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Turkish President strategic journey: reshaping relations with Iraq and the Kurdistan Region, 24 APRIL

Turkish President strategic journey: reshaping relations with Iraq and the Kurdistan Region

Shafaq News/ Turkish President Recep Tayyip Erdogan's recent visit to Iraq and the Kurdistan Region has renewed interest in regional diplomacy. 

With the signing of 26 agreements and memoranda of understanding, including contracts related to Turkish companies developing Iraqi irrigation systems, tourism cooperation, trade, investments, and even security coordination, the relations seem more stable, whether between Ankara and Baghdad or Ankara and Erbil.

A historic visit to Baghdad and Erbil

On Monday, the Turkish President arrived in Baghdad on his first visit in 13 years since his last visit as Prime Minister in March 2011.

Erdogan is accompanied by his Foreign Minister Hakan Fidan, Defense Minister Yasar Guler, Interior Minister Ali Yerlikaya, Trade Minister Omar Polat, Transport and Infrastructure Minister Abdul Qadir Uraloglu, Agriculture and Forestry Minister Ibrahim Yumakli, Energy and Natural Resources Minister Alp Arslan Bayraktar, and Industry and Technology Minister, Mehmet Fatih Kacar.

President Erdogan is also accompanied by Fahrettin Altun, the Head of the Presidential Communications Directorate, and Akif Cagatay Kilic, the President's advisor for foreign policy and security.

Iraqi Prime Minister Mohammed Shia Al-Sudani welcomed him at Baghdad International Airport with a ceremony that included 21-gun salutes, the country's highest honor.

During his one-day visit, Erdogan held discussions with high-level Iraqi officials, including PM Al-Sudani, President Abdul Latif Jamal Rashid, and Sunni figures.

Later in his journey, the Turkish President headed to Erbil, where he was warmly welcomed by President Nechirvan Barzani, Kurdish leader Masoud Barzani, and Prime Minister Masrour Barzani.

The visit comes amid a broad strategic rapprochement between Iraq and Turkiye following a series of high-level security meetings involving the Foreign Ministers, Defense Ministers, heads of intelligence agencies, and other officials from Turkiye and Iraq, held on March 13th in Baghdad.

A turning point visit

President Erdogan's recent visit to Baghdad and Erbil is seen as a pivotal moment that could herald a new phase in Ankara's engagement with Iraq following years of relative absence, stagnation, and intermittent tensions.

The timing of Erdogan's visit is notable. It occurred amid a series of significant developments that have added weight to the diplomatic maneuvers. One such event was Al-Sudani's return from a visit to Washington and meeting with U.S. President Joe Biden to clarify the scope and nature of American involvement in Iraq—an issue of direct concern to Ankara given its strategic influence in both Iraqi and Syrian contexts.

Moreover, Erdogan's trip coincided with a landmark event in the Middle East—the first direct clash between Iran and Israel, involving Iraqi airspace in a cross-border escalation. 

This regional turbulence pushed Erdogan's awareness that such conflicts, which spill over into Iraq, jeopardize Turkiye's regional security and interests.

Against this backdrop, there is a growing recognition among key players in Baghdad, Ankara, and Erbil regarding the imperative of maintaining a ceasefire in Gaza and preventing wider regional conflict. 

Erdogan, alongside Iraqi top officials Al-Sudani, Rashid, and President Barzani, has consistently emphasized the need for stability amid ongoing geopolitical challenges.

The confluence of these factors suggests a nuanced and evolving landscape in Turkish-Iraqi relations, where Erdogan's visit symbolizes a potential shift towards deeper engagement and collaborative efforts to navigate complex regional dynamics.

According to political analyst Archad Hermuz, the relationship between Turkiye and Iraq is paramount, given their status as "neighboring and fraternal nations." Hermuz stated that Turkiye consistently "advocates for Iraq's resurgence to its historical and civilizational prominence."

Hermuz underscored Turkiye's particular focus on the Kurdistan Region, citing numerous commonalities that bind Turkiye and the region, particularly in trade and security matters. 

"Security holds critical significance for Turkiye, Iraq, and the Kurdistan Region, necessitating comprehensive discussions on these intertwined issues."

Regarding the Kurdistan Workers' Party (PKK) issue, Hermuz noted a "sense of seriousness" expressed by the Iraqi and the Kurdish governments regarding "countering potential terrorist activities." 

"The PKK operations violate the Iraqi constitution; therefore, there is an obligation to combat any terrorist operations emanating from its territories, especially those targeting neighboring countries like Turkiye."

In turn, Dr. Taha Oglu, a researcher in Turkish affairs and international relations, noted the visit's role in bolstering political presence and fostering agreements, notably the pivotal Development Road project, which will have "positive implications on both Turkiye and Iraq, as well as the participating nations, particularly concerning water resources."

Oglu highlighted the visit's economic outcomes, emphasizing its role in "inaugurating a new phase of Turkish-Iraqi relations across security, economic, commercial, and developmental domains." 

"This reinvigoration signifies a fresh chapter in the bilateral ties between Turkiye and Iraq, promising mutual benefits and a reshaped relationship."

