The Central Bank is unique in signing a memorandum of understanding that enhances and protects its financial capabilities
Tuesday, December 3, 2024
MNT GOAT: "They must pass the law in parliament ", 3 DEC
MNT GOAT
😊Another interesting article is titled “AFTER YEARS OF SUSPENSION… IS THERE NO NEED TO LEGISLATE THE “OIL AND GAS LAW”?
In the article the talked about political conflicts that are escalating in Iraq, casting a shadow over the two-decade-old oil and gas law, disrupting efforts to regulate the exploitation of oil wealth and its distribution between the region and the central government.
In this context, the member of the Patriotic Union of Kurdistan, Ghiath Al-Surji, explained on Wednesday, the reasons for not legislating the oil and gas law, noting that the need to legislate such a law has disappeared, especially after the issuance of judicial decisions regarding the oil and exports file. Of course the author is wrong in this opinion.
Also do not forget about the recent agreements with Turkey, as the oil sold to Turkey was also a huge issue in formulating the law. But these issues should only help settle and not negate the necessity for the Oil and Gas Law.
Yes, there is still a need to get the referendum passed in parliament. This is not me saying this, instead it is the Iraqi 2005 Constitution. We have also read countless articles over the years, especially more recent ones.
The Oil and Gas Law referendum is REQUIRED by the Iraqi constitution, and they cannot just disregard it, poo-poo it if they so desire.
The U.S. and the UN is not going to let them. They must pass the law in parliament and settle this decades long issue of having a sound law regarding this major part of the government revenues.
Don’t you also think this would be a smart move too since they are still a rentier state?
Al-Sudani Launches the Phase One of the Eduba Project to Build 600 Schools Through the Iraq Development Fund, 3 DEC
Prime Minister Mohammed S. Al-Sudani launched today, Monday, the first phase of the “Eduba” Project, aimed at constructing 600 new school buildings across Iraq’s provinces. The project is part of the Iraq Development Fund initiatives, with implementation set to proceed through the private sector after completing all necessary technical and preparatory measures for construction.
The Prime Minister's Media Office stated in a statement received by the Iraqi News Agency (INA),”During the launch ceremony, contracts were signed with “Meinhardt,” a global consulting firm, and with “Yerim Contracting,” one of the twelve private companies tasked with executing this phase of the project. The contracts were signed by the Iraq Development Fund’s executive director, Mr. Mohammed Al-Najjar.”
In his speech during the ceremony, Al-Sudani emphasized that the Iraq Development Fund represents the beginning of a new phase of developmental work, highlighting the government’s vision to build a strong and sustainable economy, positioning Iraq on the path to prosperity and stability, supported by active private sector participation.
The key points from the Prime Minister’s remarks during the event :
We have taken a new step in building schools through the Iraq Development Fund, and the country needs 8,000–10,000 schools.
We have completed the structural preparations for the Iraq Development Fund and are working on drafting a bill to be submitted to Parliament.
The Iraqi private sector is capable and prepared to work under all circumstances and has contributed significantly to infrastructure projects.
Infrastructure remains one of the primary challenges in the education sector, and new designs and modern technologies have been adopted for services and maintenance.
We trust in the private sector’s ability to build schools, and land allocations have been prepared.
We have 600 schools to build, with 12 companies equipped and ready to construct dozens of schools.
Coordination between the Ministry of Education and the Governorates is essential for land allocation and building schools according to technical specifications, with consultants overseeing implementation.
The Ministry of Education is the starting point for the Iraq Development Fund’s projects, and the phase two will focus on housing.
We will focus on building residential complexes under a “rent-to-own” model, with housing units allocated to the families of martyrs and the injured.
Providing sovereign guarantees is a crucial step in economic reform and private sector support.
In Spain, we signed an agreement with the Testa Foundation to provide funding ranging from 200 million to 1 billion euros in coordination with the Trade Bank of Iraq (TBI).
The private sector has the opportunity to establish national industries, deliver services, and create job opportunities for our citizens.
The Prime Minister's Media Office stated in a statement received by the Iraqi News Agency (INA),”During the launch ceremony, contracts were signed with “Meinhardt,” a global consulting firm, and with “Yerim Contracting,” one of the twelve private companies tasked with executing this phase of the project. The contracts were signed by the Iraq Development Fund’s executive director, Mr. Mohammed Al-Najjar.”
In his speech during the ceremony, Al-Sudani emphasized that the Iraq Development Fund represents the beginning of a new phase of developmental work, highlighting the government’s vision to build a strong and sustainable economy, positioning Iraq on the path to prosperity and stability, supported by active private sector participation.
