Iraq wanted to de-dollarize. They start de-dollarizing in January but it didn't work for them too much.
The government didn't expect that to happen even by telling them that the dinar are stronger...use the dinar instead of the dollar for the benefits of the country. They tried everything. Now, they said that plan didn't work so they come out to the new white paper...They realized they cannot do nothing without changing the exchange rate.
They're going to have to go down in the exchange rate for the de-dollarization...They're going to have to change their exchange rate...Between now and 8th of July we should have an answer...
what they going to do? Are they going to change the exchange rate...keep it the same...go up...go down?
I think they're going to have to go down on the exchange rate a lot for them to take off the dollar from the street.
Evening News with MarkZ and Militia Man. 04/30/2024
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Mawazine News – Baghdad The Council of Ministers announced, today, Tuesday, the approval of contracting with an external auditor for the Trade Bank of Iraq; For the purpose of auditing the bank accounts. A statement from the Prime Minister’s Media Office received by Mawazine News stated, “Within the framework of financial and administrative reform decisions, and what is related to reforming the banking sector, the Council approved, according to the statement, what was recorded in the letter of the Prime Minister’s Office on April 3, 2024, regarding contracting with an auditor.” External to the Iraqi Trade Bank, for the purpose of auditing the bank’s accounts, as the bank deals with a network of reputable international banks.” Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani chaired the eighteenth regular session of the Council of Ministers.
Quote on X [Formally Twitter] There's some information out there today that says the Central Bank of Iraq's governor has advised citizens to get ready for a currency exchange..
.Whether it's true or not we're going to find out...The reason why I bring it up is because that kind of to be expected, they're having financial inclusion...they're talking about that.
Article: "We will see the dollar decline in the black market soon...the central bank's credit rating [from the World Bank] is an A++ and exceeded the United Arab Emirates..."
That's the prime minister's advisor talking...That's phenomenal. It's big. It says a lot. It says they have trust. It says Iraq has the ability to pay back their bills.
Shafaq News/ On Tuesday, the Iraqi Council of Ministers issued a number of economic decisions and obligated the governorates to develop a five-year reconstruction plan.
This came during its eighteenth regular session, which was chaired by Prime Minister Muhammad Shiaa Al-Sudani.
According to a statement issued by Al-Sudani’s office and received by Shafaq News Agency, the session witnessed discussion of the general situation in the country, discussion of a number of service and economic files, consideration of the topics on the agenda and making the necessary decisions regarding them.
In the field of monitoring energy projects and the progress of implementation of the government program in this important sector, the Council of Ministers approved the recommendations of the Ministerial Council for Energy, as follows:
First/ Recommendation of the Ministerial Council for Energy (24034 I) for the year 2024, which includes:
1. Proceed with the signing of the contract (Mansouriya gas field) between the Ministry of Oil / Central Oil Company and the consortium (the Chinese Jira Company and Petro Iraq Company) in initials.
2. Agree to the following:
a . Providing the financial share of the Central Oil Company (51%) of the project, amounting to (506 million dollars), for the first three years of the project’s life. The share will be recorded in the bank account of the Middle Oil Company for the purposes of this project in particular, and by:
– ($73 million) for the first year, ($187) million for the second year, and ($246) million for the third year.
B. The share shall be owned by the Ministry of Finance and the Ministry of Oil/Middle Oil Company shall be authorized to manage it, in accordance with a contract signed between the two parties to undertake the task of operating and managing the share in accordance with applicable laws and legislation.
C. Including the project as a component within the licensing rounds to pay dues with crude oil or condensates, according to the contract, similar to licensing round contracts.
Dr . Proceed with the final signing procedures in accordance with the contexts approved by the Ministry of Oil.
Second: Recommendation of the Ministerial Council for Energy (24028 i) for the year 2024, which includes approval to amend the Council of Ministers’ decision (24102 for the year 2024) regarding the mechanism for implementing social benefit projects for licensing round contracts, by approving the updated mechanism for the year 2023, as well as amending paragraph (2) of the Council’s decision. Ministers (23169) for the year 2023 according to the following:
– Obligating local governments to develop a five-year or (3) year plan after coordination between them and the relevant ministries for drawing up urban policies, in line with the amounts allocated annually, provided that this plan is approved by the (Provincial Council), and expenditures are directed to the sectors of health, education, municipalities, and the environment, and to the administrative unit. Where the oil field is located.
Third/ Recommendation of the Ministerial Council for Energy (24030 I) for the year 2024, which includes the referral of the tender numbered (MOD-2024) for the operation and maintenance of diesel stations for the stations (North Diwaniyah, East Diwaniyah, East Holy Karbala, and North Amara) under the responsibility of the company (DASSOFF PETROLEUM SERVICE LLC). At a price of (13.5) dollars per megawatt-hour, using the (Take and Pay) method, and for a period of (5) years, according to the decision of the Central Committee for Review and Approval of the Referral in the Ministry of Electricity.
As part of the Council’s follow-up of the development road project, it was decided to approve the following:
1- Authorizing the Ministry of Transport to contract with Oliver Wyman Company to provide consulting services for the Iraq Development Road Project, as an exception to the Instructions for Implementing Government Contracts (2 of 2014) and the controls attached thereto.
