Al-Sudani: 2024 expenditures from the investment budget amounted to 25 trillion dinars, 10 FEB

  Al-Sudani: 2024 expenditures from the investment budget amounted to 25 trillion dinars

Prime Minister Mohammed Shia Al-Sudani stressed today, Saturday, the concerted work to transform integrity into a social culture that disavows corruption and besieges it within society.

The Prime Minister's media office stated in a statement that "Prime Minister Mohammed Shia Al-Sudani sponsored the Internal Control Conference organized by the Federal Financial Supervision Bureau under the slogan (Control is the first line of defense in combating corruption and enhancing transparency)."

The Prime Minister stressed, in his speech, that "the conference aims to enhance the work of internal control and consolidate transparency in the performance of duty, in commitment to the first target in the work of the government program, which is represented by combating corruption, which is a basic criterion for the citizen's belief in the system and the political process as a whole," noting "the importance of internal control; as it is the system that corrects the course of the institution's work and guarantees preventing the waste of public money, and it does not mean bureaucracy and obstruction, but rather an honest and transparent path that deals with the law, its spirit and its goals before implementing its instructions."

He pointed out that "what was issued by the supreme religious authority last November proved the government's seriousness in making combating corruption a top priority, and that deviating from this path will affect the performance of the rest of the entitlements in combating unemployment, providing job opportunities, economic reform and services." He explained that "internal oversight is the first line of defense against corruption, to protect the government institution itself, and to purify its work, and the total amount spent on service projects for ministries and governorates during 2024 amounted to 12 trillion dinars," adding that "what was achieved during the past two years gave hope to citizens and confidence in the state and optimism that the country is on the right track. "

He explained that "corruption has become like a virus, mutating and adapting itself in light of the measures taken by the oversight bodies, and decisive treatments have been put in place in government work with complete transparency and clarity, and within the framework of the law to combat corruption."

He continued: “We have made the issue of supporting internal oversight and developing its work at the forefront of the procedural links within the anti-corruption methodology, and the levels of internal auditing have been raised to general directorates to ensure full empowerment in their work in combating corruption,” noting that “we have proceeded to find legal legislation in accordance with the Constitutional Article (108) to regulate the work of the directorates and enhance their independence in performing tasks.” 

He added: “We supported the recommendations of the first anti-corruption conference, most notably enhancing the work of internal oversight departments with human resources and competencies,” stressing that “periodic evaluation of the performance of those in senior positions is necessary to ensure the effectiveness and performance of government institutions, to prevent corruption.” 

He noted that “we have directed to expedite the resolution and completion of reports, complaints and criminal cases, within the legally specified time limits, and we emphasize following up on issues related to public opinion, large amounts of corruption and senior state employees, to impose legal penalties on those convicted,” stressing “the need to emphasize enhancing confidence in accountability and accountability procedures, to ensure achieving general deterrence.” 

The Prime Minister stressed, according to the statement, “the concerted effort to transform integrity into a social culture that disavows corruption and besieges it within society,” indicating “his support for all efforts that revealed small details of corruption and led to the recovery of huge sums of public money.” He added, “We have made the recovery of wanted persons and stolen funds a condition and a file in our international relations, and we support the outcomes of your conference and all blessed national efforts to enforce the law and protect Iraqis’ money.”  link

IRAQ ECONOMY UPDATE, 10 FEB

 IRAQ ECONOMY UPDATE

Highlights

Summary

In a rapidly evolving economic landscape, significant changes are on the horizon for Iraq’s monetary system. The recent parliamentary vote on amending the budget has reportedly resolved many differences between Baghdad and Erbil. In addition, a monumental $25 billion deal with BP has been announced, indicating a potential turning point for the country’s economy. 

Prime Minister Sudani and Central Bank Governor Alec have promised forthcoming announcements regarding a new exchange rate and the introduction of lower denomination notes aimed at stabilizing the Iraqi Dinar. 

This monetary reform is expected to bring clarity and stability to the economy, potentially impacting citizens’ savings, spending, and overall financial well-being. Engagement and transparency are emphasized as crucial components of this process, allowing citizens to stay informed and involved as the government prepares to roll out these essential changes. 

The discussion surrounding exchange rates reveals the complex interplay between public perception, economic stability, and investment confidence. As Iraq stands on the brink of these reforms, the public’s anticipation regarding the future of the Dinar grows, underscoring the importance of community engagement and informed decision-making.

• 🌍 Major Economic Reform: Iraq is on the verge of significant monetary reform that could impact millions.
• 💰 New Exchange Rate: Upcoming announcements from government officials promise a new exchange rate that could stabilize the economy.
• 📉 Lower Denomination Notes: The introduction of new currency denominations aims to enhance clarity and stability for citizens.
• 📊 Public Engagement: Citizens are encouraged to stay informed and actively participate in discussions about these changes.
• 🌐 International Deal: A historic $25 billion deal with BP highlights Iraq’s potential for economic revival.
• 🔄 Understanding Exchange Rates: The relationship between currency value, banking stability, and public perception is crucial to navigating upcoming changes.
• 📈 Trust and Stability: The success of these reforms hinges on public trust in the banking system and the government’s ability to implement effective policies.

