Sunday, October 15, 2023
A Zimbabwe Single Currency is Now on Track, 15 OCT
A Zimbabwe Single Currency is Now on Track
On October 15, 2023 By Awake-In-3D
Amidst a backdrop of historical financial turmoil, Zimbabwe has embarked on an ambitious quest to establish a Zimbabwe single currency.
In my opinion, this is relevant to the RV/GCR since Zimbabwe would need it’s own sovereign currency, instead the basket of foreign currencies they use today, in order to participate in the GCR.
How could a country have an asset backed currency if they don’t currently have their own currency?
This journey, laden with rich history and bold decision-making, reflects the nation’s steadfast commitment to restoring economic stability.
This article outlines the multifaceted past and present events surrounding the evolution of the Zimbabwe single currency, what this transformation signifies, and provides insight into Zimbabwe’s dynamic financial landscape.
“We agreed that for us to survive we had to create a basket of currencies and allow our currency to die. It could have been a wrong decision but that is what happened in 2009. However, as a country, we must have a currency which we call our own.”
Zimbabwe President Mnangagwa
A Historical Perspective
From Hyperinflation to Multi-currency Basket
Zimbabwe’s financial saga was turbulent, characterized by hyperinflation and economic instability.
It was in 2009 that the country took the pivotal step of introducing a basket of foreign currencies, marking the transition from a period of hyperinflation to relative stability.
The necessity of a local currency became apparent, serving as the cornerstone for future endeavors
Government Action in 2009
In 2009, a committee was convened under the chairmanship of President Mnangagwa by former President Mugabe to address the financial crisis.
This committee concluded that adopting a basket of currencies was a vital strategy for survival. The decision to create this unique financial framework marked a turning point in Zimbabwe’s economic landscape.
The “Basket of Currencies” Arrangement
The current financial arrangement allows the use of a mixture of foreign currencies alongside the local currency. Under Statutory Instrument 118A of 2022, this arrangement is secured until December 2025.
While the current setup has stabilized the economy to an extent, Zimbabwe now sets its sights on establishing a Zimbabwe single currency.
The Path to a Zimbabwe Single Currency
Presidential Vision
President Mnangagwa’s vision for Zimbabwe’s financial future is clear: the nation needs its own single currency.
He strongly emphasizes the importance of this, viewing it as a foundation for achieving sustainable economic growth and development. In his words, “There is no country that can grow without its own currency.”
Benefits of a Single Currency
A single national currency grants the government greater autonomy in monetary policy, enabling more effective management of capital flows, and ensuring the protection of the nation’s interests.
This approach is crucial for economic autonomy and sovereignty. President Mnangagwa underscores the significance, stating, “We must bite the bullet, whether it gives us some suffering for a period, we shall proceed to have our own currency.”
The Road Ahead for a Zimbabwe Single Currency
“We want a single currency, and we are going there.”
Zimbabwe President Mnangagwa
As Zimbabwe moves steadily towards the realization of a Zimbabwe single currency, it faces a series of challenges.
However, the commitment and cooperation of stakeholders, the government, and the financial sector ensure a deliberate and organized transition.
Stakeholder Concerns
During the Zimbabwe Economic Development Conference (ZEDCON), stakeholders articulated their need for a well-defined currency reform roadmap.
The approaching 2025 deadline for the multicurrency regime has triggered caution within financial institutions concerning the extension of long-term foreign currency loans. In the words of President Mnangagwa, “We want a single currency, and we are going there.”
Economic Autonomy
Zimbabwe’s transition towards a single currency reflects its unwavering determination to regain economic autonomy and strengthen its monetary policy.
Relying on a foreign currency for local and international transactions can create vulnerabilities and limit the country’s ability to pursue its unique economic policies.
This enhanced autonomy enables the nation to respond effectively to economic challenges and tailor its policies to specific domestic needs, ultimately fostering sustainable development and inclusive growth.
What it All Means
The commitment to pursue a Zimbabwe single currency is not merely a financial transformation; it’s a testament to the nation’s commitment to economic growth and development.
