KRG Delegation to Meet Iraq’s Prime Minister in Baghdad: Salaries and Budget on the Agenda, 26 NOV

 KRG Delegation to Meet Iraq’s Prime Minister in Baghdad: Salaries and Budget on the Agenda

A significant delegation from the Kurdistan Regional Government (KRG) is slated to meet with the Prime Minister of Iraq, Mohammed Shia’ Al-Sudani, in Baghdad on Monday, November 27, 2023. The primary focus of the meeting is to address the subjects of salaries for KRG employees, Kurdistan’s share in the federal budget, and the reinitiation of oil exports from Kurdistan and Kirkuk through the Turkish port of Ceyhan.

Striving for Constitutional Rights

The delegation, representing the KRG, has been persistent in maintaining contact with all federal government institutions. Their aim is to secure the constitutional rights of the people of Kurdistan, particularly those who are salaried. The meeting with Prime Minister Al-Sudani is intended to explore these issues, with a particular interest in the reestablishment of oil exports from the Kurdistan region.

Resumption of Oil Exports Contingent on Federal Government’s Assurance

The delegation’s desire to recommence oil exports hinges on the federal government’s capacity to guarantee the costs of production and extraction. This matter is of paramount importance as it contributes significantly to the regional government’s revenue and the overall economy.

Call for Honouring Financial Commitments

Qubad Talabani, Deputy Prime Minister of Iraq’s Kurdistan Regional Government, has issued an appeal to the Baghdad federal government. He stressed the importance of honouring its financial obligations towards the autonomous region. He especially emphasized on the timely resolution of the issue concerning Kurdistan’s share in the budget. The upcoming high-level meeting in Baghdad aims to hold extensive discussions on the budget, public servants’ salaries, and the resumption of oil exports from Kurdistan and Kirkuk.

https://bnn.network/finance-nav/krg-delegation-to-meet-iraqs-prime-minister-in-baghdad-salaries-and-budget-on-the-agenda/

Iraq’s Prime Minister Chairs Meeting on Infrastructure and Investment Progress, 26 NOV

 Iraq’s Prime Minister Chairs Meeting on Infrastructure and Investment Progress

The Prime Minister of Iraq, Mohammed Shia’ Al Sudani, recently led the fourth assembly of the Supreme Committee for Reconstruction and Investment. The gathering addressed an array of subjects pertaining to the enhancement of infrastructure and investment initiatives across the nation. The attendees, a diverse group of ministers and officials, are the key personnel steering the reconstruction and investment maneuvers. The Prime Minister underlined the significance of these ventures for Iraq’s economic progression and the betterment of the living standards of its people. He further emphasized the requisite for synergy among diverse governmental entities to ensure the smooth functioning of proposed projects. The committee’s mandate is to supervise and expedite the implementation of reconstruction and investment strategies, which are pivotal for the nation’s post-conflict recovery and future prosperity.

Optimizing Crude Oil Prices

During a discussion with Oil Ministry officials, Al Sudani accentuated the necessity of leveraging global crude oil prices to augment financial allocations via optimal oil and gas investments. The Prime Minister highlighted the urgent need to stimulate the essential oil sector in all dimensions, given its crucial role in the nation’s development. Oil is Iraq’s primary income source, and the government is committed to fostering the sector along with the chemical, petrochemical, and fertilizer industries, and the electricity sector.

Investing in the Gas Sector

Meanwhile, an eminent Iraqi official revealed that Iraq has made considerable advances to broaden investment in the gas sector and halt burning operations. The Director General of South Gas Company, Hamza Abdul Baqi Nassir, speaking at the Gas Investment Conference, stated that Iraq is capitalizing on gas from oil fields to meet domestic consumption demands and considering exporting the surplus to international markets. He emphasized that the Ministry of Oil has made substantial efforts to trigger licensing contracts with foreign companies to reach a production of 1,000 million standard cubic feet. This move is aimed at securing the requirements for energy production and putting an end to gas burning operations, thereby mitigating environmental risks.

Strategic Projects for Sustainable Development

Al-Sudani spoke about his government’s endeavours to usher development back to its rightful course and implement its development blueprints. He mentioned that his administration has expedited the execution of 7,000 lagging projects, while simultaneously initiating new projects that hold immense developmental and service value. He added that priority was given to strategic projects aligned with the 2030 Sustainable Development Vision, most notably infrastructure and clean energy initiatives, the Development Road, and the Faw Port project.

https://bnn.network/politics/iraqs-prime-minister-chairs-meeting-on-infrastructure-and-investment-progress/

Iraqi Dinar🔥Iraqi Banks Hint Exchange Rates Changes🔥iraqi dinar RV updat...

An economist shows the pros and cons of switching to electronic financial payment, 26 NOV

 An economist shows the pros and cons of switching to electronic financial payment, 26 NOV

An economist shows the pros and cons of switching to electronic financial paymentInformation/private..

Today, Saturday, the economic expert, Nasser Al-Kanani, explained the pros and cons of the expected shift to dealing with electronic payment methods via bank cards, while he stressed that taking this step will open another door to corruption at gas stations.

Al-Kanani said in an interview with the Maalouma Agency, “The shift to electronic payment at gas stations will contribute to increasing the sale of oil derivatives outside government and private stations due to the absence of a culture of electronic payment and the ignorance of most citizens of this new mechanism,” wondering about “how the government deals with taxis that need To enter the stations on a daily basis.”

He continued, “There are positives from the decision, which is considered a qualitative leap in the field of banking and keeping pace with the global development of electronic payment methods,” pointing out that “the step is positive if it is implemented correctly by the concerned authorities and citizens.”

He added, “Taking this step will open another door to corruption at fuel stations and will exacerbate smuggling operations,” noting that “it is necessary to exclude the taxi category because the number is very large compared to the procedures for depositing money and filling from stations and other operations.”

