Article "Disclosure of Iraq's creditors internally and externally" Quote "On April 8, the Iraqi government announced a reduction in external public debt by more than 50%, bringing the debt down from $19.729 billion late. in 2022, to $15.976 billion in 2023, reaching approximately $8.9 billion in the current year."
Article: "Office of Mr. Al-Sistani: It is expected that Wednesday will be the first day of Eid Al-Fitr” Quote: “The office’s forecasts for the crescent times for the Hijri months indicated the possibility of seeing the crescent of Shawwal tomorrow, Tuesday, so that Wednesday will be the first day of Eid al-Fitr.”
Clare
Article: "Iraq will become an "alternative" to the Suez Canal" Quote: "Iraq will become, during the next few years, a 'center' for international trade between the East and the Middle East and the West.”
Article: "Iraqi economy faces threat as US closes oil revenue account" Quote "...
with the closure of the DFI [Development Fund for Iraq] account, Iraq's oil revenue is now being directed to a new account, referred to as IRAQ2. This transition raises concerns...banking specialist Kamaran Qadir Yaqub...warns the protection previously afforded to Iraq's revenue may no longer be guaranteed."
Article: "Al-Shammari reveals the most prominent files of Sudanese’s visit to Washington and the government’s ambition regarding the dollar" Quote: "Al-Sudani's visit to Washington will be practical and will not be for taking pictures...The Iraqi delegation will ask the American side about the reasons for their decisions to impose sanctions on Iraqi banks... Our expectations are that the visit will be very successful..."
Clare
Article "Statement from Press Secretary Karine Jean-Pierre on the Visit of Prime Minister Mohammed Shia’a Al-Sudani of Iraq to the White House" Quote "On April 15, President Joe Biden will welcome Prime Minister Mohammed Shia’a Al-Sudani of Iraq to the White House to coordinate on common priorities and reinforce the strong bilateral partnership between the United States and Iraq."
Article: "Al-Sudani intends to visit Washington to lift the ban on banks prohibited from dealing in dollars "
Quote: "The head of the Iraqi Securities Commission, Faisal Al-Haimas, announced that three Iraqi banks were sanctioned by the US Treasury, and 25 banks were banned from dealing in dollars ; ."
Article: "The Central Bank announces an understanding with the US Treasury to reconsider sanctions and indicates 'illegal trade' "
Iraq reduces external debt by more than half within two years
Baghdad – The Iraqi government reported, on Monday night, a 50 percent decrease in outside obligation, restoring its assurance to keep making a subjective change in the Iraqi economy.
Government representative Bassem Al-Awadi said in a proclamation distributed by the Iraqi News Organization (INA), “As an accentuation from the public authority on straightforwardness in monetary work, and illuminating popular assessment and public and worldwide media of Iraqi monetary execution, and considering the Gathering of Priests’ endorsement of the proposals of the Diwani Request Board of trustees 23942, In regards to managing outside getting and organizing Iraqi public outer obligation, the public authority took a progression of chief measures and embraced a bundle of monetary choices that brought about paying off outer public obligation by in excess of 50%, bringing the obligation down from $19.729 billion in late 2022 to $15.976 billion. In 2023, coming to around $8.9 billion this year.”
He added, “These monetary advances, which included halting various getting tasks because of their postponement and uselessness, coordinating and overseeing obligations and evaluating them, and rebuilding a few obligations and guiding them to make vital undertakings, expect to keep the Iraqi economy from selling commitments that might influence, from here on out, the political choice, or the… The public improvement way corresponds with a metropolitan renaissance and foundation remaking, which opens the way to a promising future and a renewed economy, in which our current and people in the future perform best and get the best open doors.”
He made sense of that “the public authority coordinated the most common way of supporting participation with the worldwide local area in unambiguous settings, including direct useful getting, giving sovereign certifications to guarantee the development of tasks completed by the confidential area to serve the public authority, and sovereign ensures gave by the public authority to the advantage of foundations that finance the Iraqi confidential area bringing underway lines to construct Manufacturing plants inside Iraq.”