The journey from hyperinflation to a multi-currency system and, now, towards a single currency signifies a remarkable transformation.
Zimbabwe’s economic landscape is undergoing a significant shift, and stakeholders eagerly await the fulfillment of this ongoing financial evolution.
As President Mnangagwa reiterates, “We want a single currency, and we are going there.”
SUPPORTING ARTICLES
The Chronicle: Zimbabwe to revert to local currency
The South African: Zimbabwe to reintroduce local currency
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https://ai3d.blog/breaking-news-a-zimbabwe-single-currency-is-now-on-track/
Sudanese Advisor: America Gives Us Instructions And Does Not Impose Pressure On The Dollar Issue, 15 OCT
Sudanese Advisor: America Gives Us Instructions And Does Not Impose Pressure On The Dollar Issue
Politics 10/15/2023 Number of readings: 189 Baghdad - Iraq Today: Muhammad al-Najjar, advisor to the Prime Minister for Investment Affairs, stressed that the method of cash in Iraq must be electronic, noting that the US Federal Reserve’s instructions to Iraqi banks were years ago, but previous governments “ignored” them.”
Regarding the impact of the dollar exchange rate on internal investment in Iraq, Al-Najjar said in a press interview that this problem produced confusion in the market at the beginning of its appearance, due to the presence of contracts signed in dollars, but now it has “adjusted” because most of the contracts, especially the executive ones, were signed in Iraqi dinars, indicating that the issue The effect will decrease until the old contracts signed in US currency expire.
He pointed out that countries around the world approve contracts in local currency, with exceptions, according to the type of project.
Regarding the possibility of controlling the dollar exchange rate or not, he commented that this is “related to the transfer of a culture, from paper to electronic, and this process takes time,” stressing the need for the method of cash in Iraq to be electronic and not as is prevalent through paper currency.
The Prime Minister's Advisor for Investment Affairs pointed out that “some are trying to exploit this stage,” pointing out that the process of transferring from cash to data “is in the interest of the Iraqi state to control and track funds, especially in light of the existing financial corruption.”
Regarding the US Federal Reserve’s pressure on Iraq, Muhammad al-Najjar considered it “instructions, not pressures,” adding that the US government has the right to set controls on the use of its currency.
He continued: “The US Federal Reserve had requested these demands from Iraq several years ago, and previous governments had constantly ignored them, but now it has become unhealthy for these practices to continue, which have led to a large scale of financial corruption because the amounts cannot be tracked."
Regarding the Iraqi government's vision in the field of investment, he revealed that the Board of Directors of the Iraq Fund for Development will approve it in the next session of the Council of Ministers, after approving the bylaws, noting that the delay came due to the delay in approving the budget.
He added: “After the Board of Directors is approved, the executive director of the fund will be appointed to launch investment projects, the results of which we will see at the beginning of next year.”
The Iraq Fund for Development promised that it would serve as “a middle ground between ministries and provide funding to individual innovators and grant loans to young people to start new projects.”
He explained that the government is working on several programs to reach a strategic plan on how to activate and employ graduates annually, in order to train them professionally in preparation for new specializations that the government will need in the future, such as information technology, adding that the final plan for the total absorption of graduates does not yet exist. LINK
The Forces of Representatives: A Global Rally for Palestine, 15 OCT
The world watches with bated breath as citizens rally behind ‘The Forces of Representatives’, a new phenomenon sweeping across global communities. This is not a political movement or a revolution, but a stirring of hearts, a collective sentiment echoing the Palestinian cause. The hashtag #InSolidarityWithPalestine trends on social media, a digital battle cry resonating in the ether.
Diplomatic Outcry
Several nations, including Algeria, Brazil, Colombia, Cuba, Iraq, Iran, Ireland, Kuwait, Morocco, Malaysia, Norway, Oman, Qatar, and South Africa, have voiced their concern over the escalating violence in Gaza. They have urged Israel to cease its aggression and work towards a ceasefire. The call for a two-state solution resonates around the world, a solution that seems increasingly elusive amidst the turmoil.
