Sunday, October 13, 2024

An Absent Minister, “Suspicious” Agents, And “Absent” Oversight... Oil Is At Its Worst And Smugglers Are Living A “Honeymoon”, 14 OCT

 An Absent Minister, “Suspicious” Agents, And “Absent” Oversight... Oil Is At Its Worst And Smugglers Are Living A “Honeymoon”

Alsumaria Special  2024-10-13 | Sumerian News-Politics  For about a month, the Minister of Oil was absent Deputy president council Minister of Energy Affairs Hayan Abdul Ghani was removed from his ministry due to a health condition he suffered from, but during this month he got a lot There are suspicious movements and decisions inside the ministry, taking advantage of the minister’s absence from the head of his ministry.

In mid-September, Abdul Ghani suffered a stroke while in the United States.United On an official visit, the minister was absent from the ministry throughout the month. He is supposed to return to his duties today or tomorrow, according to what sources revealed. However, during this period of absence, and the preoccupation of the Prime Minister, council Ministers in the political and security situations, two of the undersecretaries of the Ministry of Oil took advantage of this period to intensify their activities and meetings with foreign companies at times and to make wrong decisions at other times, according to what sources revealed to Sumaria News.

Sources say that one of the ministry's undersecretaries preferred to stop the operations. export Oil products out Iraq In return for granting these products to some fictitious parties and factories, and we are talking here about the fuel oil product, and fictitious factories are factories that exist only on paper, and do not carry out any activity or production, from the oxidized asphalt factories, which only take shares of fuel oil at a price subsidized by the state not exceeding 250 to 300 dollars, while its price outside Iraq About $500 per ton, i.e. a profit margin of 100%.

The agents’ activities came in contradiction to the policy and directions of the government and its prime minister to maximize the country’s foreign currency resources by selling this product through the Oil Marketing Company to accredited and reliable companies and exporting it abroad instead of consuming it or smuggling it by some owners of fictitious factories inside Iraq, according to what was revealed by informed sources and official correspondence.

As for the other agent of the Ministry of Oil, he was immersed in a long series of meetings with foreign companies to conclude contracts and side deals.

All this is happening, at a time when the Internal Control Department is completely absent from the scene in the Ministry of Oil, which is supposed to monitor these activities and events, but the truth is that the Director General of the Internal Control Department in the Ministry of Oil, who was hosted in an open session in council Iraqi MPs last September,

it turned out that there is a lot From the negligence and laxity of this department regarding the files of corruption, negligence and misuse of authority, with the existence of an official letter from the Parliamentary Integrity Committee regarding his ineligibility for the position because he suffers from health problems, according to what was stated in the letter.

The Parliamentary Oil Committee also indicated at the time that the Director General of Control is arbitrary in his decisions and has emptied his department of about 35 competent employees who are needed by internal control, which in itself is suspicious and suspicious behavior.

Between a minister who was absent, agents who “move secretly” and an internal control director who is absent from the scene, informed sources say that the Ministry of Oil is going through its worst phase as a result of the chaos occurring in the ministry, calling on the head of...councilMinisters to conduct a real review of all the ministry's joints.

Estimates indicate that about a third of the factories that receive black oil inIraqThey are “fake factories” that benefit from subsidized fuel oil and smuggle it and sell it outside Iraq, which provides profits of one billion dollars annually, or about 100 million dollars monthly.  LINK

RV UPDATE BY MILITIAMAN, 14 OCT

 Militia Man  

  Article:  "The Minister of Finance stresses the need to adhere to the timetables to achieve economic reforms"

 This cooperation...goes far beyond Iraqs borders...The World Bank, the IMF, the Bank of International Settlements, the WTO,  United States Treasury, etc....

all have reached agreements with respect to Iraqs reforms and sustainability towards economic growth...It shows the aforementioned entities...know what Iraq's reforms will mean to the world and the impacts it will likely bring to many nations of the world! 

...They are now openly making sure they are on record in saying so..

BRUCE CC HIGHLIGHTS TODAY @DINARREVALUATION

Members Welcome Iraq’s Return To WTO Accession Talks After 16 Year, 14 OCT

 Members Welcome Iraq’s Return To WTO Accession Talks After 16 Year

ACCESSIONS

Iraq

Iraq's Working Party was established on 13 December 2004. The Working Party met for a third time in July 2024. The Working Party is chaired by Ambassador Saqer Abdullah ALMOQBEL (Saudi Arabia, Kingdom of). For more information on the current status of this accession, please click here.

