Thursday, October 17, 2024
Kuwait urges Iraq to take concrete measures to address the outstanding files between the two countries, 18 OCT
Kuwaiti Prime Minister Ahmed Abdullah Al-Ahmad Al-Sabah called on Iraq to take concrete measures to address all outstanding files between the two countries.
Al-Sabah said in his speech at the Gulf-European summit in Brussels, that “at the forefront of these files, the delineation of the maritime borders beyond point 162 in accordance with international laws and conventions, and the completion of the file of prisoners, missing persons and Kuwaiti property, including the National Archives within the scope of follow-up of the United Nations, and in particular the Security Council.”
Al-Sabah urged “Iraq to abide by bilateral agreements related to the security and technical aspects of the navigation corridor in Khor Abdullah, which are agreements that would enhance the concept of preserving the environment, regulating navigation, combating terrorism and illegal trade in weapons, drugs and human beings,” stressing “the importance of continuing dialogue based on understanding and mutual respect between the two brotherly countries.”
He pointed out that “based on the belief in the principle of good neighborliness, Kuwait was keen to help Iraq to advance itself through close work aimed at restoring its status and regional status in order to achieve the hopes of its brotherly people.”
Foreign Minister Fouad Hussein announced on October 3 the imminent resumption of Iraqi-Kuwaiti negotiations to solve outstanding problems between the two countries, referring to “Iraq’s real desire to reach understandings to resolve existing differences.”
RV UPDATE BY MNT GOAT , 18 OCT
Mnt Goat
Iraq is going to experience a “redenomination” of their currency meaning to execute the process of swapping out larger three zero notes for newer...lower denominations
...when you take money out of circulation...You cause deflation, which is revaluing your currency or making it worth more.
There is also all the other assets and variables involved that will FORCE the system to bring back the dinar to its nominal value, finally. They are...
doing this redenomination...to “normalize” their currency back to their “normal” denominations, as before the sanctions took place. They will also need a “normalized” rate and not this current “suppressed" rate...
Al-Sudani receives a package of recommendations to proceed with reforming the state-owned Rafidain Bank, 18 OCT
Prime Minister Mohammed Shia Al-Sudani chaired a meeting on Thursday on efforts to develop the work of the government banking sector, in the presence of representatives of Ernst & Young for Auditing and Financial Consulting.
A statement issued by Al-Sudani’s media office stated that during the meeting, a package of recommendations was presented by the company to proceed with the reform of Rafidain Bank, which included the new legal status of Rafidain Bank, its capital, its work strategy, and the new consultant who will work with the bank to meet the global requirements for modern banking.
The statement explained that these recommendations will be submitted to the Ministerial Council for the Economy, which will then submit them to the Council of Ministers for approval.
The statement quoted Al-Sudani as saying that the issue of restructuring Rafidain Bank is the first step in the government’s banking reforms, which have been given special attention to follow up on all reports related to it, submitted by the relevant authorities, especially the committee concerned with the restructuring process.
The Prime Minister stressed the importance of the banking sector reform project, which began with Rafidain Bank, pointing out the work to provide a bank with specifications and standards through which problems can be overcome and confidence can be given to citizens, in addition to enhancing cooperation with local and foreign investors.
shafaq.com
BANK STORY FROM FRANK26 & BRAD, 17 OCT
Frank26
[Bank Story]
BRAD: Huntington Bank in Pennsylvania...I funded my account with a small amount of money and I said I'd like to place an order for Iraqi dinar but before I do I want to see how much I can get for my money...
To make a long story short they sell them at the program rate, which you know is nothing special...By the time I left I realized all I had to do was have her remove money from my account.
I was on top of the world. I came home and called...Gary. I said you live in Indianapolis, Do you have any Huntington Banks where you are?
He goes yeah. I said, you want to call them and see if you can purchase the dinar and dong?
He goes sure thing. He text me back half hour later, he goes, Brad I can get them here in Indianapolis too. They come out of Miami...
Why would Huntington Bank all of a sudden be selling dinar and dong at...970 branches in 11 states? Boom!
