The Iraqi Prime Minister expects the dinar to recover…and a government plan to raise electricity production in the summer
The Iraqi Prime Minister expects the dinar to recover…and a government plan to raise electricity production in the summer
4-20-2023
Iraqi Prime Minister Muhammad Shia al-Sudani affirmed the “seriousness” of his government in fighting corruption and holding the corrupt accountable, and expressed his expectation that the exchange rate of the dollar against the Iraqi dinar would continue to decline.
Al-Sudani said, in an interview with a number of Iraqi media outlets, that the credibility of the current government in holding the corrupt accountable, stressing that his government will hold accountable any person involved in stealing public money.
He added, “Refunds are not a novelty, but rather a law, and we are moving according to legal contexts. And Iraq has agreements on money recovery operations.
The strength of the dinar
Regarding the price of the dollar in Iraq, Al-Sudani expected a continuous decline in the exchange rate of the dollar against the dinar, and said: We expect the dollar to continue to decline and stabilize at the official price of 1320 dinars.
He added, “The Iraqi dinar is strong and the financial situation is at its best,” expressing great confidence in his country’s currency.
The Iraqi Prime Minister also stressed the importance of the agreement he recently signed with the President of the Kurdistan Regional Government of Iraq, Masrour Barzani, regarding the resumption of oil exports from the region, and said that “stopping the export of the region’s oil harmed all of Iraq, not just the region.”
He added, “The loss of revenues of 475,000 barrels per day is a large number, and the damage will befall everyone.”
On the fourth of this month, the federal government in Baghdad and the Kurdistan Regional Government of Iraq reached a preliminary agreement to resume oil exports from the north through the Turkish port of Ceyhan, after several meetings between the two sides.
Raising energy production
In Iraq, the Ministry of Electricity also announced its endeavor to raise energy production to 24,000 megawatts early next month, an increase of 3,500 megawatts from current production.
The ministry said in a statement that it started early with the summer plan, which included 3 phases, indicating that periodic and emergency maintenance work has been completed for the production units of all stations, which will be ready on May 1.
The ministry added that the stability of the load at 24 thousand megawatts will achieve good stability hours in the summer.
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