Currency Reset & Decentralised Systems - Jon Dowling & Lynette Zang

EXCLUSIVE: Iraq, Jordan forge stronger ties to boost regional stability and economic growth, 10 JAN

 EXCLUSIVE: Iraq, Jordan forge stronger ties to boost regional stability and economic growth

Shafaq News/ 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.

TIDBIT FROM MILITIAMAN, 10 JAN

 Militia Man   

Article:  "Al-Sudani in Tehran: A new alliance to confront terrorism and the challenges of the post-'fall of Syria' " 

 Iraq as a mediator in the region is going to go along way to keeping stability ...

There have been meetings with the "new" USA administration by phone at the highest level and an unannounced delegation from the same prior to his Sudani's visit. He is home now. I imagine things went well for all included...

Like it or not Iran is a very large trading partner. There has to be a very strong agreement by all parties public and private...Iraq...is taking her place again in the region. She has always been in that position as mediator.

DINAR REVALUATION HIGHLIGHTS!!: THE RV IS IMMINENT

 

Liquidity ‘shortage’ dismissed by economic expert Dagher, calls for focus on non-oil revenues, 10 JAN

 Liquidity ‘shortage’ dismissed by economic expert Dagher, calls for focus on non-oil revenues

Economic expert Mahmoud Dagher rejected the notion of a liquidity crisis in Iraq due to sufficient financial revenues and stable oil prices exceeding $70 per barrel. In an interview with Al-Rasheed TV, Dagher emphasized that Iraq’s financial situation remains stable and capable of covering salaries, even in the event of a drop in oil prices below the budgeted threshold.

He further noted that in scenarios of declining oil revenues, the government has the option to reduce or halt investment expenditures to secure operational budget requirements, a strategy previously adopted during former Prime Minister Haider Al-Abadi’s tenure.

He concluded by urging a focus on non-oil revenues to diversify Iraq’s financial resources, cautioning against populist approaches to economic policy and calling for pragmatic decision-making to address the country’s structural financial challenges.

Excerpts from Mahmoud Dagher’s interview:

We have three types of salaries in the state: employees, retirees under the Pension Authority and the Social Welfare Network, which is covered by the Ministry of Finance through its dollar revenues, converted into dinars via the Central Bank. In case of a liquidity shortage, borrowing becomes the alternative.

There is no liquidity shortage, but rather poor management and coordination. Revenues are sufficient, and oil prices remain above $70 per barrel. Therefore, salaries cannot be stopped. However, there is a coordination issue between the Ministry of Finance and the Central Bank, as approval takes 30–40 days to be reinforced, and we need some accounting adjustments to resolve the matter.

If oil prices drop, the investment budget can be reduced or halted to ensure the operational budget is secured. Previous governments adopted this approach several times, particularly in 2015 and subsequent years.

I support an annual budget because it accounts for all variables. The three-year budget did not achieve the financial stability it was supposed to, as it remains merely a set of future plans. Moreover, we have not benefited from the annual budget system in past years due to delays in its approval.

A weak economy with limited options does not allow for ambitious moves. It requires a wise decision-maker. So far, the Iraqi government has been prudent in its economic decisions. However, Mr. Ammar Hakim’s warnings about the Syrian currency scenario are directed at political leaders, cautioning them against the risk of U.S. sanctions.

In politics, we can talk about rising growth rates, but in economics, it’s a different story. On the ground, Iraq still lags in infrastructure development. We must increase non-oil revenues, and if some are displeased, so be it—because we must move away from populism. link

MELANIA HINDS CC HIGHLIGHTS NOTES, 10 JAN

 MELANIA HINDS CC HIGHLIGHTS NOTES

Highlights

🌍 Iraq’s Readiness for International Market: Sudani’s announcement indicates a major shift in Iraq’s economic strategy, focusing on attracting foreign investment.

• 🤝 Memorandums with Iran: The signing of eight agreements with Iran signifies a strategic partnership aimed at enhancing regional stability and cooperation.
• 📈 Currency Revaluation Discussions: The potential for the Iraqi dinar’s revaluation is being actively discussed, with indications that the necessary frameworks are in place.
• 💼 World Bank’s Role: The World Bank’s engagement is crucial for Iraq’s infrastructure projects and overall economic stability, positioning Iraq as a global player.
• 🏛️ Legislative Developments: Ongoing discussions regarding the oil and gas law and other legislative measures are essential for Iraq’s economic growth and independence.
• 📊 Impact of Foreign Investments: Sudani’s government is focused on creating a favorable environment for foreign investments, which could stimulate job creation and economic growth.
• 🙏 Community Reflection: The video begins with a heartfelt tribute to a fallen community member, showcasing the personal connections within the audience.

Key Insights

• 🌟 Iraq’s Economic Transition: The recent statements from Mr. Sudani signal a pivotal moment for Iraq as it seeks to transition from a post-conflict economy to one that can actively participate in global markets. This transition requires not only financial reforms but also a cultural shift towards embracing foreign partnerships and investments.

• 💡 Strategic Alliances: The memorandums signed with Iran highlight Iraq’s strategic approach to fostering regional relationships. By collaborating with neighboring countries, Iraq aims to enhance its security and economic viability, which is crucial given the historical complexities of the region.

• 💵 Potential for Currency Revaluation: The discussions surrounding the Iraqi dinar’s potential revaluation suggest that the government is aligning its financial policies with international standards. This move could significantly impact the purchasing power of the dinar and the overall economic landscape, making it a focal point for investors.

• 🏗️ Infrastructure Development: The emphasis on infrastructure rehabilitation by the World Bank is indicative of a long-term vision for Iraq’s economic recovery. Efficient infrastructure is vital for attracting investments and facilitating trade, which are essential for sustainable growth.

• 🔑 Legislative Frameworks for Economic Growth: The ongoing legislative efforts, particularly concerning the oil and gas law, are critical for establishing a robust framework that governs Iraq’s natural resources. Such laws are not only constitutional requirements but also pivotal for ensuring that the benefits of these resources are maximized for the Iraqi people.

• 🔄 Currency Mechanisms: The shift towards utilizing global exchange companies and correspondent banks indicates a move away from traditional reliance on the US dollar. This diversification could provide Iraq with more autonomy over its currency and reduce vulnerability to external economic pressures.

• 📈 Community Engagement and Awareness: Melanie’s call for community engagement reflects the importance of staying informed in rapidly changing economic conditions. This aspect of community involvement is vital for individuals looking to navigate the complexities of currency exchange and investment opportunities in Iraq.

FRANK26: STOP AUCTIONS MEANS ADD A NEW EXCHANGE RATE TO THE DINAR!! @DINARREVALUATION #iqd