Al-Bayati Rules Out Passing The Oil And Gas Law In A Way That Meets The Ambition Of The Region, 21 AUGUST

 Al-Bayati Rules Out Passing The Oil And Gas Law In A Way That Meets The Ambition Of The Region

Today 12:17   Information / Baghdad..   Former MP Jassim Al-Bayati ruled out passing the oil and gas law in a way that meets the ambition of the Kurds in the region, indicating that the Kurdish forces are still negotiating and procrastinating to delay passing the law.

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Al-Bayati told Al-Maalouma, "The negotiations on the oil and gas law will not reach any good stages, as the opportunity that the Kurds got in 2008 when this law was sent will not be repeated at the present time."

He added, "The Kurds rejected the law in the aforementioned year, despite a vote on it within the Council of Ministers, and preparations for its passage in Parliament, and therefore it is impossible for the law to return again to be in the interest of the Kurds."

And he indicated that "the Kurds are calling today for the oil and gas law, but the demand is conditional that the aforementioned law be in their interest, far from consensus or passing by a numerical majority within the House of Representatives, and it is better for them to return to the old law, otherwise the results will be bad for them."    LINK

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An Economist Who Pledges To Control The Exchange Rate Of The Dollar By Taking Practical Technical Measures

Today 08:45  Information / Baghdad...  Economic affairs researcher Muhammad al-Saadi pledged, on Monday, to controlling and controlling the exchange rate of the dollar in the parallel market by taking practical technical measures without resorting to methods of arrests or the use of force.

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Al-Saadi told Al-Maalouma, "The responsible authorities are working to pursue speculators by applying the law against those who want to harm the Iraqi economy, as well as being a first step to ensuring that the differences between the official and parallel market are eliminated."

He added, "The need has become urgent to take decisions related to technical and financial aspects, which would expand the outlets for selling the currency and allow citizens to buy in limited quantities by setting restrictions or preconditions."

And he indicated that "the problem of exchange and high prices is often suffered by the citizen before the merchant, as the merchants began to go to the official platform to obtain the dollar, while the citizen is still suffering in obtaining the dollar, especially since some citizens go to car showrooms and face difficulty in buying in the currency of the dollar." .

He pointed out that "the government can open a window to sell the dollar to anyone who wants to get a car, provided that he comes with an official purchase contract to hand it over to outlets or approved banks to sell the dollar as a document in exchange for obtaining hard currency." LINK

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An Economic Institution: The Government Should Stop Following The Dollar In The Parallel Market

08/21/2023  Earth News / The head of the Future Iraq Foundation for Economic Studies, Manar Al-Obeidi, called today, Monday, on the government to stop following the dollar prices in the parallel market.  Al-Obeidi told Earth News Agency, "The state must control the prices of inflation rates and various materials and commodities, not the exchange rate of the dollar in the parallel market.

And he added, “The Iraqi citizen, in the end, what matters to him is the rise or fall that occurs in various commodities, specifically basic ones, such as foodstuffs and fuel, in addition to consumer and luxury goods and materials.

And he indicated that “despite the high exchange rates of the dollar against the dinar, the prices of goods and materials and inflation rates did not change much, according to a report issued by the Ministry of Planning, as inflation rates decreased in the previous months, which indicates a decline in prices or their lack of a significant increase.”  https://earthiq.news/archives/270495#hathalyoum

Evening News with MarkZ 08/21/2023

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“It is not true.” An economic vision about the World Bank’s figures on Iraq’s public debt, 21 AUGUST

 During a recent presentation, economist Nabil Al-Marsoumi shared his economic insights on the Central Bank’s figures regarding Iraq’s public debt. He also discussed the budget law’s potential impact on the overall debt volume.

According to a post by Al-Marsoumi on Al-Sumaria News, the World Bank’s reported public debt figures for Iraq are incorrect. Al-Marsoumi claims that the actual public debt for the year 2023 is $152 billion, with $50 billion being external debt and $102 billion as internal debt. Additionally, the ratio of public debt to gross domestic product is 58.3%.

He stated that the figures provided are based on the assumption that the 2023 budget will be fully executed, leading to an increase of approximately $31 billion in the overall public debt. However, it is anticipated that the budget may not be fully executed, particularly due to its delay until August, which raises concerns about the accuracy of these estimates.

