FRANK26: "MP'S GET IT DONE OR ALL HELL WILL BREAK LOOSE!!!", 18 JAN

 KTFA

FRANK26: "MP'S GET IT DONE OR ALL HELL WILL BREAK LOOSE!!!"..........F26

Iraqi Parliament Responds to US State Department: Your Interference in Budget is Unacceptable

 

1/16/2025

 

The Foreign Relations Committee in the Iraqi Parliament responded, on Thursday, to the US State Department’s statements regarding urging the Parliament to expedite the vote on the budget to resolve the dispute between Baghdad and Erbil.

Committee member Mukhtar al-Moussawi told Shafaq News Agency,  "The statements of the US State Department are unacceptable, and this interference in Iraqi internal affairs regarding the budget and other matters is blatant and unacceptable, and cannot be tolerated and must be officially rejected by the relevant government agencies, as well as the House of Representatives and political actors."

Al-Moussawi added that "the dispute between Baghdad and Erbil, financial and oil, is an internal issue and it is not right for any external party to interfere, as this increases the differences, and therefore the US State Department should not interfere," stressing that "this interference is unacceptable and any attempt at media pressure or otherwise will not be of any use with the Iraqi legislative institution."

On Wednesday, the US State Department urged the Iraqi parliament to expedite the passage of Iraq's federal budget.

"We have worked with the federal government of Iraq and the Kurdistan Regional Government to reach a permanent budget agreement that will facilitate sustainable oil production in the Kurdistan Region," State Department spokesman Matthew Miller said in a press briefing at the department.

“We saw the budget amendment reviewed this week and we urge its swift passage,” Miller added.

The Finance Committee of the Iraqi Council of Representatives met last Saturday with Finance Minister Taif Sami to discuss proposed amendments to some provisions of the 2025 budget law, including issues related to the oil file, salaries, and the Kurdistan Region budget.

Last Monday, the Iraqi Parliament also completed reviewing and discussing the second reading of the draft law amending the first federal budget law.

LINK

CRYPTO TRADER: STABILITY OF IRAQ & THE NEXT PHASE THRU FOREX, 18 JAN

 CRYPTO TRADER

Central Bank: Closing the electronic platform enhances financial stability. First and official from Iraqi government using the term forex.

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Al-Mashhadani: Iraq enjoys stability, is on the verge of economic prosperity, and has returned to its influential role in the region.

Reinaldo JC: The CBI needs to EXPOSE/CHANGE/INCREASE the Dinar rate! for approve the Budget! #iqd

 

FRANK26: "INVESTMENT LAW & NEW EXCHANGE RATE... THE BEST IN THE REGION", 18 JAN

 KTFA

FRANK26: "INVESTMENT LAW & NEW EXCHANGE RATE... THE BEST IN THE REGION".......F26

Al-Sudani from London: The Iraqi investment law is the best in the region

 

1/15/2025

Prime Minister Mohammed Shia al-Sudani confirmed on Wednesday that the investment law in Iraq is "the best in the region," noting that the stable situation in the country has made it a "promising country" for development and investments.

The Prime Minister's media office said in a statement received by Shafaq News Agency that the latter "participated today, on the sidelines of his visit to the United Kingdom, in the financial symposium held in London, in the presence of major British financial companies, Iraqi private sector companies, and a number of government officials from both countries."

During the symposium, Al-Sudani pointed out "the importance of this visit, which represents a new era in the relationship between the two friendly countries, and that Iraq has concluded a strategic agreement with the United Kingdom, in addition to agreements and memoranda of understanding between the ministries and relevant authorities, and others signed by the private sector with British companies," stressing "the necessity of translating these understandings into practical, useful, fruitful and implementable formulas."

He stressed that "the stable situation in Iraq has made it a promising country for development, investment and work in all fields, and its achievement of real reforms whose main basis is reliance on the private sector," indicating that "most of the economic reforms were proposed by the private sector to facilitate the business environment and provide the best ways to work."

He pointed out that "reforming the financial and banking sector was a priority, and we took a series of steps to restructure government banks and contract with Ernst & Young, and the Central Bank contracted with Oliver Wyman." 

Al-Sudani continued, "We have cooperation with the US Treasury, and today all transfers are conducted through correspondent banks and with reliable steps, and we have provided sovereign guarantees to the private sector, to reduce risks in productive projects in the country," stressing that "the Iraq Development Fund works as a new idea for the state in embracing and empowering the private sector."

Al-Sudani stressed that "the investment law in Iraq is the best in the region, as it enables the investor to freely transfer profits and capital," noting that "the investment opportunities in Iraq are the most at the level of the countries of the region, and Iraq is among the countries most attractive to investment during the past two years."

