Iraqi News Highlights and Points to Ponder Thursday AM 2-29-24


Iraqi News Highlights and Points to Ponder Thursday AM 2-29-24

Bloomberg: Conflict And Fragility In Iraq Prevent It From Joining The World Trade Organization

Money  and business  Bloomberg revealed the reasons for Iraq’s refusal to join the World Trade Organization.   The agency said in a report, “Libya, Lebanon, Sudan, and Iraq are among the countries trying to join the World Trade Organization, but due to conflict and fragility, this hinders their accession.” Views 64  02/29/2024 –

Iraq’s Losses Continue After Stopping The Region’s Oil Exports Through The Port Of Ceyhan

02-29-2024 | Source: Alsumaria News   102 views  The region’s oil exports through the Turkish port of Ceyhan are still halted, despite the passage of nearly a year, after the lawsuit that Iraq won in the Paris court against Turkey, which obliges Ankara to pay compensation to Baghdad, causing Iraq to incur huge losses amounting to more than ten billion dollars.

Will diplomatic discussions succeed in resolving this issue?   LINK

Finance Concludes Iraq’s Discussions With The International Monetary Fund Expert Mission In Amman

Today Information / Baghdad..  Today, Thursday, the Iraqi delegation, headed by Finance Minister Taif Sami, concluded its discussions with the Article IV mission of International Monetary Fund experts in Amman, while the mission affirmed its continued support for the government’s reform steps.

The Ministry of Finance stated in a statement received by the Al-Ma’louma Agency that “during the discussions, the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing non-oil revenues were reviewed.”

The Iraqi delegation confirmed, according to the statement, that “the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction,” indicating “its intention to continue discussions and consultations during the Fund’s periodic annual meetings.” “.

The Fund’s mission praised “the achievement of good progress in many financial and monetary aspects and in the areas of transparency, control, provision of financial statements and rationalization of expenditures, in addition to the strong return of growth in the non-oil sector during 2023 with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices.” .

She pointed to “the positive developments in the return of trade financing operations to their normal path and the stability of the foreign exchange market following the implementation of anti-money laundering and counter-terrorism financing controls on cross-border payments,” welcoming “government plans aimed at strengthening public financial management, including welcoming steps “The government has taken the initiative to establish a unified treasury account, improve cash flow management and increase the tax base, as well as review the customs tariff structure and achieve more targeting in social support and care.”

The mission also expressed its optimism about “the level of understanding and progress achieved with the Iraqi government and the coordination steps and joint consultations that will be completed in the near term that will contribute to addressing the financial problems imposed by the circumstances of international conflicts and their accompanying economic impacts,” explaining that “purposeful structural reforms are continuing to stimulate economic diversification.” “Creating job opportunities led by the private sector is a pivotal factor in achieving sustainable and inclusive growth.”

According to the statement, priorities at this level include creating equal opportunities for the private sector by implementing reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing to make efforts to strengthen governance and limit the spread of corruption.

It is noteworthy that Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets the member country and conducts formal consultations with its officials. : LINK

A Parliamentary Government Approach To Improving The Oil Situation

Information / Baghdad..   The Parliamentary Oil, Gas and Natural Resources Committee revealed, on Thursday, the parliamentary government’s intention to establish new refineries and rehabilitate the old ones.

Committee member Kazem Al-Touki told Al-Maalomah, “There is joint coordination between the Ministry of Oil and the Parliamentary Oil and Gas Committee to follow up on the establishment of new refineries, indicating that the process of rehabilitating the refineries will move Iraq to the stage of self-sufficiency.”

He added, “The next stage will witness the development of lines to enhance national production capabilities and improve the quality of petroleum products.”

He explained, “The Baiji refinery will contribute to achieving self-sufficiency in petroleum derivatives, stressing that the rehabilitation stages are proceeding at a high pace.” LINK

Parliamentary Finance: Linking The Financing Of Ministries To The Approval Of The Budget Schedule Delays Projects

Projects  Economy News – Baghdad  On Wednesday, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, criticized linking the funding of ministries and governorates to the House of Representatives’ approval of the budget amendments schedule for each year, “which led to a delay in financing projects.”

Al-Kadhimi said in statements followed by Al-Iqtisad News, “The House of Representatives’ approval of a three-year budget was aimed at continuing funding and not delaying it as happens annually. It is unfortunate that the Ministry of Finance linked the funding of ministries and governorates to the approval of the schedule of amendments scheduled for each year.”

