Home
Bad news for employees in Iraq.. A salary crisis is looming
[You must be registered and logged in to see this image.]
2024-09-07 03:03
Share
font
[You must be registered and logged in to see this image.]
2024-09-07 03:03
Share
font
Shafaq News/ Iraqi economic expert, Nabil Al-Marsoumi, confirmed on Saturday that the drop in the price of a barrel of Iraqi oil to $70 will lead to major negative effects on the national economy.
Al-Marsoumi said, in an interview with Shafaq News Agency, that the decline in prices, with the decline in oil exports to 3.3 million barrels per day, will lead to a decrease in monthly oil revenues to 9 trillion dinars.
He pointed out that one trillion dinars of these revenues will be allocated to cover the expenses of oil licensing companies, leaving only 8 trillion dinars to finance salaries in all their forms, which cost 7.5 trillion dinars per month.
He added that half a trillion dinars will be allocated to finance the ration card items, while the rest of the operational and investment expenses will be financed from scarce non-oil revenues, in addition to internal and external borrowing.
Al-Marsoumi expected that taxes and fees would increase, debts would increase, and the foreign reserves of the Central Bank of Iraq would be exposed to great pressure, in light of the absence of a sovereign fund in Iraq.
He explained that the Ministry of Finance may face difficulties in financing salaries during the next two months, which may lead to delaying or reducing salaries if the price of a barrel remains in the $70 range for six months.
Last week, Basra Heavy and Medium crude recorded significant weekly losses, with their prices falling by 7.90% and 7.60% respectively.
Basra Heavy crude closed at $68.76, up 40 cents, while Basra Medium crude closed at $71.76, up similarly.
Global oil prices saw sharp weekly losses, with West Texas Intermediate crude falling by 7.9% and Brent crude falling by more than 7.6%, amid anticipation of OPEC+'s position.
[You must be registered and logged in to see this link.]
Al-Marsoumi said, in an interview with Shafaq News Agency, that the decline in prices, with the decline in oil exports to 3.3 million barrels per day, will lead to a decrease in monthly oil revenues to 9 trillion dinars.
He pointed out that one trillion dinars of these revenues will be allocated to cover the expenses of oil licensing companies, leaving only 8 trillion dinars to finance salaries in all their forms, which cost 7.5 trillion dinars per month.
He added that half a trillion dinars will be allocated to finance the ration card items, while the rest of the operational and investment expenses will be financed from scarce non-oil revenues, in addition to internal and external borrowing.
Al-Marsoumi expected that taxes and fees would increase, debts would increase, and the foreign reserves of the Central Bank of Iraq would be exposed to great pressure, in light of the absence of a sovereign fund in Iraq.
He explained that the Ministry of Finance may face difficulties in financing salaries during the next two months, which may lead to delaying or reducing salaries if the price of a barrel remains in the $70 range for six months.
Last week, Basra Heavy and Medium crude recorded significant weekly losses, with their prices falling by 7.90% and 7.60% respectively.
Basra Heavy crude closed at $68.76, up 40 cents, while Basra Medium crude closed at $71.76, up similarly.
Global oil prices saw sharp weekly losses, with West Texas Intermediate crude falling by 7.9% and Brent crude falling by more than 7.6%, amid anticipation of OPEC+'s position.
[You must be registered and logged in to see this link.]
» utube 9/16/24 MM&C Iraq Dinar Update - #xrpripple #iraqidinar - Electronic International Payments
» Details of the American role in preventing Iraq from obtaining a Russian air defense system
» MP gives details on the repercussions of the theft of the century and the leaked recording of Hanoun
» MP warns of US ambassador's moves
» Government stresses the need to develop the air transport sector in Iraq
» Al-Sudani stresses the importance of continuing the work of the Iraq Development Fund according to t
» The Central Bank announces a 15.7% decline in Iraqi exports in the first quarter of this year
» Parliamentary condition for passing the amnesty law.. Who are those covered by the fight against ter
» Al-Sudani confirms the government's intention to purchase services from investors
» In preparation for Al-Sudani's visit... Formation of a high committee in Diyala - Urgent
» The first customs point after the "yellow" between the region and the federation in Diyala
» Misfortunes never come singly.. 15% tax on Facebook in Iraq
» After being almost free... the increase in government transaction fees angers citizens
» Private Banks Association: The number of electronic payment points in Iraq increased from 7 thousand
» Customs: AI to enhance risk management in imports
» Ministry of Foreign Affairs through development: It will be a safe corridor for the transport of goo
» Government plans to impose 15% tax on social media sites
» Low prices.. Parliamentary demands to open the land distribution file to officials
» Parliamentary Finance: Securing Employee Salaries for the Years 2024-2025
» 85% of foreign workers in Iraq have “no useful skills”.. This is what they earn annually
» Foreign labor!
» 100 new investment opportunities
» Expatriate workers transfer $2 billion abroad annually
» Al Sabah Finance Committee: The government has developed a plan to increase financial resources to s
» Water Supply Project in Nineveh Plain
» November.. Iraq offers 100 investment opportunities
» Tips to avoid electronic theft
» Trends towards establishing digital banks
» Al-Sudani chairs the regular meeting of the Board of Directors of the Iraq Development Fund
» Investment Authority: Egyptian companies wish to partner in implementing the development road
» Cryptocurrencies suffer losses of more than 2%
» Slight decrease in dollar exchange rates in Baghdad, Basra and Erbil
» Minister of Electricity to Nina: We have maintained the system without any outage and we will adopt
» American report monitors Turkish-Iranian competition in Iraq
» “Interrogation” is almost absent from the fifth session of Parliament.. The absence of the “Presiden
» After Pezeshkian's visit... Will Iraq help isolated Iran lead a new regional alliance?
