FRANK26….10-14-24….AKI REPORT

KTFA

Monday Night Conference Call

FRANK26….10-14-24….AKI REPORT

This video is in Frank’s and his team’s opinion only

Frank has stated he will no longer do public videos on the Iraqi dinar UNLESS it is Important, Prudent or Necessary.  

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=5ewjcVYcQBM

Some Iraq Financial News Posted by Clare at KTFA 10-13-2024

KTFA:

Clare: Ministry of Finance announces release of more than 400 billion dinars from governorate allocations

10/13/2024

 The Ministry of Finance announced that it is about to release more than 400 billion dinars from the governorates’ allocations today, Sunday.

 Finance Minister Taif Sami said in a press statement: "The ministry will release today more than 400 billion dinars from governorate allocations."

She pointed out that "financial allocations have been secured for the ration card and the food basket, sufficient for the next six months."

Regarding the revenues generated from exporting the region’s oil, Sami said, “The regional government has not handed over its oil revenues to the state treasury since the Federal Court issued a decision to pay the salaries of Kurdistan employees, noting that the salaries of the region’s employees are estimated at 13 trillion dinars.”LINK

Clare:  Iraqi Parliament Discusses Budget Law with Finance Minister, Customs and Tax Officials

10/13/2024

The Parliamentary Finance Committee hosted, on Sunday, the Minister of Finance Taif Sami, the Chairman of the General Authority of Customs Hassan Al-Akeili, the Chairman of the General Authority of Taxes Waad Al-Alawi, and the Director of the Budget Department at the Ministry of Finance Wasan Saad.

Shafaq News Agency correspondent said that the hosting was to discuss the Iraqi state's general budget law, financing projects in the governorates, and enhancing non-oil financial revenues through customs and taxes.  LINK

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Clare:  Parliamentary Finance: The three-year budget aims to facilitate contracting and financing

10/13/2024  Baghdad

The Parliamentary Finance Committee confirmed, on Sunday, that the three-year budget aims to facilitate contracting and financing.

The head of the committee, Atwan Al-Atwani, said in a statement received by "Al-Eqtisad News", that "the committee hosted the Minister of Finance, Taif Sami, the heads of the Customs and Tax Authority, and the Director General of the Budget to discuss non-oil revenues, financing the governorates, and food security."

He added, "The three-year budget aims to facilitate contracting and financing," noting that "total reliance on oil gives us an unstable economy and disrupts development plans."

He continued: "Our meeting today is very important to delve into the file of the state's non-oil revenues, and we are working to establish scientific foundations to maximize them."   LINK

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Clare:  Parliamentary Finance: The Ministry of Finance is about to complete the procedures for appointing 150,000 contractors

10/13/2024

The head of the Parliamentary Finance Committee, Atwan Al Atwani, revealed today, Sunday, that the Ministry of Finance is close to completing the procedures for appointing 150,000 contractors.

 Al-Atwani said in a press statement that "the committee hosted Finance Minister Taif Sami to discuss the financial situation in light of the circumstances the world is experiencing and the security tension in the region."

He added that "discussions were held regarding securing food, medicine, and basic necessities for life, as well as securing financial allocations for the governorates under the 2023 budget provisions, as well as the current year's budget."

Al-Atwani continued, "The meeting resulted in a set of matters that were confirmed to have been achieved, including securing the ration card for a period of six months, as well as discussions regarding securing and releasing financial allocations and financing spending funds for all governorates and launching projects that were contracted for in 2023.

" He called on citizens "to rest assured that all requirements for the ration card and food supplies have been secured by the government, and that the financial allocations are available and there is no need to worry."
Al-Atwani pointed out that, "Regarding the implementation of the budget items and the paragraph on appointing contracts in the governorates, as well as the status of the ministries, the Ministry of Finance informed us that work is underway to contract and is awaiting the completion of the governorates' requirements to submit the names and implement the contracts for all those included in the paragraph, which is to appoint one hundred and fifty thousand contracts in all governorates."   LINK

Clare:  Rafidain Bank: Implementing the comprehensive banking system in 44 branches

10/13/2024   Baghdad

In implementation of the government program to move from paper transactions to electronic ones to provide the best services to citizens.

Rafidain Bank announced in a statement received by Mawazine News a copy of it the implementation of the comprehensive banking system in the Nasr Square and Oil Products branches in Baghdad, the Anbar branch and the Al-Ghari branch in Najaf

Al-Ashraf to join the branches that have activated the comprehensive system in Baghdad and the governorates in addition to the border crossing branches (Zurbatiyah - Safwan - Arar - Trebil) so that the number of branches that have implemented and completed the system becomes (44) branches.... The bank confirms that the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the scheduled timings to include all the bank's branches in the application of the system.

Media Office of Rafidain Bank  LINK

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Clare:  Digital Transformation in Iraq: A Strategic Plan and New Procedures

10/13/2024

Iraqi Prime Minister Mohammed Shia al-Sudani chaired, on Sunday, the periodic meeting of the Supreme Committee for Digital Transformation in Iraq.

During the meeting, according to a statement issued by his office and received by Shafak News Agency, the implementation of previous decisions and directives was reviewed, and practical procedures related to digital transformation in public sector institutions and infrastructure development were followed up, in a way that helps accelerate this important digital transition that will contribute to improving the quality of service provided to citizens.

The Prime Minister stressed the government's interest in the comprehensive digital transformation process, which has become a necessity in Iraq. The five-year development plan has adopted this process, pointing out the possibility of benefiting from the youth reality of Iraqi society to move towards the rapid implementation of this transformation. His Excellency also stressed the importance of thoughtful planning in this field, due to its importance in achieving development.

