Wednesday, May 22, 2024
Al-Sudani chairs a meeting to localize Iraqi industries and attract foreign investments, 22 MAY
Al-Sudani chairs a meeting to localize Iraqi industries and attract foreign investments
Shafaq News/ On Monday, Prime Minister Muhammad Shiaa Al-Sudani chaired a meeting of the Iraq Fund for Development, in which steps were approved to localize industries, attract foreign investments, and strengthen several industries in the fields of cars and electronics, as well as solutions to the housing crisis.
The Prime Minister’s Media Office said, in a statement received by Shafaq News Agency, “Prime Minister Muhammad Shia al-Sudani chaired, today, Monday, the third meeting of the Board of Directors of the Iraq Fund for Development, in the presence of the Minister of Finance, and the Ministers of Planning, Construction, Housing, Municipalities, and Public Works.”
He pointed out that “the meeting witnessed discussion of the projects placed on the Fund’s work plan, the introduction of foreign investments into the Iraqi economy, and within the course of work of the Fund’s projects and targeting the localization of various industries in Iraq. The requests submitted by private sector entities for the purpose of building school buildings were discussed, as the requests exceeded What is offered for the project in its first phase.”
He added, “The meeting discussed a project to establish a factory for manufacturing passenger buses, in partnership with one of the specialized international companies, and also discussed a request to establish a factory for electronic tablet computers and use them in schools within the educational and pedagogical process.”
He pointed out that “the meeting discussed the issue of partnerships with American, British, and Saudi companies in the fields of modern irrigation technologies, and the use of technology in this context, as well as in the field of liquefying industrial gases, and lighting roads and bridges.”
He concluded by saying, “The meeting also discussed setting the dates allocated for launching the (Rent and Own) project, for the purpose of contributing to developing practical and economic solutions to the housing crisis.”
"STATUS OF THE RV" BY MNT GOAT, PART. 1, 22 MAY
MNT GOAT
1 Peter 4:10
Use the gift you have received to serve one another, as good stewards of God’s grace.
So, in today’s news we read multiple articles coming out from the CBI and the Iraqi news telling us about yet more “WOW!” news. The nice part about it is much of this news is confirming what my CBI contact told me recently so my trust level of my contact increases too.
I want to fully explain it in detail to you and why I feel this way and what we should look forward to soon.
I wanted to continue to compile the list of major achievements for Iraq in the direction of accomplishing the stated objectives for the Pillars of Financial Reform as in the White Paper. So, for the list below I am adding more each month for 2024 as the news tells us.
So, as we are close to ending May as part of these reforms lets add to our lists and summarize all the progress made in May alone. In today’s news the CBI is telling us they are moving into the “second phase of banking reforms”. What does this mean to us? WOW! WOW! WOW!
So today we chalk up yet fourteen (15) more major events (see RED below) just for May alone. Look at how this list increased from April then into May. Folks this RV train is moving along rapidly now. It is right in our faces now what they are doing. No more guessing or hoping. The reinstatement spigot is now wide open! Choo Choo!
- We know they are completely out of Chapter VII sanctions since December 2022, and so why not treat them as such?
- We know they want the Iraq funds (nearly USD 115+ billion) released from the NY banks and put in their custody to do what they want with it. They are tired of being bullied by the U.S. with their own money.
- We know they have plans for yet more Sovereign Funds to invest their reserves.
- We know they are making agreements now for “currency swaps” for trade with Iran, China, Turkey, Kuwait, Emirates, and many EU countries as Iraq will no longer be using any US dollars in Iraq as of January 1st 2024.
- We know that the IMF is now working on the final stages of pulling together agreements to build a new basket of six (6) currencies to re-peg the IQD.
- More pressure from Iraqi economics advisors to the government to use a “basket” of currencies for the new dinar peg. This is the IMF plan of 2011 all along.
- We know since January they have undertaken a massive “de-dollarization” program and told it should have taken 6 years but they decided to do it in 1 year (2023). Why such a hurry?
- We know the value of the IQD right now does exceed even pre-1991 era but still at 1/6 of a penny for a rate? The value won’t go up, its already there. Get it? Why is it being suppressed? Iraq needs to see a rate reflecting the TRUE VALUE. What is holding it back?
- We know Iraq now pumps 2/3 more oil than in pre-1991 era.
- Iraq also has announced 132+ tons of GOLD reserves.
- We know they are pushing this year alone, more than any other year since 2005, for the passing of Oil and Gas law. Why?
- We know for a FACT that it is the U.S. through the Treasury Dept. direction that will NOT give sign-off to allow the reinstatement. Why?
- Finally, the CBI has told us many times already that January is the most opportune time to reinstate for accounting purposes, since it begins their new FISCAL year (for accounting purposes).
- Imminent World Trade Organization full accession
- The Central Bank of Iraq is heading to cancel the electronic platform and the currency auction in 2024.
- Banks will be responsible for financing foreign trade directly through the dollars they own and not from the CBI reserves.
- Banks will be fully responsible for auditing invoices and transfers, which is the practice globally.
- We know the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee currencies have become available to merchants for the purpose of financing foreign trade. When a merchant imports goods from China, he can now pay the Iraqi dinar to the Iraqi bank.
- Announced the application of Customs automation according to the newly global ASYCUDA system. Border crossings, customs, and taxation whose annual value amounts to nearly 60 billion $$$$$$ on average. Huge revenues that can rival the oil revenues
- We were told that Iraq will leave government cash dealing and switch to 100% electronic collection in mid-2024.
