Sunday, October 1, 2023
Sudanese calls on oil companies to invest in Iraq, 1 OCT
Sudanese calls on oil companies to invest in Iraq, 1 OCT
Prime Minister Muqtada Al-Sadr emphasized the importance of completing the expansion and maintenance of Iraqi oil ports.
The office of Al-Sudani released a statement saying that Prime Minister Muhammad Shia’ Al-Sudani chaired a regular meeting to discuss the development of the oil sector. The meeting was attended by the Minister of Oil and other high-ranking officials of the ministry. The discussion included a review of the ministry’s projects related to gas investment, refineries development, and export systems. The ministry’s plan to increase production and improve wealth investment efficiency was also reviewed during the meeting.
The statement emphasized that the Prime Minister has urged the adoption of the “integrated project” principle for investing in oil and gas fields. This principle should include various projects for petrochemical refineries, gas industry, electric power production stations, chemical, and fertilizer industries. These projects aim to fulfill the urgent demand for them in local markets.
During the meeting, a review of the progress of work in refinery projects was conducted. The attendees emphasized the importance of completing these projects as quickly as possible to achieve self-sufficiency in oil derivatives and fuel. The successful operation of the Karbala refinery was also highlighted.
Al-Sudani instructed the Ministry of Oil to invite specialized refinery construction companies to invest in Iraq.
He emphasized the importance of finishing gas projects and investing in Iraqi fields that produce natural gas. This is necessary to supply power stations and national fertilizer factories with sufficient gas.
Al-Sudani emphasized the need to complete expansion and maintenance projects for Iraqi oil ports, storage, and drainage complexes across the country.
The director instructed to keep track of the progress made in implementing the ministry’s short-term and long-term plans. These plans aim to meet the local economic needs as well as the global demand for oil and oil products from Iraq in the near future. Additionally, the director emphasized the importance of highlighting Iraq’s significant and effective role in OPEC.
He emphasized the importance of completing projects on time and overcoming administrative and technical obstacles.
Sudanese: The development route is the best, shortest, and least expensive corridor in terms of transportation and transit, 1 OCT
Sudanese: The development route is the best, shortest, and least expensive corridor in terms of transportation and transit
On Sunday, Prime Minister Muhammad Shiaa Al-Sudani confirmed that the Iraqi government is prioritizing the development road project as a key strategic initiative.
During a meeting today with Turkish Minister of Transport Abdulkadir Oraloglu, who is visiting the capital Baghdad, Iraqi Minister of Transport, Nasser Al-Shibli, discussed the progress of the development road project between Iraq and Turkey. The purpose of the meeting was to clarify and solidify the joint understandings between the two countries regarding the project. A statement issued by Al-Sudani’s office confirmed this.
The statement attributed to Al-Sudani mentioned that the development road project will enhance the relationship between Iraq, Turkey and other countries in the region through common interests. He stated that this project will be the most efficient, quickest and cost-effective transportation corridor for linking the Middle East to the European continent.
In the statement, it was mentioned that Al-Sudani expressed his admiration for the Turkish side’s eagerness to take part in the significant project. He emphasized the importance of maintaining a constant technical dialogue between the two nations to devise an economic model that will facilitate the execution of the project.
The Turkish Minister of Transport has expressed his country’s strong interest in participating in the road development project. He commended Iraq’s efforts in advancing and reforming its economy, and expressed satisfaction with the plans and crucial measures taken by the Iraqi government.
On Saturday, the Minister of Transport, Razzaq Muhaibas Al-Saadawi, held a meeting with the Turkish Minister of Transport and Infrastructure, Abdulkadir Uraloglu, and his delegation in Baghdad to discuss a road development project.
A development road project worth an estimated 17 billion dollars is set to connect the important port of “Al-Faw Grand Port” on the southern Iraqi coast to the border with Turkey by extending a railway and road network. This project aims to facilitate the transportation of goods and improve connectivity across the region.
