Parliament conforms to World Bank on the importance of government infrastructure in development, 17 JAN

 Parliament conforms to World Bank on the importance of government infrastructure in development

The Parliamentary Finance Committee confirmed to the World Bank delegation, today, Wednesday, the importance of keeping the infrastructure of the development path in the hands of the government.

The media department of the Council of Representatives stated in a statement received by the Iraqi News Agency (INA), that "the head of the Finance Committee, Atwan Al-Atwani, received a delegation from the World Bank headed by Jean-Christophe Carré, Regional Director for the Middle East, to discuss supporting the railway rehabilitation project within the Development Road Project," indicating that "the meeting reviewed the economic and regional vision of the Development Road Project and its strategic importance in stimulating investment movement, maximizing non-oil revenues and providing job opportunities, and also discussed the possibility of the private sector contributing to its implementation."

It added that "the meeting also discussed the multi-stage support provided by the World Bank for the Development Road Project, including modernizing and rehabilitating the current railway network and linking it from southern Iraq through the north and reaching Turkey."

Al-Atwani stressed, according to the statement, that "the infrastructure of the Development Road should be in the hands of the government so that this important project that links Iraq to the countries of the world is not subject to influences," noting that "our vision is for the Development Road Project not to be just a transit point, but rather we seek to be a gateway to revitalizing various economic and commercial activities and developing the infrastructure. "

Al-Atwani called on the World Bank delegation to "present new visions and ideas regarding achieving optimal investment in this huge project, which is hoped to make Iraq an economic corridor linking Asia to Europe," stressing "the need to expedite the submission of the feasibility study related to the railway development plan within the Development Road project, and to contribute to mobilizing international expertise and attracting the private sector to invest in it in a way that serves the country's interests."

He continued: "We look forward to holding joint workshops and expanded meetings with the World Bank, to provide a full briefing on the project details and discuss its details in a way that secures broad parliamentary support for this borrowing," stressing that "the Finance Committee supports any loans that are economically feasible and bring great benefit to the Iraqi economy, especially since investment in the railway sector is a successful trend and achieves a large financial return."

For his part, the World Bank delegation appreciated "the valuable comments submitted by the Chairman of the Finance Committee, Atwan Al-Atwani, within the framework of the rapid transition from the planning and vision stage to the implementation stage," stressing the World Bank team's readiness "to submit the feasibility study, the project path and its details by next February."   link

TIDBIT FROM JEFF, 17 JAN

 Jeff 

 The government and parliament finished everything they needed to towards revaluing the currency bank as of September 28th.  That was their last productive real session of parliament. 

 That's why to you as the investor, Iraq's not getting anything done.  They're not doing anything because they already finished everything.  What they're doing is, Iraq has a scheduled rate change date.  

They are working around that date waiting for it to come forward...

FRANK26: " They're telling the citizens they're going to add value to their currency" #iqd

 

Iraq’s FM: Baghdad urges armed factions to disarm, 17 JAN

 Iraq’s FM: Baghdad urges armed factions to disarm

Shafaq News/ Iraq is engaging with influential armed groups to persuade them to disarm or integrate into official security forces, Foreign Minister Fuad Hussein said during an official visit to London.

In an interview with Reuters, Hussein acknowledged the complexities of navigating Iraq’s relationships with both Washington and Tehran, especially as the country seeks to manage the presence of armed factions operating outside state control.

"Two or three years ago, it was impossible to discuss this topic in our society," he said. "But now, having armed groups functioning outside the state is not acceptable." Hussein expressed optimism that leaders of these groups could be convinced to lay down their arms and join the government’s armed forces.

The Iraqi government has been tested by attacks from Iran-aligned groups on US forces in Iraq, which they claim were carried out in solidarity with Palestinians during the recent Israel-Hamas war.

While a Gaza ceasefire has brought some relief, uncertainty looms over US-Iraq relations under President Donald Trump’s incoming administration. Reflecting on Trump’s prior term, marked by the assassination of Iranian General Qassem Soleimani in Baghdad, Hussein said, "We hope that we can continue this good relationship with Washington."

Hussein also noted Baghdad’s willingness to mediate between the U.S. and Iran if requested, pointing to Iraq’s role in facilitating Saudi-Iran normalization in 2023.

On Syria, the foreign minister highlighted concerns about regional instability, particularly the resurgence of ISIS. Iraq has maintained dialogue with Syria, emphasizing the need for an inclusive political process to ensure lasting stability.

