AN ECONOMIC EXPERT TALKS ABOUT THE SHORTAGE OF “CASH LIQUIDITY” AND ITS EFFECTS ON THE BUDGET, 5 OCT

 AN ECONOMIC EXPERT TALKS ABOUT THE SHORTAGE OF “CASH LIQUIDITY” AND ITS EFFECTS ON THE BUDGET

The economic expert, Nabil Al-Marsoumi, revealed today, Tuesday, the reason for not releasing the current year’s budget exaggeration until now, despite Parliament’s vote on it early last June.

Al-Marsoumi said in a post on social media platforms, “The Iraqi currency exported, as of August 2023, amounted to about 99.769 trillion dinars, including: 8.7 trillion dinars in banks and 91.069 trillion dinars in circulation.”

He added, “The scarcity of cash in government banks may be the reason that Rafidain Bank was forced to pay only 250 billion dinars out of the first installment of the loan provided to Kurdistan, amounting to 700 billion dinars, which led to not distributing full salaries to the region’s employees.”

Al-Marsoumi pointed out that “the scarcity of cash liquidity in banks may be linked to the government’s failure to pay the internal debt service installments owed to it, and the scarcity of cash liquidity may be the most important reason for not releasing the 2023 budget amounts, which require large government spending in both the operational and investment parts.”

Parliamentary Integrity reveals details of 3 important laws to combat corruption, 5 OCT

 Parliamentary Integrity reveals details of 3 important laws to combat corruption

Parliamentary Integrity reveals details of 3 important laws to combat corruptionInformation / Baghdad..

Today, Tuesday, member of the Parliamentary Integrity Committee, Hamid Al-Shablawi, revealed the details of three important laws that are being legislated during the next stage.

Al-Shiblawi said in an interview with the Maalouma Agency, “The Financial Control Law and its amendments are being worked on to mature it,” pointing out that “the Corruption Recovery Law, which is known to the Iraqis, “Where did you get this from?”

He added, “The committee is working seriously and diligently to complete the Integrity Commission law to support oversight and executive institutions and is in the process of preparing anti-corruption legislation.”

Al-Shibli pointed out, “There is joint coordination with the regulatory authorities in order to complete the projects and vote on them within the House of Representatives.”

A member of the Parliamentary Integrity Committee, Saud Al-Saadi, had revealed, in a previous interview with the Al-Ma’louma Agency, the details of three important laws that are being amended during the next stage.

almaalomah.me

"RV UPDATE" BY JEFF & PIMPY, 5 OCT

  Jeff

 There's a huge consensus out there among most of the dinar content creators that the rate is going to change this coming week between now and this weekend.  None of that is true of course...There's a huge tremendous misunderstanding throughout the dinar community right now...of what's really happening within the dinar investment...

  The budget has not been approved to date.  That means it remains in an incomplete unapproved state...Yes they voted on it since last June but...two Sundays ago Iraq's council of Ministers...did a draft amendment to the budget making it so it's no longer in an approved state.  Parliament still needs to approve the budget again...The budget right now is incomplete and unapproved by parliament.  

Pimpy  

Article:  "Financial expert: The International financial system prevents Iraq from dealing with non-dollars"  It's kind of hard to be part of a system that prevents you from dealing in non-us dollars...People are not using the central bank.  The United States is not helping the central bank central the issue.  They're creating the issue.  They're creating the black market. 

Article:  "Iraq is fourth in the Arab world by possessing the 'lion's share' of gold reserves"  I always love to hear that.  Right now Iraq is holding 132.6 tons of gold.  You notice that these nations are still buying up large quantities of gold, which is a good sign.
now if you want to know the full story.

This is the best day for Iraq today 2023 / Guru intel update iqd value, ...

Iraqi government approves key measures in 40th Council of Ministers session, 4 OCT

 Iraqi government approves key measures in 40th Council of Ministers session, 4 OCT

Shafaq News/ On Wednesday, Iraqi Prime Minister Mohammed Shia Al-Sudani led discussions in the 40th Regular Session of the Council of Ministers, addressing vital national issues and outlining priorities for the government's agenda.