The Council of Ministers for the Economy had confirmed the activation of the electronic payment service, as the decision stipulated that the system enjoys a high level of protection and security, reduces time and effort, and contributes to stimulating the movement of the economy, facilitating the procedures for granting a license to collect bank cards, and exempting all electronic payment (POS) transactions from… Taxes, amid a positive step and not without negativity towards developing the banking sector and electronic payment methods to keep pace with the outside world, in addition to converting financial transactions from cash to electronic.

almaalomah.me

"RV UPDATE" BY MILITIAMAN, 26 NOV

 Militia Man

  There's things happening as we speak - one thing after another.  I can't imagine anybody being discouraged at this time because of the nature of what's happening.

Article:   "Ministry of Transport intends to open direct airlines towards Australia, America, Malaysia" 

 It's not just about a few regional countries.  It's about many different places.  Once you start opening up the airports all the investors can gain access to the country to take charge of their investment, produce their businesses.  It's a really big thing to have an international airport full...they have their capacity...what they're using today is at 100% and they're not even international yet...

They're saying it's done.  I really like that.  I think you guys should be happy about it because if all the currency swaps are taken care of...I think it's a precursor to an exchange rate change in the future.

Article:  " With the participation of 120 companies...the launch of the Iraq International Building, Construction and Infrastructure Exhibition"

  This...being launched in Baghdad for the next few days is not surprising at all on the back of all the WTO meetings...since Oct 31st regarding Iraq's accession to the organization.

 The 2023-2024-2025 budget is about investment primarily into infrastructure.  It takes a lot of capital to build a country back...It will take massive amounts. It is far too expensive with 1310 exchange rate. An internationally accepted REER will likely make it far cheaper.

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-militiaman-24-nov.html

https://dinarevaluation.blogspot.com/2023/11/rv-update-by-militiaman-25-nov.html

Iraq's Credit Rating And Its Relationship To The Conflict In The Occupied Territories, 26 NOV

 Iraq's Credit Rating And Its Relationship To The Conflict In The Occupied Territories

money and business  Economy News  Moody's credit rating agency maintained Iraq's CAA1 rating, warning that the escalation of the conflict between Israel and Hamas and the intervention of Iran and the United States may have fundamental repercussions on Iraq, if the war expands.

The agency said that the ongoing conflict between Israel and Hamas remains primarily focused in Gaza. But its regional escalation, which is a “scenario with little possibility of being achieved,” will have economic repercussions for Iraq.

The agency notes that any escalation in tensions in the Gulf would threaten to disrupt maritime transport routes through the Strait of Hormuz, which Iraq depends on for most of its oil exports.

It maintained Iraq's rating at "CAA1" with a stable outlook, and said that the rating reflects Iraq's financial and external dependence on hydrocarbons, which leads to its significant exposure to oil price fluctuations and the risks of transitioning away from carbon.

However, the agency says that Iraq's low reliance on external financing and the buffer provided by the recovery in foreign exchange reserves underscore a range of mitigating factors even if this scenario plays out.

Iraq, which is rich in oil, suffers from deterioration in its infrastructure and roads as a result of decades of wars and the spread of corruption.

Iraqi Prime Minister Muhammad Shiaa Al-Sudani confirms that one of his government's priorities is to rehabilitate the transportation and road infrastructure, as well as the dilapidated electricity sector.

- https://economy-news.net/content.php?id=37804

KTFA: "IRAQ NEWS ANALYSIS" BY FRANK26, 26 NOV

KTFA:

Frank26:  "IN SHORT... THE BATTLE FOR THE NEW EXCHANGE RATE IS ALSO NEARING ITS END."............F26

 Sudanese Advisor: The Battle For The Dollar Is Almost Over

 11/24/2023

The media advisor to the Prime Minister, Hisham Al-Rikabi, confirmed today, Friday, that the dollar battle is nearing its end.

Al-Rikabi said in a post on the “X” platform, followed by Earth News: “The reform plans for the financial and banking system undertaken by the government and the Central Bank of Iraq aim to build strong foundations for the stability of the economy and pave the way for creating a suitable climate for investment, and end the eras of illegal trade, dollar smuggling, and speculative operations in market".

He added, "In short, the battle for the dollar is nearing its end."    LINK

 Frank26:  "THIS IS THE MONETARY REFORM EDUCATION THAT WE CALL THE 2ND ARTICLE FOR THE CBI".............F26

Clare:  A Sudanese advisor reveals the goal of the reform plans for the financial and banking system

11/24/2023

Today, Friday (November 24, 2023), the media advisor to the Prime Minister, Hisham Al-Rikabi, revealed the goal of the reform plans for the financial and banking system undertaken by the government and the Central Bank of Iraq.

Al-Rikabi said in a tweet on the (X) platform that the plans aim to “build strong foundations for economic stability and pave the way for creating a suitable for climate investment.”

On the 14th of this month, Prime Minister Muhammad Shiaa Al-Sudani directed the directors of all government banks to prepare a plan to be presented within one month, to develop the work of banks that includes the optimal use of financial, human and technical resources , moving from paper work to automated work, electronic dealing with all banking activities and expanding... Electronic payment services, developing a comprehensive vision for banks in granting credit facilities and loans, and developing work mechanisms, including control and oversight tools.

Al-Sudani confirmed during a meeting that included the Minister of Finance, the Governor of the Central Bank, and directors of government banks that “bank directors will be subject to a performance evaluation in light of their implementation of the plan and the amount of achievement “

He stressed that "the real reform that the government was keen to achieve is based on banking reform, and it is determined to take bold decisions in order to implement this reform in a way that contributes to improving the investment environment and developing the work of the public and private sectors."    LINK