I was...told [by my CBI contact in Iraq] the real reason why the GOI, under prime minister al-Sudani has not directed full funding distribution for all the projects listed in the budget.
It was for multiple reasons: 1. to first continue to clean up more of the corruption in the provinces; 2. hold back the dollars in the reserves as long as possible needed to back any reinstatement process and global rating for the dinar.
I was...told [by my CBI contact in Iraq] not to over-speculate on the RV and the CBI has a plan and is actively working on it.
The CBI can not put the cart before the horse and needs the support of the GOI for all the monetary reform.
They feel that Al-Sudani is definitely onboard with the details of this effort and “fully” supports the plan and what the CBI is doing in this regards. They also told me the re-education news (program) is about to come out.Stay tuned….
I asked [my CBI contact in Iraq] about the project to delete the zeros and was told it is coming and is now an active project no longer just a later project.
I asked for some target dates and was given that they planned to redenominate sometime prior to the end of the year. To me this is so inline what we are thinking for a January 2024 reinstatement timeframe and other events also lining up.
MENA Climate Week: Energy Ministers Advocate for Responsible Transition to Sustainable Energy, 9 OCT
Key Discussions at MENA Climate Week
The MENA Climate Week 2023, set to take place from 8-12 October in Riyadh, Saudi Arabia, has drawn attention for its unique perspective on the role of fossil fuels in the fight against climate change. Ministers of energy from Iraq, Saudi Arabia, and the United Arab Emirates have congregated at the event, arguing that the fossil fuel industry can play a crucial role in facilitating a smooth transition to sustainable energy. They emphasized that discussions about climate change should not hastily condemn oil and gas but instead focus on these resources’ potential to support a responsible transition towards sustainability.
The Iraqi Oil Minister highlighted the continued global demand for fossil fuels and underscored the importance of natural gas in generating electricity. This stance echoes the sentiment of major hydrocarbon producers who, while acknowledging the need for a global shift towards sustainable energy, also recognize the practical challenges posed by an abrupt departure from fossil fuels.
Historical Context and Current Trends
This argument is not entirely new, but its prominence at such a high-profile gathering marks an important shift in the discourse around climate change and renewable energy. Historically, the fossil fuel industry has often been viewed as the villain in conversations about climate change. However, the discussions at the MENA Climate Week suggest a growing recognition of the industry’s potential role in aiding the transition to renewable energy.
The argument hinges on the fact that, despite the urgent need to reduce carbon emissions, the global demand for energy continues to rise. Therefore, a sudden withdrawal from fossil fuels could lead to energy shortages and economic instability. This viewpoint advocates for a balanced approach, gradually integrating renewable energy into the existing infrastructure and using natural gas, the cleanest of the fossil fuels, as a bridge between coal and renewable energy.
Future Ramifications
The discussions at the MENA Climate Week could have significant implications for the future of energy policy. If this perspective gains traction, it could lead to greater investment in technologies that reduce the environmental impact of fossil fuels, such as carbon capture and storage. It could also result in increased attention to the development of natural gas infrastructure, particularly in regions that are heavily reliant on coal.
However, critics argue that the time and resources spent on these initiatives would be better invested in accelerating the development and deployment of renewable energy technologies. They warn that an over-reliance on natural gas could divert attention from renewable energy and result in the continued emission of greenhouse gases.
Neutral Reporting and Stakeholder Impact
As neutral observers, it is crucial to report these discussions without bias, presenting the arguments of all stakeholders accurately. The debates at the MENA Climate Week represent a significant development in the discourse around climate change and renewable energy, and their outcome could have far-reaching consequences for energy producers and consumers alike.
Iraqi Council of Ministers Advancing Economic Growth, Strengthening Bilateral Relations and Addressing Major Challenges
Decisive Session of the Iraqi Council of Ministers
The 26th Regular Session of the Iraqi Council of Ministers was recently held, chaired by Prime Minister Mohammed S. Al-Sudani. The session was significant as it was centered on the overall situation of the country, reviewing the progress of the government’s program, and making crucial decisions that would shape Iraq’s future.
Prime Minister Al-Sudani underlined the importance of the next six months for the government, especially in the wake of the recent approval of the three-year Federal Budget Bill. He urged ministries to streamline delegations and encouraged leadership staff to show commitment to their roles beyond the usual working hours.
Decisions Aimed at Progress and Reform
Several pivotal decisions were made during the session. The Council decided to amend the regulation of foreign labor in Iraq by adding a member from the Ministry of Interior to the Higher Committee for Planning and Operating the Workforce. This move is expected to enhance the regulation and management of foreign labor in the country.
In a significant move towards economic reform, the Council endorsed the recommendation to exclude all foodstuffs from import regulations. This is a step towards reducing the bureaucratic red tape that often hampers trade and commerce. The Council also approved the donation of fixed assets from the Ministry of Construction, Housing, Municipalities, and Public Works to the road departments of several governorates.
