JON DOWLING: THIS DECEMBER WILL BE A MONTH TO REMEMBER @DINARREVALUATION #iraqidinar #iraqidinarinve

 

ABU SNWE: "Trump continues to dry up the dollar from Iraq" @DINARREVALUATION #trump #trump2024

 

Al-Atwani To The French Embassy Delegation: Halting External Borrowing Indicates An Improvement In Iraq’s Financial Policy, 1 dDEC

 Al-Atwani To The French Embassy Delegation: Halting External Borrowing Indicates An Improvement In Iraq’s Financial Policy

Last update 2024-11-17

The head of the Finance Committee, Atwan Al-Atwani, explained today, Sunday, during his meeting with the French Embassy delegation, that the cessation of external borrowing indicates an improvement in Iraq's financial policy.

A statement issued by the media office of the Council of Representatives, received by the Iraqi News Agency (INA), stated that "the head of the Finance Committee, Atwan Al-Atwani, received a delegation from the Economic Attaché at the French Embassy in Baghdad." The statement continued, "During the meeting, the financial and economic situation in the country was reviewed, as well as the role of the Finance Committee in monitoring spending and implementing the items of the general budget." Al-Atwani pointed out "the priorities that his committee is currently working on, most notably maximizing non-oil revenues to avoid the risks of fluctuations in global oil prices on the Iraqi economy, in addition to preparing a package of important legislation that would bring about a qualitative shift in the financial and banking sector." He explained that "the decline in foreign borrowing indicates an improvement in our financial policy," noting that "the decline in foreign debts came after conducting a comprehensive review of the feasibility of these loans, as we stopped them and began to pay off the old ones, and we obligated that borrowing be only for productive projects that achieve a financial return and not for consumer sectors." Al-Atwani called on French companies to "enter the Iraqi market forcefully, especially since they have previous successful experiences in implementing strategic projects."

He pointed out that "the provisions of the general budget gave the government the opportunity to encourage foreign companies to invest their money in the country by providing sovereign guarantees." For his part, the French delegation expressed its happiness with this fruitful meeting, stressing "its country's desire to strengthen relations in various development fields with Iraq in a way that achieves the interests of the two friendly peoples

CHELLA CC HIGHLIGHTS NOTES, 1 DEC

 CHELLA CC HIGHLIGHTS NOTES

Summary

The Central Bank of Iraq, led by Mr. Ali Mosen Ala, has highlighted key economic recovery indicators, focusing on foreign reserves, domestic currency, inflation, and internal debt.

Highlights

• 📊 Economic Recovery: Mr. Ali Mosen Ala presented positive indicators for Iraq’s national economy.
• 💰 Foreign Cash Reserves: The Central Bank aims to bolster foreign cash reserves to enhance economic stability.
• 💵 Domestic Currency: Strengthening the domestic currency is crucial for economic growth and stability.
• 📉 Inflation Control: The Central Bank is focused on reducing inflation rates to improve living standards.
• 🌍 External Debt Management: Addressing external debt is part of the strategy to stabilize the economy.
• 🏗️ Sector Reforms: Efforts are underway to reform various economic sectors and reduce import dependency.
• 💻 Digital Transformation: The Central Bank promotes digital transformation to modernize banking practices.

Key Insights

• 📈 Economic Growth Potential: The indicators presented suggest a potential for sustained economic growth in Iraq, driven by strategic reforms and investments.
• 🌐 Importance of Foreign Reserves: Increasing foreign reserves is vital for maintaining currency value and ensuring investor confidence, which can lead to more foreign investment.
• 🔄 Inflation Dynamics: Managing inflation is critical; high inflation undermines purchasing power and can destabilize the economy, necessitating effective monetary policies.
• 🏦 Role of the Central Bank: The Central Bank’s proactive measures in managing internal debt and currency stability are essential for fostering a conducive economic environment.
• 📉 External Debt Impact: High external debt can constrain economic flexibility; thus, a focus on managing this debt is necessary for long-term stability.
• 🏭 Economic Diversification: Reducing reliance on imports through sector reforms can strengthen the domestic economy and foster resilience against global market fluctuations.
• 📲 Digital Innovation: Embracing digital transformation in banking can enhance efficiency, accessibility, and transparency, driving further economic development.

MNT GOAT:THE IQD NEEDS GAIN ITS VALUE & BE REINSTATED BACK TO THE FOREX FOR INVESTORS LEGALLY USE IT

 

Electricity: We Are Proceeding With The Procedures To Release Turkmen Gas, 1 DEC

 Electricity: We Are Proceeding With The Procedures To Release Turkmen Gas

Last update 2024-11-21

The Ministry of Electricity confirmed, today, Thursday, that it is proceeding with the procedures to launch Turkmen gas, while indicating that the crises that are occurring in electricity and supply hours are due to the scarcity of fuel.

The spokesman for the Ministry of Electricity, Ahmed Musa, told the Iraqi News Agency (INA): “In the midst of the Ministry of Electricity’s preparations and the proactive plan to receive the peak winter loads and early preparations for the summer, the Ministry of Electricity has begun to be somewhat ready to receive the peak winter loads in terms of preparing production stations and generating units, networks, power transmission lines, distribution networks, and the work underway to address bottlenecks and rehabilitate the network’s performance in the midst of this major plan being carried out by the Ministry of Electricity.”

He pointed out that "some of the crises that occur in electricity and the hours of preparation are not actually an electricity crisis, but rather a fuel shortage, and they are clearly and explicitly reflected at times on the power stations, as they are responsible for determining the loads and some other generating units stop."

 Speaking about Iranian gas, Musa explained that “there is a decrease in releases from 13 million cubic meters to 12 million cubic meters yesterday, and today the reduction has reached 7 million cubic meters,” stressing that “this decrease in gas with the approach of the peak winter loads that require energy and sustainability for the stations’ operation determines the loads of some production stations, especially large stations such as (Bismaya, Al-Sadr Gas, Al-Mansouriya, and other stations).”

Musa pointed out that “a shortage of gas in this manner is enough to limit the system’s loads and stop some other generating units,” noting that “we have completed the signing of the Turkmen gas agreement and an agreement has been reached on the quantities, pricing, and the passage of gas and its method through Iranian pipelines.”

He continued: “There is talk about implementing the Cabinet’s decisions to open credit with the “  TBI  ” by placing the first payment according to the Cabinet’s decision and the advance payment mechanism represented by the first payment of money for Turkmen gas,” noting that “there are a number of procedures with the Ministry of Finance that must be completed and the first payment must be placed so that Turkmen gas can be launched.”

He stated that “the decrease in fuel or gas, whether domestic or imported, affects production stations, and there is no alternative plan other than coordination with the Ministry of Oil and according to the decision of the Council of Ministers, which is permanent and continuous to secure fuel for the stations or diesel oil or other fuel derivatives for the stations to operate.”

 He added, "The need will not be met in the absence of imported gas and part of the national gas, and some of the electricity crises are in reality a fuel crisis and a shortage in the production stations. Other than that, the plan is going well and preparations are underway to complete the readiness to enter the peak winter loads."

 

TIDBIT FROM MILITIAMAN, 1 DEC

 Militia Man

  These guys are in a stage of getting ramped up for production for the construction and reconstruction efforts of the country like they've never seen in modern history...

The new era...is coming upon Iraq. 

 Let's hope they have a previous era takeoff in a real effective exchange rate to help boost that private sector and industrial capacities that they have going...