Wednesday, October 4, 2023
AN ECONOMIC EXPERT TALKS ABOUT THE SHORTAGE OF “CASH LIQUIDITY” AND ITS EFFECTS ON THE BUDGET, 5 OCT
AN ECONOMIC EXPERT TALKS ABOUT THE SHORTAGE OF “CASH LIQUIDITY” AND ITS EFFECTS ON THE BUDGET
Parliamentary Integrity reveals details of 3 important laws to combat corruption, 5 OCT
Parliamentary Integrity reveals details of 3 important laws to combat corruption
"RV UPDATE" BY JEFF & PIMPY, 5 OCT
Jeff
There's a huge consensus out there among most of the dinar content creators that the rate is going to change this coming week between now and this weekend. None of that is true of course...There's a huge tremendous misunderstanding throughout the dinar community right now...of what's really happening within the dinar investment...The budget has not been approved to date. That means it remains in an incomplete unapproved state...Yes they voted on it since last June but...two Sundays ago Iraq's council of Ministers...did a draft amendment to the budget making it so it's no longer in an approved state. Parliament still needs to approve the budget again...The budget right now is incomplete and unapproved by parliament.
Pimpy
Article: "Financial expert: The International financial system prevents Iraq from dealing with non-dollars" It's kind of hard to be part of a system that prevents you from dealing in non-us dollars...People are not using the central bank. The United States is not helping the central bank central the issue. They're creating the issue. They're creating the black market.Article: "Iraq is fourth in the Arab world by possessing the 'lion's share' of gold reserves" I always love to hear that. Right now Iraq is holding 132.6 tons of gold. You notice that these nations are still buying up large quantities of gold, which is a good sign.
now if you want to know the full story.
Iraqi government approves key measures in 40th Council of Ministers session, 4 OCT
Iraqi government approves key measures in 40th Council of Ministers session, 4 OCT
Shafaq News/ On Wednesday, Iraqi Prime Minister Mohammed Shia Al-Sudani led discussions in the 40th Regular Session of the Council of Ministers, addressing vital national issues and outlining priorities for the government's agenda.
During the session, the Council, following the Prime Minister's emphasis on transparent governance and media responsibility, voted to pass the bill granting access to information. The legislation, reviewed by the State Council, will now move forward for consideration in the Council of Representatives as per constitutional mandates. Valuable input from the Legal Department in the General Secretariat of the Council of Ministers and contributions from the Ministers of Health and Justice were considered.
The Council of Ministers declared Yazidi Eid Jama, falling on 6-14 October, as an official holiday throughout Iraq, recognizing the cultural and religious significance for the Yazidi community.
To bolster the agricultural sector, the Council approved an increase in the capital of the Agricultural Cooperative Bank. This increase, totaling 29,476,500,000 dinars, was sanctioned by the Committee for Determining Corporate Capital within the Ministry of Finance. This decision, complying with the Amended Public Companies Law (Law No. 22 of 1997), aims to support farmers and agricultural initiatives.
A parallel move involved the Industrial Bank, where the Council took the following steps:
• Cancel the Council of Ministers' decision (234 of 2014) regarding capital increase due to lack of necessity.
• Submit a new establishment statement for the Industrial Bank to the Ministry of Trade for legal measures regarding capital increase.
• Approve a total capital increase of 529,476,500,000 dinars, incorporating revenues from foreign labor fees for 2021, replacing the previously allocated amount.
The Ministry of Finance is tasked with the implementation of the above decision.
Financial and accounting reform were also priorities. All spending units must now submit funding requests within the operational investment budget directly to the Ministry of Finance's Accounting Department. The respective ministers or governors are accountable for fulfilling legal obligations outlined in the Federal Financial Management Law (No. 6 of 2019) and other relevant legislation.
A direct contract between the Iraqi Oil Marketing Company (SOMO) and two affiliated companies – the Ministry of Oil's oil tankers and the Ministry of Transportation's maritime transport company – was approved in the energy sector. This contract allocates 70% of exported oil products for transport via the oil tanker company and the remaining 30% through the maritime transport company.
