The Council of Ministers approves the draft economic reform law and issues a number of decisions, 26 DEC

 The Council of Ministers approves the draft economic reform law and issues a number of decisions, 26 DEC

Politicy: Al-Furat News} Prime Minister Mohammed Shia Al-Sudani chaired today, the fifty-second regular session of the Council of Ministers, during which the general situation in the country was discussed, discussed the most prominent economic and service files included within the government program, deliberated on topics related to the agenda, and directions and decisions were taken on them.

In the framework of the government’s support for the sports sector, and in order to support the national team’s trip in the Asian Cup, which will start next month in Qatar, the Prime Minister directed the Ministry of Transport to operate discounted flights for Iraqis wishing to attend the tournament, who have official cards approved by the organizing committee. He also directed the Ministry of Foreign Affairs to communicate with the Qatari side in order to facilitate the obtaining of their entry visas.

In the context of the session, the Council of Ministers approved the ownership of displaced and displaced families from the (Saleen) area in the province of Basra, which number (250) families; the land previously allocated to them outside the borders of the municipality of Basra at the real price, an exception to the public bidding procedures stipulated in the amended Law on the Sale and Rent of State Funds (21 of 2013).
On the path of continuous government support for young people, the Council of Ministers approved the amendment of paragraph (29) of the Council of Ministers Resolution (23465 of 2023) on the proposals of youth, to become as follows:
– The funding of grants for the winning programs shall be from the amount of 5 billion dinars, allocated to the Department of Non-Governmental Organizations, in the General Secretariat of the Council of Ministers; to support voluntary organizations and teams.

Within the directives of the Prime Minister to proceed with the completion of the projects that have been delayed, including the Baghdad Metro project, the Council agreed to include (preparing designs and supervising the implementation of the Baghdad Metro project) within the investment budget schedules of the Baghdad Secretariat for 2023 at a total cost of (9138040000000) dinars, only nine hundred and thirteen billion, eight hundred and four million dinars, after completing the listing requirements by the Secretariat of Baghdad and later confirming the investor’s bearing the full cost of the project.

In the energy file, the recommendation of the Ministerial Council for Energy (23101 I) for the year 2023 was approved regarding the approval of the recommendation of the opinion body in the Ministry of Electricity, according to the following:

Authorize the Minister of Electricity, or his authorized member, to sign a memorandum of principles of cooperation between the Ministry of Electricity and the company (Toyota Tsusho Corporation) in line with the ministry’s plan and the available financial allocations.
Also in the energy file, the recommendation of the Ministerial Council for Energy (23098 C) of 2023 was approved, as follows:
1. The financing of the share of the Ministry of Oil / Basra Oil Company in the West Qurna/1 field in the operation, based on what was stated in the Council of Ministers Decision (2 of 2022) in the amount of (250) million dollars, during the allocation of quantities of crude oil issued by the Oil Marketing Company and deposited in a bank account opened for this purpose (outside Iraq), and this is regulated by a special agreement with the new main operator of the field (Basra Oil Company).
2. The fact that the field is one of the components of the petroleum licensing rounds project included within the investment plan, which is financed in kind by crude oil, so the restriction settlement of the amount indicated in paragraph (1) mentioned above, from the allocations of the project included in the Federal Budget Law (13 of 2023) and the same mechanism followed by the Ministry of Finance, is regulated in conducting settlement restrictions for other oil fields.

3. Profitable wages, administrative charges and benefits resulting from its participation in the service contract for the West Qurna/1 field shall be for the benefit of the Basra Oil Company, similar to the company’s share in the Zubair oil field.

4. The signing of a share sale agreement between ExxonMobil and Basra Oil Company, entailing payment of the price of the sale of the share after the final settlement in kind with crude oil.