FRANK: ...I have a Huntington Bank here in Toledo Ohio, they wouldn't sell dinars in the past. Why are they doing it now?
The reason why IMO is because it opens the door for them to exchange the three zero notes.
ILO: Iraqi government has developed programmes to help facilitate transition to formal economy, 17 OCT
ILO: Iraqi government has developed programmes to help facilitate transition to formal economy
The International Labor Organization confirmed on Wednesday that the current government has developed programs and policies that help facilitate the transition to the formal economy, while indicating that informal work represents a crucial component despite its problems in economic activity.
The International Labor Organization's country coordinator, Maha Kattaa, said at the national conference on informal work and paths towards decent work in Iraq, which was followed by "Al-Eqtisad News", that "this conference addresses a very important and urgent issue, which is the issue of the informal economy and informal work," noting that "the informal economy refers to the group of economic activities carried out by workers and economic units that are not covered either in law or in practice by formal arrangements or may be covered sufficiently."
“Informal or irregular work is a complex, multifaceted phenomenon that includes a variety of activities, transactions and individuals who work outside formal businesses but sometimes also work within formal businesses,” she added, noting that “informal work represents a crucial but somewhat problematic component of economic activity while the informal sector can be a mechanism for addressing and alleviating poverty.”
She explained that "most of the poor work in the informal sector, so we should not look at this sector as unfair, but also as a sector that absorbs the poor and attracts individuals with low skills and low educational attainment. Therefore, the issue of looking at this sector is very important because it absorbs this number of workers."
The sector explained that "the problem lies in crises and shocks when they occur in any country, including the recent crisis with Corona. Those who were affected more than the workers are the workers in the informal sector because there was no mechanism to reach these workers. On the contrary, the workers who work in the organized sector have records that show where these workers are located."
She continued: “It was difficult to provide some services to workers in the informal sector, so we sometimes call them invisible workers, because it is really difficult to reach them, in addition to companies and institutions that operate in an informal manner, even in crises, there is a difficulty in how to reach these companies to help them in most countries, and during the Corona crisis, aid packages were provided to companies, but we did not reach companies and institutions if they were not regular.”
She pointed out that "informal work is not limited to Iraq, it exists all over the world, but the percentage of informal work or informal economy varies from one country to another," indicating that "the International Labor Organization adopted in 2015 a recommendation called the recommendation for the transition from the informal economy to the formal economy, and recommendation number 204 approved guiding policies for all countries that wish to complete the transition process to help them in this process."
She pointed out that "there can be flexibility to absorb shocks while enhancing the creation of decent job opportunities, and we must look at the Iraqi economy with the structure of the economy that relies heavily on oil and contributes significantly to exports, and that more than 90% of exports in Iraq come from oil, and the revenues that come from oil are what contribute to the government budget and also to the gross domestic product," noting that "the oil sector does not employ large numbers, so we notice that the gross domestic product comes from the resource, and the labor comes from another source."
She stated that "small, medium and large companies play a role in creating job opportunities in the construction, services and manufacturing sectors, which create job opportunities in Iraq," explaining that "women work more in the informal sector in most countries of the world, while in our Arab region, men work more in the informal sector for several reasons, the most important of which is that women in our Arab region and also in Iraq prefer to work either in the public sector or in the organized private sector, as job opportunities in the informal sector do not attract women. This issue is attributed to the advantages offered by the informal private sector, because it is an unprotected sector that does not provide decent job opportunities or social security. There is no protection for workers, so women are reluctant to enter the labor market, especially in the sectors."
“We commend the current government for taking major measures and procedures to facilitate the transition through new legislation, including the Social Security Law and the amendment of the Labor Law in 2015, all of which helped move forward with the transition process,” she added, “There are current material policies, plans and programs being implemented by the government, including the recently launched National Development Plan, work to update the private sector development strategy, the policy of regulating small projects and developing small and medium enterprises, and others. All of these programs and policies will also help facilitate the transition process.” link
RV UPDATE BY ANON, 17 OCT
Al-Sudani: The government has regained the confidence of citizens, 17 OCT
Al-Sudani: The government has regained the confidence of citizens
“There is no stopping in implementing projects and following up on them everywhere, and local governments are the second arm of the state after the ministries.” This is the approach that Prime Minister Mohammed Shia al-Sudani relied on, who confirmed that the important achievement that was made is that his government was able to restore the confidence of citizens, especially in the service aspect, pledging to continue this.
