Iraqi News Highlights and Points to Ponder Tuesday AM 2-19-24

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Iraqi News Highlights and Points to Ponder Tuesday AM 2-19-24

For These Reasons… Economic Expectations For The Budget Deficit To Rise To 90 Trillion Dinars

Money  and business  Economy News – Baghdad  Today, Tuesday, economic expert Nabil Al-Marsoumi suggested that the deficit in the 2023 budget will rise to about 90 trillion dinars.

Al-Marsoumi said in a post on Facebook, followed by Al-Iqtisad News, that “it is expected that the planned deficit in the 2023 budget will reach about 90 trillion dinars,” explaining the reason, as “a result of the rise in public expenditures to 225 trillion dinars while revenues remain.” The public at the level of 134 trillion dinars.

He explained, “The danger of this deficit is that it will be financed from internal and external borrowing after the surplus achieved in 2022, amounting to 22 trillion dinars, was exhausted in covering the actual deficit in the budget.”

The Iraqi Parliament voted on Monday (June 12, 2023) on the federal budget law for the years 2023, 2024, and 2025, after discussions that lasted for five days.

The value of the budget for last year was 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit amounting to 63 trillion dinars (48.3 billion dollars), while the budget items for 2023 and 2024 have not been published.

166 views 02/20/2024 – https://economy-news.net/content.php?id=40671  

Iraq Stock Exchange: Tomorrow The Deposit Of Government Emaar Bonds Will Begin

Iraq Stock Exchange  Market  Economy News – Baghdad  The Iraq Stock Exchange announced the start of the process of creating the first “Emar” issuance bonds, starting on Tuesday, February 20, 2024.

Director of the Iraq Stock Exchange, Taha Abdul Salam, told Al-Iqtisad News, “This step comes after the completion of technical procedures in the market, and based on the decision of the Securities Commission and the decision of the Board of Governors to list, deposit, and trade Emaar’s first issuance bonds for all their categories.”

He added that trading on the bonds will be launched as of March 19, 2024, noting that the bonds are divided into a category of 500 thousand dinars for a period of two years maturing on 10/9/2025 with an annual interest (6%) paid every six months, and the second category is one million dinars for a period of four years. It matures on 10/9/2027 with annual interest (8%) paid every six months.

He stressed that the instructions for listing, depositing and trading government bonds are that trading in the market takes place according to the category of the bond on the bond platform and that the rate of change in the rise and fall of the bond price is 5% based on the price calculated for the bond on that day during the issuance period.

He pointed out that the minimum commission for the brokerage company is 1,000 dinars, and the commission rate is 0.003 of the value of the bond when trading, and the market commission is 0.3%.

259 views 02/19/2024 – https://economy-news.net/content.php?id=40658   

There Are Two Main Reasons Behind The Possibility Of The Budget Deficit Rising To 90 Trillion Dinars

Economy |Baghdad today – Baghdad  Today, Tuesday (February 20, 2024), economist Nabil Al-Marsoumi suggested that the deficit in the 2023 budget will rise to about 90 trillion dinars.

Al-Marsoumi said in a post on Facebook, followed by Baghdad Today, that “it is expected that the planned deficit in the 2023 budget will reach about 90 trillion dinars,” explaining the reason, as “a result of the rise in public expenditures to 225 trillion dinars while revenues remain.” The public at the level of 134 trillion dinars.

Al-Marsoumi explained, “The danger of this deficit is that it will be financed from internal and external borrowing after the surplus achieved in 2022, amounting to 22 trillion dinars, was exhausted in covering the actual deficit in the budget.”

The Iraqi Parliament voted on Monday (June 12, 2023) on the federal budget law for the years 2023, 2024, and 2025, after discussions that lasted for five days.

The value of the budget for last year amounted to 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit amounting to 63 trillion dinars (48.3 billion dollars), while the provisions of the budgets for the years 2023 and 2024 have not been published.  LINK

Learn About The Decisions Taken At The Sixth Session Of The Ministerial Council For The Economy

Deputy Prime Minister and Minister of Planning Mohammed Tamim

Economy News – Baghdad   Deputy Prime Minister and Minister of Planning Mohammed Tamim chaired, on Monday, the sixth session of the Ministerial Council for the Economy for the year 2024.