He brought up, “These means prepare for our nation’s further coordination into the global monetary cycle, and for the public authority to take on the standard of useful getting just, which really prompts an expansion in the homegrown item, and the supporting of public assistance and useful tasks with financial returns, in a way that guarantees their culmination and isn’t postponed.” .
With these firm advances, Al-Awadi focused on that “the public authority recharges its assurance to keep making a subjective change in the Iraqi economy, in lined up with substantial improvement in the administrations, foundation and social consideration areas, which are the support points expected to meet the yearnings of our kin all through Iraq, and carry out the taxpayer supported initiative with its needs and objectives.” “.
State leader Muhammad Shiaa Al-Sudani has put financial change at the highest point of his administration’s needs, however he faces a difficult task in a nation where the state is the biggest boss and where organization and old regulations upset crafted by the confidential area.
The Worldwide Money related Asset’s affirmation in its most recent evaluations that Iraq had the option to defy variances throughout the last year, and that it will recuperate in 2024, gave the economy a solid resolve lift to conquer outer shocks thanks to the development of non-oil homegrown item and the fortifying of public monetary administration.
As indicated by the Asset, this is addressed by lower expansion rates and a better equilibrium of installments, as well as invigorating monetary enhancement and setting out work open doors drove by the confidential area.
The Asset anticipates that Iraq’s non oil Gross domestic product should develop by around 5%, considering the huge extension out in the open funds inside the system of the powerful three-year spending plan regulation.
In a connected setting, the monetary guide to the Top state leader, Mazhar Muhammad Salih, said today, Tuesday, that “Iraq had the option to pay off the outside obligation as per the Paris Club Understanding endorsed in October 2004 by smothering a bigger number of than 100 billion bucks of that obligation.”
He added, “The time of the financial bar before 2003 made gigantic philanthropic harm the Iraqi public, as the typical yearly per capita pay tumbled to under $670, which made Iraq then enter the arrangement of unfortunate nations that were dependent upon a significant stretch of inner and outside clashes and the obliteration of foundation that added up to destruction.” At the Madrid giver gathering for Iraq in October 2003, roughly $58 billion were assigned.
Iraq is relying on the ascent in oil costs, which it relies upon by around 96% for its monetary incomes, to fill the monetary shortage and decrease the size of inner and outside obligations, as well as continuing work on in excess of 5,000 tasks that have been suspended for quite a long time all through the nation’s urban communities, in the wellbeing, training, power, and water areas. .
Iraq’s products rose to more than 1.23 billion barrels of oil during the previous year, and China and India beat the nations that purchased Iraqi oil the most. The month to month oil trade rate arrived at 102.6 million barrels, with an everyday normal of 3.4 million barrels, an increment of 5.36 percent north of 2022 commodities.
The monetary consultant to the Iraqi Head of the state uncovered government estimates that put Iraq at the front of nations in unfamiliar speculation, while bringing up that the advancement way and Al-Faw port reinforced the public authority’s vision of empowering unfamiliar ventures.
Saleh said, “The Iraqi economy is portrayed by two fundamental elements that assist with giving it inclination in unfamiliar speculation. To begin with, incomes in unfamiliar cash are reflected in the ongoing record of the equilibrium of installments comparative with the GDP, which is assessed by worldwide monetary and public focuses at an excess assessed at around 7%. Iraq additionally positions second in OPEC’s oil creation positions fifth on the planet in that creation.”
He added, “Concerning the subsequent benefit, there is an extensive variety of accessible speculation valuable open doors given by transportation, computerized correspondences, lodging, and development exercises, and it closes with empowering organization between the state and the confidential area in the assembling business and different mechanical fields, the most recent of which was the Bureau’s reception of the working with directions at last gathering energizes the current organization between the state.” Furthermore, the confidential area, which depends on the standard of shared benefit and is an alluring sign for unfamiliar direct venture.”
He brought up that “the speculation regulation approaches the arrangement of an alluring venture climate for financial backers, particularly the monetary excess patterns of the nations of the district and their direction towards productive interests in Iraq in the modern, horticultural and different fields, which gives a positive sign to worldwide interest overall to be drawn in towards Iraq and explore promising open doors there.”