The development of a road project aims to connect the oil-rich southern port of Al-Faw in Iraq with Turkey, making the country a transit hub by reducing travel time between Asia and Europe. This project is intended to compete with the Suez Canal.
The Iraqi government plans to extend high-speed train lines to local industrial and energy centers for transporting goods and passengers at a speed of up to 300 kilometers per hour, which may include oil and gas pipelines.
The current plan involves modernizing and building over 1.2 thousand kilometers of railways and highways connecting Iraq to neighboring countries, ultimately linking the main transportation roads to the main port of Al-Faw located on the shores of the Gulf.
"RV UPDATE" BY MARKZ, 1 OCT
MarkZ
[via PDK] Question: Does the RV (Revaluation) have to happen before Iraq ascends to the World Trade organization on Oct. 4th? Not...but the dinar has to be a fully accepted international currency all around the world without any restrictions…this would be a massive change.
I am continuing to hear very positive stuff on expectations of a rate change. They are giving us dates from this weekend to sometime in the first week of October.
The Hydo Carbon Law...It's where they share money, profits, revenues from oil-natural gas etc…with the citizens of Iraq including the Kurdish region. We have been told for many years this is a key piece. And Very soon after the HCL was implemented we were told that we would see the dinar value changes.
I have had some whales reach out to tell me they have a potential for weekend travels. A number of sources believe it’s this weekend and others think between the 5th and 12th of Oct...Just stay calm and know things are quickly moving.
Parliamentary Finance hosts the Ministers of Planning and Finance regarding the delay in budget implementation, 1 OCT
Parliamentary Finance hosts the Ministers of Planning and Finance regarding the delay in budget implementation
The Parliamentary Finance Committee decided to host the Ministers of Planning and Finance; To find out the reasons for the delay in budget implementation.
The head of the committee, Atwan Al-Atwani, said during the committee’s hosting of the governors: “There is a clear failure in releasing financial allocations to the governorates and ministries,” noting that “the committee will host the ministers of planning and finance this week to find out the reasons for the delay in implementing the budget.”
He stated, "The current government has raised the slogan of a national service government, and we will not allow the problem of delaying the disbursement of financial allocations to continue," pointing out, "Our insistence on approving the tripartite budget came to enable the governorates and ministries to implement their plans and programs and to avoid stopping funding at the end of the fiscal year."
He stressed "the necessity of releasing petrodollar allocations to oil-producing governorates," pointing out "the importance of simplifying procedures for approving programs and plans to accelerate the launch of project implementation." link
Parliamentary mobilization to oust the governor of the Central Bank: failures and promises not implemented - urgent , 1 OCT
Parliamentary mobilization to oust the governor of the Central Bank: failures and promises not implemented - urgent
Baghdad today - Baghdad
On the twenty-fourth of January of this year, the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, reassigned Ali Mohsen Al-Alaq to the position of Governor of the Central Bank, more than two years after his dismissal from the same position that he held for about six years, from 2014 until 2020.
As the US dollar exchange rate crisis worsened and it continued to rise against the Iraqi dinar, in addition to the rise in the interest rate on loans granted by the Central Bank, voices rose within the Iraqi House of Representatives to demand the dismissal of Governor Ali Al-Alaq from his position and replace him with another to address the high exchange rate and financial and economic reforms after Al-Alaq's failure. In resolving these crises. According to the opinion of the representatives.
In this regard, independent MP Hadi Al-Salami confirms, today, Sunday (October 1, 2023), the continuation of the parliamentary movement aimed at removing Ali Al-Alaq from the duties of managing the Central Bank of Iraq.
Al-Salami says, to "Baghdad Today," that "many representatives have different observations regarding the management of the relationship with the Central Bank of Iraq. There is a major failure in this administration, and despite all the promises and actions taken by Al-Alaq, the central bank is still not in control of the issue of the rise in the dollar exchange rate, and there is exacerbation of this crisis.
