Seeds of Wisdom RV and Economic Updates Monday Afternoon 2-3-25
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IT'S DONE Article 2 - This law shall be implemented from the date of its publication in the Official Gazette.
THE LAW PDF attached
In the name of the people
Presidency
Based on what was approved by the House of Representatives and ratified by the President of the Republic based on the provisions of Clause (First) of Article 61 and Clause (Third) of Article 73 of the Constitution.
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The following law was issued:
No. ( ) for the year 2024
The First Amendment Law to the Federal General Budget Law of the Republic of Iraq
For the fiscal years (2023 - 2025 - 2027) No. (13) of 2023
Article 1 - The text of Paragraph (c) of Clause (Second) of Article 12 of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2025 - 2025) No. 13 of 2023 shall be cancelled and replaced by the following:
C - 1. The Federal Ministry of Finance shall compensate the Kurdistan Regional Government from sovereign expenses for the costs of production and transportation of the quantities of oil produced in the region that are received by the State Oil Marketing Company (SOMO) or the Federal Ministry of Oil in accordance with paragraphs (a, b) of this clause, provided that the fair estimated costs of production and transportation for each field separately are calculated by a specialized international technical consulting body determined by the Federal Ministry of Oil in agreement with the Ministry of Natural Resources in the region, within a period of (60) sixty days from the date of entry into force of this law, and in the event of failure to reach an agreement within the aforementioned period, the Federal Council of Ministers shall determine the aforementioned consulting body.
The technical advisory body referred to in (1) of this paragraph shall submit the estimated cost of production and transportation to the Federal Ministries of Finance and Oil and the Kurdistan Regional Government, and it shall be approved for the purposes of this law. The compensation referred to in (1) of this paragraph shall be calculated based on the aforementioned cost per barrel multiplied by the number of barrels received in accordance with paragraphs (a, b) of this item, and the Federal Ministry of Finance shall undertake to pay the amounts to the Kurdistan Regional Government.
Immediately begin delivering the oil produced in the region to the State Oil Marketing Organization (SOMO) or the Federal Ministry of Oil in accordance with paragraphs (a) and (b) of this clause, and the costs of production and transportation shall be compensated by the Federal Ministry of Finance as advances, at a rate of $16 per barrel, which shall be
Article 2 - This law shall be implemented from the date of its publication in the Official Gazette.
It shall be settled later after the specialized technical advisory body referred to in (1) of this paragraph has completed its work, and retroactively from the date of commencement of delivery pursuant to this amendment.
Positive reasons
For the purpose of appointing a specialized international technical advisory body to work on calculating the fair estimated costs of producing and transporting oil produced in the Kurdistan Region and for each field separately, preserving the national wealth, enhancing actual federal revenues, and enabling the State Oil Marketing Company (SOMO) to make optimal use of and diversify export outlets.
This law was enacted
@ Newshounds News™
Source: Shafaq
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TRUMP ORDERS CREATION OF US SOVEREIGN WEALTH FUND, SAYS IT COULD OWN PART OF TIKTOK
WASHINGTON (AP) — President Donald Trump on Monday signed an executive order directing the U.S. to take steps to start developing a government-owned investment fund that he said could be used to profit off of TikTok if he’s successful at finding it an American buyer.
Trump signed an order on his first day office to grant TikTok until early April to find an approved partner or buyer, but he’s said he’s looking for the U.S. to take a 50% stake in the massive social media platform. He said Monday in the Oval Office that TikTok, which is owned by China-based ByteDance, was an example of what he could put in a new U.S. sovereign wealth fund.
“We might put that in the sovereign wealth fund, whatever we make or we do a partnership with very wealthy people, a lot of options,” he said of TikTok. “But we could put that as an example in the fund. We have a lot of other things that we could put in the fund.”
Sovereign wealth funds invest in assets, such as stocks, bonds and real estate. They are typically funded by a country’s budgetary surpluses, which the U.S. currently does not have.
Trump noted many other nations have such investment funds and predicted that the U.S. could eventually top Saudi Arabia’s fund size. “Eventually we’ll catch it,” he promised. Countries like Norway also have a similar fund.
@ Newshounds News™
Source: AP News
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GOLD AND CURRENCY REVALUATION STRATEGY
Why does Gold need to revalue before the currency dilemma can be fixed? Will the price of gold affect the crypto market?
@ Newshounds News™
Source: CryptoLedger
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