01 am by Rocky
» Sheikh Raouf: There is an urgent need to find a constructive, corrective opposition in Kurdistan
Tue 05 Nov 2024, 5:00 am by Rocky
» Green light from Baghdad to build the first waste recycling plant in eastern Iraq
Tue 05 Nov 2024, 4:59 am by Rocky
» MP: Al-Mashhadani discussed 3 important files with parliamentary blocs
Tue 05 Nov 2024, 4:58 am by Rocky
» MP: Al-Mashhadani's election will not affect the completion of legislation
Tue 05 Nov 2024, 4:56 am by Rocky
» Parliamentary Oil: Investment in associated gas in fields exceeds 60%
Tue 05 Nov 2024, 4:54 am by Rocky