Sunday, November 12, 2023
"RV UPDATE" BY CLARE, 12 NOV
Clare
Article: "Intensive Iraqi-American meetings in the Emirates result in important decisions regarding external transfers of the dollar”
Quote: "The official Iraqi News Agency quoted a government source as saying that intensive meetings took place during the past few days in Abu Dhabi between a delegation from the Central Bank of Iraq and the American side responsible for foreign transfer operations to cover imports, indicating that the negotiations culminated in a number of decisions and mechanisms that contribute to facilitating procedures. Regarding external transfers related to imports through the foreign currency sales window."
Article: " Central Bank: Inflation rates in Iraq are low and their percentage is acceptable compared to countries in the region"
Article: "Economist: It is not possible to mint an Iraqi coin currently, and inflation is a thousand times high ”
Article: "Misdemeanor Integrity Court: Iraq has come a long way to get off the money laundering blacklist"
Iraq signs $257m loan deal with JPM, GE to upgrade power plants, 12 nov
Iraq signs $257m loan deal with JPM, GE to upgrade power plants
Shafaq News/ Iraq's Finance Minister, Dr. Taif Sami, signed a $257 million loan agreement with JP Morgan Chase and General Electric (GE) on Sunday to upgrade the country's power plants.
The loan will be used to fund the fifth phase of the annual maintenance program (PUP5/B), which will cover 11 power plants across Iraq.
The program, according to Iraqi officials, is expected to improve the efficiency of the plants and increase electricity production.
The electricity infrastructure in Iraq has suffered from inadequate maintenance since the 1980s.
Power outages are part of daily life in Iraq, but older generations can vividly recall a bygone era before the 1980s, when Iraq boasted one of the most developed energy sectors in the region.
The loan is guaranteed by the U.S. Export-Import Bank (EXIM).
The agreement is the latest in a series of loan deals that Iraq has signed with international lenders, including Siemens and TotalEnergies, over the past few months in a bid to raise funds to finance infrastructure projects and other economic development initiatives.
Following the eight-year-long war with Iran, the decline in oil revenue reduced the Iraqi government's spending on public services. The 1990 Gulf War, coupled with the sanctions that followed, devastated state infrastructure, particularly the electric grid and water networks. By the end of the 1990s, most Iraqis did not have consistent access to electricity or water
"This loan will help to close the gap between supply and demand for electricity in Iraq," Sami said at the signing ceremony. "It will also help to improve the quality of life for Iraqis."
Despite Iraq's natural wealth, decades of conflict and corruption have limited the country's infrastructure, prompting over-reliance on Iran for energy provisions. While previous Iraqi governments have struggled to attract foreign investments, Iraq's complex political system has proven resistant to crises, and the nation's current state of relative peace has catalyzed a shift.
Recently, the sector has focused on new gas-capture and power-generation efforts—including projects in the just-signed $27 billion deal with France’s TotalEnergies, which the Biden administration welcomed.
https://shafaq.com/en/Economy/Iraq-signs-257m-loan-deal-with-JPM-GE-to-upgrade-power-plants
Experts expects a breakthrough as Baghdad-Erbil oil talks progress, 12 nov
Experts expects a breakthrough as Baghdad-Erbil oil talks progress
Shafaq News/ Experts are optimistic about the prospects for an agreement between Baghdad and Erbil on the oil file for the Kurdistan Region.
Speaking to Shafaq News Agency, Kurdish oil expert Gorfed Sherwani said that the visit of the Federal Minister of Oil to Erbil on Sunday reflects the seriousness of the Iraqi government.
"The visit shows that the two sides are ready to discuss the tactical, administrative, and financial aspects of resuming oil exports from the region," Sherwani said.
He added that the main disagreement between the two sides is over the vision for the oil law. The Kurdish government wants to maintain its autonomy, while the federal government wants more control.
"The Constitution guarantees a clear role for the federal government, the regions, and the oil-producing provinces," Sherwani said. "We hope that this will be taken into account in the distribution of responsibilities for managing the oil file."
Sherwani also said that the estimates for the cost of oil production in the region vary. The federal government estimates that it costs $12 per barrel to produce oil and $7 per barrel to transport it. The Kurdistan Regional Government estimates that it costs $24 per barrel to produce oil and $8 per barrel to transport it.
"These figures are realistic and are in line with what is paid to foreign companies that sign a contract with the Federal Ministry of Oil," Sherwani said.
https://shafaq.com/en/Economy/Experts-expects-a-breakthrough-as-Baghdad-Erbil-oil-talks-progress
"RV UPDATE" BY MARKZ, 12 NOV
MarkZ
[via PDK] “The seventh Ambassadors conference confirms the increase in Iraq’s effectiveness regionally and internationally” Leaders from different regions got together to talk about their progress. This was a especially fruitful conference in Iraq.
The earliest we expected things was Friday evening… The most probable time is Saturday. But there is nothing yet. Iraq is embracing alternative currencies like the Indian Rupee and the Chinese Yuan. Euro ect…Many interesting things happening in Iraq that points to an ”International Currency”. This means a new rate.A government source reveals the outcomes of the meeting between the Central Bank and the American side, 12 NOV
A government source reveals the outcomes of the meeting between the Central Bank and the American side
11/11/2023 Economy News
A government source revealed, on Saturday, that the Central Bank of Iraq agreed with the American side to enhance the advance balance of five Iraqi banks in dollars.
The source said, to an official agency followed by Al-Iqtisad News, that “Intensive meetings took place in Abu Dhabi in the past few days between a delegation from the Central Bank of Iraq and the American side responsible for foreign transfer operations to cover imports, and the negotiations culminated in a number of decisions and mechanisms that It contributes to facilitating procedures for foreign transfers related to imports through the foreign currency sales window.”
He added, "It was agreed to enhance the advance balance of five Iraqi banks in their accounts in dollars with Jordanian banks and transfers via (JP Morgan)," noting that "the problems related to the rejected transfers were resolved, and it was agreed that the rejection of transfers should be based on strong reasons."
He continued: “There were also other meetings that brought together one of the Emirati banks, the Central Bank of Iraq, and the American side, to implement the mechanism for enhancing balances in the Emirati dirham for Iraqi banks (UAE Dirham pilot),” indicating that “things are going well in this aspect, as all the technical details related to it have been resolved.” In this regard, it is expected that the mechanism for enhancing balances in the UAE dirham will begin within the next few days.”
He stressed that "there are serious negotiations that have reached their final stages to enhance the balances of some Iraqi banks in euros with UBAF Bank to finance trade with the European Union," noting "an increase in the number of banks whose balances in Chinese yuan are being enhanced through the Singapore Development Bank."
He added, "Accounts have been opened for 6 Iraqi banks in this bank, and during the coming period 7 more banks will be added to finance Iraqi trade and imports from China, as these imports are estimated at about 12 billion dollars annually."
The source concluded, saying: “Bank accounts have also begun to be opened in the Indian rupee for a number of Iraqi banks at the same correspondent, the Singapore Development Bank (New Delhi branch), and operations to strengthen the balance of two Iraqi banks have actually taken place as a first stage, and it is expected that this mechanism will contribute to financing Iraq’s imports from India.” Especially medicines and foodstuffs, which are estimated at about $3 billion.” LINK
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