Parliamentary Finance Committee "explodes a surprise" regarding the cost of extracting oil from the Kurdistan Region, 4 FEB

  Parliamentary Finance Committee "explodes a surprise" regarding the cost of extracting oil from the Kurdistan Region

The Finance Committee of the Iraqi Council of Representatives said on Sunday that the vote on amending the general budget law is related to the proposal sent by the federal government to the council. While it explained that the cost of extracting oil is $16 and is not fixed, but may reach $22, it confirmed that stopping the export of the region's oil led to the federal government losing more than $14 billion.

Committee member, Ikhlas al-Dulaimi, told Shafaq News Agency, "The House of Representatives voted today to amend the general budget law, and the vote was on the proposal sent by the government to the House."

Al-Dulaimi explained that “the cost of extracting oil in the Kurdistan Region, according to the amendment, is $16 per barrel, and the cost is not fixed, as there will be a consulting company that will determine the actual cost of extracting oil, and it may reach $22 per barrel, and according to this cost, the federal government will be obligated to pay it to the Kurdistan Region.”

She explained that, "according to the budget amendment, the region's oil will be delivered to SOMO, which will be responsible for selling the oil abroad," noting that "the halt in oil exports was not due to the region, but rather it was due to the federal Ministry of Oil filing a lawsuit against the Ministry of Oil in the region, which caused the halt in oil exports, and this led to the federal government losing more than 14 billion dollars."

Today, Sunday, the Iraqi Council of Representatives voted on the draft law amending the first law of the Federal General Budget Law of the Republic of Iraq for the fiscal years 2023 - 2024 - 2025 No. 13 of 2023.

For his part, independent MP Ahmed Majeed announced in a statement to Shafaq News Agency that members of the House of Representatives from the central and southern governorates boycotted the parliament session held today, considering that voting on the budget "violates the law and the internal regulations of the council due to the lack of a legal quorum."

Majeed explained that "the number of present representatives does not exceed 140 representatives, which means that the quorum is not achieved," stressing that they doubt the legitimacy of the session.

He added, "We will file an appeal with the Federal Court against the House of Representatives for violating the law and proceeding with the vote on amending the budget law  link

NADER FROM MID EAST CC HIGHLIGHTS NOTES, 4 FEB

 NADER FROM MID EAST CC HIGHLIGHTS NOTES

Highlights

Summary

In this video, the speaker expresses strong criticism of former President Donald Trump’s policies regarding tariffs, trade, and immigration. They argue that Trump’s imposition of high tariffs on imports will significantly harm the U.S. economy, as it could lead to retaliatory measures from other countries, resulting in a substantial decrease in U.S. exports. 

The speaker highlights the interconnectedness of global economies, emphasizing that countries like China, Canada, and Mexico may respond to tariffs by lowering their own tariffs, ultimately leading to a loss of markets for American goods. 

Furthermore, the speaker critiques Trump’s immigration policies, particularly the proposal to eliminate birthright citizenship and tighten restrictions on legal immigrants. 

They assert this approach threatens essential labor sectors in the U.S., such as agriculture and service industries, which rely heavily on immigrant workers. The speaker concludes with a sense of urgency, warning that if these policies continue, they will lead to economic disaster for the United States.

• 🇺🇸 Tariffs Threaten U.S. Exports: The imposition of high tariffs could lead to a significant drop in U.S. exports, negatively impacting the economy.
• 🌍 Global Economic Interdependence: Countries affected by U.S. tariffs may retaliate, leading to a coordinated effort to lower tariffs among themselves.
• 📉 Economic War Warning: The speaker foresees an “economic war” where the U.S. could lose a substantial amount of its export market if tariff policies continue.
• 🚫 Birthright Citizenship Controversy: Trump’s proposal to eliminate citizenship for those born in the U.S. to non-citizen parents raises ethical and legal questions.
• 👷‍♂️ Impact on Labor Markets: The crackdown on immigration could lead to labor shortages in key industries that depend on immigrant workers.
• ❓ Confusion Over Policy Logic: The speaker expresses skepticism about the rationale behind Trump’s policies, questioning their long-term wisdom and effectiveness.
• ⚠️ Call for Urgent Reevaluation: The video serves as a plea for reconsideration of current policies to prevent looming economic disaster.

Key Insights

• 📊  Economic Consequences of Tariffs: The speaker argues that tariffs on imports undermine the competitive advantage of American exports. If tariffs are imposed at a rate of 25%, other countries are likely to retaliate with similar tariffs on U.S. goods. This scenario could diminish U.S. exports from around $4-5 trillion to as low as $1 trillion, severely crippling the economy. The speaker posits that U.S. policymakers may not fully grasp the extensive repercussions of such trade wars.

