FIREFLY:We don't see the budget in the Gazette. We have not had a single word from parliament...Parliament said it was to be sent to be published in the Gazette...
FIREFLY: Alaqsaid Iraq returning to the glory days and it will surpass those days.
FRANK: This caught me off guard. They're talking to them a lot. We told you they would...They're releasing the videos, we told you they would. Alaq is telling the people, look I got a mechanism, you know what it is, it's a new exchange rate... 'Iraq is returning to the glory day...and will surpass those glory days.' I told you, you would never see 1 to 1. There's a reason they kept it at 1310 and they're going to return back to the glory days which was $3.22 because this is an RI, reinstatement...IMO this is happening.
FRANK26:"KTFA FAMILY... I HAVE ALWAYS SAID THE MOMENT YOU SEE THE HCL, SECONDS LATER YOU WILL SEE THE NEW EXCHANGE RATE!!!"............F26
Al-Sudani: Iraq's interest in developing gas projects will provide job opportunities and give the economy added value
6/9/2024
Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Sunday, that Iraq’s interest in developing gas projects will provide job opportunities and give the economy added value.
The Sudanese media office said in a statement received by {Al-Furat News}, that “the latter received the CEO of the Chinese PetroGina Company in the Middle East, Dai Houliang, and his accompanying delegation, while stressing the keenness to develop relations with China in all fields, and that the presence of Chinese companies in various sectors “Including the oil sector, this trend reinforces the development of relations between the two countries.”
He pointed out, "The associated gas project that was inaugurated yesterday in Maysan Governorate, and which is being implemented by PetroGina, is considered one of the strategic projects between the two countries, as it falls within the government's priorities in stopping the waste represented by burning gas, expressing his thanks for the efforts of all those working in this project."
The Prime Minister explained, “Iraq’s interest in developing gas projects, as part of the government’s program to develop the manufacturing and fertilizer industries, which will give the economy added value and provide job opportunities, and that there are sites that will be offered to companies, especially PetroGina,” stressing, “the project offer.” Integrated energy implementation, which includes oil and associated gas production, processing plants, a power plant and a petrochemical refinery.”
Al-Sudani pointed out that “the Belt and Road project can be linked to the Development Road project to be one project, which is what the company offered to cooperate in,” expressing Iraq’s readiness to partner with the company in petrochemical projects outside the country, and that the government adopts environmental standards in implementing projects, as well as providing An investment environment for operating companies, development and establishment of training centers to develop workers and cooperation in the field of study fellowships.”
At this time the budget is not published in the Gazette. The budget has not been implemented because it can't be implemented until the court finishes their appeals on it.
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There's many disagreements with the budget, possibly causing it to be overturned via a court appeal...The actions of what was done with the budget was against what they were allowed to do so the legal system might be overturning the budget's approval...The House of Representatives...went beyond what they're allowed to do. The fact that they approved the budget unlawfully might be getting overturned...The budget might get squashed...
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The budget got approved with the currency value at the Central Bank value of 1310 dinar per dollar. That is not a rate change and no it can't just magically float up 1 to 1 in the way it sits right now. Remember the budget is a law...Changing the currency value would be a revision to the budget law. It would have to be amended somewhere during the term of the budget year or they'd have to wait till the next budget period to change the rate. That's the scenario we're in as of right now...There are some disagreements with the budget. We need to give those disagreements a few days to play out to see if they're going to...appeal the budget.
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I've seen quite a few different investors out there that are super excited that Iraq was going to be approving their budget within parliament Monday...That's a huge misunderstanding on your part if you're excited...The budgets are calculated off the value of the currency. When a budget is implemented or while the budget is implemented the rate cannot
change...If this budget got approved Monday, the next time they could change the currency...rate, they would have to wait until mid-year (September or October) or a new budget period of 2025 (March to April)...Once this budget gets approved, that's the currency value that's locked in it...It can't be magically changed...It doesn't work that way.
