Iraq's assistance for ascension is a key indicator especially when they're talking about post ascension. That is powerful because if they're talking about post ascension it gives you the heads up that the game's on - They're ready to finish it...
At the moment we're at 1310. If you drop 3 zeros you have a number...The dinar at 1000...drop the 3 zeros, what are you at? You're at 1 to 1. That's the project to delete the zeros off the exchange rate. Not the currency. The exchange rate.
The second workshop the UNCTAD will put on through 11-14 November 2023. It is for Iraq's on going preparation for WTO accession... They are in it to the end now. They are in a place where they can have accession at anytime that the check boxes are checked...
They are not waiting on any distant time frame. It is all a part of the process that they have to go through and the completion stage they are in...Just note, post assistance for Iraq and for after accession is a key indicator that they are in the completion phase..
Iraq Expands Educational Opportunities: Vocational Schools Now Open for Intermediate Students
The Iraqi Ministry of Education’s recent announcement signifies a crucial step towards expanding educational opportunities in the country. In a progressive move, vocational preparatory schools are now open to third-grade intermediate students who have successfully completed their third-round examinations. This development aligns with the broader efforts to enhance the educational landscape in Iraq, catering to varying interests and career aspirations.
A Progressive Approach to Education
The decision to introduce vocational training at an earlier stage reflects a forward-thinking approach in the realm of education. It allows students to explore practical skills and specialized fields of study alongside their regular curriculum. This method widens the scope of learning while equipping students with valuable vocational skills crucial for their future careers.
Aligning Education with Economic Growth
In the context of Iraq’s evolving economic landscape, the emphasis on vocational education is particularly significant. As Iraq continues to develop and diversify its industries, the demand for skilled professionals across various vocational sectors is rising. By integrating vocational preparatory schools into the educational framework for younger students, the Ministry of Education is proactively catering to the needs of the evolving job market.
Inclusive Education and Socio-Economic Development
The initiative underscores the importance of recognizing and nurturing diverse talents among students. Not all learners thrive in traditional academic settings, and the inclusion of vocational education accommodates individual strengths and interests. This move highlights the interconnectedness of education and socio-economic development, laying the groundwork for a more skilled and adaptable workforce, which can have positive implications for the overall socio-economic progress of the nation.
Federal Reserve, Gaza Conflict, and Iraqi Dinar: A Global Interplay
The Federal Reserve Bank of America’s decision to distribute dollars to 10 Iraqi banks comes amidst a complex backdrop of bond yields, international conflicts, and currency dynamics. As the Iraqi Federal High Court prepares to make three landmark decisions, including the transfer of 700 billion dinars to the displaced people of the Kurdistan region, the multifaceted nature of these developments underscores the intricate interconnections of global finance, geopolitics, and currency management.
Federal Reserve and Bond Yields: Balancing Act
The Federal Reserve’s delicate dance with bond yields, particularly the 10-year Treasury note, has significant implications for borrowing costs and consequently, economic activity. The swift rise in long-term US Treasury yields has stirred investor concerns but also eased pressure on the Fed, allowing for a more measured approach to rate hikes. This nuanced interplay between the Federal Reserve’s monetary policy, market reactions, and broader economic landscape is a testament to the bank’s efforts to communicate its intentions clearly while adapting to market dynamics.
Impact of Gaza Conflict on Iraq: A Delicate Equilibrium
The Israel-Hamas conflict has cast long shadows on Iraq’s security and political situation. The involvement of Shiite armed groups, the presence of American forces, the ensuing rocket and drone attacks on U.S. bases, and potential retaliatory attacks all contribute to a fragile security situation in Iraq. In this geopolitical quagmire, Iraq’s efforts to maintain a neutral stance and advocate for diplomatic resolutions to regional conflicts are critical for its security and economic stability.
Exchange Rate Dynamics: The Iraqi Dinar
The exchange rate for the Iraqi Dinar against the United States Dollar offers a snapshot of the challenges posed by global currency volatility. The importance of exchange rate stability and reliable money transfer mechanisms for international transactions are highlighted, especially in the context of fluctuating global currencies. The decision to distribute dollars to Iraqi banks by the US Federal Reserve is a significant move in this regard, potentially stabilizing the dinar and facilitating smoother international transactions.
Overall, these developments underscore the need for astute policy measures, diplomatic acumen, and a nuanced understanding of global economic and political landscapes to navigate the complex and interrelated domains of finance, geopolitics, and currency management.
[via WiserNow] ...first of all regarding Iraq, very early in the morning...Friday...the ATM machines which have been loaded with lower denomination dinar...meaning being 5 / 10 / 20 /50 / 100’s - sort of like we would have 20s in our ATMs.
