Not much going on in Iraq right now. CBI Allaq who resigned is going to Washington to ask for the sanctions to be lifted. We wait on Israel to do their Dubai strike, while everything else happens.
@JonDowling
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NELSON CHAMISA
WE’RE A GREAT PEOPLE…A people of politeness and hospitality. Our DNA as a people is excellent. We are blessed with many endowments. If we could just get our politics right and get our nation to be born again.
We have everything. We have a unique God-given gift of resources-the human resources, the natural resources, the material resources and the
spiritual resources. #JustImagine If we could come together, pull together and walk together, the world will see a WINNING NATION and SHINING COUNTRY on the African continent and beyond. Blessed Friday
#JustImagine#NewDawn#Godisinit
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This is the latest update we can find from Nelson Chanisa concerning Zimbabwe. Nothing official has come out yet regarding the elections. As soon as it’s official, we’ll let you know accordingly. 👆🏻👆🏻
Approval of Industrial Investment Law in Iraq: An Overview
On Monday, August 26, 2024, the head of the Parliamentary Investment Committee, Muhammad Al-Zayadi, announced that the final touches had been put in place to approve the Industrial Investment Law within the House of Representatives. This significant development marks a crucial step towards strengthening the industrial sector and attracting more foreign direct investment (FDI) in Iraq.
Economic Context and Objectives
The approval of the Industrial Investment Law comes at a time when Iraq is seeking to diversify its economy and reduce dependence on oil revenues. The country is aiming to enhance economic growth by fostering a more conducive environment for industrial activities and private sector development.
Key Provisions of the Law
The Industrial Investment Law is designed to address several key areas to stimulate economic growth and industrial development. It includes provisions to streamline investment procedures, provide tax incentives for industrial projects, and facilitate access to land and financing for investors.
Streamlining Investment Procedures
The law simplifies administrative processes for investors, reducing bureaucratic hurdles and improving the ease of doing business in Iraq. This is expected to attract more foreign and domestic investors to the industrial sector.
Tax Incentives
To encourage investment in industrial projects, the law offers tax exemptions and deductions for a specified period. This is aimed at making industrial ventures more financially viable and attractive to potential investors.
Access to Land and Financing
The Industrial Investment Law facilitates access to land for industrial purposes and provides support for financing industrial projects. This includes measures to ensure that investors can secure land rights and obtain financing from local and international sources.
Expected Impacts
The approval of the Industrial Investment Law is anticipated to have several positive impacts on the Iraqi economy. By providing a more favorable environment for industrial activities, the law is expected to: Boost economic growth and diversification Increase employment opportunities in the industrial sector Enhance the competitiveness of Iraqi industries in the global market Encourage FDI and foster private sector development
Conclusion
The final approval of the Industrial Investment Law in Iraq represents a significant milestone in the country's efforts to strengthen its industrial sector and attract more foreign investment. With streamlined procedures, tax incentives, and improved access to land and financing, the law is poised to contribute to economic growth, diversification, and job creation in Iraq.
Finalizing the approval of the Industrial Investment Law
Today, Monday, the head of the Parliamentary Investment Committee, Muhammad Al-Zayadi, revealed that the final touches had been put in place to approve the Industrial Investment Law within the House of Representatives.
Al-Ziyadi told Al-Ma'louma Agency, “Approving this law will contribute significantly to moving the wheel of the Iraqi economy, as it grants great privileges and guarantees to investors in the industrial sector.”
He added, "His committee held an expanded meeting with the Economic Committee to resolve the disputed points within the law," noting that "the law, if approved, will reflect positively on the labor market by providing many job opportunities for young people within the country."
He continued, “His committee has put the final touches to approve the industrial investment law soon in the House of Representatives, as it is one of the important laws.” link
-Even today Iraq has one of its greatest challenges: Controlling or eliminating Iranian Militants within its government, police, security, military, etc. Now we understand why the United States still remains in Iraq.
-Iraq continues to diversify its economy, generating income outside of oil production.
-Iraq maintains a high sense of pride in its sovereignty
-Iraq advances in the fight against counterfeiting of the dollar and dinar.
-Iraq is doing progress modernizing its cities and rural areas with new Moderns Infrastructure of Electricity.
-Irak takes diplomatic measures with EU for free its banks of the sanctions imposed by UST
-Irak began doing contracts based in share- profits with foreign countries or companies.
-Irak published its Iraq Investment Map /Guide 2024.
-Iraq developed mechanisms to Revive its Economy.
-Iraq approved today the Industrial Investment Law 2024,strengthening the industrial sector and attracting more foreign direct investment (FDI) in Iraq.
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- 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 a new week of RV possibilities
Member: Is Everyone Ready to turn This Page??
Member: Monday morning are usually slow…..Mark may not have much until tonight.
Member: Any idea what we might be waiting on? what is holding us up?
MZ: We have Al Alag (Governor of the CBI) in New York right now…he arrived overnight in New York……I hear from contacts at the Treasury that after meeting with financial people all week……the rumor is he will have a short diversion to DC mid week. I think its good news for us that they are here.
MZ: So we have a delegation from the Central Bank of Iraq over here including the Governor of the CBI. I cannot imagine they came all this way to only discuss the 4 or 5 banks the Fed has an issue with as they clean up corruption. IMO there is something bigger going on.
