"ANALYSIS OF IRAQ NEWS: “NO IT’S MUCH MORE THAN THAT!!! THAT’S WHY YOU HAVE A NEW EXCHANGE RATE COMING”" BY FRANK26, 5 FEB

 “NO IT’S MUCH MORE THAN THAT!!! THAT’S WHY YOU HAVE A NEW EXCHANGE RATE COMING”

It may rise to 206 trillion dinars.. The Finance Committee reveals the latest developments in the 2024 budget

2/1/2024  Baghdad

Today, Thursday (February 1, 2024), the Parliamentary Finance Committee revealed the latest developments in the financial budget for the year 2024, while indicating that it will rise to 206 trillion dinars instead of 199 trillion dinars.

Committee member Mustafa Al-Karaawi told the official agency, “Article 77/Second of the Tripartite Federal Budget Law for the years 2023, 2024, and 2025 stipulates that the House of Representatives will be provided with updated tables for the 2024 budget in order to discuss the file of increase or decrease in the file of financial allocations according to expected revenues and according to the price of oil.” Installer”. 

He added, “The schedules are still being prepared in the Council of Ministers in preparation for approval, and the House of Representatives will begin discussing the budget after it arrives from the government. We believe that transmission must be accelerated because the delay may restrict the disbursement of operational and investment budgets in the coming days,” noting, “Disbursement is now limited to salaries.” employees and their benefits directly.”

Al-Karaawi stressed that “the issue of updating the tables depends on the oil market and the quantities exported, on the basis of which the expected revenues will be calculated, and it is based on the size of expenditures and the percentage of the deficit, “pointing out that “there is a point of view that occurred in the 2023 budget according to the quantities that were spent and how to deal with it.” The deficit and revenues achieved, and it is assumed that there will be a growth in expenditures given that there is a growth in the operating budget, and there are contracts concluded in 2023 that have not been disbursed yet and must be added in the next budget “

Regarding the appointments, he explained that they “may include contracts, firsts, holders of advanced degrees, and governorate contracts for the 150,000 degrees that have not been implemented yet and which have been transferred to the 2024 budget.”

He pointed out that “the committee developed a proactive plan by conducting field visits to the ministries that are in direct contact with the citizen, starting with the Ministry of Health and then the Ministry of Construction and Housing to see the percentage of budget completion for each ministry at the operational and investment levels, to know the efficiency of spending.” Actual, given that performance evaluation depends on the extent to which the expected percentage matches the actual achievement.”

A member of Parliamentary Finance stated, “The committee found that there are many items that have not been funded in the Ministry of Construction and Housing, for which more than two trillion and 200 million dinars were supposed to be allocated, but about 60 percent of them are funded. This means that the government has committed itself.” With a budget greater than the possibility of implementing it.”

Al-Karaawi called on the government to “avoid this in the 2024 budget to complete the projects, infrastructure and development projects it has started,” pointing out that “there is relative progress on the issue of performance, but there needs to be a well -thought-out plan to complete what has been started so that it is clear to the public.” “For real.”

He stated, “The actual outcome of the 2023 budget is that the total revenues were 134 trillion, excluding the region’s oil imports, at an oil price of $70 per barrel,” expecting that “the same price will be repeated in the 2024 budget, and therefore the revenue estimates may be the same, given that the prices are “The world is approaching last year’s numbers.”

He pointed out that “the total volume of expenditures achieved is 154 trillion after adding 7 trillion dinars as allocations to the budget, so its total amount will rise from 199 trillion to 206 trillion dinars.”

He stressed, “According to an article in the budget, the Council of Ministers has the right to add amounts to the 2024 budget to cover the deficit or needs in the areas of electricity, trade, and others.”   LINK

Iraqi Dinar✅Forex Update News Today-Iraqi Dinar News Today 2024-Iqd dina...

Iraq’s oil exports to America exceed five million barrels within a month, 5 FEB

Iraq’s oil exports to America exceed five million barrels within a month

Shafaq News/ The US Energy Information Administration announced on Monday that Iraq’s oil exports to the United States amounted to more than five million barrels during the month of January.

The administration said in a table seen by Shafaq News Agency, “Iraq exported 5.387 million barrels of crude oil to America during the month of January, with an average export of 173 thousand barrels per day, lower than the month of December 2023, whose exports amounted to 5.611.” Millions of barrels, with an average of 193 thousand barrels per day.

She added, “Iraq exported crude oil to America during the first week of last January at an average of 192 thousand barrels per day, while the average export decreased to 64 thousand barrels per day in the second week, and exported an average of 206 thousand barrels per day in the third week, and in the fourth week.” The average reached 205 thousand barrels per day.

She pointed out that “Iraq ranked fifth in its exports to America during the past month after Canada, Mexico, Saudi Arabia, and Brazil, and ranked second in the Arab world after Saudi Arabia, whose exports amounted to nine million barrels,” indicating that “Canada ranked first as the country that exports the most oil to America.” Followed by Mexico.

shafaq.com

"ANALYSIS OF IRAQ NEWS: “THESE COUNTRIES WERE NOT ATTRACTED BY A PROGRAM RATE… THEY WERE ATTRACTED BY SUDANI’S PROMISES.”BY FRANK26, 5 FEB

 “THESE COUNTRIES WERE NOT ATTRACTED BY A PROGRAM RATE… THEY WERE ATTRACTED BY SUDANI’S PROMISES.”

Chambers of Commerce: Government support attracted many countries to establish economic relations with Iraq

1/31/2024  Baghdad – IA – Hassan Al-Fawaz

The Federation of Chambers of Commerce announced today, Wednesday, that the private sector witnessed a significant recovery in 2023, stressing that government support for the sector worked to attract countries to establish strong economic relations with Iraq.

