The Significance of the Triennial Budget for Foreign Companies as Perceived by the Iraqi Parliamentary Finance Committee, 19 AUGUST

The Significance of the Triennial Budget for Foreign Companies as Perceived by the Iraqi Parliamentary Finance Committee

The head of the Iraqi Parliamentary Finance Committee, Atwan Al-Atwani, recently emphasized the importance of the triennial budget to foreign companies during a meeting with a delegation from the US Embassy in Baghdad. 2 This statement underscores the budget's role in shaping the country's economic landscape and its potential impact on foreign investment.

The Role of the Finance Committee in Budget Law Oversight

Al-Atwani highlighted the Finance Committee's responsibilities in monitoring the implementation of the General Budget Law, particularly focusing on provisions that aim to maximize non-oil revenues and support the private sector and investment. 2 This oversight ensures fiscal policies align with national goals and attract foreign investment by creating a stable and predictable economic environment.

The Triennial Budget as an Economic Message

The triennial budget serves as a strategic tool for communicating Iraq's economic intentions and priorities to the international community. Al-Atwani's remarks suggest that the budget's provisions on non-oil revenue and private sector support are intended to signal Iraq's commitment to diversifying its economy and fostering an investment-friendly climate.  2 This could potentially attract foreign companies looking for opportunities in a market undergoing economic reforms.

Implications for Foreign Companies

For foreign companies, the triennial budget's emphasis on non-oil sectors and private sector development can indicate potential areas for investment. The budget's provisions, if implemented effectively, could lead to a more diversified economy, reduced dependency on oil revenues, and a more stable investment climate.  2 This could translate into more opportunities for foreign investors, particularly those interested in sectors such as agriculture, manufacturing, and services.

Conclusion

The Iraqi Parliamentary Finance Committee's stance on the triennial budget underscores its importance as a message to foreign companies. By focusing on non-oil revenue and private sector development, Iraq aims to attract foreign investment and diversify its economy. Foreign companies considering Iraq as a potential market should closely monitor how the budget's provisions are implemented and the broader economic reforms taking place.

sources: 

https://avim.org.tr/en/Bulten/PARLIAMENTARY-FINANCE-COMMITTEE-TO-US-DELEGATION-THE-TRIENNIAL-BUDGET-REPRESENTS-AN-IMPORTANT-MESSAGE-TO-FOREIGN-COMPANIES 

LATEST FROM FRANK26, 19 AUGUST

  Frank26 

 Question: "What are you looking for next?"  I'm looking for Sudani to come out and show the Iraqi  citizens their new currency, their lower notes in whatever fashion that he'll take.

 Frank26  

Question: "How long do you think the US Treasury will be in Iraq?  Are they staying to see the finish?" 

 IMO yes.

  Question: "As far as the training videos, are there any more subjects remaining with the RI and monetary reform that the Iraqi have not seen?" 

   Yes.  Right now they're teaching them about the float.  They hadn't seen that up until two days ago.

 CBI document released [Sunday] This is good.  What is the reason why we don't have the monetary reform? 

 Because of the corruption.  Because of the profiteering from the bad parliament political people.  

You know where they are from. 

 What has Sudani done? 

 He took....FOR READ MORE: https://dinarevaluation.blogspot.com/2024/08/q-with-frank26-18-august.html

 Frank26  

 Sudani is working with the United States Treasury.  IMO the Untied States Treasury is sitting in the seat of the governor of the CBI where Alaq normally sits...I find this to be a catalyst to see the Untied States Treasury there.  I'm very excited about what's going on...

Frank26  

The United States Treasury, Federal Reserve, they showed up...What do you think that means?  You think they're going to sit there and allow them to be lackadaisical, to be lazy, just to take your time ? No.  The Untied States of America works on a nano second...I find it very encouraging to speed up the monetary reform process.

  Who is the new CBI governor?  It is the US Treasury IMO that is now the governor of the CBI. 

 Why?  What is the governor of the CBI? 

 Just a figurehead.  

Does he make any decisions?  No.  Does he have any authority?  No.  Does he ..FOR READ MORE: https://dinarevaluation.blogspot.com/2024/08/rv-update-by-frank26-13-august.html

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Cabinet approves ‘new’ bank lending strategy, 19 AUGUST

 Economy News – Baghdad

The Iraqi government on Sunday approved a “new” bank lending strategy to attract domestic and foreign investors and finance nearly 100,000 projects.

