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Baghdad's Rebirth: A New Horizon in Infrastructure and Development Amid Challenges, 23 FEB

 Baghdad's Rebirth: A New Horizon in Infrastructure and Development Amid Challenges

Baghdad is embarking on a transformative journey to revitalize its infrastructure and create half a million public sector jobs under the leadership of Prime Minister Mohamed Shia al Sudani. The government is actively combating bureaucracy and corruption, investing in critical projects, and diversifying the economy to reduce reliance on oil revenue. The Development Road project and partnerships with global stakeholders are examples of Iraq's commitment to international cooperation for mutual prosperity and sustainable development.

In the heart of the Middle East, a city with a storied past is charting a course towards a promising future. Baghdad, once a center of learning and culture, now stands at the threshold of a new era, driven by ambition and the spirit of rejuvenation. Prime Minister Mohamed Shia al Sudani spearheads this transformative journey, aiming to rehabilitate Baghdad’s infrastructure with projects like the 1,001 Nights Park complex and a luxury hotel and residential complex. This initiative is not just about buildings; it's about laying the groundwork for socioeconomic advancements and positioning Iraq as a beacon of progress in a region all too familiar with adversity.

Breaking New Ground: Investments and Challenges

The Baghdad skyline is changing, but the path to transformation is fraught with obstacles. Bureaucracy and corruption, longstanding deterrents to progress, remain significant challenges. Yet, under al Sudani's leadership, there's a palpable shift. The government is not just acknowledging these barriers; it is actively combating them. With a record-breaking budget of 198.9 trillion Iraqi dinars ($153 billion) for 2023-2025, the commitment to infrastructure development is clear. This budget, unprecedented in its scope, earmarks substantial funds for critical projects, underscoring infrastructure's role as a strategic imperative for Iraq's future. The aim? To modernize and repair the nation’s backbone, fostering economic growth and social progress in anticipation of the projected population boom.

A Vision for the Future: Economic Growth and Diversification

Prime Minister al Sudani's vision extends beyond immediate infrastructural enhancements. With the introduction of half a million public sector jobs and a robust fight against corruption, the administration is tackling unemployment head-on while creating an environment conducive to foreign investment. Diversification and sustainable growth are at the forefront of Iraq’s agenda. The Development Road project, for instance, seeks to improve connectivity and reduce the nation's reliance on oil revenue. Furthermore, partnerships with global stakeholders, notably China, epitomize Iraq's dedication to fostering international cooperation for mutual prosperity and sustainable development. These efforts are not isolated initiatives but parts of a comprehensive strategy to reposition Iraq on the global stage.

Regional Renaissance: The Central Babylon Governorate Initiative

Parallel to Baghdad’s resurgence, the central Babylon Governorate is witnessing its own revival. Over 500 billion Iraqi dinars (approximately $385 million) have been allocated for the development of electricity and water projects, marking a significant milestone in the region's post-war reconstruction efforts. With a substantial portion of these projects already awarded to Iraqi companies, and plans to award the remaining ones imminently, the initiative is a testament to Iraq's broader commitment to rebuilding and growth. According to Ali Mureb, the Governor's adviser, these projects, including the construction of power sub-stations and the enhancement of water irrigation systems, are vital for bolstering infrastructure in Babylon, addressing long-standing needs, and supporting the region's recovery and growth post-conflict.

As Iraq embarks on this ambitious journey of renewal and development, the challenges it faces are significant, yet not insurmountable. With strategic investments, a strong stance against corruption, and a vision for a diversified, sustainable future, Iraq is not just rebuilding its cities. It's reimagining its place in the world, aiming to transform the narrative of a nation from one of conflict to one of resilience, progress, and hope for the future.

https://bnnbreaking.com/world/baghdads-rebirth-a-new-horizon-in-infrastructure-and-development-amid-challenges

"RV UPDATE" BY PIMPY, 23 FEB

  Pimpy 

  Community Comment:  "Thanks for the let down once more that Iraq will never RV."  I never said it would never RV.  Never.  In fact I'm the one that said it's going to go up in increments.

Question: "There have been some references...regarding some Iraqi banks in the US, have you heard  about any of thee banks on US soil?"  Here you go:  You have the Iraq National Bank that's in New York. Rasheed Bank that's in New  York.   North Bank that's Dearborn Michigan, The Bank of Baghdad is in New York City, TBI Bank which is in Washington DC.  These are  the Iraqi banks that are currently in the US...    