The head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, told the Iraqi News Agency (INA): “The private sector in Iraq witnessed a significant recovery during the year 2023, due to government support, in addition to the financial and monetary recovery in all Iraqi banks.”

He stressed, “The great government support for the private sector has had a positive impact on the influx of many countries to Iraq, to establish strong economic relations.” 

He pointed out, “The BRICS economic phenomenon has become a reality in changing the economic world in the world, as the dollar and the euro are no longer the main currencies in financial dealings.”  LINK

Iraqi Dinar update for 02/04/24 - 8 banks lose privilege and finally th...BY PIMPY

"ANALYSIS OF IRAQ NEWS: “THE CBI POSITIONING THE DINAR FOR THE INTERNATIONAL WORLD" BY FRANK26, 5 FEB

 “THE CBI POSITIONING THE DINAR FOR THE INTERNATIONAL WORLD”…

Appointing leadership positions in electronic payment companies

February 01, 2024

It was decided that electronic payment companies must obtain the approval of this bank to appoint employees who occupy important leadership positions …For more click here

https://cbi.iq/news/view/2510

“REMEMBER WE SUGGESTED MAYBE 30 OR MORE COUNTRIES IN THE BASKET…
MAYBE IRAQ WILL USE THE BRICS BASKET”…………F26

34 Countries Look to Join BRICS Alliance After Saudi Arabia’s Entry

Vinod Dsouza
February 1, 2024

Saudi Arabia joined BRICS on Wednesday and is now officially a part of the emerging economies’ grouping.

The Kingdom of Saudi Arabia’s induction into BRICS has caused developing countries to express their interest in joining the alliance. BRICS is attracting developing countries to flock towards the alliance as a handful of nations look to cut ties with the US dollar. The mounting U.S. dollar debt and the White House’s sanctions against emerging economies are what led them to consider joining BRICS.

If the BRICS alliance convinces the majority of developing countries to settle trade in local currencies, the US dollar will be the hardest hit currency. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.

BRICS: 34 Countries Ready To Join Alliance After Saudi Arabia’s Induction

A total of 34 countries have now expressed their interest to join the BRICS alliance as of February 1, 2024, according to CNN. South Africa’s Foreign Minister Naledi Pandor confirmed in a recent press conference that 34 countries are looking to enter BRICS. However, Pandor did not specify the names of the 34 countries in the joint press conference.

The interest in joining BRICS alliance is growing from developing nations as they want to stay ahead of the changing financial dynamics. BRICS is initiating a global shift removing the spotlight from the US dollar to keeping the focus on local currencies. The paradigm shift could uproot the US dollar’s global hegemony and challenge the traditional financial order controlled by the West.

The BRICS bloc aims to replace it with a new world order and operate a ‘multipolar world’ without the US dollar. Therefore, the coming years will decide the fate of the US dollar where developing countries are putting local currencies first. The next decade could be different where the US dollar will have to fight to protect its global reserve status.   LINK

Awake-in-3D: Iraq Confirms Interest in Joining BRICS to Trade in IQD and Russian Ruble, 5 FEB

 Awake-in-3D: Iraq Confirms Interest in Joining BRICS to Trade in IQD and Russian Ruble

Iraq Confirms Interest in Joining BRICS: Wants Trade in IQD and Russian Ruble

On February 4, 2024
By Awake-In-3D

In a significant diplomatic gesture, Iraq has officially expressed its eagerness to become a part of the BRICS consortium, marking a pivotal moment in its foreign policy and economic strategy.

Prime Minister Mohammed Shia Al-Sudani, during last October’s engagement with the Iraqi diaspora in Russia, voiced the nation’s readiness to join the influential group, contingent upon an invitation from its founding members.

A Strategic Discussion Amidst Economic Reforms

The revelation came amidst Al-Sudani’s discussions on various economic reforms and bilateral relations during his meeting with Russian President Vladimir Putin.

A notable point of discussion was the potential use of the Iraqi dinar and the Russian ruble in bilateral trade, hinting at Iraq’s intent to diversify its economic partnerships and reduce dependency on traditional trade currencies.

Emphasis on Economic and Administrative Reforms

Al-Sudani underscored the Iraqi government’s commitment to significant economic and administrative reforms aimed at enhancing the living standards of its citizens.

The move towards joining BRICS is seen as part of a broader strategy to integrate Iraq more fully into the global economy through diversified alliances and economic partnerships.

Deepening Iraqi-Russian Relations

The discussions also touched on geopolitical issues, with Al-Sudani commending Russia’s stance on the Palestinian conflict and emphasizing the humanitarian concerns at its core.

Moreover, the Iraqi Prime Minister disclosed plans to establish an Iraqi cultural center in Moscow, symbolizing a deepening of the historical ties between Iraq and Russia.

BRICS: A Gateway to Emerging Economies

Joining BRICS, a coalition of Brazil, Russia, India, China, and South Africa, represents a strategic move for Iraq to align itself with some of the world’s fastest-growing economies.

This association could provide Iraq with a platform to boost its economic profile, attract investments, and play a more influential role in global economic discussions.

Discover More:

The Rising Energy, Gold and Trade Power of the BRICS Alliance

Iraq’s expression of interest in joining BRICS underscores its ambition to pursue a multi-faceted foreign policy and economic strategy.

By strengthening ties with Russia and signaling openness to join economic groups like BRICS, Iraq aims to position itself as a key player in regional and global economic landscapes, fostering growth, stability, and prosperity for its people.

Supporting article: https://www.iraqinews.com/iraq/iraq-expresses-interest-in-joining-brics/