Tuesday, September 17, 2024
Our Country's Dream"... Al-Sudani Sends An "Important" Message To Gulf States Regarding The Path To Development, 17 SEPT
Money and business Economy News – Baghdad Prime Minister Mohammed Shia al-Sudani stressed that the drop in oil prices to less than $72 confirms the need to diversify the Iraqi economy, while he addressed a message to the Gulf countries regarding the path to development.
Al-Sudani said during a televised interview followed by "Al-Eqtisad News", "The federal administration's budget allows it to pay $8 for every barrel of oil produced, while contracts signed with the Kurdistan Regional Government give companies $26. This stagnation has affected production from the region and led to a delay in the resumption of the pipeline."
Baghdad has been unable to agree on how much to pay international oil companies operating in the north of the country for their production.
We have to look at how we balance these issues. Do we look at the budget to see what we can do or do we try to look at prices?" he added.
“Closing the pipeline, which can carry nearly half a million barrels per day of oil from Kurdistan to the Turkish coast, would cost billions of dollars in lost revenue. However, restarting it would pose a dilemma for Iraq, which has failed to comply with OPEC+ production limits amid dire financial needs but has repeatedly said it will compensate for overproduction,” he said.
Al-Sudani said, "We are committed to abiding by OPEC decisions and maintaining the oil price in a way that achieves a balance between the interests of users and producers."
Pipeline problems
Turkey halted the pipeline in March last year after an arbitration court ordered it to pay Iraq $1.5 billion in compensation for transporting oil through it without Baghdad’s consent. Ankara, which claimed the pipeline was shut for repairs after two massive earthquakes in February, said in October it was ready for operations and that it was up to Iraq to resume flows.
But financial and legal issues have emerged, such as compensating companies for costs. International companies have said they also want to settle their overdue receivables — including $1 billion for oil produced between September 2022 and March 2023.
With exports halted, companies have begun producing some crude and selling it domestically. Iraqi officials have previously said this production has caused problems with compliance with quotas set by the Organization of the Petroleum Exporting Countries.
Iraq’s production cap is 4 million barrels a day, but it produced 4.32 million barrels a day last month, according to data compiled by Bloomberg. The country, along with some other OPEC+ members, will gradually lift those limits starting in December.
Al-Sudani is keen to “increase production in the long term after years of war and internal conflict that have affected Iraq’s oil industry. In August, BP signed a preliminary agreement to help boost production from the Kirkuk region. Iraq is also rehabilitating and modernizing damaged refineries to help reduce fuel imports.”
The Prime Minister continued, "Because of the wars and the blockade over the past four decades, Iraq has been late in exploiting the wealth we have of gas and oil properly. Now we are looking at how to exploit the new wealth we have and how to use it effectively."
Diversify the economy
But he said, "The drop in oil prices in London to around $72 a barrel - near their lowest levels since 2021 - underscores the need to diversify the economy."
Iraq is OPEC's largest oil producer after Saudi Arabia and derives the bulk of its revenues from exporting the commodity, and needs much higher prices to balance its budget.
The IMF has long said the country needs to develop its private sector, and that economic progress is being hampered by a huge public sector wage bill, with successive governments not doing enough to curb high wage increases.
Al-Sudani pointed out that "his administration is looking to invest about 40% of Iraq's oil revenues to boost the non-oil sector," adding that "the planned trade corridor extending from Basra Governorate in southern Iraq to Turkey and then to Europe was a 'dream' for his country, and he is looking to the Gulf states to help finance the project, which is supposed to cost $17 billion."
132 views 09/17/2024 - https://economy-news.net/content.php?id=47686
COFFEE WITH MARKZ, 17 SEPT
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Happy Constitution Day
Member: Good morning Mark, mods and everyone.
Member: After TNT yesterday I thought we would be retired this AM
Member: TNT said the rates were on bank screens
MZ: I have heard similar…But I also heard they are changing and fluctuating. I am hoping this means they are priming the system again.
MZ: My banking contacts say they are seeing many different rates….rates are rolling all over the place…….Hopefully they are checking the system and priming the system…..
Member: Mark- On the Jentel she said rates are on screens not available to the public
Member: TNT said Bolivar was .027
MZ: Tomorrow I have a couple bond contacts expecting their final contracts and spendable money….Keeping fingers crossed. Hopefully I will learn ore by this evening. I do not think bonds will be finished by the 18th but hoping they are moving in a measurable, public way. I have evidence some are moving privately…but need much more movement
Member: And per mark Monday……Bonds may not have to sign NDA’s after Tomorrow the 18th…..
