Member Of The Democratic Party: Postponing The Oil And Gas Law Until After The Kurdistan Parliament Elections, 26 NOV

 Member Of The Democratic Party: Postponing The Oil And Gas Law Until After The Kurdistan Parliament Elections

A member of the Kurdistan Democratic Party expected that the draft oil and gas law would be postponed to next year due to continuing disagreements over it.

Wafa Muhammad Karim told Al-Furat News Agency, “The oil and gas law has reached the stage of final touches before being sent to the House of Representatives, but the entry into the oil-producing governorates required more time to write the draft, in addition to the presence of political parties that want to obstruct the law.”

He added, "So far, the law has not been sent to Parliament and will be postponed until next year, because it is one of the most complex laws passed in Iraq."

Karim expected that "the draft law will be implemented after the Kurdistan Regional Parliament elections {scheduled for the beginning of next year} due to its legislative difficulty."

Prime Minister Muhammad Shiaa Al-Sudani confirmed on the second of last August that the draft oil and gas law is part of the commitment to the ministerial approach, which the House of Representatives voted on, and will take into account constitutional principles, in a way that guarantees the fair distribution of oil wealth and improves the reality of the economy in its various aspects, and contributes to the economic reform that The government has made it a priority.

Al-Sudani directed the formation of a ministerial committee to supervise the technical dialogues between the Federal Ministry of Oil and the Ministry of Natural Resources in the region, in addition to inviting the governors of the oil-producing governorates, Basra, Maysan, Kirkuk, and Dhi Qar, and the general directors of government oil companies to the ongoing technical dialogues regarding the law, provided that it is followed by These dialogues complete the political dialogue to agree on submitting the draft law.  LINK

Iraq's anticipated decline in government spending relative to GDP: Statista analysis, 26 NOV

 Iraq's anticipated decline in government spending relative to GDP: Statista analysis

Shafaq News / The German data specialist site "Statista" anticipated a decline in government spending as a percentage of Iraq's Gross Domestic Product (GDP) in the coming years.

According to a report published by the website, the percentage of government spending to GDP for the year 2023 reached 49.95%, marking the highest government spending in the past five years.

 

The report indicated an expected decrease in this percentage over the next five years, with projections indicating it will decrease to 48.29% in 2024, 45.28% in 2027, and 44.49% in 2028.

The Gross Domestic Product (GDP) refers to an economic indicator measuring the monetary value of all goods and services produced within a country's borders over a specified period. It is noteworthy that GDP is not an indicator of social welfare or overall wealth.

https://shafaq.com/en/Economy/Iraq-s-anticipated-decline-in-government-spending-relative-to-GDP-Statista-analysis

"RV UPDATE" BY KAPERONI, 26 NOV

 Kaperoni 

 If and when the day comes where Iraq begins to diversify their economy, then they can begin to withdraw some of the larger notes from circulation and begin to raise the value to counter inflation gradually.  This process then could begin to introduce a smaller notes to replace the larger notes as the currency appreciates. But again, this would have to happen gradually over time so Iraq could reduce the money supply, which currently is over 90 trillion.

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-rayren98-kaperoni-23-nov.html

 A lot of people probably don't realize, but  I've been in the dinar investment since 2008.  Probably one of the most knowledgeable on the facts, and read most professional documents ever written pertaining to the dinar. I know what I'm talking about.

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-rayren98-kaperoni-jeff-18.html

 We found out very quickly many years ago that there would never be an RV of the Iraqi dinar or the term reinstatement.  Those are made up terms and will not happen.  

If this is something new to you to hear it's probably best that you learn it now because there will be no single RV or overnight RV or reinstatement of the Iraqi dinar.  The Iraqi dinar is not a lottery ticket...If the dinar is ever going to go up in value it will go up gradually as a result of the success and growth of their own economy...

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-breitling-kaperoni-16-nov.html

Iraq's CBI Governor Al-Alaq Reveals Plans for Crucial Meeting with US Tr...

Iraq’s Federal Government Transfers 700 Billion IQD to Kurdistan Regional Government, 26 NOV

 Iraq’s Federal Government Transfers 700 Billion IQD to Kurdistan Regional Government

In the Kurdistan Region of Iraq, a monumental financial transaction has taken place, injecting hope and stability into the region’s economic fabric. A colossal 700 billion Iraqi Dinars (IQD) have been transferred to the Kurdistan Regional Government (KRG) from the federal government of Iraq, according to Shahaw Amin, a key figure in the KRG. This transfer is designed to alleviate the financial burden on the regional government, particularly in ensuring the timely disbursement of public sector wages.

A Lifeline for the Kurdistan Regional Government

The allocation of funds is an integral part of ongoing efforts to reconcile financial disputes and establish economic equilibrium in the region. The KRG, grappling with the strain of maintaining its infrastructure and meeting public sector wage demands, views this transfer as a much-needed lifeline. The 700 billion IQD will significantly bolster the KRG’s ability to sustain its public servants, who form the backbone of the region’s functioning.

Impact on the Region’s Economic Stability

The transfer of funds is expected to have an immediate and stabilizing effect on the region’s economy. By ensuring the swift payment of public sector salaries, the KRG can avert potential economic disruption and maintain the continuous delivery of essential services. The allocation also sends a strong signal of support from the federal government, reinforcing the commitment to resolve longstanding financial disputes and promote stability.

Significance of the Financial Transfer

The financial transfer to the KRG is not merely a monetary transaction; it is a testament to the federal government’s commitment to establishing economic harmony in the region. By injecting this significant sum into the KRG, the federal government is playing a crucial role in maintaining the functioning of the regional government and supporting its public servants. The move is a significant stride towards a more stable and prosperous Kurdistan Region of Iraq.

https://bnn.network/politics/iraqs-federal-government-transfers-700-billion-iqd-to-kurdistan-regional-government/

Advisor to the Prime Minister announces a platform for Iraqi and Chinese businessmen, 26 NOV

Advisor to the Prime Minister announces a platform for Iraqi and Chinese businessmen

Economy News-Baghdad

Advisor to the Prime Minister for Investment Affairs and Executive Director of the Iraq Fund for Development, Mohammed Al-Najjar, outlined on Saturday the importance of the relationship between Iraq and China, while announcing a platform for Iraqi and Chinese businessmen.

Al-Najjar said, during the founding ceremony of the Iraqi-Chinese Business Council, under the auspices of Prime Minister Mohammed Shia Al-Sudani, that "China was characterized by several qualities, including that it is the only country that was able to save 400 million people from the poverty line within 20 years, and this is a great experience that everyone must benefit from, and the second characteristic is its transition from a communist economy under the state by 100% to a real common economy that has become productive."

He added: "The third characteristic, which is very important as it relates to the experience gained by China through 4,000 years of civilization, which is how to develop a team capable of managing the variables of the state," noting that "Iraq looks at China as a friend and as a country that shared its concerns at a stage that abandoned a lot of it."

He continued: "We seek to learn a lot from China regarding how to change the framework and systems of the state," noting that "China has a principle called special economic zones, and this is an experience that must be used in Iraq to change our economic reality."

He pointed out that "China's GDP in 1979 did not exceed 120 billion, but today China is the second largest economy in the world through 40 years of changes that have occurred not only on a political basis, but on an economic and political basis at the same time," expressing his hope to "start a new phase of the relationship with China."

He stressed that "renewed trade and industrial projects between Iraq and China," pointing out that "the Iraqi-Chinese Business Council will be a platform for businessmen of the two countries." 

Iraq's CBI Governor Al-Alaq Reveals Plans for Crucial Meeting with US Tr...