US Treasury: Supporters of Al-Sudani’s Reform Agenda
9/24/2024 Baghdad
The US Treasury Department confirmed, on Tuesday, its support for Prime Minister Mohammed Shia al-Sudani's reform agenda.
The ministry said in a statement, seen by "Al-Eqtisad News", that "Deputy Secretary of the Treasury, Wali Adeyemo, met with Iraqi Prime Minister Mohammed Shia al-Sudani on the sidelines of the United Nations General Assembly to discuss reforming the Iraqi banking sector, financial relations with the United States, and combating illicit financing."
The statement added, "The Deputy Secretary of the Treasury congratulated Al-Sudani on the great progress Iraq has made in reforming the banking sector, which has led to expanding Iraq's international financial connectivity and increasing financial inclusion."
According to the Treasury statement, Adeyemo affirmed “Treasury’s support for the Central Bank of Iraq and Prime Minister Mohammed Shia al-Sudani’s reform agenda.”
The Deputy Treasury Secretary praised the growth of the non-oil economy in Iraq by 6.0 percent, asking about "the steps the Prime Minister is taking to diversify the Iraqi economy from hydrocarbons," according to the US Treasury statement.
Earlier on Tuesday, Prime Minister Mohammed Shia al-Sudani received US Deputy Treasury Secretary Wally Adeyemo and a number of Treasury officials. LINK
..."Treasury supports CBI of Iraq” I think this is important.The US Treasury is supporting the Central Bank of Iraq.
Why is this important?
Over the last few weeks articles states Iraq has full control of its money …and now the US Treasury is saying the CBI is doing a great job…Troops are getting moved out…and they are openly talking about their project to delete the zeros. Imo opinions things are warm and fuzzy in Iraq even if we do not know the timing yet.
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Iraq reviews the US Treasury the date of abandoning the currency auction” this is so important. I was told Oct 1st - no more foreign currency auctions. This is the one thing I was told to look for –When they are done with foreign currency auctions…they would revalue. And this news just came out [Tuesday] that they are ending them.
The chatter coming out of the banking side has been pretty severe today - in a good way. They say rates are being seen…but I haven’t confirmed them …But I am hearing this from 3-4 different sources that work at different banking institutions…and they all agree on the rate of $3.57 on the screens...It’s certainly interesting this is being seen by so many …and the same rate.
Parliamentary Committee Reveals A Way To Increase The Price Of A Barrel Of Iraqi Oil To $2,500
09/24/2024 Mawazine News - Baghdad The Parliamentary Oil, Gas and Natural Resources Committee revealed, on Tuesday, a way to increase the price of a barrel of Iraqi oil to $2,500.
A statement by the Parliament's media department received by Mawazine News stated that "the Parliamentary Oil, Gas and Natural Resources Committee, headed by the head of the subcommittee for following up and proposing legislation, MP Ali Shaddad, and attended by MPs Basem Al-Gharibawi and Zainab Jumaa Al-Moussawi, met with the Undersecretary of the Ministry of Oil for Refining Affairs, Hamid Al-Zubaie, and the Director of the Legal Department at the Ministry of Oil, Salam Hamdan, to discuss the Private Investment Law in Refining Crude Oil No. (64) of 2007."
MP Ali Shaddad explained, according to the statement, that “the committee has included in its strategy the amendment of five laws due to their antiquity, and has taken it upon itself to host those concerned in the Ministry of Oil and advisors in the Council of Ministers, and at other times it has gone to the Ministry of Oil to meet with the relevant departments and authorities; to save time and reach understandings between the legislative and executive authorities regarding the paragraphs of the laws to be amended.”
He added that “the Ministry of Oil has, for many years past, offered a group of investment opportunities in the field of refineries, which have not received real interest from investors and companies, and there will be no seriousness in investing in this sector; due to the current law not being in harmony with the aspirations of investors and the requirements of this stage, and hence the need to amend this law despite it having been amended twice previously.”
He added, "The subcommittee for following up and proposing legislation discussed the paragraphs that should be focused on in the law to attract investment in the refining sector, and that the goal of amending the law is to make investment in refineries successful and create an attractive environment for investment in refineries, which will positively reflect on the country's economy," noting that "the legal department in the Ministry of Oil has been assigned to prepare a draft law that will later be presented to one of the consultants contracted with the ministry to mature this draft.
" The representative stressed, "The committee is keen for the draft law to reach the House of Representatives complete in terms of legal, technical and economic vision," noting that "the current value of a barrel of oil is $70, but transferring this barrel to the refining and petrochemicals sector increases the price of the barrel to $2,500." https://www.mawazin.net/Details.aspx?jimare=255361
Pretty much everything happening right now, along with Sudani being in the UN, everything has to do with Iraq going international...
Jeff
We had five of these articles talking about deleting the zeros...and then one today, so six total within 3 days. Very amazing ...
Removing zeros is getting rid of the large 3-zero notes and replacing them with smaller size currency notes but at an increased value. So when the rate changes the large notes have the same purchase power before the rate change as the smaller notes after the rate changes. They would have to increase the value for the currency, strengthen it, to delete the zeros...
Money and business Economy News - Follow-up The Parliamentary Finance Committee downplayed concerns about the decline in oil prices on the economic reality, stressing that Iraq's financial and economic conditions are good, and that revenues exceed the size of concerns resulting from the possibility of a decline in global oil prices.
Member of the Parliamentary Finance Committee, MP Jamal Kojer, said in an interview with “Al-Sabah” followed by “Al-Eqtisad News”, that “oil prices have not fallen to worrying levels, and therefore we are now in a stable economic situation with a financial surplus, and therefore we cannot talk about a crisis unless oil prices fall to less than $70.”
The member of the Finance Committee stressed that "Iraq has gone through many economic and oil crises in the past, but the financial situation has remained stable and there is no fear of a current crisis."
“According to the Financial Management Law, the 2024 budget was supposed to be submitted after the middle of October, but there is still a delay in the expected schedules, which may be submitted in the first quarter of next year,” Koger continued. The MP pointed out that “the majority of the 2023 budget has already been disbursed, with 9 trillion dinars disbursed two months ago, while the 2024 budget has not yet been disbursed due to changes in governors and attempts to introduce new projects.”
The member of the Finance Committee added, "As for liquidity, the government has guaranteed the liquidity of salaries, but there is a shortage in the liquidity of projects. However, the projects that have been started will continue, including bridge projects."https://economy-news.net/content.php?id=47985