Al-Marsoumi noted that Iraq’s external debt, including the frozen Gulf debts, amounts to $61 billion, not $50 billion. After implementing the full budget, the debt is expected to reach approximately $70 billion.

He stated that the current internal debts total 70 trillion dinars. However, once the budget is put into action, the amount will increase to 100 trillion dinars, which is approximately 77 billion dollars, not 102 billion dollars.

According to the legal expert, the total public debt will amount to $138 billion if the budget is fully implemented, which is different from the World Bank’s estimation of $152 billion.

In a report titled “Renewed Pressures: RecoveryIraqat risk,” the World Bank discussed the economy of Iraq and its debts. The report highlighted the stagnation in non-oil GDP, industries, and agricultural activities, along with high inflation rates. The current government of Iraq lacks large-scale structural reforms to strengthen the economy beyond oil.

He stated that the government’s annual budget has seen a significant increase in public spending by 59% compared to last year. This accounts for 74.3% of total expenses and will result in a large fiscal deficit of 51.6 trillion Iraqi dinars, equivalent to 39.7 billion dollars. This represents 14.3% of the total value of public imports and is more than half of the recent record reserves accumulated due to the increase in oil prices. He also discussed the Central Bank’s policy of devaluing the local currency.

According to the World Bank, the devaluation of the Iraqi dinar resulted in a rise in headline and core inflation. This was due to the country’s heavy reliance on imports, as domestic production is weak and not backed by government authorities. This has exposed the fragility of Iraq’s economy.

According to the World Bank report, the currency auctions carried out by the Central Bank have resulted in a decrease in the value of the dinar against the dollar, as hard currency has been redirected to the parallel market due to the adopted transaction standards.

As per the World Bank, the lack of diversification of income sources in Iraq has resulted from the chaotic policies of successive governments. This has caused a contraction in gross domestic product by 1.1% in the year 2023. Additionally, the country’s public debt has increased to 58.3% from the previous year’s 53.8%, which amounts to $152 billion, an increase of $10 billion. The total external debt stands at $50 billion, while the internal debt amounts to $102 billion. It is noteworthy that the government has borrowed around $60 billion internally in the previous three years at an annual rate of $15 billion. Furthermore, the annual interest on internal debts is approximately 16 to 17% of the debt volume.

The economic future prospects of Iraq are still at great risk, according to the bank. This is due to their excessive dependence on oil, which makes them vulnerable to shocks in the oil market and global demand. Recent declines in oil prices have highlighted this vulnerability. Additionally, there are basic challenges to the economy, such as widespread corruption, poor service delivery, lack of infrastructure development, and security risks that contribute to its fragility.

According to the World Bank, if the government continues with these policies, it will benefit political parties that have hindered development and caused significant imbalances in the country’s budget, despite two decades passing since the end of the war.

"RV UPDATE" BY FRANK26, 21 AUGUST

 Frank26 (KTFA)

There is no delay…If you know very well that Iran is stealing the currency, the bloodline, destroying the spinal cord, destroying the unity, the harmony, the sovereignty, the proudness of Iraqi citizens as their nation would you not also want to remove that? 

 …we don’t have the perfect situation for the monetary reform to be released.  We’ve got terrorists… corruption …thieves…Now granted it’s been really reduced…

The next step in the monetary reform is exactly what you’re seeing right now.  Remove those evil people – Iranians and Iraqis and any other foreign persons …

Have you ever seen…a prime minister from Iraq do what this man is doing?  Never, not in your lifetime…

Sudani is a great leader and Iraq is blessed to have him.  The things that he’s doing is amazing.  There are no delays.  It is the next step of the monetary reform plan.

Community Comment:
“ We only get one chance to get this right.”

Oh boy is that ever so profound for you to say.  You can’t make a mistake and go back and fix it.  Not in a monetary reform.  Math would not allow it.  You make a mathematical mistake in this monetary reform it will all crumble.  Worse than anything else, you make a mistake Sudani/Alaq with the Iraqi citizens, that’s it…your monetary reform will fail.

FRANK26…..8-21-23……AKI SAID…

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