The leader of the Kurdistan Democratic Party, Wafa Muhammad Karim, revealed the details of Baghdad and Erbil regarding the salaries of the Kurdistan region.
Karim told {Al-Furat News} that: “It was agreed that the resettlement process for employees’ salaries in the Kurdistan region will be completed, and the process needs between 4 to 6 months to complete.” He added, “Prime Minister Muhammad Shiaa Al-Sudani indicated that the Baghdad government will send salaries until the resettlement process is completed.” Karim pointed out, “There is a problem in the resettlement process, as the federal government stipulated that resettlement be limited to the Rasheed and Rafidain banks, while the region objected and wanted resettlement to be through a bank account and a project specific to the region.” He added, “No agreement has been reached in this regard or the salaries that will be sent for the month of March.” The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, announced today, Wednesday, that he had reached an “appropriate solution” with the federal government to the issue of allocating the salaries of employees and litigants in the Kurdistan Region. Today, the Accounting Department of the Federal Ministry of Finance launched the remaining salary funding for members of security institutions in the region for the month of February.
She indicated that the funding came in accordance with what was stated in the letter of the Ministry of Finance and the Accounting Department No. 9133 on 4/3/2024 after fulfilling all the requirements followed in financing the salaries of federal government employees, and based on what was stated in the books of the Financial Supervision Bureau No. 8422 on 3/28/2024. And 8670 as of 4/1/2024.
Today, Wednesday (April 3, 2024), Muhammad Mazhar Salih, the financial and economic advisor to the Prime Minister, revealed the size of Iraq’s foreign and internal debts, while indicating a government plan to pay them.
Saleh told “Baghdad Today”, “Iraq’s external debt is very small and constitutes less than (30%) of the country’s gross domestic product, and this percentage is less than the standard and safe percentage, which is (60%) according to European Union standards.”
He explained, “Iraq has a plan to repay these debts, and the remaining debt is less than $20 billion. Nearly a third of it will be paid during this year and may decrease significantly over the next few years.”
He added, “The largest debt is internal, and this debt does not pose any risk, as it is within government financial institutions, and is not a debt between individuals and the government, and about (98%) is debt between the government, government banks, the Central Bank of Iraq, and the Ministry of Finance,” indicating that “there is A plan to settle these debts in the future in a way that does not constitute any burden.”
The financial advisor to the Prime Minister indicated that “the internal debt is estimated at 50 billion dollars, but it is within the official government financial institution, and the central bank controls approximately (64%) of it,” stressing that “the external debt is the most important and Iraq is committed to paying it.”
Yesterday, Tuesday, the Council of Ministers approved the recommendation of the Ministerial Council for the Economy (24207) for the year 2024, which included the approval of the Diwaniyah Order Committee’s recommendation 23942, related to foreign debt. The recommendation included :
1- The Ministry of Planning’s study of projects canceled from loans; To discuss the possibility of including it in funding sources from the federal general budget .
2- The Ministry of Finance will verify the existence of any financial obligations that may result from canceling these projects with the loan donors when implementing the decision .
3- Canceling delayed loans, worth $1.05 billion, and completing important projects from government funding sources .
4- Canceling borrowing requests worth $5.8 billion for the Basra water desalination and sky train projects, financing the first project from the regional development budget, and financing the second project by offering it for investment .
5- Reducing the current external public debt, amounting to $10.5 billion, to $8.9 billion .
6- Redirecting World Bank loans for lagging projects and other surpluses towards implementing the vital railway link project (Faw – Rabia – Fish Khabour) .
7- Contracting with an international financial consultant to audit and manage foreign debts in the future.
Central banks globally are hoarding gold, hinting at worries over the US dollar’s stability.
The move is led by BRICS nations, aiming to lessen their reliance on the dollar in international trade.
Gold is being amassed as a strategic asset against potential dollar depreciation and a broader financial shift.