The Prime Minister visited Diyala Governorate yesterday, Wednesday, and opened the (Baghdad-Khalis Road) with a length of (60) km, round trip, and several other projects, while he announced a package of new projects.
Al-Sudani said during the visit: "Diyala represents a miniature Iraq with its national diversity and has made many sacrifices, and it is shameful to talk about infrastructure in the year (2024)." He explained that "following up on important projects through field visits to the governorates is an approach followed to determine the implementation rates and the most important problems and obstacles," stressing "the commitment to the principle of working in the spirit of one team between the federal government and local governments, which are the second executive arm of the government after the ministries."
The Prime Minister stressed that "the government has regained citizens' confidence, which is an important achievement that must continue, especially in the service sector," noting that "infrastructure projects are a priority for the government, and it is imperative to complete them, especially the stalled ones." He also announced "the formation of a committee that will begin its work next week to follow up on the outcomes of his visit to Diyala Governorate, and submit recommendations related to it to the Council of Ministers."
Al-Sudani directed the necessity of completing major service projects within their specified timeframes, appreciating the role of all workers in these projects that the government has placed among the priorities of its government program. link
RV UPDATE BY MARKZ, 17 OCT
IRAQ UPDATE BY REINALDO JC, 17 OCT
REINALDO JC
Iraq
Guys, whenever Iraq puts out/release their daily News Articles, that means it’s already done/completed & they (Govt) are further along with what they printout release for us to dissect & read.
It’s ILLEGAL for the IRAQ Govt to tell us vocally or in print the date/rate beforehand. The Iraqi Govt already has the NEW Dinar rate, however they are making us investors/Iraqi citizens wait for certain events to take place first & their perfect date to release it & give us the NEW rate.
It’s INEVITABLE & WE WILL HAVE THE LAST LAUGH haters!!!
Washington: We support Iraq’s economic reform agenda, updating the budget and enhancing transparency , 17 OCT
Washington: We support Iraq’s economic reform agenda, updating the budget and enhancing transparency
The United States affirmed, today, Thursday, its commitment to supporting the economic reform agenda in Iraq, including updating the budget and enhancing transparency.
“I was pleased to meet with Finance Minister Taif Sami Mohammed,” said US Ambassador to Baghdad Alina Romanowski. “Economic diplomacy is a fundamental pillar of the comprehensive US-Iraq partnership.”
She added, "The US government is committed to supporting Iraq's economic reform agenda, including updating the budget and enhancing transparency." link
TNT UPDATE, 17 OCT
Petroleum Products: The Percentage Of Imports Of Derivatives Decreased To 50 Percent, 17 OCT
Petroleum Products: The Percentage Of Imports Of Derivatives Decreased To 50 Percent
10/16/2024 Mawazine News - Economy The Oil Products Distribution Company confirmed on Wednesday that the government's plans have contributed to reducing the percentage of oil derivatives imports to 50%, indicating the date for ending the import file completely.
The Director General of the Oil Products Distribution Company, Hussein Talib, said: "The state was spending approximately $4.5 billion annually on importing products such as gasoline, gas oil and kerosene, and this spending is gradually decreasing with the continuation of projects aimed at achieving self-sufficiency."
He added: "Last year witnessed intensive follow-up to complete the stalled projects in the Ministry of Oil within the ministry's policy and the government program of the current government, as the ministry has set a program within a time plan to complete these projects."
He pointed out that "the most important project completed at the end of 2023 is the Karbala Refinery Project, which is considered a major source of local products, as it refines approximately 140,000 barrels of crude oil per day, with products that conform to global marketing specifications, including Super 95 octane gasoline, gas oil, kerosene and all other products."
He continued: "Operating the Karbala refinery and completing the refining projects in the northern region has reduced the import of petroleum derivatives, and ended the import of gas oil and kerosene, and reduced the import of improved gasoline from 15 million liters to 7 million liters per day, or 50%."