The Supreme Committee for Digital Transformation considered a number of the presented files, and approved the technical report on the strategic directions to provide the requirements for digital transformation, which includes the methodology and general principles for launching this process, and benefiting from the successful experiences of countries similar to the situation of Iraq, as well as the vision required to be adopted to achieve this transformation, provided that the services provided to the citizen are the first idea for launching the digital transformation process in terms of service and cybersecurity. 

The committee also approved the steps for digital transformation in the Retirement and Social Security Department at the Ministry of Labor and Social Affairs, and also discussed the steps necessary to implement digital transformation in the Companies Registration Department at the Ministry of Commerce.  

The Committee agreed to continue cooperation with the United Nations Development Program, with the aim of improving indicators related to the communications and information technology sector, and approved the Communications and Media Commission and the Central Bank of Iraq to negotiate with international digital companies.  LINK

“Iraq and Vietnam News” Posted by KTFA Members 10-9-2024

KTFA:

Clare:  Controls

Anti-Money Laundering and Terrorist Financing Controls for Exchange Companies and Foreign Currency Brokers ...

For more, click here

https://cbi.iq/news/view/2686

Clare:  Association of Banks: More than 600 government institutions adopt electronic payment

10/8/2024  Baghdad

The Association of Private Banks confirmed, on Tuesday, that the number of government institutions relying on electronic payment has increased to 600.

The Executive Director of the Private Banks Association, Ali Tariq, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the government decisions obligating government institutions and many private institutions to provide an electronic payment window - which began to be implemented in March 2023 - have brought about a tangible change in the use of this system in Iraq."

He added, "The infrastructure was ready with the support of the Central Bank of Iraq, with prior instructions and great cooperation between banks and electronic payment companies."

He pointed out that "government support has contributed to accelerating the spread of electronic payment, as we have witnessed during the past year and a half a significant increase in the number of cards issued, reaching 20 million cards, including 2 million cards issued during the last year. The number of electronic payment devices has also increased to more than 30 thousand devices, and it is expected that this number will double by the beginning of next year."

Tarek explained that “the number of government institutions that have adopted the electronic payment system has exceeded 600 institutions, after it was only about 50 institutions, which led to a significant increase in the volume of trading,” noting that “this system has many benefits for citizens, projects and the government, as it provides security, speed and low costs compared to transferring money and its exposure to damage, theft or counterfeiting.”

He stressed that "the next phase will witness a greater expansion in the use of electronic cards and an increase in electronic payment operations, with the primary goal of providing an easy and inexpensive service to the Iraqi citizen, whether in government or private institutions."  LINK

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Clare:  The government completes the file to join the "WTO"

10/9/2024  Baghdad: Rula Watheq

 After the important steps and achievements made by the government in more than one file and sector, it was the turn to address the world and confirm that Iraq has become an economic power that should not be underestimated, and has all the qualifications and capabilities to join the World Trade Organization (WTO) after completing all preparations for that.

The government headed by Prime Minister Mohammed Shia Al-Sudani has set, within its government program, a clear vision for the economic future in Iraq, which included setting timetables for achieving the liberalization process and focusing on sectors with high potential such as agriculture, industry and services, which contributes to accelerating accession to the organization.

According to the spokesman for the Ministry of Commerce, Mohammed Hanoun, to Al-Sabah, "All preparations were completed by the government team representing all ministries, which held an important meeting in Abu Dhabi headed by Minister of Commerce Athir Dawood Al-Ghariri."

He explained that "Iraq has fulfilled all the requirements for joining the organization, through a package of legislation and laws currently being discussed to reform the current legal system to be in line with the requirements and controls of the international organization, such as coordinated trade policies throughout the country, including tariff rates and customs procedures."

Experts believe that joining the organization will be a "major achievement" for the government, especially since it has great benefits, including increasing Iraqi exports and contributing to stimulating economic growth.

Hanoun praised "the efforts of the Kingdom of Saudi Arabia through its team in the organization, through coordination with it, as it is the main partner in Iraq's accession to this international organization."

 He stressed that "all ministries are working to ensure that the team has the information that helps it join the organization, especially since joining the World Trade Organization benefits Iraq in expanding free trade."   LINK

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Clare:  Iraq plans to build 52 advanced residential cities

10/9/2024   Baghdad: Hussein Thaghab  

The “Real Estate Investment in Digital Transformation” Forum focused on the inevitability of adopting technology in the real estate sector and the benefits it brings to the country, at a time when nearly 200,000 housing units are being built and 52 residential cities are being planned.

The Prime Minister’s speech was read on behalf of the Digital Transformation Advisor, Dr. Hassan Al-Khatib, who said: “This forum enhances the reality of investment in Iraq and keeps pace with the development in digital transformation, which the government attaches special importance to due to its role in achieving sustainable economic development.”
He added that “the development of digital technologies will contain challenges and that cooperation with the private sector achieves the goals that the government aspires to, which will push the digital transformation process forward and enhance safe work paths in all sectors.”

He continued that “digital transformation has significant positive effects on the national economy, and Iraq is witnessing the construction of more than 200,000 housing units, which requires the introduction of advanced technology.”

He pointed out that "the country needs to introduce an infrastructure that accelerates the provision of services," noting that "the expansion in construction and the need for communications accelerates the achievement of digital transformation," warning of "the need for an infrastructure that is several times what is available, represented by the Internet, in a way that develops the Iraqi economy to large levels and helps in enhancing production and expanding services and contributes to doubling the annual gross domestic product periodically."

He stated that "the government has a plan to establish a digital academy to train thousands, even millions, of human resources to enable them to use and benefit from new technologies."

