Iraqi News Early Friday AM 1-21-22 — Dinar Recaps (2024)

Iraqi News Early Friday AM 1-21-22

TLM724 Administrator BondLady’s Corner

The Arab Monetary Discloses Iraq's Proven Reserves Of Oil

EconomicLast update 01/18/2022 | 11:43 AMThe Information/Baghdad.. The Arab Monetary Fund announced that Iraq's share of the proven Arab oil reserves is 20.7%.

The Fund stated in the Unified Arab Economic Report that “92.7 percent of the Arab proven reserves of crude oil are concentrated in 5 Arab countries, namely Saudi Arabia, which accounted for a share of 37.3 percent of the total reserves of Arab countries, followed byIraq with 20.7%,and Kuwait 14.2%UAE, 13.7 percent, and Libya 6.8 percent.

He added that "the reserves of the Arab countries constituted 55.7% of the global reserves of crude oil, while the reserves of the non-Arab OPEC countries constituted 23.5 percent, the reserves of the Commonwealth countries constituted 9.3 percent, and the percentage of proven oil reserves in North America was 6.3 percent.

The reserve ratio in the North Sea was 0.8 percent, and in other countries it was 4.4 percent.

According to the report, “estimates of proven oil reserves at the global level slightly increased in 2021, to reach 1284.3 billion barrels, an increase of 2.6 percent compared to the levels of the previous year, and for the Arab countries, the estimates stabilized at the same level achieved at the end of the previous year, which is 715.8 billion barrels.“. finished/25

So... Iraq has what percentage of current Global estimated proven oil?

0.207 x 0.557 = 11.53% of estimated globaloil reserves translated to Iraq's Reserves, Billions of Barrels

0.1153 x 1284.3 Billion barrels = 715.8 billion barrels x 0.207 = 148 Billion Barrels

https://almaalomah.me/2022/01/18/577215/

Economist: Al-Kazemi’s Government Is Not Authorized To Spend From The Financial Surplus

EconomicLast update 01/20/2022 | 4:15 pmInformation/special...

Economic analyst Younis Al-Kaabi confirmed, on Thursday, that the large financial surplus due to the rise in oil prices, will be the nucleus of the new government to launch a promising program, while indicating that the caretaker government cannot dispose of the financial surplus.

Al-Kaabi said, "The increases in crude oil prices will contribute significantly to supporting the 2022 budget," noting that "the delay in convening Parliament and forming the new government made the caretaker government unable to spend from public funds, except in the field of expenditures."

The general public at a rate of 12/1, as is the case in the event the budget is delayed for any reason.

He added, "So we are facing a large financial surplus that will be the nucleus for the next government to launch a promising government program through which it can provide programs and investments and provide great job opportunities."

And earlier today, oil expert Hamza Al-Jawahiri said that oil prices will remain between 85 and 90 dollars for the current year and the following year due to the return of economic activities to the countries of the world that decided to coexist with the epidemichttps://almaalomah.me/2022/01/20/577725/

An Economist Denies The “Fiscal Deficit” Novel: A Fake Created By The Government

EconomicLast update 01/19/2022 | 4:12 pmInformation / special...

The economist, Basil Al-Obaidi, confirmed, on Wednesday, that there is no actual financial deficit in the Iraqi budget, but rather a fictitious deficit created by the government, while noting that the surplus funds from the rise in oil prices, if invested correctly, will improve the economic situation in Iraq.

Al-Obaidi said, in a statement to the "Information" agency, that "there is no real financial deficit, rather it is a fictitious deficit that the government has set in the planning budget.

As for the actual budget, there is no deficit; For two reasons, the first is that spending was not done correctly due to the delay in approving the 2021 budget.

He continued, "As for the second reason, it lies in the increase in oil prices significantly more than expectations.

The expected price of a barrel in the previous budget was 49 dollars and reached more than 89 dollars in the recent period, sowe have a large surplus through which we can increase the reserves of the Central Bank of Iraq by 16 billion dollars."“.

He added, "If these surplus funds are properly invested in the 2022 budget, the country's economic situation will become very good," noting that "now we have the ability to return debts, pay interests and extinguish loans."

