PARLIAMENTARY OIL COMMITTEE RULES OUT PASSING OIL AND GAS LAW DURING CURRENT SESSION, 13 MARCH

 PARLIAMENTARY OIL COMMITTEE RULES OUT PASSING OIL AND GAS LAW DURING CURRENT SESSION

The Parliamentary Oil and Gas Committee confirmed today, Friday, that there are disagreements over the management of resources, which led to the obstruction of passing the Oil and Gas Law, while it ruled out passing it in the current electoral cycle.

“The oil and gas law has been a demand since 2007, but attempts to legislate it have failed due to political differences and lack of agreement with the Kurdistan Region,” said Bassem Naghmish Al-Gharibawi, a member of the parliamentary oil and gas committee,
in an interview with the Iraqi News Agency, followed by “Al-Eqtisad News.” He explained that “the law was part of the current ministerial program, and it was supposed to be legislated during this parliamentary session, as committees were formed since 2023 to discuss it, and two drafts were presented: the first from the federal government and the second from the region, and joint committees were formed to hold meetings between the two parties.”

He pointed out that “most of the technical issues were agreed upon, but the differences focused on administrative aspects, powers, and representation of the region and governorates in the Federal Oil Council, in addition to how to manage and distribute resources, as well as previous and current rights.”

He explained that “the parliamentary oil committee has made intensive efforts with the leaders of the political blocs to clarify the importance of enacting the law, as it regulates the oil wealth that fully funds the state, and contributes to resolving the disputes between the federal government and the region, which contributes to achieving political and economic stability.”

He added that “the most prominent point of disagreement between Baghdad and Erbil is related to oil resources and the region’s commitment to the decisions issued by the Federal Court and the International Court,” noting that “this law is one of the laws that complement the constitution.” Despite all the attempts, Al-Gharibawi stressed that “the committees that were formed were unable to reach a political consensus, which makes passing the law during this electoral cycle an unexpected matter.”

AJ: Cryptocurrencies decoupled from the stock market , 13 MARCH

 AJ

Cryptocurrencies decoupled from the stock market today. We’re currently in the midst of a three-week sell-off in the stock markets. Hedge funds are repositioning their holdings, bracing for risks tied to assets that could be impacted by tariffs.

The White House stated today that we’re in a "period of transition" regarding the stock market—a coded way of saying market volatility will persist until the dust settles.

MNT GOAT: THE ASSETS OF IRAQ CAN MAKE THE DNAR RATE FAR GREATER THAT 1/6 OF A PENNY FOR 1 DINAR

 

IMF Discusses Strengthening Iraqi Dinar

 Iraq's delegation concluded its meetings with the International Monetary Fund (IMF) in Amman (February 24-26), with participants including Minister of Finance Taif Sami and the Governor of the Central Bank of Iraq (CBI).

Discussions focused on Iraq's economic performance and sustainable growth prospects, with the IMF acknowledging the progress made.

Key discussions included:

• Non-oil GDP growth of 5% in 2024, driven by agriculture expansion and increased public spending, with 3.5% growth expected in 2025.
• Reduced dependence on oil revenues, improving economic diversification and stability.
• Review of actual 2024 expenditures and 2025 revenue forecasts, alongside strategies for deficit financing.
• Public debt strategy update, ensuring fiscal sustainability and investor confidence in government bonds.
• Financial sector reforms, with the IMF stressing the importance of banking modernization to attract foreign capital.
• Expanded collaboration with international correspondent banks to facilitate trade financing.
• Increased use of the Iraqi dinar in major transactions to strengthen the national currency.

The IMF reaffirmed its support for Iraq's financial policy development, offering advisors and experts to assist the Ministry of Finance in public debt management and tax system improvements.

The meetings underscored Iraq's commitment to fiscal reforms, promoting economic stability and investment-friendly policies, in line with its strategic partnership with the IMF.

MAJEED UPDATE, 13 MARCH

MAJEED

Oil price is going down Will push Iraq to reduce the exchange rate Meaning pay less in dinar to get one dollar change the exchange rate

8:08 PM · Mar 11, 2025

FIREFLY: Iraq will have a digital transformation in the financial sector. On a program rate?

 

TRUMP HINTS AT IMMINENT EVENT IN IRAN: I HOPE TO MAKE A PEACE DEAL WITH THEM, 13 MARCH

 TRUMP HINTS AT IMMINENT EVENT IN IRAN: I HOPE TO MAKE A PEACE DEAL WITH THEM

 US President Donald Trump expressed his hope on Friday evening to conclude a peace agreement with Iran that would prevent them from possessing a nuclear weapon, stressing that “something will happen with them very soon.” 

Trump added in statements he made at the White House that “the United States is in the final moments of negotiations with Iran, and that he hopes that military intervention will not be necessary.”

“We have a situation with Iran, something is going to happen very, very soon,” Trump continued. “You’ll be talking about it soon, I think.”

He expressed his hope for reaching a peace agreement, saying: “I am not speaking from a position of strength or weakness, I am just saying that I would rather see a peace agreement than the other option, but the other option will solve the problem,” without further clarifying what he meant by the other option.

Trump had said earlier in an interview with Fox Business that aired on Friday that he wanted to negotiate a nuclear deal with Iran and that he had sent a letter to the Iranian leadership last Wednesday proposing talks with Tehran, which the West fears is rapidly approaching the ability to make nuclear weapons.

“I think they want to get that message across. The other alternative is that we do something, because we cannot allow another nuclear weapon,” he continued.

Asked whether he had sent the message to Iranian Supreme Leader Ayatollah Ali Khamenei, Trump replied, “Yes.”

“There are two ways to deal with Iran: militarily or make a deal, and I prefer making a deal because I’m not looking to hurt Iran. They’re a great people,” Trump said.

Last month, Trump reimposed a policy of “maximum pressure” on Iran, including efforts to cut off its oil exports to zero. But he also said in February that he wanted to strike a deal with Iran that would prevent it from developing a nuclear weapon.