"In the first place, we are thinking about security and stability in Iraq. If there will be a threat to our country, of course, it will be a different story," Hussein said.

Discussions with Syria include potential cooperation on grain and oil supplies, contingent on assurances that these resources would benefit all Syrians. Baghdad is also preparing for an upcoming visit by Syria’s foreign minister.

SANDY INGRAM CC HIGHLIGHTS NOTES : THE GEOPOLITICAL CLIMATE IN IRAQ AND ITS NEIGHBORING REGIONS, 17 JAN

 SANDY INGRAM CC HIGHLIGHTS NOTES

Highlights

Summary

The video discusses the current geopolitical climate in Iraq and its neighboring regions, particularly Syria and Iran, highlighting the uncertainty that persists in these areas. A significant focus is placed on Iraq’s recent developments, particularly a landmark agreement between Iraqi Prime Minister Muhammad Shia Al Sudani and British Prime Minister Keir Starmer aimed at enhancing trade and economic cooperation between Iraq and the United Kingdom.

 This agreement, which includes a substantial trade package and export protection agreements, marks a pivotal moment in strengthening bilateral ties. 

Additionally, the Iraqi Securities Commission has reported positive financial indicators, reflecting a growing confidence in the Iraqi stock market’s potential to bolster the national economy. The video emphasizes the commitment of both nations to address challenges such as security, migration, and climate change while working towards Iraq’s prosperity and independence.

• 🌍 Geopolitical Uncertainty: The situation in Iraq and its neighbors remains unclear, with ongoing developments in Syria and Iran.
• 🤝 Historic Agreement: A landmark trade agreement between Iraq and the UK aims to enhance collaboration across various sectors.
• 💰 Substantial Trade Package: The agreement includes a $4.98 billion trade package, strengthening economic ties.
• 📈 Iraqi Stock Market Growth: The Iraqi Securities Commission reports significant growth in the stock market, reflecting rising investor confidence.
• 👑 Royal Engagement: Prime Minister Al Sudani’s meeting with King Charles III underscores the importance of diplomatic relationships.
• 🌱 Focus on Key Challenges: The agreement addresses critical issues such as security, migration, and climate change.
• 🎓 Cultural and Educational Ties: The partnership aims to deepen educational and cultural connections between Iraq and the UK.

Key Insights

• 🌐 Geopolitical Context: The ongoing instability in Iraq, Syria, and Iran creates an environment of uncertainty that influences regional dynamics. Understanding these complexities is crucial for anticipating future developments and their potential impact on security and economic stability in the area. The interplay between these nations will likely shape diplomatic relations and trade opportunities moving forward.

• 🔗 Strengthening Trade Relations: The agreement between Iraq and the UK represents a strategic move towards building stronger economic ties. By committing to a significant trade package and cooperative agreements, both nations are setting the stage for enhanced trade relations that could lead to increased economic growth and stability in Iraq. This partnership also highlights the UK’s interest in engaging with Middle Eastern markets.

• 📊 Investor Confidence in Iraq: The positive report from the Iraqi Securities Commission indicates a growing confidence among investors in the Iraqi stock market. This could attract more foreign investments, leading to improvements in infrastructure and economic development. The health of the stock market is often a reflection of the broader economic climate, suggesting potential for future growth and investment opportunities in Iraq.

• 🏛️ Cultural Diplomacy: The meetings between Prime Minister Al Sudani and British officials, including King Charles III, emphasize the importance of cultural diplomacy in strengthening bilateral ties. Cultural exchanges and educational collaborations can foster a deeper understanding and trust between nations, which are essential for long-term partnerships.

• 🌍 Addressing Global Challenges: The agreement’s focus on security, migration, and climate change highlights the recognition of shared global challenges. By collaborating on these issues, Iraq and the UK can not only work towards national interests but also contribute to international stability and sustainability.

• 💼 Economic Diversification: The commitment to various sectors beyond oil, including trade and education, points to Iraq’s strategy for economic diversification. This is crucial for reducing dependency on oil revenues and building a more resilient economy capable of withstanding global market fluctuations.

• 📈 Future Outlook for Iraq: The combination of a strong trade agreement, increasing investor confidence, and a commitment to addressing critical issues suggests a positive outlook for Iraq’s economic future. If these initiatives are successfully implemented, they could lead to significant advancements in Iraq’s development and prosperity, ultimately enhancing its role on the global stage.

