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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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    Iraqi economy during 2016 ..adz and borrow and oil agreement may revive the country

    Rocky
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    Iraqi economy during 2016 ..adz and borrow and oil agreement may revive the country Empty Iraqi economy during 2016 ..adz and borrow and oil agreement may revive the country

    Post by Rocky Sat 31 Dec 2016, 5:59 am

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    Expectations of higher global oil prices
    Iraqi economy during 2016 ..adz and borrow and oil agreement may revive the country


    Author: AB, ASJ 
    Editor: AB 
    12/31/2016 11:52 
    Number of Views: 505


     
     
    Long-Presse / Baghdad
    By the end of 2016, the Iraqi economy is also nearing the end of a tunnel collapse dark oil prices which caused a great stalled in the work of the Iraqi government on the level of services and projects, which had a negative impact in the Iraqi market amid fears of a nightmare not to Baghdad's ability to provide salaries to its employees, and having to external borrowing, having hauled a glimmer of light "OPEC" agreement to reduce oil production, hoping to contribute to a recovery in oil prices to cover the state budget deficit of the country, while calls continue to stimulate other economic sectors to no avail.
    Fiscal deficit and borrowing against the conditions
    General economic 2016 began his bad financial budget of more than 105 trillion Iraqi dinars and a deficit of about 30 trillion dinars, after falling oil prices continues, that the Iraqi government estimated price Brmelh in its budget to $ 45, but those prices were not realistic, prompting the government to resort to external borrowing.
    May of the year 2016 saw the approval of the International Monetary Fund, to lend Iraq $ 15 billion to meet the financial needs and over five years, and got Iraq on the part of these loans amounted to the first phase of $ 6.5 billion, it is supposed to act to reduce the deficit for service projects vital necessary.
    But those loans were not without conditions, where it held the parliamentary finance committee member Majda al-Tamimi in an interview (range Press), at the time that "asylum Iraq to external borrowing will necessitate him to take the measures necessary to reduce expenditures in the state budget for fiscal year 2016 of $ 13 trillion dinars and take the necessary measures to settle the dues of oil companies and do not let Petrakmha, as well as the full salary and allowances for senior subordinate state employees and job grades and higher own income tax. "
    Where Tamimi pointed out that "the income tax would be between 7.5% - 15% of the total salary and allowances," indicating that "these measures also include the rehabilitation or restructuring financed public companies self, as well as the hard work to raise the efficiency of financial and regulatory performance in the country and at all levels and to impose strict control over the exchange rate for this loan doors, and inform the international Monetary Fund on the net real exchange for Iraq through 2015. "
    ... Oil supplier financial orphan
    Baghdad has continued during 2016 its efforts to raise its oil production to compensate for the deterioration of prices so as to ensure their employees' salaries and the basic needs of the country, which is experiencing the rest of the economic sectors stagnated and almost completely disrupted, especially industry and agriculture.
    The Oil Ministry said last November, said its exports of crude oil hit a record reached four million and 51 thousand barrels, noting that oil exports from the southern ports recorded a big rise, reaching three million and 407 thousand barrels per day, while revealed that oil exports Kirkuk amounted to 64 thousand barrels, while export rates from the fields of Kurdistan amounted to 580 thousand barrels per day.
    The year 2016 also, the introduction of formations ministry and investment companies new wells to the service and reclamation of other wells.
    Gas Export ... "achievement" economic "late"
    Although it represents the economic importance and the threat of the need for the country needs, but that the Iraqi gas under Mahdora for a long time to come a step exported as "economic achievement" as described by experts and specialists, even with being "too late."
    The Iraqi Oil Ministry announced (20 March 2016) to export the first shipment of gas condensate (liquid) from the production of Basrah Gas Company through the port to export gas in the Southern Gas Company, a shipment of 10 thousand cubic meters and by 7 thousand tons, stressing that the gas condensate export done without the need to contract work for the existence of demand for the material.
    The ministry confirmed last July, to be Iraq's production of gas will double in the framework of the Sixth Development Plan of the Ministry, indicating that gas production will reach about 1.2 billion cubic meters, while announced last November export shipment of 12 of the article "capacitors" through Umm Qasr port and a new shipment of liquid gas, confirming its continued operations of the liquid gas export and "condensate" to supplement the state treasury and financial revenue, while shipment of 13 of the substance condensate exported through the port of Khor Al-Zubair few days ago.
    Industry initiatives ... "shy" Aahtmha imported
    With the manufacturing sector suffered "paralysis" almost complete during 2016 despite the pledge Prime Minister Haider al-Abadi according to his "reformist" presented at the last month of March, to "pay revitalize the industrial and agricultural sectors in particular, and other economic sectors (tourism, finance, insurance, trade and services) are generally interested in exceptional, "adding that this interest will include the private sector to" take its rightful place in the Iraqi economy movement, "while the condition of the time that the" ministerial cabin working as one team to ensure the integrity of the work to achieve this important goal. "
    Minister of Industry and Minerals Agency Mohammed Shia 'Al Sudani, attributed in October, the causes of the failure and the reluctance of companies in the ministry to manage the former her minister, pointed out that the number of lagging companies in the ministry arrived at the 55 companies, while the accused some ministries of obstructing investment iron and steel plant file in Basra.
    Although some initiatives "timid" to activate some of the national industry sectors Calcment where he announced the Ministry of Industry and Minerals in June, achieving the State Company for Iraqi Cement major development in the production and sales levels, it showed that the Iraqi cement sales during the five months amounted to 71 billion Iraqi dinars, but that national products "modest" faces significant challenges, including competition posed by imported products amid the absence of legislation protecting it.