Profiles

Trade profile

pdf

technical notes

  Aid for Trade profile (2019)

  pdf

  explanatory notes

Jargon buster

 User guide to WTO Accession Jargon

 Iraq ACCESSION Members welcome Iraq’s return to WTO accession talks after 16 years Acc_18jul24_md

Members welcome Iraq’s return to WTO accession talks after 16 years

18 July 2024

At the third meeting of the Working Party on the Accession of Iraq on 18 July, WTO members welcomed .


Q & A WITH WALKINGSTICK, 14 OCT

 Walkingstick  

 Question:  "What does it mean to you when they say 'In the coming days' the Iraqi citizens?" 

 IMO that means now. 

 Question: "They've used that phrase before haven't they?"

  Yes but not surrounded by all the information that they're giving to the Iraq citizens about the monetary reform on a daily basis...'

In the coming days', yeah, now.  In the coming days, very quickly, now.


Latest Update & Insights of DINARLAND @DINARREVALUATION

FRANK26….10-8-24…IQD UPDATE & MILES FRANKLIN GOLD & SILVER

WHAT HAPPEN WHEN A COUNTRY APPLIES TO JOIN THE WTO BY GOLDILOCKS, 13 OCT

 GOLDILOCKS

When a country applies to join the World Trade Organization (WTO), it must describe how its exchange rate is determined. 


Applicants must also provide information on:


* Whether their currency is convertible

* Whether foreign exchange is freely available for trade and payments

* Any regulations related to retaining foreign currencies

* Repatriation or surrender requirements

* Their balance of payments situation 

 

The WTO promotes fair trade by setting global trade rules and enforcing them through its dispute settlement system. However, the WTO defers to the International Monetary Fund (IMF) for assessing exchange rates. 


The IMF has adopted standards for assessing exchange rates, but it has not officially used those standards to assess specific countries. Iraq will be determining their rate themselves.

 

The WTO's goal is free trade, which it achieves by binding its members to international commitments. These commitments include:


* Access to the goods and services markets

* Use of economic policy instruments that affect trade

* State support of agriculture 


As you can see, Iraq will be reaching its final stages of inclusion into the International markets in the first or second quarter of next year. 


© Goldilocks


https://www.wto.org/english/thewto_e/acc_e/cbt_course_e/c5s2p2_e.htm

"Autumn" Economic Recession In Iraq.. And A Government Advisor Explains The Reasons, 13 OCT

 "Autumn" Economic Recession In Iraq.. And A Government Advisor Explains The Reasons

Time: 2024/10/11 Read: 2,574 times   {Economic: Al Furat News} A government advisor revealed that Iraq is going through a “seasonal economic recession.”

The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, told {Al-Furat News}: "The fluctuation of the dollar exchange rate in the parallel market has nothing to do with the phenomenon of seasonal recession that the markets are currently witnessing."


He explained that "the recession in demand comes after the high peak of sales that preceded the current school season and the end of most major religious and social occasions, in addition to the entry of the fall season, which is the end of the summer season, that abundant season in agricultural production and marketing."

Saleh explained, "In all cases, there is a recession in demand or a recession in seasonal economic activity, which is a phenomenon that occurs when economic activity declines during a certain period of the year as a result of seasonal factors."

He continued, "This recession can occur in different sectors such as tourism, agriculture, or retail sales, and is often affected by natural factors such as weather, religious occasions and holidays, or changes in demand patterns from one season to another."

Saleh believed that this recession "will take such a seasonal change, a few weeks until the entry of winter for economic activity to begin interacting in this short-term economic cycle."Raghad  LINK

DINARLAND INSIGHTS FROM MNT GOAT, MARKZ AND FRANK26 @DINARREVALUATION

Upgrading the private sector through legislative and executive support, 13 OCT

 Mawazine News – Baghdad

The President of the Union of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, confirmed on Thursday that the private sector enjoys legislative and executive cover and keen attention from the government and has reached the stage of stability, which contributed to the process of building and attracting foreign investments.

Al-Zuhairi said in a statement to the official agency that “the private sector was able to build a strong name for it in recent years after the current government took responsibility, as it contributed to the process of building and attracting foreign investments.”

He pointed out that “the government paid remarkable attention that contributed to the continuation and excellence of this sector,” he said, noting that “the support included important sectors such as housing, energy and agriculture, by facilitating many measures such as financial support, simplifying systems and facilitating the entry of foreign investors.”

He pointed out that “the private sector now has a strong legislative and executive cover, which has contributed to its stability and growth.”

Al-Zuhairi stressed “the importance of controlling borders to prevent the entry of irregular goods and developing development banks that effectively support the private sector.”