Waning Faith
However, surveys reveal an alarming trend. The faith in a two-state solution is dwindling not just amongst Israelis, both Arab and Jewish, but also within the Palestinian population. The belief in dialogue and negotiations is being replaced by a grim resolve favoring armed struggle to establish an independent state. Yet, amidst the despair, the rallying cry of ‘The Forces of Representatives’ continues to echo, a testament to the resilience of human spirit.
Challenges and Threats
Palestinian Americans and activists advocating for Palestinian rights are facing a growing menace. Personal information is released without consent, leading to doxxing and harassment. Yet, they persist, their voices refusing to be stifled, their determination unbroken. In Kansas City, residents, including many from the local Palestinian community, gathered in support of Palestine, their voices a poignant demand for an end to the Israeli occupation.
Global Power Play
Meanwhile, China maintains a stance of neutrality, a strategic move to curry favor with Arab states and further its own global agenda. The Israeli-Palestinian conflict is no longer just about two nations. It has become a global chessboard, with powerful players maneuvering for advantage. Yet, amidst the political power play, ‘The Forces of Representatives’ continue their relentless rally, a beacon of hope in the swirling storm of conflict.
https://bnn.network/world/the-forces-of-representatives-a-global-rally-for-palestine/
On the Precipice: US Fears Israel-Hamas Conflict Could Ignite Wider War, 15 OCT
On the Precipice: US Fears Israel-Hamas Conflict Could Ignite Wider War
In the hushed chambers of the United States’ highest echelons of power, fear is taking root. A specter of a broader conflict hangs heavy over the Middle East, as the intensifying conflict between Israel and Hamas threatens to pull in other regional actors, potentially sparking a conflagration that could engulf the entire region.
The Unfolding Crisis
Israel, a small yet powerful nation, is readying its troops for a ground assault on Gaza, escalating its response to Hamas attacks. This move follows a punishing bombing campaign, a retaliation for a barrage of missiles launched by Hamas that claimed countless Israeli lives. The US, Israel’s staunch ally, watches warily, anxious about the potential for this localized conflict to spiral out of control.
Simultaneously, the US is working tirelessly to ensure that Palestinians trapped in the besieged Gaza Strip aren’t left without access to basic necessities amidst the escalating violence. There’s a palpable urgency to these efforts, an acknowledgment of the humanitarian crisis unfolding before the world’s eyes.
The International Response
As the situation deteriorates, the US is preparing to bolster its allies with a significant new weapons package. Estimated to be worth significantly more than $2 billion, this package is meant to strengthen Israel and Ukraine, offering them support in their respective conflicts. However, these preparations are accompanied by a fervent dialogue about how to best protect civilians caught in the crossfire and evacuate American citizens from the danger zone.
The message from the US is clear: while it remains committed to Israel’s security, it is equally committed to preventing civilian casualties and working towards a peaceful resolution of the conflict. The Biden Administration is balancing its support for Israel with a deep-seated concern for the preservation of human lives and the cessation of hostilities.
The Gathering Storm
Yet, beneath the surface, a more ominous reality is forming. There’s a dark undercurrent to the crisis, a fear that Hezbollah or Iran might seize this moment of turmoil to further their agendas. Iran’s Foreign Minister Hossein Amir Abdollahian has warned of potential escalation if the attacks on Gaza aren’t halted, a statement that has sent ripples of concern through the international community.
Already, clashes between Hezbollah and the Israeli army along the Lebanon border have intensified, causing casualties on both sides. To deter hostile actions and prevent the war from widening, the US is deploying a second aircraft carrier to the eastern Mediterranean, while sending Special Operations forces to Israel to assist with potential hostage rescue operations.
The Fragile Balance
In this volatile scenario, the US is reinforcing its military presence in the region, closely monitoring Hezbollah forces in Lebanon, and Iran-backed militias in Iraq and Syria. The fear of an Israeli invasion of Gaza spiraling into a broader conflict involving Iran and other proxy groups is ever-present.
