The rise in oil prices gives Iraq the opportunity to stimulate development away from the excuse of scarcity of financing
The increase in oil prices in the last three months has given Iraqi Prime Minister Muhammad Shiaa Al-Sudani a chance to refocus on development issues, particularly those related to industry and agriculture. Due to the shortage of financial resources, the government needs to catch up in these areas.
Specialists in development affairs have advised policymakers in Iraq not to view the current financial abundance as a permanent source of revenue due to the volatility of global energy markets. They recommend investing the funds to the fullest extent through proper planning while also taking measures to protect it from the dangers of corruption that have previously plagued the country. Iraq has lost hundreds of billions of dollars from oil revenues over the last two decades due to crime.
The opportunity presented by surplus oil revenues is a rare chance to embark on a new path of development, which may be the last.
According to estimates, Iraq’s monthly earnings now exceed two billion dollars. The general budget was based on an estimate of the price of a barrel of oil at $70, but it now ranges between $85 and $90. This provides the Iraqi government with a surplus, allowing for budget stability and funding for various development projects in the industrial and agricultural sectors, as well as small projects that are crucial for local development.
Al-Sudani led a meeting of the Supreme Commission for Coordination between the Governorates, where they reviewed the monthly status of ongoing projects, discussed the major problems and obstacles hindering their completion, and proposed solutions to overcome these issues. During the session, the investment map for the governorates of Karbala and Diwaniyah was approved, taking into account the observations made by the Technical Affairs Department in the Coordinating Body between the Governorates. Al-Sudani emphasized the need to prioritize investment in industrial and agricultural projects in all governorates to provide job opportunities and support the government’s development plans and programs.
During the meeting, several issues were discussed related to various aspects of development. These included the educational sector, providing a suitable school environment for students, ensuring potable water in schools, and securing a decent living for the segment of beneficiaries of the social protection network. It was also decided that these beneficiaries would be included in the allocation of residential plots of land in accordance with the controls set by the Ministry of Construction, Housing, and Municipalities. The decision will be made public after its approval.
During the meeting, the government discussed administrative reforms and decided to form a committee led by the General Coordinator for Governorate Affairs, along with the Minister of Finance, representatives from three governorates, and the National Investment Authority. The committee will determine the powers to be transferred to the directors of sub-departments affiliated with the State Real Estate Department in the governorates.
In September of last year, Al-Sudani expressed concern about Iraq’s ability to finance the sustainable development goals due to financial losses incurred during their war against ISIS. He emphasized the importance of prioritizing climate action, as Iraq is considered to be the most vulnerable to the effects of climate change.
During his participation in the Sustainable Development Goals Summit held in New York, Al-Sudani affirmed Iraq’s commitment to the action plan of the International Conference on Financing for Development, which was held in Addis Ababa in 2015. He also mentioned the international plan that was issued, which calls for the development of integrated national financing frameworks to complement national development strategies. Al-Sudani highlighted the importance of sustainable development and expressed Iraq’s welcome of the summit’s adoption of the political declaration that confirms the urgent need to work seriously towards accelerating the implementation of development goals.
Observers believe that Iraq can no longer use the additional money earned from the rise in oil prices as an excuse for lack of funds, particularly related to climate change consequences.
According to Auk Lootsma, the Special Representative of the United Nations Development Program in Iraq, Iraq is suffering greatly from the impact of climate change. There has been a significant decrease in water levels, which has severely affected the country. The United Nations is currently working with the Iraqi government to help increase the flow of water into the country.
Apart from lower water levels, climate change has brought about a multitude of problems in Iraq, including rising temperatures, loss of biodiversity, sand and dust storms, and electricity shortages. These issues have affected the lives of many Iraqis, as pointed out by Lootsma.
Lootsma emphasized that Iraq has prioritized climate change as part of its national development agenda led by Al-Sudani.
Financial abundance presents an opportunity for Iraq to break development stagnation if protected from corruption that has misused large sums of money.
Iraq had committed to a national development plan prepared by the United Nations Development Program for the period of 2018 to 2022. However, the plan failed to achieve its goals due to insufficient funding. The primary aim of the plan was to achieve sustainable development goals in Iraq. It focused on several key priorities for development, including improving governance, strengthening the private sector, post-conflict reconstruction and development, improving business and investment environments, increasing exports of basic goods, boosting agricultural and industrial production, and enhancing financial and monetary integration with capital markets.
Al-Sudani had promised to gradually shift from a rentier economy by modernizing its functioning. His plan was to focus on the young generation’s potential in building small and medium-sized companies in various fields, including agriculture, industry, information technology, services, and the environment. His vision aimed to create job opportunities and attract both local and international investments.
Many experts believe that the surplus oil revenues present a unique and possibly final opportunity to pave a new path toward agricultural and industrial development. This would help combat the impact of climate change before new price fluctuations or increased government spending eat up the land and resources again.
Prime Minister Mohammed Shia Al-Sudani chaired a meeting to review customs automation and network integration progress.
Representatives from the United Nations Conference on Trade and Development (UNCTAD) attended the meeting.