The global stage is brimming with tension, and it’s not the kind that just ends when the credits roll. No, this suspense is way heavier and could hit your wallet like a ton of bricks.
~Jai Hamid
________________
Ariel:
Now why did I post this? Well let's briefly go over the recent announcement by Iraq.
On Thursday, 100 US dollars were exchanged for 146,750 Iraqi dinars in the Kurdistan Region. This is the lowest level the USD has seen in over 10 months.
As of the beginning of the week, the value of each 100 US dollars was approximately 150,000 IQD, but quickly declined, so the value of each 100 USD declined by more than 3,000 IQD.
Now what does this mean for the potential 1:1 or 3:1 parity of the IQD/USD where people who hold IQD can exchange and covert them to USD at a 1:1 or 3:1 exchange rate this year? Well if you are going off this report alone the difference in the decline decline in the value of the USD against the IQD from 150,000 IQD per 100 USD to 146,750 IQD per 100 USD is only about 2.2%. Which is no big deal.
Iraq is one of those Central Banks who are sitting on tons of gold. This will help absorb the economic shock once they reinstate their currency on the Forex Market. Because remember all the BRICS Nations are waiting for Iraq. So everyone around the world is preparing.
Because I told you all to keep your eyes on the following.
1. The Investment Law
2. The Budget Law
3. The HCL Law
Let's go over these three areas briefly.
The Investment Law in Iraq, known as Investment Law No. 13 of 2006 (amended in 2015), aims to promote and facilitate both foreign and domestic investment in the country.
The law provides a framework for investment in various sectors, including industry, agriculture, tourism, and infrastructure.
5 Key Aspects of The Investment Law
• Equal Treatment
• Investment Incentives
• One-Stop Shop
• Land Allocation
• Dispute Resolution
Despite the favorable provisions of the Investment Law, Iraq still faces challenges in attracting foreign investment due to security concerns, political instability, corruption, and bureaucratic hurdles.
So what is the one thing they need to fix this? The new exchange rate.
What is next?
The Budget Law
Now what did the finance committee come out and say a few days ago?
The Parliamentary Finance Committee, last Thursday (March 28, 2024), reassured employees and retirees regarding their salaries in the financial budget for the year 2024.
What are the main things in the Budget Law?
Well you would have to look in the 2023 budget first because these projects have not been financed with the new currency exchange rate.
Infrastructure development: Funds allocated for various infrastructure projects, such as roads, bridges, and public facilities.
Oil & Gas Sector: Investments in the oil and gas industry to increase production, upgrade facilities, and improve the sector's overall performance.
Electricity sector: Projects to enhance electricity generation, transmission, and distribution to address the country's chronic power shortages.
Water resources: Allocations for water management projects, including irrigation systems, dams, and water treatment plants.
Agriculture:
Support for agricultural projects and initiatives to promote food security and rural development.
Reconstruction efforts: Funds dedicated to rebuilding areas affected by conflict and terrorism, particularly in provinces such as Nineveh, Anbar, and Salahuddin.
Economic reforms: Initiatives to diversify the economy, attract foreign investment, and support the private sector.
Guess what? All of these projects have been on hold for years. The most important ones being infrastructure, economic reforms, and the electricity sector. Iraq and Iran recently signed an electricity deal in March 2023. The agreement was signed during Iranian Energy Minister Ali Akbar Mehrabian's visit to Baghdad on March 7, 2023.
Under this deal, Iran will continue to supply electricity to Iraq for the next two years. So we got that out of the way. Because it makes sense to ensure they have this in order to ensure stability in operations to facilitate an electronic transfer of new currency values.
Because what did Al-Sudani tell the Iraqi citizens? To hold on to their Dinar because it will be the stronger currency in the region. One reason being is because their 2024 budget is equivalent to 70 tons of gold. Not only that Al-Sudani said they will be making an announcement before the end if Ramadan. Which should be sometime Monday for us to know what this is.