Yet, amid this chaos, the US remains committed to ensuring the safety of civilians and working towards a peaceful resolution. It’s a treacherous tightrope walk, balancing the protection of allies, the prevention of a larger conflict, and the sanctity of human life. As the world watches with bated breath, only time will tell if this delicate balance can be maintained.
After The Dollar Jumped, Experts Explain The Reasons And Solutions That May Reduce It To 1,300 Dinars, 15 OCT
After The Dollar Jumped, Experts Explain The Reasons And Solutions That May Reduce It To 1,300 Dinars
Posted On2023-10-15 By Sotaliraq Ali Al-Hamdani Experts in the Iraqi economy expect that the crisis of the rise in the exchange rate of the US dollar against the Iraqi dinar will continue for several reasons, most notably commercial dealings with sanctioned countries, the evasion of taxes and customs by speculators and small traders, and the obstacles surrounding the relationship between banks and customers, including merchants, importers, and others, calling for a package to be taken. Measures, including those that may contribute to reducing the exchange rate to 1,300 dinars.
On Thursday, the dollar exchange rates on the Al-Kifah and Al-Harithiya stock exchanges recorded 160,400 dinars for 100 dollars, while in exchange shops in the local markets in Baghdad, the selling price reached 161,500 Iraqi dinars, while the purchasing price reached 159,500 dinars for every 100 dollars.
In Erbil, the selling price in banking shops was 160,400 dinars for 100 dollars, and the purchase price was 160,300 dinars for 100 dollars.
Causes of the dollar crisis
Researcher and writer, Halim Salman, attributes the dollar crisis and the exchange rate difference to “international restrictions imposed on trade with some neighboring countries, which causes pressure on the parallel market, and other reasons related to speculators and small merchants who escape taxes, customs, etc.”
Salman adds to (Al Mada), “In addition to the obstacles surrounding the relationship between banks and customers, merchants and importers, which result in difficulties in opening accounts, forcing some of them to go to the parallel market to obtain dollars for ease.”
He continues, “In addition to the behavior of the Iraqi individual to keep the dollar due to weak confidence in his national currency, this is the result of weak confidence in the banking system, and the problems of the blockade and conflicts that arose previously, which cast a shadow on the citizen’s confidence in his national currency.”
Solutions to the dollar problem
For his part, the financial and economic expert, Mahmoud Dagher, rules out solving the dollar problem “except by controlling the borders, completing the unified customs wall for all of Iraq, and ending the existence of two customs and two border crossings, one of which belongs to Baghdad and the other to the region.”
Dagher confirms to (Al Mada), “After the platform and compliance with the rules of international transfer, the dollar crisis cannot be ended as long as there are sanctioned entities that the country deals with, which requires stopping trade with these entities or at least establishing a customs wall with them, otherwise the crisis will continue.”
In turn, the economic researcher, Dr. Ali Daadush, explains that “the solution to prevent the crisis from escalating is through concerted efforts between the Central Bank and the government, and by meeting the former with his Iranian counterpart and determining dealing in the two countries’ currencies (the dinar and the toman), and setting a fixed exchange rate for commercial transactions that amount to approximately 11 billion dollars annually.” That is, about (14.5) trillion Iraqi dinars.
Speaking to Al Mada, Daadoush stressed the importance of “controlling border crossings and placing a customs wall linked electronically to the government treasury, accompanied by the operation of factories and laboratories to produce local goods and services in accordance with international market standards.” For his part, economic researcher, Abdul Salam Hassan Hussein, says, “The dollar continues to rise because it has become a trade, not to mention it is smuggled openly to neighboring countries, and the events that took place in Palestine will also affect it.”
