Sudanese: The development route is the best, shortest, and least expensive corridor in terms of transportation and transit, 1 OCT

 Sudanese: The development route is the best, shortest, and least expensive corridor in terms of transportation and transit

On Sunday, Prime Minister Muhammad Shiaa Al-Sudani confirmed that the Iraqi government is prioritizing the development road project as a key strategic initiative.

During a meeting today with Turkish Minister of Transport Abdulkadir Oraloglu, who is visiting the capital Baghdad, Iraqi Minister of Transport, Nasser Al-Shibli, discussed the progress of the development road project between Iraq and Turkey. The purpose of the meeting was to clarify and solidify the joint understandings between the two countries regarding the project. A statement issued by Al-Sudani’s office confirmed this.

The statement attributed to Al-Sudani mentioned that the development road project will enhance the relationship between Iraq, Turkey and other countries in the region through common interests. He stated that this project will be the most efficient, quickest and cost-effective transportation corridor for linking the Middle East to the European continent.

In the statement, it was mentioned that Al-Sudani expressed his admiration for the Turkish side’s eagerness to take part in the significant project. He emphasized the importance of maintaining a constant technical dialogue between the two nations to devise an economic model that will facilitate the execution of the project.

The Turkish Minister of Transport has expressed his country’s strong interest in participating in the road development project. He commended Iraq’s efforts in advancing and reforming its economy, and expressed satisfaction with the plans and crucial measures taken by the Iraqi government.

On Saturday, the Minister of Transport, Razzaq Muhaibas Al-Saadawi, held a meeting with the Turkish Minister of Transport and Infrastructure, Abdulkadir Uraloglu, and his delegation in Baghdad to discuss a road development project.

A development road project worth an estimated 17 billion dollars is set to connect the important port of “Al-Faw Grand Port” on the southern Iraqi coast to the border with Turkey by extending a railway and road network. This project aims to facilitate the transportation of goods and improve connectivity across the region.

The development of a road project aims to connect the oil-rich southern port of Al-Faw in Iraq with Turkey, making the country a transit hub by reducing travel time between Asia and Europe. This project is intended to compete with the Suez Canal.

The Iraqi government plans to extend high-speed train lines to local industrial and energy centers for transporting goods and passengers at a speed of up to 300 kilometers per hour, which may include oil and gas pipelines.

The current plan involves modernizing and building over 1.2 thousand kilometers of railways and highways connecting Iraq to neighboring countries, ultimately linking the main transportation roads to the main port of Al-Faw located on the shores of the Gulf.

Vietnamese Dong Value / Vietnamese Dong / Dong Ipdate / Iraqi Dinar News...

"RV UPDATE" BY MARKZ, 1 OCT

 MarkZ 

  [via PDK]  Question:  Does the RV (Revaluation) have to happen before Iraq ascends to the World Trade organization on Oct. 4th?  Not...but the dinar has to be a fully accepted international currency all around the world without any restrictions…this would be a massive change.

  I am continuing to hear very positive stuff on expectations of a rate change. They are giving us dates from this weekend to sometime in the first week of October.

The Hydo Carbon Law...It's where they share money, profits, revenues from oil-natural gas etc…with the citizens of Iraq including the Kurdish region. We have been told for many years this is a key piece. And Very soon after the HCL was implemented we were told that we would see the dinar value changes. 

I have had some whales reach out to tell me they have a potential for weekend travels. A number of sources believe it’s this weekend and others think between the 5th and 12th of Oct...Just stay calm and know things are quickly moving.

Parliamentary Finance hosts the Ministers of Planning and Finance regarding the delay in budget implementation, 1 OCT

  Parliamentary Finance hosts the Ministers of Planning and Finance regarding the delay in budget implementation

The Parliamentary Finance Committee decided to host the Ministers of Planning and Finance; To find out the reasons for the delay in budget implementation.

The head of the committee, Atwan Al-Atwani, said during the committee’s hosting of the governors: “There is a clear failure in releasing financial allocations to the governorates and ministries,” noting that “the committee will host the ministers of planning and finance this week to find out the reasons for the delay in implementing the budget.”

He stated, "The current government has raised the slogan of a national service government, and we will not allow the problem of delaying the disbursement of financial allocations to continue," pointing out, "Our insistence on approving the tripartite budget came to enable the governorates and ministries to implement their plans and programs and to avoid stopping funding at the end of the fiscal year."