    ... Agriculture sector does not sing nor fattening of "Hunger"
    The agricultural sector was not the best off than his counterpart industrial where still crops and animal products do not cover the country's needs, as well as rival imported products, where the ministry called for early 2016, to protect their products, as pointed to the launch of loans worth one trillion and 650 billion dinars provided by the Central Bank by agricultural Cooperative Bank, in exchange for the continued suffering of the peasants, the most prominent delayed dues for their crops.
    Iraq's need for animal products in 2016 amounted, according to ministry estimates, 250,000 tons in 2016 while domestic production amounted to 84,000 tons, while the announced self-sufficiency of dates this year to produce about 850,000 tons this year, issued a Central Bureau Bureau of Statistics report which predicted that the wheat crop of 2881 thousand tons for the winter season of 2016, up as much as 9% rate for the actual production of last season for the provinces covered by the terms of estimated 2645 thousand tons.
    Central Bank reserves ... passiveness and "suspicions" currency sale
    The role of the Central Bank of Iraq in the face of the financial crisis faced by the country and its policies are still the subject of controversy and debate, in which he criticized specialists and politicians management of the bank and the enemy "is sober and caused a waste of public money," especially with regard to the dollar exchange rate policies, which promised a "window of thieves and corrupt and a place to waste money and leaking balance Iraqi mafias through money laundering ", calling for the inclusion of management reforms approved by the House of Representatives.
    Bank sold about $ 312 billion since the introduction of the auction of the currency went 80% of them abroad, "sacrificing" hard currency entering the country for the sale of oil, according to the economic and investment commission member of the parliamentary proof Mamouri, while the Finance Committee in the House of Representatives revealed that the central bank reserves decline to less than $ 50 billion.
    While I went back the central bank's management that window, "a way to ensure the stability" of the dinar exchange to meet the Iraqi economy requirements price, pointing to "a greater role for" government to buy and sell the dollar and the development and auditing of funds used sources for the purposes of the purchase of hard currency for banks, as he emphasized maintain the Keywords, commitment Iraq pledges made to the international Monetary Fund Ptoukatadtha specific, especially as it is consistent with the orientations and objectives, noting that the fund "surprised" Iraq's reserves of foreign currency.
    CBI, said that sales for the banks of the dollar fell this year by about $ 11 billion compared to last year, reaching since the beginning of this year, 30 billion and 880 million and 28 thousand and $ 32, while the total over the past year 41 billion and 833 million and 293 thousand and $ 902 , referring to the launch of a number of systems in order to support the financial operations as a national divider and tax compliance as well as the launch of the resettlement of the employees' salaries.
    Iraq Stock Exchange
    2016 saw a trillion shares worth 522 billion dinars, up 67% compared to 2015, according to the announcement Iraq Stock Exchange, where he confirmed the organization of 234's trading session this year, referring to the registration of variation in the indicators since the end of last year until November of 2016.
    The market showed that the change included the listed companies which stood at the end of December, last year, 98 company while it was until November last the end of the 97 companies, while the number of traded companies dropped from 82 companies to 74, the value traded decreased by 16.16% It is reaching last year's 495 billion dinars, while in the current year amounted to 415 billion dinars.
    Border crossings revenues
    Although the application of the customs tariff system, however, imports of border crossings is still below the minimum acceptable levels, while specialists attribute it to poor oversight on the application of the tariff system and its implementation in the ports without the other, as well as the administrative and financial corruption.
    In December, announced that the border crossing points at the Interior Ministry Directorate, that the financial revenue has amounted to more than 161 billion dinars during the 10 months of this year, indicating that those imports are fulfilled from Safwan outlets and Shalamcheh graying and Zurbatiyah and Mandali Mundhiriyah, as well as airports in Basra and Najaf.
    2017 budget
    In the 7 December 2016, the House of Representatives succeeded, the approval of the general budget for the next Act in 2017, worth about 100 trillion dinars and a deficit of 21 trillion dinars, before ending the first legislative term.
    The federal budget for the fiscal year revenue / 2017 was estimated at 79.11 trillion dinars, with a total deficit of 21 Trliuna and 659 billion and 739 million and 790 thousand dinars, and cover the deficit of the inner and outer Alaguetradin It amounts retained cash in the Federal Ministry of Finance calculate the proportion of the expected abundance of increasing prices selling the source of crude oil or crude oil exports, as the text of the budget law.
    The calculated revenues generated from the export of crude oil at a rate of $ 42 per barrel of oil and the rate of export of 3.75 million barrels per day, including 250,000 barrels on the quantities of crude oil produced in the Kurdistan region and 300,000 barrels, to comply with all the revenue actually a final revenue to calculate the public treasury of the state, with 17% of the allocated going forward for the Kurdistan region.
    "OPEC" ... concludes in "austerity" and revive hopes
    General economic tunnel for the Iraqi man who was almost dark and caused several mishaps to the Iraqi government on the level of services and projects overshadowed significantly on the Iraqi street, which is the worst nightmares in the government's inability to provide the employees' salaries, he saw a glimmer of hope with Joatimh a recovery in oil prices after the Organization of members of the agreement. " OPEC "to reduce oil production for the first time since 2008, in the 30 November 2016.
    Oil-producing countries agreement, it was the highlight of the global economic events, and text to reduce output by 1.2 million barrels per day to the Member States, also found "cartel" to deal with the 11-nation oil producers outside the organization to cut its oil production at a rate of 558 thousand barrels per day, starting from the first of January 2017.
     Under OPEC's agreement it would have to be on Iraq, which is the second largest producer in the Organization, to reduce its production by about 210 thousand barrels per day to 4.351 million barrels per day, while Iraq affirmed his commitment to the agreement in an effort to support oil prices.

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