Chairman of the Baghdad Investment Commission Ali Al-Attar said: "Many housing projects have begun by introducing digital data, and this plan requires developing the
digital system."

He pointed out "the importance of developing digital performance, and we must work to prepare specialized human resources in this plan that aims to adopt technologies that are the most modern
in the world."

Representative of the Ministry of Construction and Housing, Hamid Abdul Hamad, stated that “residential cities are among the most important aspects of the government program,” noting that “the study of establishing 52 residential cities is ongoing, 5 of which have been put forward, and the cities’ specifications include that they be smart.”

He pointed out that “the city designs were not approved unless they included advanced technology and the adoption of advanced global companies in the field of
digitization.”

Executive Director of the Iraqi Private Banks Association, Ali Tariq, said that “digital transformation represents the most important direction for developing the economic reality in the country, as it rises to advanced and secure levels for money paths in Iraq.”

He pointed out that “rising to global performance requires advanced digital transactions, and here we must start from where the world ended and keep pace with the developments witnessed by the international work arena.”

He pointed out that “the balance of development during the coming period must be the most efficient, and this must be coupled with real work that comes with advanced technology and the necessary human resources.”

Financial expert Dr. Abdul Hafeez Abdul Latif described the government’s insistence on digital transformation as “the first step towards achieving sustainable economic development,” and explained that “the government’s approach represents an important step in the right direction that serves the country and reflects a bright image to
the world.”

He pointed out that "correcting paths and creating an ideal environment lies in the extent of adopting digital transformation within Iraq, and the banking system has become a supporter of developing the reality of performance in Iraq through the digital transformation sought by
the government."   LINK

Henig:  Trump Organization to develop $1.5 billion golf course and hotel project in Vietnam

By Reuters

October 8, 2024 HANOI, Oct 8 (Reuters) - Vietnam's real estate developer Kinhbac City (KBC.HM), opens new tab (KBC) said on Tuesday that its subsidiary has partnered with The Trump Organization to develop a $1.5 billion golf course and hotel project in Vietnam's Hung Yen province.

A memorandum of understanding between the two companies was signed in late September during the visit of Vietnamese President To Lam to the United States, KBC said in a statement. The project consists two 54-hole golf course systems, together with a network of hotels and resorts and a modern residential complex, the statement added.

A Reuters analysis in August found the golf course and resort business was the biggest driver of cash flow for the Trump Organization, the family business of U.S. Republican presidential candidate Donald Trump, which houses the hundreds of companies he ultimately owns.

In mid-September, representatives from the Trump Organization visited the province and met Hung Yen authorities to discuss investment opportunities, according to the provincial administration.

"We are excited to enter this dynamic market. Vietnam has potential in the luxury hotel and entertainment industry," Eric Trump, Executive Vice President of The Trump Organization, also the second son of former President Donald Trump, said in the statement.

It did not provide a timeframe for construction of the project.

Vietnam, with a population of 100 million, currently has about 70 golf courses and 100,000 local golfers, according to the Vietnam Golf Association.

The U.S.-based Trump Organization did not immediately respond to an emailed request from Reuters for comment. LINK

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Clare:  Officially.. Signing the contract to implement the Gulf electricity interconnection with Iraq

10/9/2024

The Gulf Cooperation Council countries signed, on Wednesday, a contract to implement the Gulf electricity market linkage project with Iraq, which will enhance energy security and allow the GCC countries to supply Iraq with about 3.94 terawatt-hours annually at competitive prices less than the cost of local production, leading to a reduction in public expenditures .

The signing took place at the headquarters of the Gulf Interconnection Authority in Dammam, eastern Saudi Arabia, under the patronage of Saud bin Bandar bin Abdulaziz, Deputy Governor of the Eastern Province, who launched the update of the control center systems for the electrical interconnection network, which aims to improve the efficiency and flexibility of electricity systems in the face of current and future challenges.

Bin Badr Al-Aziz stated that implementing the project to link the Gulf electricity market with Iraq will contribute to the sustainability of energy supply and the establishment of local projects, and enhance the stability of the electricity grid in Iraq, which reduces dependence on expensive traditional energy sources and increases the effectiveness of using available resources .

He stressed that the Gulf electricity interconnection project is one of the strategic projects that strengthens the bonds of cooperation in the economic and social fields between the GCC countries and neighboring countries, and enjoys the support of the leaders of the GCC countries in order to achieve security and stability of the energy system in the region .

Bin Abdulaziz stressed the need for expansion and that the role should not be limited to ensuring the flow of energy only; as the actual steps have begun through signing memoranda of understanding to study the possibility of electrical interconnection with Iraq, Jordan and Egypt, and at the beginning of next year, the actual operation of the interconnection with Iraq will begin.

He explained that signing the contract to implement the Gulf electricity market linkage project with Iraq will contribute to enhancing energy security and enable the GCC countries to supply Iraq with about 3.94 terawatt-hours annually, according to the targets set for 2025, and at competitive prices less than the cost of local production, which will lead to reducing public expenditures.  LINK

Frank26, IQD Update and Andy Schectman 10-8-2024

KTFA

KTFA IQD Update and Andy Schectman

This video is in Frank’s and his team’s opinion only

Frank has stated he will no longer do public videos on the Iraqi dinar UNLESS it is Important, Prudent or Necessary.  

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=GkZLgWJjWoc

Some “Iraq News” Posted by Clare at KTFA 9-27-2024

KTFA:

Clare:  The government announces the suspension of gasoline imports and the closure of the currency auction at the end of the year

9/26/2024

Prime Minister Mohammed Shia Al-Sudani participated in New York, after midnight on Wednesday, in a dialogue session held by the American Chamber of Commerce and Al-Monitor, in the presence of an elite group of investors, businessmen, representatives of American companies, and the Iraqi-American Business Council.