His term as president of the bank witnessed a number of financial failures, the most notable of which was the sinking of 7 billion Iraqi dinars in the money store inside the Central Bank building in central Baghdad, and the discovery that other large sums of money had been damaged as a result of humidity and rainwater.
The representative believes, "There are comments on the issue of raising interest on housing loans. This matter will reduce the issue of applying for these loans, which aim to reduce the housing crisis. This matter has caused great public anger, as such measures exacerbate the housing crisis and do not reduce it, despite This crisis has worsened in all Iraqi cities, with the significant rise in real estate prices."
While economic affairs researcher Nasser Al-Kanani, MP Al-Salami, shares the opinion by saying that increasing the interest on housing loans will exacerbate the housing crisis in Iraq, he confirmed in an interview with "Baghdad Today" that "increasing the interest on housing loans will significantly reduce citizens' contributions to... Obtaining these loans, the interest will be very large, and it is certain that this step opposes all efforts to reduce the housing crisis, but rather it will be a factor in exacerbating the crisis."
The researcher continues by saying, "Solving the housing crisis in Iraq requires presenting multiple offers to citizens and employees regarding housing loans, through the loan repayment period, the interest rate, and other encouraging factors to push the citizen to withdraw loans in order to buy housing for himself. This is how the crisis is solved and managed, not "The opposite."
Between 2006 and 2014, Ali Al-Alaq served as Secretary General of the Council of Ministers, during the first and second Maliki governments, before he was named acting governor of the Central Bank for a period of 6 years starting in 2014, in addition to being named president of the "Joint Council to Combat Corruption in Iraq."
Al-Alaq (62 years old) holds a higher diploma in financial sciences from the University of Baghdad. During his tenure as Governor of the Central Bank, Iraq witnessed many crises related to the management of the bank, the most prominent of which was the scandal of fake import documents, according to which the dollar was obtained from the currency auction at the Central Bank, without the companies concerned importing any materials into Iraq.
This comes in addition to the scandal of the drowning of more than 7 billion dinars as a result of rainwater in the Central Bank's warehouse in 2018, and the destruction of other amounts due to humidity. The step of writing Al-Alaq's name on banknotes of denominations of 250 dinars and 1000 dinars, contrary to the approved Iraqi law, led to mentioning The governor's statement and his signature on the currency led to increasing controversy, along with the file of the Central Bank's financing of government deals marred by corruption.
US Dollar surges in Baghdad, Erbil, 1 OCT
US Dollar surges in Baghdad, Erbil, 1 OCT
Shafaq News / The exchange rate of the US dollar against the Iraqi dinar surged in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, following the closure of the main stock exchanges.
According to a correspondent from Shafaq News Agency, the dollar prices rose after the closure of Baghdad's primary stock exchanges, al-Kifah and al-Harithiya, reaching 155,800 Iraqi dinars for 100 dollars. In the morning, the dollar had been priced at 155,700 dinars for 100 dollars.
Our correspondent noted that selling prices at exchange shops in local markets in Baghdad remained stable, with the selling price at 156,750 dinars for 100 dollars, while the buying price was 154,750 dinars for 100 dollars.
In Erbil, the dollar also experienced an increase, with the selling price reaching 155,900 dinars for 100 dollars, and the buying price at 155,800 dinars for 100 dollars.
Iraqi PM stresses integrated approach for oil and gas investments, 1 OCT
Iraqi PM stresses integrated approach for oil and gas investments, 1 OCT
Shafaq News / The Iraqi Prime Minister, Mohammed Shia Al Sudani, emphasized the necessity of adopting the "integrated project" principle in the investment of oil and gas fields on Sunday. Meanwhile, the Ministry of Oil has called upon specialized companies in the field of refinery construction to invest in the country.
This statement came during the regular meeting chaired by Al Sudani to monitor projects and development plans in the oil sector, attended by the Minister of Oil and senior officials from the ministry.