» Al-Sudani: Continuing the policy of appointment in the government sector is something the state cann
» After 21 years of change.. Challenges and complications threaten Iraq's democracy
» Severe imprisonment for the director of the customs center at Al-Shaib border crossing in Maysan for
» Planning: The numbering and inventory process will continue until the end of next month
» Baghdad Operations talks about the entry of building materials into the regions
» Basra employees demand salary scale adjustment and threaten to close city entrances and exits
» On the International Day of Democracy, UNESCO sends a message to Iraq
» This is what happened between Al-Sudani and Al-Sadr
» Parliamentary Finance Committee: Employees’ salaries are secured for this year and next year even if
» Parliament awaits a session full of disputes after the inclusion of three controversial laws
» Who is responsible for the entry of building materials into agricultural and residential areas?
» Tax on "social media" to secure funds.. Parliamentary Finance Committee reveals the number of months
» 85% of foreign workers in Iraq have “no useful skills”...and they steal more than $2 billion annuall
» What is the fate of the development road project?
» List of dollar exchange rates in Iraq
» Investigation into the file of renting the Baghdad Airport garage.. Its rental value is not commensu
» shots fired around Trumps golf course while he was playing golf about 2:15 cst today 9/15/24 accordi
» utube 9/12/24 MM&C Iraqi Dinar-#iraqdinar-#xrp-Baghdad-Kurdistan-Historical Meetings-Global Attent
» Government Advisor: E-Governance Application Contributed to Protecting Public Money and Reducing Cor
» At the forefront of which is the Minister of Oil...the wheel of interrogations in Parliament returns
» Iraq and UNAMI discuss mechanisms for implementing Security Council Resolution 2732
» Mr. Al-Hakim: Agriculture can make us independent of oil and reduce dependence on the rentier state
» Algeria establishes a foothold in Iraq's electricity sector
» Ministerial amendments and strengthening the reform program: Al-Sudani’s steps to confront crises
» Economist: The free mass is estimated at 70 trillion dinars and can be invested electronically
» Electricity announces that all its stations will be put under maintenance
» Iraq exports more than two million tons of oil derivatives in 3 months
» Chairman of the Private Banks Association: We have registered more than 13 million accounts and we s
» Government Advisor: These are ways to enhance the great development in the digital payments system i
» Economic Center Calls on the Government to Restructure Airlines and Separate Them from Transportatio
» Al-Sudani: The quadripartite agreement between Iraq, Türkiye, Qatar and the Emirates constitutes the
» Real Estate Bank terminates the assignment of its main branch manager upon his request
» Iraq's oil exports to America rose last week
» Jordan's imports of Iraqi oil decreased by (42%)
» Revealing the most important files that were resolved by the federal government delegation during it
» Tensions are over and goods will be available.. A Kurdish economic view of Pezeshkian’s visit to Erb
» MP: Al-Sudani bears responsibility for obstructing the laws that he withdrew from Parliament
» Al-Sudani snatches the "stay" card from the angry "framework"... and the dispute between them intens
» Al-Sudani: The Iraqi state cannot continue its policy of appointment in the government sector
» Delaying salaries.. Warnings of a “crisis” after two months and the government reassures
» Investment Authority: Opportunities to be presented at the Iraq Forum have completed sectoral approv
» Agriculture clarifies controls on the movement of poultry and its products between governorates
» Religious scholars in Kurdistan: Passing the amendment to the Iraqi Personal Status Law will have ba
» Al-Saabari: Amending the Personal Status Law has become a popular demand
» Baghdad-Ankara Military Agreement... The Terms Go Beyond the Limits!
» Association of Banks: Financial inclusion in Iraq increased by 48.5% during the current year
» Arab Monetary Fund: We are working with Iraq to build national financial strategies
» Prime Minister: We have developed a government program that addresses the real concerns of citizens
» Al-Alaq: 70 digital banks have applied to the Central Bank for a license
» Highlights of Al-Sudani's meeting with Basra dignitaries and farmers
» Al-Sudani: The path of development will transform Iraq into an open country
» Halbousi angry about equipping the Peshmerga with artillery
» Iraq prepares for the upcoming Arab summit
» Iraq imports fruits and vegetables worth $35 million
» Economic Center Calls on the Government to Restructure and Separate Iraqi Airways from the Ministry
» Alsumaria Newsletter: Controversy over laws, deterioration of Baghdad services, and changes in the R
» Oil Minister suffers health problems in the United States
» New York Times: Iraq may receive an Israeli strike... and Baghdad has abandoned its balance
» The dollar continues to rise.. Learn about the exchange rates in the Iraqi markets
» 1000 signatures on the table of 4 parliamentary committees to amend the “Access to Information Law”
» “Money for survival”: Al-Saihoud: Al-Sudani prevented the economics of the parties, so they turned a
» Iraqi banks are in crisis: structural imbalance, double taxation and deep corruption