In Cooperation With A Foreign Advisor.. A Parliamentary Committee Announces Its Efforts To Amend The Oil Ministry Law, 2 NOV

 In Cooperation With A Foreign Advisor.. A Parliamentary Committee Announces Its Efforts To Amend The Oil Ministry Law

Economy  | 01/11/2024  Mawazine News – Baghdad  The Parliamentary Oil and Gas Committee announced today, Friday, a move to amend the Ministry of Oil Law 101 of 1976, while indicating that the draft will be presented to the Council of Ministers soon.

MP Basem Naghmish, a member of the Oil and Gas Committee, said: “A subcommittee was formed within the Oil and Gas Committee to review the legislation related to the oil sector, and it was called the “Oil Legislation Committee”.

He explained that “the committee is working to review several laws, with the aim of amending them to suit the current requirements of the oil sector”, indicating that “among these laws is the Oil Ministry Organization Law No. (101) of 1976, which is considered an old law that was amended about three times, the last of which was in 1982”.

He added that “the ministry witnessed many technological and administrative developments during the period after 2003, as the work of the Oil Ministry expanded and formations multiplied, in addition to the creation of some formations”.

He pointed out that “the draft to amend the law is still in the preparation phase, and cooperation is being done with a foreign consultant contracted with the ministry to provide his comments, and then the draft will be submitted to the Council of Ministers and to the advisors, and then to the State Council, in order to study the extent of its consistency with the legal system in the country”.

He continued: “After that, the draft will return to the Council of Ministers and then to House of Representatives to complete legislative procedures  https://www.mawazin.net/Details.aspx?jimare=256263

"DINAR WILL LEAD THE WAY SUNDAY/MONDAY" BY MIKE BARA, 2 NOV

 Fri. 1 Nov. 2024 Mike Bara

OK, so just when I was ready to give up on this thing happening before the e******n, I get this: “The US e******n will not change the timing. All countries and banks have signed the necessary treaties and are ready. 

Dinar will lead the way on Sunday/Monday. Bonds/GCR on Tuesday.” 

I guess they decided the chaos of the US e******n is actually the perfect cover. We will see, but hang in there!

Dinar Revaluation Update Tier4B Notifications are HERE FROM WOLVERINE @...

Lebanon seeks to extend heavy fuel oil agreement with Iraq, 2 NOV

Lebanon seeks to extend heavy fuel oil agreement with Iraq

Walid Fayad, the interim Minister of Energy and Water for Lebanon, stated in a press release that Iraq supports Lebanon in the energy sector and that he hopes the agreement will be extended for at least another year, bringing the total to two million tons, dinaropinions.com.

In July 2021, Lebanon and Iraq agreed to import one million tons of heavy fuel oil to assist Iraq in producing electricity to prevent blackouts.

On September 16, 2021, Lebanon received the initial 31,000-ton shipment of heavy fuel oil from Iraq.

Heavy fuel oil is a type of oil that comes from cracking and distilling petroleum and has a viscosity similar to tar.

TIDBIT FROM BRUCE, 2 NOV

 Bruce  

 [via WiserNow] 

  We know that rates on the redemption center screen are populating, and that means they're going up, and we know that we have fixed rates on the bank screens. 

The Redemption center screens are what we're going to work off of, and it's going to be,

 I think the rates themselves will be so good, it'll blow us away - especially the contract rate on the Iraqi dinar. They should offer that to us, not at the banks, but only at the redemption centers.

MILITIAMAN: MM&C News Report-Iraq 3 Presidents-National-Constitutional Entitlements-...

IMF warns of global debt crisis threatening financial stability, 2 NOV

 The International Monetary Fund released a report detailing the worsening global debt crisis after it reached levels that pose a threat to global financial stability and necessitate immediate financial reorganization on the part of governments.

According to the Fund’s report, there is a chance to improve financial sustainability in the medium to long term due to what it considers a decline in interest rates and a trend toward neutral monetary policy. However, this opportunity necessitates a decisive response to control financial conditions and prevent the escalation of economic crises, particularly in emerging economies, due to the enormous debt left behind by the effects of the “Covid-19” pandemic.

Global public debt is expected to exceed $100 trillion in 2024, as predicted by the Fund. However, due to differences in debt sustainability strategies between nations, the picture remains uneven across economies. A third of countries, accounting for 70% of global GDP, are also anticipated to see an acceleration in debt accumulation, according to the report. The global debt-to-GDP ratio will fall by 20%, excluding China and the United States.

According to the report, the solutions call for boosting market-driven organic growth while simultaneously reducing government spending and reducing the state’s role in the economy. The Fund emphasizes the necessity of adopting policies that support private sector growth in order to achieve a sustainable financial balance because it is of the opinion that expanding the financial sector and raising taxes may actually make the situation worse rather than better.

In addition, the fund stated in the report that rising government debt is continuing to exert pressure on fixed income markets, and that financial markets are preparing for additional inflation. Ten-year bond yields, for instance, have increased by more than 60 basis points in the United States since the middle of September, which has had a negative effect on the real estate industry. Contract applications fell by 6.7% in the week finishing October 18, with financing costs on 30-year credits staying at 6.52%, levels higher than those predominant before the Central bank cut loan fees.

The Bank of Scotland has estimated that anticipated rate cuts will not exceed 22 basis points at the next FOMC meeting, with the possibility of reaching only 38 basis points by the end of the year. The Fund believes that markets are anticipating a slower monetary policy easing cycle from the Federal Reserve.

In light of the complexities of the global financial scene, this significant report stands out as a strategic document because it not only demonstrates the need for international cooperation but also places the responsibility on nations to adopt decisive and sustainable policies to address the escalating debt crisis, as the challenges that lie ahead cannot be avoided. The majority of these nations see the BRICS group as a platform to confront their financial crises and ensure greater economic stability in the future through strategic partnerships among members, away from the deep influence on them by the International Monetary Fund, the World Bank, and the broad influence of the US dollar and the Federal Reserve. On the sidelines, the report may help in some way to explain the phenomenon of the increasing number of countries applying to join the BRICS group.