An economic expert talks about the shortage of “cash liquidity” and its effects on the budget

[yota691]

An expert reveals the numbers and costs of employee salaries in Iraq

2023.05.12 - 11:03

 

Baghdad - people  

On Friday, the economist and professor of economics at the University of Basra, Nabil Al-Marsoumi, revealed the numbers and costs of employees' salaries in Iraq.  

  

  

  

Al-Marsoumi said in a post followed by "NAS" (May 12, 2023):    

  

- The number of fixed staffing employees in Iraq = 4.096 million employees.  

  

- Salaries of employees on fixed staff in 2023 = 59.814 trillion dinars.  

  

- The average monthly salary of an Iraqi employee = 1.217 million dinars = 900 dollars.  

  

- The average salary of an Iraqi employee is equivalent to a quarter of the average salary of a Qatari and Emirati employee and half of the salary of a Saudi, Kuwaiti and Bahraini employee.  

[yota691]

A specialized expert: a financial and economic impasse awaiting Iraq, whose features will begin next year

2023.05.13 - 10:02

 

Baghdad - people  

The economist and professor of economics at the University of Basra, Nabil Al-Marsoumi, said on Saturday that there are general burdens that are difficult to reduce, and the burden of them will be borne by the 2023 budget and the upcoming annual budgets, which will expose Iraq to a major financial and economic impasse, the features of which will begin next year.  

  

 

  

Al-Marsoumi mentioned in a post followed by “Nass” (May 13, 2023):  

  

Fixed expenditures in the 2023 budget  

  

- Salaries of employees on fixed staff = 59.814 trillion dinars  

  

- Self-financing salaries = 2.102 trillion dinars  

  

- Social welfare = 27.941 trillion dinars  

  

- Domestic and external debt servicing installments = 18.962 trillion dinars  

  

Expenses of oil licensing contracts with the expenses of transporting Kurdistan oil = 15 trillion dinars  

  

Importing gas and electricity = 4.841 trillion dinars  

  

Electricity wages for the local investor = 2 trillion dinars  

  

Total fixed burdens in the budget = 130.660 trillion dinars  

  

He explained, "These expenditures are public burdens that are very difficult to reduce, and their burden will be borne by the 2023 budget and the upcoming annual budgets, which in total are greater than the expected oil revenues, which amount to 117 trillion dinars in 2023, which will expose Iraq to a major financial and economic impasse, the features of which will begin in the next year, especially If there is no significant increase in Iraqi oil exports and in world oil prices."  

[yota691]

In numbers... An expert details budget expenditures and warns of a "major financial impasse"

 

money and business
   

Economy News - Baghdad
Economic expert Nabil Al-Marsoumi warned, on Saturday, that Iraq would be exposed to a "major financial and economic impasse," whose features will begin in the next year, especially if there is no significant increase in Iraqi oil exports and in global oil prices.

Al-Marsoumi wrote on his Facebook page, “Fixed expenses in the 2023 budget.
Salaries of employees on fixed staff = 59.814 trillion dinars.
Self-financing salaries = 2.102
social welfare = 27.941 trillion dinars.
Internal and external debt service installments = 18.962 trillion dinars.
Expenses of oil licensing contracts with expenses.” Transporting Kurdistan oil = 15 trillion dinars,
importing gas and electricity = 4.841 trillion dinars,
electricity wages for the local investor = 2 trillion dinars,
total fixed burdens in the budget = 130.660 trillion dinars.

He added, "These expenditures are public burdens that are very difficult to reduce, and their burden will be borne by the 2023 budget and the upcoming annual budgets, which in total are greater than the expected oil revenues, which amount to 117 trillion dinars in 2023, which will expose Iraq to a major financial and economic impasse, the features of which will begin in the next year, especially If there is no significant increase in Iraqi oil exports and in world oil prices. 

 

 

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Views 84

Added 05/13/2023 - 3:02 PM

[yota691]

A specialist provides a full explanation of 4 amended articles pertaining to the Kurdistan region

2023.05.26 - 10:19

 

Baghdad - people  

On Friday, economic expert Nabil Al-Marsoumi talked about amending 4 articles related to the share of the Kurdistan region in the federal budget.  

