Friday, January 10, 2025
Head of Parliamentary Finance to World Bank delegation: We support any loans that bring benefit, 10 JAN
Head of Parliamentary Finance to World Bank delegation: We support any loans that bring benefit
On Wednesday, January 8, 2025, the head of the Parliamentary Finance Committee, Atwan Al-Atwani, met with a delegation from the World Bank headed by Jean-Christophe Carré, Regional Director for the Middle East, to discuss supporting the railway rehabilitation project within the Development Road Project, stressing support for borrowing.
We support any loans that are beneficial.
According to a statement by Al-Atwani's office, seen by "Ultra Iraq", "the meeting reviewed the economic and regional vision of the development road project and its strategic importance in stimulating investment movement, maximizing non-oil revenues, and providing job opportunities. It also discussed the possibility of the private sector contributing to its implementation."
The meeting also "discussed the multi-stage support provided by the World Bank for the Development Road Project, including modernizing and rehabilitating the current railway network and linking it from southern Iraq through the north and reaching Turkey."
The statement added: "Al-Atwani reiterated his emphasis that the infrastructure of the development road should be in the hands of the government so that this important project that links Iraq to the countries of the world is not subject to influences." The head of the parliamentary committee pointed out that "our vision is that the development road project should not be a mere transit point, but rather we seek to make it a gateway to activate various economic and commercial activities and develop the infrastructure," calling on the World Bank delegation to present new visions and ideas regarding achieving the optimal investment for this huge project that is hoped to make Iraq an economic corridor linking Asia to Europe."
Al-Atwani stressed the "necessity of expediting the submission of the feasibility study related to the railway development plan within the development road project, and contributing to mobilizing international expertise and attracting the private sector to invest in it in a way that achieves the country's interest."
He added: "We look forward to holding joint workshops and extensive meetings with the World Bank, to provide a full briefing on the project details and discuss its details in a way that secures broad parliamentary support for this borrowing," indicating that "the Finance Committee supports any loans that are economically feasible and bring great benefit to the Iraqi economy, especially since investment in the railway sector is a successful trend and achieves a large financial return."
For his part, according to the statement, "the World Bank delegation appreciated the valuable comments made by Al-Atwani within the framework of the rapid transition from the planning and vision stage to the implementation stage, stressing the World Bank team's readiness to submit the feasibility study, project path and details by next February." link
TIDBIT FROM JEFF, 10 JAN
Jeff
What they're doing is selling US dollars to pay for and fund imports coming into Iraq...What they've done with this new transfer system is they've made back end changes that are not visual...
What they've done...is transition so that they can allow their banks to do these international transfers...There's only so much they can do with banking reforms at this time until the rate physically changes.
Again, what they're doing is they're positioning the banks to...do foreign transfers with the US dollars...now instead of that money being sent directly from the central bank it's being routed and sent from the local banks within Iraq.
That prepares Iraq to be ready towards going international...
Iraq, Jordan forge stronger ties to boost regional stability and economic growth, 10 JAN
Iraq, Jordan forge stronger ties to boost regional stability and economic growth
Former Jordanian government spokesperson Mohannad Mubaidin affirmed, on Thursday, the ongoing collaboration between Iraq and Jordan to maintain security and stability in the region, particularly in light of last year’s rapid developments.
"King Abdullah II is committed to ensuring that Jordan’s relationship with Iraq is both impactful and geared towards achieving stability and security in the Middle East,” Mubaidin said in an exclusive statement to Shafaq News, adding that "several meetings have been held between the two sides, focusing on key areas, including bolstering security systems and combating terrorism."
High-Level Visits Cement Relations
Iraqi Prime Minister Mohammed Shia Al-Sudani visited Jordan on Dec. 11, 2024, meeting with King Abdullah II to discuss Arab and regional strategies amid ongoing developments in the region, particularly in Syria. This visit underscored Iraq’s strong interest in its ties with Jordan.
On Dec. 15, 2024, Iraqi Parliament Speaker Mahmoud Al-Mashhadani traveled to Amman, where he met King Abdullah II, Jordanian Parliament Speaker Ahmed Safadi, and Senate President Faisal Al-Fayez. According to a statement from Al-Mashhadani’s office, his meeting with Jordanian Prime Minister Jaafar Hassan focused on strengthening bilateral cooperation across political, economic, and security domains, aiming to support stability and development in both nations.
Economic and Trade Ties Flourish
Jordanian officials have emphasized the strategic importance of their partnership with Iraq. Mubaidin reiterated, "Jordan recognizes the depth and significance of its relationship with Iraq and consistently advocates for joint efforts to ensure Iraq’s security and stability while fostering a comprehensive partnership that benefits both nations."
Economic ties between the two countries also remain robust. On Tuesday, the Jordanian Chamber of Commerce announced that Iraq ranked as Jordan’s largest importer in 2024, with total imports valued at 691 million Jordanian dinars.
