Archives Economics - Page 21 of 24 - New Eastern Outlook

After months of political negotiations and four days of voting, Iraq’s parliament has finally approved the largest budget in the country’s history. The draft bill for the 2023 document was initially approved by the cabinet and received the green light from the legislature in June 2023. Experts believe that the planning and swift approval of this financial plan represents a telling achievement of the country’s current administration. The adopted budget amounts to a staggering 198.91 trillion Iraqi dinars, equivalent to US $153 billion. However, it has a deficit of 64.36 trillion dinars. Projected oil revenues are estimated at 117.25 trillion dinars…

On the eve of its 100th anniversary, the Republic of Turkey is experiencing a difficult period due to a severe economic crisis and tense relations with the United States. Inflation has broken new records and has already reached 60%, while the Turkish lira has plummeted to 27.2 per US dollar. Strategic stability has yet to be attained, no matter how much Mehmet Şimşek, Minister of Treasury and Finance, strives to follow international economic rules and bind himself…

Amur Gadzhiev, head of the Center for the Study of Modern Turkey, has suggested that Ankara may be about to change its approach to the Black Sea initiative, and focus on a package approach to the protection of Russia’s interests and the terms of the deal itself. In other words, Recep Tayyip Erdoğan and Hakan Fidan will make an effort to persuade their western colleagues and the UN to respect Russia’s interests in order to revive the “grain deal.” Amur Gadzhiev, it seems, knows what he is talking about, and his comments accurately describe Turkey’s new tactics. Admittedly, as an impartial observer and reader in this regard, the present writer finds it rather strange that Ankara took this position…