Hussein believes, while speaking to (Al Mada), that “the central bank is unable to address this problem, and its danger lies in the fact that money exchange offices are buying large amounts of dollars.” At the conclusion of his speech, he confirms that “the exchange rate can be reduced to 130 thousand dinars through a program to fight the dollar,” indicating that “the program includes a secret numbering to control the pumping of money and the distribution of the dollar,” expressing his readiness to “present it to the Prime Minister for fear of revealing it and he will benefit from it.” The powerful and the corrupt,” he said. LINK
Dawn of a New Era: Iraq’s Stride Towards Energy Independence, 15 OCT
Dawn of a New Era: Iraq’s Stride Towards Energy Independence, 15 OCT
As the sun set over the Tigris River, painting the horizon with hues of gold and orange, a new dawn was quietly breaking in Iraq’s energy sector. In an unassuming ceremony in February, the ink dried on three energy contracts between Iraq and UAE-based Crescent Petroleum. The contracts, a harbinger of change, were set to develop three oil and gas fields in the ancient lands of Basra and Diyala.
Breaking Free from the Chains of Dependence
These 20-year contracts are not just a promise of economic progress but are also a beacon of hope. They are expected to start churning out 400 million standard cubic feet of natural gas daily within 18 months, breathing new life into Iraq’s energy landscape. This development holds great significance, as it will help Iraq reduce its reliance on Iranian gas imports, a dependence that has long been a thorn in its side.
A Step towards Self-Sufficiency
“Our operations will stop gas flaring and use the processed gas to generate electricity,” said Hayan Abdel-Ghani, Iraq’s Oil Minister, his eyes gleaming with anticipation. For a country that has been heavily dependent on Iranian gas imports to power its grid, this is no small feat. It is a bold stride towards self-sufficiency, a step away from the shackles of dependence. Moreover, this development aligns with the United States’ urging Iraq to reduce its reliance on Iran.
Transforming the Energy Landscape
The joint venture between Iraq and Crescent Petroleum is more than just a business deal. It signifies a transformative phase in the country’s energy landscape, a shift in its geopolitical alliances, and a stride towards energy independence. The partnership heralds a new era where Iraq is not just a playground for power politics but a key player in the global energy arena.
Charting a New Course
As Iraq charts a new course, there will undoubtedly be challenges and hurdles to overcome. However, the promise of a brighter, more independent future provides the impetus to persevere. The country stands at a critical juncture, ready to harness its own resources and dictate its own destiny. With these contracts, Iraq is not just tapping into its oil and gas fields; it’s tapping into its potential, signaling to the world that it’s ready to take its place on the world stage.
https://bnn.network/world/iraq/dawn-of-a-new-era-iraqs-stride-towards-energy-independence/
"RV UPDATE" BY MILITIAMAN, 15 OCT
Militia Man
Article: "China hosts representatives from 130 countries at the New Silk Roads Forum"
This Belt Road project is linking right through Iraq. Al-Sudani just met with Putin on his Development Road Project as well... The 10th anniversary of this coinciding with electronic systems hook ups in Iraq are looking to be timed accordingly...I like it.
Sudani has been knocking it out of the park.. .Turkey is going to be massive...building road, industrial cities, industrial parks.
Think about all the infrastructure that has to go into that. Water, sewer, roads, electrical...All kinds of things happening behind the scenes.
Article: "Parliamentary Energy: Work is continuing towards passing the oil and gas law"
This is going to be a big deal and it needs the same thing everyone else needs and that is the international acceptable currency exchange rate. The way they are talking on this gives me the impression they are ready for the rate, so that they can discus, read and vote on it. Who wouldn't vote for it when it is for all Iraqi people. I am sure the priority is going to be toward a yes vote...A unanimous one at that!
Al-Sudani leads banking reform discussion, 15 OCT
Al-Sudani leads banking reform discussion, 15 OCT
Shafaq News / Iraqi Prime Minister, Mohammad Shia Al-Sudani, presided over a meeting on Sunday to deliberate on banking reform measures. He directed the simplification of all banking procedures and called for a proposed list of facilitations to be prepared within a week.
.In a statement issued by Al-Sudani's media office, it was stated that, "As part of his follow-up on the implementation plan for financial and administrative reforms in both the financial and banking sectors, Prime Minister Mohammad Shiaa Al-Sudani chaired a meeting this evening.
The meeting was attended by the Central Bank Governor and directors of government banks. During the meeting, discussions were held on the procedures and mechanisms adopted to achieve banking reform, which constitutes one of the fundamental steps in the financial and economic reform embraced by the government in its executive agenda."
