{Economic: Euphrates News} An economist excluded, the financial budget was affected by dollar exchange rates.
“The budget is not affected by the rise or decline in dollar exchange rates, because Iraq will receive the dollar from the export of oil, and on the contrary, revenues increase as dollar prices increase globally,” Bassem Jameel Antoine told {Euphrat News}. He pointed out that “market commitments deal in the Iraqi dinar and there is no treatment in dollars and that building the budget is mainly on the Iraqi dinar and not on the dollar, so the budget is never affected by the dollar exchange rates.”
The Iraqi Ministry of Oil has said it is prioritising the resumption of oil production in Iraqi Kurdistan, and the export of oil through the Iraq-Turkey Pipeline (ITP), “in line with national interests“.
In a statement on Tuesday, the Ministry said it has invited the Kurdistan Ministry of Natural Resources and international oil companies (IOCs) operating in the region to a meeting in Baghdad to discuss and reach an agreement.
On Monday, the Association of the Petroleum Industry of Kurdistan (APIKUR)— a trade body representing a group of IOCs operating in Iraqi Kurdistan — hit back at media reports that it said, “mistakenly point to a lack of flexibility from IOCs as the reason for the continuing impasse on resumption of oil exports via the ITP.“
Following the Ministry’s announcement, APIKUR said: “We acknowledge the swift, public response from Iraq’s Ministry of Oil and look forward to scheduling joint discussions to restore oil exports through the Iraq-Türkiye pipeline.“
Shafaq News/ On Tuesday, the coordination framework held a meeting in the presence of Prime Minister Muhammad Shiaa Al-Sudani.
A statement following the meeting stated that the attendees discussed the financial budget tables and stressed the necessity of approving it to achieve the interests of citizens and support the economic situation.
The meeting also stressed the importance of proceeding with the election of the Speaker of the House of Representatives as soon as possible.
A political source revealed to Shafaq News Agency, yesterday, Monday, that the reason for the meeting was due to objections to the budget schedules sent by the Iraqi government, by the framework forces, and the refusal to pass them in their current form.
The government sent the budget schedules to Parliament for a vote after a delay of more than five months as a result of technical problems centered around the size of the deficit and the government’s attempts to reduce it.
There was controversy over the budget schedules after allocating an investment budget to the provinces amounting to 41 trillion Iraqi dinars, which some saw as unfair to the provinces by reducing their shares in exchange for increasing the Kurdistan Region’s share of 4 trillion, which the government denied.
The 2024 budget, according to what Prime Minister Muhammad Shiaa Al-Sudani announced, amounts to 211 trillion dinars, and employee salaries for the year 2024 amount to 62 trillion dinars, while the 2023 budget was 199 trillion dinars and employee salaries were 59 trillion dinars.
The revenues of the 2024 budget are estimated at 144 trillion and 336 billion dinars, while expenditures amount to 210 trillion and 936 billion dinars, while the deficit is 63 trillion and 599 billion dinars.
{Policy:Al-Furat News} The coordination framework held, on Tuesday evening, a meeting in the presence of Prime Minister Mohammed Shia Al-Sudani.
A statement of the framework, a copy of which {Euphrates News} received, stated that: “The meeting deliberated the financial budget schedules and stressed the need to approve the schedules to achieve the interests of citizens and support the economic situation.”
The framework stressed during the meeting “the importance of proceeding with the election of the Speaker of the House of Representatives as soon as possible.”
The United Nations (UNAMI) envoy for Iraq, Jeanine Hennes-Plaschart, on Tuesday (May 28, 2024) sent a letter marking the end of her tenure in the country.
“As my tenure as Special Representative of the United Nations Secretary-General in Iraq draws to an end, I would like to express my deep gratitude and appreciation to all Iraqis, especially those I have met and worked with,” Plasskhartt said in her letter, according to a statement to the UNAMI mission, which was received by “Baghdad Today.”
“Over the past five years, I have been repeatedly influenced by the generosity and hospitality of a people who have never strayed from their traditions of welcoming the stranger or helping the needy, even at the expense of their comfort or time, and I have learned a lot of listening to Iraqi women and men as they proudly recount their history,” she added.
She pointed out that “although many faced serious challenges, the optimism for the coming days was always bright. They welcomed me and my other colleagues at the United Nations to their cities and homes, and invited us to share them in a meal or event and did not miss an opportunity to highlight Iraq’s rich culture and enormous beauty, and throughout the country, including the Kurdistan Region, countless people of all ages spontaneously shared, again and again, their hopes and aspirations. And I won’t forget any of them.”
“I also truly appreciate the professional meetings and discussions we have had with a wide range of partners, from civil society representatives, academics, clan leaders and religious leaders to local authorities, provincial authorities, national authorities, judges and security and political officials. Needless to say, their views and perspectives have taught us a lot and guided our work,” she continued.
Blaskhart pointed out that “some of these meetings included people who put daily differences aside to find solutions in the critical stages of Iraq, all of these interactions have left an indelible impact inside. And of course, I cannot exaggerate our gratitude to the various organs of the Iraqi government, which facilitated our work, through tireless efforts, and protected the staff and operations of the United Nations.”
