Al-Sudani's Advisor: Iraq Will Soon Go From Debtor To Creditor - "Only 9 Billion Foreign Dollars Left", 18 DEC

 Al-Sudani's Advisor: Iraq Will Soon Go From Debtor To Creditor - "Only 9 Billion Foreign Dollars Left"

Mazhar Mohammed Salih, the financial advisor to the Prime Minister, announced that Iraq has emerged from the dangers of foreign debts, and has gotten rid of this burden for the first time, indicating that the remaining debts to international parties constitute only less than 9 billion dollars and will be paid until 2028.

Iraq within safe range to pay off $20 billion in foreign debt - Financial Advisor

Saleh explained in a statement to the official newspaper, which was followed by the 964 network , that “Iraq, after getting rid of the heavy burden of its debts, has transformed from a country indebted to others to a country that can be a creditor to others,” noting that the country is called the “young creditor” because it possesses a degree of youth in the economic aspect, which raised its credit rating, despite the problems of the region.

He added that "Iraq has gotten rid of the burden of foreign debts for the first time, which had shackled it economically," noting that "what remains of its debts to international parties constitutes only less than 9 billion dollars that will be paid between now and the year 2028."

He stressed that "Al-Sudani placed reforming the country's financial system among the priorities of the government program, which resulted in achieving important steps during the past two years."

He explained that “debts are paid off through allocations in the federal general budget,” noting that “the ratio of debt to GDP does not constitute a burden on the state, as it amounts to an estimated 5 percent of GDP.”

He considered Iraq “a well-fortified country, in terms of external debt, and that it is outside the risks of external debt, which gives the country high credit at the present time,” noting that “internal debts are confined within the government banking system.”   https://964media.com/487617/

BRUCE HIGHLIGHTS CC NOTES, 18 DEC

 Tues. 17 Dec. 2024 Bruce:

• On Mon. 16 Dec. 2024 at 9am Iraqi time Iraq paid it’s contractors at the new Iraqi in-country rate of just under $8.00 and dated the payments back to Aug.

• Last weekend 158 countries paid a visit to Iraq and began celebrating the Global Currency Reset.

• As of Tues. 17 Dec. 2024 Banking Systems were beginning to process the new gold/ asset-backed US Treasury Note (USTN).

• The new gold/asset-backed USTN is now in all banks and Redemption Centers.

• XRP is crypto currency and allows the USTN to be live. If you hold XRP you can sell it at your Redemption Center appointment.

• On Tues. 17 Dec. 2024 at 8 am EST emails went out to all banks and Redemption Centers explaining the timing of Tier4b exchange appointments.

• Tier4b (us, the Internet Group) email notification to set appointments will go out from Wells Fargo overnight tonight or tomorrow Wed. 18 Dec. 2024.

• The fiat US Dollar will be phased out within the next three months, or by the end of March 2025.

• Social Security Contact: The R&R payments and Social Security increases will begin in Jan. 2025.

• R&R restitution payments will be paid out as follows: ages 30-45 three years or 36 payments; ages 45-60 two years or 24 payments; ages 60 plus one lump sum payment. These payments are restitution for monies paid to the C***l such as taxes paid, state and federal; interest paid on credit cards and bank loans, and for the C***l trading our birth, d***h, marriage and divorce certificates.

JENTEL NOTES : A RATE WAS POSTED TO PAY CONTRACTORS AT $3.92 @DINARREVALUATION #iraqidinarinvestor

 

Industrial Fraud Threatens The Local Economy And Undermines National Industries, 18 DEC

 Industrial Fraud Threatens The Local Economy And Undermines National Industries

Published on: December 18, 2024: Al-Mada/Follow-up  Regulating the control of goods is an essential step to support local factories and limit excessive imports, which contributes to strengthening the national economy and its ability to withstand and grow. However, the phenomenon of industrial fraud represents a major challenge facing the Iraqi industrial sector, as it negatively affects the reputation of local products and undermines efforts to increase local production.

Industrial Fraud And Its Consequences

Counterfeit products are increasingly prevalent in local markets, where low-cost goods are imported from neighboring countries and then repackaged and sold as local products. These goods are often of lower quality, eroding consumer confidence and causing significant damage to national industries.

Mohammed Hassan Jabr, a local shop owner, explained that the weak production capacity of Iraqi factories is pushing many traders to import counterfeit goods. He added that this embarrasses traders in front of customers who notice a clear difference in price and quality.