  

 

  

Al-Marsoumi said in a clarification, followed by "NAS" (May 26, 2023), that "the Parliamentary Finance Committee voted on several amendments related to Kurdistan:  

  

First - Article 13 Second A has been amended, as Kurdistan is committed, according to the government version of the budget, to export no less than 400,000 barrels per day, while this paragraph, after the amendment, provides for the delivery of the region’s crude oil produced in its fields at a rate of not less than 400,000 barrels per day to the Ministry Oil to be exported through SOMO or to be used locally in Iraqi refineries, and this amendment has added a kind of complication to the relationship between the center and the region due to the technical difficulties related to the delivery of the region’s oil to the center on the one hand and because of the stripping of the center of the authority to export oil on the other hand.  

  

Second - Paragraph C of the same article was amended, which stipulated the commitment of the Ministry of Finance to pay the region’s dues monthly and to make accounting settlements on a quarterly basis, meaning that the region was receiving its dues in the 2023 budget before the oil was delivered, but in the new amendment, it obligated the region to pay its oil and other revenues oil before receiving its share of the budget.  

  

Third - Article 14 was amended first, which stipulated that the total revenues of the region's oil be deposited in one bank account, and after the amendment, the region became obligated to deposit oil revenues in a bank account opened in the Central Bank of Iraq, while the region was seeking to open the account in Citibank.  

  

Fourth - Preventing the region from extracting oil from the fields of Kirkuk and Nineveh, which are currently under the control of the Kurdistan government, which currently constitutes more than a third of the region's production of crude oil.  

[yota691]

obligations and compensation.

An expert reviews the text of the 'State Administration' agreement regarding the oil of the Kurdistan region and the latter's share of the budget

2023.06.08 - 15:12

 

Baghdad - people  

On Thursday, Professor of Economics at the University of Basra, Nabil Al-Marsoumi, reviewed the "text of the agreement" between the State Administration Coalition on the items and paragraphs related to oil and the Kurdistan region's share of the federal budget.  

  

  

Al-Marsoumi said in a post followed by “NAS” (June 8, 2023), “The text of the agreement between the State Administration Coalition on the items and paragraphs related to oil and the share of the Kurdistan region in the Iraqi general budget includes the following:  

  

The Kurdistan Regional Government is obligated to pay 400,000 barrels of crude oil produced per day to the Iraqi Ministry of Oil represented by the Iraqi Oil Marketing Company known as "SOMO".  

  

- The Iraqi Oil Marketing Organization (SOMO) is committed to exporting and selling the specified amount of oil provided by the Kurdistan Region daily at the official price of the Iraqi Ministry of Oil and returning the revenues to the public treasury.  

  

- The Kurdistan Regional Government is obligated to provide the Iraqi Ministry of Oil with its oil for local use in the event that it is unable to export it through the country's official outlets.  

  

The Iraqi Ministry of Finance is obligated to compensate the price of production and transportation of crude oil to the Kurdistan Regional Government.  

  

- Calculating compensation for the Kurdistan Regional Government and the price of production and transportation of crude oil produced in the Kurdistan Region will be equal to the price of production and transportation of crude oil produced by the Iraqi Ministry of Oil, meaning that the price of production and transportation of a barrel of oil from the Kurdistan Region will be equal to the price of production and transportation of a barrel of oil from the Iraqi Ministry of Oil The Iraqi Ministry of Finance will compensate the Kurdistan Regional Government according to the price of production and transportation of Iraqi oil barrels.  

  

All gross oil revenues of the Kurdistan Region will be deposited in a single bank account opened with the Central Bank of Iraq.  

  

All other foreign bank accounts in which the oil revenues of the Kurdistan region are kept will be closed.  

[yota691]

An Iraqi Expert Expects The Dollar To Fall To The Official Price And Reveals Indicators

06/17/2023

1524

Earth News / Economist Nabil Al-Marsoumi predicted today, Saturday, that the dollar will drop.

