Al-Monitor: Turkiye to host regional summit on multi-billion-dollar Development Road project, 25 AUGUST

 Shafaq News/ Turkiye will host a pivotal summit with Iraq, Qatar, and the UAE on August 29, aiming to advance the multi-billion-dollar Development Road project, which seeks to connect the Iraqi port of Basra to Turkiye and beyond through an extensive rail and road network, according to a report from the American news website Al-Monitor.

Turkiye is set to host a four-way summit on August 29 with officials from Iraq, Qatar, and the United Arab Emirates (UAE) to discuss the Development Road project, a multi-billion-dollar initiative that aims to link the Iraqi port of Basra on the Persian Gulf to Turkiye via a 1,275-kilometer rail and road network. Turkish Transport and Infrastructure Minister Abdulkadir Uraloglu confirmed the meeting, stating that relevant ministers from all four countries will convene at the historic Dolmabahce Palace in Istanbul.

“This summit will bring together the key decision-makers, and significant decisions will be made,” Uraloglu announced to Turkish state broadcaster TRT. He also revealed that Qatar and the UAE are potential investors in the estimated $20 billion project, which was formalized during Turkish President Recep Tayyip Erdogan’s official visit to Baghdad in April.

Based on Al-Monitor report, the project will connect Basra’s al-Faw port, currently under construction, to Turkiye, with the goal of reducing the cost and time of trade between China and Europe. The Iraqi government envisions the Development Road as a crucial link for international commerce, particularly energy trade, given Iraq’s status as home to roughly 10% of global oil reserves. According to estimates, the new route could reduce transport times between Shanghai and Rotterdam from 33 days to 15 days, offering an alternative to the Suez Canal.

Turkish academic Nejat Tamzok emphasized the strategic importance of the project in a recent essay for Eurasia Review, noting, “The Development Road includes not only transportation infrastructure but also energy transmission and communication lines. It’s expected to offer a faster trade route between China and Europe.”

However, Tamzok pointed out that the project faces stiff competition from other global initiatives, including China’s Belt and Road Initiative and the US-backed India-Middle East-Europe Economic Corridor. Iran, too, has rival plans to develop its ports as regional trade hubs, which could challenge the success of the Development Road. “Iran is concerned about any project that could diminish its political and economic influence,” Tamzok wrote, adding that Iraq is not part of China’s regional transport network, making Turkiye’s goal of becoming a direct corridor between China and Europe even more critical.

Moreover, the report affirmed that the upcoming summit follows a series of diplomatic efforts between Iraq and Turkiye aimed at improving bilateral relations. Erdogan’s visit to Baghdad, his first in 14 years, resulted in agreements on energy, trade, and water-sharing. Last week, Turkiye and Iraq also signed a “historic” military cooperation agreement, further strengthening ties between the two nations.

Turkiye’s ongoing military campaign against the Kurdistan Workers Party (PKK), based in northern Iraq, is a key aspect of its broader regional strategy. Ankara has emphasized that eliminating PKK militants from Iraq is essential for the success of the Development Road project and has called on Baghdad to fully support its anti-PKK efforts.

However, analysts remain cautious about the long-term prospects of Turkish-Iraqi cooperation. “Turkiye and Iraq have signed numerous agreements in the past, but many of them have not been fully implemented,” said Arzu Yilmaz, an associate professor at the University of Kurdistan Hewler in Erbil. Yilmaz expressed skepticism about the viability of the Development Road, particularly given the unresolved issues surrounding the existing Kirkuk-Yumurtalik oil pipeline, which has been closed since March 2023 following an international court ruling against Turkiye.

Water-sharing between Iraq and Turkiye is another unresolved issue, as Iraq faces severe droughts while Turkiye controls the headwaters of the Euphrates and Tigris rivers. Despite ongoing negotiations, a final agreement on water-sharing has yet to be reached.

As the August 29 summit approaches, the participating nations are expected to address these challenges and seek concrete steps to advance the Development Road project.

Disclaimer: The views presented by the author do not necessarily reflect the official standpoint of Shafaq News Agency.