Al-Sudani emphasized, "Financial reform is not merely a slogan but a series of concepts and measures that the government is determined to implement without hesitation. It will confront all challenges and obstacles that hinder the implementation of well-thought-out reform plans."
According to the statement, the Prime Minister instructed the simplification of all banking procedures and the preparation of a proposed list of facilitations and streamlined procedures to be submitted within a week. Additionally, a summary detailing the obstacles hindering the banking reform process, along with effective and executable solutions, is to be presenteD.
https://shafaq.com/en/Iraq-News/Al-Sudani-leads-banking-reform-discussion
"RV UPDATE" BY RAYREN98, KAPERONI & WALKINGSTICK, 15 OCT
RayRen98
...I DO "BELIEVE" THAT IT HAS BEGUN!! RATES DID CHANGE IN IRAQ LAST WEEK...MAYBE AGAIN OVER THE WEEKEND?
WAITING TO HEAR FROM SOME FOLKS WHO WERE EXCITED LAST NIGHT AND WERE LOOKING TO SEE SOMETHING (BEHIND THE SCENES) THROUGHOUT THE NIGHT...TIME WILL TELL
..."WE WERE TOLD ON WEDNESDAY TO LOOK TOWARDS MONDAY...THAT TIMETABLE HAS BEEN SHORTENED...CONSIDERABLY "
Kaperoni
The only way for Iraq to raise the value would be to do so gradually over time based on the success and growth of the economy. Doing so would allow them to withdraw the large quantities of currency as the economy prospers. It also would allow them to float the currency based on the economic success and diversification.
Walkingstick
HCL payments are all over the world where Iraqi citizens live, where they qualify for these funds..
An important economic recommendation for the Central Bank after it used exchange companies to sell dollars to travelers, 15 OCT
An important economic recommendation for the Central Bank after it used exchange companies to sell dollars to travelers
Mohsen Al-Mandalawi Calls for Completion of Remaining Projects in Baghdad, 15 OCT
Mohsen Al-Mandalawi Calls for Completion of Remaining Projects in Baghdad, 15 OCT
In a bid to uplift the quality of life and infrastructure in the capital city of Iraq, First Deputy Speaker of Parliament Mohsen Al-Mandalawi has urged the initiation of comprehensive campaigns aimed at completing the remaining projects in Baghdad. In his recent statement, Al-Mandalawi emphasized the necessity of these campaigns to better the city’s infrastructure, services, and overall living conditions for its denizens.
Emphasizing Coordinated Efforts
Al-Mandalawi underscored the necessity of strengthened coordination between the government bodies and private sector firms for the successful completion of these projects. He accentuated the role of a collective effort in achieving the target and ensuring the projects’ successful fruition.
Transparency and Accountability: A Key Focus
As part of his statement, Al-Mandalawi also highlighted the critical role of transparency and accountability in the allocation of funds and resources for these campaigns. He stressed that these aspects would be paramount in maintaining trust and ensuring the proper use of resources, thereby leading to the successful completion of the planned projects.
Involving Local Communities
Al-Mandalawi also underscored the importance of involving local communities in the decision-making process. He said that the residents of Baghdad should actively participate in the development plans of their neighborhoods. This approach would ensure a more inclusive and effective implementation of the projects, addressing the actual needs of the residents and making them feel a part of the development process.
Government’s Commitment to Improve Living Conditions
The statements from Al-Mandalawi reflect the government’s commitment to addressing Baghdad’s needs and improving its residents’ living conditions. It is a sign of the government’s dedication to infrastructure development and service improvement, aimed at making Baghdad a better place for its inhabitants.
Iraqi Parliament Calls for Activation of Arab Defense Treaty Against Israel, 15 OCT
Iraqi Parliament Calls for Activation of Arab Defense Treaty Against Israel, 15 OCT
In a striking move, the Iraqi parliament has demanded the activation of the Arab Defense Treaty in retaliation to Israel’s ongoing assaults on the Gaza Strip. These attacks have sparked international outcry, as the violence escalates and innocent lives continue to be lost.