Al-Obeidi explained, “The financial abundance is divided into two parts,the first of which goes to the reserves of the Central Bank of Iraq for hard currencies and the purchase of gold, and the other section is money saved to cover the new budget, so all the financial surplus is added to the 2022 budget in addition to all the money that exceeded the general budget.”2021.”https://almaalomah.me/2022/01/19/577513/

Economist: The Recovery Of Oil Prices Is A Justification For Restoring The Dollar Exchange Rate

Economic01/19/ 2022 | 11:01 amThe Information/Baghdad...The economic expert, Nabil Jabbar Al-Ali, expected, on Wednesday, a jump in oil prices in the coming days, after stabilizing the threshold of 75 dollars, stressing that the recovery of oil prices is a justification to reconsider the exchange rate of the dollar.

Al-Ali said in a statement to “The Information” that“the dollar’s exchange rate depends on a fixed price policy that is not linked to the global economy,”noting that “theis to maintain stability and try to stimulate economic indicators within the country through per capita income, as well as the poverty rate and the indicator the prices".

He added, "The Central Bank is primarily responsible for monetary policy in partnership with the Ministry of Finance, as well as the Ministry of Planning and the Economic Councils, and they must reconsider the dollar exchange rate, especially since this change came based on the requirements of the government's deficit in the year 2020."

Al-Ali pointed out that “the current government is currently facing an economic well-being that may rise in oil prices in the coming days,” stressing “the need to invest the surplus from oil revenues in economic projects.”https://almaalomah.me/2022/01/19/577421/

After The Oil Jump... Economist: Do Not Waste Money And Go To The Sovereign

EconomicLast update 01/18/2022 | 2:11 pmInformation/Baghdad.. The economic expert, Basem Antoine, warned, on Tuesday, of losing huge sums of money due to the disbursem*nt of profits from the rise in oil prices in unimportant projects, calling for the formation of a sovereign investment fund to increase financial resources at a time of low oil prices.

Antoine said in a statement to "The Information", that "international oil prices rose to more than 86 dollars, an amount that exceeds the estimates of the Iraqi government, which estimated oil prices at 56 dollars per barrel during the budget, that is, byrecording a surplus of 30 dollars per barrel."

He added,"The budget surplus and the failure to record a deficit does not mean the end of the financial crisis,

but rather requires the government tolaunch a sovereign investment fundin order to support future generations, as well as expand non-oil activity in Iraq."

Antoine pointed out that "the volume of private sector debt exceeds 60 trillion dollars, and the government must disburse these amounts as soon as possible in order to revive the private sector and the labor market to provide new job opportunities."https://almaalomah.me/2022/01/18/577240/

Iraq Is Negotiating With Italy To Implement The Rail Link Project With Europe

Economic01/20/2022 | 10:50 amThe Information/Baghdad… The Iraqi government has embarked on actual advanced technical talks with Italy to lay out the required plans for the implementation of the railway linking project from the port of Faw to Turkey, in order to deliver goods coming from the East to Europe.

The director of the Center for Basra and Arabian Gulf Studies, Qais Nasser, said in a statement seen by "The Information", that "the project is located in the middle of a road or in the heart of the old Silk Road for the region."

Nasser added, "A supplement to the dry canal, meaning that the great port of Faw is part of the integrated project, and the basis of the project is the port, then work on the dry canal comes through the railway connection, so that the project becomes integrated and beneficial for the country."

In turn, Director General of the Ports Corporation, Farhan Al-Fartousi, explained that "the Prime Minister and the Ministry of Transport are in the process of referring the dry canal project to one of the specialized Italian companies for the purpose of preparing the master plan."

He added that "a feasibility study was prepared in 2010 regarding the port of Al-Faw," stressing

"the need for the dry canal to be an integral and complementary part of the port project."

Al-Fartousi pointed out that "the Al-Faw port project represents not only a local need, but also an international need.

Through this giant project,Iraq seeks to make a profit from the proceeds ofthe passage of goods coming from the East to Europe and vice versa, especially after the decline in its revenues and financial imports of oil."

It is noteworthy that activating the railway link between Iraq and Europe via Turkey, which Iraq is implementing through its understandings with an Italian company, will enhance the movement of internal and external commercial transport from ports, especially the port of Faw, and would reduce time in the transportation of goods between the continents of Europe and Asia within the Silk Road.

In general,it will open up a huge financial resource for Iraq, which will support its general budget well and contribute to reviving its various economic sectors.https://almaalomah.me/2022/01/20/577609/

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