|
Search the Community
Showing results for tags 'outlook of the international monetary fund'.
Found 2 results
-
The International Monetary Fund expects a jump in Iraq's public revenues of nearly $150 billion 2022-05-03 06:01 Shafaq News/ The International Monetary Fund expected that Iraq will achieve a jump in its public revenues during 2022 after the rise in oil prices. According to the fund's estimates, seen by Shafak News Agency, "it is expected that the Arab oil-exporting countries will witness jumps in their revenues during the current year, in conjunction with the rise in oil prices globally," noting that "it is expected that Iraq's revenues during 2022 will reach 149 billion dollars." And an annual change rate of 73 percent from 2021. The report added that "Saudi Arabia's revenues are expected to rise $327 billion with an annual change of 28 percent, while Libya's annual revenues for the current year will reach 39 billion dollars with an annual change of 84 percent, while the UAE's revenues will be 190 billion dollars with an annual change of 46 percent, and Kuwait's revenues will be 102 billion." dollars with an annual change rate of 46 percent. He added that "Qatar's revenues are expected to reach $84 billion with an annual change of 40 percent, Bahrain's revenues will be 11 billion dollars with an annual change of 39 percent, and Oman's revenues will amount to 39 billion dollars with an annual change of 34 percent, while Algeria's revenues will reach 58 billion dollars, with a percentage change of 28 percent." percent". Oil prices rose during 2022 to above $100 per barrel after Russia, one of the world's largest oil and gas exporters, launched a war against Ukraine, with concerns about a disruption and a scarcity of oil exports. -
The World Bank sounds the alarm in Iraq: The food security crisis is worrying Posted 9 seconds ago The World Bank sounds the alarm in Iraq: The food security crisis is worrying - Iraq News (iraqakhbar-com.translate.goog) news source /Iraq Today Agency Baghdad - Iraq today: A report issued by the World Bank warned of the impact of the delay in forming the government and approving the budget on the growth of Iraq's economy. The report said, "Iraq is gradually emerging from the deep recession that it experienced in 2020 due to the Corona Virus (Covid-19) pandemic and the accompanying collapse in oil prices, as after a contraction of more than 11% in 2020, the Iraqi economy achieved a growth rate of 2.8% in 2021 with the easing of restrictions imposed by the Corona pandemic on movement, and this growth was supported by a strong expansion in non-oil production, especially in the services sector. He added, “With the gradual cancellation of the “OPEC +” production cuts, the oil GDP also began to grow in the second half of 2021, and the rise in oil revenues prompted a surplus in public financial balances and total external balances in Iraq in 2021. “. The report quoted Saroj Kumar Jha, Regional Director of the Mashreq Department at the World Bank, as saying: “Iraq has a unique opportunity to undertake urgent and wide-ranging structural reforms through 3 means: taking advantage of the fiscal space resulting from its recent sudden oil revenues, and secondly, redirecting government spending towards programs that Improving growth is critical to economic diversification and job creation, and thirdly, addressing the country’s human capital crisis.” The World Bank report confirms that “the current food security challenges in Iraq have intensified in the midst of the current rise in global commodity prices, while the level of local food production is less than the level of demand caused by rapid population growth, and severe droughts and other climate change factors have led To exacerbate this situation, and while subsidies and direct transfers can help mitigate these negative impacts in the short term, achieving food security requires coordinated efforts to improve local food production and more efficient management of water resources.” The report pointed out that “Iraq’s financial, social and economic challenges underscore the need to accelerate the much-needed macro-structural and financial reforms to remove obstacles to private sector development, increase investments in water efficiency and agri-food systems, and shift towards more sustainable sources of energy, in addition to Decarbonization of the transport sector. The report says, “A further delay in forming the government and approving the 2022 budget may limit the use of the country’s sudden oil revenues, as the actual ceilings of the 2021 budget have been reached, and the implementation of new investment projects may be suspended, which may reduce economic growth.” The white paper “developed by the Iraqi government remains a model and a bold blueprint for a comprehensive economic reform program towards economic diversification.” The report singles out a special chapter on the “Corona pandemic and the human capital crisis,” and says, “A child born in Iraq prior to the Corona pandemic may have only 41% of productivity when he reaches the age of eighteen than it would have been if he enjoyed a full education and full health, as The pandemic has affected the human capital in Iraq by negatively affecting the health of workers today and their level of economic well-being, as well as by reducing the potential productivity of the future generation in Iraq. Addressing such challenges requires taking an educational reform path to raise the level of learning and skills development among Iraqi children. .