Regional Response to Israeli Aggression
The Iraqi parliament’s call for action is a pointed rebuke of Israel’s military activities, which have led to the deaths of over 2,000 Palestinians and displaced around 1 million more. This request is not just a plea for help—it’s a demand for justice. The Arab Defense Treaty, established in 1950, exists to foster collective defense among Arab nations. While the treaty holds symbolic significance, its activation could lead to coordinated military responses by member states.
Furthermore, the legislators have urged the United Nations to intervene and prevent further bloodshed and displacement of Palestinians. They have called for an emergency session of the Arab League—a conglomerate of nations from North Africa, West Asia, and parts of East Africa. This session would be focused on condemning Israeli aggression and discussing potential responses.
The Gaza-Israel Conflict
The conflict between Israel and Palestinian militant groups, primarily Hamas, has been ongoing since October 7th. It started with a surprise offensive by Hamas, involving rocket attacks and breaches of the Gaza-Israel barrier. The Israeli army has reported two missile launches from Syria, but they landed in unpopulated areas and did not require air defenses to intercept them. However, the conflict has escalated quickly, with devastating consequences for both sides.
Israel’s retaliation has involved airstrikes in the Gaza Strip, resulting in a tragic loss of Palestinian lives. Israel has also cut off essential supplies to Gaza, including food, water, electricity, and fuel. This has intensified fears of an impending humanitarian crisis.
Humanitarian Crisis in Gaza
The ongoing conflict has resulted in a dire humanitarian situation in Gaza. With nearly half of the population internally displaced and the healthcare system on the verge of collapse, the region is in desperate need of aid. The United Nations and other international entities have called for an immediate ceasefire and the delivery of humanitarian aid.
Egypt has offered to host a regional summit to discuss the situation and find a peaceful resolution to the Israeli-Palestinian conflict. However, as the violence continues, so too does the suffering of the Palestinian people.
A Call for Solidarity
The Iraqi parliament’s call for the activation of the Arab Defense Treaty is a reflection of the growing solidarity among Arab nations in support of Palestine. It is a cry for action in the face of a humanitarian crisis that shows no sign of abating. As the conflict continues, international efforts to broker a ceasefire and provide aid to Gaza are more crucial than ever.
The situation remains fluid, with the international community watching closely, hoping for a peaceful resolution to the conflict. The plight of the Palestinian people is a reminder of the pressing need for diplomacy and dialogue in addressing global conflicts.
"IRAQ BOOTS ON THE GROUND REPORT BY FIREFLY, 15 OCT
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: News saying within 2 months the dollar exchange rate will stabilize.
FRANK: Inside the next 2 months it's highly possible we'll see a new exchange rate. That's the only thing that can stabilize it because a program rate unstabilizes it. This is as simple as I can put it. I'm not exaggerating. I'm not adding to it. This is for real.
FIREFLY: The television is saying the oil and gas law is still with the government technical committees and is being reviewed.
FRANK: See! Where did I tell you the HCL is at? In a little box in the top shelf of Sudani's desk...It is being reviewed? I agree, because it will require a new exchange rate. What are they going to do pay you $0.30 a month?
Nobody used to touch the Iraqi dinar. Nobody used to any Iraqi stocks. They wouldn't touch [Iraqi's] currency. It was worthless. But the whole world now knows thanks to Sudani the potential of your currency...
We study this investment that is moving forward unless for some reason Sudani and Alaq are not what we think they are. I'm not giving up on them.
I'm not seeing anything that tells me to give up on them except, What the hell are you waiting for?
The oil and gas law is an open crisis between Baghdad and Erbil, 15 OCT
The oil and gas law is an open crisis between Baghdad and Erbil, 15 OCT
As the deadline for an agreement between the central government in Baghdad and the Kurdistan Regional Government approaches, disputes are reignited over new details that reveal a lack of desire to reach a final settlement. Each party wants to control the oil and gas file, either under the title of the government’s right or the flexibility of the system of regions.