Community Comment: "IMO I think a $1.28 would be a sweet spot for the RV and then go up from there."  $1.28 would be pretty nice if we can get it but IMO if they want to make sure not to really crash their economy they're going to have to go up in smaller increments...I know you guys don't like to hear that and it makes me the bad guy.  You might see it go somewhere from...1310 for every dollar...to around 1,100 dinars for every dollar or maybe even 1,000 dinars for every dollar, then from there down to like 700s...small increments.

Iraqi dinar 🔥World Bank big announcement about Iraqi monetary Reform 🔥Ir...

Iraq's Bold Move: New Oil and Gas Bids Signal Economic Revival, 23 feb

 Iraq's Bold Move: New Oil and Gas Bids Signal Economic Revival

As the first rays of dawn touch the ancient lands of Mesopotamia, a new chapter is unfolding in Iraq's storied history. This time, it's not about conflict or conquest but about harnessing the wealth beneath its sands and soil. In a strategic push to revive its economy and rebuild from decades of turmoil, Iraq is set to open bids for new oil and gas concession areas in April. This initiative, part of the country's broader ambitions to develop its hydrocarbon resources, signals a hopeful horizon for a nation eager to reclaim its position on the global stage.

A New Era of Hydrocarbon Development

Under the guidance of the Oil Ministry, Iraq is embarking on what is known as the 6th licensing round, complemented by the remaining opportunities from the 5th round announced earlier in 2023. Mohammed Al-Saadi, the assistant director of the Licensing Section, shared that heavyweight contenders like Shell and Italy's ENI have already stepped into the ring, purchasing documents that detail the concession opportunities. With 8 exploratory and 8 producing wells in the 5th round, and an additional 11 oil and 3 gas wells in the 6th, Iraq is laying the groundwork for a significant expansion of its oil and gas production capabilities.

Global Giants and Local Growth

The allure of Iraq's hydrocarbon potential has not only drawn in major global firms but also promises to catalyze local economic development. The engagements with international giants such as Lukoil, as discussed by the Iraqi Prime Minister with a Russian delegation, underscore the global interest in Iraq's energy sector. Furthermore, the transition of the West Qurna 1 oilfield's operations from ExxonMobil to PetroChina, aiming to boost production significantly by the end of 2024, illustrates the dynamic shifts occurring within Iraq's oil landscape.

Yet, the narrative extends beyond oil and gas. Companies like Crescent Petroleum have embarked on ambitious projects to meet Iraq's soaring energy needs, addressing both oil and gas development and the critical electricity deficit. With plans to inject substantial investment into the early phases of new fields in Diyala and Basra, the initiative demonstrates a comprehensive approach to Iraq's energy challenges, leveraging the second highest proven oil reserves in the region for sustainable economic growth.

Charting a Course for Recovery

As Iraq positions itself at the crossroads of recovery and development, the unfolding story of its hydrocarbon sector is more than an economic venture; it's a beacon of hope for a nation striving to turn the page on years of conflict. The upcoming bidding rounds represent not just an opportunity for global energy firms but a pivotal moment for Iraq to harness its natural wealth for the prosperity of its people. With a careful balance of international collaboration and domestic advancement, Iraq is steering towards a future where its natural resources are the bedrock of its revival.

At the heart of this endeavor is a commitment to not only boost production but to ensure that the benefits of such development are felt across Iraqi society. In a landscape marked by historical upheavals, the quest for energy independence and economic stability is a testament to Iraq's resilience and determination to forge a path of sustainable growth. As the country embarks on this ambitious journey, the global community watches, hopeful for a future where Iraq can fully realize its potential, both below ground and above.

"RV UPDATE" BY MNT GOAT, 23 FEB

 Mnt Goat   

Please just be patient!  The reinstatement is coming and I firmly believe from what we now already know and are about to witness is a major part of the Banking Reforms that everything else was geared up to support over the past 10 years.   Iraq is about to get out of the sanctioned mindset altogether and return to common global banking practices of how they will be doing business with the rest of the world going forward.

...just today another article came out from the CBI telling us about yet more steps in the RV/Reinstatement process are about to be implemented...new developments...push us even closer to the RV/Reinstatement...The news could not get any better, aside from having the reinstatement itself.

 I will tell everyone who has been in this speculative investment for a long time, this couldn’t be a worst time to sell your dinar.  I compare it to a severe storm. You must have the guts to weather the storm... when the storm finally does really end, it’s over and done and then you move on to a better life knowing you weathered the storm and received the blessings that come afterwards. The rewards are great.

https://dinarevaluation.blogspot.com/2024/02/rv-update-by-mnt-goat-22-feb.html

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