Iraqi Parliament: Stopping the export of Kurdistan oil, the Treasury is 13 trillion dinars, 9 FEB

 Iraqi Parliament: Stopping the export of Kurdistan oil, the Treasury is 13 trillion dinars

Shafaq News / The Finance Committee in the Iraqi Council of Representatives estimated on Saturday the financial losses resulting from the suspension of oil exports from the Kurdistan Region about two years ago.

The vice chairman of the committee, Ikhlas Al-Dulaimi, told Shafaq News that “the suspension of the export of Kurdistan Region oil caused a huge loss to the Iraqi state treasury estimated at 13 trillion dinars.”

Al-Dulaimi added that “the House of Representatives, after voting on the amendment of Article 12 of the Federal Budget Law, the export of the region’s oil will be resumed through the Turkish Ceyhan line.”

The Deputy Chairman of the Parliamentary Finance Committee stressed the need for “the federal government’s commitment to the agreement on the payment of employees’ salaries in the Kurdistan Region.”

Experts estimate that the suspension of Kurdistan Region’s oil exports 23 months ago caused material damage to Iraq estimated at more than 15 billion dollars (20 trillion dinars).

Since the suspension of the export of Kurdistan Region oil on 24/3/2023, the Federal Ministry of Oil has compensated the region’s oil of 400,000 barrels from the southern provinces, to maintain the oil export cap in OPEC.

https://www.shafaq.com/ar/سیاسة/البرلمان-العراقي-يقاف-تصدير-نفط-كوردستان-كبد-الخزينة-13-تريلون-دينار

NEWSROOM WITH CHELLA HIGHLIGHTS CC NOTES

 NEWSROOM WITH CHELLA HIGHLIGHTS CC NOTES

Highlights

• 💰 Commitment to Financial Reform: Iraq’s Finance Minister reiterates the government’s dedication to reforming financial systems to boost non-oil revenues.
• 📉 Decrease in External Debt: Iraq’s external debt has significantly decreased from $20.9 billion to $9.8 billion, indicating improved financial health.
• 🌍 World Bank Partnership: The World Bank pledges increased support for Iraq, focusing on technical and financial assistance to enhance economic stability.
• 💳 Digital Finance Transformation: Iraq’s Ministry of Finance is advocating for rapid digital transformation in banking and customs to improve efficiency.
• 🏦 Record Foreign Reserves: Iraq’s foreign reserves have reached an impressive $106.7 billion, ranking third in the Arab world and providing a financial buffer for the economy.
• 🏛️ Cultural Heritage and Stability: The importance of preserving Iraq’s cultural heritage alongside security improvements is highlighted to promote international engagement.
• 🇺🇸  US-Iraq Relations: High-ranking US officials are expected to visit Iraq to discuss military presence and bilateral relations amid security concerns.

Key Insights

• 📈 Economic Diversification Efforts: Iraq’s focus on enhancing non-oil revenues is crucial for reducing its economic dependence on oil. By strengthening sectors like agriculture, manufacturing, and tourism, Iraq can build a more resilient economy. This shift is vital, particularly given the fluctuating global oil prices that can impact national revenues.

• 💡 Impact of Foreign Reserves: The increase in foreign reserves to $106.7 billion acts as a financial shield for Iraq. This buffer not only stabilizes the currency but also enhances the country’s credit rating, making it more appealing to foreign investors. Proper management and strategic investment of these reserves can lead to sustainable economic growth.

• 🏗️ Infrastructure Development: The collaboration with the World Bank focuses on improving infrastructure—a key area for stimulating job creation and attracting foreign direct investment. Effective allocation of financial resources towards infrastructure can lead to improved public services and economic activity, further stabilizing the economy.

• 🔍 Financial Integrity Training: The launch of the financial integrity and cross-border payment training program reflects Iraq’s commitment to improving its financial system’s transparency and compliance with international standards. This initiative is critical for combating financial crimes like money laundering, which have historically plagued the region.

• 📊 Digital Finance as a Growth Catalyst: The push for digital transformation in Iraq’s financial systems is set to enhance efficiency, reduce corruption risks, and improve public services. By adopting modern electronic systems, Iraq can streamline operations and increase revenue collections, fostering a more stable economic environment.

• 🎯 Resolution of Salary Disputes: The continuing negotiations to resolve salary payment issues are crucial for social stability. Given the historical context of these disputes, reaching a permanent, depoliticized solution is essential for restoring public trust and improving the living conditions of citizens.

• 🤝 International Relations and Security: The upcoming discussions regarding US military presence in Iraq highlight the complexity of Iraq’s geopolitical situation. Navigating these relations is vital for ensuring national security and fostering an environment conducive to economic growth and foreign investment.

MARKZ: Bankers on Weekend Duty What's Up? @DINARREVALUATION #iraqidinarinvestor #iraqidinar

 

KRG Directs Resumption of Oil Exports in Coordination with Baghdad, 9 FEB

 KRG Directs Resumption of Oil Exports in Coordination with Baghdad

By John Lee.

The Council of Ministers of the Kurdistan Regional Government (KRG) has instructed the Ministry of Natural Resources (MNR) to maintain coordination with the federal Ministry of Oil, State oil Marketing Organization (SOMO), and oil-producing companies in the region to ensure the swift resumption of Kurdistan Region’s oil exports through SOMO, with the revenue directed to the federal budget.

The instruction on Wednesday followsBaghdad’s approval of a budget amendment to appoint an international technical advisory firm to assess fair production and transportation costs for oil fields in the Kurdistan Region individually.

Oil exports via the Iraq-Turkey Pipeline (ITP)were suspended in March 2023 following a dispute between Baghdad, Erbil and Ankara.

https://www.iraq-businessnews.com/?p=230086

TIDBIT FROM MILITIAMAN, 9 FEB

 Militia Man  

Article: "Exceptional efforts made by the ministry in coordination with government agencies to hold a 3rd round of negotiations for Iraq's assassin to the World Trade Organization after 16 years as Iraq submitted files for goods and services and reviewed economic reforms..." 

 I think you guys can get the picture.  If the United States thinks the security and stability is going to be good, they're going to be there. 

FRANK26: I don't think we're going to see a ridiculous rate at the onset! @DINARREVALUATION #iqd

 

ZOOM IRAQ NEWS: al-Sudani reaffirmed his government’s commitment to combating corruption while attending the Internal Audit Conference, 9 FEB

 ZOOM NEWS

Iraqi PM Mohammed Shia al-Sudani reaffirmed his government’s commitment to combating corruption while attending the Internal Audit Conference, organized by the Federal Board of Supreme Audit. 

He emphasized internal audit as a cornerstone of transparency and institutional integrity, highlighting legislative efforts and government initiatives to strengthen oversight, ensure accountability, and recover stolen public funds. : PM office

6:48 AM · Feb 8, 2025