During the meeting, the projects of the Ministry of Oil in the field of gas investment, refinery development, and the export system were reviewed, as well as the ministry's plan to increase production and enhance the efficiency of resource utilization.
The Prime Minister stressed the importance of applying the "integrated project" principle when investing in oil and gas fields, encompassing various projects related to petrochemical refineries, gas production, and electricity generation stations. Additionally, it includes chemical industries and fertilizers to address the urgent local market needs.
The meeting also reviewed the progress of refinery projects and emphasized the need to complete them as soon as possible, especially after the successful operation of the Karbala refinery.
Al Sudani pointed out the significance of completing gas projects and expanding the investment in Iraqi gas-producing fields to supply power stations and national fertilizer manufacturing plants with their gas requirements.
Furthermore, he emphasized the importance of completing expansion and maintenance projects for Iraqi oil ports, storage facilities, and distribution networks across Iraq.
Al Sudani directed the monitoring of the implementation of both short-term and long-term ministry plans to meet local economic requirements and future global markets' needs for Iraqi oil and petroleum derivatives. He stressed the need to highlight Iraq's active and vital role within OPEC.
The Prime Minister also renewed his directives on the importance of adhering to the established timelines for project phases and proactively addressing all administrative and technical obstacles to ensure project completion.
"RV UPDATE" BY NADER FROM MID EAST & KAPERONI, 1 OCT
Nader From The Mid East
About the HCL - We received some payments...I checked my bank over there. I received some money.
It's good news. It's great. So the HCL start paying. This time we got some money. Next time a little less but it's going to be month to month and it's going to depend on if oil is going up or down...hang in there. It's happening.
Kaperoni
...In order for Iraq to go international they'll have to be IMF Article VIII compliant. They're not close with a current market rate of 1152 which is over 18% from the official rate. Well out of compliance.
There are many countries around the world with weak currencies, and Iraq's currency will remain weak until they diversify their economy.
The Central Bank announces that the rate of trade use of the dollar platform has increased by 95%, 1 OCT
The Central Bank announces that the rate of trade use of the dollar platform has increased by 95%
The sovereignty complex impedes the adoption of the oil and gas law in Iraq, 1 OCT
The sovereignty complex impedes the adoption of the oil and gas law in Iraq, 1 OCT
Advisor to the Iraqi Prime Minister, Mazhar Salih, stated that the pending oil and gas law will attract investment and increase revenue.
In his statement, he mentioned that the new law will create a consistent plan for the oil industry in the country, encouraging investments in oil and gas projects. It will also establish a single oil policy and a committee to oversee oil and gas fields. This will enable Iraq to make the most of its hydrocarbon resources, including those in the Kurdistan region.
It is expected that passing the law will enable production-sharing agreements with foreign companies. However, differences between Baghdad and Erbil remain an obstacle to its adoption.
If natural resources were distributed based on citizenship, technical disputes would remain.
Experts believe that the dispute between Baghdad and the Kurdistan region is primarily related to sovereignty over oil rights, production, and revenues. The central government of Baghdad is pushing for all rights to be owned by them, which would result in the revenues being deposited into a single account under the supervision of the central government. On the other hand, the Kurdistan region authorities want to have the freedom to contract with foreign companies and retain the right to deposit the revenues into their own accounts, thereby not making them subject to the supervision of Baghdad authorities.
According to Representative Firas Al-Muslimaoui, there is a strong desire within the House of Representatives to pass legislation. He emphasizes that Iraq’s oil is unified and there are ongoing efforts to ensure equitable distribution of wealth to the people, regardless of their region – be it Kurdistan, the central region, or the southern region.
Before the closure of the Ceyhan line in Turkey, the Kurdistan Region exported approximately 450,000 barrels of oil per day, while Iraq’s daily export was around 3 million barrels.