The Council of Ministers approved the increase of the capital of the General Company for the Management of Private Transport to become (30301762716) dinars, only thirty billion, three hundred and one million, seven hundred and sixty-two thousand, seven hundred and sixteen dinars, instead of its current capital of (675) million dinars, and by an increase of (29626762716) dinars, only twenty-nine billion, sixty-hundredred and twenty-two million, seven hundred and sixty-two thousand, seven hundred and sixteen dinars, based on the amended Public Companies Law (22 of 1997), and the Ministry of Transport shall take the necessary measures to implement what was mentioned in paragraph (1) mentioned above.
As part of the government approach to support antiquities and heritage, the recommendation of the Ministerial Council for Human Development (23037 b) for the year 2023 was approved, including the approval of the referral of the rehabilitation projects of the Nineveh Wall and the Qalaat Kirkuk (within the rehabilitation and maintenance projects of antiquities), to the discreet companies approved by UNESCO specialized, by adopting the direct invitation method, with the exception of the contracting methods described in the instructions for the implementation of government contracts (2 of 2014) for the specialized nature of those projects.

It was also agreed to correct the procedures carried out by the province of Babylon and to prepare a form of a contract, on the project to rehabilitate the road linking the governorate of Baghdad and the holy province of Karbala, to follow the fundamental procedures to disburse the entitlements of the two implementing companies (Babel Sarf Company and Al-Hussam Al-Arabi Company), with the contract to include the responsibility of the executing entity for the executed work and its commitment to maintenance work, provided that the governorate bear the validity and safety of the contracting procedures, and the governorate of Babylon shall be responsible for inventory of the work carried out and review their conformity with the required technical specifications, according to the schedule of pre-prepared quantities and the reality of the status of implementation and the reports of the hidden pretexts, with the support of the concerned technical committees.

The Council of Ministers approved the recommendations of the Ministry of Higher Education and Scientific Research, on the return of the headquarters of the Union of Arab Scientific Research Councils to Iraq, as follows:
1. The Ministry of Higher Education and Scientific Research prepares the headquarters of the Union of Arab Scientific Research Councils in Iraq, by conducting the restoration and rehabilitation of the building, completing the furnishing requirements, allowing the exercise of its activity, and from the revenues of the Higher Education Fund in the Ministry’s Center.
2. Instructing the Ministry of Finance to Iraq’s contributions be 50% of the Union’s annual budget, as of fiscal year 2025.
3. Instructing the Ministry of Foreign Affairs to facilitate the procedures of the employees of the Union of Arab Scientific Research Councils.
4. Private universities provide the necessary support to the Union in accordance with the Private Higher Education Law No. 25 of 2016.

The Council of Ministers continued to discuss other topics on the agenda, and the following decisions were taken:

First / Approve the draft economic reform law, and send it to the Council of State; for fundamentally scrutiny, and then return it to the General Secretariat of the Council of Ministers; to refer it directly to the House of Representatives, based on the provisions of the Constitution, taking into account the notes presented during the hearing.

Second / Amending the name (Baghdad International Film Festival / First Session), indicated in the Council of Ministers Resolution (23098 of 2023), to be the name (the first youth cinema festival for the year 2023).
Third / Approval of what came from the Ministry of Interior, regarding the project of establishing, equipping and installing an integrated camera system, and the cost of cameras is secured from the revenues of border ports (50%) the share of Baghdad Governorate, under the contract concluded between the implementing company and the Ministry of Interior.
Fourth: Reallocation of an amount to the Ministry of Health; to finance contracts of medicines, medical devices and medical supplies, based on the provisions of the Federal Budget Law (13 of 2023), recovered from the International Convention on Vaccines (GAVI).

https://alforatnews.iq/news/مجلس-الوزراء-يوافق%C2%A0على-مشروع-قانون-الإصلاح-الاقتصادي-ويصدر-جملة-قرارات

ANALYSIS OF IRAQ NEWS: NEW STATEMENTS FROM THE GOVERNOR OF THE CENTRAL BANK OF IRAQ BY MNT GOAT, 26 DEC

NEW STATEMENTS FROM THE GOVERNOR OF THE CENTRAL BANK OF IRAQ

The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Friday, the continuation of financing foreign trade in several foreign currencies in addition to the dollar. While he pointed out that the banking sector’s implementation of compliance rules strengthens Iraq’s financial position globally, he pointed out that there is international welcome from the US State Department and the International Monetary Fund for what the bank implemented measures that strengthened the banking sector’s commitment to these rules.

Al-Alaq said, “The Central Bank followed a plan that included mobilizing all requests for the dollar within the proper and proper channels, while attracting all merchants, importers, and those in need of external transfers within these frameworks and channels.”