During the session, the Council, following the Prime Minister's emphasis on transparent governance and media responsibility, voted to pass the bill granting access to information. The legislation, reviewed by the State Council, will now move forward for consideration in the Council of Representatives as per constitutional mandates. Valuable input from the Legal Department in the General Secretariat of the Council of Ministers and contributions from the Ministers of Health and Justice were considered.

The Council of Ministers declared Yazidi Eid Jama, falling on 6-14 October, as an official holiday throughout Iraq, recognizing the cultural and religious significance for the Yazidi community.

To bolster the agricultural sector, the Council approved an increase in the capital of the Agricultural Cooperative Bank. This increase, totaling 29,476,500,000 dinars, was sanctioned by the Committee for Determining Corporate Capital within the Ministry of Finance. This decision, complying with the Amended Public Companies Law (Law No. 22 of 1997), aims to support farmers and agricultural initiatives.

A parallel move involved the Industrial Bank, where the Council took the following steps:

• Cancel the Council of Ministers' decision (234 of 2014) regarding capital increase due to lack of necessity.

• Submit a new establishment statement for the Industrial Bank to the Ministry of Trade for legal measures regarding capital increase.

• Approve a total capital increase of 529,476,500,000 dinars, incorporating revenues from foreign labor fees for 2021, replacing the previously allocated amount.

The Ministry of Finance is tasked with the implementation of the above decision.

Financial and accounting reform were also priorities. All spending units must now submit funding requests within the operational investment budget directly to the Ministry of Finance's Accounting Department. The respective ministers or governors are accountable for fulfilling legal obligations outlined in the Federal Financial Management Law (No. 6 of 2019) and other relevant legislation.

A direct contract between the Iraqi Oil Marketing Company (SOMO) and two affiliated companies – the Ministry of Oil's oil tankers and the Ministry of Transportation's maritime transport company – was approved in the energy sector. This contract allocates 70% of exported oil products for transport via the oil tanker company and the remaining 30% through the maritime transport company.

Additionally, the Council decided on various financial allocations, including transferring funds from the Border Ports Authority budget to support the network customs clearance connection program and compensating fish breeders by allocating funds from the Ministry of Finance to the Ministry of Agriculture.

Further approvals included the national framework program document for technical cooperation (2024-2029) and the exemption of contract (22/IRAQ/MOD/POLY/2022) for the supply of CH-5 drones and their fuel from audit and review procedures.

https://shafaq.com/en/Iraq-News/Iraqi-government-approves-key-measures-in-40th-Council-of-Ministers-session

Kurdistan producers warn no quick restart to Iraq-Turkey pipeline, 4 OCT

 Kurdistan producers warn no quick restart to Iraq-Turkey pipeline, 4 OCT

Shafaq News/ Turkish Minister of Energy Alparslan Bayraktar has said the Kurdistan pipeline would be ready to restart – but local producers are not convinced.'

Bayraktar, speaking at Adipec, said the Iraq-Turkey pipeline would resume operations this week. It will be able to provide 500,000 barrels per day to the market.

However, the Association of the Petroleum Industry of Kurdistan (APIKUR) has poured cold water on the plan.

Members of the producer group cannot produce oil for export until it is clear how they will be paid, it said. APIKUR reports its members are owed nearly $1 billion in overdue and unpaid arrears.

Delays “are costing Iraqis an estimated $1 billion per month in lost revenues”, said Myles B. Caggins III, spokesman for APIKUR.

He said APIKUR’s members were keen to work with the Kurdistan and Iraq governments. They could “reinstate these revenues and even increase them through maximising production. We believe this can be done quickly and efficiently, after payment arrangements are agreed and existing contractual arrangements are respected.”

DNO Iraq, Genel Energy, Gulf Keystone Petroleum, HKN Energy and ShaMaran Petroleum make up APIKUR.

The problem for the producers in Kurdistan is that the local government no longer has control over payments to them. That has passed to the central Iraqi government and there have been shortfalls in cash allocations.

In addition to the production stoppage, APIKUR has previously said its members have cut $400 million of capital expenditure this year.

https://shafaq.com/en/Kurdistan/Kurdistan-producers-warn-no-quick-restart-to-Iraq-Turkey-pipeline

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