"SO IS THE MONETARY REFORM THAT WILL FEED THE BUDGET". BY FRANK26, 19 OCT

 KTFA

FRANK26: "SO IS THE MONETARY REFORM THAT WILL FEED THE BUDGET"........F26

Prime Minister's Advisor to {Al-Sabah}: Implementation of the 2024 budget is proceeding smoothly

10/14/2024

Baghdad: Shukran Al-Fatlawi

The Parliamentary Finance Committee is expected to discuss the 2025 budget next November, amid a general trend to pass it easily and not amend it significantly, while the Prime Minister's Advisor for Financial Affairs, Dr. Mazhar Muhammad Salih, stated that the 2024 budget that entered into force had a "precautionary deficit" of about 64 trillion dinars.
Salih said, in an interview with "Al-Sabah": The average Iraqi oil sales for 2024 were estimated at no less than $75 per barrel, noting that the general financial need for "bridge loans" (which are short-term loans) to address the possibility of a deficit may not exceed 10 trillion dinars in all cases, which are borrowing amounts permitted under Law No. 13.
The financial advisor added that the country's "financial life" in 2024 is proceeding smoothly, wondering, otherwise how did the Ministry of Finance issue 2024, in cooperation with the Central Bank of Iraq, "achievement bonds" for public subscription.
Saleh explained that these bonds are denominated in Iraqi dinars and come in multiple categories, including a category of 500,000 Iraqi dinars for two years with an annual return of 6.5%, indicating that these bonds are a safe investment, as the government is committed to paying the annual interest on them, and they are an integral part of bridging the deficit in the general budget for the year 2024, which means that they will come into effect.
In turn, economic researcher Ziad Al-Hashemi warned in an interview with “Al-Sabah” that the 2024 budget is facing pressures in terms of limited liquidity, noting that this has caused the government to be unable to spend the capital or investment budget, and to direct liquidity exclusively towards the operating budget.
Al-Hashemi continued that this mechanism has disrupted the implementation of the government’s development and service programs and has significantly disrupted them, expecting the deficit in the 2025 budget to increase with the decline in oil prices, below $70 as a result of the decline in global demand for oil.
He expected that it would cause financial hardship and a weakening of the ability to spend if the decline in oil revenues continued for periods exceeding two quarters, indicating that the hardship might force the government to return to borrowing internally and externally, in the hope that oil prices would rise again in the near future.

LINK

"WHAT IS IRAQ'S HYDROCARBON LAW?" BY PIMPY, 19 OCT

  Pimpy 

 What is Iraq's Hydrocarbon Law? 

 ...Iraq Hydrocarbon Law also known as Iraq's oil Law is aimed to create a legal framework for the management of oil production and revenue sharing amounts various stakeholders in Iraq...

Stakeholders are the Iraqi government, the companies that are involved, the different provinces, the different governments... 

Remember you got some very corrupt politicians, if they had it their way, they'd keep it all for themselves but the money is going to be distributed based on the per capita of each province. 

 That makes it a lot more fair...Each territory is going to decide what they want to do with their version of the funds.

DINARLAND UPDATE @DINARREVALUATION #iraqidinar

"ONLY BECAUSE THE MONETARY REFORM LAID THE FOUNDATION OF IRAQ'S FUTURE!!!" BY FRANK26, 19 OCT

 KTFA

FRANK26: "ONLY BECAUSE THE MONETARY REFORM LAID THE FOUNDATION OF IRAQ'S FUTURE!!!"......F26 

Laying the foundation stone for the largest skyscraper in Baghdad

 

10/14/2024

 

Baghdad - WAA - Hassan Al-Fawaz 

The National Investment Commission announced, today, Sunday, the laying of the foundation stone for the largest skyscraper in Iraq within the Downtown Baghdad complex, a qualitative urban design complex in Baghdad, while the Baghdad Municipality indicated that it provided facilities under the government's program to grant approvals by the National Investment Commission and planning approvals and heights by the Baghdad Municipality.

