Iraq Economic News and Points To Ponder Saturday AM 6-8-24

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Iraq Economic News and Points To Ponder Saturday AM 6-8-24

International Support To Remove Iraq From Corruption Indicators

Money  and business  Economy News – Baghdad  The United Nations Development Program announced that it will support Iraq in the field of combating corruption and enhancing integrity, with the aim of raising its ranking in the corruption indicators issued periodically, while the “Arab Network for Promoting Integrity and Anti-Corruption” recommended continuing work on developing and implementing coordinated and effective national strategies that enhance community participation and embody the principles of The rule of law, good management of public affairs and property, integrity, transparency and accountability.

At the conclusion of the regional meeting held in Baghdad from June 3 to 5, the network praised the relative progress achieved in terms of strengthening the participatory approach in developing public policies related to promoting integrity and combating corruption, calling on the concerned parties to deepen this approach and expand its scope.

The network, in its forum held under the slogan “Strengthening cooperation for effective national anti-corruption strategies” under the patronage of Prime Minister Muhammad Shiaa Al-Sudani, stressed the importance of adopting and implementing effective mechanisms to monitor, evaluate and follow up on the implementation of national strategies to enhance integrity and combat corruption, including appropriate indicators that combine productive indicators. Internationally and nationally produced indicators.

The network confirmed in its forum, in which 150 individuals representing 12 countries participated; Establishing proactive approaches to confronting corruption through capacity building and supporting initiatives that seek to fill the legislative vacuum in various fields and protect the drafting of legal texts from the risks of corruption.

It also called for expanding the approved approach regarding working to strengthen ethics and behavior in the public service to include the political, administrative and judicial fields, in addition to more specialized fields as needed.

For his part, Chief Advisor Arkan Al-Seblani, Director of the Regional Anti-Corruption Program at the United Nations Development Program (UNDP), said that “the voice must be loud and clear in the anti-corruption process,” noting that “the Arab Network for Promoting Integrity and Anti-Corruption is the platform Through which the voice of the Arab region emerges in this field, to send political and artistic messages concerned with this important topic.”

He added, “The conference formed 6 working groups to develop detailed visions for six teams based on establishing joint cooperation mechanisms between countries, developing training programs to overcome procedural obstacles and integrating integrity issues in the health, education, and public transportation sectors.”

He explained that “the United Nations Development Program will support Iraq in the field of combating corruption and enhancing integrity, with the aim of raising its ranking in the corruption indicators issued periodically.”   130 views  Added 06/08/2024 – https://economy-news.net/content.php?id=44104

Risks And Expected Solutions Regarding The Decision To Adjust The Estimated Price For Selling Crude Oil

Economy News – Baghdad  Researcher in finance and development affairs and academic Aqeel Jabr Ali Al-Muhammadawi

The decision to amend the estimated price for selling crude oil from the source contained in the planned federal general budget law from the price of $70 to the price of $80, which resulted in the addition of an amount of 17 trillion Iraqi dinars to cover the planned budget deficit for the year 2024;

It is a decision fraught with risks, the most prominent of which are the risks of unsustainability/or the risks of anticipating the failure of financing the federal budget, both operational and investment, resulting from the $10 budget price difference that was not planned in advance, as it generates risks of financial and economic instability in 2024.

We are not satisfied with the pessimistic vision, but rather we offer an optimistic vision and solutions, and among these logical and realistic solutions is the importance of returning to/and adopting the balanced or weighted budget price for the purpose of hedging against fluctuations in the cycle of oil assets on the stability of the revenues planned in the 2024 budget, including the risks of expectations of a decline in selling prices. Crude oil in global markets.

Modifying the estimated price for selling crude oil for the fiscal year ending 2023 from $70 to $80 is an unusual financial procedure that establishes unsystematic, non-pre-planned, professional financial foundations. If the feasibility of this change is achieved, the amendment should only be made for the years 2024 and 2025, with the exception of The year is 2023.