Additionally, the Council decided on various financial allocations, including transferring funds from the Border Ports Authority budget to support the network customs clearance connection program and compensating fish breeders by allocating funds from the Ministry of Finance to the Ministry of Agriculture.
Further approvals included the national framework program document for technical cooperation (2024-2029) and the exemption of contract (22/IRAQ/MOD/POLY/2022) for the supply of CH-5 drones and their fuel from audit and review procedures.
Kurdistan producers warn no quick restart to Iraq-Turkey pipeline, 4 OCT
Kurdistan producers warn no quick restart to Iraq-Turkey pipeline, 4 OCT
Shafaq News/ Turkish Minister of Energy Alparslan Bayraktar has said the Kurdistan pipeline would be ready to restart – but local producers are not convinced.'
Bayraktar, speaking at Adipec, said the Iraq-Turkey pipeline would resume operations this week. It will be able to provide 500,000 barrels per day to the market.
However, the Association of the Petroleum Industry of Kurdistan (APIKUR) has poured cold water on the plan.
Members of the producer group cannot produce oil for export until it is clear how they will be paid, it said. APIKUR reports its members are owed nearly $1 billion in overdue and unpaid arrears.
Delays “are costing Iraqis an estimated $1 billion per month in lost revenues”, said Myles B. Caggins III, spokesman for APIKUR.
He said APIKUR’s members were keen to work with the Kurdistan and Iraq governments. They could “reinstate these revenues and even increase them through maximising production. We believe this can be done quickly and efficiently, after payment arrangements are agreed and existing contractual arrangements are respected.”
DNO Iraq, Genel Energy, Gulf Keystone Petroleum, HKN Energy and ShaMaran Petroleum make up APIKUR.
The problem for the producers in Kurdistan is that the local government no longer has control over payments to them. That has passed to the central Iraqi government and there have been shortfalls in cash allocations.
In addition to the production stoppage, APIKUR has previously said its members have cut $400 million of capital expenditure this year.
George W. Bush’s Reflections: A Look Back at Middle East Turmoil and U.S. Engagement, 4 OCT
George W. Bush’s Reflections: A Look Back at Middle East Turmoil and U.S. Engagement, 4 OCT
The Middle East has long been a crucible of geopolitical complexities and tensions, and the early 2000s were no exception. As the 43rd President of the United States, George W. Bush, presided over a critical period in the region’s history. In this exclusive interview, we delve into his reflections on the Middle East violence of 2002 and the enduring U.S. presence in the region.
The Bush Doctrine: A New Approach and George W. Bush’s Perspective
In the aftermath of the September 11, 2001, terrorist attacks on U.S. soil, President Bush had initiated a robust and controversial response. The U.S.-led invasion of Afghanistan in October 2001 aimed at dismantling Al-Qaeda and toppling the Taliban regime. However, by 2002, the administration’s focus began to shift toward Iraq.
In our interview, President Bush acknowledged the complexity of the Middle East situation in 2002 and his administration’s determination to address it. He emphasized the importance of understanding the broader context within which U.S. decisions were made.
“The events of September 11th were a turning point not only for the United States but also for our approach to international security,” President Bush stated. “The Bush Doctrine, which I articulated during that time, asserted that the United States had the right to preemptive action against countries and organizations that posed a significant threat to our national security.”
Middle East Peace: An Elusive Goal
President Bush expressed his deep concern for the Israeli-Palestinian conflict that was escalating in 2002. “Achieving lasting peace in the Middle East was one of my administration’s key foreign policy objectives,” he said. “We believed that a two-state solution, with Israel and Palestine living side by side in peace, was not only possible but essential for regional stability.”
However, he acknowledged the challenges faced in brokering such a peace deal. “The situation was incredibly complex, with deep-rooted historical grievances and a lack of trust on both sides,” he noted. “Our efforts, including the Roadmap for Peace, were met with setbacks and frustrations.”
The Iraq Question
As our conversation turned to Iraq, President Bush spoke about the decision to confront Saddam Hussein’s regime. “Iraq was a deeply divisive issue, both domestically and internationally,” he recalled. “We believed, based on the intelligence available at the time, that Saddam Hussein possessed weapons of mass destruction and posed a grave threat to regional and global security.”
