Iraqi News Highlights and Points to Ponder Wednesday AM 4-3-24

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Iraqi News Highlights and Points to Ponder Wednesday AM 4-3-24

The Central Bank is preparing a report to lift the ban on 28 Iraqi banks

Economy News – Baghdad   Today, Wednesday, the Parliamentary Investment and Development Committee revealed steps by the Central Bank to lift the ban on 28 banks, while indicating that the private sector will participate with the public sector in many strategic projects.

The head of the Parliamentary Investment and Development Committee, Hassan Al-Khafaji, said in a statement followed by “Al-Iqtisad News”: “The committee proposed to the Governor of the Central Bank, Ali Al-Alaq, to ​​support private private banks and involve them in loans,” explaining that “the governor confirmed his support after lifting minor violations against some banks.” .

He pointed out that “the governor of the Central Bank promised to submit a report to the US Treasury to lift the ban on Iraqi banks, which number 28 private banks,” expecting “the ban on those banks to be lifted during the coming period.”

The Chairman of the Parliamentary Investment and Development Committee affirmed “his committee’s support for the private sector as it is the strategic partner and ally of the public sector, and a country cannot progress and prosper without the private sector,” pointing out that “the private sector will participate with the public sector in many important strategic projects, electrical, industrial, and others.”

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Collecting Parliamentary Signatures To Reject The Government’s Decision To Raise Gasoline Prices

Information / Baghdad…A parliamentary source reported, today, Wednesday, that a signature campaign had been collected within the House of Representatives to reject the government’s decision to raise gasoline prices.

The source, who preferred to remain anonymous, told Al-Maalouma, “The campaign will be launched when the House of Representatives sessions resume.”

He added, “Parliament representatives are convinced that raising gasoline prices did not come at the right time, and that it will constitute an economic crisis for citizens.”

The Council of Ministers decided in a session on the 26th of last month to increase the price of improved gasoline to 850 dinars per liter and premium gasoline to 1,250 dinars per liter, starting from the first of next May. Ended 25 BC  LINK

Gasoline Prices Chant

Economical  04/03/2024  It is certain that the consumer is not concerned with the reasons that called for the government to increase the prices of improved gasoline and premium gasoline. Rather, he is concerned with always reducing prices, and usually the groups affected by any decision express their dissatisfaction and unacceptance, by trying to influence the decision maker in the hope of Retreat,

 but who are the groups affected by this decision in light of the data? And who are the parties that benefit from the implementation of the decision?

A liter of regular gasoline is sold in all governorates, except for the governorates of the Kurdistan Region, at a price of 450 dinars, improved gasoline at a price of 650 dinars, and premium gasoline at a price of 1,000 dinars, while regular gasoline is sold in the governorates of the region at a price of 900 dinars per liter, a price of 1,250 dinars for improved gasoline, and 1,500 dinars per liter of premium gasoline. .

Which confirms that all types of gasoline sold in the governorates other than the governorates of the region are government-subsidized, and through this difference in the selling price, Iraq was known as a source of gasoline smuggling to neighboring countries, so that daily consumption became 31 million liters of gasoline, according to government sources,

while Turkey consumes For example, 11 million liters per day, knowing that the population of Iraq does not exceed 41 million people, while the population of Turkey exceeds 85 million people, at a time when Iraq needs more funds in order to support the reconstruction file and rehabilitate the infrastructure of cities.

In the same context, the huge influx of modern cars every morning in the streets of Iraqi cities does not only indicate an unprecedented consumption of gasoline, but also indicates a defect in the public transportation system and an inability to address this defect, as this system cannot match the movement of vehicles.

Walking in streets crowded with wheels, in addition to the huge environmental pollution these vehicles cause, is a phenomenon that deserves study to find out the secret behind people’s insistence on going out to work individually, as you see huge numbers of modern vehicles stuck in traffic every morning, empty except for the vehicle’s driver.

According to government sources, daily regular gasoline consumption constitutes about 81 percent of the quantity of gasoline sold, which amounts to 31 million liters, meaning that about 25.11 million liters of the quantity sold daily are not included in the increase, and 18 percent of the quantity sold, amounting to 5.89 million liters, is covered by the increase to an extent.

It does not rise to its selling price in the governorates of the Kurdistan region, and without referring to the group affected by the price increase, we first acknowledge the importance of having mass transportation systems that can contribute to eliminating traffic congestion, reducing pollution resulting from car exhausts, and reducing consumption. Before this and that, it is necessary to highlight Efforts on road systems and their rehabilitation to support the mass transportation system.  https://alsabaah.iq/94564-.html

High Gasoline Prices Ignite The Iraqi Street…The Political Mood Controls Government Decisions

Posted On2024-04-03 By Sotaliraq   Blessed be Abdul Majeed   The Iraqi street was abuzz after the Council of Ministers’ decision to raise the price of gasoline and remove street vendors’ “baskets,” as everyone began to wonder about the motives of these sudden steps, especially in light of the government’s claims to improve the economic reality.

