MP: The 2025 budget cannot be passed without sending the final accounts for the past two years, 26 OCT

 MP: The 2025 budget cannot be passed without sending the final accounts for the past two years

The Parliamentary Finance Committee announced the date for the arrival of the 2025 budget tables to the House of Representatives, which will be at the beginning of next year.

In turn, the Ministry of Finance indicated the possibility of collecting 3 trillion dinars per month during the coming period, and that the Finance Committee called on the government to enhance non-oil revenues and ensure the achievement of financial targets to avoid any economic imbalances.

In the same context, member of the Economy, Industry and Trade Committee Yasser Al-Husseini confirmed that it is not possible to approve the 2025 budget without obtaining final accounts for the previous budgets.

Al-Husseini told Iraq Observer that “it is not possible for the Council to approve any measure coming from the government,” noting that “the current government differs from previous governments because one of its most prominent goals is to improve the current economic reality by fighting corruption in any form and under any circumstances. ”

He added that "Parliament is waiting for the final accounts of the 2023 and 2024 budgets to be sent, after which the 2025 budget will be considered for approval," noting that "if a budget is submitted to the House of Representatives without the final accounts, this is considered an aspect of corruption, so the House of Representatives refuses to receive a budget without the final accounts tables for the past two years."

He continued that "the committee is closely following up on how the budget funds are distributed, to ensure that they are used effectively to serve citizens and enhance the national economy, and ways to increase government revenues by developing the tax and customs system will be discussed from time to time." link

TIDBITS FROM PIMPY, 26 OCT

 Pimpy 

 Community Comment: "Iraq just got licensed for foreign currency exchange." 

 Back in 2004 they were licensed for this but there was a shitload of restrictions...A lot of those restrictions are being lifted.  

This is really good news for the Iraqi dinar...

If being on the SWIFT system is the 'football game', this step right here is you're in the warmup before the game. 

 It's really good news.  That's something Iraq needed.  

They'll warm up a little bit with this...

This is going to bring a lot of liquidity into the country.  What they're telling people is Iraq is getting ready to step in and start becoming a big player with the big dogs.

MNT GOAT: SOMETIME IN NOVEMBER WILL BEGIN THE PROJECT OF DELETE ZEROS WITH IN COUNTRY RATE OF $1

 

China's Rise in Iraq's Energy Sector: From Newcomer to Dominant Player, 25 OCT

   China's Rise in Iraq's Energy Sector: From Newcomer to Dominant Player

While Iraqi leaders consistently emphasize the importance of Western investment in their energy sector, their actions instead are increasing Iraq’s dependence on Chinese markets and oil firms.

Executive Summary

Chinese energy companies emerged as dominant players in the Iraqi Oil Ministry’s May licensing rounds to auction 29 oil and gas blocks, securing 10 out of 13 oil and gas blocks. Shell was the only Western international oil company to participate, and it did not win any bids. Other Western and U.S. international oil companies showed no interest in bidding, despite improved fiscal terms of the contracts.

The resounding success of Chinese firms underscores a significant shift, solidifying Beijing’s already strong position in Iraq’s energy landscape and presenting a substantial challenge to Washington’s strategic position in the region.

The increasing Chinese dominance comes amid a seemingly contradictory development: In April, Iraqi Prime Minister Mohammed al-Sudani signed numerous memorandums of understanding with U.S. energy companies, particularly focusing on gas development and power generation. This focus aligns with Washington’s strategic goals of diminishing Iran’s political influence in Iraq and, by extension, blunting China’s push to dominate Iraq’s hydrocarbon sector.

The stark contrast between the memorandums of understanding signed by U.S. companies and the contracts awarded to China demonstrates a significant mismatch between the aspirations of Washington and the realities of the investment environment in Iraq.  link

Read full paper

EXCERPTS FROM MARKZ, 25 OCT

 EXCERPTS FROM MARKZ

Member: On a scale of 1-10, 10 being most likely, what would you rate this happening in the next week?

Member: Lot’s of chatter about possible event this weekend, keep your powder dry, and stay vigilant.

MZ: A number of military and government contacts have told me lock downs could start as early as today.  I do not know why…..but I always stay stocked up in case something like that happens. A lot of very connected contacts at the grocery stores today. I don’t want to panic anybody…..just be prepared. 

MZ: This could be it…..A lockdown and an announcement?  Maybe the lockdown is because the global monetary system is changing…..I do not know. 

"THEY'RE RELEASING A NEW EXCHANGE RATE" BY FIREFLY @DINARREVALUATION

 

Waiting to be sent.. Oil and Gas Law on the Government Discussion Table, 25 OCT

  Member of the Parliamentary Oil, Gas and Resources Committee, Kazem Al-Tawki, confirmed today, Thursday, that the draft oil and gas law is awaiting approval within the Council of Ministers, indicating that the joint committees between the federal government and the regional government are continuing their work to decide on the law. 

Al-Tawki told Al-Maalouma Agency, “There are controversial articles that hinder sending the draft oil and gas law to the House of Representatives,” noting that “the draft is still in the government’s possession.” 

He added that "the oil and gas law is still on the government's discussion table," noting that "the relevant committees are continuing their meetings in the hope of reaching an agreement on the controversial articles."

He stressed that "there is a common vision between the governments of Baghdad and the region to complete the oil and gas law file and send it to the House of Representatives."  link