“None of that means the UN has been immune to criticism – some of which has been justified, some simply based on misconceptions about who we are, what we can and cannot do,” she stressed. But talking to those who understand the values of the organization and what it stands has been very productive. As I have said many times, the UN does not have a magic wand. Ultimately, the balance between conflict and peace, or poverty and prosperity, depends on the political will of the nations. But if we can make a difference in people’s lives, it’s worth intensifying up work and keep trying. Ultimately, the UN has one key priority at its core: to promote peace and prosperity for all – regardless of affiliation, religion, background or race.”
Blaskhart concluded her message by saying, “Once again I would like to express my deep appreciation and thanks to the kind cooperation and support provided to the United Nations Assistance Mission for Iraq (UNAMI) and the wider United Nations family in Iraq and to me personally. Long live Iraq.”
Economic expert Jabbar Kuran revealed today, Tuesday, the high rate of economic growth in the country and the Iraqi financial system was linked to the global banking system.
The economic expert and currency market spokesman in Sulaymaniyah Jabbar Kuran said in a statement to Shafaq News that “the economic and financial situation of Iraq is in a remarkable development and growth and now we are witnessing an increase in the economic growth of the country by 2% and this is a good thing for the Iraqi economy compared to the past years.”
He added that “the implementation of the Central Bank of Iraq’s electronic measures under the supervision of the US Treasury Department has had a clear impact on economic growth as well as on the devaluation of the dollar against the Iraqi dinar.”
He pointed out that “the monetary fiscal policy now followed in the country has made the difference between the exchange rate of the dollar and the dinar shrinking to the limits of ten thousand dinars, and this difference is normal for many reasons.”
He pointed out that “the measures taken since the middle of last year have been implemented in a fact of a way up to 30 financial measures that had a positive repercusssion dealing in Iraqi dinars instead of the dollar, when transactions in the Iraqi dinar in the country are now estimated at 90% except for the Kurdistan region, as well as allowing traders to deal with foreign transfers through banks and directly, where 85% of local traders can now deal with foreign transfers through banks to import materials from abroad.”
Koran ruled out that the dollar exchange rate should be the same as the government exchange rate for administrative and financial reasons, noting that the difference should remain like this by about 10,000 dinars between the exchange rate in dollars and the dinar.
Shafaq News / The Kurdistan Oil Industry Association (EpiCOR) on Tuesday called for a tripartite meeting between it and the federal government and the Kurdistan Regional Government to resume oil exports from the region through the Turkish port of Ceyhan.
The association said in a statement today that its attention has been on reports that oil companies in the Kurdistan region are neither lenient nor flexible in or resuming oil exports, which is why the resumption of oil exports in the region through the pipeline between Iraq and Turkey is delayed.
The statement considered that these reports are incorrect, noting that “these reports talk about it in a way that there are negotiations with oil companies, and that the latter in turn does not show any flexibility in those negotiations.”
The statement also noted that “there are currently no negotiations between the oil companies, the Kurdistan Regional Government and the Iraqi government, and the last negotiations were held from January 7 to 9 of this year.”
Epicor confirmed that the oil companies operating in the region are ready to resume oil exports provided that their financial rights are agreed to be paid in the past and guaranteed in the future, and provided that the deals contained in their contracts are protected.
“Epicor member companies believe that the best way to find a solution is to hold a tripartite meeting between oil companies, the Kurdistan Regional Government and the Iraqi government,” said Miles Kakins, spokesman for the association.
US ambassador receives ‘fantastic news’: Iraq will see economic growth and a modern financial system
Today, 11:35
Baghdad – Mil
The US ambassador in Baghdad, Alina Romanowski, on Tuesday expressed her admiration for “great news” from Iraq, expecting economic growth supported by a modern financial system in the country.
“Great news!” Romanowski said in a post on the X platform, “Great news! Iraq officially ratified the electronic payment system on April 29.”
“This step will pave the way for a modern financial system and economic growth,” Romanowski added.
The Chairman of the Finance Committee, Engineer Atwan Al-Atwani, received today, Monday, 27/5/2024, the World Bank delegation headed by Mr. Jean-Christophe Carré, Regional Director for the Middle East, to discuss supporting the development road project and the energy sector in Iraq.
The meeting reviewed the economic vision of the Development Road Project and its strategic importance in activating the investment movement, maximizing non-oil revenues and providing job opportunities.
He also discussed the multi-stage support provided by the World Bank for the Development Road project, including the modernization and rehabilitation of the current railway network and linking it from southern Iraq through the north to Turkey.
Mr. Al-Atwani called on the World Bank delegation to present new insights and ideas on achieving optimal investment for this huge project, which it is hoped will make Iraq an economic corridor linking Asia with Europe.
The Chairman of the Committee explained that the infrastructure of the development path should be in the hands of the government so that this important project linking Iraq with the countries of the world is not subject to effects.
The meeting witnessed a discussion of the continued support from the World Bank for the energy sector in Iraq, especially with regard to strengthening the electricity network, developing renewable energy and regional connectivity.
the House of Representatives the media department 28/5/2024
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