He added, "We have noticed a desire among international companies to expand investment in Iraq and open new projects, and we need an Iraqi and foreign banking sector capable of absorbing these operations and covering investment activity," indicating that "Iraq needs insurance companies, and this sector must enhance innovation, expand digital insurance and analyze risks."

He concluded his speech by saying, “We are working to transfer experience and knowledge to Iraqi cadres and enhance their capabilities in global investment methods. The Iraq Investment Forum will be held next April, and we invite you to visit Iraq and take a close look at the available opportunities.”

LINK

Chapter Summary: Dinar Guru Updates on Iraq’s Economic Developments, 18 JAN

 Chapter Summary: Dinar Guru Updates on Iraq’s Economic Developments

Introduction

The recent updates from Dinar Guru provide an in-depth look at the evolving economic landscape in Iraq, particularly focusing on the transition from an oil-based economy to a more diversified economic framework. This chapter will explore various aspects of the Iraqi economy, emphasizing the significance of non-oil revenue, the restructuring of the banking system, and the implications of currency value adjustments. Key terms such as forex, natural resources, and exchange rates are integral to understanding the broader economic context.

The Shift Toward Non-Oil Revenue

The updates indicate a strong governmental push towards developing the tourism sector as a substantial source of income.

• Tourism Projects: Al Sidani has directed efforts to mature tourism projects, signifying serious governmental commitment to non-oil revenue sources. This initiative is crucial as it aims to mitigate Iraq’s historical dependence on oil, potentially leading to a more resilient economy.
• Booming Economy: The anticipated success in diversifying the economy may lead to Iraq becoming “Filthy Rich,” with predictions of minimal debt levels due to innovative resource management and economic strategies.

Legislative Developments

A significant legislative focus on budget amendments has been highlighted:

• Draft Amendments: The House of Representatives completed the second reading of amendments to the budget law. Frank 26 clarifies that this does not encompass the comprehensive budget reading but is an important step towards finalizing the budgetary process.
• International Standards: The restructuring of banks is emphasized as a critical step before Iraq can fully engage in international financial markets. This restructuring is nearing completion and is pivotal for future economic stability.

Political Dynamics and Challenges

The political landscape remains complex, affecting legislative processes:

• Political Boycotts: A recent session of the House of Representatives was postponed due to boycotts by various political blocs. This situation highlights the ongoing political challenges that could impact timely decision-making in economic reforms.
• Currency Rate Discussions: Discussions around the dinar’s forex rate have emerged, with Mark Z noting fluctuations that suggest potential testing of new currency values, indicating a possible upcoming shift in the international or street rate.

Currency Valuation and Government Actions

The focus on currency revaluation has been a recurring theme in the updates:

• Completion of Legislative Actions: Jeff asserts that the government and parliament have completed necessary actions for currency revaluation, with notable sessions reportedly concluding by the end of September. The anticipation of a scheduled rate change is highlighted as a point of interest for investors.
• Strength of the Dinar: There is skepticism surrounding the statement by Al Sadani regarding the dinar’s projected strength against the dollar. However, the expectation for the dinar to surpass the dollar’s value has been made clear, though without a specific timeline.

Natural Resource Management

The updates also draw attention to Iraq’s vast natural resources:

• Global Resource Ranking: Iraq ranks first globally for the concentration of natural resources, as confirmed by financial advisors to the Prime Minister.
• Transformative Projects: The future of Iraq’s economy hinges on transforming these resources into productive capital assets, aligning with a broader developmental strategy.

International Relations and Trade

The importance of international relations in bolstering Iraq’s economy is evident:

• Strategic Agreements: Al Sidani’s announcement of a strategic security agreement with Britain may enhance trade relations, indicating a potential increase in trade volume with the UK.
• Security and Stability: Frank 26 emphasizes that security and stability are critical for establishing a new exchange rate. The Central Bank of Iraq (CBI) must ensure a transparent and clean operational environment to prevent exploitation in currency auctions.

Conclusion

The Dinar Guru updates underscore a pivotal moment in Iraq’s economic evolution. The transition towards a diversified economy, bolstered by strategic legislative actions and enhanced international relations, portrays a nation on the cusp of significant change. The implications of these developments are profound, not only for Iraq’s domestic economy but also for its role in global markets. The anticipated currency revaluation, combined with a robust focus on non-oil revenues and natural resource management, suggests a promising future for Iraq. As the situation unfolds, the commitment to overcoming political challenges and ensuring economic stability will be critical in shaping Iraq’s path forward.

In closing, the updates provide a detailed roadmap of the current state of Iraq’s economy, highlighting the intricate.