Saleh: 3 Main Sources Ensure The Sustainability Of Salaries And Social Spending And Iraq’s Ability To Cope With Crises
Money and Business Economy News – Baghdad The Prime Minister’s financial advisor, Mazhar Muhammad Salih, confirmed on Tuesday that the current policy guarantees the continuation of salaries and social welfare grants. While identifying three main sources to ensure the sustainability of salaries and social spending, he indicated that Iraq is capable of facing global financial and economic shocks efficiently and effectively.
Saleh said that “the sustainability of monthly expenditures for salaries, wages, pensions and social welfare allowances, in light of the current economic challenges and global fluctuations due to geopolitical risks, is a top priority, and depends on three main sources of revenue that ensure the protection of the living and social stability of citizens on a regular monthly basis.”
He explained that “the first source is maximizing non-oil revenues, as ensuring the liquidity of collecting these revenues is achieved by intensifying approved electronic payment methods, which enhances the state’s own financial resources and reduces total dependence on oil revenues.”
Saleh added that “the second source is expanding the base of crude oil and petroleum product exports. This policy includes using traditional export channels whenever possible, including land and sea transport through neighboring countries, according to current global oil prices, which have seen an increase of nearly 70% compared to their levels before the outbreak of tensions in the Gulf and Middle East region.”
He pointed out that “this export expansion contributes, in light of high crude oil prices, to boosting the revenues needed to cover social spending and ensure the stability of the local market.”
He explained that “the third source of revenue is to follow a pattern of targeted quantitative easing policies, with monetary and fiscal coordination, where coordination between monetary and fiscal policy is intensified, and this coordination is supported by efficient foreign exchange reserves, to ensure the stability of the national economy and the sustainability of public social spending, including the payment of salaries, pensions and social welfare allowances without any interruption.”
Saleh concluded by saying: “The continuation of these integrated policies guarantees the protection of monthly job income, enhances economic and social stability in the country, and makes Iraq capable of facing global financial and economic shocks efficiently and effectively.” https://www.economy-news.net/content.php?id=67351
Eurozone Bonds Are Nearing Their Worst Monthly Performance In A Decade.
Money and Business Economy News – Follow-up Eurozone government bonds are on track to record one of their worst months in the past decade, driven by inflation fears stemming from rising oil and gas prices due to the war with Iran and the closure of the Strait of Hormuz.
Italy’s 10-year borrowing costs rose to 4.14%, their highest level since mid-2024, while French 10-year bond yields touched 3.9%, the highest since 2009, and Spanish yields rose to 3.7% for the first time since late 2023.
Fund managers believe that rising long-term bond yields are exacerbated by the expected impact on public finances resulting from higher borrowing costs and measures aimed at protecting consumers from rising prices.
Investors are betting that the European Central Bank will raise interest rates three times this year to contain an expected wave of inflation. https://www.economy-news.net/content.php?id=67314
Iraq Is Losing About $11 Million A Month Due To The Suspension Of Air Traffic.
Money and Business Economy News – Baghdad The Echo Iraq Observatory announced on Monday that Iraq is losing about $360,000 a day as a result of the suspension of flights through its airspace, which is equivalent to $10.8 million a month, amid the repercussions of the ongoing war in the region.
The observatory explained that before the outbreak of the war, Iraqi airspace witnessed the passage of about 800 aircraft daily, both local and foreign, which is higher than the previous rates that ranged between 700 and 750 aircraft daily. He added that the fees for a single aircraft crossing Iraqi airspace amounted to about $450, which provided daily revenues estimated at $360,000.
The observatory noted that the suspension of air traffic came after the Ministry of Transport announced, on February 28, the closure of Iraqi airspace due to security developments in the region.https://www.economy-news.net/content.php?id=67310
60 Oil Tankers Crossed Through The Al-Walid Border Crossing And Headed To Revive The Haditha-Aqaba Pipeline.
Money and Business Economy News – Baghdad Anbar Provincial Council member Adnan al-Kubaisi announced on Tuesday that more than 60 trucks loaded with Iraqi oil have begun crossing through the al-Walid border crossing, expecting the number of trucks transporting oil to rise to between 600 and 700 in the coming period.
Al-Kubaisi said, “There is a trend to resume the mechanism of exporting oil through the Syrian and Jordanian ports in quantities that may exceed 200,000 barrels per day, as was the practice before 2003 using tankers.”
He added that “the next stage may witness parliamentary action to compel the government to implement the modern Aqaba pipeline project, given its strategic importance in diversifying oil export outlets.”
Al-Kubaisi pointed out that “the project was previously approved but faced objections, but there is currently pressure to reactivate it and proceed with its completion, given the economic benefits it provides, as well as its positive impact on Anbar Governorate, especially with regard to the petrodollar file.” https://www.economy-news.net/content.php?id=67362
The Integrity Commission Announces Its Annual Report: Protecting 837 Billion Dinars And Hundreds Of Millions Of Dollars
Money and Business Economy News – Baghdad The Federal Integrity Commission announced the details of its annual report, confirming that the total amount of funds that were preserved amounted to (837,094,441,942) eight hundred and thirty-seven billion Iraqi dinars, and (550,815,321) five hundred and fifty million US dollars, within the framework of its investigative and precautionary procedures aimed at protecting public funds and preventing their waste.