Member: Is Zim still supposed to be in the first basket?
MZ: That is what I believe and what I hear from my best contacts…
Member: (From Dinar Guru) Mnt Goat “ECONOMIC RENAISSANCE AND UNPRECEDENTED PROGRESS.. IRAQ MAXIMIZES ITS NON-OIL REVENUES AND REDUCES ITS DEBTS”. They are telling us the national debt is only 9% of their reserves now at $108 billion and GDP growth is very good... words like “unprecedented” and “maximizes”...tells me our choo choo train is moving down the tracks at an accelerated pace now.
MZ: It is screaming down the tracks…..We just need it to happen …like yesterday.
Member: According to Militiaman the HCL is finished.
Member: Who gives Iraq permission to go???
MZ: At this point I believe it’s a compilation of the IMF, World Bank and the UN …but it is very confusing. The president of Iraq says its up to the CBI now….But , if it’s up to the CBI I am thinking they would already have released it.
Member: And all this time I thought it was the dragon families supplying the gold for the reset that gave permission to go???
Member: Mark- Do you believe the new lower denoinations have already been printed in Iraq?
MZ: Yes I do…We have seen the contracts years ago and the paid receipts from the government of Iraq with DeLaRue to print them…... Many contacts in Iraq have seen the cut sheets (samples of LD’s) in banks.
Member: Gold is so close to $2600.
Member: BREAKING - Dozens of suspected Hezbollah militants injured after their radio devices simultaneously exploded in Beirut, Lebanon, local media reports
Member: Seems like we always have such good news and the fundamentals are good, but it never gets to the finish line. I don’t get it. Very hard not to get discouraged at times.
Member: It dawned on me that tomorrow the 18th is also Wednesday. Could we see the HCL and rate in the Gazette possibly? That would certainly start the RV rate. It's also the full moon.
Member: The lunar eclipse tonight is supposed to be introducing massive biblical changes. Lets pray for good things to come in the days ahead.
Member: October 3rd is IRAQ Independence Day
Member: October 1st is the new US Fiscal year starting
Member: Wishing all a fantastic day!!!
Zester joins the stream to talk about the new proposed Liberty Financial crypto system announced last night. Please listen to the replay for his information and opinions
REPORT OF MR. SALVAGE: LEADER GERNAN BASTIDAS OF A PAYMASTER FROM COLOMBIA, 17 SEPT
REPORT OF MR. SALVAGE: LEADER GERNAN BASTIDAS OF A PAYMASTER FROM COLOMBIA
it means that the company has more than 80,000 people helping in this process, working on different projects for the benefit of people, yesterday a company in charge of delivery is CALL CENTER will begin to give notifications, GERNAN BASTIDAS also stated that he is the one who directs people to obtain the blessings to the CALL CENTER because each person will be attended to privately and their phone number is private in the call center,
GERMAN BASTIDAS also said who is in BRAZIL providing training to other leaders, since on July 29 he signed an NDA, so the ENTIRE process will now be in charge of the CALL CENTER.
SOURCE: REDEMPTION 2020 TELEGRAM ROOM
TRANSLATION SPANISH
INFORME DEL SR. SALVAGE: EL LÍDER GERNAN BASTIDAS DE UN PAYMASTER DE COLOMBIA, quiere decir que la empresa tiene más de 80.000 personas ayudando en este proceso, trabajando en diferentes proyectos para el beneficio de las personas, ayer una empresa a cargo de la entrega es CALL CENTER comenzará a dar notificaciones,
GERNAN BASTIDAS también afirmó que él es el que dirige a las personas para obtener las bendiciones al CALL CENTER debido a que cada persona será atendida en privado y su número de teléfono es privado en el centro de llamadas,
GERMAN BASTIDAS también dijo que está en BRASIL brindando capacitación a otros líderes, ya que el 29 de julio firmó un NDA, por lo que TODO el proceso ahora estará a cargo del CALL CENTER.
SOURCE: REDENCION 2020 TELEGRAM ROOM
DINAR REVALUATION REPORT: Parliamentary Finance Committee Discusses Proposal to Establish Sovereign Fund in Iraq 2024, 17 SEPT
Parliamentary Finance Committee Discusses Proposal to Establish Sovereign Fund in Iraq 2024
On September 17, 2024, the Parliamentary Finance Committee convened to discuss a proposal for the establishment of a sovereign fund in Iraq. This initiative aims to manage and invest the country's oil revenues more effectively, ensuring sustainable economic growth and diversification.