Because their new fiscal year starts on April 1st. So I guess they will open up the books on their portfolio. Again I just listed many projects that need an exchange rate. So what is the current status of the 2024 budget? Well let's look and see what a member of the Parliamentary Committee said a couple of days ago.
Qoute: " The head of the committee, Atwan Al-Atwani, told the official agency, followed by “Baghdad Today,” “We are awaiting the arrival of the 2024 budget schedules.”
He added, "The salaries of employees, retirees, and the protection network are secured in the 2024 budget."
Al-Atwani stressed, "There is no financial crisis in Iraq."
End quote.
And what is the one thing Iraq needs in order for this budget to have any real value for their economy? The new exchange rate. Will this be apart of the announcement Al-Sudani has mentioned? We will see. Do they have the luxury of dragging their feet another month or so for that matter? Absolutely not.
One reason being is this. Prime Minister Muhammad Shiaa Al-Sudani announced last Thursday, the start of setting 2024 budget schedules that include added financial entitlements to the governorates that will be allocated to infrastructure. What are the entitlements? One major one is the HCL Law. Thought I forgot to mention this one didn't you?
This law is basically a constitutional requirement for the Oil & Gas allocations that will be based on the exchange rate that has yet to he shown. It allows the citizens to get a monthly stipend.
Here's how the proposed stipend system could work under the HCL:
Revenue allocation: A percentage of the revenues generated from Iraq's oil and gas exports would be set aside for distribution among Iraqi citizens.
Eligibility:
All Iraqi citizens, regardless of their region, ethnicity, or religion, would be eligible to receive the monthly stipend.
Distribution mechanism: The stipend would be distributed through a national fund or a designated government agency, possibly linked to the existing Public Distribution System (PDS) that provides essential food items to Iraqis.
So as you can see they are in prime position to open their budget. Because this also mentions the citizens in this statement regarding their entitlements.
Article quote: "...In addition to the possibility of achieving a significant increase in its financial incomes that would raise the purchasing power of the Iraqi individual...".
Purchasing power will only come from the new rate. They are running against the clock people.
Keep your eyes on the budget over these next few days. That's where our financial freedom is. This is the most exciting update because Iraq officially announced they are ready to open it.
Goodluck out there.
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Good evening all and many blessings
Member: RV there yet?
Member: Let's all hope that MarkZ found some really good information for us this afternoon!
MZ: I am hearing great things from Iraq . I am getting a lot of chatter from groups with expectations again. Expectations that the Fines and Penalties will be released this week.
Member: Maybe the fines and panalties to be paid would correspond with 28 Iraqi bank "bans" by the US Treasury release would boomerang that and we re-instate?
MZ: Remember we expect the historical bonds to go first. Then settlements like CMKX, PP’s Farm Claims ect…..then big groups….then 4A (who have already turned in their currency for SKR’s) Then us. Somewhere between groups and 4A we should start getting notifications to make our appointments.
Member: So let’s pray we’ll start scheduling appointments next week!
MZ: I think it’s highly possible that we could. There was a lot of expectations from my Iraqi contacts for today….but have not heard anything from them yet. And we hope to start seeing Fines and Penalties starting tomorrow night…..we shall see.
Member: I wonder how soon we go after F&PS start paying out?
Member: I would say within days……imo
Member: We were always told to look for one of the "events" to help this to go because they like the distraction for us.
Member: I just read that our governor in Indiana has issued a state of emergency the day of the eclipse
Member: It is always darkest before the dawn!!
Member: IMO I would give the highest estimate for the 8th. I believe they're gonna use the eclipse as a cover . With all the hype out there.
Member: i think it would be a great time to RV tonight
MZ: We have Mr. Cottrell with us tomorrow morning and Sheila and Dr. Scott Young with us tomorrow night……Its going to be great.
Member: Mark thanks for your work each and every day May God bless you.
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
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