In conclusion, the video encapsulates the current state of affairs in Iraq, emphasizing the significance of the recent agreement with the UK and the positive developments in the Iraqi stock market. The insights derived from these points offer a broader understanding of the geopolitical and economic landscape, underscoring the potential for growth and collaboration in the region. As Iraq navigates these changes, it remains vital for stakeholders to stay informed and engaged in the ongoing developments that will shape the future of the nation and its relationships with global partners.

Preparing To Vote On Budget Schedules / Parliamentary Vote On 3 Financia...

Iraq’s PM seeks EBRD support for banking reforms, infrastructure projects, 17 JAN

 Iraq’s PM seeks EBRD support for banking reforms, infrastructure projects

Shafaq News/ Iraqi Prime Minister Mohammed Shia Al-Sudani met, on Thursday, with a delegation from the European Bank for Reconstruction and Development (EBRD) in London, led by the bank’s President, Odile Renaud-Basso.

According to a statement from the Prime Minister's media office, the meeting addressed the implementation of an agreement between Iraq and the EBRD, previously ratified by the Iraqi Parliament. Discussions included the bank’s potential role in “developing Iraq’s private sector and advancing renewable energy projects such as solar and wind power to reduce carbon emissions and enhance energy efficiency.”

During the meeting Al-Sudani expressed gratitude for the EBRD’s decision to approve Iraq’s membership last October, calling it an “important step” toward strengthening partnerships. “This collaboration aligns with our government’s priorities across multiple sectors,” he stated.

Al-Sudani emphasized the government’s focus on critical infrastructure projects that could benefit from EBRD financing, particularly in areas impacted by conflict. “Key projects include roads, bridges, and public transportation, which are essential for Iraq’s recovery and development,” he said. 

The Minister also requested technical assistance from the EBRD to modernize Iraq’s banking sector and improve its overall financial environment.

To further strengthen cooperation, Al-Sudani extended an invitation to Renaud-Basso to visit Iraq and assess potential opportunities for collaboration firsthand. Additionally, a proposal was made to “establish a joint working group tasked with prioritizing projects in which the EBRD would participate in Iraq.”

TIDBIT FROM NADER FROM MID EAST ,17 JAN

 Nader From The Mid East

  I tell you about three things. 

 Trade, private sector, which it's now very very good...You're going to see a lot of thing about the private sector how good it become and how good they invest into it and the third thing it's Forex. 

 These three things you have to watch...

FRANK26: STOP AUCTIONS MEANS ADD A NEW EXCHANGE RATE TO THE DINAR!! @DINARREVALUATION #iqd

 

FRANK26: "2ND READING OF '25 BUDGET AMENDMENT, DONE", 16 JAN

 KTFA

FRANK26: "2ND READING OF '25 BUDGET AMENDMENT, DONE".........F26

The House of Representatives completes the second reading of the draft amendment to the budget law

 

1/13/2025

The Council of Representatives concluded, in its session today, Monday, the second reading "Report and Discussion" of the draft law of the first amendment to the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2024 - 2025) No. (13) of 2023. 

LINK

 

EXCERPTS FROM MARKZ, 16 JAN

 EXCERPTS FROM MARKZ

MZ: In the past we were told close the RV- peace would suddenly break out in the middle east…The news today about an agreement between Hamas and Israel might be it. It all seems to be coming together.

Member: This puzzle has definitely been challenging to piece together, but man is the final picture going to be gorgeous

Member: Some Gurus are expecting the RV tomorrow.

MZ: I am not. Most of what I am seeing – is around the 21st and 22nd.

Member: Tony said that the RV switch will be flip in 24 hrs and the 24 hrs has already started

Member: Was the third reading of Iraq’s budget today?

MZ: it was not today. I was told it was now scheduled for Sunday

Member: 3rd reading or not, doesn’t it become law 15 days after the 2nd reading?

Member: Frank26 said they don’t need a third reading because they are only voting on an amendment and the rest of the bill was already passed

MZ: “Parliament to add amendment clause to next Sunday’s agenda” so this Sunday they do the last reading.

WALKINGSTICK: Not a cashless society at the onset but given time Iraq will be. That is the goal!!

 

FRANK26: "BARZANI WORKS WITH SUDANI!!!", 16 JAN

 KTFA

FRANK26: "BARZANI WORKS WITH SUDANI!!!".........F26

Establishing a "Kurdistan Oil Company"... a movement maturing under the dome of the Iraqi parliament

 

1/13/2024

 

While the issue of the Kurdistan Region's financial dues to the federal government in Baghdad has sparked widespread political controversy over the past few days, a parliamentary movement is taking place in the Iraqi Council of Representatives by a number of committees to make some amendments to the budget schedules for the year 2025, especially the item related to facilitating the resumption of the region's oil exports, and among these options is the establishment of the "Kurdistan Region Oil Company".