Mazhar Salih emphasized the importance of adopting a unified national oil policy and achieving optimal investment and production across Iraq’s oil fields. This includes both the southern and northern regions, as well as other regional fields. By doing so, Iraq can take advantage of opportunity costs and operate its oil policy in a more harmonious and effective manner. This will lead to better financial returns for the country, thus enabling it to finance various developmental projects and build a sustainable economy for the future.
The proposed oil and gas law in Iraq, which is currently under review by the Parliament, includes a provision that mandates a national oil company to manage the country’s oil fields. This management must be supervised by a specialized federal council. According to the Kurdistan authorities, the Iraqi government has the right to participate in the management of oil fields discovered before 2005, but any fields discovered after that date belong to the regional government.
As per the Iraqi News Agency, the consultation committee comprises the Minister of Oil, the Minister of Natural Resources in the region, the Director General of SOMO Company, and the advanced staff in the Ministry of Oil. It also includes the governorates that produce oil such as Basra, Dhi Qar, Maysan, and Kirkuk.
Iraqi Prime Minister Muhammad Shiaa Al-Sudani emphasized the significance of the oil and gas law at the beginning of August. He stated that the law is crucial to Iraq’s strength and unity, and has been pending for years. It is urgently needed to capitalize on the country’s natural wealth and address many outstanding issues across different sectors.
The political system in Iraq, which is based on the rule of sectarian quotas, is the main cause of conflict in the country. Experts suggest that if the oil and mineral wealth were divided based on citizenship, with rights to revenues shared on the basis of population size, the dispute over other details would only be a technical matter. The current dispute is between two parties, each of which wants to control its sovereignty. The central government claims to represent all of Iraq, while the Kurdistan Regional Government argues that the federal system allows it to control the region’s oil revenues. This situation has led to a legal and political dispute.
In February 2022, the Federal Court in Baghdad ordered the region to deliver oil produced within its jurisdiction to Baghdad. Additionally, it nullified contracts signed between regional authorities and foreign companies and instructed them to cancel such agreements.
According to observers, the problem facing the ruling parties in Baghdad goes beyond sovereignty issues. It also includes Iran’s concerns that the region should have its own funding source and not be under the supervision of the central authority. This provides a basis for separatist motives.
After lengthy discussions and the need to approve the general budget for three years, a temporary agreement was reached between Baghdad and Erbil in early April. The agreement stated that Kurdistan oil sales would be conducted through the Iraqi Oil Marketing Company (SOMO) and the generated revenues from the region’s fields would be deposited into an account at a bank approved by the Central Bank of Iraq.
The issue at hand is not only about external factors, but also involves internal conflicts within the Kurdish community. The Patriotic Union of Kurdistan Party, led by Bafel Talabani, is advocating for the protection and guarantee of the share of Sulaymaniyah Governorate. This region constitutes their main base and they want it to be safeguarded by the central government. They do not want it to remain subject to the wishes of the regional government in Erbil, which is controlled by the Democratic Party of Kurdistan Region led by Masoud Barzani.
The government in Baghdad is concerned that giving extensive powers to regional authorities could potentially encourage local authorities in oil-producing provinces like Kirkuk and Basra to gain control over investment, extraction, and marketing rights similar to what the regional government is requesting. As “federal Iraq” takes into account sectarian divisions and provides the Kurds with broad administrative powers, the governorates dominated by Sunni and Shiite populations will also aspire to have the same rights as a region.
The proposed legislation comprises 53 articles that mandate the establishment of the Federal Petroleum Council. The Council will be chaired by the Prime Minister and consist of ministers and representatives from the governorates. The Council is tasked with formulating petroleum policies, issuing guidelines for implementing contracts, approving exploration, development and production, as well as sanctioning completed contracts. All agreements must be signed by the Federal Ministry of Oil and endorsed by the Federal Oil Council within three months.
The proposed oil and gas law before Parliament requires a national oil company to oversee oil field management.
