MILITIAMAN CC HIGHLIGHTS NOTES, 26 NOV

 MILITIAMAN CC HIGHLIGHTS NOTES

Summary

Iraq is advancing its budget law for 2023-2025, focusing on oil revenue management and monetary stability, while the Central Bank reports excellent reserves and a new foreign transfer system.

Highlights

• 📅 Budget Law: Iraq is set to resume discussions on its federal budget for 2023-2025.
• 💰 Monetary Stability: The Central Bank of Iraq confirms excellent monetary conditions and sufficient reserves.
• 🛢️ Oil Management: Amendments aim to regulate oil production costs and ensure fair compensation for the Kurdistan region.
• 🔄 New Transfer Mechanism: A new system for travel and medical transfers will be launched next year.
• 🌐 Digital Transformation: Iraq is making strides in digital government and e-commerce initiatives.
• 📈 International Anticipation: There’s global excitement for Iraq’s economic reforms and potential currency changes.
• ⚖️ Transparency: The new budget amendments promise to enhance transparency in oil revenue management.

Key Insights

• 📊 Budget Focus: The emphasis on adjusting the federal budget highlights Iraq’s commitment to improving fiscal management, especially in oil revenue, which is crucial for its economy. This could lead to sustainable growth and development.
• 🛡️ Reserve Strength: The Central Bank’s declaration of excellent monetary conditions indicates that Iraq is on a stable path, allowing it to support its currency effectively, which is vital for investor confidence.
• 🔍 Regulatory Changes: The budget amendments related to oil costs reflect a move towards greater fairness and efficiency in resource allocation; successful implementation could improve regional relations and stability.
• 🚀 Innovative Transfers: The upcoming launch of a new foreign currency transfer system is pivotal for facilitating international trade and personal transactions, enhancing economic connectivity with the global market.
• 🌍 Digital Strategy: Iraq’s push for digital transformation represents a significant step towards modernizing its economy; this will likely attract foreign investment and improve public service delivery.
• 🎉 Global Engagement: The anticipation from international observers suggests that Iraq’s reforms are being closely watched and could lead to increased foreign investments and partnerships.
• 🔗 Transparency Initiatives: The focus on transparency in financial operations is essential for combating corruption and building public trust, which will help stabilize Iraq’s socio-economic landscape.

Al-Sudani holds joint meeting with Russian Deputy Prime Minister and Saudi Energy Minister, 26 NOV

 Al-Sudani holds joint meeting with Russian Deputy Prime Minister and Saudi Energy Minister

Prime Minister Mohammed Shia Al-Sudani held a joint meeting on Tuesday with the Russian Deputy Prime Minister and the Saudi Minister of Energy.

The Prime Minister’s Media Office said in a statement received by the Iraqi News Agency (INA), that “Prime Minister Mohammed Shia Al-Sudani held a joint meeting with Russian Deputy Prime Minister Alexander Novak and Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al Saud.”

He added that “the meeting discussed the conditions of the global energy markets, and what is related to the production of crude oil and its flow to the markets and meet demand,” pointing out that “the importance of maintaining stability, balance and fair prices was stressed, while emphasizing the vital role played by the (OPEC Plus) group in this context.”

https://ina.iq/eng/36581-al-sudani-holds-joint-meeting-with-russian-deputy-prime-minister-and-saudi-energy-minister.html

MAJEED: " THE BUDGET & HCL LAW HAVE BEEN PASSED AND DONE", 26. NOV

MAJEDD

🚨1st read the quoted post🚨 

FYI, this article from yesterday saying tomorrow morning” today Tuesday” 

The parliament amendment to the budget will be about Kurdistan HCL And now they are saying the amendment is done …. 🔥

It means HCL has passed.

MILITIAMAN: MM&C Iraq News-Central Bank Iraq-Monetary Stability Excellent-Budget Law...

DINAR REVALUATION REPORT : " Next session “tomorrow” HoR will pass the adjustment of salaries due to change rate " , 26 NOV

DINAR REVALUATION REPORT

“A parliamentary movement to include the salary scale in the next session”

Next session “tomorrow” HoR will pass the adjustment of salaries due to change rate which requires change salaries scale.

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Parliamentary Movement to Include Salary Scale in Iraq's Next Session

A significant parliamentary movement is underway in Iraq to include the salary scale in the next session. This initiative aims to address the financial well-being of employees and streamline the budgeting process. As of November 26, 2024, the movement has gained momentum, with key figures and committees pushing for its approval.

Key Points and Developments

Parliamentary Legal Committee's Role

The Parliamentary Legal Committee, led by members like Muhammad Anouz, has been at the forefront of this movement. Anouz has emphasized the importance of financial laws for citizens, urging the government to align the necessary funds to pass these laws. He noted that the lack of sufficient funds has led to the delay of crucial laws, including the pension law, salary scale, social care, and the initiation of hiring.  6

Government's Justifications

Prime Minister Al-Sudani has cited the need to review and amend more than 34 laws as a primary reason for the delay in approving the salary scale. However, the Parliamentary Legal Committee has dismissed this justification, asserting that while the task is difficult, it is not impossible. Committee member Muhammad Al-Khafaji stated that the number of laws requiring amendment should not be a justification for delaying the process.  6

Financial Challenges

The Iraqi government faces significant financial challenges, which have contributed to the delay in addressing salary issues. The Kurdistan Regional Government (KRG), for instance, has been grappling with a severe financial crisis, exacerbated by the suspension of oil exports in March 2023. Despite efforts to resolve salary delays, the KRG continues to face implementation challenges, including the requirement for KRG employees to open accounts in Iraqi state-owned banks. 2

Public Outrage and Opposition

The issue of salary scales and financial reforms has also sparked public outrage. Reports of a "secret" salary increase for lawmakers have been met with widespread criticism and accusations of backhanded procedures. Opposition MPs and activists have accused supporters of the amendments of introducing changes without prior notice, stoking public anger toward the top legislative body.  4

Budget Discrepancies

The 2024 federal budget has faced criticism for various discrepancies, particularly in the allocation of funds for the Popular Mobilization Forces (PMF). Hussein Moneis, a member of the Parliamentary Finance Committee, revealed that the total deficit in PMF salaries and discrepancies exceeds one trillion dinars. The government has the authority to make transfers, but the lack of a structured law for the PMF continues to pose challenges. 5

Conclusion

The parliamentary movement to include the salary scale in the next session is a critical step toward addressing the financial well-being of employees in Iraq. Despite the financial challenges and public outrage, key parliamentary committees and members are pushing for its approval. The success of this initiative will depend on the government's ability to align the necessary funds and streamline the legislative process.

TIDBIT FROM MNT GOAT, 26 NOV

  Mnt Goat  

We have been witnessing the preparation of a huge move for the Iraqi financial system come the end of the year. 

I do not want anyone to think that everything will go so smoothly. 

Iraq has already told us there will be some bumps but as the international community comes to support the dinar more and more things will then quickly recover.

ARIEL : CITIBANK NOW PLANS ON EXCHANGE IQD @DINARREVALUATION