 Al-Marsoumi stated in a clarification, followed by Earth News, that “there are many indications that suggest the imminence of an interim agreement between Iran and the United States, after the International Atomic Energy Agency announced the resolution of outstanding issues with Iran related to uranium enrichment rates, which reached 83%, as well as issues related to the discovery of nuclear activities in Iran.” Some undisclosed sites from Iran.

 

He added, “This means that the contentious issues between Iran and the agency have been resolved, and any US-Iranian agreement would lead to an increase in Iranian oil production and exports between half a million and one million barrels per day, which would result in a decrease in global oil prices that would negatively affect oil revenues in Iran.” OPEC countries, including Iraq.

 

He continued, "But on the other hand, if this agreement leads to the abolition of restrictions on bank transfers in dollars to Iran, this will lead to a significant improvement in the exchange rate of the dinar against the dollar, and the parallel exchange rate will come very close to the official rate as a result of the shift in the payment of Iranian merchants' dues from cash dollars to remittances." Banking, and it may also result in an increase in Iranian gas releases to Iraq, as the agreement will lead to the possibility of paying Iran's debts to Iraq in dollars.

[6ly410]

The release of the budget may bring bad news about the dollar. The gap between the two prices will rise

Economy | yesterday, 18:36 | 

The release of the budget may bring bad news about the dollar. The gap between the two prices will rise » Baghdad News Agency Today (baghdadtoday.news)

Baghdad Today - Baghdad

Economist Nabil Al-Marsoumi confirmed on Saturday that the launch of the budget and its monthly financial allocations will put pressure on the price of the dollar, and the gap will become larger between the official and parallel price.

Al-Marsoumi said in an interview with "Baghdad Today" that "we do not count on the decline in the price of the parallel dollar after the launch of the budget, but on the contrary it will increase, and this gap still exists and its goal is to finance trade with Iran."

"US dollar transfers are prohibited by the electronic platform, and therefore there is pressure on the parallel price, in order to pay the dues Iran has from its commodity trade with Iraq," he said.

He pointed out that "there is supposed to be a mechanism for cooperation with the United States regarding the economic blockade and preventing the entry of dollars into Iran, and all this led to the gap between the official and parallel dollar rate, and this gap is likely to rise."

[Officiallytook]

Not if they change the rate , que no? 

[JonnyV]

I think that is what there are implying.  When the rate changes, the Dinar will be worth much more than the US dollar and that’s the gap when the budget is released between the two currencies.  This might be the reason why Iran is all for the RV now.  They have a friendly neighbor who’s currency is worth more than the USD with no restrictions on them.  

[tjokie]

I'd be interested to know if Iran has applied for membership to BRICS!

[6ly410]

Economist: The dollar exchange rate will rise after the launch of the budget

Last Update: June 25, 2023 - 10:59 AM

Economist: The dollar exchange rate will rise after the launch of the budget – Iraq News Network (aliraqnews.com)

Baghdad / Iraq News Network - Economist Nabil Al-Marsoumi said on Sunday that the launch of the budget and its monthly financial allocations will put pressure on the price of the dollar, and the gap will become larger between the official and parallel price.Al-Marsoumi said in a press interview, that "we do not count on the decline in the price of the parallel dollar after the launch of the budget, but on the contrary will increase, and this gap still exists and its goal is to finance trade with Iran." All this has led to the gap between the official and parallel dollar rate, and this gap is set to rise."

[yota691]

An expert is surprised at the distribution of special grades in the 2023 budget

2023.06.27 - 10:21

 

Baghdad - people  

On Tuesday, Professor of Economics at the University of Basra, Nabil Al-Marsoumi, presented notes on the distribution of state employees in the 2023 budget.   

 

Al-Marsoumi said in a post, followed by "NAS", (June 27, 2023):  

  

First: The number of private grades from the upper grade A = 770  

  

The number of private grades in Kurdistan from grade A = 329  

  

The ratio of higher grades A in Kurdistan to the total of those grades in Iraq = 43%, although the number of employees in Kurdistan = 658 thousand, or 16% of the total number of employees in Iraq.  

  

Second: The Ministry of Foreign Affairs is the largest in grades A, with 118 grades, or 15% of the total of those grades in Iraq, although the number of its employees is 3778, meaning that 15% of its employees are grade A.  

