Iraqi PM Al-Sudani announces 6% growth in Non-Oil GDP, 10 MARCH

Iraqi PM Al-Sudani announces 6% growth in Non-Oil GDP

Shafaq News/ On Saturday, Prime Minister Mohammed Shia al-Sudani announced a notable uptick in Iraq's non-oil Gross Domestic Product (GDP), reaching 6%. 

Speaking at the inauguration of a rolling mill in Basra, part of the State Company for Iron and Steel, Al-Sudani pointed out the significance of this growth as recorded by international financial institutions. 

 

"The transformative role of Basra is no longer just a hub for Iraq's ports and oil production but emerging as a robust industrial center encompassing both public and private sector industries. This evolution warrants the title "Iraq's Economic Capital for the city." 

The rolling mill, inactive since 2003, is part of a larger initiative to revitalize Iraq's iron and steel sector, with plans including refurbishing key facilities and associated engineering services, such as the rolling mill and the steel mill. 

With a production capacity of up to 500,000 tons annually, the rolling mill is poised to meet the nation's domestic demand for reinforcement steel while adhering to the latest international standards. Its modernized processes, including automation and programmed electronic control, signify a step forward in Iraq's industrial modernization efforts. 

Notably, Iraq's unwavering reliance on oil as its primary revenue source exposes the country to the vicissitudes of global crises that impact oil prices, thus posing significant risks to the national economy. 

Last February, the Iraqi Ministry of Finance revealed that Iraqi revenues in the federal budget over 12 months exceeded 135 trillion dinars, representing a decline in the oil contribution to the budget to 93%. 

In February 2023, the ministry reported that oil contributed to 96% of Iraq's 2022 budget. 

During a symposium on Energy Security and its Future in Iraq held last January, Iraqi President Abdul Latif Rashid expressed the Iraqi authorities' commitment "to diversifying sources of income and developing work in a wide array of fields as part of Iraq's policy to reduce its rentier reliance on oil and in terms of financial management. 

https://shafaq.com/en/Economy/Iraqi-PM-Al-Sudani-announces-6-growth-in-Non-Oil-GDP

"THE XRP : A MAJOR PLAYER AMONG DIGITAL ASSETS", 10 MARCH

 GOLDILOCKS

The XRP rich list is dominated by Ripple founders, exchanges like Binance, Kraken, and Uphold, holding significant portions of XRP.

Ripple's own addresses contain the highest amounts of XRP, with one address holding nearly 2 billion coins.

Compared to other cryptocurrencies, XRP shows a more centralized distribution, with the top 10 addresses controlling over 20% of its supply.

XRP's market cap exceeds $28 billion, making it a major player among digital assets, despite price declines due to legal challenges.

https://coincodex.com/article/22227/xrp-rich-list/

Türkiye-Iraq Development Road Initiative: Paving Path for Regional Stability, 10 MARCH

Türkiye-Iraq Development Road Initiative: Paving Path for Regional Stability

Recently, discussions surrounding Türkiye-Iraq relations have become increasingly prevalent. In prior years, Türkiye maintained an uninterrupted dialogue with Iraq. However, security concerns often played a significant role in shaping the overall dynamics of their relations. As a regional power, Türkiye prioritizes not only its own stability but also the stability of neighboring countries, recognizing that regional stability is essential for its security and well-being.

Following the U.S. invasion, Iraq faced significant destabilization, with various neighboring actors contributing to sustained instability over time. Iraq's considerable wealth, particularly in oil and gas reserves, has struggled to translate into widespread prosperity due to ongoing security challenges. As Türkiye ascended as a regional power, it increasingly prioritized the stability of its neighbors, including Iraq, recognizing its pivotal significance for regional stability and security.

Development Road Project: A Strategic Initiative

Establishing significant initiatives like the "Development Road" project between Türkiye and Iraq can be crucial landmarks in navigating the complexities of political processes. This project appears to be particularly effective in addressing and prioritizing the issue of Iraq's stability, thus contributing to regional peace and prosperity. The presence of railways, oil and natural gas pipelines, together with the main road to Iraq, assembles a critical transit and energy transfer framework.

Step by step, Türkiye has put forward a political vision and efforts for the stability of countries in the region. With the strengthening of the Iraqi national army and the gradual disappearance of terrorist organizations, Türkiye-Iraq relations are expected to become much more functional.

https://bnnbreaking.com/politics/t%C3%BCrkiye-iraq-development-road-initiative-paving-path-for-regional-stability

Pimpy Live

"CBI CONTACT INTEL: "THE RATE OF IQD IS CONFIDENTIAL AND NO ONE WOULD KNOW IT" BY MNT GOAT, 10 MARCH

 MNT GOAT

I.... thought oh! Maybe the good news is this could be the next prgram rate change of the official CBI rate we are looking for prior to the initiation of Project to Delete the Zeros. 

