JULIAN ASSANGE: GLOBAL FINANCIAL CRISIS

 

Iraq awaits "financial challenges".. Dollar scarcity, liquidity declines, and salary reserves are sufficient for 6 months, 11 JAN

  Iraq awaits "financial challenges".. Dollar scarcity, liquidity declines, and salary reserves are sufficient for 6 months

International economics expert Nawar Al-Saadi confirmed today, Friday (January 10, 2025), that Iraq is facing major and dangerous financial challenges, and these challenges must be avoided through real reforms.

Al-Saadi said in an interview with Baghdad Today that “the financial challenges in Iraq are ongoing, but recently they have begun to threaten its monetary stability and raise concerns about their impact on the government’s ability to pay salaries in the coming months.

 I do not believe that they will lead to an inability to pay salaries, as the Ministry of Finance has a reserve that may reach at least 6 months, but this concern stems from several data and indicators that have emerged recently, including that the Iraqi economy depends almost entirely on oil revenues, which represent the main source of government revenues, and any decline in global oil prices leads to a reduction in these revenues, which puts additional pressure on the general budget and increases the possibility of a financial deficit.”

He pointed out that "there are problems related to foreign currency management, as dollar smuggling operations have worsened through some unofficial outlets and weak supervision of banks, which has led to a shortage of dollars in the local market and a decrease in general liquidity. This affects monetary stability and puts the government in difficulty in financing salaries, especially with the increasing reliance on cash reserves to cover this deficit."

He added, "The banking sector suffers from a lack of confidence among citizens, as many prefer to keep their money outside the banking system, and this behavior contributes to reducing the cash flow available in the market, which adds further complexity to the financial situation."

The international economics expert concluded by saying, "In short, Iraq's financial situation requires urgent reform steps that include diversifying sources of income, improving revenue management, and enhancing citizens' confidence in the banking system, to avoid a liquidity crisis that could have broad repercussions on the economy and society." link

FIREFLY: If they truly do anything with the budge it will be exposing the new exchange rate, 11 JAN

 Frank26 

[Iraq boots-on-the-ground report] 

FIREFLY: Parliament just announced the next session will include amending the budget.  It's on TV now...Sudani wanted this done by the 6th, no later than the 7th and now they're come out 3 days later saying okay, okay okay we're going to do it.  TV keeps going over the parliament plans on amending the investment budget in the next two sessions that are coming...

 FRANK:  If they truly do anything with the budge it will be exposing the new exchange rate.

MNT GOAT: The next stage is full sovereignty promised to the Iraqi people!! ‪@DINARREVALUATION‬

 

It can become a major source of income in the economy.. Al-Sudani directs the maturation of tourism projects, 11 JAN

 It can become a major source of income in the economy.. Al-Sudani directs the maturation of tourism projects

Prime Minister Mohammed Shia Al-Sudani stressed, today, Saturday (January 11, 2025), the necessity of investing in Baghdad as the capital of Arab tourism to launch tourism development projects, considering that it can be transformed into a primary source in the non-oil economy.      

The Prime Minister's media office stated in a statement received by "Baghdad Today" that "Al-Sudani chaired a meeting today, Saturday, devoted to presenting a package of tourism projects planned to be established in the capital, Baghdad, and the rest of the governorates."

According to the statement, Al-Sudani directed to work on maturing tourism projects and offering them as a single package, especially since developing this sector will contribute to strengthening and diversifying the national economy by activating vital sectors, including the tourism sector, which the government is keen to activate for the next stage, based on its government program.

He pointed out that tourism and its components are available in Iraq, and it is possible to transform into a basic source in the non-oil economy, with the availability of opportunities, local need, and the desire of citizens to benefit from and enjoy modern, advanced, and environmentally friendly tourism facilities. It also represents a gateway to expanding the elements of attraction for incoming tourism from abroad.

The Prime Minister explained the importance of investing in the opportunity of choosing Baghdad as the Arab Tourism Capital for the year 2025, building attractive tourist and entertainment facilities and installations, overcoming bureaucratic obstacles, and creating more suitable conditions to attract foreign investment in this sector. 