  

Third: The Ministry of Education is the largest among the ministries in terms of the number of employees, who number about 964 thousand employees, or 23.6% of the total number of employees in Iraq, while the number of grades from category A is only 6 grades.  

[yota691]

Specialist: Iraq leads the countries of the Middle East in the number of private banks

2023.07.26 - 13:36

 

Baghdad - Nas  

Professor of Economics at the University of Basra, Nabil Al-Marsoumi, said, on Wednesday, that Iraq is first in the number of private banks in the Middle East.  

 

Al-Marsoumi mentioned in a post followed by “NAS” (July 26, 2023):   

  

The total number of banks in Iraq = 81 banks.  

  

Number of government banks = 7 banks.  

  

The number of private banks = 74 banks.  

  

The ratio of the number of private banks to the total number of banks in Iraq = 91%.  

  

Al-Marsoumi explained, "This percentage is the highest in the Middle East, as the number of banks in Turkey (43), Egypt (41), Saudi Arabia (31), Iran (30), Jordan (26), and Algeria (20)... while The number of banks registered in a superpower like Britain has reached (54) banks only.  

  

The number of Islamic banks in Iraq = 29 banks.  

  

And between, "This means that Islamic banks in Iraq constitute more than a third of the banks in Iraq, while the Islamic banks that were affected by US sanctions amounted to more than half of the total number of banks accused of money laundering and dollar smuggling, which is the window for selling foreign currencies as the main source of their profits."  

[yota691]

Otherwise, the dollar will jump'

A competent expert proposes two solutions to control the dollar crisis

2023.07.26 - 15:24

 

Baghdad - Nas  

On Wednesday, Professor of Economics at the University of Basra, Nabil Al-Marsoumi, proposed two solutions to control the dollar crisis  

 

Al-Marsoumi mentioned in a post entitled "Can Iraq sell oil in Chinese yuan?" Followed by "Nass" (July 26, 2023): "As long as the US treasury acts on the assumption that the dollar is its dollar and it has the right to prevent it from any country subject to its sanctions, then Iraq also has the right to decide to sell its oil to China, which exceeds one million barrels per day in yuan."  

  

He added, "And to use the proceeds of these revenues to settle his commercial transactions with countries subject to US sanctions."  

  

And he continued, "And if he could not do that because the one who controls the Iraqi money is an employee of the American treasury, as Hadi Al-Amiri says, then it is necessary to courtship and coordinate with the Americans, and on the contrary, the dollar will become outside the coverage area!!"  

  

[yota691]

Iraq leads the Middle East in the number of private and Islamic banks, and an economist explains

Economy

2023-07-26 | 07:47

 

Source:

Alsumaria News

 

816 views

 

Alsumaria News - Economy

Economic expert Nabil Al-Marsoumi revealed today, Wednesday, the percentage of the number of private banks in the Middle East, while he indicated that Iraq leads the countries in the number of private banks.

Al-Marsoumi said in a post, followed by Alsumaria News, that "Iraq is first in the number of private banks in the Middle East," noting that "the total number of banks in Iraq is 81 banks."

And the economist said that "the number of government banks in Iraq is 7 banks," adding that "the number of private banks is 74 banks."

Al-Marsoumi explained that "the ratio of the number of private banks to the total number of banks in Iraq is 91%."

He added, "This percentage is the highest in the Middle East, as the number of banks in Turkey (43), Egypt (41), Saudi Arabia (31), Iran (30), Jordan (26), and Algeria (20)," revealing that " The number of banks registered in a superpower like Britain is only 54 banks.

* Islamic banks in Iraq,

and he stressed that "the number of Islamic banks in Iraq is 29 banks, and this means that Islamic banks in Iraq constitute more than a third of banks in Iraq," explaining that "Islamic banks that were affected by US sanctions amounted to more than half of the total number of banks accused of laundering Funds and dollar smuggling, which is the window for selling foreign currencies, the main source of profits.

Earlier, the Wall Street Journal quoted US officials as saying that the United States prevented 14 Iraqi banks from conducting transactions in dollars.