The oil trade is another vital pillar of cooperation. According to statistics released by Iraq’s State Oil Marketing Organization (SOMO) on Dec. 28, 2024, Iraqi oil exports to Jordan rose by 7.45% over the first 11 months of 2024, reaching 3.56 million barrels compared to 3.31 million barrels during the same period in 2023. SOMO further reported that Jordan imported approximately 3.8 million barrels of Iraqi oil last year under a renewed agreement signed in mid-2024.
Expanded Energy Cooperation
In August 2024, Iraq and Jordan agreed to increase monthly oil exports from 10,000 barrels to 15,000 barrels, raising the annual total from 300,000 barrels to 450,000 barrels. This expansion now covers approximately 10% of Jordan’s crude oil needs, reflecting the strengthening economic ties between the two nations.
Through mutual commitments to security, economic development, and energy collaboration, Iraq and Jordan continue to set an example of regional partnership, working together to promote stability and prosperity for their citizens. link
DINAR GURUS UPDATE : The exchangeability of 25,000 dinar notes and the importance of the oil and gas law in Iraq’s socio-economic landscape, 10 JAN
DINAR GURUS UPDATE : The exchangeability of 25,000 dinar notes and the importance of the oil and gas law in Iraq’s socio-economic landscape
Highlights
- 💰 Exchangeability of 25,000 Dinar Notes: Viewers are informed that they can exchange their 25,000 dinar notes at banks, ATMs, and currency exchange shops in Iraq.
- 🚫 Non-Exchangeable Notes: The 50 dinar note and Swiss notes featuring Saddam Hussein are defined as non-exchangeable, cautioning viewers against holding onto them.
- 📄 Exchange Process Simplified: A straightforward five-step process for exchanging currency is provided, ensuring viewers know what to expect.
- 🌍 Challenges of Exchanging Currency Abroad: The video highlights the difficulties of exchanging Iraqi dinar notes outside of Iraq, advising viewers to exchange them before leaving.
- 🛢️ Urgency of the Oil and Gas Law: The Kurdish National Union’s push for the oil and gas law is emphasized, linking it to Iraq’s economic stability and development.
- 📊 Impact of Oil Management: The potential benefits of the oil and gas law, such as attracting foreign investment and job creation, are discussed as crucial for Iraq’s economic future.
- ⚖️ Socio-Economic Implications: The video concludes with a broader reflection on how the passing of the oil and gas law could significantly improve the daily lives of Iraqi citizens.
Key Insights
💡 Understanding Currency Exchange: The video serves as a valuable resource for understanding how to effectively manage and exchange Iraqi dinar notes. The emphasis on being informed about exchange policies and rates empowers viewers to make better financial decisions. By knowing which denominations are exchangeable and where to exchange them, individuals can navigate potential pitfalls more effectively, avoiding the frustration experienced by the traveler Ali.
🔄 Fluctuating Exchange Rates: The host’s advice to check the latest exchange rates before initiating transactions speaks to a broader financial principle—being proactive and informed can lead to better financial outcomes. With global currency markets being volatile, this insight is particularly relevant for anyone dealing with foreign currencies.
🏛️ Political Landscape and Economic Stability: The discussion surrounding the oil and gas law reveals the intricate link between governance and economic health. The urgency expressed by the Kurdish National Union underscores the reality that political decisions directly impact economic stability. This insight emphasizes the need for effective governance structures to manage natural resources, which can foster economic growth and stability.
🔗 Resource Management as a Catalyst for Development: The host highlights that passing the oil and gas law is not merely a bureaucratic task; it has real-world implications for development and regional stability. By ensuring that oil revenues are fairly distributed, the law could alleviate tensions between different regions in Iraq, promoting peace and collaboration.
📈 Foreign Investment Attraction: The potential of the oil and gas law to attract foreign investment is a critical point. Investors often seek stability and clarity in legal frameworks before committing resources. Therefore, enacting this law could serve as a catalyst for significant economic growth, providing jobs and improving infrastructure in Iraq.
⚠️ Historical Context of Oil Management: The video touches upon Iraq’s historical challenges in oil management, particularly under Saddam Hussein. Understanding this context is essential for grasping the importance of the proposed law as a means to rectify past mismanagement and corruption. It indicates a desire for a fresh start and a more sustainable approach to resource management.
🌐 Global Implications of Local Legislation: The video posits that the stakes involved in passing the oil and gas law extend beyond local politics; they have global ramifications. As Iraq navigates its resource management, the international community watches closely, understanding that stability in Iraq could influence regional dynamics and global oil markets.
In conclusion, this video not only provides practical information regarding currency exchange but also delves deep into the socio-political and economic ramifications of Iraq’s oil management policies. By combining practical advice with a broader contextual understanding of Iraq’s challenges, the video serves as an important resource for anyone interested in the Iraqi economy and its future trajectory.
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