Frank26
We suggested to you the CBI was going to be showing the Iraqi citizens the lower notes...
They are showing the citizens of Iraq a 1 lower note from the 1940's.
Why would you do that?
Because they want to show the example of what was, gapped by decades of 3 zero notes that are worthless, will now become again. What once was, currency with value in their country, that was gap between decades of stealing by parliament, is now going to be again.
Full decisions of today's Cabinet session
Baghdad-INA
During its session held today, Monday, the Cabinet issued a number of decisions, including increasing the fees for examining gold jewelry to 350,000 dinars per kilogram, and obligating all scrap owners to obtain certificates of freedom from radioactive materials, issued by the competent authorities.
The Prime Minister's Media Office said in a statement received by the Iraqi News Agency (INA): that "Prime Minister Mohammed Shia Al-Sudani chaired the fifty-third regular session of the Cabinet, during which the general conditions in the country were discussed and a number of important files and priorities of the government program were discussed, in addition to discussing the topics included on the agenda and taking the necessary decisions regarding them."
In response to the demands of the residents of Al-Sadiq District in northern Basra Governorate, the Prime Minister directed the allocation of urgent funds for the implementation of quick service projects in the district, resolution of land allocation issues for building schools, initiation of hospital construction, and completion of main and secondary roads connecting the district to the governorate. The Prime Minister also instructed ministries to expedite the implementation of previous Council of Ministers decisions regarding Al-Sadiq District and northern Basra areas.
As part of follow-ups on Ministry of Electricity projects, the Council of Ministers approved granting the Minister of Finance, or an authorized representative, the authority to sign the loan agreement to fund combined-cycle projects for the Kirkuk Gas Power Plant. This loan will be guaranteed by the Export–Import Bank of the United States (US EXIM Bank), in accordance with the provisions of the three-year Federal Budget Law and the principles of energy cooperation in Iraq. The Council of Ministers also approved the financing terms outlined by the Ministry of Finance.
In the oil sector, the Council of Ministers approved the recommendation of the Ministerial Energy Council regarding the construction of the Basra-Haditha oil pipeline with a capacity of 2.25 million barrels, as follows:
1. Approval of the contract between Basra Oil Company and the Oil Projects Company, amounting to 5.97225 trillion dinars, funded within the framework of the Iraq-China agreement.
2. Approval of the recommendation by the Central Committee for Review and Approval of Awarding in the Ministry of Oil to award the procurement order for the Basra-Haditha crude oil pipeline at a reduced cost of 1.6205 trillion dinars, which is 5.5% below the estimated cost. The pipeline will be 56 inches in diameter, 685 kilometers long, and 22 millimeters thick, made from reliable materials. All materials will require approval from the Ministry of Oil prior to manufacturing, with a delivery period of 720 days. The project will be included in the operational budget of the Oil Projects Company before awarding.
3. Exemption of the mentioned contract and award from Government Contract Execution Instructions (No. 2 of 2014) and the attached controls.
In the same context, the Council of Ministers followed up on the Karbala Refinery operation file and approved the following:
1. Exemption of the Ministry of Oil/Midland Refineries Company – Karbala Refinery from the contracting methods stipulated in Government Contract Execution Instructions (No. 2 of 2014) to contract with Rowwad-Elqemma Company for one year, renewable for one additional year, at an estimated cost of 180 million dollars per year. The contract includes operational, laboratory, maintenance, and safety responsibilities, as well as the training and gradual transfer of operation to local staff during the contract period. Notably, the previous South Korean contractor charged 219 million dollars annually without including safety and laboratory responsibilities.
2. Formation of a management team from the Midland Refineries Company to oversee the operation of the Karbala Refinery. This team will be led by the company's general director and include eight senior staff members from the Midland Refineries Company and Karbala Refinery. The team will be granted financial and contractual authority, exempt from the contracting methods outlined in Government Contract Execution Instructions (No. 2 of 2014) and associated regulations.
The Council of Ministers approved including the rehabilitation of the shrine of Sayyid Muhammad ibn Imam Ali al-Hadi (peace be upon them) as an exception to listing requirements, with an annual allocation of 1 billion dinars transferred from the Ministry of Planning’s infrastructure projects. The overall cost will be determined in coordination with the Ministry of Planning and the Shiite Endowment Diwan, with the Ministry of Finance recording it in the 2024 budget projects.
The Council of Ministers also followed up on the resolution of direct-execution projects in Salah al-Din Governorate, approving recommendations by Diwani Order Committee No. 24 of 2024. It emphasized adherence to procedural measures for settling project accounts, provided that projects are funded within the governorate’s regional development allocations. The Commission of Integrity will continue its investigations in coordination with the Ministry of Planning, Salah al-Din Governorate, and beneficiary entities to explore options for completing projects.
The Council of Ministers approved several decisions to address infrastructure projects and delayed initiatives:
1. Re-listing the 100-bed hospital project in Al-Shinafiyah, Diwaniyah Governorate, with updated costs after removing the old-cost project.
2. Increasing the cost of rehabilitating the K3 pumping station in Haditha and introducing a complementary works component under the Ministry of Oil's projects.
3. Increasing the total cost and contingency allocation for constructing the Federal Board of Supreme Audit’s Second Region Audit Department building.
4. Increasing the estimated cost for the construction of Al-Aziziyah concrete bridge in Al-Aziziyah District.
5. Increasing the total cost and contingency allocation for constructing the 200-bed hospital in Abu Al-Khaseeb District.