The Council’s media office said in a statement received by Al-Iqtisad News, “The Council discussed the items on its agenda and took the appropriate decisions regarding them.”

The statement added, “The Council hosted the head of the Supreme Commission for Coordination between the Governorates, the head of the special committee to study the sold and leased projects of the Ministry of Agriculture, and it also hosted the Undersecretary of the Ministry of Planning. The Council listened to an explanation provided by the Chairman of the Commission about those projects, the obstacles and problems that hinder their completion, and the recommendations for transferring federal powers to the governorates.” .

The Council confirmed, according to the statement, that it “decided to form a committee headed by the Technical Undersecretary of the Ministry of Planning and membership of the Supreme Commission for Coordination between the Governorates and the concerned authorities to study these projects and provide a full evaluation of them.”

The statement continued, “The Council hosted the Prime Minister’s Advisor for Technical Affairs, Chairman of the Customs Order Committee for studying Iraq’s foreign loans and debts, and the Council decided that the above committee should study all projects financed by foreign loans and submit a detailed report on the completion rates for those projects and the technical and legal problems, if any, to the Ministerial Council for the Economy.” to decide.”   02/19/2024   https://economy-news.net/content.php?id=40660

Iraq Applies To Host The Arab Summit In 2025 And Announces A Plan To Rehabilitate Infrastructure

Government palace in Baghdad   Reconstruction and building 

The Iraqi government spokesman, Basem Al-Awadi, announced today that Iraq has submitted a request to host the 2025 Arab Summit in the capital, Baghdad.

Al-Awadi explained in a press statement that the government seeks to complete the components of hosting the summit, in a way that suits the guests who are leaders of Arab countries, in accordance with diplomatic norms and in accordance with the status and reputation of the host country.

Al-Awadi pointed out that the isolation that Iraq suffered during the dictatorial regime, and our war against terrorism throughout the past era, did not provide the opportunity to rehabilitate the state’s basic infrastructure, allowing it to host important and large regional and global events.

Al-Awadi pointed out that the government has decided to comprehensively rehabilitate some of the presidential complexes, which include a number of major guest houses that were previously occupied by some ministers and representatives, which made them in need of a comprehensive maintenance and rehabilitation process.

Al-Awadi confirmed that the Ministry of Construction and Housing had prepared the required statements in accordance with their price and technical specifications, and the Ministry of Planning presented them to the Council of Ministers for approval, and approval was obtained by the esteemed Council’s decision on 2/7/2024.

Al-Awadi appealed to the media to be accurate in conveying information and to miss the opportunity for those who seek to falsify the facts and harm the reputation of our dear country.

977 views   02/19/2024 – 10:33 PM  https://economy-news.net/content.php?id=40659

Iraq Stock Exchange: Tomorrow the deposit of government Emaar bonds will begin

Iraq Stock Exchange  Market  Economy News – Baghdad  The Iraq Stock Exchange announced the start of the process of creating the first “Emar” issuance bonds, starting on Tuesday, February 20, 2024.

Director of the Iraq Stock Exchange, Taha Abdul Salam, told Al-Iqtisad News, “This step comes after the completion of technical procedures in the market, and based on the decision of the Securities Commission and the decision of the Board of Governors to list, deposit, and trade Emaar’s first issuance bonds for all their categories.”

He added that trading on the bonds will be launched as of March 19, 2024, noting that the bonds are divided into a category of 500 thousand dinars for a period of two years maturing on 10/9/2025 with an annual interest (6%) paid every six months, and the second category is one million dinars for a period of four years. It matures on 10/9/2027 with annual interest (8%) paid every six months.

He stressed that the instructions for listing, depositing and trading government bonds are that trading in the market takes place according to the category of the bond on the bond platform and that the rate of change in the rise and fall of the bond price is 5% based on the price calculated for the bond on that day during the issuance period.

He pointed out that the minimum commission for the brokerage company is 1,000 dinars, and the commission rate is 0.003 of the value of the bond when trading, and the market commission is 0.3%.

259 views   02/19/2024 – 10:24 PM  https://economy-news.net/content.php?id=40658