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Iraq's Oil Revenue Dominance Persists Despite Diversification Efforts, 26 FEB

Iraq's Oil Revenue Dominance Persists Despite Diversification Efforts

Amidst the sprawling landscapes and ancient cities, Iraq finds itself at a crossroads, economically speaking. The Iraqi Ministry of Finance recently disclosed figures that paint a vivid picture of a nation still heavily shackled to its vast oil reserves. Over the last 12 months, the federal budget's coffers swelled to over 135 trillion dinars, of which a staggering 93% was sourced from oil revenues. This slight dip from the previous year's 96% might seem promising at first glance, but it underscores a deeper, more persistent reliance on crude oil, aligning with Iraq's commitment to OPEC's production cuts aimed at stabilizing global oil prices.

The Crux of the Matter: Oil's Overbearing Influence

Despite the global push towards renewable energy and economic diversification, Iraq's economy remains steadfast in its dependence on oil. This reliance is not without its risks, as fluctuations in global oil prices can drastically affect the nation's budget and, by extension, its ability to fund public services and development projects. Economic experts and high-ranking officials, including the Iraqi President and the Prime Minister's Adviser on Energy Affairs, have voiced their concerns, emphasizing the urgent need for Iraq to diversify its economy. Their statements, echoed at conferences and symposiums, highlight the vulnerability of Iraq's economy to external shocks and the critical importance of finding sustainable income sources beyond oil.

A Glimmer of Hope: Efforts Towards Economic Diversification

Despite the challenges, Iraq is not standing still. The country is making concerted efforts to pivot away from its oil-dependent economy. The approval of a record-breaking budget, totaling 198.9 trillion Iraqi dinars for the years 2023 to 2025, is a testament to Iraq's commitment to sustainable growth and improved living standards. This budget, as reported by The Frontier Post, earmarks substantial funds for critical infrastructure projects, public sector expansion, and job creation. Moreover, Iraq's anti-corruption measures, aimed at enhancing transparency and accountability, seek to attract foreign investments. Initiatives like the Development Road project are designed to reduce reliance on oil revenue, enhance global trade connectivity, and diversify the economy through international partnerships. These steps, while in their infancy, signal Iraq's dedication to a more stable and diversified economic future.

The Road Ahead: Challenges and Opportunities

While the path to economic diversification is fraught with challenges, the potential rewards are significant. Diversifying income sources can provide Iraq with a more stable economic foundation, less susceptible to the whims of the global oil market. Moreover, it can spur job creation in new sectors, reduce poverty, and improve the overall quality of life for its citizens. However, the transition requires strategic planning, substantial investment, and, most importantly, time. The international community's role in supporting Iraq through this transition cannot be overstated, offering expertise, investment, and market access to help steer Iraq towards a more prosperous and sustainable future.

The journey of economic diversification is a marathon, not a sprint. As Iraq takes its first steps towards reducing its reliance on oil, the road ahead is long and uncertain. But with strategic vision, international support, and a commitment to sustainable development, Iraq can transform its economy, ensuring a brighter future for its people.

https://bnnbreaking.com/world/iraq/iraqs-oil-revenue-dominance-persists-despite-diversification-efforts

"RV UPDATE" BY MILITIAMAN, 26 FEB

 Militia Man 

 Article quote:  "...the prime minister's...advisors do not have any information regarding the amount of the read and expected deficit in the 2024 budget.  This mater is completely closed until the moment exclusively with the Ministry of Finance."  

 Parts of the government do not know yet what is coming.  

Why? 

 Because they don't have a need to know... 

Article quote:  "...no one know what they include... numbers and details. "  

No one knows until the last moment.  

Why?

  Because they need to keep it tight to the chest.  

 Iraq's natural resources to stimulate growth is off the charts.  They're right there underneath just a few countries... United States, Saudi Arabia...When it comes to valuation they're going to have to value the currency at some point in time to a Real Effective Exchange Rate (REER)...

Iraqi Dinar Latest Exchange Rate Update-Iraqi Dinar News Today 2024-Dina...

Iraqi PM: Iraq adopts balanced approach, steers clear of alliances and axes, 25 FEB

Iraqi PM: Iraq adopts balanced approach, steers clear of alliances and axes

Shafaq News/ On Sunday, Iraqi Prime Minister Mohammed Shia Al-Sudani affirmed that Iraq follows a "balanced approach and avoids alliances and axes" in its foreign relations. 

Speaking during a symposium held by the Baghdad Institute for Dialogue, under the slogan (Regional Communication... The Centrality of Iraq), Al-Sudani said that the government has set a primary goal of "building trust with the Iraqi street, which is the criterion for determining priorities in work." 

On the security file, the Prime Minister affirmed that "ISIS today represents a defeated organization, as recent operations by our armed forces have proven its inability to even exist in remote areas. The achievement of stability and the development of our forces' capabilities bolster the conviction in the possibility of ending the presence of the Global Coalition and moving towards bilateral relations." 

Notably, Iraq declared victory over ISIS in 2017. Still the Global Coalition forces led by the United States are in Iraq at the request of the Iraqi government only for training and advisory issues. 

But, after the last US attacks on the Popular Mobilization Forces, killing members of Harakat Al-Nujabaa and others, Iraqi officials stressed the necessity to end this presence under the Iraqi Parliament non-binding resolution submitted in January 2020. 

Regarding Iraq's foreign relations, Al-Sudani clarified that Iraq adopts a" balanced approach, steering clear of alliances and axes, and is open to advanced ties with everyone." He highlighted Iraq's "ability to communicate with others and its distinguished relations with the United States and Iran." 

Notably, Iraq relies on Iran in many economic fields, including Power supply, and on the US in providing oil revenues; therefore, the country is trying to be a bridge to enhance the relations for its own benefit. 

During the Symposium, Al-Sudani reiterated Baghdad's rejection of being used as a "battleground for others' conflicts," emphasizing the importance of intertwining regional interests and shifting focus from politics to economy. 

Concerning the economic progress in the country, Al-Sudani stated that "major strategic projects, such as the Development Road project, will attract partnership and economic integration, enhancing Iraq's idea of proposing an economic bloc, as previously suggested at the Arab Summit to fuel development and reinforce integration among Arab countries." 

The Development Road Project is a $17 billion infrastructure initiative in Iraq. Its core objective is to establish a seamless motorway and rail network connecting the southern port city of Basra to the Turkish border. This ambitious project will also integrate with existing road and rail networks, ultimately establishing a crucial link between Asia and Europe.

https://shafaq.com/en/Iraq-News/Iraqi-PM-Iraq-adopts-balanced-approach-steers-clear-of-alliances-and-axes

"RV UPDATE" BY MARKZ, 25 FEB

  MarkZ  

 [via PDK] 

 One of my three redemption center contacts have not been called into work…but they said there is always a possibility. They are being told to prepare for a possibly very busy week this week. They have warned them of that 2 or 3 times in the past…but they did give them a heads up that there is a potential of this week for them to be working some major overtime.  The banks are stuck in the position of having to be prepared to go at any moment for when that trigger is pulled. So they are prepared for a potentially very busy work week.

Plenty of RV rumors running around today about Reno and Europe that we could get an announcement today.   But, I think it could be a bit premature...But there are a ton of bankers and group leaders that swear I will be proven wrong and they will get notices today. ..

.I can tell you the chatter is off the hook...We have certainly heard this before but have never been in this same spot where this many things are completed… which does make hearing this something we need to pay attention too. Just stay grounded and calm today as we wait to find out.

URGENT THREAT TO IRAQS PLANS #breakingnews BY SANDY INGRAM