Some experts in the oil industry have expressed concerns over the proposed law, stating that if it is passed in its current form, it will result in reduced treasury revenues. This is because every governorate will want to assert ownership over oil discoveries made after 2005, similar to the example set by Erbil, and supply only a percentage of it to the treasury.
The regional government is trying to restore its lost power by proposing that investment, extraction, and marketing decisions related to Basra fields should be based on consensus between the two parties. This can create a complicated situation where investment decisions in the Basra fields would be subject to approval by the regional authorities, while investment decisions related to Kurdistan rights would require approval from Baghdad. The ultimate goal is to regain control over the decision-making process and restore the lost sovereignty.
Representative Al-Muslimaoui said he expects the draft oil and gas law to be completed and approved within four months.
Al-Muslimaoui is one of the majority representatives in Parliament who believe that Iraq’s oil should be managed by a single administration. However, this belief fails to take into account the fact that the sectarian quota system is the root cause of the problem, which prevents Iraq’s oil from being managed as a single entity. The current system divides the oil revenues based on citizenship and population, making it natural for the Kurds to consider their oil as their own, and for the Sunnis and Shiites to follow suit by considering the resources of their respective provinces as their own.
Al-Rafidain Bank Enhances Social Protection with Salary Distribution in Iraq, 1 OCT
Al-Rafidain Bank Enhances Social Protection with Salary Distribution in Iraq, 1 OCT
In a move signifying a commitment to social protection, Al-Rafidain Bank, one of Iraq’s leading financial institutions, has recently announced the distribution of protected salaries. This crucial development will ensure the continued financial security of individuals who depend on these salaries for their daily living.
Alleviating Financial Insecurity
The exact number of individuals who will benefit from this distribution hasn’t been specified in the bank’s announcement. However, the impact of this development is expected to be significant, especially for those who heavily rely on these protected salaries. The announcement underscores Al-Rafidain Bank’s dedication to ensuring that individuals receiving social protection benefits continue to do so in a timely manner.
A Beacon in a Troubled Economy
This move by Al-Rafidain Bank comes at a time when Iraq’s economic and political climate is marred by instability, which has led to a general climate of mistrust. Many prefer to stockpile cash at home rather than depositing it in banks, undermining the development of Iraq’s banking system. This system is already strained due to insufficient legal and regulatory frameworks and the influence of the country’s oil rentier model.
Despite these challenges, some individuals are looking beyond the traditional banking system, exploring opportunities in digital banking. Advocates argue that this could broaden the Iraqi public’s access to financial services and bolster economic development. However, cash remains the dominant mode of transaction in Iraq.
Embezzlement Scandals and Corruption
Al-Rafidain Bank’s decision comes in the wake of massive embezzlement scandals dubbed the “theft of the century” that has gripped the nation since mid-October. This scandal saw a network of thieves forge documents to withdraw 2.5 billion in cash from an idle government account. The money vanished into shadowy real estate purchases and foreign banks, implicating high-ranking officials, bank clerks, and crooked businessmen. The corruption case underlines that Iraq is in the grip of systemized corruption, which is devised, managed, and protected by the political elite. This elite group has controlled the country since 2003, dividing up power and resources among themselves.
Focusing on Social Protection
Against this backdrop of corruption and mistrust, Al-Rafidain Bank’s initiative represents a crucial step towards ensuring financial security for those covered under social protection schemes. According to the Social Protection Authority in the Ministry of Labor and Social Affairs, the social welfare salary for November 2020 has been released for more than 1,300,000 families across the Iraqi governorates. This amounts to more than 214 billion dinars.
The Director-General of Social Protection, Hussein Ali, stated that “the number of families with breadwinning men reached 963,676, benefiting from an amount of more than 161 billion dinars, while the number of families with breadwinning women reached 430,260, benefiting from 52 billion dinars”.
The social welfare salary is currently being paid monthly (instead of every two months) according to an agreement with Al-Rafidain Bank. This move is undoubtedly a beacon of hope in a troubled economic landscape, reflecting the bank’s commitment to upholding social protection and alleviating financial insecurity for numerous Iraqi families.
