Sudani announces the opening of 48 power transmission stations and 152 electricity distribution stations in Iraq
{Political: Al-Furat News} Prime Minister Mohamed Shia Al-Sudani announced the opening and operation of 200 power transmission and electricity distribution stations.
The media office of the Sudanese in a statement received by {Euphrates News}, that "Sudanese announced the opening and operation of 48 transmission stations for electric power for ultra high and high pressure, and 152 power distribution stations in all provinces of Iraq."
"This is part of the first phase of a package of projects to solve bottlenecks in electricity transmission and distribution networks in Baghdad and a number of provinces," he said.
Thank you Birdieorbust, Liberty Lounger Extraordinaire 💥⬇️💥 5.29.24
💢Birdie: Zester, Markz son, explained crypto very well the other day and it really is no different from the QFS...they are both ledgers, so eventually we will all need to learn about crypto because we will be going all digital and ledger based in the future and need to be educated on it...he has a show today at 5 est on youtube called Crazy Cryptonaut.
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Birdieorbust, Liberty Lounger Extraordinaire, offers a valuable update. 5.21.24
💢 Birdie: Well, things are happening in Iraq that they are not letting us in on; and the Iranian thing was needed.
Iranian leaders were not for the RV, they love the almighty US dollar and tried to steal it from Iraq every chance they got. The death of the leader of Iran will make things go faster and, in my opinion, it was planned for that purpose, it was no accident. But saying all that, they are moving forward using the budget in Iraq so it is only a matter of time before we hear the rate change which is included in that budget. The other issue has been they are trying to keep it from Parliament as long as they can so therefore we do not hear it because of that.
Parliament still has some people who would love to foil this RV as well, but Sudani is smart and will do it at the best time possible for it to be successful for all. The citizens are being told more things than we are hearing in articles etc... It cannot be that much longer now.
FRANK26:"I TOLD YOU SO FAMILY... THE MEDIA IS NOT TELLING US THE WHOLE TRUTH"....F26
In 11 important points.. What the official Iraqi media did not tell you about the latest International Monetary Fund report
5/29/2024
Economic researcher Ziyad Al-Hashimi said today, Tuesday, that the latest International Monetary Fund report No. 2024/128 on Iraq included observations about the problems, negatives, and challenges facing the Iraqi economy that the official Iraqi media did not tell you about.
In a blog post on the “X” platform followed by “Jarida”
, Al-Hashemi mentioned 11 observations contained in the report as follows:
First: The public finance balance witnessed a decline from a surplus of 10.8% in 2022 to a deficit of 1.3% in 2023 due to a decrease in oil revenues and a 5% increase in spending due to the expansion of government appointments and the increase in salaries.
Second: There could be declines in oil prices and Iraq’s export quotas during 2024, which will lead to pressure on Iraqi public finance accounts, which consume the largest share of oil funds, which will cause a clear financial deficit!
Third: Iraq needs the price of a barrel of oil to rise by $14 to reach the price of ($94) so that it can cover the expenses required in the three-year expansionary budget. Otherwise, there will be an realized deficit that may force the government to borrow or search for other sources of financing!
Fourth: It is expected that the public finance deficit will reach 7.6% and that (public debt) will double from 44% in 2023 to 86% by 2029 if the Iraqi government continues on the same path and oil prices remain below the $90 level.
Fifth: Obstacles are still great in developing the private sector and non-oil sectors in the absence of effective economic measures and policies that push the economy towards real diversification in sources of financing and reducing high dependence on oil!
Sixth: The Iraqi government is required to reduce spending, not expand appointments and salaries, establish buffers to protect state finances, focus on necessary investment spending, and expand taxes, collections, customs, and other non-oil sources of financing.
Seventh: The impact of the central bank’s monetary policies is still weak in withdrawing excess liquidity, due to the huge amount of cash available in the markets, weak confidence in the banking system, and the weak performance of local banks!
Eighth: Iraq needs to stimulate the private sector, absorb employment through it, stimulate non-oil exports, and implement programs to protect the economy from the shocks of fluctuations in the price of a barrel of oil!