(Oh… gee whiz there’s the mention of the “plan” again.)

He added, “The more the size of these channels and the number of participants expand in them, the more it affects two things positively. The first is the exchange rate and its stability, and the second is providing the correct compliance rules, which strengthens the reputation of the country and the banking sector externally and strengthens Iraq’s financial position globally. This matter is currently being done with an exceptional and great effort, as for the first time it is witnessing Iraq: Reorganizing the external transfer process through correspondent banks instead of the central bank or the Federal Bank being the executive interface for this process.

He continued, “In fact, this process is not the best practice in the world. Rather, it is better for all transfers to be through a relationship between the local Iraqi bank. The external correspondent bank and the Central Bank undertake the process of monitoring, supervising and enhancing foreign currency balances abroad to cover these needs.”

Al-Alaq stressed, “This matter was achieved by introducing a series of currencies into foreign trade, including the Chinese yuan, the Indian rupee, the euro, the Turkish lira, and the Emirati dirham, in addition to the dollar. Wherever there is a need that depends on the weight of trade between us and the country with which there is trade activity, we will use those currencies.”

He pointed out that “the US Department of the Treasury and the Federal Bank very much welcomed the central bank’s steps related to the use of correspondent banking channels, and also the application of compliance procedures and rules followed by the central bank. This also appeared in the recent International Monetary Fund report, which praised the central bank’s efforts within the framework of the banking sector’s compliance with anti-corruption rules.” Money laundering and terrorist financing,” according to the official agency.

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

FRANK26….12-26-23…IQD UPDATE: THE BLACK MARKET RATE WILL NO LONGER BE !

Advisor to the Sudanese: We aspire to the end of the parallel market for the dollar in the coming days, 26 DEC

 {Economic: Al-Furat News} The media adviser to Prime Minister Hisham Al-Rikabi announced that the government is committed to the implementation of the electronic payment decision in various ministries.

“In the coming days, we have an ambition to reach the end of the parallel market for the dollar,” Al-Rikabi said in a tweet on {X}.
It is noteworthy that local markets have been witnessing for days a noticeable decline in the exchange rate of the dollar, as it fell for the first time in months to below 1500 dinars per dollar.
Al-Rikabi said yesterday that “the battle with the dollar is nearing its end,” referring to government measures in limiting the rise of the currency in the parallel market and making it close to the official price of the Central Bank of 1320 dinars to the dollar.

https://alforatnews.iq/news/مستشار-للسوداني-نطمح-لنهاية-السوق-الموازي-للدولار-في-الأيام-المقبلة

ANALYSIS OF IRAQ NEWS : ALI AL-ALAQ: THE CENTRAL BANK FOLLOWED A PLAN THAT POSITIVELY AFFECTED THE DOLLAR EXCHANGE RATE AND ITS STABILITY BY MNT GOAT, 26 DEC

ALI AL-ALAQ: THE CENTRAL BANK FOLLOWED A PLAN THAT POSITIVELY AFFECTED THE DOLLAR EXCHANGE RATE AND ITS STABILITY

The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Friday, the continuation of financing foreign trade in several foreign currencies in addition to the dollar, while noting that the banking sector’s implementation of compliance rules strengthens Iraq’s financial position globally, pointing out that there is an international welcome from the US State Department and the International Monetary Fund. International Bank, with the procedures implemented by the bank that strengthened the banking sector’s commitment to these rules.

Al-Alaq added in a press statement to the official agency, followed by NRT Arabia, that “the Central Bank followed a plan that included mobilizing all requests for the dollar within the proper and original channels, while attracting all merchants, importers, and those in need of external transfers within these frameworks and channels.”

(Oh… gee Whiz have I not been talking about the 2011 plan all along. Now you see evidence of it and that they are following it)

He said, “The more the size of these channels and the number of participants expand in them, the more it affects two things positively.

1.The first is the exchange rate and its stability, and 

2.the second is providing the correct compliance rules, which strengthens the reputation of the country and the banking sector externally and strengthens Iraq’s financial position globally. 