The key points from the Prime Minister’s remarks during the event :
We have taken a new step in building schools through the Iraq Development Fund, and the country needs 8,000–10,000 schools.
We have completed the structural preparations for the Iraq Development Fund and are working on drafting a bill to be submitted to Parliament.
The Iraqi private sector is capable and prepared to work under all circumstances and has contributed significantly to infrastructure projects.
Infrastructure remains one of the primary challenges in the education sector, and new designs and modern technologies have been adopted for services and maintenance.
We trust in the private sector’s ability to build schools, and land allocations have been prepared.
We have 600 schools to build, with 12 companies equipped and ready to construct dozens of schools.
Coordination between the Ministry of Education and the Governorates is essential for land allocation and building schools according to technical specifications, with consultants overseeing implementation.
The Ministry of Education is the starting point for the Iraq Development Fund’s projects, and the phase two will focus on housing.
We will focus on building residential complexes under a “rent-to-own” model, with housing units allocated to the families of martyrs and the injured.
Providing sovereign guarantees is a crucial step in economic reform and private sector support.
In Spain, we signed an agreement with the Testa Foundation to provide funding ranging from 200 million to 1 billion euros in coordination with the Trade Bank of Iraq (TBI).
The private sector has the opportunity to establish national industries, deliver services, and create job opportunities for our citizens.
MNT GOAT: " These are credits and these credits only materialize when we, as investors then exchange our dinar" , 3 DEC
MNT GOAT
What else is in the news?
Another couple of articles I thought were interesting and are as follows:
The first one is titled “IRAQ SIGNS CONTRACT WITH ITALIAN CONSULTING FIRM ON FIRST PHASE OF DEVELOPMENT ROAD”. Oh… this is a good article for us to look at and it helps us piece it all together. So let’s do it.
The Ministry of Transport announced on, Wednesday, the signing of a consulting contract with BTP Company, to provide consulting services regarding the first phase of the Development Road Project (regarding the current railways).
Oh… we read in a recent past article that this Development Road Project is not all a China project?
What happened to all the China money that was to pour into this project?
If you remember I presented a recent past article telling us that the deal with China is NOT going to materialize as they thought.
The US influence over Iraq is not going to let China receive FREE oil for the next 30 years over the money they lend to Iraq for this project.
The US is not going to let China influence Iraq this much and take control over it. Who paid the price of lives for the 2003 invasion to liberate Iraq? Did China participate? The spoils of war.
As investors we all also should realize that there is a deal with China and Iraq on providing oil at a fixed price. This deal was brokered by the US Treasury and it included pre-selling some of the U.S. oil credits to China at a fixed price.
But these are credits and these credits only materialize when we, as investors then exchange our dinar. Yes, billions in oil credits.
Get it? Remember when I described to my readers how this RV would be paid for, I talked about these oil credits.
So, are you connecting the dots here? Are you beginning to see the BIG picture yet?
JETCO meetings attended by Iraqi Trade Minister, 3 DEC
JETCO meetings attended by Iraqi Trade Minister
The Minister of Trade, Atheer Dawood Al-Gheriri headed on Tuesday, the Iraqi delegation to the meetings of the Joint Economic and Trade Committee in Istanbul.
According to a statement of the ministry obtained by the Iraqi News Agency (INA), that "the Minister of Trade, Atheer Daoud Al-Gheriri, headed the delegation of the Republic of Iraq to attend the meetings of the Iraqi-Turkish Joint Economic and Trade Committee (JETCO) in its first session, which will be held in Istanbul for the period from the second to the third of December."
The statement added that "the first technical meeting of JETCO was held between representatives of the Ministry of trade in addition to representatives of ministries and the private sector in both countries," pointing out that "during the meeting, they discussed strengthening trade and economic relations and reviewed opportunities for joint cooperation in multiple sectors including trade, transport, industry, planning, and customs, which were included in the draft minutes in a way that serves the common interests of both countries."
The statement pointed out that "the Director General of the Iraqi Department of Foreign Economic Relations Riyadh Al-Hashemi and his Turkish counterpart initialed the minutes during their chairmanship of the first technical meeting in preparation for its signing tomorrow by the ministers of trade in both countries."
The statement pointed out that "the members of the committee from the Iraqi side are representatives of the ministries of foreign affairs, industry, agriculture, transport, planning, finance, border crossing authority, the head of the Contractors Union, the Federation of Chambers of Commerce and the Iraqi Federation of Industries, in addition to the commercial office in Istanbul."
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