"The ban imposed by the Treasury Department and the Federal Reserve Bank of New York comes within the framework of a comprehensive campaign against the transfer of US currency to Iran," the newspaper's report said.

The penalties affected the following banks:
* Islamic Advisor Bank for Investment and Finance
* Al Qartas Islamic Bank for Investment and Finance
* Al Taif Islamic Bank for Investment and Finance
* Elaf Islamic Bank
* Erbil Bank for Investment and Finance
* International Islamic Bank
* Pan Iraq Investment Bank
* Mosul Bank for Development and Investment
* Al Rajeh Islamic Bank
* Sumer Commercial Bank
* Trust International Islamic Bank
* Islamic Money Bank
* Islamic World Bank for Investment and Finance
* Zain Iraq Islamic Bank for Investment and Finance

[yota691]

The Iraqis spent 3.4 billion dollars in Iran in 2022!...another reason for the high price of the dollar

Economy

2023-07-30 | 06:37

 

 

Source:

Alsumaria News

 

4,488 views

 

 

Alsumaria News - Economy

Economic expert Nabil Al-Marsoumi considered, today, Sunday, July 30, 2023, that tourism is another source for the high price of the parallel dollar, while Iraqi tourists spent $3.410 billion in Iran during the past year 2022.

Al-Marsoumi said in a post entitled "Tourism is another source of the high price of the parallel dollar," followed by Alsumaria News, that "Iraqis accounted for 55% of the total number of foreign tourists who entered Iran in 2022," noting that "foreign tourists spent $6.2 billion in Iran in 2022." 2022, while Iraqi tourists spent $3.410 billion in 2022.

 

He added, "Because of the US sanctions that do not allow Iraqi travelers to Iran to convert the dinar into dollars at the official rate, the Iraqis are forced to request or buy the dollar, which is a real request and not for the purposes of speculation at the parallel price, so the gap between it and the official rate widens."

 

The official exchange rate is 1320 dinars to the dollar in the Iraqi budget, but the parallel rate witnessed a strong rise in the Iraqi markets during the past days, reaching 157 thousand dinars per hundred dollars.

This comes after the United States imposed sanctions on 14 Iraqi banks, in a campaign against Iran's dealings in dollars.

The Iraqi parliament moved to address the crisis, and the Finance Committee hosted the governor of the Central Bank, Ali Al-Alaq, to also discuss the bank's measures to stabilize currency prices.

Almost since the beginning of this year, the Central Bank of Iraq launched a working mechanism in an electronic platform and the international financial transfer system "SWIFT", but this did not help the dollar exchange rates to stabilize in Iraq, despite the attempts of the government and the central bank to control the exchange rate in the parallel (black) markets. ).

[boosterbglee]

It appears our sanctions on Iran changed nothing!  Thieves and crooks never change, not even over thousands of years!

[6ly410]

Why was the oil and gas law not legislated earlier? Expert clarifies

Economy | Today, 14:15 | 

    Why was the oil and gas law not legislated earlier? Expert clarifies » Baghdad Today News Agency

 

 

Baghdad Today – Baghdad

Today, Saturday (August 5, 2023), economist Nabil Al-Marsoumi explained the reasons for not legislating the oil and gas law previously, while pointing to five points that hinder approval.

Political controversies

Al-Marsoumi said in a post followed by "Baghdad Today": "Despite the issuance of two versions of the draft oil and gas law, one in 2007 and the other in 2011, but no oil and gas law has been enacted in Iraq because of the great difference between political forces on many topics."

He pointed out that "the most prominent of these differences is to give the region the authority of licenses in the field of exploration and development of undeveloped discovered fields," noting that "this is contrary to the competence of the National Oil Company, which leads to a conflict between the jurisdiction of the region and the National Oil Company and the jurisdiction of the Ministry of Oil."

He added that "this discrepancy would prevent the existence of a unified system of contracts in the different regions of Iraq, and that giving the regions the right to conclude licensing contracts prevents the implementation of a federal policy for oil and gas, and there will be two oil policies, one in the center and the other in the region."