High-Level Iraqi Delegation in Tehran to Discuss Security Agreement, 1 OCT
High-Level Iraqi Delegation in Tehran to Discuss Security Agreement, 1 OCT
A high-level security delegation from Iraq, led by the nation’s National Security Advisor, Qasim al-Araji, arrived in Tehran, Iran, recently for discussions on the implementation of a security agreement between the two countries. The delegation included the Minister of Interior of the Kurdistan region, Rebar Ahmed, and other top Iraqi security and government officials. The security agreement, among other aspects, focuses on the disarmament of anti-Tehran Kurdish groups operating out of the Kurdistan region of Iraq.
Security Pact Aimed at Disarming Kurdish Opposition Groups
The security pact took center stage in the visit of Iraq’s top security official to the Kurdistan autonomous region. The delegation arrived in Erbil, the capital of Iraqi Kurdistan, just a day before the September 19 deadline for finalizing the disarmament agreement. This agreement was signed in Baghdad in March, during a ceremony attended by then Secretary of Iran’s Supreme National Security Council (SNSC) Ali Shamkhani and his Iraqi counterpart al-Araji. The aim of this joint security cooperation document is to limit the activities of Iranian Kurdish militants.
The Kurdistan Regional Government (KRG), which enjoys cordial relations with Tehran, has repeatedly urged neighboring countries and armed Kurdish groups not to use the region’s territory as a battlefield. Tehran has long accused the KRG of providing refuge to opposition groups labeled as terrorist or anti-revolutionary and allowing them to use border areas as launchpads for attacks against Iran.
Iran’s Ultimatum and Iraq’s Response
In July, the Iranian military threatened military action if Iraq failed to meet the disarmament deadline. Iran Defense Minister Brigadier General Mohammad Reza Ashtiani stated that Tehran would not extend the ultimatum, warning Baghdad of a last-minute decision on the matter. However, Iraq asked for an extension of the deadline, as confirmed by Waad Qado, a member of the Iraqi parliament’s security and defense committee.
Ashtiani stated, “We do not have any extension to the deadline. We will act in due time in accordance with the agreement made with Iraq,” warning Baghdad of a last-minute assessment of the situation before making the final decision. In response, the spokesman for Iraq’s Joint Operations Command announced that government forces had begun to take full control over all border points with neighboring Iran, emphasizing that Baghdad was fully committed to implementing the agreement. Major General Tahsin al Khafaji added, “The step is meant to prevent the use of Iraqi soil to launch an attack on neighboring states, as emphasized in the Iraqi Constitution.”
Implications for the Kurds and Regional Stability
The implementation of the security agreement has significant implications for the Kurdish groups operating in the region and for regional stability. These groups argue that their armed campaign seeks to defend the rights of the Kurds in Iran. In recent weeks, the Iranian regime has intensified attacks against Iranian Kurds sheltering in Iraqi Kurdistan, citing separatist Kurdish groups as instigating conflict in Iranian Kurdish cities by supporting popular protests.
The Kurdish parties, including Komala and the Kurdistan Democratic Party of Iran (KDPI), generally favor Kurdish autonomy within a federal Iran. On the other hand, Pejak, the Free Life Party of Kurdistan, an affiliate of the Kurdistan Workers’ Party or PKK which originated in Turkey but is also based in northern Iraq, typically advocates for a unified independent Kurdistan bringing together Kurds in Syria, Iraq, Turkey, and Iran.
This recent dialogue between Iraq and Iran is indicative of the ongoing efforts to combat regional instability and the use of territories as battlegrounds for proxy conflicts. It remains to be seen how the implementation of the security agreement will impact the Kurdish groups and the overall stability of the region. With the deadline at hand, and considering the high stakes, the international community will be closely monitoring the developments in the coming days.
https://bnn.network/world/iraq/high-level-iraqi-delegation-in-tehran-to-discuss-security-agreement/
"RV UPDATE" BY ANGEL1 & MILITIAMAN, 1 OCT
Angel1
When the UST Secretary Rosenberg was here a couple weeks ago, the day after she left, auctions changed...and there were changes after the UN meetings. There have been tons of changes because things have been signed off.