He stressed "the necessity of releasing petrodollar allocations to oil-producing governorates," pointing out "the importance of simplifying procedures for approving programs and plans to accelerate the launch of project implementation."  link

Parliamentary mobilization to oust the governor of the Central Bank: failures and promises not implemented - urgent , 1 OCT

Parliamentary mobilization to oust the governor of the Central Bank: failures and promises not implemented - urgent 

Baghdad today - Baghdad 

On the twenty-fourth of January of this year, the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, reassigned Ali Mohsen Al-Alaq to the position of Governor of the Central Bank, more than two years after his dismissal from the same position that he held for about six years, from 2014 until 2020.

As the US dollar exchange rate crisis worsened and it continued to rise against the Iraqi dinar, in addition to the rise in the interest rate on loans granted by the Central Bank, voices rose within the Iraqi House of Representatives to demand the dismissal of Governor Ali Al-Alaq from his position and replace him with another to address the high exchange rate and financial and economic reforms after Al-Alaq's failure. In resolving these crises. According to the opinion of the representatives.

In this regard, independent MP Hadi Al-Salami confirms, today, Sunday (October 1, 2023), the continuation of the parliamentary movement aimed at removing Ali Al-Alaq from the duties of managing the Central Bank of Iraq.

Al-Salami says, to "Baghdad Today," that "many representatives have different observations regarding the management of the relationship with the Central Bank of Iraq. There is a major failure in this administration, and despite all the promises and actions taken by Al-Alaq, the central bank is still not in control of the issue of the rise in the dollar exchange rate, and there is exacerbation of this crisis.

His term as president of the bank witnessed a number of financial failures, the most notable of which was the sinking of 7 billion Iraqi dinars in the money store inside the Central Bank building in central Baghdad, and the discovery that other large sums of money had been damaged as a result of humidity and rainwater.

The representative believes, "There are comments on the issue of raising interest on housing loans. This matter will reduce the issue of applying for these loans, which aim to reduce the housing crisis. This matter has caused great public anger, as such measures exacerbate the housing crisis and do not reduce it, despite This crisis has worsened in all Iraqi cities, with the significant rise in real estate prices."

While economic affairs researcher Nasser Al-Kanani, MP Al-Salami, shares the opinion by saying that increasing the interest on housing loans will exacerbate the housing crisis in Iraq, he confirmed in an interview with "Baghdad Today" that "increasing the interest on housing loans will significantly reduce citizens' contributions to... Obtaining these loans, the interest will be very large, and it is certain that this step opposes all efforts to reduce the housing crisis, but rather it will be a factor in exacerbating the crisis."

The researcher continues by saying, "Solving the housing crisis in Iraq requires presenting multiple offers to citizens and employees regarding housing loans, through the loan repayment period, the interest rate, and other encouraging factors to push the citizen to withdraw loans in order to buy housing for himself. This is how the crisis is solved and managed, not "The opposite."

Between 2006 and 2014, Ali Al-Alaq served as Secretary General of the Council of Ministers, during the first and second Maliki governments, before he was named acting governor of the Central Bank for a period of 6 years starting in 2014, in addition to being named president of the "Joint Council to Combat Corruption in Iraq."

Al-Alaq (62 years old) holds a higher diploma in financial sciences from the University of Baghdad. During his tenure as Governor of the Central Bank, Iraq witnessed many crises related to the management of the bank, the most prominent of which was the scandal of fake import documents, according to which the dollar was obtained from the currency auction at the Central Bank, without the companies concerned importing any materials into Iraq.

 This comes in addition to the scandal of the drowning of more than 7 billion dinars as a result of rainwater in the Central Bank's warehouse in 2018, and the destruction of other amounts due to humidity. The step of writing Al-Alaq's name on banknotes of denominations of 250 dinars and 1000 dinars, contrary to the approved Iraqi law, led to mentioning The governor's statement and his signature on the currency led to increasing controversy, along with the file of the Central Bank's financing of government deals marred by corruption.

IRAQ News MAJOR Dispute Over Route to Europe in Middle East Iraq in the...by SANDY INGRAM

US Dollar surges in Baghdad, Erbil, 1 OCT

 US Dollar surges in Baghdad, Erbil, 1 OCT

Shafaq News / The exchange rate of the US dollar against the Iraqi dinar surged in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, following the closure of the main stock exchanges.

According to a correspondent from Shafaq News Agency, the dollar prices rose after the closure of Baghdad's primary stock exchanges, al-Kifah and al-Harithiya, reaching 155,800 Iraqi dinars for 100 dollars. In the morning, the dollar had been priced at 155,700 dinars for 100 dollars.

Our correspondent noted that selling prices at exchange shops in local markets in Baghdad remained stable, with the selling price at 156,750 dinars for 100 dollars, while the buying price was 154,750 dinars for 100 dollars.

In Erbil, the dollar also experienced an increase, with the selling price reaching 155,900 dinars for 100 dollars, and the buying price at 155,800 dinars for 100 dollars.

LINK