Article 112 (I)

The decree indicated that "there is a great difference in the interpretation of Article (112/I) of the constitution, which stipulates that the central authority manages oil and gas extracted from the current fields in coordination with the regions, which is interpreted as Kurdish that the central authority does not manage oil and gas in the explored and undeveloped fields as well as exploratory patches, and this understanding leads to the interpretation of the regions that it will manage oil and gas."

He continued: "Giving the authority of oil operations licenses to exploration and production contracts in the center and regions after presenting the initial contract to the Federal Council, leads to duplication in oil policy and affects the economic policy of Iraq due to the possible difference in visions between the Federal Council and the Ministry of Oil."

Negotiating side

He pointed out that "granting an important part of the negotiating role of the Federal Oil and Gas Council and its tasks to the Kurdistan region and the oil-producing cities that are not organized in the region may weaken the negotiating role of Iraq and exacerbate the risks surrounding the implementation of a unified strategy in the country."

He stressed that "when a unified central policy is lost, competition and difference will prevail between the national oil company and between the regions and governorates, which will lead to disagreement instead of cooperation that guarantees the unity of the people and the country, while the constitution granted the task of managing oil and gas wealth to the federal government in partnership with the regions and governorates."

Government movement

On August 2, 2023, Prime Minister Mohamed Shia Al-Sudani held a meeting dedicated to discussing the draft federal oil and gas law, in preparation for its approval in the Council and submitting it to Parliament.

The Prime Minister's Media Office said in a statement received by "Baghdad Today" that "the meeting witnessed a review of the latest drafts of the draft law, its details and items, and what the technical and legal committees worked on, and work to mature the final draft of the law, in preparation for its approval in the Council of Ministers, and submit it to the House of Representatives for legislation, according to the legal and constitutional contexts."

[yota691]

An economist expects the continuation of the "gap" between the parallel and official dollar prices

• Time: 08/31/2023 15:25:27
•  
• Read: 793 times

  

{Economic: Al Furat News} Economist Nabil Al Marsoumi predicted, today, Thursday, that the gap between the parallel and official dollar prices will continue, pointing out that it may increase due to the release of large amounts of money included in the 2023 budget.

 

Al-Marsoumi said to {Euphrates News}: “The issue of Iraq’s exit from the dollar crisis is political and continues with the existence of sanctions, and thus it prevents bank transfers and documentary credits. on the expenses of traveling Iraqis.

 

He added, "More than 3 billion and 410 million dollars, these expenditures are not funded, so that travelers resort to the parallel market, so as long as the sanctions remain in place, the gap will continue and may increase due to the release of large amounts of money included in the 2023 budget." 

 

From.. Raghad Dahham

 

 

[6ly410]

Iraq achieves the highest trade surplus in history. Expert summarizes reasons and clarifies "limitations" - urgent

Economy | Today, 13:13 | 

    Iraq achieves the highest trade surplus in history. Expert summarizes the reasons and clarifies the "restrictions" - Urgent » Baghdad Today News Agency

 

Baghdad Today - Follow-up 

Today, Monday (September 4, 2023), economist Nabil Al-Marsoumi announced that Iraq achieved the highest trade surplus in the last year 2022, while pointing to the high trade surplus that has nothing to do with reform.

Al-Marsawi outlined in his blog post published on his personal account on the Facebook platform and followed by "Baghdad Today", the reasons for Iraq's achievement of the highest trade surplus last year, pointing out that the surplus is "the difference between exports and imports of goods."

He continued, "The surplus achieved for 2022, throughout the history of the oil industry, which is approaching a hundred years old, as the surplus reached $ 53.54 billion due to the rise in oil exports in 2022 to about $ 120 billion, including $ 115 billion for crude oil exports and $ 5 billion, most of which are black oil exports.

"This means that the rise in the trade surplus in Iraq has nothing to do with reform, development, diversification of the economy or any self-efforts, but is related to an external variable, which is oil prices, whose annual average in 2022 was more than $ 95 per barrel," the decree said.

 

Trade surplus

In addition, a statistic conducted by the German company Statista, which specializes in market and consumer data, revealed today, Monday (September 4, 2023), that Iraq achieved the largest trade surplus for the past year 2022 over the past ten years.

