Member Of Parliamentary Energy: There Is An Intense Movement To Approve The Oil And Gas Law, And It Will Not Be Transferred To The Next Session, 26 OCT

 Member Of Parliamentary Energy: There Is An Intense Movement To Approve The Oil And Gas Law, And It Will Not Be Transferred To The Next Session

Time: 10/25/2023 15:03:01 Read: 1,196 times   {Political: Al-Furat News} The representative of the Parliamentary Oil and Gas Committee, Zainab Al-Moussawi, revealed an intense parliamentary movement to bridge the gap between Baghdad and Erbil to approve the draft oil and gas law.

Al-Moussawi told {Al-Furat News} agency, “There is great support for approving the law within the coordination framework as it is the problem of the Iraqi government, and it seems that the political parties that do not benefit from the approval of the law are hinting here and there to postpone the law to the next session, and this will not happen because the law has passed for many years since the year 2005 until now.”

She stressed, "The law has now been approved to regulate natural resources, including oil and gas, in Iraq, and also to solve the region's problem by placing production and management of the fields under federal control, and exports through the National Oil Company {SOMO}."

Earlier, the Prime Minister, Muhammad Shia al-Sudani, agreed with the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, to resolve the differences and outstanding issues, including the 2023 financial budget files and the oil and gas law, but the law is still a matter of controversy after talk of preparation. A new version of it was issued due to disagreement over its passage in light of the differences in political opinions.

The oil and gas law, which has been stalled in the Iraqi parliament since its first session, in 2005, is one of the most prominent points on which an initial agreement was reached between the governments of Baghdad and the Kurdistan region.

On February 15 of last year 2022, the Federal Supreme Court issued a ruling that the regional government’s oil and gas law of 2007, which regulates the oil industry and its extraction in the region, was unconstitutional. This ruling came after the regional government concluded contracts with foreign oil companies, and the Kurdistan Regional Government rejected the court’s decision. Federal, giving up its control over oil exports.   LINK

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 26 OCT

  Frank26 

 [Iraq boots-on-the-ground report] 

FIREFLY:   Sudani on the news saying Iraq lacks strict laws against currency speculators.  These are the people that have been delaying what we want to bring to you Iraqi citizens.  

Then he talks about more needs to be in place to hold accountability.  These laws will allow him to protect us more with our currency. 

 FRANK:   Wow!  Ta-Dah!...Look at the articles...you can find some of [this] tomorrow...you will find even more the next day.  It will get louder and louder until they make the announcement. 

 FRANK :  This is part of the monetary reform process, to pass these laws.  But it's the last phase of it to bring security and stability and to remove any corruption from your currency.  

These laws will allow Sudani to arrest more evil people that are against you Iraqi citizens and Sudani's reforms...Congratulations you are one step closer to what you seek - Value to your currency....  

Dinar Stronger than Dollar!💣IQD = Pre 1991 Rate?🤔Iraq Dinar RV Updates |...

IMF tells Zimbabwe to end RBZ's quasi-fiscal activities, 26 OCT

  IMF tells Zimbabwe to end RBZ's quasi-fiscal activities - Bulawayo24 News (10/26/23)

The International Monetary Fund (IMF) has implored Zimbabwe to end the central bank's quasi-fiscal activities among a raft of reforms to "fully restore macroeconomic stability".

The Reserve Bank of Zimbabwe (RBZ) stands accused of engaging in activities that are supposed to be done by the Treasury.

Quasi-fiscal activities were blamed for fuelling hyperinflation in the period 2006 to 2008. This accelerated the depreciation of the local currency, paving the way for the introduction of the multi-currency regime in 2009.

In its report after anIMF staff visit in the period October 18 to 25, the global lender said economic policy reforms identified in previous Article IV consultations have not been implemented.

"First, comprehensively addressing the RBZ's quasi-fiscal operations (QFOs) remains imperative to mitigate liquidity pressures and thus re-anchor inflation expectations. These measures should be complemented with an enhanced liquidity management framework, including through theuse of appropriate interest-bearing instruments by the RBZ to mop up excess liquidity," IMF said.

RBZ has introduced gold coins and digital tokens to mop up excess liquidity in the market. The IMF has been against the issuance of gold coins and instead proposing the introduction of "appropriate interest-bearing assets".

It said the consolidated fiscal stance, including QFOs, should be aligned with the short-term stabilisation objectives.

"Third, there is an urgent need to accelerate the FX market reform, by allowing more flexibility in the official exchange rate through a more transparent and market-driven price discovery; removing the restrictions on the exchange rate at which banks, authorised dealers, and businesses can transact; and further minimising export surrender requirements," IMF said.

The RBZ said this week that it was removing the 10% trading margin above the interbank rate as it fine-tunes and further liberalises the foreign exchange market.

https://bulawayo24.com/index-id-news-sc-local-byo-236793.html

"RV UPDATE" BY MARKZ, 26 OCT

 MarkZ  

 [via PDK]  News from Iraq continues to be very positive...The majority of my Iraqi contacts believe we will see RV somewhere between now and the first. Remember that none us of know for certain what the timing is. I’m just telling you what they are feeling and hearing from inside their own country. These people are in banking and government.

 There is a lot of repetition in the news… We have shared many articles over the last few days/weeks on improvements in the banking system in Iraq…. Articles about how they have secured their borders…how they are attracting more money into the banks…(85% of the dinar is outside the banking system in Iraq) and they are trying to make their banking system more attractive. I do not think this will be successful until there is a value change in the dinar.  Why put it in the banks when it’s not worth much?

 While digging for news on timing…all I am getting is circle-tel. Some of my better sources keep telling me “soon”...not yet, but extremely soon...There is so much disinformation right now to keep the timing clouded...stay calm…Yes sources say its soon…far closer than we think...

Minister: Iraq opens up for Green Investments with $100 million budget, 26 OCT

 Minister: Iraq opens up for Green Investments with $100 million budget

Shafaq News/ Iraq's Minister of Environment, Nazar Amedi, on Thursday reiterated the country's commitment to sustainable green economy investments, with a transformational target of $100 billion by 2035.Speaking at the Arab ministerial meeting, Minister Amedi stressed the importance of supporting Iraq's ambitions for this economic shift and attracting foreign investments.

He called for national and international collaboration, emphasizing "the need for coordination and the allocation of the required funds from international or national funds to ensure the high-level implementation of the Ministry of Environment's strategies, priorities, and projects related to the green and sustainable economy, and climate change mitigation."

Minister Amedi said that" the government's strategy prioritizes environmental, climate, and water concerns, with ongoing efforts across sectors to address these issues and develop necessary adaptation measures."

The Minister announced that the Ministry of Environment has finalized a new environmental strategy for 2023-2030." This comprehensive strategy aims to enhance Iraq's environment while considering regional challenges arising from climate impacts and water scarcity." "It also supports the gradual transition to a green economy that complements the current economy based on fossil fuels," he said. Amedi said that Iraq is "open up to green economy investments, with a targeted transformation amounting to $100 billion by 2030 and 2035." "The budget includes items to support environmental improvement. The ultimate goal is to stimulate a billion-dollar project for comprehensive environmental enhancement and the growth of Iraq's green economy."

https://shafaq.com/en/Economy/Minister-Iraq-opens-up-for-Green-Investments-with-100-million-budget

Iraq Dinar - International Exchange Rate - Acceleration of Oil & Gas Law BY MILITIAMAN