In addition, Oglu underscored Erdogan's visit to the Kurdistan Region as a crucial political juncture, pointing out the security dimension, particularly in light of Baghdad's approval of Ankara's request to clamp down on the Kurdistan Workers' Party (PKK), providing Turkiye with political backing for its actions within Iraq.

Meanwhile, Turkish political analyst Oktay Yilmaz highlighted the economic interests shared between Ankara, Baghdad, and Erbil. 

"The focus was on enhancing economic ties through investment, boosting trade volumes, and initiating developmental projects, including the Development Road project linking southern Iraq to the Turkish border, which promises benefits for all stakeholders, including the Kurdistan Region."

Addressing oil-related disagreements, Yilmaz mentioned Erdogan's advice to both Baghdad and Erbil on the importance of resolving disputes to resume oil flow to Turkiye. 

Tensions escalated in March 2022 between the two nations when Turkiye halted oil exports amounting to 450,000 bpd from Kurdistan following a compensation order by the International Chamber of Commerce related to "unauthorized" oil exports by the KRG between 2014 and 2018.

The crux of the dispute revolves around accusations that Turkiye breached a 50-year-old pipeline transit agreement by allowing oil exports from KRG-controlled areas without Iraq's consent.

A strategic shift in Turkish-Kurdish relations

Dr. Ihsan Al-Shammari, head of the Political Thinking Center in Iraq, highlighted the importance of President Erdogan's visit to the Kurdistan Region as a "reaffirmation of Ankara's alliance with Erbil," noting a shift in Turkiye's approach towards the Kurdistan Region, which he believes will have positive implications for Kurdish interests.

In an interview with Shafaq News Agency, Al-Shammari highlighted the potential for a robust partnership across political, economic, and security domains as a result of Erdogan's meetings with Kurdish leaders Masoud Barzani, Nechirvan Barzani, and Masrour Barzani. 

"This visit is a step towards resolving key issues such as oil re-exports and Turkish military operations along the border."

Al-Shammari viewed direct dialogue between Erdogan and Erbil as crucial for "reaching comprehensive agreements and establishing a more stable and sustainable relationship between the parties involved.

In this regard, observers told Shafaq News that Turkiye recognizes Erbil's potential role in transforming Erdogan's image from a "heavy neighbor" with strained relations with some Iraqi forces over the past decade due to controversial files, including combatting terrorism, water disputes, and PKK activities, into a "neighborly partner" focused on cooperation, coordination, and stability.

The observers also noted that President Nechirvan Barzani has cultivated "deep ties" between Erbil and Ankara, including personal connections with Turkish leaders like Erdogan.

"LOL... AND FRANK26 REFUTES HIS NAYSAYERS... RASPBERRY!!!" BY FRANK26, 24 APRIL

 KTFA

FRANK26: "LOL... AND FRANK26 REFUTES HIS NAYSAYERS... RASPBERRY!!!"....F26

The US Treasury praises the actions of the government and the Central Bank in the Washington meetings

 

 4/23/2024
Baghdad
 

Samir Al-Nusairi

 

During the visit of the Prime Minister to Washington and his meeting, in the presence of the Governor of the Central Bank, with the US Treasury delegation, and the negotiations that took place regarding the financial and banking reform strategy implemented by the government and the Central Bank, the American side emphasized its praise of the reform measures and steps, which resulted in organizing foreign trade financing and complying with international standards  in 2023 and the past months of 2024, and to bridge part of the gap between the official price and the price equivalent to the dinar exchange rate against the US dollar. This refutes the criticisms, allegations and media exaggerations of some satellite channels by insulting the Central Bank and the banking sector and pointing out some violations in the issue of controlling the monetary dollar, which were addressed at the time of the beginning of the application of the electronic platform. What is important and what must be confirmed now is that 100% of the external transfers that were made were in accordance with the relationship What is new between our banks and international correspondent banks, in accordance with the instructions and mechanisms of the electronic platform, are sound and transparent transfers in accordance with international standards, and that the window for selling foreign currency is an economic indicator that achieves one of the objectives of monetary policy.

 

 “Accusing the Central Bank and banks of wasting foreign currency without evidence proving the existence of suspicions of corruption, money laundering, or currency smuggling, and the proposition that says selling currency is a waste of public money is a description that has nothing to do with the economic process.”

 

It must be noted that “the process of the currency sale window began to be implemented by the Central Bank on 10/4/2004 in implementation of Article 28 of the Central Bank Law No. 56 of 2004, which allows the Central Bank to buy and sell foreign currency, and this process has continued to meet the needs of the Ministry of Finance for currency.” The local government, for the purposes of the operating budget, purchased the dinar from the public for the purpose of controlling liquidity levels, which is known as the monetary sterilization process on the one hand, and to recycle the dinar and resell it to the Ministry of Finance for the purposes of paying salaries and wages, securing government expenditures, as well as meeting and covering imports, and maintaining the stability of the exchange rate targeted by the Central Bank.