He added: “It would have been better for the Ministry of Finance to continue disbursing allocations to the ministries and governorates in the first section and speed up the submission of the amendment schedules,” noting that “linking funding to the budget schedules led to a delay in the work of projects in the Ministry of Health, the Ministry of Education, and other ministries.”

Al-Kadhimi pointed out that “the government and finance ministry’s direction must be to accelerate the release of allocations,” noting that “the House of Representatives is awaiting the budget schedules that were supposed to be sent before the end of last year.”

The member of the Parliamentary Finance Committee continued, “Sending the tables and approving them is linked to the government, and they relate to the variables with the numbers in the table, including, for example, increasing allocations for electric power production, increasing ration allocations or purchasing water and wheat, increasing social welfare allocations, and other issues.”

He stressed, “The government should have diagnosed it before the end of last year and sent it quickly so that the House of Representatives could approve it and continue working without delay.”

Views 97 02/28/2024 – 9:12 PM

The Iraqi Dinar Recovers Slightly Against The Dollar.. A List Of Prices In 12 Governorates

Economy |Baghdad today – Baghdad  Today, Thursday (February 29, 2024), the dollar exchange rates recorded a slight decline on the main stock exchanges, reaching more than 150 thousand Iraqi dinars for every 100 US dollars.    Below is a price list for 12 governorates:

$100 = 150,850 Baghdad    $100 = 151,200 Basra   $100 = 150,850 Erbil   $100 = 150,900 Sulaymaniyah

$100 = 151,000 Karbala   $100 = 151,100 Kirkuk    $100 = 151,000 Babylon  $100 = 150,800 Dohuk

$100 = 150,900 Mosul   $100 = 151,000 Najaf   $100 = 150,900 with penalty  $100 = 150,750 Zakho LINK

A Specialist Explains In Numbers The “Cash Liquidity” Crisis That Caused A Delay In The Disbursement Of Salaries

A specialist explains in numbers the “cash liquidity” crisis that caused a delay in the disbursement Whatsapp-image-2023-08-05-at-4_44_11-pm

Baghdad today – Baghdad   Today, Wednesday (February 28, 2024), financial affairs expert Nabil Jabbar Al-Tamimi revealed details of the “cash liquidity” crisis that Iraq is going through, which led to a delay in the release of employee salaries.

Al-Tamimi told “Baghdad Today”, “There is a real crisis in cash liquidity, and the Iraqi Ministry of Finance brings money to pay salaries through the Central Bank of Iraq, and the bank brings this money by making transfers (selling dollars).”

He stated, “There is a limited possibility for the Central Bank of Iraq to make transfers and sell dollars due to American censorship, and the bank sells approximately (200) million dollars a day, and this process takes place in a month for approximately (22) days only, meaning it sells approximately (4) billion dollars a month.” A dollar per month compared to the exchange rate is (5) trillion Iraqi dinars per year, which is approximately (65) trillion Iraqi dinars, and this number is only the volume of sales of the Central Bank of Iraq.”

He added, “In contrast, Iraq’s budget exceeds (200) trillion dinars, and for this reason there is a crisis in the issue of cash liquidity, and the delay in releasing employee salaries during the past months, but this crisis is not very severe, and it is not an economic or financial crisis, but there is a faltering in… Finance is what creates the crisis despite the financial abundance of the dollar, and this is why the Iraqi government is turning to electronic payment so that the process of printing more Iraqi currency does not take place.”

On February 25, the Ministry of Finance denied the lack of sufficient cash liquidity to secure the salaries of state employees and confirmed in a statement, “Securing the salaries of employees, the social protection network, and the salaries of retirees without delay or delay through its retained cash balances for the previous year and its oil and non-oil revenues.”   LINK

Provoking Points to Ponder on Decisions

Men and women everywhere must exercise deliberate selection to live wisely. – Robert Grant

Decision and determination are the engineer and fireman of our train to opportunity and success. – Burt Lawlor

The last of the human freedoms: to choose one’s attitude in any given set of circumstances, to choose one’s own way.  – Viktor Frankl

Choice of attention … is to the inner life what choice of action is to the outer. In both cases, a man is responsible for his choice and must accept the consequences, whatever they may be. – W. H. Auden

You are the one who must choose your place.  – James Lane Allen

Man does not simply exist, but always decides what his existence will be, what he will become in the next moment.  – Viktor Frankl