Key Insights

• 💡 Significant Economic Shift: The announcement of a potential new exchange rate represents a major shift in Iraq’s economic strategy, aimed at stabilizing the Dinar. The government’s proactive approach reflects a desire to rectify years of economic instability, which has left many citizens feeling uncertain about their financial futures. By promising transparency and clarity, officials aim to build public confidence as they prepare to implement these changes.

• 📅 Impact of the 2025 Budget: The approaching 2025 budget serves as a pivotal point for the implementation of these monetary reforms. As financial laws are established, the government must communicate effectively about how these changes will impact everyday citizens. The successful rollout of these reforms will depend on the government’s ability to articulate their benefits clearly and provide reassurances to the public.

• 🔄 Redenomination Explained: Redenomination, or the process of changing the face value of currency, is a key aspect of the proposed reforms. By removing zeros from the currency, the Iraqi government aims to create a fresh start that can instill confidence among its citizens. However, it is essential to recognize that merely changing currency denominations will not resolve underlying economic issues; comprehensive reforms are necessary for long-term stability.

• 🏦 The Role of Banking Stability: The effectiveness of monetary reform is closely linked to the stability and reliability of Iraq’s banking system. Citizens and businesses must feel secure in their banking institutions for a successful transition to a new exchange rate. Trust in the banking system is critical, as it influences public willingness to engage with the currency and invest in the economy.

• 📉 Potential Challenges Ahead: Iraq’s experience can be contrasted with other nations that have undergone similar economic reforms, such as Venezuela and Zimbabwe. These countries faced significant challenges in stabilizing their currencies, primarily due to a lack of trust in their banking systems. Iraq must learn from these examples to avoid pitfalls and ensure that reforms are effective and sustainable.

• 🌐 Global Economic Environment: The broader economic environment, including political stability and inflation rates, will significantly impact Iraq’s currency exchange rates. A politically stable environment encourages foreign investment and fosters trust in the currency, while high inflation can lead to volatility and uncertainty. As Iraq navigates these changes, attention to both domestic and international factors will be crucial.

• 📣 Community Involvement is Key: The importance of community engagement cannot be overstated during this time of transition. Citizens are encouraged to stay informed, participate in discussions, and voice their concerns regarding the proposed reforms. As the government prepares to unveil its plans, an informed and engaged public will play a vital role in shaping the future of Iraq’s economy and ensuring that these changes benefit everyone.

In conclusion, Iraq stands at a critical juncture as it prepares to implement significant monetary reforms that could reshape its economic landscape.

 The government’s planned changes to the exchange rate and currency denominations reflect a concerted effort to bring stability to the Dinar and address years of economic turbulence. However, success will depend on building public trust, ensuring banking stability, and fostering community engagement as citizens navigate these transformative changes.

 As the nation looks toward the future, a collective understanding and participation will be essential in realizing the full potential of these reforms.

CRYPTO TRADER: it would be prudent for such a huge investment deal to be signed post the revaluation

 

PM appreciates the role of the Supreme Judicial Council and its decisions in enforcing the law, 10 FEB

 PM appreciates the role of the Supreme Judicial Council and its decisions in enforcing the law

Baghdad-INA 

Prime Minister Mohammed Shia Al-Sudani appreciated, today, Sunday, the role of the Supreme Judicial Council and its decisions in enforcing the law and preserving the interests of citizens.
 
The Prime Minister's media office said in a statement received by the Iraqi News Agency (INA): that "Prime Minister Mohammed Shia Al-Sudani met with the President of the Supreme Judicial Council, Faeq Zidane, where the meeting witnessed discussions on important issues at the national level, and the government's approach to supporting the work of the judiciary and its independence."
 
  "During the meeting, the steps of cooperation between the executive and judicial authorities were reviewed to overcome obstacles in implementing the government program, as the Prime Minister appreciated the role of the Supreme Judicial Council and its decisions in enforcing the law and preserving the interests of citizens, which constitutes one of the pillars of security and stability for the country."

GOLDILOCKS: IRAQ International Connection to 66 Countries for the WTO , 10 JAN

 GOLDILOCKS: IRAQ International Connection to 66 Countries for the WTO

Highlights

Summary

In this episode of Goldilocks Global Banking News, the host, Freedom Fighter, provides significant updates regarding Iraq’s progress in transitioning to an international banking system. The discussion emphasizes the importance of Iraq’s membership in the International Road Transport Union (IRU) and the implementation of the Transport International Router (TI) system, which will modernize Iraq’s customs and ports,

 ultimately facilitating cross-border trade and transactions. This modernization is seen as a critical step for Iraq to prepare its currency, the Iraqi dinar, for international exchange and to join the World Trade Organization (WTO). 

