Iraqi Ministry of Finance dispatches April salaries for KRG security forces, 10 JUNE

 ERBIL (Kurdistan24) – The Iraqi Ministry of Finance has dispatched the April salaries for the Kurdistan Regional Government (KRG)’s security forces.

On Sunday, June 9, a high-ranking source from the Iraqi Ministry of Finance informed Kurdistan24 that the full salaries for the Peshmerga and security forces of the Kurdistan Region of Iraq (KRG) for the month of April have been sent.

The funds will be deposited into the KRG’s Ministry of Finance and Economy account at the Erbil Branch of the Central Bank of Iraq (CBI).

“The Iraqi Ministry of Finance will make every effort to pay the salaries of the Kurdistan Regional Government (KRG) security forces before Eid al-Adha,” the source stated.

For more than two months, the Iraqi Ministry of Finance had not dispatched any funds to the Peshmerga Ministry and the KRG security forces.

This delay was due to the Federal Ministry of Finance requesting a complete list of names and information of the KRG security force members. The KRG rejected this request and insisted on providing a coded list instead.

The Federal Board of Supreme Audit was scheduled to visit Erbil on Saturday to audit the salaries of the security forces as well as the Kurdistan Region’s expenditures and revenues.

Read More: Federal Board of Supreme Audit delegation to visit Erbil

Once the audit report is completed, the coded names will be sent to Baghdad to facilitate the payment of the security forces’ salaries. The report will be submitted to both the Iraqi and Kurdistan Regional governments.

During a ceremony to inaugurate “Eagle Post” center for post and delivery service, the Kurdistan Region’s Prime Minister Masrour Barzani reassured that the government has been actively working with the federal government to resolve budget and salary issues fundamentally.

“We hope that the full salary of the security forces for the month of April and the salaries of all our citizens for the month of May to be distributed soon before the holidays,” Prime Minister Barzani announced, expressing optimism that salary issues would no longer dominate media headlines.

kurdistan24.net

"END OF THE PETRODOLLAR?" FROM RV HIGHLIGHTS TELEGRAM ROOM, 10 JUNE

RV HIGHLIGHTS

GCR -TRUENEWS

END OF THE PETRODOLLAR?  🤔

The inevitability of a petroyuan has become a popular take in the financial blogosphere: China flexing its muscles as an emerging power, elbowing one of the most visible and enduring signs of the 75-year US hegemony in the Middle East.

Ask quietly in government circles in Riyadh, Abu Dhabi, Kuwait City or Doha about the petroyuan, and the response — even in the weeks following Xi’s visit to Riyadh — is unanimous: the petrodollar is here to stay. On a recent trip to the region,

 I didn’t hear a single official talking seriously about making preparations to introduce a new currency to the mix. The answers sound a lot like this: What’s in it for us? The greenback is freely convertible, the yuan isn’t; the dollar is liquid, the yuan isn’t. That’s the polite version; the more candid answers sounded even more emphatic about the absurdity of turning to a managed currency produced by an opaque and unpredictable financial machine.

As in every conspiracy, there’s a grain of truth in the petroyuan tale, however. Xi did encourage the region to embrace the yuan for oil trade. But rather than pricing oil in yuan, as many had expected, Xi simply asked Middle East producers to accept payments in yuan.

Middle East officials were lukewarm at best. In public, they are open to debate the merits, but not much more. “There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal,” Saudi Finance Minister Mohammed Al-Jadaan said last month. Thani Al Zeyoudi, the Emirati trade minister, said his country was prepared to discuss settling trade in different currencies, but only for “non-oil” deals.

In the region, the petroyuan is also seen as a door that, once opened, would invite followers. India may want a petrorupee, officials say; Japan, South Korea and Taiwan could seek similar arrangements. Although China is Saudi Arabia’s largest oil customer, taking roughly 26% of its oil exports, the combination of Japan and South Korea surpasses that share, reaching 28%. Add Taiwan, and the trio account for nearly one-third of Saudi petroleum exports. If you say “yes” to the petroyuan, how can you refuse, say, the petroyen and the petrowon?

Going beyond settling oil trade invoices in yuan is even harder. The appetite among OPEC producers to price oil in yuan using a Chinese exchange is almost nil. Middle Eastern national oil companies closely watch how Beijing tries to manipulate local commodity prices such as iron ore, cotton, coal or grains every time prices rise above its pain threshold. Having spent 60 years building a formidable cartel, why would Middle East nations cede pricing power to China?

Beyond Chinese capital controls, Middle East oil-producing nations have other reasons to stick to the dollar. A crucial one is that most of their currencies are pegged to the greenback, requiring a constant influx of dollars to support the arrangement. Those savings are held in dollar accounts, so Middle East countries have an interest in keeping the dollar strong.