I don't know how many different denominations they have...those are activated early this morning for the first time – that’s new...So the lower denomination dinar are in the ATMs and were utilized...
...we heard that redemption centers had two conference calls... to go over the final details, last minute touches...Before we go...they did say that this came off the calls, that we should have our notifications delivered to us by email tomorrow late morning...
Oil minister says talks in Kurdistan will discuss production costs as pipeline deal with Turkey is sealed
Shafaq News/ Iraq has agreed with Turkey to resume oil shipments via Ceyhan port, and talks are underway to address production cost issues, Federal Oil Minister Hayyan Abdul-Ghani told reporters in Erbil in a joint press conference with Kamal Mohammad Saleh, the Kurdistan region's minister of natural resources, on Sunday.
Accompanied by a high-level government delegation, Abdul-Ghani arrived in the region this morning for a three-day visit for talks with Kurdish officials on the years-long dispute over who should control the region's oil.
"The visit aims to converge views on oil production and exportation from the Kurdistan region," he said. "in our meetings with the Ministry of Natural Resources, we will discuss all the necessary measures to facilitate them."
"We are committed to resuming oil shipments from the region and will spare no effort to address the production costs with the international companies operating there," he continued.
The minister assured that Iraq and Turkey have reached an agreement to put the oil pipeline that delivers Iraqi oil to the Ceyhan port back into service.
Turkey halted flows through Iraq's northern oil export route after an arbitration ruling in March by the International Chamber of Commerce (ICC) ordered Ankara to pay Baghdad damages for unauthorized exports between 2014 and 2018.
Turkey says the pipeline is prepared for shipments to begin, but the Iraqi side insists it has not received official notification from Turkey on whether the pipeline is ready.
For his part, the region's minister of natural resources said that the meetings in Erbil will also discuss transportation costs.
"The federal budget has set the production costs at six dollars a barrel. However, this rate is incompatible with the contracts we signed with oil operators in the region. We hope we will be able to address this issue during this visit," he said.
Late in October, Iraq's Prime Minister Mohammed Shia al-Sudani said that foreign oil companies operating in the Kurdish region informed his government that if an agreement is reached on oil production costs and contracts, they will resume oil production within a month.
"Foreign companies operating in the Kurdistan region believe that the production costs determined by the Iraqi side are low and not commensurate with the production costs from the region’s fields," he said.
Turkey's closure of the Iraq-Turkey pipeline in March has collectively cost Iraq, Kurdistan's Regional Government (KRG), and oil producers a total of $7 billion in lost export revenues, the Association of the Petroleum Industry of Kurdistan (APIKUR) has previously said.
On Thursday, APIKUR announced they will not produce oil for pipeline exports until the issue of overdue payments estimated at nearly $1 billion is resolved.
The accumulated KRG debt to DNO, one of the operating companies, stood in excess of $300 million for oil sales between 2023 and 2024, according to the company itself.
Other APIKUR members are Genel Energy, Gulf Keystone Petroleum, Shamaran Petroleum, HKN Energy Ltd, and Hunt Oil. Collectively, they produce about 50% of the oil in Kurdistan.
Iraq signs agreement with ExxonMobil for exit from West Qurna 1 field, PetroChina to take over
Shafaq News/ The Iraqi Ministry of Oil confirmed on Saturday the finalization of a settlement agreement with ExxonMobil, paving the way for the American energy giant's departure from the West Qurna 1 oil field. Simultaneously, the ministry announced that Chinese company PetroChina would assume the field's leading operator role.
Hassan Muhammad, deputy Basra Oil Co. manager in charge of oilfields and licensing rounds affairs, revealed that the settlement agreement underwent scrutiny by the Ministry of Oil and the Basra Oil Company. It was determined that PetroChina would become the primary operator of the West Qurna 1 field. As a result, the Chinese company will now hold the largest share in the field after ExxonMobil's departure.
ExxonMobil, which previously owned a 22.7% stake in the West Qurna 1 oil field with a capacity of 550,000 barrels per day, has now concluded a "sale agreement" to transfer its share to the state-run Basra Oil Company.
The sale agreement encompasses financial matters, and a commitment has been made to address the tax issue associated with ExxonMobil's share in additional negotiations.
Regarding the unresolved tax matter, the Iraqi official stated that two options are under consideration: reaching a settlement agreement on the tax or resorting to arbitration.
Notably, the preceding year, the state-owned oil and gas firm Pertamina acquired 10% of ExxonMobil's share in the West Qurna 1 oil field, increasing its stake to 20%. Concurrently, the Basra Oil Company purchased 22.7% of the field's share.
According to officials from the Basra Oil Company, with ExxonMobil's exit from West Qurna 1, the company will no longer have a presence in the Iraqi energy sector.