According to the statement, the meeting approved extending an invitation to a Spanish company specialized in tourism development in order to put projects related to this sector into action, as well as to develop the capabilities of specialized tourism cadres and keep pace with the latest developments witnessed by this sector globally.

21 tourism projects were also reviewed, including hotels, resorts, sustainable forests, cities and entertainment complexes in Baghdad and various governorates, which provide attractions, infrastructure and economic feasibility. link

MILITIAMAN CC HIGHLIGHTS NOTES, 11 JAN

 MILITIAMAN CC HIGHLIGHTS NOTES

Highlights

• 📈 Transition to Electronic Finance: Iraq is making strides towards an electronic financial system to improve efficiency and reduce the need for physical cash.
• 💵 Revamped Currency Transfer Mechanisms: Changes in foreign currency transfer processes are being implemented to enhance the flow of legitimate trade.
• 🏭 Focus on Industrial Growth: The Prime Minister’s advisor predicts 2025 will mark a turning point for Iraq’s industrial sector, moving away from oil dependency.
• 📅 Parliamentary Agenda Insights: Upcoming votes on significant laws, including amendments to the investment law and budget discussions, could initiate substantial economic reforms.
• 🔄 Bank Restructuring Initiatives: Plans to restructure major banks are underway, aimed at enhancing Iraq’s banking capabilities and integration into the global market.
• 🌍 International Cooperation: Iraq’s stock market is seeking to establish cooperation agreements with regional financial markets, indicating a move towards greater economic integration.
• 🔒 Efforts Against Unlicensed Financial Operations: The Central Bank of Iraq is taking steps to address unregulated financial practices and enhance the supervision of currency exchanges.

Key Insights

• 💡  Electronic Financial Transactions: The shift towards electronic transactions aims to mitigate cash shortages in Iraq, allowing the government to reduce the costs associated with printing currency. By minimizing the reliance on cash, the government can streamline economic operations and reduce the risks associated with physical currency handling. This transition is crucial for bolstering Iraq’s financial integrity and promoting a more controlled economic environment.

• 📊 Mechanisms for Currency Transfer: The closure of traditional dollar auctions and the introduction of new mechanisms for foreign transfers reflect a strategic shift in Iraq’s economic policy. This change aims to enhance liquidity and speed in financial transactions, which can attract foreign investment and stabilize the economy. By limiting access to dollars for illegal trade, the government is reinforcing the legal financial framework that supports sustainable economic growth.

• ⚙️ Industrial Development Plans: The forecast that 2025 will be the year for industry signifies a pivotal moment for Iraq’s economy. The government’s intention to diversify its revenue sources beyond oil is a strategic move that can lead to job creation and sustainable economic development. Establishing integrated industrial cities will facilitate the growth of local industries and attract foreign investments, thus fostering a more resilient economy.

• 🏛️ Legislative Changes and Economic Policy: The upcoming parliamentary session that includes discussions on the investment law and the federal budget amendment is critical for Iraq’s economic trajectory. These legislative changes can provide a framework for increased investments in infrastructure and public services, ultimately improving the country’s economic landscape and attracting international partners.

• 🏦 Structural Reforms in Banking: The restructuring of major banks like Rapidan and Rasheed is essential for establishing a robust banking sector. This transformation will enable Iraq to better meet governmental needs and integrate with international financial markets. By modernizing banking operations and focusing on governance, Iraq can improve its financial services, thereby stimulating economic growth.

• 🌐 Regional Financial Interactions: Iraq’s efforts to sign cooperation agreements with other stock exchanges in the region indicate a strategic move towards integration into the global financial system. This step may enhance liquidity in the Iraqi market, encouraging foreign investments and boosting overall economic stability. It reflects Iraq’s ambition to position itself as a competitive player in regional and international markets.

• 🔍 Regulatory Oversight of Financial Institutions: The Central Bank of Iraq’s commitment to addressing unlicensed financial operations highlights the importance of regulatory oversight in maintaining market integrity. By enforcing compliance and monitoring currency exchanges, the Central Bank aims to create a safer financial environment conducive to investment and economic growth. This proactive approach is vital for fostering public trust in financial institutions.

FRANK26….1-10-25…….THE NEXT STEP