He continued, “It’s essential to remember that the decisions made in those years were not taken lightly. We believed we were acting in the best interests of the United States and the world, even though subsequent investigations found no evidence of such weapons.”
Lessons Learned: A Complex Legacy
Reflecting on the years since his presidency, George W. Bush discussed the enduring U.S. presence in the Middle East. “The Middle East remains a region of critical importance to global stability,” he said. “Our actions in the early 2000s had far-reaching consequences, some of which we’re still grappling with today.”
He emphasized the importance of constant evaluation and learning. “It’s essential to learn from history and adapt our strategies accordingly. While we aimed for democracy and stability, the region has experienced significant upheaval and challenges.”
President Bush’s reflections provide valuable insights into a period of U.S. history marked by pivotal decisions and their consequences. The Middle East remains a region where the echoes of those decisions continue to resonate, and as the world grapples with evolving dynamics, the lessons learned from the early 2000s continue to inform contemporary foreign policy
"RV UPDATE" BY MNT GOAT & WALKINGSTICK, 4 OCT
Mnt Goat
Article: "THE CENTRAL BANK INTENDS TO ADOPT FOUR CURRENCIES INSTEAD OF THE DOLLAR FOR EXTERNAL TRANSFER" Yes, they are finally going to pay for imports outside of the dollar. Wonderfull news for us… Yet another sign the currency auctions to pay for imports solely in US dollars is coming to an end and fast. This yet more WOW! News!
Walkingstick
[Iraqi banking friend Aki update]
Why October 1st [to open your bank]?
AKI: This date was chosen. That date was based on when the HCL would come out. Also this date was picked to pay the Iraqi citizens their oil sales proceeds through the HCL. 'As of yesterday [October 1st] all Iraqi citizens past the age of 16 years old should have opened an account or one was opened for them...
As of [October 1st] Iraqi citizens from around the world can open in these banks. They've been coming in to my bank to open up because of the monetary reform education...
[Iraqi banking friend Aki update]
Your bank opened?
Yes it did...The bank was not open until now to the public...Due to the United States Treasury giving them a new license they now can run as an international bank inside of the United States of America that will have to follow all international banking laws inside of America.
This is not the only one [bank] that has an opening around the world...As of this hour we're in right now, worldwide 138 of these banks have opened so far...
Iraqi Prime Minister Scheduled to Discuss Bilateral Relations with Russian President Vladimir Putin, 4 OCT
Iraqi Prime Minister Scheduled to Discuss Bilateral Relations with Russian President Vladimir Putin, 4 OCT
The Prime Minister of Iraq, Mohammed Shia Al Sudani, is expected to visit Moscow in the coming weeks, according to a statement from the Iraqi foreign ministry. While specific details about the visit and the agenda for the meeting have not been disclosed, it is anticipated that discussions could touch on bilateral relations, regional issues, and other topics of mutual interest between Iraq and Russia.
Strengthening Iraq-Russia Relations
The announcement was made by Foreign Minister Fuad Hussein after a meeting with his Russian counterpart, Sergey Lavrov, on the sidelines of the UN General Assembly in New York. During the meeting, both leaders discussed the prospects of joint cooperation and the potential for strengthening relations between the two countries.
“The Iraqi side is working on completing necessary preparations for a visit by Prime Minister Mohamed Shia Al Sudani to the capital Moscow during the coming weeks,” stated Mr Hussein. He further highlighted that the talks between the two sides could provide an excellent opportunity to discuss cooperation in the political and economic fields.
It was also suggested that a meeting of the joint Iraqi-Russian committee could be held in conjunction with this visit. Sergey Lavrov echoed his counterpart’s sentiments, emphasizing Russia’s eagerness to develop relations with Iraq and expressing anticipation for Mr Al Sudani’s visit to Moscow.