SUMMARY OF RV UPDATES OF NADER FROM MID EAST, 25 UGUST

 Nader From The Mid East

  The U.S. is not a hold up.  You guys can call it like that but the US is not a hold up.  They want to really help the economy in Iraq.  Because they destroy it, now they want to build it again.  They're waiting for the right moment to put it back normal.

 Nader From The Mid East 

 1310...1160...1400 never worked.  They just come out with number and give it to us and sometime you wake up and they take 1310 and sometime you can wake up and they tell you 1160 and sometime 1400...Don't tell me it worked because I know in my heart it's not 1310.  It never worked for 21 years.  It made the people poor.  It made the economy bad.  If it's going to stay like that the next couple of years it's going to make the economy worse.  They're going to have to change it.

[Iraq former government/UN employee friend Imad from Basra update]  

Question:  "Have they come out with the new notes in Iraq?" 

  No.  They working on it.

 [Iraq former government/UN employee friend Imad from Basra update]   

Question:  "The Untied States, do they have anything to do with the Iraq currency?"  

Of course, yes, they control it.  They have some interest between the two countries. 

https://dinarevaluation.blogspot.com/2024/08/latest-from-nader-from-mid-east-17.html

Nader From The Mid East 

   [Iraq former government/UN employee friend Imad from Basra update] 

  Question:  "The Untied States, do they have anything to do with the Iraq currency?"

  Of course, yes, they control it.  They have some interest between the two countries.

----

Nader From The Mid East 

 [Iraq former government/UN employee friend Imad from Basra update] 

 Question:  "Will the three zeros be deleted?" 

 Yes sir, they will be deleted soon...realistic it's not going to happen next week or next month.  It's not...you have to hang on and wait a little bit.  

NADER:  I say from here to December...Is it going to happen before the election?  

IMAD:  No. Let's wait and see.  NO...It's not in the near future...To move these three zeros takes a lot of work...corruption...a lot of things have to straighten up a little bit.

https://dinarevaluation.blogspot.com/2024/08/will-3-zeros-be-deleted-yes-sir-by.html

NADER FROM MID EAST: Salah talk about brushes and power iqd dinar

DINAR REVALUATION UPDATE: CONCERNS OVER IRAQ'S BUDGET TAMPERING , 25 AUGUST

Al-Marsoumi's Concerns Over Iraq's Budget Tampering in 2024

In August 2024, Iraq's financial landscape faced significant challenges as budget tampering allegations emerged, casting a shadow over the nation's economic planning for the year. 2 Al-Marsoumi, a prominent Iraqi figure, expressed his apprehensions over what he termed a "tragic and exciting chapter" unfolding in the wake of these manipulations. The term "hidden hands" he used to describe the perpetrators suggests a sense of mystery and conspiracy surrounding the alterations to the budget figures.

Impact on Governorate Projects

The budget tampering has serious implications for governorate projects, potentially leading to disruptions in public services and delays in crucial development initiatives. 2 Lawmakers have warned that cuts to governorate allocations in the 2024 budget could lead to a decrease in the quality and availability of public servi      decisions on hold.

Government Efforts to Address the Crisis

In response to the mounting financial challenges, the Iraqi government has been focusing on reducing unnecessary expenditures, enhancing non-oil revenues, and cutting the deficit percentage in the 2024 general budget. 3These measures aim to stabilize the economy and ensure that the budget, once approved, is more sustainable and less vulnerable to manipulation.

The Broader Context

Iraq's financial situation in 2024 is not solely defined by internal budgetary issues. The country is transitioning from a military alliance with the United States to a comprehensive partnership focusing on economic ties. 1 This shift reflects Iraq's efforts to diversify its economy and reduce dependency on oil revenues, which have historically been a source of volatility and vulnerability.

Lessons from the Past

The ongoing challenges in Iraq's financial management highlight the need for systemic reforms and greater transparency in budgetary processes. Lessons from previous efforts to reform Iraq's state structures, such as those involving NATO capability building in the Ministry of Interior.  4 underscore the importance of addressing not just the symptoms but also the underlying causes of institutional weaknesses.

Moving Forward

As Iraq navigates through this turbulent period, the government's ability to respond effectively to budget tampering and economic challenges will be crucial. Al-Marsoumi's warnings serve as a reminder of the high stakes involved in the country's financial decisions. To prevent a "tragic and exciting chapter," Iraq will need to prioritize fiscal discipline, transparency, and the implementation of reforms that strengthen its financial systems.