This matter is currently being done with an exceptional and great effort, as for the first time it is witnessing Iraq: Reorganizing the external transfer process through correspondent banks instead of the central bank or the Federal Bank being the executive interface for this process.

He explained, “This process is true. It is not the best practice in the world. Rather, it is better for all transfers to be through a relationship between the local Iraqi bank and the external correspondent bank, and the central bank carries out the process of monitoring, supervising, and enhancing foreign currency balances abroad to cover these needs.”

Al-Alaq stressed that this matter was achieved by introducing a series of currencies into foreign trade, including the Chinese yuan, the Indian rupee, the euro, the Turkish lira, and the Emirati dirham, in addition to the dollar, and wherever there is a need that depends on the weight of trade between us and the country with which there is trade activity, we will use that currency. Currencies.

He pointed out, “The US Department of the Treasury and the Federal Bank very much welcomed the central bank’s steps related to the use of correspondent banking channels, and also the application of compliance procedures and rules followed by the central bank. This also appeared in the recent International Monetary Fund report, which praised the central bank’s efforts within the framework of the banking sector’s compliance with the rules.” Combating money laundering and the financing of outlaw groups.

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/

🔥Iraqi Dinar🔥Green Light🔥News Guru Intel Update IQD Value to USD🤑💵🤑🎉

Al-Kadhimi: Iraq’s treatment of a basket of currencies reduces the dominance of the dollar and the government with an economic battle, 26 DEC

 Al-Kadhimi: Iraq’s treatment of a basket of currencies reduces the dominance of the dollar and the government with an economic battle, 26 DEC

{Economic: Al-Furat News} A member of the parliamentary financial committee, Moeen Al-Kadhimi, treated Iraq with a basket of currencies “reduces the dominance of the dollar,” while he waved to challenge the government with an economic battle.

Al-Kademi said, for the program of {State Dialogue} broadcast by the Al-Euphrates Satellite Channel this evening, that: “The committee hosted the Governor of the Central Bank of Iraq and a deputy for multiple sessions. The issue of the dollar was discussed, and the package of measures taken by him, the latest of which is the import of cash blocks of foreign currencies under certain conditions, in addition to the recent measures and the consensus with the US Federal to agree to deal with the UAE dirham, the euro, the Chinese yuan and the Indian ruppe, all contributed to reducing the exchange rate.”

He added, “Some banks have started to import the dollar, but they are not sufficient for the black market, and the sales of the central bank are large and we are surprised by their inadequacy for trade.”

Al-Kazimi pointed out that “the Finance Committee continues with the Central Bank and its follow-up and submitted proposals to take some of them and others are still in the bank’s commerge, including the industrial initiative, which will gradually work on some industries to become their production internally to reduce the demand for the dollar.”
He continued, “Control of customs and border crossings contributes to the stability of currency exchange internally, and the Central Bank, in cooperation with parliamentary finance, seeks to facilitate the work of Iraqi traders,” stressing “the need to start the allocation committees in the House of Representatives with their work, which is the responsibility of the heads of the committees.”

Al-Kazimi added, “The state of competition in the local market forces the trader to resort to the official price, and the regular distribution of the ration contributed to the stability of food prices,” calling on the Sudanese government to “address the Ministry of Commerce radically regarding the quality of the ratification items, which affects the lives of citizens.”
“There must be political solidarity and national vegetation; to bring back some industries and agriculture to promote the local market and imports should be controlled in order to strengthen Iraqi industry,” he continued.
Al-Kazemi pointed to “the reasons for the policy of the US federalism against Iraq as a matter of pressure on the Iraqi government for that central bank, explained these things and demanded that the Federal Reserve to explain the reason for the rejection of remittances without justification.”

He explained, “The regulation of financial transactions and foreign trade enhances Iraq’s position in financial politics, and Iraq must deal with a basket of currencies in addition to the dollar gradually so that it is not governed by federal instructions in addition to reducing import.”
“The government has a real battle to address the economic situation and the political blocs are required to strongly support this trend,” Al-Kazmi concluded.

From: Raghad Daham

https://alforatnews.iq/news/الكاظمي-تعامل-العراق-بسلة-عملات-يقلل-هيمنة-الدولار-والحكومة-بمعركة-اقتصادية