KRG PM Barzani's Washington Talks; Salah ad-Din and Basra Political Turmoil: Iraq's Governance Challenges, 2 MARCH

KRG PM Barzani's Washington Talks; Salah ad-Din and Basra Political Turmoil: Iraq's Governance Challenges

On February 24, Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani arrived in Washington, D.C., to meet with U.S. Secretary of State Antony Blinken. Their discussions focused on several critical issues including Erbil's budget disputes with Baghdad, halted oil exports through Turkey, the Sinjar Agreement, and recent controversial decisions by Iraq's Federal Supreme Court affecting the Kurdistan region. This meeting underscores the ongoing complex political and economic negotiations between Erbil and Baghdad, with international implications.

Political Struggles and Resignations

The political landscape in Iraq saw significant developments with the resignation of Salah ad-Din's governor-elect, Ahmed al-Jubouri, on February 25. Citing insurmountable political struggles, Jubouri decided to step down, highlighting the intense political maneuvering and challenges facing local governance in Iraq. His resignation came amid controversies, including being initially blocked by President Abdul-Latif Rashid over allegations of prior convictions. This event reflects the turbulent nature of political appointments and the fragility of governance structures in the country.

Parliamentary Oversight and Investigations

In another twist of governance and accountability, the acting speaker of Iraq's parliament, Mohsin al-Mandalawi, announced on February 27 the creation of a parliamentary committee. This committee is tasked with investigating alleged violations by Basra's governor amidst the disbandment of the provincial council. The move has sparked significant controversy, particularly among allies of the governor, who view the committee, chaired by a Kataib Hezbollah affiliated lawmaker, as politically motivated. This development points to the ongoing power struggles and the complexities of maintaining oversight in Iraq's political landscape.

Executive Appointments and Legal Controversies

Adding to the political turmoil, Prime Minister Mohammed Shia' Sudani's Cabinet appointed five new members to the board of commissioners of Iraq's Communications and Media Commission (CMC) on February 27. This action was immediately met with criticism from the parliamentary legal committee, which argued that the Cabinet overstepped its bounds, as it can only nominate candidates for parliament to vote on. This incident underscores the ongoing tensions between different branches of Iraq's government and the challenges in adhering to legal frameworks and processes.

The recent political and diplomatic events in Iraq, highlighted by KRG PM Masrour Barzani's talks in Washington, reflect the multifaceted challenges facing Iraq's governance. From budget disputes and halted oil exports to political resignations and legal controversies, these developments underscore the complexities of managing a country at the crossroads of significant economic, political, and security transitions.

https://bnnbreaking.com/politics/krg-pm-barzanis-washington-talks-salah-ad-din-and-basra-political-turmoil-iraqs-governance-challenges

"RV UPDATE" BY PIMPY, 2 MARCH

 Pimpy  

 Here's the biggie everybody is celebrating.  We're not there yet but very close. Article:  "Iraq has completed requirements to join WTO: Minister"  We have to wait till they get voted in.  Yes they completed all the steps.  Let's hope they keep their nose out of trouble and finally get accepted...Iraq is right there at the cusp, man, it really is.  This is big news.

 We personally do not exchange our currency with Iraq.  What happens is if the sanctions are lifted, they revalue the currency,  we take our currency down to our banks, we exchange the Iraqi dinar for US dollars...If that bank...buys and sell foreign currencies they would keep it on their books as an asset.  If they turn it over to the Federal Reserve then the Federal Reserve would be dealing with Iraq as far as swapping the US dollar for the Iraqi dinar but most banks are going to keep it on their books.

 That's why you don't have to worry about whether Iraq has enough US dollars.  It's going to be whether your bank has enough dollars and since everything's going to be digital there's not going to be a problem with that.  That's how it's going to happen all around the world.  You're going to be able to go into your bank, exchange your IQD and that's who you're exchanging it with.  Iraq does not have to have all those US dollars to cover the IQD because banks are going to hold them on their books as foreign reserve assets.   

🔥 Iraqi Dinar 🔥 Game-Changer Alert: Get Ready for New Lower Notes! 🔥 Gur...

Iraqi Prime Minister Boosts Dhi Qar with Major Development Projects and Job Opportunities, 2 MARCH

Iraqi Prime Minister Boosts Dhi Qar with Major Development Projects and Job Opportunities

On a significant day for Dhi Qar province, Prime Minister Muhammad Shia Al-Sudani pledged substantial development initiatives and job openings, marking a pivotal moment for the region's future. Meeting with the local government, Al-Sudani outlined plans for a large-scale oil project and essential infrastructure enhancements aimed at propelling Dhi Qar towards economic growth and stability.

Revolutionizing Dhi Qar's Economy with Oil and Infrastructure Projects

In a move set to radically transform the economic landscape of Dhi Qar, the Prime Minister disclosed the upcoming launch of a major oil project focused on the petrochemical and gas industries. This initiative, to be executed by a Russian company near the province's oil fields, promises to inject vitality into the local economy. Further bolstering Dhi Qar's development prospects, Al-Sudani announced federally funded mega-projects, including the integrated services project of Souq Al-Shuyukh and the much-anticipated Nasiriyah Airport and Ur city development. These projects, exceeding 400 billion dinars in investment, aim to modernize the province's infrastructure and enhance its cultural heritage.

Employment Opportunities and Special Attention to Dhi Qar

Addressing one of the most pressing concerns of the Dhi Qar populace, the Prime Minister assured an increase in job opportunities, particularly through the allocation of a larger share of job grades in the near future. This commitment is seen as a direct response to the local government's appeal for the central government's heightened focus on Dhi Qar, recognizing the province's potential for growth and the need for economic revitalization.