He stressed that "the Ministry of Oil is working to completely end the import of petroleum derivatives by 2025." https://www.mawazin.net/Details.aspx?jimare=256029
MILITIAMAN CC HIGHLIGHTS NOTES, 17 OCT
MILITIAMAN CC HIGHLIGHTS NOTES
Summary
The video provides updates on Iraq’s economic developments, including the launch of an electronic platform for government tenders and efforts to restore confidence in the Iraqi dinar.
Highlights
- 🌧️ Northwest Weather: Rain welcomed after a long summer.
- 🖥️ Electronic Platform: Iraq launches a unified electronic platform for government tenders.
- 🚚 TI Agreement: Iraq’s accession to the TI agreement boosts international transport.
- 💰 Investment Surge: $3.5 billion in industrial investments announced.
- 🌍 Opening for Business: Iraq invites Arab and international investors to participate.
- 🏥 Development Projects: Major projects underway to enhance economic stability and confidence in the dinar.
Key Insights
- 🌦️ Weather Reflection: The welcoming rain symbolizes a refreshing change, paralleling hopeful economic developments in Iraq.
- 📊 Digital Transformation: The launch of the electronic platform signifies Iraq’s commitment to modernizing its procurement processes, promoting efficiency and transparency.
- 🚛 International Trade Integration: The TI agreement positions Iraq as a strategic transit point, enhancing its role in regional trade networks.
- 💸 Investment Opportunities: The substantial investment figures indicate growing confidence in Iraq’s economic potential and a pivot towards industrialization.
- 🌐 Global Engagement: Iraq’s open invitation to foreign investors reflects a shift towards a more open economy, essential for sustainable growth.
- 🏗️ Infrastructure Development: Ongoing projects signal a revitalization of urban areas, aimed at enhancing quality of life and boosting local economies.
The Trial Period For Raising The Prices Of Improved Gasoline Has Ended, And The Amount Of Revenues Is “Absent”, 17 OCT
The Trial Period For Raising The Prices Of Improved Gasoline Has Ended, And The Amount Of Revenues Is “Absent”
2024-10-17 By Sotaliraq The Iraqi government seems to be hesitant about the public outrage if it reveals the results of raising the prices of “improved gasoline,” especially since the pilot plan ended more than a month ago, which indicates that there are “hidden obstacles” behind the issue, according to observers.
On March 26, 2024, the Council of Ministers voted in a session chaired by Mohammed Shia al-Sudani to increase the price of improved gasoline from 650 dinars per liter to 850 dinars per liter, and premium gasoline from 1,000 dinars to 1,250 dinars per liter, starting from May 1 for a period of 3 months, after which the situation will be re-evaluated.
According to expert estimates, Iraq lost approximately 3 trillion Iraqi dinars on importing improved gasoline (which is the value of government support for improved gasoline) during 2023, stressing that these numbers have been the same for years.
The government has not yet received the evidence,
and Iraqis have strongly criticized the decision to increase fuel prices, considering that this step “is sufficient to raise the prices of all materials in the markets.”
Speaking of numbers, the Oil Products Distribution Company said (July 16, 2024) that it sold about 977 million liters of gasoline (improved, regular, and super) during the month of June of this year, without disclosing the financial returns from these numbers.
In this regard, economic expert Nabil Jabbar Al-Tamimi believes that “Iraq’s imports of petroleum derivatives have increased over the past four years, as a result of the increase in consumption and the growing demand for fuel (high-octane improved) that local refineries do not provide.”
Al-Tamimi says that “annual fuel imports have reached about $3 billion, which is a large number and unreasonable for a country considered one of the largest oil producers to import gasoline at these numbers.”
The latest government move came months ago, according to Al-Tamimi, as a bold step to raise the prices of some petroleum derivatives by 20-30%, stressing that “this step was accompanied by the government’s opening of the Karbala refinery, and also the return of production lines in the Baiji refinery.”
This year, the Iraqi government reopened the northern refinery in Baiji in Salah al-Din Governorate after rehabilitating it, following its closure for more than 10 years. It also announced at the end of last year the opening of the Karbala oil refinery with a production capacity of 140,000 barrels per day, including “improved gasoline.”