Decades of Bilateral Relations
Over the years, Iraq and Russia have built a robust bilateral relationship, primarily focusing on energy, military, and security. Major Russian oil companies, including Gazprom Neft and Lukoil, are actively working in Iraq, particularly in the oil-rich south. In his visit earlier this year, Mr Lavrov mentioned that Russian companies had made substantial investments in Iraq, totaling around $13 billion.
This relationship is further solidified by Iraq’s position as the second-largest producer of crude oil in OPEC, following Saudi Arabia. Interestingly, the US and EU have yet to impose sanctions on Russia’s oil sector, despite the punitive measures designed to impact its economy and financial system following Russia’s attack on Ukraine.
Iraq-Russia Collaboration Against ISIS
In addition to their bilateral cooperation in various fields, Iraq has also been coordinating with Moscow in the fight against ISIS. In 2014, Iraq, Russia, Iran, and Syria established a security coordination committee a few months after the US formed an international coalition in the war against the extremist group.
When the UN General Assembly passed a US-led resolution to condemn Russia’s invasion of Ukraine, Iraq abstained, along with China, Iran, India, Pakistan, Armenia, and 16 African countries. The resolution was ultimately adopted with the support of 141 countries out of 193.
"RV UPDATE" BY FRANK26, 4 OCT
Frank26
Now they will only use the auctions for the GOI to run its businesses from now on making it very difficult for Iran to steal dinars through the auctions because that's where they used to steal the dollar through the auctions but there are no more dollars and that's why your security and stability is so strong right now. That's why we believe you're article VIII and the whole world is pouring in right now because they know that.
Oh my goodness the float is going to be fantastic. You think the float is going to take a few months?New Parliamentary Comment On The Oil And Gas Law Legislation, 4 OCT
New Parliamentary Comment On The Oil And Gas Law Legislation
Baghdad today – Baghdad Today, Wednesday (October 4, 2023), the Parliamentary Oil and Gas Committee commented on the latest developments in the legislation of the Oil and Gas Law, which is the most important clause of the agreement between the forces of the State Administration Coalition, to form the Sudanese government.
Committee member Ali Saadoun said, in an interview with “Baghdad Today,” that “the delay in resuming the pumping of Kurdistan’s oil through Turkey has nothing to do with the issue of delaying the legislation of the oil and gas law,” indicating that “the draft law is still with the government technical authorities, and they are working on it.” Completing the draft in agreement with the Kurdistan Regional Government.”
Saadoun stated that “legislating the oil and gas law requires a political agreement, and due to the lack of this agreement, the legislation of the law has been delayed over the past years, despite the importance of the law, but we expect that currently there is almost an agreement to pass this law, despite the reservations of some parties about it within the House of Representatives.” .
Observers say that the essence of the dispute is due to a type of dispute over sovereignty over oil rights, production, and revenues. While Baghdad wants all rights to be vested in the central government, so that the revenues end up in one account subject to the supervision of the central government, the Kurdistan region authorities want to have the right to contract with foreign companies, and for the revenues to go to their own accounts, and not be subject to the Baghdad authorities.
New Parliamentary Comment On The Oil And Gas Law Legislation 55
Representative Firas Al-Muslimaoui said in previous press statements, “There is a real will in the House of Representatives to legislate the law,” noting that “Iraq’s oil is one and indivisible, and there is a movement towards achieving justice in the distribution of wealth to the people, whether in the Kurdistan region, the center, or the south.”
While Iraq exports about 3 million barrels of oil per day, the Kurdistan Region was exporting, before the closure of the Ceyhan line in Turkey, about 450 thousand barrels per day.
In this regard, the Prime Minister’s Advisor for Economic Affairs, Mazhar Muhammad Salih, told Al-Arab newspaper, “Adopting a unified national oil policy, and achieving optimal investment and production in Iraq’s oil area, starting from the southern fields up to the northern and regional fields, is an important and strategic matter in the matter of benefiting from Opportunity costs in the optimal and harmonious operation of the Iraqi oil policy currently, not to mention achieving the best financial returns for the country that we all aspire to to finance the construction of the Iraqi economy and the basics of sustainable development.”
