Iraqi PM asserts sovereignty and security commitments in call with U.S. Secretary of State
Shafaq News/ Iraqi Prime Minister Muhammad Shia al-Sudani conveyed Iraq's staunch rejection of any attacks on its territory.
In a phone call on Saturday with the U.S. Secretary of State Anthony Blinken, Al-Sudani emphasized that the recent attack on the "Jurf al-Nasr area" constituted a "violation of Iraqi sovereignty." Concurrently, the Prime Minister reiterated Iraq's unwavering commitment to protecting international coalition advisors currently stationed in the country.
On November 22, American drones launched strikes targeting the headquarters of the Popular Mobilization Forces, specifically the Hezbollah Brigades, situated in the Al-Saeedat area within Jurf Al-Sakhar, resulting in casualties,
A statement by Al-Sudani's media office detailed the key points discussed during the call. Prime Minister al-Sudani emphasized Iraq's commitment to safeguarding its borders and sovereignty against aggression.
Moreover, the leaders discussed the developments unfolding in the occupied Palestinian territories. Prime Minister al-Sudani outlined Iraq's proactive efforts to mitigate the repercussions of repeated attacks on the Gaza Strip. The focus was on stabilizing the truce, ceasing aggression, and ensuring that the conflict did not escalate to pose a tangible threat to regional security and stability.
Iraq officially announced that it will end the dollar crisis before the end of 2023. What does this mean?
1. Increase the official exchange rate of the dinar against the US dollar to reduce pressure on foreign exchange reserves?
2. Policy changes to encourage the use of the dinar instead of the dollar in domestic trade and transactions to alleviate pressure on dollar demand?
3. Removal of shifting restrictions and caps that have created imbalances and a black market?
4. Reopen currency auctions that provide access to dollar reserves to stabilize exchange rates?
5. New measures to control inflation and monetary speculation amid economic uncertainty?
6. Efforts to back more domestic bank balances and liabilities with reserves as collateral? It could be all of the above. Because? Because they also announced that they will resolve the HCL next week. Which implies that they have a new exchange rate ready for international markets. Can we see a refund before JANUARY 1, 2024.
Of course, since the implementation of the LHC requires them to disburse equitable payments between the regions and they must know what is the new value stipulated by constitutional law for citizens in general. Which is also part of the agreement between the United States and Iraq according to which the United States must withdraw all its troops earlier.
That's probably why Iraq announced the closure of American embassies. We are on the brink of a once-in-a-lifetime opportunity that will never happen again. So if you have IQD, consider yourself lucky.
Ariel
TRANSLATION IN SPANISH:
De Hernán Robert Hbravo
Jueves 30 Noviembre 2023
Ariel : Dice
Actualización sobre Irak:
Irak anunció oficialmente que pondrá fin a la crisis del dólar antes de finales de 2023. ¿Qué significa esto?
1. ¿Aumentar el tipo de cambio oficial del dinar frente al dólar estadounidense para reducir la presión sobre las reservas de divisas?
2. ¿Cambios de política para fomentar el uso del dinar en lugar del dólar en transacciones y comercio internos para aliviar la presión sobre la demanda de dólares?
3. ¿Eliminación de las restricciones y topes cambiarios que han creado desequilibrios y un mercado negro?
4. ¿Reabrir subastas de divisas que brinden acceso a reservas en dólares para estabilizar los cambios?
5. ¿Nuevas medidas para controlar la inflación y la especulación monetaria en medio de la incertidumbre económica?
6. ¿Esfuerzos para respaldar más saldos y pasivos bancarios nacionales con reservas como garantía? Podría ser todo lo anterior. ¿Por qué? Porque también anunciaron que resolverán la HCL la próxima semana. Lo que implica que tienen listo un nuevo tipo de cambio para los mercados internacionales. ¿Podemos ver un reintegro antes del 01 de ENERO 2024.
Por supuesto, dado que la implementación de la LHC requiere que desembolsen pagos equitativos entre las regiones y deben saber cuál es el nuevo valor estipulado por la ley constitucional para los ciudadanos en general. Lo cual también forma parte del acuerdo entre Estados Unidos e Irak según el cual Estados Unidos debe retirar todas sus tropas antes.
Probablemente por eso Irak anunció el cierre de las embajadas estadounidenses. Estamos al borde de una oportunidad única en la vida que nunca volverá a suceder. Entonces, si tienes IQD, considérate afortunado.
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.
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.
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.