The host also highlights the steps individuals can take to manage their wealth through trust and brokerage accounts. Overall, the video presents a hopeful outlook on Iraq’s economic future and the potential for the dinar’s value to increase.

• 📈 Wealth Management Opportunities: The host encourages viewers to set up trust and brokerage accounts to manage their wealth effectively.
• 🌍 Iraq’s International Integration: Iraq is progressing towards joining the World Trade Organization by connecting to international systems.
• 🚚 Transport International Router (TI) System: The TI system allows for efficient and secure shipping of goods across borders, crucial for Iraq’s economic development.
• 💻 Digital Banking Transition: Iraq is digitizing its banking system to enhance transparency and reduce corruption, aligning with international standards.
• 📦 Cross-Border Efficiency: The TI system will enable Iraq to ship goods in sealed, electronically monitored containers, expediting customs processes.
• 🌟 Diversification of Revenue: Iraq aims to grow its non-oil sectors, which is vital for increasing the value of the Iraqi dinar.
• 🔗 Global Connectivity: The adoption of the TI system connects Iraq to 66 other countries, positioning it as a regional transit hub in the Middle East.

Key Insights

• 📊 Wealth Management Strategies: The host emphasizes the importance of managing wealth through strategic accounts. Trust and brokerage accounts can offer long-term growth and security, particularly in the context of a potentially appreciating currency like the Iraqi dinar. Establishing these accounts allows individuals to navigate the complexities of currency exchange and investment.

• 🌐 Iraq’s Path to International Trade: Iraq’s recent advancements in securing membership with the IRU and implementing the TI system demonstrate a commitment to international trade standards. This move is essential for Iraq as it seeks to modernize its economy and improve its standing in global markets. Successful integration into the international system signifies a crucial step towards economic stability and growth.

• 📈 Impact of the TI System on Currency Valuation: The TI system is expected to enhance the transparency and efficiency of customs operations in Iraq. By monitoring goods electronically, Iraq can reduce corruption and ensure that customs duties are collected effectively. This transparency is likely to strengthen confidence in the Iraqi dinar, contributing to its potential appreciation in value.

• 🔒 Digital Transformation of Banking: The digitization of Iraq’s banking system is a key factor in its economic reform. By moving away from manual transactions, the country is reducing opportunities for corruption and increasing efficiency. This transition not only aligns with international banking practices but also positions Iraq favorably for foreign investments.

• 📦 Cross-Border Trade Efficiency: The implementation of sealed, electronically monitored containers for cross-border shipping will significantly enhance the efficiency of Iraq’s trade operations. This system reduces delays and errors in customs processing, fostering a more reliable trading environment. As a result, Iraq can expect increased trade volume and improved economic prospects.

• 🌱 Diversification Beyond Oil: The focus on developing non-oil sectors is crucial for Iraq’s economic future. While oil has traditionally been the backbone of the Iraqi economy, reliance on this single resource poses risks. By diversifying its revenue streams, Iraq can create a more resilient economy and reduce vulnerability to fluctuations in oil prices.

• 🌍 Regional Transit Hub Potential: Iraq’s efforts to establish itself as a regional transit hub in the Middle East can lead to significant economic benefits. By facilitating trade between 66 countries through the TI system, Iraq can attract investments, create jobs, and enhance its strategic importance in the region. This positioning is vital for long-term economic growth and stability.

In summary, the episode from Goldilocks Global Banking News outlines critical developments in Iraq’s journey towards modernizing its economy and banking system. The host provides insights into the importance of wealth management, the adoption of international trade standards, and the potential for the Iraqi dinar to appreciate in value. Through strategic initiatives such as the TI system and the digitization of banking operations, Iraq is laying the groundwork for a brighter economic future, one that is less reliant on oil and more integrated into the global economy. The information shared in the video reflects a significant moment in Iraq’s economic transformation, highlighting the importance of staying informed about these developments for potential investors and stakeholders.

FIREFLY: Trump makes impossible for Iran to use Iraq's monetary financial system to avoid sanctions

 

Iraq: A safe atmosphere for all Iraqis without exception, 10 FEB

 Iraq: A safe atmosphere for all Iraqis without exception

INA - BAGHDAD

The Minister of Interior, Abdul Amir Al-Shimmari, confirmed on Saturday that the ministry is keen to provide a safe atmosphere for all Iraqis.

Al-Shimmari visited Patriarch Mar Gewargis III Younan, the Patriarch and Supreme Spiritual Head of the Ancient Church of the East in Iraq and the World," said a statement by the Ministry of Interior - received by the Iraqi News Agency - INA. 

They discussed several topics of common interest with the Patriarch, as the Ministry of Interior is keen to communicate with all components of this country, seek to provide the best services to them and provide a safe and appropriate atmosphere for all Iraqis without exception.

In turn, the Patriarch of the Ancient Church of the East in Iraq and the World appreciated the visit of the Minister of Interior, stressing that "this communication indicates that there are great efforts made by the Ministry of Interior to serve citizens of all spectrums."