 

 “The foreign currency selling window is considered one of the largest open market operations in controlling local liquidity levels and putting the cash surplus on its proper paths. It is a good economic indicator and achieves one of the goals of monetary policy, and this is consistent with the multi-dimensional functions that the Central Bank of Iraq performs, as it is concerned with financial stability.” It manages the payments system, manages foreign reserves, licenses and monitors banks and financial institutions, and sets preventive controls, in addition to other tasks related to monetary issuance and publishing economic data, indicators and forecasts.”

 

 “The basic tasks carried out by the central bank are to manage monetary policy, which aims to control inflation, stimulate the economy, balance the balance of payments, and achieve monetary stability.”

 

LINK

'Massive Liquidity Shock' Unless The Fed Does This | Thomas Hayes

Evening News with MarkZ and Zester. 04/23/2024

Evening News with MarkZ and Zester. 04/23/2024

Some highlights by PDK-Not verbatim

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 Mark Mods and fellow RV’ers

Member: One for the money two for the show three get ready for RV…. let’s go let’s go

Member: I heard that the invention of the spoon was an important point in human history. It caused…quite a stir.

Member: It all sounds good but we are still waiting and wandering…. I sure hope we get some news that has teeth in it….

Member: With a lot of people under NDA s -that’s good news

MZ: That is great news. There are a number of high profile paymasters under an NDA now. Along with all the bondholders under NDA’s….This is exceptional news. Now we need to know “when” for the rest of us.

MZ: But, it’s fantastic and exciting to finally see some movement from some of the biggest of groups. There are also more and more bond confirmations that make me feel warm and fuzzy. We don’t know when they will be complete but am excited over the progress I am seeing.

Member: Are you under an NDA now Mark?

MZ: When I am- you won’t need to ask…I will tell you.

Member: You said Bond money is moving this morning. What does that mean for us as a timeline?

MZ: I don’t know exactly. That is what I am trying to pin down. But, I firmly believe it has started and cannot be stopped now.

Member: There is a rumor a contractor living in the US used his CBI card and the rate was about $3.91

MZ: About a million of you sent that to me today. There have been inconsistencies between people here and inconsistencies on rates and payments for different contractors. But we are seeing those irregularities that I attribute to testing the system or priming the pump. Seeing how everything works together.

MZ:  As we understand it the AI for the QFS is controlling things. If there is a value change on one…they have to see how it affects others. So to me- they are testing the system….or priming the pump to see how it works. The lucky ones chosen to do this just got one heck of a windfall.

Member: Do you believe the $3.91 story is real?

MZ: Yes I do believe it’s real But, I do not believe that is the rate everybody gets because I have talked to some with these debit cards in the US and they have not seen that rate change. Whereas others have…..so I think they are priming the pump and testing the system.

MZ: “ IMF issues warning to Biden Administration on out of control deficit spending.” We are watching things unfold in front of our eyes.

Member: Can u explain who actually pulls the trigger? Is it Iraq, IMF, military or U.S. getting so confused?

Member: At that level…we may never know for sure.

Member: Thanks to Mark and Zester…….everyone enjoy your evening…..sweet RV dreams

Zester joins the stream today. Please listen to Replay for his information and opinions.

THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSEDIN MARKZ’S OPINION ONLY

This should clear up the exchange rate issue 04/24/24 by PIMPY

Al-Sudani directs the ministers to follow up on the implementation of the memorandums of understanding concluded with America and Turkey, 24 APRIL

 Al-Sudani directs the ministers to follow up on the implementation of the memorandums of understanding concluded with America and Turkey

Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani directed the ministers to follow up on the implementation of the memorandums of understanding and agreements signed with the United States and Turkey.

Al-Sudani’s office stated in a statement received by Mawazine News, “Prime Minister Muhammad Shia’ al-Sudani reviewed, at the beginning of the Council of Ministers today, the results of his official visit to the United States this month, which produced results that are in favor of Iraq in terms of economy, politics, security, and regional stability.”

In the interest of building bilateral strategic relations, in addition to signing a number of memorandums of understanding and partnership between the Iraqi public and private sectors on the one hand, and between major leading American companies and financial and banking institutions on the other hand.”

The statement added, "Al-Sudani also reviewed the visit of the Turkish President to Baghdad yesterday, which witnessed the signing of the bilateral strategic framework agreement, and the signing of 26 joint memorandums of understanding for various institutions between the two countries, which will be reflected in the economic and development partnership, in addition to the quadripartite understanding that included Iraq, Turkey and Qatar."

And the UAE, regarding the development road project, the investment opportunities it brings, and entering into a new phase of security and economic understandings and in the field of water management and water shares in the Tigris and Euphrates rivers, all of which will push relations forward.”

During the session, the Prime Minister directed the ministers to “follow up the implementation of the memorandums of understanding, and provide the utmost efforts in order to achieve the highest levels of mutual benefit, for all sectors and activities covered by the memorandums of understanding, in addition to assigning the committees concerned with securing the requirements for success and good implementation of the agreements and understandings signed with the states.” United States and Turkey.  link