Mazhar Saleh: The Law Will Establish A Stable National Road Map For The Oil Sector
The draft oil and gas law available to Parliament stipulates that responsibility for managing the country's oil fields must be entrusted to a national oil company, and supervised by a federal council specialized in this subject. While the Kurdistan authorities say that the Iraqi government “has the right to participate in the management of the fields discovered before 2005, but the fields discovered after that belong to the regional government.”
According to the official news agency, the consultation committee between the two parties includes “the Minister of Oil, the Minister of Natural Resources in the region, the Director General of SOMO, and the advanced staff in the Ministry of Oil, as well as the oil-producing governorates such as Basra, Dhi Qar, Maysan, and Kirkuk.”
Prime Minister Muhammad Shiaa Al-Sudani said at the beginning of last August that “the draft oil and gas law is one of the basic and important laws, representing a factor of strength and unity for Iraq, and it has been stuck for years, at a time when the country today is in dire need of its legislation and to benefit from this natural wealth, in “All fields and sectors, as well as the contribution of the legislation to solving many outstanding problems.” Source: Baghdad Al-Youm + Agencies LINK
Bringing In 11 Local Officials Caused More Than $41 Million In Damage
Economy News – Baghdad Today, Wednesday, the Federal Integrity Commission announced the issuance of a recruitment order against (11) officials in the Tourism and Antiquities and Heritage Commissions and the Nineveh Governorate. As a result of the violations committed in the Nineveh Hotel (Aburoi) investment contract.
A statement from the Authority’s Investigation Department, received by Al-Eqtisad News, stated that “the Second Karkh Investigation Court issued a summons order against the general directors of the Administrative and Financial Department of the General Authority for Antiquities and Heritage currently, and the Iraqi Fashion House, following violations that caused damage to public funds.”
He added, "The recruitment order also included the former Director General of the Administrative and Financial Department, the Accounts Director, and the former Fund Division Official at the Tourism Authority, as well as the former Governor of Nineveh, two former members of the Nineveh Investment Committee, and 3 of its engineers."
He pointed out that "the order was issued against the backdrop of violations committed in the investment contract for the (Nineveh Aburoy) Hotel concluded between the Tourism Authority and one of the real estate investment companies," noting that "those violations caused damage to public funds in the amount of (383,346.41) dollars, representing The total revenue from hotel rooms, and an amount of (886,323,373.3) dinars, representing the total salaries of employees with retirement entitlements.”
He stated that "the Second Karkh Investigation Court issued its decision to bring the accused based on the provisions of Article (331) of the amended Penal Code No. (111 of 1969).
Views 44 10/04/2023 -https://economy-news.net/content.php?id=36788
Iraqi Council of Ministers Takes Significant Decisions Impacting Diverse Sectors, 4 OCT
Iraqi Council of Ministers Takes Significant Decisions Impacting Diverse Sectors, 4 OCT
On Wednesday, the Iraqi Council of Ministers, led by Prime Minister Mohammed Shia Al Sudani, took several impactful decisions across various sectors in its 40th Regular Session. The council addressed several critical national issues and outlined the government’s priorities.
Transparency and Media Responsibility
In the session, the council voted to pass a bill granting access to information following the Prime Minister’s emphasis on transparent governance and media responsibility. This legislation, previously reviewed by the State Council, will now proceed for consideration in the Council of Representatives, adhering to constitutional mandates.
Recognizing Yazidi Cultural Significance
Among the decisions made, the Council of Ministers declared Yazidi Eid (Jama) as an official holiday in Iraq, to be observed from 6th to 14th October annually. This decision recognizes the cultural and religious significance of the Yazidi community.
Boosting the Agricultural and Industrial Sectors
The council approved an increase in the capital of the Agricultural Cooperative Bank by 29,476,500,000 dinars, as sanctioned by the Committee for Determining Corporate Capital within the Ministry of Finance. This decision aims to support farmers and agricultural initiatives. Similarly, steps were taken for the Industrial Bank with the submission of a new establishment statement for the bank to the Ministry of Trade for legal measures regarding capital increase. An increase of 529,476,500,000 dinars was approved.