“Recent years have witnessed a good start for the private sector, which is still in the beginning and needs time for growth and development,” he concluded. 

https://www.mawazin.net/Details.aspx?jimare=255846

IRAQI NEWS UPDATE BY ARIEL , 13 OCT

ARIEL

Iraqi News Update 🇮🇶


Recent historical moves in Iraq's financial sector indicate a significant stride towards modernizing banking operations.


According to the latest info. Iraq is poised to complete its transition to an advanced banking system, aligning with international financial standards. This overhaul, which is approximately 95% complete, aims to conclude by the end of 2024, marking a critical moment in Iraq's economic reform.


The core of this transformation involves moving away from the wire auction system to direct correspondent banking relationships. This shift aims to  not just an upgrade in operational efficiency but also aims at combating corruption and fostering transparency in financial transactions. Which will create Security & Stability in all Iraq. 


You all should be jumping around your home & office at this news. 


You were just told by the CBI that they only have 5% left to do and you will be able to cash in your currency. 


Do you know how long people have been waiting for this news? 


Can you imagine that on that day it will be your last time being broke? And you will have the opportunity to start the year off with a bang. 


This comprehensive banking reform is not just about operational changes but represents a broader vision for Iraq's economic renaissance. By integrating with the global financial network more seamlessly, Iraq is setting the stage for a future where its economy is not only resilient but also a key player in regional financial dynamics.


EXCERPTS FROM MARKZ: ABOUT WHEN THE RATE OF THE IRAQI DINAR WILL CHANGE ...

Rafidain Bank: Implementation of the comprehensive banking system in 44 branches, 13 OCT

 Mawazine News – Baghdad

In implementation of the government program to move from paper to electronic transactions to provide the best services to citizens.

Rafidain Bank announced in a statement, a copy of which was received by Mawazine News, the implementation of the comprehensive banking system in the branches of Al-Nasr Square and oil products in Baghdad, Al-Anbar branch and Al-Ghari branch in Najaf Al-Ashraf to join the branches that activated the comprehensive system in Baghdad and the governorates,

 in addition to the branches of the border ports (Zarbatia – Safwan – Arar – Trebil), making the number of influential and completed branches of the system (44) branches …. The bank confirms that the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the timings set to include all branches of the bank by applying the system


Media Office
For Rafidain Bank

https://www.mawazin.net/Details.aspx?jimare=255924

EXCERPTS FROM BRUCE, 13 OCT

EXCERPTS FROM BRUCE

So we know that all the redemption centers east of the Mississippi city, for example, are handled by one person, meaning under their under their authority, and this is true for the entire country, not just east of the Mississippi, but that's how we got the information. This what's going to happen on Monday, which is indigenous peoples day and Columbus Day is that by noon the liaison for all of the redemption centers will receive the email from Treasury and Wells Fargo,

and we'll have until five o'clock Monday to get the 
information out and email to all of the 20 821 redemption centers that are east of the Mississippi

JEFF: " THE RATE WILL CHANGE ON A SUNDAY MORNING" @DINARREVALUATION

Parliamentary Finance: The tripartite budget aims to facilitate contracting and financing, 13 OCT

 Economy News _ Baghdad

The Parliamentary Finance Committee confirmed on Sunday that the triennial budget aims to facilitate contracting and financing.

“The committee hosted the Minister of Finance Taif Sami, the heads of the customs and tax authorities and the Director General of the budget to discuss non-oil revenues, provincial financing and food security,” said the chairman of the committee, Atwan Al-Attwani in a statement received by “Economy News”.

He added that “the tripartite budget aims to facilitate contracting and financing,” pointing out that “total dependence on oil gives us an unstable economy and disrupts development plans.”

He continued: “Our meeting today is very important to delve into the file of non-oil state revenues and we are working to lay scientific foundations to maximize them.”


Views 97

Added 2024/10/13 – 1:37 PM

https://economy-news.net/content.php?id=48653

" THE UNITED STATES HOLD 35 BILLION IRAQI DINARS" BY SANDY INGRAM, 13 OCT

Sandy Ingram 

  As of August 2024 the United States debt is $25 Trillion.  Income taxes...by the end of the year the US will have collected $5 Trillion.  The US government will spend $6.3 Trillion this year.

  This means the government has overspent by around $1.9 trillion dollars. 

 The US is off budget...The government cannot lower its annual budget. 

 It will more than likely pursue higher inflation and we will have to survive this financial situation... 

The Untied States hold 35 billion Iraqi dinars.  An increase in value of the IQD will go a long way in paying down the US national debt..

https://dinarevaluation.blogspot.com/2024/10/united-states-hold-35-billion-iraqi.html

Sandy Ingram 

  Russia has channeled $19 billion into Iraq's energy sector, changing the game...The investment not only aims to enhance Iraq's economic growth but also reflects Russia's strategic interests in the Middle East.