 During the session, Al-Sudani pointed to the new reality of Iraq, which is witnessing an economic and developmental renaissance in all its sectors. It has also taken great steps in the field of energy investment and associated gas, which had been wasted for years and cost the country losses estimated at billions of dollars, due to the import of gas and petroleum derivatives.

Al-Sudani stressed that the government has embarked on a series of rapid projects, including the important agreement with Total, which will contribute to increasing oil production and investment in associated gas by about (600) million standard cubic feet, in addition to offering the fifth and sixth rounds’ annexes, and entering into contracts to produce oil and invest in gas

Indicating that after 2028, Iraq will achieve self-sufficiency in gas, in addition to activating oil derivatives projects, including the strategic Karbala refinery, whose production capacity reaches 140 thousand barrels per day, as well as rehabilitating the Baiji refinery, which was completely destroyed during the battles to liberate Baiji, and its production capacity is 150 thousand barrels per day.

The following are the highlights of the Prime Minister's speech during the dialogue session:
 
When I assumed my duties as Prime Minister, the investment in associated gas was less than 40 percent, and now the percentage has risen to about 70 percent.
 
We have ended the import of petroleum derivatives, and we will stop importing gasoline at the beginning of next year, after completing the FCC project in Basra.
 
We are ready to enter into a partnership with American companies in the oil industry sector.
 
Our vision is to convert 40% of exported oil into transformation industries, which will give us more benefits than selling crude oil.
 
Our policy is based on diversifying the contracting parties that invest in our oil and gas fields without specific conditions.
 
The licensing round procedures are clear and transparent, and there is no favoritism or preference for one company over another.
 
Development cannot be achieved without a solid banking sector that operates according to approved international standards, and 95% of financial transfers in Iraqi trade are conducted through reliable banks.

The currency selling window will be closed at the end of this year, and the money laundering office at the Central Bank is operating effectively. The government contracted with Ernst & Young to reform the government banking sector, and we strengthened citizens’ confidence in banks and expanded financial inclusion.

  Iraq is going through an unprecedented period of stability and recovery since 2003, which is an opportunity to support the transition from a period of wars and conflicts to a period of development and stability.
 
A stable Iraq in a sensitive region is beneficial to the world, which is what we have witnessed since October 7, as Iraq has largely maintained balance and calm, and we have kept Iraq away from the arena of conflict.

Our security forces have reached an advanced stage of capability and efficiency, and we have begun an armament program to enhance their capabilities, and ISIS today does not pose a threat to our security.

We need American small and medium-sized companies to partner with Iraqi companies.

We work to create job opportunities for young people by activating the private sector or supporting their private projects, through several programs, including the (Riyada) initiative.

The size of the projects granted for investment will provide a large number of jobs, and it is necessary for companies operating in Iraq to open training centers to develop the capabilities of young people.

We have confirmed to the companies operating in the electricity sector the establishment of stations maintenance centers in order to speed up completion and reduce costs.

The government has a clear direction to support the agricultural sector, and farmers and growers are in a transitional phase to use modern irrigation technologies, which we supported by 30%.

We provided loans to workers in the food industries sector of various types, part of which is covered by sovereign guarantees.

The Central Bank has independence and exercises its powers with complete professionalism, and we intend to establish a new bank that adopts the latest technologies.

We invite all companies working in the field of electronic payment to work in Iraq and we will provide them with all facilities.

We have developed a plan to develop the infrastructure, with allocations amounting to $83 billion.  LINK

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Clare:  Al-Sudani issues banking directives, including suspending capital increases for banks subject to US sanctions

9/26/2024

A Government source revealed, on Thursday, that Prime Minister Mohammed Shia al-Sudani issued directives related to financial and banking reforms, including not increasing the capital of banks subject to US sanctions.

The source told Shafaq News Agency, "Prime Minister Mohammed Shia al-Sudani, before leaving for New York, held a number of meetings with banks and the Central Bank of Iraq, where those meetings discussed in detail the Central Bank of Iraq's plan to rehabilitate private banks by contracting with an international consulting company."

He explained that "the Prime Minister directed a number of points, on the importance of the plan for developing private banks by Oliver Wyman Company being clear in terms of timing, distribution of responsibilities, and issuing progress reports in this regard."

The directives included "accelerating the implementation of the recommendations issued by the Ministerial Council for the Economy to support Iraqi banks, including delaying the increase in capital for banks banned from dealing in dollars by the US Treasury."

The source indicated that Al-Sudani also directed "the preparation of a study to activate the local cards project internally, as well as urging Iraqi ministries and institutions to increase dealings with licensed Iraqi banks in various banking services and open accounts with them."

Last Monday evening, Iraqi Prime Minister Mohammed Shia al-Sudani received US Deputy Treasury Secretary Wally Adeyemo and a number of officials from the Treasury Department, according to a statement received by Shafaq News Agency.

The meeting witnessed discussion of bilateral economic relations between the two countries in various vital sectors, review of the government's efforts and plans for economic and financial reform, the move towards diversifying sources of Iraqi output, enhancing development targets, and practical measures implemented in the field of combating money laundering.

Al-Sudani stressed that the government has made great strides in the financial and banking reform file, and 95% of bank transfers have been completed through the electronic platform, and less than 5% remains to be completed by the end of this year, after which the transition to the correspondent banking system will take place, in accordance with the government’s approach and its commitment to raising the capabilities of Iraqi banks, in line with international standards and meeting the needs of the thriving investment environment in Iraq.