Strengthening Intellectual Property and International Relations
The Council approved a bill for intellectual property protection, signaling Iraq’s commitment to safeguarding intellectual rights and fostering innovation. The session also saw the ratification of a strategic partnership treaty between Iraq and France. This new alliance is expected to open up avenues for increased cooperation and mutual growth between the two nations.
The Council reiterated the importance of strengthening the protection and promotion of civil society in Europe. Measures to ensure the long-term effectiveness of the European Convention on Human Rights and the Council of Europe’s policy towards neighboring regions were also discussed.
As the Council concluded its session, it reaffirmed its commitment to the progress of Iraq and the betterment of its people, offering a renewed sense of hope for a brighter future.
Article "Director of Al-Sistani’s Office: The authority warned against corruption and called for combating it, but there is no life for whomever you call for." WOW!!
When the Supreme Religious Authority, Ali al-Sistani, speaks of a fatwa to follow laws...the people that fit the shoes and ware them better be careful to make things right and quickly..Failure...will likely have significant consequences...He issued a fatwa that money any employee or official obtains in violation of the law is forbidden.
Also, wasting public money and appropriating it, or illegal disposal of it, is forbidden. That is some heavy stuff. Think of all those that are guilty in the line up.. [NOTE: The Arabic word fatwa refers, in simple terms, to an edict or ruling by a recognized religious authority on a point of Islamic law.]
Article: "Specialist: The government is obligated to present its vision for next year’s budget in the middle of this month"
The government still being unable to implement the budget for the years 2023, 20224 and 2025 are amid secrecy and strict instructions to officials and advisors not to talk about the issue of the current or upcoming budget.
Think about all of this. They are keeping what we are looking for tight to the chest. Rightfully so.. I love this!
Iran and Iraq Call for OIC Emergency Meeting Amid Israeli-Palestinian Conflict, 9 OCT
The foreign ministers of Iran and Iraq, in a recent development, have called for an emergency meeting of the Organization of Islamic Cooperation (OIC) to discuss the ongoing developments in Palestine. This call for dialogue comes amid escalating tensions and violence between the Israeli forces and Palestinian fighters, painting a grim picture of the longstanding Israeli-Palestinian conflict.
Call for Unity and Solidarity
The ministers emphasized the need for coordination and solidarity among Islamic nations in supporting the oppressed Palestinian people. They urged the OIC to provide support for Palestine against the aggressive actions of the Israeli regime. It’s a call to the larger Islamic community to unite in their stance against oppression and to shore up support for Palestinians in these trying times.
The Iranian Perspective
The Iranian foreign minister stressed the legitimate right of Palestinians to resist aggression and occupation. He called for coordinated action by Islamic countries to help Palestine and put an end to Israeli attacks on Palestinian civilians. This call for action underscores Iran’s commitment to the Palestinian cause and its willingness to mobilize collective efforts in its support.
The Current State of Conflict
The Israeli regime has been bombing Gaza and engaging in fierce fighting with Palestinian fighters in multiple areas. The death toll stands at 413 Palestinians and over 700 Israelis. The recent escalation follows Israeli settlers storming the Al-Aqsa Mosque compound and the killing of Palestinians by Israel in recent months. This wave of violence has stirred international concern and heightened calls for intervention to halt the bloodshed.
Anticipating Future Ramifications
The future ramifications of the current situation are significant. The ongoing conflict has the potential to destabilize the region further, straining international relations and fueling a humanitarian crisis. The emergency meeting of the OIC, if it occurs, could play a pivotal role in deescalating tensions and establishing a framework for peace and stability in the region.
Iraq and 5 countries renew commitment to supporting oil stability, 9 OCT
Shafaq News / In a joint statement released on Monday, Iraq, Saudi Arabia, the UAE, Kuwait, Oman, and Bahrain reaffirmed their commitment to "voluntary collective and individual production adjustments" for oil.
The statement followed a meeting of the oil ministers of the six countries on the sidelines of the Climate Week events in the Middle East and North Africa region, launched by the United Nations in Riyadh.
The ministers reiterated their readiness to take additional measures at any time as part of their ongoing efforts to support market stability and build on the strong cohesion of the OPEC+ alliance. OPEC+—comprising OPEC members and non-OPEC allies led by Russia—had previously agreed in June to extend voluntary oil production cuts announced in April until the end of 2024.
Saudi Arabia and Russia announced additional voluntary cuts until the end of 2023, subject to monthly review. However, during the OPEC+ ministerial meeting last Wednesday, there were no changes made to the group's oil production policy, as Saudi Arabia and Russia confirmed their continued commitment to voluntary supply cuts to support the market.
