Minister of Transport announces contracting with Oliver Wyman to provide consulting services for the Development Road Project

 Baghdad - WAA 

Minister of Transport Razzaq Muhaibis Al-Saadawi announced today, Thursday, the signing of a contract with Oliver Wyman Consulting Company to provide consulting services for the Development Road Project, noting that the completion rate of the initial designs for the railway track for the project reached 80 percent and the expressway 75 percent.

Al-Saadawi said in a statement received by the Iraqi News Agency (INA): "Under the patronage of Prime Minister Mohammed Shia al-Sudani, we supervised today the contracting with Oliver Wyman Company to provide consulting services for the Development Road Project," indicating that "signing the contract reflects the government's seriousness in proceeding with the implementation of the strategic development road project."

He added that "the consulting company will help the ministry in marketing the project and supervising investment opportunities in it," noting that "the contract signed on behalf of the ministry by the Director General of Iraqi Railways, Younis Khalid Jawad, and on behalf of the consulting company by Pedro Oliveira, General Manager of Oliver Wyman Company, is the first of its kind in Iraq, in terms of providing financial and economic consulting services for strategic government projects."

He pointed out that "this contract will give international importance to the development road, which enjoys the care and attention of the Prime Minister," noting that "the completion rate of the initial designs for the railway track has reached 80 percent, while the completion rate of the expressway designs has reached 75 percent, and 92 percent of the soil investigations for the project."

Thecontract signing ceremony was attended by the Prime Minister's Advisor for Investment Affairs, Mohamed El-Naggar, and a number of officials in the ministry, according to the statement.  LINK

LATEST FROM FREEDOM FIGHTER, 13 JULY

Freedom Fighter ©️ 

July 9, 2024

💥Cryptocurrency to be considered money 💰 

💥Iraqs ports are digitizing - new rate will be required - “eventually”

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🟠GOLDILOCKS article breakdown 

🏆Iraq testing the IQD in the FOREX market ‼️

💥Directly from the CBI

Activity transactions on the (FITR) platform"

Iraq is now showing transaction activities on the FITR platform. FITR are Exchange Traded Funds that come under the category of cross currency swaps. 

Currency ETFs are exchange-traded funds that track the comparative value of a currency. These investment mechanisms allow people like you and me to gain exposure to the forex market. 

"Cross-currency swaps are commonly used for fixed income investments where the cash flows are known with a high degree of certainty. Hedging currency risk with a cross-currency swap effectively creates a synthetic local currency denominated bond by converting the bond’s foreign currency denominated cash flows or risk into a stream of local currency payments. Cross currency swap hedging strategies can be tailored for either active strategies or passive buy-and-hold fixed income strategies."

Here is how the above quotation works. The Exchange Stabilization Fund (ESF) of the U.S. Department of the Treasury can purchase or sell foreign currencies. 

The ESF also includes Special Drawing Rights (SDRs), which are international reserve assets created by the International Monetary Fund. The ESF can also enter into "warehouse" swaps with the Federal Reserve System. 

The Federal Reserve has a repurchase facility for foreign and international monetary authorities, also known as the FIMA Repo Facility. 

This allows foreign account holders to temporarily exchange Treasury Securities for dollars to meet potential liquidity needs. 

"According to TreasuryDirect, Treasury Bills, Notes, Bonds, TIPS, and FRNs are transferable, so you can buy or sell them in the secondary market."

Yes, foreign currency, also known as forex, is traded on the secondary market, which includes equities and fixed-income instruments like bonds.

The foreign exchange market is a decentralized, over-the-counter (OTC) marketplace that determines the exchange rate for currencies around the world.  

Let me end this dialogue where we began it. And, this is a direct quote from the CBI website, "Activity transactions on the (FITR) platform." 

This gives us an idea of how close we are. Let me be clear, we do not know if these are testing transactions or actual transactions at this time. But, we do know they are in training for the use of this trading mechanism for a reason. 

© Goldilocks 

https://cbi.iq/news/view/2616

https://www.sec.gov/divisions/marketreg/mr-noaction/fitr110102.htm

https://www.schwab.com/etfs/types/currency-etfs

https://www.slcmanagement.com/ca/en/insights/all-insights/currency-risk-management-for-foreign-fixed-income-investments/

Iraq To Release a New IQD Rate in July🚩Wow, This is a Done Deal?🤔Dinar R...

Marketing 600,000 FTTH fiber optic lines in Iraq

 7/12/2024  Baghdad

The Ministry of Communications announced today, Friday, the development of a plan and schedule with the companies contracting with it, in coordination with the Baghdad Municipality and the governorates, to deliver and implement fiber optic lines (FTTH) in all regions and governorates, while indicating the marketing of 600,000 fiber optic lines.

The Director General of the General Company for Communications and Information Technology at the Ministry of Communications, Ali Yassin, said: “The Ministry of Communications, represented by the General Company for Communications and Information Technology, has implemented more than 3 million FTTH fiber optic lines, and 600,000 lines of them have been marketed so far,” noting that “the ministry has developed a plan for the transfer of the rest of the governorates and a schedule with the companies contracted with it for the purpose of implementing and completing the rest of the governorates of Iraq.”

Yassin added, "Coordination has been made with the Baghdad Municipality to facilitate the work of companies contracting with the General Company for Communications and Information Technology to implement and extend cables for FTTH technology, as well as coordination with the governorates to facilitate the task of companies contracting with the General Company for Communications and Information Technology and to set controls and standards for implementation."