And the importance of devoting a new concept within the goals of the federal budget for the year 2024, which is the targeted deficit in addition to the planned deficit!!!   142 views  06/08/2024 – https://economy-news.net/content.php?id=44103

OIL PRICES FELL TO $79

Economy | 09:28 – 06/08/2024  Baghdad – Mawazine News  Crude oil futures recorded, at the end of trading yesterday, Friday, a third weekly loss in a row due to fears that demand may decline even with OPEC+ plans to increase production.

Brent crude futures settled at $79.62 per barrel, down 25 cents, or 0.31%, during Friday trading.

US crude futures contracts also recorded $75.53 per barrel at settlement, down two cents, or 0.03%, during Friday trading.

US crude oil and benchmark Brent crude saw selling off earlier in the week after OPEC+ members announced they would begin phasing out 2.2 million barrels of daily production cuts starting in October. Weak US manufacturing data and weak private payrolls also weighed on the market.

Oil prices have rebounded over the past two days on hopes that lower interest rates will boost demand, but the two benchmark crude oils are still down about 2% during the week.https://www.mawazin.net/Details.aspx?jimare=249337

Iraq’s exports to America during a month amounted to more than 5 million barrels of oil

Saturday 08, June 2024 | Economical Number of readings: 153  Baghdad / NINA / The US Energy Information Administration announced that Iraq’s oil exports to America amounted to more than 5 million barrels during the month of May.

The administration said in a statement: “Iraq exported 5.806 million barrels of crude oil to America during the month of May, with an average of 187 thousand barrels per day, lower than the month of April, in which Iraqi oil exports to America amounted to 8.866 million barrels and an average of 295 thousand barrels per day.” “.

She added: “Iraq exported 123 thousand barrels per day of crude oil to America during the first week of May, while 239 thousand barrels per day were exported in the second week, and 233 thousand barrels per day were exported in the third week,” indicating: “Exports in the fourth week amounted to 126 thousand barrels per day.

The US Energy Information Administration stated: “Iraq ranked fourth in its exports to America during the past month after Canada, Mexico, and Saudi Arabia, and ranked second in the Arab world after Saudi Arabia,” noting that “Canada ranked first as the country that exports the most oil to America, followed by Mexico and Saudi Arabia.”/  https://ninanews.com/Website/News/Details?key=1131381

Central Iraqi Sales Exceed One Billion Dollars In A Week

Saturday 08, June 2024 15:40 | Economical Number of readings: 122

Baghdad / NINA / The Central Bank of Iraq’s total sales of hard currency to the dollar during the last week in which the auction opened amounted to more than one billion dollars.

During the past week and for the 5 days in which the auction was opened, the Central Bank sold 1 billion and 115 million 909 thousand and 967 dollars, at a daily rate of 231 million 181 thousand and 993 dollars, lower than what it recorded last week, which amounted to 1 billion 328 million 251 thousand and 675 dollars. 

The highest dollar sales were on Sunday, when sales amounted to 281 million, 584 thousand and 592 dollars, while the lowest sales were on Thursday, when sales amounted to 272 million, 066 thousand and 650 dollars.

Foreign remittance sales during the past week amounted to 1 billion 62 million 804 thousand 964 dollars, an increase of 91% compared to cash sales which amounted to 93 million 105 thousand dollars.

Sales in the form of cash and transfers abroad went to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards amounted to 1,310 dinars per dollar, and the selling price of transfers abroad amounted to 1,310 dinars per dollar, while the cash selling price reached 1,305 dinars per dollar./ https://ninanews.com/Website/News/Details?key=1131404

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Provoking Thoughts and Points To Ponder On Adversity:

Some minds seem almost to create themselves, springing up under every disadvantage and working their solitary but irresistible way through a thousand obstacles. – Washington Irving

Every calamity is a spur and valuable hint.  – Ralph Waldo Emerson

Treasure the memories of past misfortunes; they constitute our bank of fortitude.  – Eric Hoffer

If you will call your troubles experiences, and remember that every experience develops some latent force within you, you will grow vigorous and happy, however adverse your circumstances may seem to be.  – John Heywood

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