Strategic Vision for Long-term Prosperity

The meeting between Al-Sudani and Dhi Qar's local government officials underscores a strategic vision for the province's long-term prosperity. By financing large-scale projects outside the provincial budget, the federal government demonstrates its commitment to reducing project lag and stimulating economic activity. These initiatives, particularly the development of Nasiriyah Airport and the ancient city of Ur, are poised to shift Dhi Qar's reality, ushering in a new era of development and opportunity.

As Dhi Qar stands on the brink of transformation, the Prime Minister's announcements herald a hopeful future for the province. With a focus on economic development, job creation, and infrastructural enhancement, Dhi Qar is set to embark on a journey of substantial growth and revitalization. These developments not only promise to improve the living standards of its residents but also position Dhi Qar as a key player in Iraq's broader economic narrative.

https://bnnbreaking.com/politics/iraqi-prime-minister-boosts-dhi-qar-with-major-development-projects-and-job-opportunities

"RV UPDATE" BY MNT GOAT, 2 MARCH

 Mnt Goat

   some...recent...very interesting and informative news articles we can use to help connect the dots about what is going on with the Project to Delete the Zeros...all fantastic news but just news for now. The actual execution part is coming VERY SOON but not yet!  ...I  am still staying VERY excited but remember Iraq does not work on our schedule...Just relax it is coming and we must just follow the news and see what happens next... 

  ...Iraq is finally breaking the news all about the Project to Delete the Zeros. This is fantastic news but just news for now. The actual execution part is coming and I was told by my weekly call to my CBI contact in Iraq on Saturday, that it will be VERY SOON!

For us investors we are still waiting for OFAC sanctions to be lifted in the US before the banks will “legally” exchange. But exchange at what rate? So, we also wait for another “official” rate change to occur by the CBI prior to the Project to Delete the Zeros. 

We know this project is just steps away from the RV/Reinstatement of the dinar back to FOREX. Once on FOREX the OFAC sanctions will have to be lifted. Then we head to the bank to exchange and only at this time. Get it?

https://dinarevaluation.blogspot.com/2024/02/we-are-still-waiting-for-ofac-sanctions.html

I want to quote yet another statement from this recent article – “Banks will be responsible for financing foreign trade directly through the dollars they own” (and not from the CBI reserves). So what does this mean and what is the importance to us as investors?

 This means the CBI will no longer be asking the US Treasury to ship plane loads of dollars to Iraq to meet the demand for dollars to pay for imports. Instead, the banks in Iraq themselves will work with banks in the US to transfer dollars. Of course, this will only work if the electronic banking system in Iraq is working and used. We have learned in past news from the CBI the direct connection between electronic banking and the success of the monetary reform implementation. So, this is all interconnected. Again, something as changed, and it appears that finally the electronic Point Of Sale (POS) and consumer debit cards is taking hold in Iraq. This is a decade long project for Iraq. 

Then in the same article it also says and I quote – “Banks will be fully responsible for auditing invoices and transfers, which is the practice globally.” What this statement tells us is that banks will now take us new responsibilities, which are common global banking practices for banks. I can only imagine the CBI must have put some stiff penalties on the banks for further. This is how the rest of the world’s banking system works and so we will finally see soon Iraq coming fully out of the sanctioned, isolationist operation of their banking system and joining the rest of the world. We all know Iraq has been fully released from all UN sanctions in December of 2022 and so it will be about time to start acting like it. But we all know things are slow in Iraq and we have to remember that they are also making monumental leaps in technology and fighting corruption along the way.

https://dinarevaluation.blogspot.com/2024/02/analysis-of-iraq-news-banks-will-be.html 

Iraqi Dinar | FINALLY! GOOD NEWS FOR IRAQ NEW EXCHANGE RATE CONFIRMED! |...

Iraqi PM discusses investment opportunities with Turkey’s Limak, 2 MARCH

 Iraqi PM discusses investment opportunities with Turkey’s Limak

On Thursday, Iraqi Prime Minister Mohammed Shia Al-Sudani visited a group from Limak, a Turkish corporation that specializes in transportation and building projects.

According to a statement released by the Prime Minister’s Office, Al-Sudani spoke with Limak’s owner, Nihat Ozdemir, the company’s investment and development potential in Iraq, particularly in infrastructure and transportation projects.

The two sides also discussed ongoing development projects in Iraq, including the Development Road and the Al-Faw Grand Port, as well as road, bridge, and industrial city projects in various governorates.

The Iraqi Prime Minister stated that the country’s investment climate has improved and become more welcoming, particularly after banking, administrative, and financial reforms were completed and the private sector was able to develop effective collaborations with international enterprises.

The Iraqi government has renamed the dry canal that connects the Al-Faw Grand Port in southern Iraq to Turkish territory via railway networks and highways as the Development Road.

It will stretch 1,200 kilometers from Al-Faw port town in southern Iraq to Faysh Khabur in the northern Iraqi governorate of Duhok.
The Development Road comprises a railway that will transport electric trains across ten Iraqi governorates.

In a joint news conference with the Turkish President in March, Al-Sudani emphasized that the Development Road symbolizes a worldwide corridor for the transportation of products and energy.

The Iraqi Prime Minister demonstrated that the project comprises a railway for transporting commodities, with a capacity of 3.5 million tons in the first phase and increasing to 7.5 million tons in the second.

Al-Sudani went on to say that the project would also feature a highway for land transport and energy pipelines, as well as the Al-Faw Grand Port and the industrial metropolis, which is predicted to be one of the largest in the Middle East.

The Iraqi Premier went on to say that the project will create many jobs in Iraq and other countries in the area, as well as chances for companies and merchants, and will serve as a hub for global commerce.