- The political analyst, Abbas Al-Ardawi, confirmed that the visit of Prime Minister Muhammad Shia Al-Sudani to Washington came to liberalize the Iraqi dinar and stabilize the economy.
- Iraq announces a new stage of standing on its feet after 20 years of political conflict since 2003. A new stage of cooperation with the US. by a Strategic Framework Agreement (SFA), an agreement between the United States and Iraq is a significant document that shapes their bilateral relationship going forward.
- There is a decision issued by the Central Bank to cancel the window of selling and selling foreign currency in 2024 (not just thinking about it anymore).
- Al-Sudani, announced on Saturday that a satisfactory agreement had been reached with the American side regarding banks that are prohibited from dealing in the dollar currency.
- The Development Fund for Iraq (DFI) established after 2003, under sanctions has ended and remaining funds will be released to Iraq.
- The current US President, Joe Biden, did sign the Exec order 13303 decree extending the state of national emergency related to the situation in Iraq for another year which expires May 22, 2025.
- Announcement of the start of a strategy to invest in Iraq’s third largest natural wealth of huge reserves of phosphate, a potential of billions of revenues for Iraq.
- The General Authority of Customs announced today, Tuesday, achieving what it described as a historic increase in its revenue rate during the first quarter of this year, while it expected a doubling of revenues once the automation project is completed.
- The Council of Ministers of the Kurdistan Region decided to hand over the non-oil revenues generated therein to the federal government. Includes customs and tariff revenues.1
- May 1, 2024, the economic expert, Farman Hussein, expected the continued decline of the dollar’s exchange rate against the Iraqi dinar until it reaches the official rate of the Central Bank of Iraq.
- Economist debate the central bank’s decision to float the dinar exchange rate in the coming period.
- Iranian First Vice President Muhammad Mokhber stressed the necessity of using national currencies in economic exchanges, pointing out that the friendly, deep and historical relations between the two countries require the use of national currencies.
- Bank Governor revealed Central Bank Ali Mohsen Al-Alaq, on Thursday, announced the progress of a plan supported by the government to change the map of the banking sector and its reality in Iraq.
- Advisor to the Prime Minister for Religious Affairs, Munir Al-Tarihi, confirmed today, Tuesday, that Iraq represents an important region and a strategic bridge in the region and the world.
- The Iraqi government submitted this request during the month of May 2023, at a request to the Security Council and the Secretary-General of the United Nations, to reduce the mandate of the United Nations Mission (UNAMI) and conduct an objective assessment of its work; in preparation for the end of its mission and closing it permanently,
- The Chairman of the Securities Commission, Faisal Al-Haims, confirmed today, Wednesday, that the Commission is studying the possibility of licensing brokerage companies to trade in shares on international stock exchanges in Iraq.
- Today, Wednesday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, stressed the importance of moving to reform the banking sector in Iraq. (All I can say is “I told you so” ….)
- Prime Minister Mohamed Shia al-Sudani said on Wednesday that the memorandums of understanding signed with the United States during his visit to Washington last month are being implemented on the ground.
- The UN, IMF and World Bank all on one day, Thursday, noted significant progress that Iraq has made in recent years, despite ongoing challenges. The reinstatement spigot has been opened. The direction is now clear.
- Samir Al-Nusairi, the Central Bank announced that it will launch the national lending strategy on 5/25/2024, which is a clear announcement of the beginning of the second phase of its banking reform strategy.
- CBI announces it has completed the first phase of it by achieving tangible and important results in the field of regulating foreign trade financing and regularization of the global financial system through strict adherence to standards. International compliance, building solid international banking relationships with international banks and correspondent banks. Get ready….
- Iraq also has now announced 142+ tons of GOLD reserves.
Parliament receives budget schedules from the government, 22 MAY
Parliament receives budget schedules from the government
The Secretary of the House of Representatives, Safwan Bashir Al-Jarjri, announced on Tuesday that the financial budget schedules for 2024 have been received from the government and referred to the presidency of the House of Representatives.
In an extraordinary session last Sunday, the Council of Ministers voted on the budget schedules and referred them to the House of Representatives.
Prime Minister Mohammed Shia Al-Sudani revealed in a press conference after the session the details of the budget schedules and the highlights of what it included, and said:
– Table (a) included revenues totalling (144.336) trillion dinars, and Table (b) related to total planned expenses with a total of (210.936) trillion dinars.
– The planned budget deficit was (63.599) trillion dinars, and Schedule (c) is the centrally funded workforce schedule, and amounted to (4.079906) employees, and the governing expenses amounted to (10.042) trillion dinars
.
– The investment budget for 2024, (54.298) trillion dinars, and may reach 55 trillion dinars.
– Governorate allocations for local government programs with an investment allocation amounting to (10.633) trillion dinars in 2023, and we funded (3.333) trillion, based on fundamentalic requests from the governorates.
– The remaining of the allocation (7.333) trillion dinars in the account of Amanat, at the disposal of the provincial governments.
– Allocation of approximately (8) trillion dinars for ongoing projects, including allocations in 2024.
– For the first time in the balance dates, we exceed the exchange by 50%.
– The increase in debt repayment was 3.9 trillion dinars, in 2023, the payment of the debt was 12.751, and in 2024, we paid 16.725 trillion.
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