For his part, Adeyemo praised the progress witnessed by Iraq in the field of economic and banking reforms that were achieved in record time, and the state of economic growth that reached a total of about 6 % , which enhances the government's efforts in development, expressing readiness to cooperate and work within a bilateral partnership that serves the interests of economic development. LINK

Clare: Masoud Barzani to a parliamentary delegation: There is an opportunity to legislate the oil and gas law

9/25/2024

The President of the Kurdistan Democratic Party, Masoud Barzani, stressed that "the opportunity exists to legislate the oil and gas law to regulate the distribution of wealth."

Barzani expressed during his reception of a delegation from the Parliamentary Finance Committee today, Wednesday, according to a press statement, his desire to resolve the differences between the central government and the region, expressing his support for the Finance Committee's movement in this regard.

The meeting discussed, according to the statement, "the overall common conditions and ways to resolve the outstanding issues between the central government and the Kurdistan Regional Government in a way that establishes a new phase of cooperation, coordination and understanding based on respect for the Iraqi constitution."

The head of the committee, Atwan Al-Atwani, reviewed the files that the Finance Committee delegation came to discuss with the Kurdistan Regional Government, most notably the implementation of the provisions of the Federal General Budget Law, the oil and national wealth file, the localization of employees' salaries, border crossings, taxes and customs, and other issues related to the financial aspect.

He stressed "the Finance Committee's constant endeavor to find understandings that lead to radical solutions to the outstanding issues between the federal government and the region," stressing that "deferring the differences does not solve them, but rather increases their complexity."

Barzani praised the efforts of the Finance Committee, in terms of legislating laws, monitoring performance, and taking the initiative to end the differences.    LINK

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Clare:  Al-Atwani: Agreement with the Kurdistan Regional Government to review its oil contracts and adapt them constitutionally

9/26/2024

 The head of the Parliamentary Finance Committee, Atwan Al Atwani, announced today, Thursday, an agreement with the Kurdistan Regional Government to review its oil contracts and adapt them constitutionally.

A statement from his office, a copy of which was received by {Atlfrat News}, stated that "the parliamentary finance committee delegation, currently visiting Erbil, headed by Al-Atwani, held an expanded technical meeting with representatives of the Kurdistan Regional Government, in the regional council of ministers building, to discuss resolving the outstanding issues between Baghdad and Erbil."

Al-Atwani said, "The meeting reviewed the oil files, financial revenues, automation of border crossings, unification of customs tariffs, and localization of employees' salaries," announcing "the development of a roadmap to resolve the points of contention between the central government and the regional government regarding the oil export file."

He stressed that "the attendees reached an initial agreement with the regional government to conduct a comprehensive review of the oil contracts to adapt them to the Iraqi constitution, in preparation for solving the problem of the halt in the region's oil exports," explaining that "the agreement stipulates that the central government and the regional government enter as a unified party in negotiations with international oil companies operating in the region with the aim of amending their contracts from production partnership to profit-sharing, in addition to reviewing the economic and commercial terms."

Al-Atwani pointed out that "the parliamentary finance committee is working to establish a sound basis for negotiations on resolving the pending issues, in order to resolve the oil export file during this year and eliminate the differences with the region," stressing that "the committee will meet, upon its return to Baghdad, with the federal oil ministry, in order to discuss the controversial issues and push towards resolving them under the umbrella of the constitution."

He said, "The meeting reviewed, in numbers, the steps for implementing the file of localizing the salaries of the region's employees, where the necessity of adhering to the decisions of the Federal Court was emphasized."

The meeting also discussed, according to Al-Atwani, the file of border crossings, customs, and taxes, and ways to include their revenues in the country's general budget, and the extent of the regional government's commitment to sending these funds to the federal government.  LINK

FRANK26…..9-26-24…..LET’S TALK

KTFA

Thursday Night Conference Call

FRANK26…..9-26-24…..LET’S TALK

This video is in Frank’s and his team’s opinion only

Frank has stated he will no longer do public videos on the Iraqi dinar UNLESS it is Important, Prudent or Necessary.  

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=2bdI7dz7Rr8

“Iraq at the UN” News Posted by Clare at KTFA 9-23-2024

KTFA:

Clare:  Prime Minister: We are working to support investments that aim to diversify the economy away from oil

9/22/2024

Prime Minister Mohammed Shia Al-Sudani said that we are working to support investments that aim to diversify the economy away from oil, while focusing on the role of the private sector in providing job opportunities.

The Prime Minister stressed in his speech at the Future Summit on Confronting Future Challenges, which is being held on the sidelines of the 79th session of the United Nations General Assembly in New York: The need to give Iraq priority in climate financing as it is one of the most affected countries, and we have begun implementing our commitments stipulated in the National Contributions Document.

The Prime Minister also stressed the keenness to provide incentives to the private sector and invest in renewable energy projects, which reduces our dependence on fossil fuels and contributes to a more sustainable future.    LINK

Clare:  Prime Minister meets Kenyan President in New York

9/22/2024  Baghdad

Prime Minister Mohammed Shia Al-Sudani stressed the need to enhance mutual diplomatic representation between Iraq and Kenya.

The Prime Minister's media office stated in a statement received by Mawazine News that "Prime Minister Mohammed Shia Al-Sudani received at his residence in New York, today, Sunday, the President of the Republic of Kenya, William Ruto, on the sidelines of his participation in the 79th session of the United Nations General Assembly.

 During the meeting, they discussed bilateral relations between the two countries, supporting their frameworks in many fields, ways to consolidate joint cooperation, and everything that would enhance the interests of their peoples. The two sides also discussed the file of Kenyan workers in Iraq."