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The rate change is here... Article: "Sudanese directs to hold an extraordinary session next Sunday to discuss the 2024 budget schedules
" The reason council of Ministers which normally meet on Tuesday are meeting on Sunday is they can only meet after the rate changes...They are reducing the deficit. To reduce the deficit you have to reduce your expenses, cost and figures. The only way they can do that is revaluing the currency...This step is contingent upon the rate change.
Article: "Parliament expects the arrival of the 2024 budget schedules" Quote "...There are efforts to guarantee the right of many segments in the items and schedules of the 2024 budget but they cannot be judged without waiting for the numbers they contain."
The rate has to change before parliament can approve the amendments to this budget. This is why I showed you the final countdown a few days ago because I knew this was coming forward and here it is for you...
Mid last week I posted "The Final Countdown"
...Here's the reason why right here...The approval of Iraq's budget is waiting on the rate change. That's why it's been outstanding/ pending for 6 weeks. This week we're entering into will be its seventh week. In order for them to complete and approve, the budget is waiting for the rate to change ...You're seeing countless articles on this. This is a critical piece to the timing of the rate change.
The next big step in this is we want to see when Iraq will be amending their budget...They can amend it before or after the rate changes...
This weekend coming up would be the historical anniversary date of when Kuwait reinstated their currency - March 24, 1991
Iraq technically does not need to amend the budget if they're not changing their rate.
The budget already covers their operating expenses. But they would need surplus funds to cover the reforms. The reforms are contingent upon the rate changing. They can't bring these reform package forward if the rate does not change. The only reason they're amending the budget is because the rate is changing...The step of amending the budget can happen either before or after the rate changes ... They will probably announce Thursday or Friday as to when they plan to amend the budget, which they'll probably do around this weekend...
The United Nations Development Program (UNDP) has issued a new 49-page report on investment opportunities aligned with Iraq’s Sustainable Development Goals (SDGs) in target markets and sectors.
The report identifies investment opportunities in the following areas:
Food Processing
Mid-tech Greenhouses
Specialty Dairy Products
EdTech Platforms
Low-fee Private Schools
Education Infrastructure
Utility-scale Solar Farms
Solar-based Green Energy Solutions
Railroad Infrastructure
Pharmaceuticals Production
Social Housing
Water Resource Management Solutions
Flaring Solutions
Early Childhood Development
Advanced Healthcare Services
In a statement announcing the report, the UNDP said:
“The collaborative effort between the Republic of Iraq’s Ministry of Planning (MoP), the United Nations Development Program (UNDP) in Iraq, and UNDP Istanbul International Center for Private Sector in Development (ICPSD) has led to the development of “Iraq’s SDG Investor Map”.
“This flagship product marks the culmination of an in-depth report on investment opportunities and conditions aligned with the Sustainable Development Goals (SDGs) in target markets and sectors.
“This comprehensive map presents profitable investment opportunities that meet sustainable development needs and national policy priorities. It leverages the development priorities of the previous National Development Plan and aims to inform the upcoming new National Development Plan covering 2024-2028.
“The Iraq SDG Investor Map adopts a holistic approach to sustainable investments in the country, encompassing climate resilience, social cohesion, economic diversification, reconstruction, and the revitalization of the manufacturing sector. It employs an SDG-sensitive investor lens to encompass all regions of the Republic of Iraq.”
You kind of need the IMF article VIII compliance and that's what we're waiting for which is a real effective exchange rate. I think these guys are about ready to expose that. I think al-Sudani...Alaq from the Central Bank of Iraq all of them have this in their eyes to see this come to fruition and very quickly...
Anybody going with Sudani is going against the mafias and going against those that are going to have their dollar auctions dry up.
They're going to have lots of different little things happen to them that are going to be painful. Anybody that's holding the dollar when they change the exchange rate...those exchange companies, 197 banks that got tagged by the central bank...
they're going to have a painful experience because if you're not large on the dinar and you own dollars and Alaq drops the three zeros, those guys are going to have a painful situation... They've been warned. They've been open about stopping the dollar auctions in Iraq for this year...