Gasoline And Oil

The decision to raise the price of improved gasoline to 850 dinars per liter, and super gasoline to 1,250 dinars per liter, comes despite the recent entry into service of a number of oil refinery factories, and the resumption of the work of other factories.

News presenter Elham Al-Jadi asks, via Al-Mada, “Why are decisions issued to change commodity prices every time without warning? Are these decisions due to increasing employees’ salaries and improving their purchasing power?!”

Al-Jadi says, “Today, instead of… If gasoline and other oil derivatives are provided free of charge to the Iraqi citizen, prices will be raised further.”

“Revenge”

Economic affairs researcher Ahmed Eid said in an interview with Al Mada: “The government is trying to take revenge on the people through multiple means and methods.

 Starting with not amending the salary scale, not legislating laws criminalizing the spread of uncontrolled weapons outside the framework of the state, and limiting the smuggling of petroleum derivatives to neighboring countries and re-importing them as imported derivatives, passing through the recent agreement with Iran to sign gas import contracts for the next five years, and ending with imposing taxes and raising… The price of automobile fuel,” (according to him).

He adds, “The step to raise automobile fuel prices appears unjustified in terms of economic feasibility, especially with the continued disruption of economic sectors and high inflation rates in Iraq, in addition to low salaries that are not commensurate with high inflation rates, in addition to high unemployment and poverty rates.”

Treatments

Eid continues, “The Sudanese government must address the problem of importing petroleum derivatives, and support local production with regard to refining and filtering petroleum derivatives by raising the production capacity of the Iraqi refineries represented by the Karbala refinery and the North Refinery (Baiji), most of whose production lines were stolen.”

He calls on the federal government to “Investing Iraqi gas instead of importing it from Iran for the next five years,” noting that “the country is incurring major financial losses related to the exit of hard currency for the benefit of the Iranian economy,” indicating that “the cost of importing gas for one year is sufficient to establish Iraqi gas investment projects without the need to import from abroad.”

 Eid concludes his speech by saying, “The increase in fuel will lead to an increase in the prices of other sectors, and will be reflected in the service sectors, which will negatively affect the public life of the citizen, and this is what the Iraqis cannot bear at the present time.”

“Moods” And Costs

In the same context, political analyst Muhammad Zangana said, in an interview with Al Mada, that “raising fuel prices is not in the interest of the current stage, given the presence of a large number of citizens who depend on transportation as a source of income, such as taxi owners and transportation companies, and that The rise in the price of improved gasoline will lead to a very major crisis, including an increase in transportation costs.”

Zangana adds, “Taxes in Iraq depend on political moods and what each government decides, and this means that the matter is far from legal regulation.” Last week, the Council of Ministers decided to study increasing customs duties for importing cars, on the condition that the Iraqi Kurdistan region adheres to this increase.

Self-Sufficiency

For his part, the spokesman for the Ministry of Oil, Asem Jihad, said in an interview with (Al Mada), that “the refineries sector receives special attention from the current government and the ministry,” noting that “there are plans prepared to improve the quality and conform it to international standards in addition to increasing production.”

He adds Jihad said, “The Ministry is striving to bring Iraq to the stage of self-sufficiency and stop imports.” He continues, “The Ministry has prepared plans to reconstruct the damaged refineries and resume work in them, and new units related to improving oil and gasoline have also been added.”

 He continues, “The Ministry recently brought the Karbala refinery into service, with a capacity of 140,000 barrels per day,” adding that “the refinery supplies large quantities of petroleum derivatives, especially high-octane gasoline.”

 It is noteworthy that last week, the Council of Ministers decided to raise the prices of automobile fuel by about 30% for improved gasoline, and by 25% for super quality, as part of a plan taken by the government “to reduce traffic congestion.”  LINK

Provoking Points To Ponder on Failures and Mistakes:

In the past, few women have tried and even fewer have succeeded.- Rosalyn Sussman Yalow

A mistake is not a failure, but evidence that someone tried to do something.- Anonymous

Man must strive, and in striving, he must err.- Johann von Goethe

The person interested in success has to learn to view failure as a healthy, inevitable part of the process of getting to the top.- Dr. Joyce Brothers

Failure after long perseverance is much grander than never to have a striving good enough to be called a failure.- George Eliot

The sight of a cage is only frightening to the bird that has once been caught.- Rachel Field

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