Ninth: Accelerating the pace of reform in the financial sector by structuring and modernizing Iraqi banks, supporting banks’ relationships with correspondent banks, structuring government banks, and enhancing corporate governance applications. (KTFA FAMILY... TAKE NOTE WORLD BANKS ARE HEAVILY INVOLVED & SUPPORTING IRAQI BANKS IN THE SECOND PHASE OF THE MONETARY REFORM"...........F26
Tenth: Implementing comprehensive reforms that regulate exchange rates,combat corruption, prevent money smuggling and laundering, and close outlets for wasting public money by enhancing the independence and role of financial oversight and integrity institutions, judicial institutions, and public governance.
Eleventh: Removing obstacles that prevent the implementation of real reforms in the electricity sector to improve its efficiency, recover its costs, develop its infrastructure, and ensure continuous and stable access to electricity for citizens.
Economist Ziyad Al-Hashimi commented in conclusion, “This report re-examined serious structural problems and presented important and necessary recommendations to the Iraqi government, but we do not know whether they will be taken into consideration, adhered to and implemented, or will they be ignored like the rest of the previous international recommendations?” We wait and see.”
Once our digital assets moving towards regulation and becoming law are complete, the ability to move our "tokenized assets" backed by gold as a tier one asset will bring the banking system and the markets into correlated price patterns.
This will enable us to move forward with the new economy and begin the process of credit valuation adjustments across all sectors of the market including Forex.
"Today the New York Stock Exchange (NYSE) said it plans to launch cash-settled spot Bitcoin options with the price tracking the CoinDesk Bitcoin Price Index (XBX), subject to regulatory approval."
The head of the Iraqi Private Banks Association, Wadih Al-Handal, confirmed today, Wednesday, the effort to open more prospects for work with correspondent banks, while indicating that the joint committee with the American side regarding the banking sector will begin its work next month.
Al-Handal told the Iraqi News Agency (INA): “The Prime Minister’s recent visit to the United States of America had a great impact on the understanding with the American side,” indicating that “what is important in this understanding is the formation of the committee, which will begin its first meetings at the beginning of next June.” .
He added, "We are very optimistic about this committee, which will be concerned with correcting the situation and returning the banking sector as much as possible to what it was, including dealing with correspondent banks and other clear points at the Central Bank of Iraq, including compliance and training of human cadres, including requirements related to money laundering."
He continued, "What was mentioned above is adopted by correspondent banks, in addition to the standards of disclosure and transparency of sources of funds, and these are the ABCs known in banking, and we sense all the seriousness and have great confidence in the direction of the Prime Minister and the Central Bank of Iraq for this," pointing out, "We are working in the banking sector currently." "To open more horizons for working with correspondent banks."
Association of Banks: The joint committee with the American side will begin its work next month
5/29/2024
Baghdad
The head of the Iraqi Private Banks Association, Wadih Al-Handal, confirmed on Wednesday the effort to open more prospects for work with correspondent banks, while indicating that the joint committee with the American side regarding the banking sector will begin its work next month.
Al-Handal said, in a statement reported by the official news agency and seen by Al-Iqtisad News, that “the Prime Minister’s recent visit to the United States of America had a great impact on the understanding with the American side,” indicating that “what is important in this understanding is the formation of the committee that will begin... Its first meeting is at the beginning of next June.
He added, "We are very optimistic about this committee, which will be concerned with correcting the situation and returning the banking sector as much as possible to what it was, including dealing with correspondent banks and other clear points at the Central Bank of Iraq, including compliance and training of human cadres, including requirements related to money laundering."
He continued, "What was mentioned above is adopted by correspondent banks, in addition to the standards of disclosure and transparency of sources of funds, and these are the ABCs known in banking, and we sense all the seriousness and have great confidence in the direction of the Prime Minister and the Central Bank of Iraq for this," pointing out, "We are working in the banking sector currently." "To open more horizons for working with correspondent banks."