Bank of Jordan and Central Bank of Iraq Forge Economic Partnership, Paving Way for Regional Digital Transformation, 1 OCT
Bank of Jordan and Central Bank of Iraq Forge Economic Partnership, Paving Way for Regional Digital Transformation, 1 OCT
The Bank of Jordan and the Central Bank of Iraq have recently inked a partnership, signaling a significant development in the economic ties between the two nations. This collaboration is set to bring about an array of economic benefits for both countries, reinforcing regional stability and growth.
Strengthening Bonds and Fostering Economic Growth
The partnership stems from a meeting between the Governor of the Bank of Jordan and the Governor of the Central Bank of Iraq, Ali Al-Alaq, in the Jordanian capital. This collaboration is a testament to the increasing economic rapport between the two nations and their joint commitment to foster regional economic development. The agreement is expected to unlock a myriad of economic opportunities, potentially paving the way for increased investments, job creation, and economic stability in the region.
The Second Digital Mashreq Forum: A Step Towards Digital Transformation
On February 24, 2022, Iraq, Jordan, and Lebanon reconfirmed their commitment to the digital transformation of their economies, during the Second Digital Mashreq Forum. Organized by the World Bank Group, the event served as a platform for high-level officials, private sector representatives, entrepreneurs, investors, and business executives to discuss digital reforms, regional collaboration, and opportunities in the post-COVID-19 recovery phase. The forum emphasized the importance of digitizing government services, expanding broadband access, and fostering digital literacy among citizens and public service employees.
Saroj Kumar Jha, World Bank Mashreq Regional Director, highlighted the potential of digital transformation in promoting accountability, transparency, and regional cooperation. He stated, “The digitization of government, digital payments, and expanding broadband access in the three countries will offer opportunities for additional investments, more job creation, more stability, and more peace in this region.”
Bank of Jordan’s Expansion in the Region
The Bank of Jordan recently announced the commencement of its operations in Iraq with the inauguration of its first branch in Baghdad. Shaker Fakhouri, Chairman of the Board at the Bank of Jordan, expressed that this move is a part of the bank’s strategy to expand its business operations where markets are witnessing substantial growth and promising opportunities.
Fakhouri added, “Our decision to establish a branch in Iraq serves to boost our regional presence and exemplifies the strategy adopted by the Bank, namely expanding its business operations in the region. This is expected to reflect positively on the services offered to both our current and prospective clients. Furthermore, we strive to develop our banking scheme in a manner that reflects the Royal visions of boosting investments and achieving economic coordination and collaboration between the two states, thus consolidating our robust economic and historical relations with Iraq.”
Future Prospects: Towards a Regional Digital Economy Hub
These recent developments, coupled with the commitment to digital transformation, reveal a promising future for the region. With an explosive bandwidth capacity growth reaching 35 percent yearly, the Mashreq region has the potential to become a regional digital hub, given a conducive enabling environment. This will necessitate a fair and proportionate regulatory framework that encourages competition and facilitates access to widespread and inclusive cloud-based services.
The ongoing efforts towards digital transformation also underscore the importance of digital financial services. Jordan, for instance, has witnessed significant progress, with 1.8 million mobile wallet users. The adoption of digital payment methods and the emergence of cryptocurrencies signal the inevitable digital disruption in the financial sector, necessitating further work on regulation, infrastructure, and acceptance networks.
As the region gears up for these significant transformations, it’s crucial to ensure that digital upskilling for workers remains a priority to keep pace with the evolving job market. The partnership between the Bank of Jordan and the Central Bank of Iraq marks a significant step in this direction, setting a precedent for other nations in the region to follow suit.
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...