The trade balance indicates the differences in imports and exports of goods in a country during the year, if the value of its exports during a period exceeds the value of its imports, it is called the surplus in the trade balance, and if the total value of imports exceeds the total value of exports, it is called the deficit in the trade balance.

The company stated in a table published today, that Iraq achieved the highest trade surplus for goods in 2022 over the past ten years, as the surplus last year amounted to $ 53.54 billion, up by 64% from 2021, which reached the trade surplus of goods in that year $ 20.08 billion, noting that Iraq achieved a deficit in its trade balance for two years, the first in 2020, where the deficit reached $ 4.11 billion, and the second in 2015, where the deficit reached Commercial $0.94 billion.

The report continued, "In 2019, the balance achieved a trade surplus of $ 16.62 billion, and in 2018 the trade surplus reached $ 35.95 billion, and the trade surplus in 2017 amounted to $ 15.1 billion," indicating that the trade surplus in 2012 amounted to $ 35.39 billion.

 

Oil export

During the past year (2022), Iraq achieved financial revenues of more than $ 115 billion from the export of crude oil, to be the highest in years, according to official figures announced by the Iraqi Ministry of Oil.

According to these figures, the daily export rate reached 3 million and 320 thousand barrels, which is a total of one billion and 211 million and 800 thousand barrels for the whole year.

 

Reflections

Regarding the repercussions of these financial revenues on the economy and the citizen, and their impact on solving the economic crises facing the country, whose budget depends more than 95% on oil sales, the financial adviser to the Iraqi government, Mazhar Muhammad Saleh, said that these revenues were subject to two restrictions in financial transactions due to the absence of the budget law for the year 2022: The first is through compliance with Article 13 of the Financial Management Law No. 6 of 2019, as amended, which stipulates disbursement by 1/12 of the total actual continuous or current expenditures. In the previous budget, estimated at 115 trillion dinars ($70 billion).

The second restriction is due to the allocations contained in the Emergency Law for Food Security and Development No. 2 of 2022, amounting to 25 trillion dinars ($ 17 billion), which means that the total expenditures for 2022 amount to 140 trillion dinars ($ 88 billion).

Saleh explained that the remaining fiscal surplus of 2022 revenues is 27 trillion dinars ($18.5 billion), and will be an opening balance in the 2023 budget.

 

Sovereign Fund

For his part, Ali Daadoush, an economic academic at the University of Baghdad, stressed the need to invest the financial surplus in the development of industry and agriculture and support the infrastructure of the real private sector, to operate factories and factories and produce locally made goods and services, in conjunction with the gradual re-imposition of taxes on locally produced goods, in line with activating the role of control and preventing the promotion of locally produced goods and keeping them within prices equal to or less by a margin of competing foreign goods.

Daadoush added that "all of the above is achieved through the method of balancing programs and performance with the establishment of the sovereign fund," which he considers "the first step towards diversifying the sources of the Iraqi economy."

The academic pointed out that this ensures the solution of several deep-rooted problems in the Iraqi economy, including unemployment, corruption, financial and administrative aspects, trade imbalance and smuggling of foreign currency abroad.

 

Source: "Baghdad Today - Agencies

s"

[3n1]

only in iraq would a financial surplus be considered a crisis ,, im thinking a new financial adviser might help to resolve this terrible situation ... wth is going on anyways all citizens should occupy the green zone and stay to changes are made. 

[Theseus]

On 9/4/2023 at 3:40 PM, 3n1 said:

only in iraq would a financial surplus be considered a crisis ,, im thinking a new financial adviser might help to resolve this terrible situation ... wth is going on anyways all citizens should occupy the green zone and stay to changes are made. 

How would they get food and water? Who would take care of sanitation needs? Where is the shelter going to come from? Bedding? Laundry? Showers? Potable water? A lot of logistics goes into occupying a parcel of land indefinitely or even temporarily.Not possible for "all" citizens to occupy the green zone as "some" citizens would need to supply the needs of those who are occupying the green zone. BTW ain't no official gonna help provide supplies to those occupying the green zone, unless it benefits them significantly. There will always be those who are on the lookout and will exploit whatever it is that which "significantly benefits" them.  People are people, no matter where they are or where they live.