Reforms in Financial and Accounting Practices
The Council of Ministers also prioritized financial and accounting reform. All spending units are now required to submit funding requests within the operational investment budget directly to the Ministry of Finance’s Accounting Department. The respective ministers or governors are accountable for fulfilling legal obligations outlined in the Federal Financial Management Law No. 6 of 2019 and other relevant legislation.
Changes in Oil Export and Budget Allocations
The Iraqi Oil Marketing Company (SOMO) received approval for a direct contract with two affiliated companies, the Ministry of Oil’s oil tankers, and the Ministry of Transportation’s maritime transport company. This contract allocates 70% of exported oil products for transport via the oil tanker company and the remaining 30% through the maritime transport company. Additionally, the Council decided on various financial allocations, including transferring funds from the Border Ports Authority budget to support the network customs clearance connection program and compensating fish breeders by allocating funds from the Ministry of Finance to the Ministry of Agriculture.
Other Significant Decisions
The council also approved the national framework program document for technical cooperation for the period 2024-2029 and the exemption of contract 22 IRAQ MOD POLY 2022 for the supply of CH-5 drones and their fuel from audit and review procedures. Furthermore, a joint-stock company has been established to support investment in accordance with Cabinet Resolution 245 of 2019.
Turkey and Iraq: A Potential Strengthening of Ties in Defense and Security, 4 OCT
Turkey and Iraq: A Potential Strengthening of Ties in Defense and Security, 4 OCT
High-Level Meeting in Ankara
Iraq’s Defence Minister, Thabet al-Abbasi, will make an official visit to Turkey this week to meet his Turkish counterpart, Yasar Guler, according to Turkish media reports. This visit comes in the wake of heightened security concerns, following a bomb attack in Ankara, the capital of Turkey. The outlawed Kurdistan Workers Party (PKK), which Turkey and Iraq both recognize as a terrorist group, claimed responsibility for the attack. The Turkish authorities responded with air strikes on PKK targets in northern Iraq.
Significance of the Visit
The visit by Iraq’s Defence Minister is seen as a crucial step towards addressing the security concerns and bilateral defense issues between the two nations. Both countries are seeking to enhance their cooperation in the defense industry, which could potentially lead to the strengthening of ties and the initiation of mutual projects. However, the talks are not without challenges. The recent Turkish air strikes have been denounced by Iraq, with President Abdul Latif Rashid expressing the hope to reach an agreement with Ankara to resolve the situation.
Turkey’s Foreign Relations
Meanwhile, Turkey’s foreign relations have been under scrutiny recently. U.S. Secretary of State Antony Blinken will host Turkish Foreign Minister Mevlut Cavusoglu in Washington this week. The potential sale of F-16 fighter jets and Ankara’s refusal to support NATO membership for Sweden and Finland will be among the topics of discussion. Despite some tensions over Turkey’s acquisition of Russian missile defense systems and its stance on the Syrian Kurdish militia, the United States has praised Turkey for some of its actions during the Ukraine war, including mediating grain corridor talks.
Threats and Counteraction
Turkey’s Foreign Minister Hakan Fidan has warned that Kurdish militants behind the recent suicide bombing in Ankara will face robust retaliation against their positions in Syria and Iraq. Following the attack, Turkish warplanes have already conducted two airstrikes against suspected Kurdish militant sites in northern Iraq. In addition, dozens of people suspected of links to the PKK have been detained in a series of raids across Turkey. Fidan stated that all facilities belonging to the PKK or its affiliated Kurdish militia group in Syria, known as People’s Defense Units (YPG), are now legitimate targets of Turkish forces.
Evening News with MarkZ 10/04/2023
"RV UPDATE" BY MILITIAMAN & ANGEL1, 4 OCT
Militia Man
Article quote: "The union submitted an invitation to the organization to attend the introductory symposium on Iraq's entry into the World Trade Organization which will be held October 4, 2023..."
You have World Trade Organization going to have a meeting...We're going to have to wait and see how that turns out...Ascension is hopefully on the table...
Did they say they were Sovereign?
-
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...
-
Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
-
Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...