A parliamentary understanding to extend the legislative term to approve the 2024 budget schedules
5/8/2024 Baghdad
Member of the Parliamentary Finance Committee, Ikhlas Al-Dulaimi, revealed today, Wednesday, that there is an understanding to extend the legislative term of Parliament to approve the 2024 budget schedules.
Al-Dulaimi said, in an interview followed by Al-Iqtisad News, that “the current situation requires extending the current legislative term of the House of Representatives and postponing its recess for a month until the 2024 budget schedules are approved.”
She added, "The Parliamentary Finance Committee is ready to receive the budget schedules and work on them as soon as they reach the House of Representatives."
She continued, "The current legislative term needs to be extended to complete many important legislations for the coming period, including the budget law schedules for the fiscal year 2024."LINK
Can you see just how close Iraq is to fulling Al-Sudani’s promise of making the dinar a proud national currency once again. Also remember too that he did say it “was” valued over a dollar already...
Article: IRAQ TALKS ABOUT PRODUCING ONE MILLION LITERS OF GASOLINE DAILY
Quote: “increase refining capacity production rates and improve production in national refineries to reach self-sufficiency and gradually shift to exporting them to global markets..."
Well…well…it's about time that Iraq got these refineries up and running. Lots of articles about this effort over the last ten years. Did I hear of another export product here?
I feel we have been in a critical period of the currency reform program since January of last year 2023.
Now we are in a “vital” period. Like a game of chess, we are now in a waiting mode for the Central Bank to make their next move and rollout the second-rate change in-country to just over a dollar, that we were told is coming. Since they told us they now control the parallel “black” market, and that negotiations were successful in lifting sanctions on many Iraqi banks.
Deficit” is the password.. Parliamentary Finance decodes the budget delay
5/7/2024 Baghdad
A member of the Parliamentary Finance Committee, Muhammad Nouri, revealed on Saturday that there was a large deficit within the 2024 budget, which obstructed sending its schedules to the House of Representatives for approval.
Nouri said in an interview followed by Mawazine News, “The delay in sending the budget schedules from the Council of Ministers to the House of Representatives for approval and then starting work on them is evidence of the existence of a large deficit within this budget, which has exceeded more than 80 trillion.”
He explained, “There is large government spending that accompanied the 2023 budget and continues until now, including paying the Kurdistan region’s dues and exceeding the original dues, and also the sanctions imposed by the US Treasury may have caused a weakness in revenues, which reflects negatively on the strength of the budget and the government’s ability to address this deficit.” “.
He continued, “There may be political reasons behind the delay in sending the budget, including the delay in choosing a new speaker for the House of Representatives, and that its delay may hinder the launch of some important and strategic projects.”
He stressed that “the government is currently looking for solutions to address this large deficit and the pressure on expenditures within this budget, as well as the pressure on actual spending to reach a deficit that can be worked on. Among these solutions is increasing the price of oil or maximizing other non-oil revenues.” LINK
CalandDLQ: At a rate of $1,320, that would be correct…you have a deficit. However, the new rate Sudani and Alak are ready to expose to us non-NDA holders is the solution…the ONLY SOLUTION
FIREFLY: Television says Iraq is now producing 1 million liters of gasoline on a daily basis with the new refineries...They are saying we will have enough gasoline for our self sufficiency of our county and also for global trading on the market
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FIREFLY: They said our success is from the visit to the United States of America because it lifted almost all sanctions on our banks and others are close to being lifted too.
Kurdistan's dams overflow with blessings, reviving northern and southern Iraq
Shafaq News/ The management of Darbandikhan Dam, situated in northeast Iraq, has reported significant progress in its water storage levels, with the massive structures of the dam nearing completion. Fed by the Sirwan River, the rushing waters have brought the dam's vast basin to within a few centimeters of full capacity, with the water's edge now mere meters from the adjacent road.
Saman Ismail, the director of the Darbandikhan facility located in the southern part of Al-Sulaymaniyah Governorate, the second-largest Governorate in the Kurdistan Region, stated to Agence France-Presse (AFP) on Sunday that "The dam's storage capacity is three billion cubic meters (106 billion cubic feet). Today, with the available reserves, the dam is only missing 25 centimeters (10 inches) of water to be considered full"
Ismail anticipated that the basin would fill "in the coming days," noting that the last time Darbandikhan Dam reached total capacity was in 2019, followed by several years of severe drought. He attributed this fluctuation to "climatic effects in the region and the construction of other dams outside the region's borders."
Notably, Iraq has faced water challenges exacerbated by neighboring countries' dam constructions on rivers that feed into Iraq, leading to a significant reduction in water flow, a concern repeatedly raised by Baghdad regarding Turkiye and Iran.
Recent rainfall has relieved Iraq, one of the five countries most affected globally by climate change repercussions. Despite Iraq's oil wealth, deteriorating infrastructure has made it vulnerable to floods and flash floods, impacting areas such as Erbil, the capital of the Kurdistan Region, and causing damage to homes in Diyala Governorate, central Iraq.
Tragically, four members of a mountain climbing team in Al-Sulaymaniyah Governorate lost their lives due to these weather conditions.
Positive effects
The Iraqi Ministry of Water Resources announced that "rainfall has resulted in floods in the northern and eastern regions, enhancing water storage in dams such as Mosul, Dokan, Darbandikhan, Hamrin, and Al-Azim."
Furthermore, recent floods from the eastern region have contributed to increased water inflows to the marshes in southern Iraq, according to the ministry's statement.
Ali Radi Thamer, director of the dam authority at the Iraqi Ministry of Water Resources, told AFP that water levels had risen in the basins of most major dams in Iraq. He noted a significant improvement in storage levels compared to recent years, which had seen historically low levels in dam storage, impacting various sectors, including agriculture and water supply for drinking and irrigation purposes.
Thamer emphasized that while the current rainfall and improved water storage are positive, Iraq still faces ongoing water challenges, especially during summer when temperatures soar. He cautioned that water availability can vary significantly from year to year, urging continued water management strategies.
Despite challenges, locals like Alan Salah, owner of a small tourist site near Darbandikhan Dam, remain optimistic. Salah expressed appreciation for the beauty of the increased water levels despite some damage caused, affirming their commitment to continue operations.
The developments at Darbandikhan Dam underscore the progress in water management and the ongoing need for sustainable solutions to Iraq's water challenges.