Earlier on Monday, Kurdistan Region President Nechirvan Barzani, during his meeting with Iraqi Parliament Speaker Mahmoud al-Mashhadani, called for amending the budget law in a way that guarantees the rights and entitlements of the Kurdistan Region.

Nechirvan Barzani has been visiting the federal capital, Baghdad, since yesterday, in order to put an end to some of the differences between the regional and central governments, regarding financial issues related to dues and salaries, and other oil issues related to resolving the issue of resuming the export of Kurdistan Region’s oil, which is suspended due to the cost of extraction for companies operating in the region.

In this regard, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, told Shafaq News Agency,"The committee hosted today a delegation from the Ministry of Finance from the budget, accounting and public debt departments regarding the implementation of the general budget for the year 2024 and the complaints submitted by ministries and governorates about the lack of funding in the approved budget."

Al-Kadhimi explained that "the budget allocated for the year 2024 was 211 trillion dinars, while the actual expenditure in the same year was 156 trillion dinars, considering that the revenues did not exceed 137 trillion dinars and the remaining amount was provided from loans."

He stressed the need for the general budget for the year 2025 to be more realistic and not exceed 150 trillion dinars, and after voting on amending the budget law in the House of Representatives, the government will calculate what is required for extracting and transporting oil in the Kurdistan Region, where the cost varies from $6 to $16 in the upcoming budget tables.

For his part, the member of the parliamentary oil committee, Basem Al-Gharibawi, stated that the parliamentary oil and gas committee held a meeting to discuss amending the general budget law related to the Kurdistan Region’s oil, and that the committee agreed that the amendment should be in accordance with the Iraqi law and constitution .

Al-Gharibawi pointed out that there are a number of proposals submitted by the committee members regarding amending Article 12 of the Budget Law, and the proposals will be written into recommendations and will be presented in the second reading of the law.

He stressed that "some of the proposals include establishing a company under the name of the General Company for Oil of the Region, similar to other companies, and this company would be directly linked to the Ministry of Oil, and the management of the process of extracting and exporting oil in the Kurdistan Region would be under the supervision of the aforementioned company. This matter will contribute to resolving the crisis between Baghdad and Erbil."

LINK

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"SUDANI ENSURES BARZANI"...........F26

 

During his meeting with Al-Mashhadani, Nechirvan Barzani calls for amending the budget and ensuring Kurdistan’s dues

 

1/13/2025

On Monday, during his meeting with the Speaker of the Iraqi Parliament, Mahmoud Al-Mashhadani, the President of the Kurdistan Region, Nechirvan Barzani, called for amending the budget law in a way that guarantees the rights and entitlements of the Kurdistan Region .

A statement issued by the presidency of the region, received by Shafaq News Agency, stated that "Nechirvan Barzani, President of the Kurdistan Region, as part of his visit to Baghdad, met this morning with Mahmoud Al-Mashhadani, Speaker of the Iraqi Parliament ."

According to the statement, the two sides discussed "the Kurdistan Region's relations with the federal authorities, stressing the importance of enhancing cooperation to resolve outstanding problems in accordance with the Iraqi constitution ."

The two sides also agreed on "the need to enhance joint cooperation in a way that helps ensure stability and development in the country ."

President Barzani pointed out "the importance of the role of the Council of Representatives in strengthening national dialogue, ensuring justice and equality for all components of Iraq, and solving the country's problems, especially the problems of Erbil-Baghdad ."

In the same context, President Barzani called on the Speaker of the Council of Representatives to "exercise his role in amending the Federal Budget Law for the year 2025 in a manner that achieves justice in ensuring the financial rights and entitlements of the Kurdistan Region, especially the file of securing the salaries of the Kurdistan Region's employees, similar to the rest of Iraq ."

In another aspect of the meeting, according to the statement, the two sides discussed "developments in the region and the changes that occurred in Syria, and stressed the importance of coordination between all parties to confront the challenges ."

Earlier today, Federal Prime Minister Mohammed Shia al-Sudani and Kurdistan Region President Nechirvan Barzani stressed the need to enhance cooperation to confront "national challenges ."

LINK