Al-Atwani: Agreement with the Kurdistan Regional Government to review its oil contracts and adapt them constitutionally, 28 SEPT

  Al-Atwani: Agreement with the Kurdistan Regional Government to review its oil contracts and adapt them constitutionally

9/26/2024

 The head of the Parliamentary Finance Committee, Atwan Al Atwani, announced today, Thursday, an agreement with the Kurdistan Regional Government to review its oil contracts and adapt them constitutionally.

A statement from his office, a copy of which was received by {Atlfrat News}, stated that "the parliamentary finance committee delegation, currently visiting Erbil, headed by Al-Atwani, held an expanded technical meeting with representatives of the Kurdistan Regional Government, in the regional council of ministers building, to discuss resolving the outstanding issues between Baghdad and Erbil."

Al-Atwani said, "The meeting reviewed the oil files, financial revenues, automation of border crossings, unification of customs tariffs, and localization of employees' salaries," announcing "the development of a roadmap to resolve the points of contention between the central government and the regional government regarding the oil export file."

He stressed that "the attendees reached an initial agreement with the regional government to conduct a comprehensive review of the oil contracts to adapt them to the Iraqi constitution, in preparation for solving the problem of the halt in the region's oil exports," explaining that "the agreement stipulates that the central government and the regional government enter as a unified party in negotiations with international oil companies operating in the region with the aim of amending their contracts from production partnership to profit-sharing, in addition to reviewing the economic and commercial terms."

Al-Atwani pointed out that "the parliamentary finance committee is working to establish a sound basis for negotiations on resolving the pending issues, in order to resolve the oil export file during this year and eliminate the differences with the region," stressing that "the committee will meet, upon its return to Baghdad, with the federal oil ministry, in order to discuss the controversial issues and push towards resolving them under the umbrella of the constitution."

He said, "The meeting reviewed, in numbers, the steps for implementing the file of localizing the salaries of the region's employees, where the necessity of adhering to the decisions of the Federal Court was emphasized."

The meeting also discussed, according to Al-Atwani, the file of border crossings, customs, and taxes, and ways to include their revenues in the country's general budget, and the extent of the regional government's commitment to sending these funds to the federal government.  LINK

"IT LOOKS LIKE. THE SANCTIONS WILL BE ALL OFF" BY FIREFLY, 28 SEPT

 Frank26  

 [Iraq boots-on-the-ground report]  

 FIREFLY: Successful meeting today with the United States Treasury with Sudani. 

 It looks like the sanctions will be all off.  

FRANK:  They're reporting to the Iraqi citizens what they're accomplishing at the United Nations with the US Treasury, but this stuff is old.  It's ancient history...

What you are seeing is nothing more but formalities.  

I am excited to see Sudani return back and talk to you Iraqi citizens.  

Iraq's Economic Rebirth: The Dinar Revaluation Explained! @DINARREVALUATION

Masoud Barzani to a parliamentary delegation: There is an opportunity to legislate the oil and gas law , 28 SEPT

 Masoud Barzani to a parliamentary delegation: There is an opportunity to legislate the oil and gas law

9/25/2024

The President of the Kurdistan Democratic Party, Masoud Barzani, stressed that "the opportunity exists to legislate the oil and gas law to regulate the distribution of wealth."

Barzani expressed during his reception of a delegation from the Parliamentary Finance Committee today, Wednesday, according to a press statement, his desire to resolve the differences between the central government and the region, expressing his support for the Finance Committee's movement in this regard.

The meeting discussed, according to the statement, "the overall common conditions and ways to resolve the outstanding issues between the central government and the Kurdistan Regional Government in a way that establishes a new phase of cooperation, coordination and understanding based on respect for the Iraqi constitution."

The head of the committee, Atwan Al-Atwani, reviewed the files that the Finance Committee delegation came to discuss with the Kurdistan Regional Government, most notably the implementation of the provisions of the Federal General Budget Law, the oil and national wealth file, the localization of employees' salaries, border crossings, taxes and customs, and other issues related to the financial aspect.