He pointed out that "the areas where the lines have been completed, including those on the Karkh side (Al-Saydiya, Al-Jami'a neighborhood, and Al-Adl) and on the Rusafa side (Zayona, and Palestine Street), are all equipped with FTTH service, as are the governorates such as Karbala and Najaf."

He pointed out that "the advantages of the lines are improving the quality of service provided to citizens at competitive prices, especially since most citizens complain about poor Wi-Fi service."

Therefore, FTTH service on optical cable will save them from that.”   LINK

Evening News with MarkZ. 07/12/2024

Friday Evening News with MarkZ 

Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context.  Be sure to consult a professional for any financial decisions

Member: Welcome to the weekend

Member: Hear any great news today Mark?

MZ: The biggest news today came from banking, wealth management, redemption folks . I was told they do have to work this weekend. It’s mandatory that they have to work this weekend. It is only part time hours….They do not have to work a full day. That could change? But this is unusual. 

MZ: Normally they set them up as a “call in” But no- this weekend they have to work. I hope it means something lovely. 

Member: Perhaps those being called in to the banks to work part time this weekend; maybe it's for final training before the big show????

Member: Did anyone else see the Fox story reporting on Nesara from Charles Payne…….This was on the 10th. 

MZ: They never mentioned the term Nesara….They talked about a great wealth transfer and the need for debt forgiveness….It was still a great piece…and they mentioned all about the things needed to do to make this happen. 

Member: Two weeks back I saw an article that the Pope was calling for Metal back currency and a Debt Jubilee.

Member: Bingo! Timing is everything.

Member: I thought you said this week that Iraq has the rate already?

MZ: I absolutely believe they have the rate….. I don’t think Iraq is stalling….I think they are waiting for the “go” signal. 

Member: I would love to know who gives the “GO” signal. 

Member: I think the US is stalling.

Member: Iraq only accepts dinar for their oil…something is happening.

Member: Mark, wolverine said this weekend we will receive our notice ….I sure hope this is  true?

MZ: Most of what I am getting is for earlier next week…..BUT, I did just find out that some of my banking/redemption contacts said they have to work this weekend. It’s not “on call” Its mandatory to work…..so it is possible. 

MZ: “DOW hits all time high in broader market rally”   Reminds me of 1929……a lot. And Forbes just released that thy think the markets are about to have a massive correction. 

MZ: This is a melt up…watch it. Markets do this just before a big correction. 

Member: What is your guy saying Mark?

MZ: My gut is screaming it will be this month…...

Member: Article: The 2024 budget will be returned to the house of representatives …saying its “unconstitutional”? 

MZ: It’s my understanding they sent it back and the official story out if Iraq is they are correcting some minor issues with tables…and the rumor is running that we will see a rate change when they correct the tables. At least that is the rumor running around Iraq…. 

Member: I received an email from Chase bank inviting me to the “Private Side” I only have $25 in my checking account. 

MZ: lol…they are getting prepared for you.

Member: I keep getting JP Morgan wealth management mails

​​Member: I just pray that we're finally at the finish line!!!

Member: Good night all….have a wonderful weekend!

​​“THE CONTENT IN THIS PODCAST IS FOR GENERAL& EDUCATIONAL PURPOSES & NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY”

PIMPY: Iraq's Activity on the FITR Platform 07/12/24

Saudi Arabia is Iraq's new commercial destination.. Economist predicts the future

 Economic experts expected, on Thursday, the growth of trade between Iraq and Saudi Arabia in the coming period, while stressing the importance of developing trade exchange between the two countries, as Saudi Arabia has one of the strongest economies in the Middle East.

Ghazi Faisal, director of the Iraqi Center for Strategic Studies, said in a statement followed by Mawazine News, "Saudi Arabia represents one of the giant regional economies, as its annual GDP is approaching one trillion dollars, and during the past decades it has invested in the field of minerals in addition to gas and oil, as it is the first producer of oil in the world, and it is also an important investor in agriculture and industry, and it previously offered Iraq to invest in agriculture in the south of the country, but pressures from forces opposing openness to Saudi Arabia have disrupted the project."

Faisal added, "Today there is an important openness to Saudi Arabia, as an agreement was signed since the time of former Prime Minister Haider al-Abadi, and the Iraqi-Saudi Economic Council was formed, which holds joint meetings, and Iraq opened up to Saudi investors in various fields."

Faisal pointed out that "Saudi Arabia is a major player in international economic relations and an important member of the G20 group of economic powers in the world, so it is important for Iraq to open up to the Kingdom and benefit from its capabilities."
In comparison with neighboring countries, the director of the Iraqi Center for Strategic Studies explained that "Turkey's products differ in nature, due to the abundance of water and land. It is an important agricultural and industrial country, and trade exchange with Turkey will remain indispensable."

As for Iran, according to Fassal, it is "an important country commercially, but it is shackled by economic sanctions, as it suffers from restrictions on the movement of currency for trade with Iran, which causes the existence of a parallel market in Iraq and black transfers and other issues that burden the Iraqi economy with major problems."

It is known that Iraqi markets depend on Turkey and Iran to meet their needs for goods, as the volume of trade exchange between Iraq and Turkey reached $20 billion according to Turkish President Recep Tayyip Erdogan, while Iran intends to reach this number by 2027.  link