Finance Minister To Parliamentary Delegation: The Ministry Is Committed To Implementing Reforms To Boost Non-Oil Revenues, 6 feb

 Finance Minister To Parliamentary Delegation: The Ministry Is Committed To Implementing Reforms To Boost Non-Oil Revenues

Wednesday 05 February 2025 | Economic Number of readings: 23   Baghdad / NINA / Minister of Finance Taif Sami affirmed the ministry's commitment to implementing financial reforms that would enhance non-oil revenues and achieve financial sustainability.

A statement by the Ministry of Finance stated: "Minister Taif Sami received, today, Wednesday, at the ministry's headquarters, a number of members of the Council of Representatives, and during the meeting, their requests and those of citizens were listened to,

 in addition to discussing the mechanisms for implementing the general budget, following up on the allocations of service and development projects, in addition to discussing ways to support productive sectors and provide the necessary resources to improve the level of services provided to citizens."

The minister affirmed, according to the statement, the ministry's commitment to implementing financial reforms that would enhance non-oil revenues and achieve financial sustainability in accordance with approved government programs.

The representatives praised the ministry's efforts in managing the financial file, and stressed the importance of enhancing joint cooperation to ensure the achievement of economic goals.

The parliamentary delegation included the following MPs: Manal Al-Maslamawi, Rafiq Al-Salihi, Luqman Al-Rashidi, Mudhar Al-Karawi, Hassan Al-Masoudi, Fatima Al-Hawi, Ala Al-Nashi, Sarah Al-Dulaimi, Mona Al-Jubouri, Faisal Al-Naili, Wafaa Al-Shammari, Suhaila Al-Sultani, Mustafa Al-Karawi, Amal Al-Nasiri, Osama Al-Badri, Ahmed Rashid Salmani, Basem Nghamish Al-Gharbawi, Mahasin Al-Dulaimi, and Hassan Al-Asadi. / End   https://ninanews.com/Website/News/Details?key=1184007

TIDBIT FROM MNT GOAT, 6 FEB

 Mnt Goat  

 Article:  "PARLIAMENTARY FINANCE COMMITTEE “EXPLODES A SURPRISE” REGARDING THE COST OF EXTRACTING OIL FROM THE KURDISTAN REGION"

 Kurdistan has always wanted a bigger % of the oil proceeds as the % now allocated is not enough.

 The cost of extraction varies by oil well and this has been the reason all along why the Kurds are illegally selling their oil outside of the pumped metered system. 

This can easily be remedied but Baghdad has to take the time to listen and then take actions to reason with the Kurds on this matter. 

They are going to work it out as the budget amendments have been passed.

Fnu Lnu :The Dinar is now getting International attention! @DINARREVALUATION #iraqidinarinvestor

 

Finance On Restructuring Of Rafidain, Rashid And Insurance Companies: A Fundamental Step, 6 FEB

 Finance On Restructuring Of Rafidain, Rashid And Insurance Companies: A Fundamental Step

Banks   Economy News – Baghdad   Today, Wednesday, Finance Minister Taif Sami discussed following up on the procedures for restructuring Rafidain and Rashid Banks and insurance companies.

The ministry said in a statement that "Sami held an expanded meeting with the head of the Insurance Bureau, directors of government banks and insurance companies, and the international auditing and oversight firm Ernst & Young, to follow up on the measures taken to implement the restructuring of insurance companies and government banks, most notably Rafidain and Rashid Banks."

According to the statement, Sami pointed out that "the restructuring represents a fundamental step to enhance financial stability and improve the efficiency of government banks in accordance with international standards," noting "the importance of developing banking systems, enhancing internal control, and implementing specialized training programs for banking cadres to ensure the provision of advanced financial services."

Sami added, "The strategic plan will include introducing modern banking technologies, such as electronic payment, enhancing transparency, improving capital management and completing the comprehensive banking system, in addition to cooperating with international financial institutions and benefiting from global expertise, in addition to setting specific time frames for implementing modernization processes, which will raise the efficiency of government banks and support the national economy."

The Prime Minister's Office announced yesterday, Tuesday, the launch of an initiative to reform the banking system, in cooperation with the Central Bank of Iraq, consisting of 4 main points, and it comes in partnership with the global management consulting company (Oliver Wyman). https://economy-news.net/content.php?id=52540

FIREFLY: Television is saying great efforts are being made to protect our national currency with counterfeit and money laundering, 6 FEB

 Frank26 

  [Iraq boots-on-the-ground report]  

 FIREFLY: Television is saying great efforts are being made to protect our national currency with counterfeit and money laundering. 

FRANK:  That's true.  There is a very great effort being put to protect your national sovereign currency ...And it will have a new exchange rate to match it.  All the monetary reform education taught to you up to this point is what's going on. 

 The training at the border is playing an important part in the security of your currency.  IMO your dinar is about to become the most powerful currency in the world surpassing Kuwait.

MILITIAMAN: MM&C Iraq Dinar News-Commitment Judicial Decisions-Central Bank of Iraq-...

Al-Sudani, Russian envoy discuss bilateral cooperation and stability, 6 FEB

Al-Sudani, Russian envoy discuss bilateral cooperation and stability

Iraq’s Prime Minister Mohammed Shia Al-Sudani met Wednesday with Mikhail Bogdanov, Russian President Vladimir Putin’s special representative to the Middle East and North Africa, to discuss bilateral relations and ways to enhance cooperation across multiple sectors, according to a statement from Al-Sudani’s media office.

The discussions also addressed regional and international developments, focusing on “efforts aimed at strengthening stability in the region.” The prime minister reaffirmed Iraq’s commitment to “fostering stronger ties between Iraq and Russia. ”

The meeting follows earlier talks in Baghdad between Iraqi Speaker of Parliament Mahmoud Al-Mashhadani and a Russian delegation led by Bogdanov,

Statement from PM Al-Sudani’s media office:

Prime Minister Mohammed S. Al-Sudani met today, Wednesday, the Special Envoy of the President of the Russian Federation to the Middle East and North Africa, Mr. Mikhail Bogdanov. The meeting focused on bilateral relations between Iraq and Russia and explored ways to enhance cooperation across various fields.

The discussions also covered regional and international developments and efforts aimed at strengthening stability in the region. Prime Minister Al-Sudani expressed his initial approval to participate in the upcoming Arab-Russian Summit to be hosted by the Russian Federation, recognizing its importance in advancing mutual interests.

The Prime Minister reiterated the government’s commitment to fostering stronger ties between Iraq and Russia and expanding avenues of cooperation in multiple sectors. He also emphasized the need to enhance collaboration on the Development Road project and Russian initiatives concerning transit routes to ensure shared benefits and the growth of common interests.

For his part, Mr. Bogdanov conveyed the greetings of Russian President Vladimir Putin to Prime Minister Al-Sudani and reaffirmed his government’s keenness to activate bilateral memoranda of understanding. He also confirmed Russia’s readiness for the upcoming tenth meeting of the Iraqi-Russian Joint Committee, which will oversee the implementation of agreements and memoranda of understanding between the two nations.