Petroyuan fans play down the importance of the currency pegs. They do have a point, as those pegs can be abandoned or, at least, tweaked. But I haven’t seen any signs that’s about to happen. The other argument in favor of the petroyuan is that the US has weaponized the dollar via oil sanctions on Venezuela, Russia and Iran, making an alternative payment not only likely but necessary. Perhaps, but this isn’t the first time the US has imposed oil sanctions, and the dollar hasn’t suffered. Libya demanded — and got — payment in European currencies in the 1990s, as did Iraq.

https://x.com/winfieldsmart/status/1799773656903561388?s=46

🔴 Interesting take on this Petro Dollar issue. Worth the 

NADER FROM MID EAST: I never said the exchange rate will be on the budget IQd

Transportation: IFC International put forward three options on Baghdad International Airport, 10 JUNE

Transportation: IFC International put forward three options on Baghdad International Airport

Economy News – Baghdad

The Ministry of Transport announced on Saturday that the study presented by the International Finance Corporation (IFC), on Baghdad International Airport, includes three options.

The ministry said, in a statement, seen by “Economy News”, that “the IFC Finance Corporation presented a (investment) brochure, which includes a proposal to develop and qualify Baghdad International Airport and offer it as an investment opportunity for specialized international companies.”

She added that “the institution proposed, during the meeting, three options: the first, the rehabilitation of the current airport, the second is the construction of a new airport, and the third included the integration of the first and second options, which the government went towards.”

She stressed that “it is planning to refer the airport project to investment at the end of this year,” noting that “the IFC will help the Iraqi government in selecting the best international companies to implement the project.”

She pointed out that “the General Company for Airports Management and Air Navigation is a partner in the process of rehabilitating the airport’s infrastructure.”

She pointed out that “the technical and economic feasibility of qualifying the airport aims to absorb the annual increase in the number of passengers witnessed by the airport, which recently reached 15.7%, as the number of passengers reached 3.4 million passengers in 2024, and it is hoped that this percentage will increase to the highest level in the coming years, which in turn will contribute to lifting the European ban on Iraqi aviation. ”

The statement revealed, “plans (lFC), which include the construction of a new passenger lounge that accommodates the expected increase in air traffic until 2036, so that the capacity of Baghdad International Airport will be 8.5 to 9 million passengers annually.”

https://economy-news.net/content.php?id=44119

"ABOUT MANY SYSTEMS ARE HAVING ISSUES TODAY.." FROM GINGER TELEGRAM ROOM, 10 JUNE

  Meaningful conversation in GLL Chat regarding incoming "Scare Event". Meri17, Liberty Lounger Extraordinaire sets the stage: 6.7.24  💥👀💥⬇️

💢Meri: Scare event appears to finally be incoming. 

We’ve said on many occasions that most won’t recognize it when it starts and this is seriously freaking people out. 

If you look around, many systems are having issues today, from internet and cell service to delivery services and flights. 

Things do appear to be in motion or very close👇👇👇

💢Kelli: BIG US Bank issue right now. AI has taken over the bank by internally overwriting internal loops and has locked out all permissions for anyone to unlock. Now they are afraid that money transfers are going to carry the AI to other banks like a virus.

One of our friends has a wife who is high up in US Bank. They took all their money out this morning and everybody is being asked not to do electronic transfers of funds.

🚨 Another story caught our attention: 

💢TonyaK: My husband is at the bank now. His payroll check and others from the EACS District are still in a pending status.

 The payroll is always deposited on Thursday. They are not wanting to release his money. He also has a huge check that was deposited nearly two weeks ago from the sale of a house and they show the money in his account but are refusing to release it.  Something is going on.

Iraqi Dinar 🔥It's Massive $28.50 🔥Al Sudani & CBI Governor Big Announcem...

Iraq participates in the 27th St. Petersburg International Economic Forum. 10 JUNE

Iraq participates in the 27th St. Petersburg International Economic Forum

Economy News – Baghdad

The Foreign Ministry announced on Sunday participation in the 27th St. Petersburg International Economic Forum.

The ministry said in a statement, seen by “Economy News”, that “a delegation from the Ministry of Foreign Affairs and the Embassy of the Republic of Iraq to the Russian Federation and a delegation from the Kurdistan Regional Government of Iraq participated in the 27th St. Petersburg International Economic Forum held in the Russian city of St. Petersburg for the period 5-2024/6/8.”

“More than 17,000 participants from more than 136 countries, heads of state and government, ministers, government officials, ambassadors and politicians from 45 countries attended the forum, and Russian President Vladimir Putin also participated in the plenary session of the forum,” she added.

She added that “during the meetings, they discussed the economic challenges facing the world and how to find sustainable solutions in light of the current global transformations, and discussed cooperation in the field of international transport, as well as cooperation in the field of artificial intelligence and digital technology and finding common approaches to the development of education in line with the technological development in the world.”

https://economy-news.net/content.php?id=44165