• 🔗 Interconnected Global Trade Relations: The complexity of international trade is underscored by the fact that many countries are economically intertwined. If the U.S. raises tariffs, countries like China, Canada, and Mexico may find it beneficial to collaborate by reducing tariffs among themselves. This could further isolate the U.S. economically, making it harder for American companies to compete in global markets.

• 🔥 Risk of Economic Isolation: As other nations adapt to U.S. tariffs, the potential for American businesses to thrive in foreign markets diminishes. The speaker suggests that countries affected by tariffs will seek alternative allies, thus creating a more fragmented trade environment that could disadvantage the U.S. in the long run.

• 🏛️ Legal and Ethical Implications of Immigration Policies: The speaker highlights the inconsistency in Trump’s immigration stance, particularly regarding birthright citizenship. They point out that many countries automatically grant citizenship to children born on their soil, raising concerns about fairness and the potential implications for American citizens born to non-citizen parents.

• 👨‍🌾 Dependence on Immigrant Labor: The video emphasizes that many sectors, particularly agriculture and service industries, heavily rely on immigrant labor. By tightening immigration restrictions, the U.S. risks labor shortages that could disrupt these vital industries. The speaker suggests that such policies may not align with the economic realities of workforce needs.

• 🚷 Questioning Policy Rationality: The speaker expresses disbelief at the logic behind Trump’s policies, suggesting they may be driven more by political rhetoric than economic strategy. This skepticism reflects broader concerns about the potential for misguided policies to lead to economic harm.

• ⏳ Need for Policy Reevaluation: The urgency in the speaker’s tone indicates a belief that immediate action is necessary to prevent long-term damage to the U.S. economy. They call for a reconsideration of current policies that could lead to significant economic downturns, thus urging audiences to engage critically with the implications of these decisions.

In conclusion, the video presents a compelling argument against the current trade and immigration policies under Trump, highlighting the potential economic fallout and ethical considerations that could arise from such actions. The speaker urges a critical examination of these policies, advocating for a balanced approach that safeguards the interests of the U.S. economy while maintaining fair treatment for individuals affected by immigration laws.

ARIEL: Things are lining up nicely!!! @DINARREVALUATION #iraqidinarinvestor #iraqidinar

 

Italy invites Sudani to sign economic agreements, 4 FEB

 Italy invites Sudani to sign economic agreements

2/2/2025

Prime Minister Mohammed Shia Al-Sudani received today, Sunday, the Italian Ambassador to Iraq, Nicolo Fontana, where His Excellency congratulated him on assuming his new duties, wishing him success in his work.

During the meeting, they discussed bilateral relations between the two countries and support for joint cooperation in various fields and sectors. The meeting also addressed developments in the region, especially the events in Syria and the ceasefire file in both Gaza and Lebanon.

The Italian Ambassador renewed the invitation to the Prime Minister to visit Italy and work on signing a strategic agreement between the two countries, similar to the two agreements signed by Iraq with France and the United Kingdom.   LINK

MAJEED : Iraq enhances the security of its currency!!, 3 FEB

 MAJEED

As part of its war on counterfeiting, Iraq enhances the security of its currency with improved marks and printing new banknotes (yes they will not show you the lower denom new notes if they were talking about them)

ترف عراقي

@tarafiraqi

·

Feb 2

ضمن حـ.ـربـه على الـ.ـتـ.ـزوير.. العراق يعزز أمن عملته بعلامات محسنة وطباعة أوراق نقدية جديدة #ترف_عراقي #العراق #بغداد #عراقيين #عراقي #أخبار_العراق #العملة_العراقية #الدينار_العراقي #عملات #البنك_المركزي_العراقي

11:23 AM · Feb 3, 2025

·

JEFF: When the rate changes it'll come out somewhere around the $3.80 range! @DINARREVALUATION

 

Shafaq News publishes the first amendment to the budget law for the years 2023-2025, 3 FEB

 Shafaq News publishes the first amendment to the budget law for the years 2023-2025

2/2/2025

 Shafaq News Agency publishes the text of the first amendment to the Iraqi state general budget law for the years 2023-2025, which was voted on by the Council of Representatives in today's session, Sunday.

The Iraqi Council of Representatives held its fourth session of the first legislative term of the fourth legislative year this evening, Sunday, headed by the First Deputy Speaker of the Council, Mohsen Al-Mandalawi, with the attendance of 176 representatives, and the boycott of about 50 representatives.

AMENDMENT TO THE BUDGET LAW     LINK

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Another_Mailman:  I believe that today was the last big hurdle that needed to be settled! Imo, the budget was already "read" the necessary amount of times and should be passed within a week. Superbowl Sunday would be great, IMO!

Clare:  THIS IS A MAJOR BREAKTHROUGH IMO. IT IS WHAT SUDANI WANTED AND HE MADE SURE IT HAPPENED TODAY! (THAT'S WHY HE HAD THOSE MEETINGS FRIDAY NIGHT.) IMO THIS IS GOOD FOR US!