MZ: The whole world needs this.
Member: wouldn't it be beneficial for Iraq to revalue sooner than later especially since what a 23 24 25 budget has been passed but yet we're nearly into 25 and there's nothing that's benefiting them
MZ: it would be beneficial for them to revalue sooner. I can tell you that they want to.
MZ: MilitiaMan just did a great recap of all the progress Iraq is making. Be sure to go watch it. I will see if he can join us this week
MZ: AS usual on a Monday morning it’s pretty quiet. Nothing yet from the West Coast and Reno side of this.
MZ: I did hear something from one or two of the groups – that they may take samples from one or two of the groups – and go ahead and exchange them to test the system before going ahead and letting it rip….I hope that is accurate because that would mean a few people will be getting money.
Member: If they are short on test subjects…I volunteer…lol
MZ: I am told it will be random choosing the test subjects to test the exchange policies and system…..and it could be as early as this week. This could be huge and I understand why they would do this.
MZ: I will let you know if I can confirm anybody being taken as a test subject.
Member: We definitely want everything going smoothly when it’s our turn….so test away!!!.
;
MZ: “Wall Street experts and Main Street investors see gold climbing higher next week as momentum builds” . This week they see it going higher….like I said before many people in the industry I know say $2500 is a concrete bottom for pricing. A major gold move may be coming this week. This may also push the central banks to get things done sooner. (RV?)
Member: Silver spot price is at $30.11 today
Member: Read an article about JP mortgage announcing taking XRP for credit card and mortgage payments
Member: I'm not sure how much water this holds but I heard that September 18th may be a possibility for our reset and re-evaluation
Member: I called my bank Huntington this morning just to ask questions about foreign currency and she was wanting to make an appointment with wealth management! Just a FYI
Member: I hear QFS has been running parallel to SWIFT for several months. for current bank use
Member: Haven't we heard that banks have the new UST notes already? How has it not leaked yet?
Member: MarkZ, What do you think about the Goldilocks article about Oct 21st for all final comments on the Financial changes??? Are we waiting until October??? I believe US is the hold up
Member: I’ll be really surprised if we get to the finish line by Election Day
MZ: I am not hearing we are waiting until after the election
Member: Remember the big BRICS Summit is in Oct if I'm not mistaken…Maybe new gold backed currency and new financial system???
Member: May this be a great week for all of you; full of adventures.
Member: Thanks Mark and Mods…..everyone have a blessed day.
YOU CAN FOLLOWER ZESTER ON MONDAYS, WEDNESDAYS, AND FRIDAY AT 5:00 PM! ZESTER'S LINK TREE: https://linktr.ee/CrazyCryptonaut
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
Iraq's Economic Outlook for 2024: Stability, Security, and the Dinar's Strength
Iraq's economic landscape in 2024 is characterized by a mix of challenges and opportunities. Its economy, heavily dependent on oil, is navigating through a period of global economic uncertainty, which has implications for its fiscal health and overall stability.
Economic Growth and Oil's Role
Growth in 2024 is anticipated to be modest, influenced by OPEC's production cuts and the fluctuation in oil prices.
Iraq, as the second-largest producer within OPEC, is adhering to these cuts, impacting its export revenues. The revaluation of the dinar in February 2023 has further complicated the situation by weakening the local currency equivalent of exports.
Non-Oil Sector: A Bright Spot?
Despite challenges in the oil sector, the non-oil GDP growth is expected to be bolstered by investment projects funded by the USD 150 billion budget approved by Parliament in June 2023.
Infrastructure projects, such as the reconstruction of Mosul airport, and increased public spending, including a raise in the minimum wage, are anticipated to support private consumption and stimulate economic activity.
Fiscal Situation and Oil Dependence
Iraq's economy remains heavily reliant on oil, with revenues from this sector accounting for a significant portion of government income.
This dependence exposes the country to volatility, as seen in the fluctuation of oil prices and its impact on Iraq's fiscal health. However, in 2021, government revenues surged due to higher oil prices, reaching a surplus of 5.3% of GDP.
Challenges Ahead
The IMF has highlighted the need for Iraq to reduce its oil dependence to ensure fiscal sustainability. This will involve controlling the public wage bill and increasing non-oil tax revenues. Moreover, enabling private sector development through labor market reforms and financial sector modernization is crucial for higher economic growth and to absorb the expanding labor force.
Stability and Security Implications
Iraq's political and security situation is inextricably linked to its economic stability. The overreliance on oil revenues has contributed to political and economic strife, with any downturn in oil prices leading to fiscal stress. The health of the economy, in turn, affects social cohesion and the country's security landscape.
Outlook for the Dinar
The strength of the Iraqi dinar is influenced by oil prices, fiscal policies, and global economic conditions. Its revaluation in 2023 has affected the economy, highlighting the interplay between the currency's value and the country's economic stability.
Conclusion
Iraq's path to economic stability in 2024 is contingent on a multitude of factors, both internal and external. The government's efforts to diversify the economy and manage fiscal resources effectively will be key determinants of success. The country's security situation and social cohesion are also crucial, as they directly impact economic performance and investor confidence.