CBI CONTACT INTEL

I then talked to my CBI contact on my usual Wednesday call to Iraq about this fiasco and it was confirmed that this information is strictly “CONFIDENCIAL” and no one, including TNT Tony or any intel sources would know it, if it was true, but it isn’t. I was assured of this fact that even the CBI does know the rate, as the rate we are looking for is determined by many factors, certainly not insider trading from ISX.....

 ...I have to come on a clarify the false rumors...about the IQD backside trading that is taking place. Read my lips-  THERE IS NO BACKSIDE, BACKDOOR OR ??? trading being conducted on the IQD.   If you want to buy it you can go to the Iraqi Stock Exchange (ISX) and the rate is the official rate minus the trading of demand curve for the day...  

So ... Thursday the ISX dinar sales closed at 1309 (not $3.09) dinars per one US dollar compared to the CBI official rate of 1320.  END of all the rumors...Done! ...There is no back office, government or other side trading before it goes LIVE to the public.

Article:  "OFFICIAL: THE ISSUE OF IRAQ’S ACCESSION TO THE WORLD TRADE ORGANIZATION IS COMING SOON"  Quotes:  "the issue of Iraq’s accession to the World Trade Organization was imminent,"; "Iraq is seeking to enter the World Trade Organization, and the issue is coming soon."

https://dinarevaluation.blogspot.com/2024/03/rv-update-by-mnt-goat-8-march.html

Iraq's PM Al-Sudani Prioritizes Basra's Advancement: Economic, Educational, and Security Initiatives Unveiled, 10 MARCH

Iraq's PM Al-Sudani Prioritizes Basra's Advancement: Economic, Educational, and Security Initiatives Unveiled

During a significant visit to Basra this Saturday, Iraq's Prime Minister Mohammed Shia al-Sudani, alongside the governor of Basra and various members of the provincial council, underscored the crucial need for collaborative efforts between ministries and provinces to foster the region's growth. Al-Sudani's discussions focused on Basra's pivotal role in Iraq's economic landscape and the collective responsibility to propel its prosperity for the nation's benefit.

Economic Revitalization and Strategic Projects

Al-Sudani pinpointed the strategic economic initiatives underway in Basra, notably the development of Al-Faw port and the Basra - Shalamcheh border crossing, which have piqued regional and international interest. "The critical transition towards economic revitalization in Basra," he remarked, is vital for Iraq's broader ambitions. These projects are not only expected to enhance Basra's economic stature but also to strengthen Iraq's position in international trade networks, promising a brighter economic future for the country.

Boosting Education and Addressing Security Concerns

The Prime Minister also highlighted the expansion of educational opportunities as a cornerstone of Basra's, and indeed Iraq's, advancement. Through the Iraq Development Fund, the private sector is set to play a significant role in constructing and maintaining schools across the country. This initiative aims to bolster the educational infrastructure, preparing the younger generation for future challenges. Furthermore, Al-Sudani addressed the persistent security challenges in Basra, emphasizing the local government's role in supporting security forces. "Enhancing stability is a crucial indicator for attracting investors," he asserted, linking peace and security directly with economic prosperity.

Engagement with the Community

Understanding the importance of community engagement, Al-Sudani called for a deeper connection with the residents of Basra. He stressed the need to listen to their concerns, a move that not only fosters trust between the government and its citizens but also ensures that developmental projects align with the people's needs and aspirations. This approach is expected to create a more inclusive and responsive governance model, driving Basra's advancement in alignment with the public's expectations.

In his discussions, Prime Minister Mohammed Shia al-Sudani laid out a comprehensive vision for Basra's future, intertwining economic, educational, and security strategies. His visit underscores the central government's recognition of Basra's importance and its commitment to addressing the governorate's multifaceted challenges. As these initiatives unfold, the eyes of Iraq and the world are on Basra, anticipating its emergence as a beacon of prosperity and stability in the region.

https://bnnbreaking.com/politics/iraqs-pm-al-sudani-prioritizes-basras-advancement-economic-educational-and-security-initiatives-unveiled

"RV UPDATE" BY SANDY INGRAM, 10 MARCH

 Sandy Ingram  

 Vietnam Dong (VND):  The reason for such a low rate is the transition from a centralized economy to a market-based one...We learned [Vietnam had] over 3 million international arrivals in the first 2 months of 2024, an increase of 68.7% year-on-year according to data released by The General Statistics Office.

 In 2023 Vietnam recorded approximately $28.5 billion US in tourism revenue...Iraq has the ability to generate this same amount or more each year due to the historic landmarks and religious hot-spots in the country.  

All Iraq has to do is implement safety for tourists.   Egypt generated $10.7 billion in tourism in 2022 and $13.1 billion in 2023...

Iraq is the birthplace of the top three religions in the world today - Judaism, Christianity and the Muslim faith.  There are important landmarks within Iraq for all three of these religions, including the ancient city of Babylon.

https://dinarevaluation.blogspot.com/2024/03/rv-update-by-sandy-ingram-7-march.html