He stressed "the Finance Committee's constant endeavor to find understandings that lead to radical solutions to the outstanding issues between the federal government and the region," stressing that "deferring the differences does not solve them, but rather increases their complexity."

Barzani praised the efforts of the Finance Committee, in terms of legislating laws, monitoring performance, and taking the initiative to end the differences.    LINK

RV UPDATE BY JEFF, 28 SEPT

Jeff 

 Iraq can only change the rate at one or two points in the year, beginning or the middle of the year.  

That was stated by Shabibi.  If Iraq was going to revalue at any of those times you would see them increase their steps and actions preparing to revalue. 

 In this month of September those steps has occurred.  They have increased their actions getting critical steps...laws done.  They have tremendously ramped up.

Jeff  

 September is the month where you have seen and heard more from the Central Bank ever throughout this entire year...

 They have been more vocal and have completed more steps in the month of September than any other month...Critical things are happening.  They're preparing to go international.

 Jeff 

 They need to step away from oil.  That's a World Trade requirement.  They need additional forms of revenue streams to join the World Trade.  They can't have just oil as a revenue stream.  That's why they really have to roll out taxation and implement...

Jeff   

September has been the most active month and it's been the most informative with news, actions, everything.  

September has been their busiest month preparing for this rate change throughout this entire year.  That's not coincidental. They're preparing for the rate change.  And they're preparing to go international.

Jeff  

 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...

This news is looking really good.

https://dinarevaluation.blogspot.com/2024/09/rv-update-by-jeff-25-sept.html

Iraq Dinar Revaluation: Latest Updates & Investment Insights! @DINARREVA...

Al-Sudani issues banking directives, including suspending capital increases for banks subject to US sanctions, 28 SEPT

   Al-Sudani issues banking directives, including suspending capital increases for banks subject to US sanctions

9/26/2024

A Government source revealed, on Thursday, that Prime Minister Mohammed Shia al-Sudani issued directives related to financial and banking reforms, including not increasing the capital of banks subject to US sanctions.

The source told Shafaq News Agency, "Prime Minister Mohammed Shia al-Sudani, before leaving for New York, held a number of meetings with banks and the Central Bank of Iraq, where those meetings discussed in detail the Central Bank of Iraq's plan to rehabilitate private banks by contracting with an international consulting company."

He explained that "the Prime Minister directed a number of points, on the importance of the plan for developing private banks by Oliver Wyman Company being clear in terms of timing, distribution of responsibilities, and issuing progress reports in this regard."

The directives included "accelerating the implementation of the recommendations issued by the Ministerial Council for the Economy to support Iraqi banks, including delaying the increase in capital for banks banned from dealing in dollars by the US Treasury."

The source indicated that Al-Sudani also directed "the preparation of a study to activate the local cards project internally, as well as urging Iraqi ministries and institutions to increase dealings with licensed Iraqi banks in various banking services and open accounts with them."

Last Monday evening, Iraqi Prime Minister Mohammed Shia al-Sudani received US Deputy Treasury Secretary Wally Adeyemo and a number of officials from the Treasury Department, according to a statement received by Shafaq News Agency.

The meeting witnessed discussion of bilateral economic relations between the two countries in various vital sectors, review of the government's efforts and plans for economic and financial reform, the move towards diversifying sources of Iraqi output, enhancing development targets, and practical measures implemented in the field of combating money laundering.

Al-Sudani stressed that the government has made great strides in the financial and banking reform file, and 95% of bank transfers have been completed through the electronic platform, and less than 5% remains to be completed by the end of this year, after which the transition to the correspondent banking system will take place, in accordance with the government’s approach and its commitment to raising the capabilities of Iraqi banks, in line with international standards and meeting the needs of the thriving investment environment in Iraq.

For his part, Adeyemo praised the progress witnessed by Iraq in the field of economic and banking reforms that were achieved in record time, and the state of economic growth that reached a total of about 6 % , which enhances the government's efforts in development, expressing readiness to cooperate and work within a bilateral partnership that serves the interests of economic development. LINK