Edited September 13, 2023 by Theseus

[screwball]

5 hours ago, Theseus said:

How would they get food and water? Who would take care of sanitation needs? Where is the shelter going to come from? Bedding? Laundry? Showers? Potable water? A lot of logistics goes into occupying a parcel of land indefinitely or even temporarily.Not possible for "all" citizens to occupy the green zone as "some" citizens would need to supply the needs of those who are occupying the green zone. BTW ain't no official gonna help provide supplies to those occupying the green zone, unless it benefits them significantly. There will always be those who are on the lookout and will exploit whatever it is that which "significantly benefits" them.  People are people, no matter where they are or where they live.

the infrastructure required to deliver water and sanitation services to iraq and their cities would be incredible...lets not forget their housing needs, now and into the future...we will see a strong iraq and a strong currency

[3n1]

6 hours ago, Theseus said:

How would they get food and water? Who would take care of sanitation needs? Where is the shelter going to come from? Bedding? Laundry? Showers? Potable water? A lot of logistics goes into occupying a parcel of land indefinitely or even temporarily.Not possible for "all" citizens to occupy the green zone as "some" citizens would need to supply the needs of those who are occupying the green zone. BTW ain't no official gonna help provide supplies to those occupying the green zone, unless it benefits them significantly. There will always be those who are on the lookout and will exploit whatever it is that which "significantly benefits" them.  People are people, no matter where they are or where they live.

 

thanks theseus , always enjoy reading ur post over the years iraqis have tried the occupy the green zone before even Sadr pitched a tent with em it didnt amount to jack squat for change i realize they could not stay in protest forever the goi dont care , most hanging around here now have followed all this to know whats its all about .. heres hoping ... cheers

[yota691]

The dollar to 160 thousand?.. pessimistic expectations about the exchange rate in Iraq

2023-09-15 02:30

 

Shafaq News/ Experts in Iraqi economic affairs expected, on Friday, that the gap between the official and parallel prices will widen in the coming days or weeks, amid expectations that the dollar exchange rate will reach 160 thousand dinars during this period.

 

Economist Nabil Al-Marsoumi told Shafaq News Agency, “The gap between the official and parallel prices is expected to increase in the coming days or weeks, especially after the release of funds in the 2023 budget and the increase in consumer and investment spending.”

 

Al-Marsoumi explained, “The previous conditions are still the same, meaning as long as there are American sanctions on Iran that prevent official financial transfers through bank transfers to pay dues to Iranian trade, the gap will remain large and expand over time.”

 

He continued: "The volume of Iranian exports to Iraq exceeds 10 billion dollars annually, and these are currently being financed from the parallel market, by collecting travelers' dollars and transferring them to Iran."

 

The economic expert added, "Iraqi travelers abroad spend 3 billion and 410 million dollars annually, and they are prohibited from obtaining the dollar at the official rate, so they resort to the parallel market."

 

Al-Marsoumi pointed out, “The factors currently existing in Iraq indicate that the gap will increase, and no one will be surprised when the dollar exchange rate reaches 160 thousand dinars during the coming weeks or months.”

 

He added: “The more the central bank is able to arbitrate the electronic platform with the US Federal Reserve, the more the dollar will become scarce in the Iraqi market, and thus its price will rise.”

 

Al-Marsoumi pointed out that “relying on the actions of the Central Bank or the Iraqi government to reduce the gap is difficult to implement, because the issue relates to capabilities that neither the Iraqi government nor the Central Bank possess.”

 

He concluded by saying: "The only solution to reduce the gap between the two prices is to cancel the US sanctions on Iran and return official transfers to it, or to cut off foreign trade and prevent Iraqi travelers from traveling to Iran. Otherwise, the gap will continue to widen in the near and medium time."

With the closure of the Central Stock Exchange in Baghdad yesterday, Thursday, the exchange rate of the Iraqi dollar against the US dollar touched the barrier of 156 thousand dinars for every 100 dollars.