  This $19 billion investment marks a significant chapter in the long-standing relationship between the two countries, promising mutual benefits and a strengthened alliance.


IRAQ COMPLETED ALL FILES TO JOIN THE WTO BY REINALDO JC

Sudanese receives the new UN representative and condemns the aggression against UNOVIL forces in Lebanon, 13 OCT

  Prime Minister Mohamed Shia Al-Sudani received on Sunday, the United Nations Special Representative in Iraq, Mohammed Al-Hassan, and the new head of the UNAMI mission, while expressing his strong condemnation and condemnation of the Zionist aggression that targeted UNOVIL forces operating in Lebanon

His media office stated in a statement received by {Al-Furat News}, that “during the meeting, relations between Iraq and the United Nations were discussed, after the Security Council issued resolution No. (2732) on ending the mission of the mission in Iraq.”

Al-Sudani pointed out that “the decision came in light of the messages he sent to both the Secretary-General of the United Nations and the President of the United Nations Security Council,” stressing that “the government will continue to promote stability and complete the political and security construction.”

He praised the efforts made by the Mission over the past years, stressing that “the relationship will continue with all international institutions and organizations”.

He also expressed his condemnation and condemnation of the Zionist aggression that targeted the UNIL forces in Lebanon, and led to the injury of a number of its workers.

He considered that “this attack proves that the Zionist entity exceeded all lines and violated international laws and regulations.”

He called for “effective international action in light of important international calls to ban the supply of weapons to the entity, in order to end the destructive war waged by Zionist forces on Lebanon and Gaza.”

https://alforatnews.iq/news/السوداني-يستقبل-ممثل-الأمم-المتحدة-الجديد-ويدين-العدوان-على-قوات-يونوفيل-في-لبنان


"THIS IS THE WEEK WE HAVE BEEN WAITING FOR" BY WOLVERINE, 13 OCT

 WOLVERINE
Sat. 12 Oct. 2024 Wolverine


 “From all sources, this is the week we have been waiting for. Things are defiantly moving.”
--

WOLVERINE

Thurs. 10 Oct. 2024 Wolverine

 “The process has defiantly started. There are around 40 million emails that will be sent out by Wells Fargo so you can set your appointments. 

It is expected to happen within the next few days and defiantly within this month.”
------

Wolverine  

...What I heard is that huge Whales have received their notifications and are flying to their destination to receive their blessing...

I can’t say more until I’m allowed to speak. Nothing is guaranteed in this journey but I have absolute faith that any day we are going to receive the news we’ve been waiting for... 

https://dinarevaluation.blogspot.com/2024/10/rv-update-by-wolverine-11-oct_0252191011.html

FIREFLY: ABOUT MONETARY & BANK REFORMS : DIGITIZATION IN BANKS

Parliamentary Finance: Non-oil budget imports will reach 30 trillion dinars next year, 13 OCT

 ShafaQ News / The Parliamentary Finance Committee expected, on Sunday, that non-oil revenues in the 2025 budget will amount to 30 trillion dinars, represented by the lection of electricity and taxes, the revenues of the Baghdad Municipality and the general municipal departments.

“The Parliamentary Finance Committee held today a meeting in which the Minister of Finance hosted Sami, the heads of tax and customs authorities and general managers at the Ministry of Finance, to discuss the law on the general budget and oil and non-oil financial revenues,” said Muin Al-Kazhimi, a member of the parliamentary finance committee.

He added that “oil revenues are decided, but with regard to non-oil revenues, it was emphasized to activate government departments, including electricity in the field of collection, the Baghdad Municipality, and other municipal departments, in addition to the services provided to the tax committees, revenues of border ports, customs and others, which would increase non-oil revenues.”

He pointed out that “the activation of non-oil revenues mentioned the government program but was not implemented, and what is expected in 2025 is oil revenues of 120 trillion dinars, while non-oil revenues amount to 30 trillion dinars, which include customs revenues, taxes, electricity and services provided by the government.”

IRAQ ISN'T PLAYING THEY'RE CRACKING DOWN THE CORRUPTION, 13 OCT

BROTHERS TECHNOLOGY INC

Iraq 🇮🇶 isn’t playing they’re cracking down on corruption. ✅✅ 🧹🧼
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Before the vote… Washington moves its agendas to prevent the approval of the personal status law, 22 NOV

  Before the vote… Washington moves its agendas to prevent the approval of the personal status law A member of the popular motion of the for...