The Prime Minister referred to "the foundations of the relationship between Iraq and Kenya, which date back decades," stressing "the need to enhance mutual diplomatic representation and develop the level of fruitful economic partnership."

For his part, the Kenyan President praised "Iraq's pivotal role in the region and its efforts to enhance security and stability in it. He also expressed his country's desire to build the best relations between the two friendly countries in the economic and trade fields."

At the end of the meeting, the two sides exchanged official invitations to visit both countries, in order to develop bilateral relations at various levels and fields.  LINK

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Clare: International Praise for the Central Bank of Iraq: A Model for Developing Strategies that Serve the Development of the Banking Sector 

9/23/2024  Baghdad

The Regional Director for the Kingdom of Saudi Arabia, Lebanon and Iraq at the International Finance Corporation (IFC), Fawaz Al-Balbeisi, confirmed today, Monday, that Iraq is one of the first countries to adopt a comprehensive approach to governance and environmental and social accountability, noting that the Central Bank of Iraq is a model for developing strategies that serve the development of the banking sector. 

Al-Balbeisi said in a speech during the launch ceremony of the Financial Sustainability Map Project and the Environmental, Social and Corporate Governance Guide for Banks, that “Iraq has provided humanity with justice and law, and it is not surprising that it is one of the first countries to adopt a comprehensive approach to environmental and social governance and accountability,” indicating that “this new achievement comes as a result of the strategic partnership between the International Finance Corporation and the Central Bank of Iraq in cooperation with the Kingdom of the Netherlands and our joint efforts to develop an advanced Iraqi banking sector that contributes to Iraq’s sustainable future.”

He added that “the achievements that we celebrate today are a very important step for the Iraqi banking sector towards establishing sound practices of environmental, social and corporate governance standards that are consistent with international standards and rules, where they are not just a reference framework for celebration, but rather a systematic approach achieved by the banking sector,” noting that “environmental and governance standards have changed the environment and governance of the institution, and are a standard for professional excellence and have become a basic requirement for managing and reducing risks and thus financial sustainability and business prosperity.”

He continued: "Today, this event gains great importance in light of Iraq's confrontation with the challenges led by climate change, which requires approximately $233 billion until 2040 to respond to the development gaps necessary to move towards sustainable economic paths."

He continued, "Environmental, social and corporate governance responsibility is not only a statement of transparency, accountability and fairness, but also essential components of responsible investment strategies committed to sustainable practices and ethical standards in all financing and investment decisions. The Iraqi banking sector represents the provision of the necessary financing to meet its nationally defined goals in Iraq, and all of this highlights the importance of the role of the Central Bank, led by Ali Al-Alaq, in achieving this goal."

He pointed out that "with the development of the banking, financial and operational sector's capabilities over the past years, this achievement is complementary to other initiatives led by the Central Bank, the latest of which was the launch of the national strategy last May."

He pointed out that "the Central Bank is a model in developing strategies that serve the development of the banking sector in a way that reflects positively on the external view of the banking system and makes it a tributary that enhances sustainable development in Iraq," expressing his "thanks to the government of the Kingdom of the Netherlands for their support in reaching this achievement and to the Central Bank team and the International Finance Corporation whose tireless work enabled us to reach this achievement."  LINK

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Clare: Prime Minister invites Secretary-General of Digital Cooperation Organization to visit Iraq

9/22/2024  Baghdad - WAA

Prime Minister Mohammed Shia Al-Sudani extended an invitation to the Secretary-General of the Digital Cooperation Organization, Dima Al-Yahya, to visit Iraq.

The Prime Minister's Media Office stated in a statement received by the Iraqi News Agency (INA), that "Prime Minister Mohammed Shia Al-Sudani received yesterday evening, Sunday, Baghdad time, the Secretary-General of the Digital Cooperation Organization, Dima Al-Yahya, on the sidelines of his participation in New York in the 79th session of the United Nations General Assembly."

At the beginning of the meeting, the Prime Minister expressed his "thanks for Dima Al-Yahya's serious efforts and interest in Iraq's accession to the organization, which represents a personal interest for him, with what the organization can provide in terms of expertise, skills, training, and codification of laws and rules for all digital businesses, most notably digital trade and how to activate and benefit from it." 

The Prime Minister stated that "a higher committee for digital transformation in Iraq has been formed, headed by the Prime Minister, and the committee will develop a comprehensive strategy for digital businesses and artificial intelligence, in line with Iraq's ambitions and international requirements in the field of digital transformation, extending an official invitation to Al-Yahya to visit Iraq."

For her part, Al-Yahya welcomed "Iraq's approval to join the Digital Cooperation Organization, as there are multiple action plans and programs that will soon see the light in Iraq after it signs the organization's charter, and she stressed that Iraq will be one of the countries that benefit from the transfer of skills and training."  LINK

Clare:  Prime Minister: Committed to supporting multilateralism in addressing global challenges

9/22/2024  Baghdad

Prime Minister Mohammed Shia Al-Sudani affirmed, on Sunday, the commitment to work with the international community to find common solutions and cooperate in building a better and more sustainable future for all, while calling for strengthening international cooperation in the fields of land, maritime, cyber, and outer space security, in order to ensure comprehensive security.

The Prime Minister's Media Office stated in a statement, which was reviewed by "Al-Eqtisad News", that the Prime Minister participated in the Future Summit held in New York on the sidelines of the 79th session of the United Nations General Assembly.

He pointed out that "the summit aims to enhance cooperation on key challenges, bridge gaps in global governance, reaffirm existing commitments to the Sustainable Development Goals (Global Goals) and the United Nations Charter, and lay the foundations for more effective global cooperation that can deal with today's challenges and any new threats that may arise in the future."

