PM Al-Sudani: Iraq explores economic partnerships and industrial zones with neighboring countries, 2 DEC

 PM Al-Sudani: Iraq explores economic partnerships and industrial zones with neighboring countries

Shafaq News/ Iraqi Prime Minister Muhammad Shiaa Al-Sudani announced on Saturday that the government is actively considering establishing economic projects, industrial cities, and free zones through partnerships with neighboring countries. 

Al-Sudani highlighted ongoing studies for collaborative initiatives with Iran, Saudi Arabia, Jordan, and Kuwait in his address at the Industrial Partnerships Forum in Basra. 

Describing the Development Road Project as groundbreaking, Al-Sudani emphasized that it marks Iraq's first venture into settling industrial cities, commencing from Al-Faw port and extending to the connection point with Turkey. 

Addressing the need for economic reform, Prime Minister Al-Sudani stated that "Iraq possesses natural resources capable of meeting local market demands and exporting surplus products." Emphasizing the shift from a mono-economic reliance on oil, he outlined the government's commitment to diversifying the economy by supporting industry, agriculture, tourism, and trade. 

Al-Sudani underscored the importance of practical developments, asserting that "Iraq must transform from a consumer market for imports to a self-sustaining, advanced industrial economy." He emphasized the role of industrial sectors in generating job opportunities for the country's youth, acknowledging the challenges posed by unemployment. 

For its part, the Iraqi Minister of Industry and Minerals, Khaled Battal Al-Najm, unveiled 90 participation opportunities between government companies and the private sector, totaling approximately $10 million in investment value. These opportunities span diverse sectors, offering a range of possibilities for interested companies.

https://shafaq.com/en/Iraq-News/PM-Al-Sudani-Iraq-explores-economic-partnerships-and-industrial-zones-with-neighboring-countries

OPEC Plans Collective Production Cut: Impact and Market Reactions, 2 DEC

 OPEC Plans Collective Production Cut: Impact and Market Reactions

In a significant development in the global oil market, the Organization of the Petroleum Exporting Countries (OPEC) has reportedly planned a collective production cut. The move, which includes an extension of current policy cuts and a Saudi-led reduction of 1 million barrels per day (mbpd), demonstrates a strong sense of unity among OPEC members, despite minor deviations from agreed quotas.

OPEC’s Planned Production Cut

The comprehensive reduction involves an apparent agreement on a Saudi-led cut of 1 mbpd, along with indications of a further cut of 1 mbpd for the entirety of the first quarter. The OPEC+ producers, including Saudi Arabia and Russia, are set to remove around 2.2 mbpd of oil from the global market in the first quarter of the next year. This total includes a rollover of the current voluntary cuts by these countries, amounting to 1.3 mbpd.

Market Reaction

In reaction to these developments, the bond markets are experiencing a sell-off. Gold prices have seen a decrease and the US dollar has gained strength. The market is reacting with an inflationary impulse, even though the price of oil has only increased by $1. This reaction, however, is relatively small compared to recent market movements.

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Saudi Arabia, one of the biggest oil producers, is leading these voluntary cuts by continuing its 1 million barrels per day reduction. Other members like Iraq, UAE, Kuwait, Kazakhstan, and Algeria have also decided to cut their oil supply, with Russia continuing its 500,000 barrels a day cut. This collective reduction by OPEC signifies a significant attempt to stabilize the volatile oil market and maintain oil price stability.

https://bnn.network/finance-nav/opec-plans-collective-production-cut-impact-and-market-reactions/

Blinken Calls on Iraqi Government for Protection of American Facilities, 2 DEC

 Blinken Calls on Iraqi Government for Protection of American Facilities

U.S. Secretary of State Antony Blinken has communicated with Iraqi Prime Minister Mohammed Shia al-Sudani, expressing the urgency for the Iraqi government to uphold its responsibilities in safeguarding installations hosting American personnel. This call comes amidst rising tensions and attacks on U.S. personnel in Iraq, emphasizing the necessity for increased protection.

Blinken’s Call for Protection

In the conversation with al-Sudani, Blinken made a pointed call for the Iraqi government to fulfill its obligations in protecting American facilities and personnel. He stressed the importance of not just ensuring the safety of American personnel, but also of curbing the conflict from escalating and affecting the wider region.