The Authority explained that the number of reports it considered during the year amounted to (37,175) reports with a completion rate of (85.64%), while the number of criminal cases amounted to (31,355) cases with a completion rate of (73.23%), which reflects the growing volume of work in the investigative field, indicating that the number of summons orders issued amounted to (14,645) orders, including (18) orders against ministers and those of their rank, and (276) orders against those of special ranks, general managers and those of their rank.
The number of arrest warrants reached (3461) warrants, including (21) warrants against ministers and those of their rank, and (118) warrants against those of special ranks, in addition to issuing (1950) arrest warrants, and (215) travel ban decisions, including decisions against senior leaders, noting the implementation of (1555) arrest operations in various governorates, which resulted in the arrest of (671) accused persons caught in the act, while the number of cases referred to the competent court reached (2444) cases, and (5676) referral orders were issued, including (8) warrants against ministers and those of their rank and (89) warrants against those of special ranks and general managers.
Regarding stalled projects, the commission identified (116) projects in (10) governorates, with a total value of (946,031,754,995) billion dinars and (721,191,424) million dollars, and (32) criminal cases were opened concerning them.
In the legal field, the Authority confirmed the issuance of (522) non-final judicial rulings of conviction involving (810) convicts, while the rulingsthat had reached the final level amounted to (370) rulings of conviction, and the number of convicts covered by the general amnesty amounted to (1301) convicts for (666) judicial decisions.
She continued, explaining that her achievements in the preventive field were represented by receiving (49,060) financial disclosure statements, in which the response rate of the three presidencies was (100%), and revealing (83) cases of conflict of interest, while the total amount of funds in which final judicial rulings were issued in cases of illicit enrichment amounted to (21,035,599,000) billion Iraqi dinars, while the number of visits carried out by the Commission through its teams to monitor job performance and enhance the integrity of work procedures, protect public funds, follow up on press monitoring, and follow up on the implementation of the electronic governance project and the comprehensive digital transformation, amounted to (734) visits that included (419) administrative formations, while the number of reports prepared regarding them amounted to (61) reports.
In the field of recovery, the number of files for receiving fugitives that are ready is (78) files, and (55) files are being prepared, while the number of files for recovering smuggled funds that are ready is (56) files, and (139) files are being completed, and (5,947,308,992) five billion Iraqi dinars were recovered inside Iraq.
The Authority affirmed that these indicators reflect an increase in institutional performance and integration between investigative, legal, preventive and awareness-raising roles, which enhances the protection of public funds and consolidates the principles of integrity and transparency. https://www.economy-news.net/content.php?id=67359
Iraq Allows The Import Of 5 Agricultural Crops To Meet Market Demand.
Money and Business Economy News – Baghdad The Ministry of Agriculture announced on Tuesday that it has opened the door to importing five agricultural crops in order to meet the needs of the local market and to ensure price stability in the country.
The ministry stated in a statement received by “Al-Eqtisad News” that the crops allowed to be imported through all border crossings are: (cabbage, cauliflower, turnip, beetroot, and lettuce), noting that the decision came in light of the end of the season of their local abundance.
The statement added that the decision was issued based on the approved “agricultural calendar” indicators and monitoring of the wholesale markets, which confirmed the depletion of the local product, noting that the Ministerial Council for Economy had approved the Ministry’s request in this regard. https://www.economy-news.net/content.php?id=67353
Locally, Gold Prices Have Risen Significantly, Coinciding With The Rise Of The Dollar.
Money and Business Economy News – Baghdad Gold prices, both foreign and Iraqi, recorded a significant increase on Tuesday in the local markets of Baghdad and Erbil, coinciding with a slight movement in the dollar exchange rates.
In the wholesale markets on Al-Nahr Street in Baghdad, the selling price of one mithqal of Gulf, Turkish and European 21-karat gold reached about 997 thousand dinars, compared to 993 thousand dinars for buying, after the selling price yesterday was 989 thousand dinars.
The selling price of a mithqal of 21-karat Iraqi gold reached approximately 967,000 dinars, while the buying price was 963,000 dinars. In goldsmith shops, the selling price of a mithqal of Gulf gold ranged between 1 million and 1,010,000 dinars, while Iraqi gold ranged between 970,000 and 980,000 dinars.
In Erbil, prices also rose, with the selling price of 22-karat gold reaching about 1.078 million dinars, 21-karat gold about 1.030 million dinars, while 18-karat gold recorded about 882 thousand dinars.
This increase coincided with a slight rise in the dollar exchange rates in the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, where it recorded 155,250 dinars per 100 dollars.
The pricing of gold locally is based on a formula that includes the global price of an ounce and the dollar exchange rate in the local market. https://www.economy-news.net/content.php?id=67350
The Qatar Central Bank Is Taking A Series Of Measures To Protect The Financial System.
Banks Economy News – Follow-up The Qatar Central Bank announced a package of proactive measures to protect the country’s financial system in light of the geopolitical events the country is going through.
In a statement published by the bank, the Central Bank explained that the bank’s financial position is in excellent condition, that the liquidity situation in the country is solid, and that capital levels significantly exceed regulatory requirements.
The bank explained that Qatar’s financial system has a strong financial structure that is the result of years of work.
Regarding the new procedures, the bank explained that it will provide unlimited repurchase (repo) facilities in Qatari Riyals, in addition to overnight repurchase facilities, and the bank will launch facilities for term repurchase operations of up to three months.
These measures enable banks to manage their cash flows with a degree of certainty. The bank also added measures to support borrowers.https://www.economy-news.net/content.php?id=67303