DINAR GURUS UPDATES
INSIGHTS ABOUT RV UPDATE
Frank emphasizes the importance of the International Monetary Fund (IMF) articles, particularly Article 12, which relates to the currency’s ability to move freely in and out of the country. He mentions a progression from Article 8, which allows for unrestricted currency movement, to Article 14, concerning the new exchange rate implementation.
Samson highlights Iraq’s unique position due to its rich natural resources and the need for investment in these areas. Sandy Ingram points out that Iraq currently falls under a “Do Not Travel” warning by the U.S. State Department, linking this to the proposed revaluation of its currency and the lifting of travel restrictions. Militia Man discusses the anticipated cessation of currency auctions by the year’s end, a move that has been foreshadowed in earlier articles.
Claire provides an assessment from the IMF that outlines Iraq’s economic contraction and growth forecasts, identifying key areas for reform and investment. Lastly, Mark Z addresses the impracticality of declaring old currency notes worthless without risking international and domestic respect, emphasizing the importance of maintaining trust with citizens and global stakeholders.
📊 IMF’s Role in Currency Policy: The IMF’s insistence on currency mobility (Article 8 and 14) is crucial for Iraq’s economic health. By adhering to these standards, Iraq aims to improve its international standing and attract foreign investment, which is essential for economic recovery and growth. The ability to move currency freely is not just a technical requirement; it’s a foundational aspect of a functioning economy that can inspire investor confidence.
🌍 Natural Resource Management: Iraq’s wealth in natural resources presents unique opportunities for economic development. However, effective management and investment in these resources are necessary to harness their full potential. The government must prioritize not only the exploration and extraction of these resources but also their sustainable management to ensure long-term benefits for the economy.
🌐 Travel Restrictions and Economic Reforms: The connection between the U.S. travel warnings and Iraq’s economic reforms underscores the significance of international perception. Lifting these restrictions could signify a stabilization of the political and economic environment, making Iraq more attractive to tourists and investors alike. This relationship suggests that positive economic reforms could lead to enhanced global relations.
📈 Economic Forecasts and Challenges: Although the IMF predicts modest growth for Iraq, the expected widening of the budget deficit poses significant risks to economic stability. Without addressing fiscal challenges, such as balancing the budget and managing public debt, the anticipated recovery may fall short. Therefore, the government must prioritize fiscal discipline to achieve sustainable growth.
🔄 End of Currency Auctions: The planned cessation of currency auctions indicates a significant shift in Iraq’s monetary policy, which could enhance the stability of the currency and reduce dependency on foreign exchange. This transition, however, requires careful management to avoid destabilizing the economy during the process.
🔧 Structural Reforms as a Prerequisite: The need for structural reforms in Iraq is critical for reducing reliance on oil and enhancing the private sector’s role in the economy. Diversifying the economy through investments in technology, infrastructure, and other sectors will be key to achieving long-term sustainability and growth.
⚖️ Importance of Currency Integrity: Mark Z’s insight into the impracticality of declaring old currency worthless emphasizes the need for a balanced approach to currency revaluation. Maintaining the integrity of the currency and respecting the value of existing notes is essential for fostering trust among the population and ensuring stability in the financial system. Abrupt changes could lead to social unrest and economic instability, undermining the very goals of revaluation.
In conclusion, the video provides a comprehensive overview of Iraq’s current economic landscape,
Second Phase of the Ur Tourism City Project Officially Launched
Baghdad - INA
The General Secretariat of the Council of Ministers announced today, Tuesday, the launch of the second phase of the Ur Tourism City project.
In a statement received by the Iraqi News Agency (INA), the Secretariat stated, “The Dhi Qar Reconstruction Fund has commenced the second phase of the Ur Tourism City project, reflecting the commitment of the General Secretariat of the Council of Ministers to enhancing the tourism sector and supporting the archaeological and cultural heritage of the ancient city of Ur.”
The statement added that “the project aims to offer a comprehensive tourism experience, enabling visitors to explore the region’s rich heritage while providing exceptional tourist and hospitality services, as well as archaeological and recreational facilities that blend Sumerian civilization with modern history.”
It continued, “The second phase of the project will include the establishment of an integrated city for drama and media production, featuring Sumerian, Babylonian, and traditional neighborhoods, the Global Ur Museum, an opera house, a fully equipped studio, a hotel, a traditional market, police and civil defense centers, a clinic, and a municipal department.”
The statement also noted that “the first phase, recently inaugurated by the Prime Minister, included the open-air Sumerian theater, the Ur indoor theater, a restaurant, and green spaces.”
It affirmed that “the project will contribute to enhancing the status of Dhi Qar province specifically, and Iraq in general, as an attractive tourist destination, stimulating tourism and transportation activities, increasing revenues, and creating job opportunities for various segments of society.”
Frank26
[Iraq boots-on-the-ground report]
FIREFLY:Alaq is talking about a big party they're having right now at the CBI for all the CBI employees who have worked so hard on the process and on the development of a new currency.
They are celebrating along with the US Treasury delegation here on a visit.
FRANK: I will admit that's pretty cool. It's also a telltale sign. That's why the US Treasury is there.
Work begins on navigation systems at Mosul Airport, Governor says Shafaq News/ Installation of air navigation systems and radar equipment ...