Background of the Proposal
The proposal to create a sovereign fund in Iraq emerged from the need to stabilize the national economy, reduce reliance on oil revenues, and invest in long-term projects that benefit future generations. Historically, Iraq's economy has been heavily dependent on oil exports, which account for over 90% of government revenues.
Current Economic Situation in Iraq
As of September 17, 2024, Iraq is facing economic challenges, including a 15.7% decline in exports during the first quarter of the year. This decrease in exports has impacted government revenues and highlighted the need for economic diversification and fiscal stability.
The Role of the Parliamentary Finance Committee
The Parliamentary Finance Committee plays a crucial role in overseeing the national budget and financial policies. The committee's discussions on the sovereign fund proposal are expected to address issues such as fund management, investment strategies, and the potential impact on Iraq's fiscal health.
Proposed Benefits of the Sovereign Fund
Economic Diversification
The sovereign fund is intended to promote economic diversification by investing in non-oil sectors, such as agriculture, manufacturing, and technology. This diversification is essential for reducing the country's vulnerability to oil price fluctuations.
Fiscal Stability
By setting aside a portion of oil revenues, the sovereign fund can serve as a fiscal buffer during periods of low oil prices or economic downturns. This stability is crucial for maintaining government services and public spending.
Long-Term Investment
The fund will enable long-term investments in infrastructure, education, and healthcare, contributing to the overall development of the country and improving the quality of life for Iraqis.
Challenges and Concerns
Governance and Transparency
Establishing a sovereign fund requires robust governance frameworks and transparent operations to prevent corruption and ensure that funds are used for the intended purposes.
Investment Strategies
Selecting appropriate investment strategies is critical to the fund's success. This includes balancing risk and return, as well as diversifying investments across various asset classes and geographies.
Political Stability
Political stability is a prerequisite for the successful implementation of the sovereign fund. Ongoing political tensions and security concerns could undermine the fund's objectives and investor confidence.
Conclusion
The proposal to establish a sovereign fund in Iraq is a significant step toward achieving economic diversification, fiscal stability, and long-term investment in the country. As of September 17, 2024, the Parliamentary Finance Committee's discussions on the proposal indicate a commitment to exploring strategies that address the nation's economic challenges and promote sustainable growth.
Parliamentary Finance Committee Discusses Proposal To Establish Sovereign Fund, 17 SEPT
Parliamentary Finance Committee Discusses Proposal To Establish Sovereign Fund
Chairman Of The Parliamentary Finance Committee Atwan Al-Atwani Money and business Economy News – Baghdad The Parliamentary Finance Committee announced, on Monday, discussing a proposal to establish a sovereign fund.
The media department of the House of Representatives stated in a statement, which was reviewed by "Al-Eqtisad News", that "the head of the Finance Committee, Atwan Al-Atwani, chaired a deliberative meeting of the committee in the presence of a number of its members, to discuss a number of important topics and files."
The statement added that "the meeting reviewed the outcomes and indicators of previous meetings with government agencies regarding maximizing non-oil revenues, where it was agreed on the next steps by submitting a detailed report to the government on the sources of deficiency, especially in the electricity, tax, customs and other major financial outlets sectors."
The statement continued, "The committee discussed a number of proposals that would maximize financial revenues, including the legislation of special laws on taxation, in addition to forming a committee to conform to standards, which is responsible for reviewing the estimation of planned revenues for state institutions."
The statement continued, "The committee discussed a proposal to establish a (sovereign fund) similar to rentier countries, in order to confront fluctuations in global oil prices or any financial crisis, provided that the fund is financed from the budget surplus achieved in circumstances of economic and financial prosperity."
The statement concluded, "The meeting also discussed the laws referred to the Finance Committee as a supporting committee, where Al-Atwani stressed that the committee will have an opinion and a fundamental role in legislating these laws, especially those related to economic reform and others." 105 views 09/16/2024 - https://economy-news.net/content.php?id=47664
-
Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...
-
Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
-
RayRen98 BANK STAFF RECEIVED "GET READY" MEMOS THIS MORNING, THEY'VE BEEN EXCITED ALL DAY! Nader From The Mid East Y...