He explained that "the Prime Minister delivered Iraq's speech at the summit, during which he stressed the pursuit of serious steps towards achieving sustainable development and effectively responding to the goals of the National Development Plan (2024-2028), by adopting comprehensive strategic reforms." 

The following are the most prominent points made in the Prime Minister's speech at the Future Summit:

• We are working to enhance economic reform and improve the conditions of the most vulnerable groups.

• We have adopted a strategy that advances vulnerable groups in terms of social justice, and builds human resource capacities through developing education and health, and caring for youth and women.

• Committed to establishing the concepts of climate justice, especially in combating drought and desertification and ensuring the sustainability of water resources and food security.

• Confronting climate challenges requires effective international cooperation within the framework of the United Nations Framework Convention and the Paris Agreement.

• We stress the need to give Iraq priority in climate finance, as it is one of the most affected countries, and we have begun implementing our commitments set forth in the National Contributions Document.

• We support investments aimed at diversifying the economy away from oil, with a focus on the role of the private sector in providing job opportunities.

• Sustainable development requires ambitious investments, and we are keen to provide incentives to the private sector and invest in renewable energy projects.

• We strengthen our international relations on the basis of mutual respect and common interests, and commitment to the principle of not allowing our territories to be used to attack other countries.

• We support all efforts to promote human rights and involve civil society organizations in achieving development goals.

• Achieving peace requires a joint international effort, and diplomacy and dialogue are key to achieving stability.

• We call for strengthening international cooperation in the areas of land, maritime, cyber, and outer space security, to ensure comprehensive security.

• Science and technology are the basis of sustainable development, and we are working to transition to a digital economy and provide an integrated database to support decision-making.

• We seek to enhance international cooperation in the field of technology transfer and capacity building, while supporting Iraqi inventors in every forum.

• We encourage scientific research in clean oil and gas technologies, and work to enhance technical education to provide young people with the skills required for the modern labor market.

• Enhancing international cooperation is essential to ensure that countries have access to the necessary tools and capabilities to benefit from artificial intelligence in a responsible and ethical manner.

• We emphasize the importance of adopting clear strategies for using artificial intelligence safely and responsibly to serve humanity.

• We seek to provide a supportive environment for youth by holding workshops to enhance their role in development.

• We are keen to provide advanced educational opportunities and training programs, and cooperate with the United Nations to develop indicators to measure youth development.

• We call for reforming international institutions to enhance their representation and ability to address global challenges.

• We are committed to public sector governance, combating corruption, removing obstacles to private sector growth, and focusing on accelerating digital transformation and activating laws to hold violators accountable.

• Iraq is committed to working with the international community to find common solutions, and our cooperation will contribute to building a better and more sustainable future for all.

• We stress the need to end the ongoing aggression on Gaza and Lebanon, and work to establish security and stability in the region and the world.  LINK

Some Iraq News Posted by Clare at KTFA 9-22-2024

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Clare:  Central Bank of Iraq: We are studying removing zeros from the dinar and there are no restrictions on our balances in America

9/22/2024

The Central Bank of Iraq reduced, on Sunday, its reliance on the US dollar in commercial transactions, adding that the project to remove zeros in Iraq is under continuous review and study.

Countries remove zeros from their currency to revalue their national currency and simplify financial transactions. This is done by removing a specific number of zeros from the nominal value of the currency, making it appear less inflationary and more stable.

In this context, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, confirmed that the Central Bank responded to global economic challenges such as rising energy and raw material prices, by amending some monetary policies in line with the international situation and to enhance confidence in the Iraqi dinar and prevent a sharp decline in its value.

Al-Alaq added that the Central Bank of Iraq increased its holdings of foreign exchange and gold reserves to enhance the country's financial position and stability, in order to enhance its ability to confront potential economic crises.  LINK

Clare:Erbil transfers 91 billion dinars to Baghdad

9/22/2024  Baghdad

The Ministry of Finance and Economy in the Kurdistan Regional Government announced today, Sunday, the transfer of more than 91 billion dinars to the account of its federal counterpart.

The ministry said in a statement that it had deposited an amount of 91 billion, 151 million, and 784 thousand dinars into the bank account of the Federal Ministry of Finance at the Central Bank of Iraq/Erbil branch.

She explained that this amount represents the federal treasury's share of non-oil revenues in the region for the month of May 2024.   LINK

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Clare:  Iraq participates in the "Future" summit at the United Nations in New York

9/22/2024

The Chairman of the Communications and Media Commission, Ali Al-Muayyad, represents the Republic of Iraq in the "Future" Summit, which is being held over four days at the United Nations headquarters in New York City, before the start of the General Assembly.

The Communications and Media Commission said in a statement today that Iraq's participation in this important international event comes to enhance its role in discussing major global issues and contributing to formulating the Charter of the Future.

The Future Summit is one of the most prominent events hosted by the United Nations, focusing on five main tracks including sustainable development and finance, peace and security, the digital future for all, youth and future generations, and global governance.

The summit also includes pivotal issues that intersect with all the work of the United Nations, such as human rights and the climate crisis.

The Authority's delegation also held a number of side events and dialogues related to the summit topics, the formulation of the Charter of the Future, and working to play a pivotal role in its implementation, according to the Authority's statement.  LINK

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Clare: Al-Sudani attends the opening of the Future Summit on facing future challenges

The Future Summit on facing future challenges began in New York on the sidelines of the 79th session of the United Nations General Assembly.