According to sources within the Iraqi parliament, negotiations between Baghdad and Erbil aimed at issuing a new oil and gas law have once again failed. This has had an impact on the parliamentary Oil and Gas Committee, which has admitted its inability to resolve the contentious issues between the two parties.
The ongoing crisis since 2005 will continue due to differing perspectives on oil and gas revenues between the central and regional governments.
Observers note that there is a disagreement between the central government and the Kurdistan Regional Government regarding the control of revenues generated by natural resources in Iraq. The central government believes that it should have full control over these revenues due to its sovereignty, while the regional government argues that the federal system grants it the right to control the revenues, with some degree of federal supervision.
Zainab Al-Moussawi, who is a member of the Parliamentary Oil and Gas Committee, has stated that the process of enacting the oil and gas law is slow due to contentious issues. The management of the Kurdistan region’s oil fields and the financial revenues generated from selling oil and exporting abroad are the most significant points of contention.
During the conversation, she mentioned that there are two controversial points that indicate that the management of national wealth, including those in Kurdistan, is under the control of the federal government. She further stated that the management of federal financial revenues and the export of Kurdish oil abroad through the National Oil Company (SOMO) are also points of contention, to which Erbil objects.
Al-Moussawi stated that the dialogues between Baghdad and Erbil are ongoing to resolve differences and approve the law that will redraw Iraq’s oil map.
Based on observers’ expectations, it seems that the dialogues available for addressing the issues related to sovereignty over oil revenues, central supervision, and independent rights of regional governments to manage local affairs are only temporary settlements. These dialogues facilitate the distribution of salaries to employees in the region, but don’t address the fundamental issues. It is still unclear whether the federal system grants the regional government independent rights to manage local wealth similar to how it grants them independent rights to manage other local affairs.
In Baghdad, many people believe that allowing Erbil to have control over oil will increase separatist movements and give the Kurdistan Regional Government an unfair advantage in terms of resources. Although several governorates have oil resources, the revenue from these resources is distributed equally among all governorates, which should also include the three governorates in the region.
Officials from the Kurdish region deny that controlling the area’s oil resources implies a renewed push for separation. They argue that the federal system, while granting some rights to the central government, doesn’t grant it all rights as it does currently.
The Iraqi government aims to regulate the oil and gas sector through a single national company, with all imports being deposited in a single account.
In February of last year, the Federal Court in Baghdad issued an order for the region to surrender the oil produced on its lands to the central government in Baghdad. Furthermore, the court also mandated the cancellation of all contracts signed by the region with foreign companies. As a result, the judiciary in Baghdad invalidated contracts with many foreign companies, particularly American and Canadian ones.
In early April, a temporary agreement was signed between Baghdad and Erbil, stating that all oil sales in Kurdistan must be made through the Iraqi Oil Marketing Company (SOMO). Moreover, the revenues generated from the region’s oil fields will be deposited in a bank account that is either approved by the Central Bank of Iraq or is the Central Bank of Iraq itself.
The Kurds deny that controlling the region’s oil resources is a step towards renewed separatism.
Jutiar Adel, the head of the Media and Information Department of the Kurdistan Regional Government, has emphasized that the draft law should be based on the principle of true partnership. The law should also include mechanisms to ensure the optimal utilization of Iraq’s natural resources, and to guarantee the rights of all parties fairly. It is essential to prevent the decline of one party at the expense of another.
The debate between the two parties centers on a single word in Article 112 of the Iraqi Constitution, which was issued in 2005. The article stipulates that the federal government, along with the governments of producing regions and governorates, shall manage the extraction of oil and gas from current fields, and distribute the profits fairly based on population distribution. Additionally, a portion of the profits will be allocated to the areas affected by the previous regime.
As per the decision made by the Kurdistan Region Judicial Council on May 30, 2022, the paragraph only applies to “current” fields, which means that the oil fields in Kurdistan are not included as they were discovered and developed after the paragraph was written. These fields were instead governed by a special law passed by the region’s parliament in 2007. This has led some observers to question whether new oil fields discovered in other regions of Iraq will also be exempt from this article of the constitution.
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