Plunge in oil prices threatens Iraq’s postwar recovery

The latest plunge in oil prices has dealt a heavy blow to Iraq’s stagnating economy, threatening the new government’s ability to rebuild after the devastating war with Daesh and provide basic services to areas roiled by recent protests. (AP/Felipe Dana/ File)
Updated 01 January 2019
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Plunge in oil prices threatens Iraq’s postwar recovery

  • The new government’s ability to rebuild after the war with Daesh and provide basic services to areas roiled by recent protests is under threat
  • Brent crude oil, used to price international purchases, briefly rose above $85 a barrel in October but has since plummeted to less than $55

BAGHDAD: The latest plunge in oil prices has dealt a heavy blow to Iraq’s stagnating economy, threatening the new government’s ability to rebuild after the war with Daesh and provide basic services to areas roiled by recent protests.
Brent crude oil, used to price international purchases, briefly rose above $85 a barrel in October but has since plummeted to less than $55 — a nightmare for a country like Iraq that derives 95 percent of its revenue from oil exports.
A $111.9 billion draft budget sent to parliament in October projects crude exports of 3.8 million barrels per day to be sold at $56 per barrel. The bill, which includes a 23 percent increase in spending, would leave a deficit of $22.8 billion.


Egypt’s aviation ministry to increase departure fee for travelers in November: Reports 

Updated 19 March 2019
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Egypt’s aviation ministry to increase departure fee for travelers in November: Reports 

  • Media said the increase to the passenger departure fee will raise the amount to $25

CAIRO: Egypt’s Ministry of Civil Aviation has reportedly announced a $5 increase in the travelers’ departure fee starting from next November, local newspapers reported on Tuesday.

Media said the increase to the passenger departure fee will raise the amount to $25, to be obtained indirectly for each passenger flying on regular or charter flights — both internationally and domestically — from Egyptian airports. 

The rate has not changed since 2013, the ministry said in a statement quoted by Al-Ahram Newspaper

The proposed increase was adopted by the Supreme Council for Pricing after "careful consideration" and according to normal practice in airports worldwide, it added.  

The ministry said the increase is in line with the challenges and demands needed for the development of the entire service system at Egyptian airports.