Al-Sudani’s Reaffirmation

In response, al-Sudani reaffirmed Iraq’s rejection of any attacks on its territory. He emphasized Iraq’s commitment to safeguarding international coalition advisers currently stationed in the country, including American personnel. The Prime Minister viewed the recent attack on the Jurf al-Sakhr area as a direct breach of Iraqi sovereignty and reiterated the government’s determination to prevent such violations.

Broader Discussions

In addition to the immediate concerns in Iraq, the dialogue between Blinken and al-Sudani also covered broader regional issues. They discussed the ongoing conflict between Israel and Hamas, the deteriorating humanitarian situation in Gaza, and the need to prevent the conflict from spreading. The U.S. has been actively involved in this conflict, providing Israel with bunker-busting bombs and other weapons for the war, as reported by The Wall Street Journal.

Simultaneously, on the domestic front, a U.S. appeals court ruled that former President Donald Trump must face civil lawsuits related to his role in the Capitol riots, rejecting his claim of immunity. This ruling signifies a landmark decision in holding political figures accountable for their actions. On the international front, the U.S. is planning to announce a $3 billion contribution to the Green Climate Fund, a fund dedicated to climate action. This contribution will add to a previous $2 billion allocation, highlighting the U.S.’s commitment to global climate action.

As the world grapples with multiple crises, organizations like Doctors Without Borders emphasize the urgent need for protecting healthcare facilities, particularly in conflict-ridden regions like Gaza. They have called for an immediate and sustained ceasefire, highlighting the necessity of peace for effective healthcare delivery.

https://bnn.network/breaking-news/climate-environment/blinken-calls-on-iraqi-government-for-protection-of-american-facilities/

Weekend Coffee with MarkZ. 12/02/2023

"IRAQ UPDATE: Iraq announced officially that they will end the dollar crisis before the end of 2023.", 2 DEC

 Iraq Update: Iraq announced officially that they will end the dollar crisis before the end of 2023.

What does this mean?

1. Raising the official exchange rate of the Dinar to the US Dollar to reduce pressure on foreign reserves?

2. Policy shifts to encourage use of Dinar over USD for domestic transactions and trade to take pressure off demand for dollars?

3. Removal of currency exchange restrictions and caps that have created imbalances and a black market?

4. Re-opening currency auctions that provide access to USD reserves to stabilize exchanges?

5. New measures to control inflation and currency speculation amid economic uncertainty?

6. Efforts to back more domestic bank balances and liabilities with reserves as reassurance?

Could be all of the above. Why? Because they also announced that they will settle the HCL next week. Which implies they have a new exchange rate ready for the international markets. Can we see a reinstated prior to or on January 1st?

Ofcourse given that implementing the HCL requires them to equally disburse settlements among the regions and they must know what the new value is as stipulated by constitutional law for the citizens in general.

Which is also apart of the US/Iraq deal that America must pull all their troops out prior. Which is probably why Iraq announced the closing of US Embassies.

We are on the verge on a once in a lifetime opportunity that will never happen again. So if you hold IQD consider yourself lucky.

https://www.facebook.com/profile.php?id=100064727316650

Iraqi Dinar🔥WOW News About Iraqi Dinar Effective Exchange Rates Released...

"RV UPDATE" BY MNT GOAT, 2 DEC

 Mnt Goat 

  “The Prime Minister’s philosophy confirms that economic reform cannot be achieved without reforming the banking system, and therefore the priority begins with reforming the financial system.” 

 ...more proof that Iraqi’s economy does not need to grow any more at this time in order to get to the value of the dinar to what we need for a fair and honest rate reflected...the “priority” begins with reforming the financial system and currency reform is a large part of the financial system.  ...Iraq will never be able to raise enough the money alone to rebuild Iraq and its economy unless they first complete the needed banking and financial reforms needed to attract investors...

“ADVISER TO THE PRIME MINISTER: ECONOMIC POLICY IN IRAQ IS MOVING TOWARDS IMPLEMENTING THE PRINCIPLE OF MONETARY SOVEREIGNTY” WOW! WOW! WOW!  

 It tells us flat right out in the open that Iraq is about to take complete control over their currency again. WOW! ...This has reinstatement and RV written all over this statement...