Iraq Has Only 190,000 Tons of Rice Left for Food Program

An Iraqi farmer plants amber rice in the Mishkhab region, central Iraq. (AFP)
An Iraqi farmer plants amber rice in the Mishkhab region, central Iraq. (AFP)
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Iraq Has Only 190,000 Tons of Rice Left for Food Program

An Iraqi farmer plants amber rice in the Mishkhab region, central Iraq. (AFP)
An Iraqi farmer plants amber rice in the Mishkhab region, central Iraq. (AFP)

Iraq has only 190,000 tons of rice available in its coffers for its food rationing program, the trade ministry said in a statement late on Saturday.

The country needs around 1-1.25 million tons of rice a year to support the program.

In March, the trade ministry pleaded for money from the state's budget to build three months' supply of strategic wheat and rice stockpiles as Iraq grappled with the spread of the new coronavirus.

The ministry on Saturday renewed its call for more funds, saying the allocations were crucial, despite "difficulties" with the budget, because many Iraqis are "struggling to provide their daily food due to tough economic conditions amid the coronavirus crisis".

Iraq, a major Middle East wheat and rice buyer, was politically gridlocked after former Prime Minister Adel Abdul Mahdi was ousted by nationwide anti-corruption protests, hampering efforts to get a state budget approved before the start of the calendar year, said Reuters.

Iraq's grain board, which falls under the trade ministry, holds regular international tenders to import wheat and rice for the rationing program, which also covers cooking oil, flour and sugar.



Dollar and Other Safe Havens Rise as Israel Strikes Iran

US dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration/File Photo
US dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration/File Photo
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Dollar and Other Safe Havens Rise as Israel Strikes Iran

US dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration/File Photo
US dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration/File Photo

The US dollar rallied alongside the safe-haven Japanese yen and Swiss franc, with currency markets abruptly reversing direction on news Israel had launched strikes on Iran.

Israel has begun carrying out strikes on Iran, two US officials told Reuters, adding that there was no US assistance or involvement in the operation. Another report suggested that explosions were heard northeast of Iran's capital Tehran.

An index that measures the dollar against six other currencies gained 0.4%, and was last at 98.07, in early Asia trading.

Against the yen, the dollar slipped 0.35% to 143 per dollar , while the Swiss franc tumbled 0.39% to 0.807 per dollar.

Risk-sensitive Asian currencies such as the Aussie dollar and the New Zealand dollar weakened 0.9% each, Reuters reported.

Earlier in the week, the dollar index hit multi-year lows as investors were not impressed by a US-China trade truce, while cooler-than-expected inflation data fuelled expectations of more aggressive interest rate cuts by the Federal Reserve.

The dollar is on track for weekly declines against the yen, the Swiss franc and the euro.

Crude prices jumped more than $4 on the news as investors priced in potential supply disruptions from the oil-rich region, while gold prices climbed 0.8% to their strongest since early May.