Friday, January 31, 2025
THE FINANCE COMMITTEE: OUR PRIORITIES ARE TO CHART A NEW COURSE FOR MANAGING THE FINANCIAL SITUATION, 31 JAN
THE FINANCE COMMITTEE: OUR PRIORITIES ARE TO CHART A NEW COURSE FOR MANAGING THE FINANCIAL SITUATION
The head of the Finance Committee, Atwan Al-Atwani, confirmed today, Wednesday, that the committee has placed at the top of its priorities the development of a new path for managing the financial situation.
A statement by the Finance Committee received by the Iraqi News Agency (INA) stated that “the head of the Finance Committee, Atwan Al-Atwani, met with the delegation currently visiting the United Kingdom, Lord Baroness de Sousa and the Director of the Oversight Unit in the British House of Commons, Alex Knight, each separately, in the presence of specialists from the International Partners Foundation.”
He explained that “the discussions were held on the prospects of joint bilateral cooperation between the Finance Committee in the Iraqi Council of Representatives and the specialized committees in the British House of Commons in terms of legislative and oversight work and the exchange of expertise in all fields, in a manner that serves the interests of the two friendly peoples. ”
The statement continued, “After reviewing the structure of the British House of Commons and the House of Lords and the role of each of them, Al-Atwani stressed the need for the Iraqi Council of Representatives to establish permanent specialized formations of experts and specialists whose mission is to chart the course of legislative work and complete the requirements for enacting laws and consolidating legislation in a manner that achieves the country’s supreme interests and is consistent with development plans and service programs.”
He pointed out that “strengthening the work of the legislative authority with these specialized formations would mature the laws and assess the government’s actual need for the legislation to be enacted, away from personal interpretations.”
During his discussions, Al-Atwani reviewed “a number of files and topics of common interest,” noting that “his committee has prioritized charting a new path for managing the financial situation in the country through a gradual transition to relying on non-oil revenues, especially since Iraq has financial revenue outlets that can be pillars of building the budget, including customs, taxes, investment of state assets, communications, and other government services.”
AJ: THE BUDGET LAW WILL BE PASSED!!, 31 JAN
AJ
Iraq's work week is - Sunday-to-Thursday. It's 8:41 PM in Iraq, On Friday most Iraqi's go to mosque.
Iraq will never announce anything related to money on a Friday because of their religion. So take a break and do somthing fun.
I'll see you all Sunday 
the Budget Law will be passed. Have a great weekend
.
the Budget Law will be passed. Have a great weekend
.
ENERGY EXPERT CALLS FOR IRAQ TO BE FREED FROM OPEC DEAL AS OIL PRICES FALL, 31 JAN
ENERGY EXPERT CALLS FOR IRAQ TO BE FREED FROM OPEC DEAL AS OIL PRICES FALL
Energy expert, Nabil Al Marsomi, called for Iraq to be freed from the OPEC agreement with the decline in oil prices.
Al-Marsoumi said, during his appearance on the {Free Talk} program broadcast by Al-Furat satellite channel this evening, that: “Iraq is still suffering from a single income, as 89% of its revenues depend on oil, despite achieving partial development in non-oil revenues that amounted to 14 trillion dinars until last October,” noting that “these revenues are insufficient and still ineffective.”
Al-Marsoumi explained that “oil remains the main driver of the Iraqi economy, and that economic reforms are slow and ineffective in the general budget, which needs to be restructured by reducing and rationalizing spending.”
He pointed out that “liberating Iraq from OPEC Plus restrictions could add 650,000 barrels per day to production, which could compensate for part of the decline in oil prices,” warning of “the decline in cash reserves in the Central Bank of Iraq, which could affect the exchange rate of the dinar.”
Al-Marsoumi believes that “Iraq is facing developments in the global oil market in 2025 that may be negative, which necessitates strengthening the position of the oil sector as a starting point for economic reform, and that economic development depends on reviving the private investment sector.”
Regarding 2024, Al-Marsoumi stated that “the average price of a barrel of oil sold was $74, and despite that, the budget witnessed an actual deficit of 19 trillion dinars, most of which was covered by internal borrowing that amounted to 13 trillion dinars, bringing the total internal debt to 83 trillion dinars at the end of December.”
He added that “current shale oil production has a low extraction cost of $27 per barrel, which allows a wide margin for oil prices to move,” expecting that “prices will drop to $55 per barrel, which will put Iraq in front of difficult choices, and it may be forced to reduce the value of the Iraqi dinar if prices reach $60 per barrel.”
He also pointed out that “the Federal Court’s decision regarding the region’s oil will have a positive impact on government revenues, and the region’s current contracts with foreign companies are not a partnership but rather a participation, where foreign companies bear the financing and risks in exchange for 40% of the oil to cover the cost,” calling for “joint management of the oil fields between the region and the federal government as an optimal solution.”
Regarding the future of the relationship between the region and the center, Al-Marsoumi stressed that “all the problems between them will end with the approval of the oil and gas law, but solutions are still far-fetched.”
He revealed that “Iraq sells a barrel of black oil to the Emirates at a price of $40, which constitutes a huge loss in light of the decline in oil prices.”
Al-Marsoumi concluded his speech by pointing out that “the pressures exerted by former US President Donald Trump aim to reduce oil prices to $70, which may further complicate Iraq’s economic situation.”
TIDBIT FROM WALKINGSTICK , 31 JAN
Walkingstick
Question: "What do you think about the new Treasury Secretary going to Iraq?"
Isn't it wonderful that his first mission was to go to Iraq...I think they're celebrating 1 to 1... This is a re-denomination.
They're going to drop the three zeros from the exchange rate and they're going to drop them from their physical currency and they'll come out with a re-denomination of currency without zeros that will match a 1 to 1 rate.
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