For his part, economic expert Mustafa Akram confirmed that industrial fraud appears largely in products such as cigarettes, chicken, and table eggs, where imported products are repackaged to appear as Iraqi. He pointed out that these practices lead to the deterioration of the local market and increased reliance on imports instead of enhancing local production.

Legal And Regulatory Challenges

Despite the existence of Consumer Protection Law No. 1 of 2010, its implementation faces major challenges, according to legal expert Jamal Al-Asadi.

Al-Asadi explained that the penalties imposed on industrial fraud, such as imprisonment and financial fines, are difficult to implement due to the lack of effective oversight in the markets.

Recommendations To Combat Industrial Fraud

To address this phenomenon, Hussein Abbas, from the Economic Crime Directorate, recommended taking firm measures, including:

1. Strengthening oversight: Increasing cooperation between relevant ministries to ensure the application of Iraqi specifications to local and imported products.

2. Reissuing import licenses: Imposing strict control over all imported goods by issuing new import licenses.

3. Activating border testing laboratories: Approving testing laboratories at border crossings to ensure the quality of imported products.

4. Implementing a goods tracking system: Adopting a goods tracking system to ensure their compliance with standards.

5. Organizing follow-up teams: Forming field teams to reduce market manipulation and control violations.

The phenomenon of industrial fraud poses a major challenge to the Iraqi economy, as it negatively affects the confidence of consumers and local industries. While oversight and enforcement of laws are essential tools to combat this phenomenon, current efforts need to be intensified and coordinated more among the relevant authorities to ensure the provision of high-quality products that enhance the status of national industries.  Source: Agencies   https://almadapaper.net/389139/#hathalyoum

HERNAN: THE IQD HAS BEEN RV'D IN THE COUNTRY AT $3.49, 18 DEC

 Wednesday December 18, 2024

Hernán: He says 

The oil-backed Iraqi Dinar has been revalued in the country, with exchange rates confirmed at USD$3.49 DOLLARS x 1 IQD in IRAQ 🇮🇶 and USD$3.28 DOLLARS x 1 IQD in KURDISTAN.

The VIETNAM DONG 🇻🇳 is rumored to have followed suit, with classified exchange rates already circulating.

Note: IQD AND DONG exchanges, for the moment inform us that they are classified and only in the countries corresponding to the currency.

Greetings

Hernan

TRANSLATION IN SPANISH

Miércoles 18 Diciembre 2024

Hernán : Dice

El dinar iraquí, respaldado por el petróleo, se ha revaluado en el país, con tipos de cambio confirmados en USD$3,49 DÓLARES x 1 IQD en IRAQ y USD$3,28 DÓLARES x 1 IQD en KURDISTÁN.

Se rumorea que el DONG DE VIETNAM ha seguido su ejemplo, y ya circulan tipos de cambio clasificados.

Nota: Los intercambios de IQD Y DONG, por el momento nos informan que son clasificados y solo en los países correspondientes a la moneda.

Saludos

Hernán

HERNAN: THE IQD HAS BEEN RV'D IN THE COUNTRY AT $3.49 @DINARREVALUATION #iraqidinarinvestor

 

Iraq Out Of The List Of Major Countries Holding US Bonds, 18 DEC

 Iraq Out Of The List Of Major Countries Holding US Bonds

Money and business  Economy News - Follow-up  The US Treasury announced on Tuesday that Iraq is no longer a major foreign holder of US bonds.

According to the Treasury report for September, which showed that Iraq was not among the top 20 countries holding US bonds, after it was ranked among the top holders last year with holdings of $32.6 billion.

The report indicated that "Japan topped the list of major countries in holding US bonds, with holdings amounting to $1.123 trillion, followed by China in second place with holdings amounting to $772 billion, while the United Kingdom came in third with $764 billion, the Cayman Islands in fourth place with $420 billion, Luxembourg in fifth place with $417 billion, and Canada in sixth place with $370 billion."

]The report explained that Saudi Arabia was the only Arab country that maintained its position among the 20 largest holders of US bonds, as its holdings amounted to $143.9 billion.

The report indicated that the total holdings of US bonds by countries around the world in September amounted to 8 trillion and 872 billion dollars.

US bonds are a type of debt instrument issued by the US government to raise money, and many countries buy them as a safe investment.

In the past years, many Arab and foreign countries, including Iraq, owned large amounts of these bonds, and over time, Iraq's holdings of US bonds decreased until it left the list of the 20 largest countries holding these bonds.   Views 25   12/18/2024 - https://economy-news.net/content.php?id=51026