Al-Atwani: The Finance Committee has made great strides in discussing the amendment of the budget law, 20 JAN

 Al-Atwani: The Finance Committee has made great strides in discussing the amendment of the budget law

Baghdad / NINA /- The head of the Finance Committee, Atwan Al-Atwani, confirmed that the committee has come a long way in discussing the amendment of the budget law. We are keen to mature it in a way that ensures its implementation and commitment to it.

He said while chairing of an expanded meeting, today, Saturday, to discuss the amendment of the proposed three-year budget law by the government, which is included on the agenda of tomorrow's session, that this amendment represents a starting point towards building a legal relationship between the federal government and the regional government in managing oil wealth.

He added that our goal in approving this amendment is to subject the export of the region's oil to the authority of the federal government, and to end suspicions about its smuggling.

He continued: We are keen to establish binding legal paragraphs to resolve the file of calculating the costs of producing the region's oil within a specific period of time, and obligating the Erbil government to hand over revenues to the federal government.

Al-Atwani renewed his call to the government to expedite sending the 2025 budget tables.

The committee's statement said that the meeting discussed ways to mature the proposed government amendment to paragraph 12 of the Federal General Budget Law to ensure resolving the problem of calculating the costs of producing oil in the Kurdistan Region, as a prelude to resolving the outstanding issues between Baghdad and Erbil. 

The meeting reviewed, according to the statement, the mechanisms for regulating the legal relationship between the federal government, the regional government, and international oil companies operating in the region's fields, by including in this amendment paragraphs that oblige everyone to implement and close the outlets for evasion of fulfilling constitutional obligations according to specific timetables. 

The meeting stressed the need for the regional government to commit to exporting its oil through SOMO and informing the federal government of its oil contracts, and involving it in managing production fields. 

The attendees called on the government to expedite sending the 2025 budget tables to the House of Representatives in order to include all accounting topics related to this amendment, including conducting a financial settlement within the framework of the established points, including oil revenues and others that were not delivered to the central government's account. / End

TIDBIT FROM WOLVERINE, 20 JAN

 Wolverine   

Ok guys it’s definitely coming as things are in motion.

  Please make sure you have everything ready when we receive the green light...

NADER FROM THE MID EAST: " Soon we'll be in every bank in United States" ‪@DINARREVALUATION‬

 

Iraqi Drilling Company: Signing a contract to drill (13) wells in the Qayyarah oil field, 20 JAN

 Iraqi Drilling Company: Signing a contract to drill (13) wells in the Qayyarah oil field

Basra / NINA / - The Iraqi Drilling Company signed a contract today, Sunday, with the Angolan company Sonangol to drill 10 development wells, in addition to 3 optional evaluation wells in the Qayyarah oil field within the fields of the North Oil Company, in cooperation with the Arab Company for Well Logging and Oil Services, using a turnkey method.

The Company said in a statement, "The contract was signed on behalf of the Iraqi Drilling Company by the Deputy General Manager, Engineer Kadhim Habash Khalif, and on behalf of Sonangol by its General Manager, in the presence of the Ministry's Advisor for Energy Affairs / Chairman of the Board of Directors of the Arab Company for Well Logging and Oil Services, the General Manager of the Iraqi Drilling Company, the General Manager of the North Oil Company, and the General Manager of the Arab Company for Well Logging and Oil Services.

A secondary contract was also signed with the Arab Company for Well Logging and Oil Services to provide operations services accompanying drilling.

The parties confirmed their commitment to implementing the project according to the specified timetable. / End

TIDBIT FROM FRANK26, 20 JAN

 Frank26 

 The closing of the auctions, the closing of the electronic platform auctions enhances financial stability...

It's very obvious they're moving towards releasing a new exchange rate.  It's that simple... 

Question:   "A quick explanation on 1 to 1?"  The whole purpose is for the Iraqi dinar to have purchasing power. 

 Why do they try to make it 1 to 1 with the American dollar?  Inside of Iraq it comes out at 1 to 1, purchasing power.  Outside of Iraq, internationally that's a different ball game.  If you had 1 million dinars it would be worth $1 million American dollars...

MNT GOAT: "LETS GO TO FOREX!" ‪@DINARREVALUATION‬ #iraqidinarinvestor

 

Al-Nusairi: Banks at the lever of sustainable development, 20 JAN

 Al-Nusairi: Banks at the lever of sustainable development

Economy News _ Baghdad

Economic and banking adviser Samir Al-Nusairi stressed on Sunday the completion of the Central Bank’s procedures for the implementation of the objectives and initiatives of its third strategy 2024-2026 for the development and restructuring of the banking sector in accordance with the findings of consulting and auditing companies that currently cooperate with the Central Bank and the government in this field and that they are not content with support, but goes beyond that in the participation of the banking sector in making economic, financial, banking and investment decisions.

Al-Nusairi spoke about the challenges of the Iraqi economy and the opportunities for reform of the banking sector in the government curriculum and the prospects of the Central Bank’s future vision for the role of the banking sector in sustainable development. In light of the current efforts to activate and develop non-oil productive economic sectors to diversify sources of national income and achieve financial sustainability, and the role of the Central Bank in regulating the financing of foreign trade and completing infrastructure projects to achieve comprehensive digital transformation and expand the use of electronic payment tools in achieving financial inclusion.

He explained that the opportunities for reforming and developing the banking sector in 2025 are according to the following:

1- Developing the Iraqi banking system and complying with international banking and accounting standards.

2. Enhancing citizens’ confidence in the banking sector locally and in international recognition of its transparency and progress, and strong commitment to international standards and obtaining the trust of sober correspondent banks to deal with them.

3. Transferring banks to their main function, which is financing and bank lending for development.

4- Banks that do not provide loans and bank facilities that help in development as they are the lever of sustainable development lose their meaning as banks, which requires a specific position towards them from the Central Bank in 2025.

5- Seeking to move from the monetary economy to the digital economy and withdraw money outside the banking cycle and introducing them into the banking system.

He pointed out that all the above objectives, although the period set for their implementation in accordance with the time program of the government platform and the Central Bank’s strategy ranges between (1-4 years), what was achieved in 2023 and 2024 constitutes 60% as announced, which led to the evaluation and classification of banks based on their achievement of the planned goals. There are banks moving towards the required development and banks that still need an additional period of time to achieve the goals. There are troubled banks that are now making extraordinary efforts from the bank to the central and management of these banks to rehabilitate them.

He added that what interests us here is the real functional role of banks in providing loans and bank facilities and moving from the role of banking to the developmental role. 

There are two important observations that must be taken into account with regard to the issue of providing loans and banking facilities to stimulate the economy and the first development: the nature of banks’ activities depends on the nature of the activities of economic sectors, and as long as economic activity is concentrated in trade (imports), the activity of banks remains focused on external transfer and what is associated with it, so unless other sectors (industry, agriculture, tourism and others) move.

It is worth mentioning that without control over imports, these sectors will not rise, second: it is necessary to provide the legal environment and extend the rule of law in order to control the speculative market in the US dollar on the black market and to eliminate the phenomenon of illegal trade through unofficial outlets.

https://economy-news.net/content.php?id=52082