Detailed reports on the first phase of implementing the global system for customs automation and modernization, known as ASYCUDA (Automated System for Customs Data), were discussed during the meeting. The reports focused on the challenges faced during the implementation process and the solutions devised. The goal of the implementation is to unify customs procedures and issue electronic permits through comprehensive information technology. The reports also emphasized the importance of data exchange and the ultimate goal of establishing a single window for foreign trade.
The Prime Minister has instructed to complete the financial commitments for the first phase and provide the necessary infrastructure to ensure the success of the project. In addition, he has ordered the initiation of technical workshops to promote awareness of this significant project. The project aims to support the government’s efforts to develop economic infrastructure with transparency and integrity.
Customs automation is a vital component of the government’s economic reform program, as highlighted by Al-Sudani. It serves as a basis for financial and banking reforms and aligns with the government’s goal of promoting fair trade and fighting corruption.
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: Good Evening all……hoping Mark has some good news tonight
MZ: There certainly are a lot of rumors floating around.
MZ: I am hearing from some bond holders that they are expecting money overnight between Thursday and Friday. Especially on Friday
MZ: At the same time there are some historic bond holders as well that are hearing it could be middle of November before they get paid. I do not know where they fit into the que…where they are in line. They may be giving conflicting news right now to see who leaks. They are purposely putting out false info to see who is leaking and to cloud the timing……If they are working this hard to cloud the timing we must be very close.
Member: my platform said that the hold has been removed so that the funds should be able to flow for the bonds shortly
Member: I heard bond sellers were told to close shop on Friday
MZ: I do know some bond dealers that have been told to close shop on Friday and to not make any more deals because it will confuse the “vetting” process
MZ: Many more people are waking up and realizing the banking system is about to undergo a big change…..but they do not want us to know the exact timing of “when”……
Member: We were always told at the end everything would be confusing
MZ: We were …and it is.
MZ: Here is a banking story from yesterday for you guys. “3 guys came in to my friends bank in Chicago where she works in mortgage lending. They were wearing suits and had backpacks on. They left after a couple hours after meeting with the Chief financial officer and President.
MZ: . My friend said the after they left it was obvious that the CFO and President were freaking out to the point of one going to the others office and asking him if he was ok. His response was a nervous laugh and he said “oh,sure” . She saw this first hand and in person….
Member: Are the men in black good guys or bad guys?
MZ: That is the question …or are the telling management about the impending change…and they are shaken because they know their entire system is about to change???
MZ: I am hearing a lot of first hand banking stories with strange men in black showing up with instructions and shaking up management.
MZ: We are seeing some very, very unusual military movement all over the country right now. (Shows clips from military convoy in Las Vegas) Defense contractors have been warned to watch out for potests and to increase security in locations.
MZ: Nader had a video this afternoon talking about digital savings cars and more on the banking system and how they are modernizing their postal service….I think the digital savings card is pretty important. Be sure to go listen and like and subscribe. .
MZ: “The Governor of the Central Bank of Iraq receives the British Ambassador to Iraq” There is a recurring theme to all of these meetings lately. Quote: “His Excellency reviewed the mechanism of external transfers and the efforts made to organize them in a manner consistent with the requirements of local and international rules.”
MZ: In all these meetings they are focusing on currency transactions.
Member: Stock market down 333
Member: Are the delays because of Israel and Hamas?
MZ: Is there even a delay? Maybe we read too much into it because we want it to happen so badly.
Member: hi markz I just received a statement from my student loan and it's fully paid
Member: Sounds like Nesara to me???
Member: I went to the bank and they refused to let me get money out of my acct they said they didnt have it
Member: There is a new wealth management office that opened up by us
Member: It feels like we are all trapped in the Hotel California nightmare.
Member: I can not wait to call make my appointment and check out!
Member: Things are so crazy everywhere…..We just need the military to finally step in and end this movie..Hope the white hats are really in charge…but honestly no one knows..
Member: I hate popcorn now.
Member: Thanks Mark and mods….see everyone tomorrow….God bless.
THE INFORMATION IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY. NOT INTENDED TO PROVIDE ANY PROFESSIONAL & LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IS MARK’S OPINION ONLY.
Odysee at: https://odysee.com/@theoriginalmarkz:e OR THE RUMBLE CHANNEL: https://rumble.com/user/theoriginalmarkz
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary,medical opinions or many guests on this stream……just RV/currency related topics.
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The saga about the Iraqi dinar RV only gets better as the months roll on.
More and more pieces are put in place for the inevitable revaluation and reinstatement of the dinar. It has become not a matter of “if” these events will occur but “when”.
Article quote: “We hope that the Central Bank will remain steadfast and independent, stand against pressure and rumors, and continue to implement international standards and prudent measures that will improve and stabilize Iraq’s economy and exchange rate
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Al-Najjar also pointed out...the presence of major corruption within a group of banks and banking companies, which led to smuggle dollars. ...there are elements that do not want the currency reform to be completed since the goose with the golden eggs will end.
I assure you it will end and end soon! This corruption will not continue...I know much more of what is going on behind the scenes that I am not telling you and can’t tell you. I know this reinstatement process has to continue to the end and is going to move quickly...