He made sense of, “Iraq is positioned 10th on the planet regarding regular assets underground, and positioned first in quite a while per square kilometer of investable normal assets, for example, (phosphate, sulfur, and other significant stores).
IMO UN resolution 1483 will have to be lifted to allow Iraq to be totally sovereign as it established the US and UK as "occupying forces"...This is in essence "Guardianship" or "Receivership"...Absent the lifting, the US has to give Iraq permission to do most anything Internationally including "currency reinstatement"...I am hopeful that internal control of the money structure is exclusively in the hands of the CBI so they can at least move to the RD/RV stage of their monetary reform...If not, the upcoming US visit of Sudani may very well be pivotal... Saleh...recently stated he was unsure of the status of 1483 according to news articles...
This is clearly what the article said... They are weighing changing the rate from 1,320 dinars per dollar to 1.32 dinars per dollar. This is clearly 76 cents to 1 IQD...Currently the rate is 1,320 IQD to 1 USD. Looking it at the other way, this is 0.0007575 USD to 1 IQD. If they drop 1 zero from the exchange rate: 132.0 IQD to 1 USD or 0.007575 USD to 1 IQD. If they drop 2 zeros: 13.2 IQD to 1 USD or 0.07575 USD to 1 IQD.
If they drop 3 zeros: 1.32 IQD to 1 USD or .7575 USD to 1 IQD. Therefore, 1.32 IQD to 1 USD is 76 cents to each IQD
...What we want to see posted on the CBI website as to how many IQD are required to purchase 1 USD is 1.00 or less. If they post 3.22 IQD to 1 USD, this would mean 31 cents per 1 IQD.
We want them to post .31 IQD to 1 USD which is then 3.22 USD to 1 IQD. Realize, they post how many IQD it takes to purchase 1 of another currency.
Community Comment: "...The rate doesn't matter but "freedom of movement of capital" is important. That is Article 8 compliance." They cannot be Article 8 compliant if the country is functioning under a MCP. A MCP [Multiple Currency Practices] includes a parallel rate of greater than 2% of the official rate by IMF definition. Saleh said last year that the parallel rate is "REQUIRED" to be 2% or less of the official rate...This 2% or less needs to be maintained for a period of 90 days. The parallel rate is still around 14% difference.
Question: "I thought they met all the requirements [to join the WTO]?" All the articles say they have legislation that needs to be passed and the next meeting is in the "middle of the year.
Question: "When is Iraq supposed to be in the WTO?" Not before they pass needed legislation, eliminate the MCP [Multiple Currency Practices] and are recognized as having accepted IMF Article 8 obligations. Accession Committee next meeting with Iraq is planned for the "middle of the year".
Evening News with MarkZ and Dr. Scott Young. 04/11/2024
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
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Al-Maliki’s coalition sets the date for the second round of talks to form a government in Diyala
The Province of Regulation alliance set, on Thursday, the date for the second round of conversations to shape the Diyala government.
An individual from the Diyala Chamber for the Province of Regulation Alliance, Turki Al-Otbi, said in a meeting with : ” The Territory of Regulation Alliance fostered a guide for the development of the nearby government in Diyala after Muayyad Al-Obaidi declared his possibility for the place of lead representative, bringing up that “his most memorable rounds with the Essential and Legitimacy records were extremely sure.” He added ,
“The second round of conversations to shape the Diyala government will start next Sunday, that is to say, after the finish of the favored Eid al-Fitr occasion, focusing on that” law and order has gotten positive messages by supporting its competitor and continuing with the development of a solid nearby government equipped for dealing with the governorate’s emergencies and its different difficulties.
Hasm, a moderator, leaned toward the development of a Diyala government inside a brief period considering Al-Rawi’s concurrence with most political powers in regards to the need of shaping a consensual government that incorporates all parts as per the standard of support in the choice.
Diyala experienced the intricacy of framing a neighborhood government because of the distinctions between its powers inside the common gathering and the absence of outcome in meeting any understanding. A meeting regardless of 4 endeavors.