The Prime Minister’s Information Office said, in a statement seen by “Economy News”, that “Al-Sudani chaired, today, Sunday, the thirty-fourth regular session of the Council of Ministers, in which the latest developments in the country were discussed, and a number of economic and service issues were discussed, as well as the topics on the agenda and the necessary decisions were taken on them.”

He added that “the Council of Ministers approved the national strategy for bank lending prepared by the Central Bank of Iraq, including the recommendations and programs proven therein, within the framework of the government’s vision of economic reform, and the revitalization of the investment and development movement in the country.”

The statement continued, “The strategy aims to stimulate the growth of the Iraqi private sector by improving the business environment, attracting domestic and foreign investors, increasing the credit granted to it from non-oil GDP by 2029, as well as increasing credit for small enterprises from non-oil GDP, and financing nearly 100,000 projects.”

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https://economy-news.net/content.php?id=46460

IRAQ BOOTS ON THE GROUND REPORT BY FIREFLY, 19 AUGUST

 Frank26   

[Iraq boots-on-the-ground report] 

 FIREFLY: Saleh...was talking about...raising the value of the currency.  He talked about it for 45 minutes. 

 FRANK:  These are the people we want to listen to.  They're the ones that Sudani is sending out to them...Everyday seems to be filled with monetary reform education to you Iraqi citizens.  Don't you love it because this is what is supposed to be happening right now.  They are preparing you for what they're going to give you, what they promised you.  You are so close to receiving everything that they were talking to you about.. .

FIREFLY: We see Saleh again on TV.  This is the second time he talks to us now about the float.  He's saying the float can be adventurous.  We intend to have it fixed.  Ours will be fixed or managed float.  That is what's best at this time for Iraq and our currency.  He went and talked about how...we went from 11,000 ATMs to over 55,000...in gas stations alone...

 FRANK:  Ever since the United States Treasury showed up last week they just cannot stop talking to you every day on the television about the success of the monetary reform...new lower notes...the new exchange rate...Now it's gone way deeper into the float.

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"FOR THE REFORMS!!!" BY FRANK26, 19 AUGUST

 KTFA

FRANK26: "FOR THE REFORMS!!!".........F26

Al-Sudani announces readiness to launch the "largest" electricity production project in Iraq

8/15/2024

 

Prime Minister Mohammed Shia al-Sudani announced on Thursday that his government is ready to launch the "largest" electricity production in Iraq at a rate of 10,000 megawatts.

Al-Sudani said in a speech during the ceremony to launch the executive works of the projects of three power stations in Karbala Governorate, that this project is a strategic project in electrical energy, which will be implemented according to a new economic model and a new vision that will be announced to the private sector, after it has been studied by a team of consultants specializing in electricity.

He stressed that the stability of energy sources is an encouraging factor for investment and development, and pushes for the development of sources of income by activating all other economic sectors, in addition to the ongoing work to improve the transportation and distribution sector, to deliver electricity service in a sustainable manner to the citizen, without it being a burden on the state and its financial budget.

Al-Sudani also pointed out that the combined cycle projects and solar energy projects are part of the government's plans to reform the electricity system, indicating that the launch of the solar energy project in Karbala and Babylon will continue with the rest of the governorates, which is happening for the first time in Iraq.

He stressed the importance of supporting the private sector, which represents a support for the government in facing crises, emphasizing the special nature of Karbala Governorate, which is visited by millions of visitors throughout the year from inside and outside Iraq.

The three projects launched by Al-Sudani in Karbala are: the combined cycle of the Karbala gas station with a capacity of (132 megawatts), the Karbala investment solar energy station with a capacity of (300 megawatts), and the Karbala secondary transformer station, 400 KV, with a capacity of (1500 megawatts).

It is worth noting that the three station projects will achieve an increase in the production of electrical energy, as the combined cycle of the Karbala gas station contributes to adding (132) megawatts to the currently operating station, with a total design capacity of (250) megawatts, while the Karbala solar energy investment station project is one of several important contracts concluded by the government in the field of renewable energy projects with a number of specialized international companies, including signing a contract to implement a solar energy station with a private sector company with a capacity of (300) megawatts.

As for the Karbala Banks Secondary Station 400 KV, with a capacity of (1500) megawatts, it is being implemented within the second phase of the electrical energy transmission projects, under the contract with the German company Siemens, and is the first transformer station of its kind in Karbala, and will contribute to relieving bottlenecks in the network, thus raising the level of stability and meeting the needs of the various sectors in the Middle Euphrates region.

LINK