2- Excluding the project from the listing requirements and conditions if it is listed as an investment project.
3- The investing company shall bear the return of all consulting contract fees, which will be paid by the Ministry of Transport.
4- Authorizing the Director General of the General Company for Iraqi Railways to sign the contract.
As part of following up on the affairs of the youth and sports sector and preparing the necessary requirements and requirements, the Council approved the minutes of the meeting (Property No. 4/20264 M11 Hamdi Farm) according to the following:
1. Continuing to allocate (Property No. (4/20264 M11 Hamdi Farm) to the Ministry of Youth and Sports, which is owned by the Ministry of Finance, in accordance with Legislative Order No. (6) of 2004, with the two parties (the Ministry of Finance and the Ministry of Youth and Sports) taking over the management. Procedures for canceling all lawsuits filed between them in the courts.
2. Coordination between the Baghdad Investment Authority and the State Real Estate Department in the Ministry of Finance; To proceed with the procedures for replacing the investment license for the same purpose, as an exception to the procedures for announcing the investment opportunity, taking into account the nomination of the alternative plot of land from the Ministry of Finance/State Real Estate Department.
3. Obliging the Ministry of Youth and Sports to implement its projects on the property in question exclusively for its purposes and activities, in accordance with the applicable laws in coordination with the relevant authorities.
4. Coordination between the Ministry of Youth and Sports and the State Real Estate Department; To find appropriate solutions for the land occupied by the Ministry of Interior and the Popular Mobilization Authority within the boundaries of the aforementioned property.
In the same context, the Prime Minister directed that the draft law on the first amendment to the National Federations Law No. (24) of 2021 be sent to the State Council for proper scrutiny, within a maximum period of two months.
As part of efforts to address the causes related to lagging projects, the Council of Ministers approved the following:
First/ Increasing the amount of reserve and the total cost of the project (establishing the College of Education in Sabaa Abkar).
Second: Increasing the amount of reserve for the project (Land Hajj Road, Phase 1 (50 km), to implement compensation for uncompleted work, for the difference in the exchange rate of the dinar against the dollar, and increasing the amount of reserve for the (Land Hajj Road, Phase 2, 50 km) contract, to implement spare order No. (3), as well as increasing the total cost of the project.
Third: Increasing the reserve amount and the amount of the consultant contract /28/P/2171/PMC/2013 included in the contracts for the (Karbala Refinery) project, and increasing the total cost of the (Karbala Refinery) project, based on the controls and powers in force, provided that this amount is recovered from revenues. The financials achieved by the liquidator; Because the beneficiary company is a public company (self-financing) and is subject to Instructions (4 of 1999), directing the Ministry of Oil to take all measures to transfer the project to the custody of the beneficiary government agency, operating the project (Middle Refineries Company), to avoid future requests to sign contract annexes, for the purpose of operation and maintenance. Consultations without preparing the specialized staff concerned with managing and operating the project from the government entity that benefits from the project’s outputs.
Fourth: Increasing the amount of reserve for the project (construction of the Doura/Yusufiyah road (first and second phases) south of Baghdad intersection), and increasing the total cost of the project (constructing the Doura/Yusufiyah highway for highway traffic with a length of 14 km).
With regard to health projects, the Council approved the assignment of the relevant municipality, with the approval of the competent minister, to allocate the plot of land numbered (2251/28 Al-Tajiyat), owned by the Municipality of Baghdad, to the General Secretariat of the Holy Shrine of Hussein, for the purpose of establishing a hospital project for cancer diseases and a specialized center for autism. Based on the provisions of Article (60/4) of the amended Municipal Administration Law (165 of 1964).
Within the framework of the financial and administrative reform decisions, and what is related to the reform of the banking sector, the Council approved what was stated in the letter of the Prime Minister’s Office on April 3, 2024, regarding contracting with an external auditor for the Trade Bank of Iraq. For the purpose of auditing the bank’s accounts, the bank deals with a network of reputable international banks.
In view of the urgent need to allocate plots of land for school projects, and for the purpose of eliminating double and triple permanent shifts within the Sadr City/1 sector, which suffers from overcrowding, the Council of Ministers approved the following:
1- Allocating an area of (3 dunums) from the plot of land numbered (67162/4), so that it is possible to build (3) schools (capacity of 18 classrooms, 24 classrooms, and a kindergarten within the work of the Ministry’s project No. (1).
2- Authorizing the Minister of Education to delete the sites that companies have not started and the sites where it is not possible to complete construction work, and then add that piece under spare orders for construction purposes for companies that own ready-made construction plants, and with advanced completion rates within the work progress schedule, and the trade-off will be price. Depending on the completion period.
The session witnessed the approval of the recommendation of the Ministerial Council for Social Services (24008 KH), which includes writing off the financial amounts owed by Maysan Governorate employees amounting to (425,191,548 dinars), and counting them as beneficiaries receiving plots of land in accordance with the controls and instructions in force, based on the provisions of the Federal Financial Management Law (6 of the year 2019) amended, provided that the Ministry of Finance allocates the write-off amount and pays it to the land owner.