Al-Marsoumi expects a "tragic and exciting chapter" after "hidden hands" tamper with budget tables figures, 25 AUGUST

 Economic expert Nabil Al-Marsoumi revealed, today, Saturday (August 24, 2024), what he called hidden hands that tampered with and changed the numbers of the budget tables in its paper and electronic versions.

Al-Marsoumi said in a post on the Facebook platform, followed by Baghdad Today, that "the Presidency of the Republic has not approved the 2024 budget tables and they have not yet been published in the Iraqi Gazette, despite the parliament voting on them about two months ago," indicating that "the reason for this is the hidden hand that tampered with and changed the numbers of the tables in the paper and electronic versions and added 15 trillion dinars to them."

He added, "After the two letters sent by the Prime Minister's Office to the House of Representatives to investigate this issue, and after the complaint submitted by MP Basem Khashan to the Federal Court, it seems that there is an exciting tragic chapter that we will witness in the coming days."

Acting Speaker of Parliament Mohsen Al-Mandalawi confirmed on Wednesday (August 21, 2024) that the budget tables voted on by the Council are the same as those sent by the Council of Ministers.

According to documents issued by the director of Al-Mandlawi’s office, received by “Baghdad Today”, “the budget tables voted on by the House of Representatives are the same ones sent by the Council of Ministers and returned to it, according to Parliamentary Resolution No. 64, without any amendment, and the aforementioned tables are the same ones that were sent after approval to the government.”

It is worth noting that the member of the Parliamentary Finance Committee, Moeen Al-Kazemi, revealed on Wednesday (June 26, 2024), that an appeal was filed by a member of the Legal Committee in Parliament, against the approval of the 2024 budget schedules.

Al-Kadhimi told Baghdad Today that the appeal was submitted "on the grounds that the numbers included in the budget items will change, and thus this is considered a change to the law and requires the enactment of a new law with a first and second reading, and final approval."

He pointed out that "another objection is to changing the financing of oil producing companies from self-financing to central financing, and this matter is considered another piece of legislation that cannot be included in the budget tables."

Al-Kadhimi pointed out that "the Federal Supreme Court referred this lawsuit to the Presidency of the Council of Representatives and requested an answer within 15 days."

On June 3, 2024, the House of Representatives voted on the tables of the Federal General Budget Law No. 2024, amended (13) for the year and its attachments, Tables (A/B/C/D/E and F  link

IRAQ'S BANKING REFORMS: A NEW DAWN?

LATEST FROM PIMPY, 25 AUGUST

  Pimpy

  If you're planning on retiring sometime this year because of the Iraqi dinar exchange rate, well put a hold on your plans for just a little bit until we get past this next year IMO.  With the election season coming up and we have no idea who's going to be in charge of the country, we have no idea what kind of actions are going to be taken against Iraq...The fact that the United States Treasury has now taken up an entire floor in the Central Bank of Iraq is not a good thing at all...

 Pimpy   

Until you hear otherwise just assume Alaq has submitted his resignation letter and has not put a date yet as to when his last day is.  There are too many articles out there stating he has submitted a resignation letter.  

 Pimpy 

 If it could be proven that [Alaq] was involved with some criminal activity...then he should be out of there and convicted...But if it's all bullshit and this is another one of those moves by Maliki and the Coordinating Framework then people have to do something... So we're not sure where this information is coming from.  But that doesn't mean you

shouldn't listen to the news, because this person is like, 'See Pimpy, you said there is no fake news.'  I did not say there was no fake news but not everything can be fake news.  Just because you don't like the information...it must be fake news.  Nope.  What you got to get to is the bottom of why this situation is there in the first place...Like anything else you have to be able to sift through the crap that you're hearing and make a decisions on whether the news is real or not...

 Pimpy 

 We know pretty soon Iraq is going to be here and talking to people in Washington about what they need to do to get back into good graces, have sanctions lifted on some of the banks and allowing Iraq to move forward with reform without looking for excuses to penalize them every time Iraq does something that pisses off the Biden Administration.