Al-Tamimi added, “These refineries were able to cover a large percentage of imports, which amounted to 15 million liters per day,” adding, “Such a step may contribute at the end of the year to saving large amounts of money that go to imports, provided that the government makes reforms to the laws of public companies, including oil refining and distribution companies, to increase the treasury’s share of these revenues that came as a result of government steps to establish new refineries and open production lines, in addition to setting a new price for oil derivatives.”
A few days ago, the Ministry of Oil issued a new statement about “improved gasoline,” confirming that Iraq will achieve self-sufficiency in improved gasoline next year, while confirming that it has achieved self-sufficiency in gas oil and kerosene products.
The decision to raise gasoline prices will continue for a long time.
According to Nabil Al-Marsoumi, an economics professor in Basra, the cost of importing improved gasoline in 2022 is 1,700 dinars per liter, while the cost of importing regular gasoline is 900 dinars per liter, indicating that the state is losing money on all types of gasoline.
In contrast, Mustafa Hantoush, an economic researcher, says, “The government is currently unable to restore the price of improved gasoline to what it was before, except after exports stabilize at the new Baiji and Karbala refineries.”
According to Hantoush, Iraq is still heavily dependent on importing improved gasoline, as local production cannot meet the large and growing need in the Iraqi market.
Hantoush continues, saying, “The Iraqi citizen is the one most affected by the decision, given that raising the price of fuel always leads to raising the prices of all food and non-food items in the markets in general.”
Regarding the possibility of raising prices again, Hantoush expects that “the government is not currently considering such a step,” stressing that “the current prices of both improved and regular gasoline will remain like this for a long time.”
According to readings by economic experts, the government has been providing support of up to 20% of the value of improved and super gasoline over the past years, which has placed a burden on the financial budget.
Iraq consumes between 27 million and 31 million liters of gasoline per day, while production is about 50% of the market's need, according to experts.
Iraq has also imported gasoline and gas since 2003 until now at a cost of about 70 billion US dollars, and it also imported 26 million liters of gas oil per month. LINK
RV UPDATE ABOUT THE BOND SIDE BY MARKZ, 17 OCT
EXCERPTS FROM MARKZ
Parliamentary Committee Talks About Economic Reform Law: It Reached Parliament Months Ago, 17 OCT
Parliamentary Committee Talks About Economic Reform Law: It Reached Parliament Months Ago
Policy 2024-10-17 | 172 views Sumerian News – Politics Expected Committee Economy, Industry and Trade Parliamentary Committee, voting on the economic reform law during the next few days.
He said Deputy Committee Chairman Yasser Al-Husseini said, “The law reached the Council months ago. ”Representatives In general and to Committee The economy in particular, and it includes all laws that include the economic aspect,” according to the newspaper. the morning Official.
He added, "The committee held many workshops at all levels, whether for businessmen or industrial and economic experts," stressing that "the committee is proceeding with reading this."the lawAnd work on voting on it during the next stage in cooperation withCommitteesOther specialists.”
Al-Hussaini pointed out that “there are observations, whether fromRepresentativesOr by experts, and it will be included in a paper prepared alongside the law,” noting that “the committee is determined to vote on it with the available capabilities for what it deems important in this.”the lawWhich can bring about a major reform in the country's economic reality."
He also stressed "the importance of the Industrial Investment Law for the public and private sectors, to accurately diagnose this partnership," indicating that "the contracts concluded in accordance with thisthe law“It will be beneficial and profitable for both parties, unlike some contracts that have more negatives than positives in the industrial sector, which oblige the state to long-term, impossible conditions.”
He continued, “The committee is proceeding with voting on the industrial investment law, which is no less important than other laws, despite some objections that have prevented voting on it so far,” stressing that “the final stage of voting has been reached after consensus was reached between the political blocs objecting to its wording.” LINK
RV UPDATE BY MIKE BARA, 17 OCT
Tues. 15 Oct. 2024 Mike Bara
The Bondholder’s team was told they would be “contacted” about the funds process in the “midnight-to-midnight” window.