Chairman of the National Investment Commission Haider Makiya told the Iraqi News Agency (INA): "The commission laid the foundation stone for the largest skyscraper in Baghdad within the Downtown Baghdad residential complex, a qualitative urban design."
He added, "The complex is part of the integrated urban design that meets the Iraqi citizen's need for green spaces, sustainable air conditioning, smart lighting and other requirements for a luxurious life for the citizen."
He continued, "The government is serious and supportive of all investors in this type of investment that aims to create a real environment for businesses and projects that the Iraqi citizen deserves to see on the ground."
For his part, the Mayor of Baghdad, Ammar Musa, stated that "the government supports the private sector," stressing that "the investment skyscraper project is being built on a plot of land owned by the private sector."
He added to the Iraqi News Agency (INA), that "the Baghdad Municipality provided facilities under the government's program to grant approvals from the National Investment Commission and planning and height approvals from the Baghdad Municipality."
He continued, "The Baghdad Municipality is proud to give approval for the first skyscraper in the heart of the capital, Baghdad, within the new Downtown complex of the city of Baghdad."
Musa pointed out that "Baghdad Municipality is proceeding with reconstruction projects on government lands and even private sector lands."  

The Managing Director of Marfaa Al-Khair Company, Ammar Hamid Al-Sudani, explained to the Iraqi News Agency (INA) that "the project consists of a height of 320 meters and a height of 80 floors, in the Baiji area according to technical specifications."
He added, "The project includes commercial and residential facilities, conference halls and a panorama," noting that "the company addressed the fear of heights in the design through designs that extended for a year and a half."
He stressed that "the pillars, mechanisms and materials used in the Iraq Tower are used for the first time from Iraq," explaining that "the material ggbfs was used in the construction of the new Central Bank of Iraq building."
Al-Sudani pointed out that "the sales centers are currently closed until the completion rate reaches 30%," stressing that "the government and Baghdad Municipality have provided great cooperation by overcoming obstacles and approving the decisions of the Supreme Committee to convert the type of land from agricultural to residential." 

LINK

RV UPDATE BY MILITIAMAN, 19 OCT

 Militia Man 

 Article quote: "The Minister of Finance and The US ambassador today discuss efforts to achieve economic reforms...

They strengthened bilateral relationships between the two United States and Iraq with a focus on economic cooperation."

  I like that part. 

"The meeting discussed the development road project that connects Iraq to Europe through Turkey and is one of the largest strategic and vital project making Iraq the link between Asia and Europe."  

That is unbelievable and it's given a finality to it.  I like it...

MELANIA HINDS: 💥IRAQI DINAR HOT SWEET SUMMARY💥 #iraqidinar #dinar #centralbankofiraq #g...

"ELECTRONIC PAYMENT SYSTEM REACHES OUT TO THE INTERNATIONAL WORLD!!!"....F26 BY FRANK26, 19 OCT

 KTFA 

FRANK26: "ELECTRONIC PAYMENT SYSTEM REACHES OUT TO THE INTERNATIONAL WORLD!!!"....F26

Al-Alaq: The Central Bank has taken steps to promote the use of electronic payment

10/14/2024

 

Baghdad
 

The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, confirmed today, Monday, that the Central Bank has taken steps to enhance the use of electronic payment.

The bank's media office stated in a statement received by "Al-Eqtisad News" that "Al-Alaq received the Ambassador of the Federal Republic of Germany to Iraq, Christiane Homann, and during the meeting, they discussed banking relations, enhancing the financial inclusion plan in Iraq, and the importance of digital transformation, in addition to providing full support to Al-Riyada Bank for financing small projects,  which will launch its services soon."

He added, "During the meeting, the plan to reform the government and private banking sector was reviewed, with direct support from the Prime Minister, to achieve a stable, secure and efficient sector." 

Al-Alaq stressed, according to the statement, that "there is a great desire among citizens to use electronic cards, which enhances electronic payment in Iraq, as the Central Bank of Iraq has taken many steps in this direction in coordination with the relevant authorities."

He explained that "Riyada Bank will provide its services to an important segment of customers, as it aims to provide support to emerging small and medium enterprises, as it will be a bank different from other banks through its unconventional products that will contribute to creating job opportunities for various social groups in society, and open new horizons in a stable investment environment," noting that "there will be representative offices in most Iraqi banks to facilitate customers' access to it and benefit from its services."

For her part, the German Ambassador expressed her country's "readiness to provide advice and technical support for such important projects that support the common goal of diversifying the Iraqi economy." 

LINK