The government statement, a copy of which was received by {Euphrates News}, stated: “Prime Minister Mohammed Shia Al-Sudani is attending the opening of the Future Summit on Confronting Future Challenges, which is currently being held on the sidelines of the 79th session of the United Nations General Assembly in New York.”

"The Prime Minister will deliver Iraq's speech at the summit," he added.   LINK

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Clare:  Kuwaiti Decree to Avoid Double Taxation and Prevent Financial Evasion with Iraq

9/22/2024

Kuwait announced the issuance of a decree approving an agreement with Iraq aimed at avoiding double taxation and preventing financial evasion with regard to taxes on income and capital.

The Saudi "Argaam" Agency reported that the explanatory memorandum came out of a desire to strengthen mutual economic relations between the governments of Kuwait and Iraq, as the agreement was signed to avoid double taxation and prevent financial evasion.

Article (1) of the agreement indicated that it applies to persons residing in one or both of the contracting states, while Article (2) stipulated the taxes covered by this agreement.

The agreement includes a definition of dividends, which means income from shares, beneficial ownership, founders' shares or other rights not representing debt claims, as well as participation in profits. It also includes income from other corporate rights, such as income from shares, according to the laws of the Contracting State of which the company distributing the income is a resident.

The agreement stipulated the necessity of exchanging confidential information between the competent authorities in the two countries, related to the implementation of the provisions of this agreement.

In addition, the agreement excluded income derived by a resident of a Contracting State as a theatre, cinema, radio, television, or musical artist, or as a sportsperson, as these categories may be subject to tax in the other Contracting State.  LINK

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Clare:  Will Parliament resort to the courts to dismiss Al-Alaq?

 Baghdad

Member of the Parliamentary Integrity Committee, MP Hadi Al-Salami, revealed today, Friday, that the Governor of the Central Bank, Ali Al-Alaq, refused the request to host him in Parliament, while threatening to resort to the courts to file a complaint against the negligent.

Al-Salami said in a statement, "We previously approached the Parliament Presidency and approval was obtained to host the Governor of the Central Bank to direct a parliamentary question."

He added, "The Governor of the Central Bank refuses to attend, and we will resort to the competent courts to file a complaint against anyone proven to be negligent regarding the difference between the official and parallel dollar rates."

He explained that "the difference between the official and parallel rates reaches 35 million dollars per day."  LINK

Some “Iraq News” Posted by Clare at KTFA 9-20-2024

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Clare:  Al-Sudani leaves for New York early next week to participate in the UN General Assembly meetings

9/19/2024

Government sources announced that Prime Minister Mohammed Shia al-Sudani will leave for New York early next week to participate in the meetings of the United Nations General Assembly.

The sources stated that al-Sudani will head a high-level government delegation to New York
and will deliver Iraq's speech before the United Nations General Assembly.

Al-Sudani will also meet with world leaders on the sidelines of the United Nations General Assembly meeting.   LINK

Clare: Rafidain Bank announces the activation of the comprehensive banking system in 42 branches

9/20/2024  Baghdad - WAA

Rafidain Bank announced today, Friday, the activation of the comprehensive banking system in 42 of its branches spread across Baghdad and the governorates.

The bank said in a statement received by the Iraqi News Agency (INA), "The comprehensive banking system has been activated in 42 of its branches spread across Baghdad and the governorates  LINK

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Clare:  With the participation of Iraq.. An international conference discusses clean energy transformations and optimal gas investment

9/20/2024  Baghdad - WAA

The Ministry of Oil participated in the "2024 Gastech" exhibition and conference in the US state of Houston, while the conference discussed clean energy transformations and the uses of gas and nitrogen.

The Ministry of Oil stated in a statement received by the Iraqi News Agency (INA), that "the Ministry of Oil participated in the "2024 Gastech" exhibition and conference held in the US state of Houston."

The Undersecretary of the Ministry for Gas Affairs, Izzat Saber, who headed the ministry's participating delegation, said that "the exhibition and conference discussed the transition to clean energy and optimal investment in gas and the uses of gas and nitrogen." 

The Undersecretary met, according to the statement, "delegations of some companies participating in the exhibition, where he visited the Baker Hughes pavilion and the Shell pavilion."

It is noteworthy that the "2024 Gastech" exhibition and conference, which started on September 17 and will continue for four days, was attended by the US Deputy Secretary of State for Energy Affairs and the Ministers of Oil and Energy of Turkey, India, Libya, Mauritania, and international companies, experts and specialists in the field of energy.

The participating ministry delegation included the general managers of the Department of Studies, Planning and Follow-up, the South Gas Company, the North Gas Company, and representatives of the Basra Oil Company and the Government Media and Communication Office. LINK

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Clare:  Chairman of the Investment Authority: More than 100 opportunities are ready for contracting at the "Iraq Investment Forum"

9/20/2024

The National Investment Commission announced the imminent launch of the Iraq Forum 2-3 next November, which represents a positive reflection of the economic arena in Iraq, and expresses the efforts of the Commission and all supporting parties over a full year of diligent work to reach productive economic projects and activate social projects that serve the Iraqi citizen.

The head of the authority, Haider Makiya, said during a joint press conference with the Deputy Director of the Prime Minister's Office and Chairman of the Diwani Order Committee for the Forum, Ali Razouki, and the Chairman of the Iraqi Economic Council and member of the Diwani Order Committee, Ibrahim Al-Masoudi Al-Baghdadi, today, Thursday, that "more than 100 diverse opportunities in important strategic sectors with complete sectoral approvals and ready for contracting will be announced during the forum, and in what is known as the government effort represented by the Prime Minister's Office and the Iraqi Economic Council, in addition to the authority team and all the ministries and governorates supporting this great exceptional effort," calling on owners of capital, companies and investors to be actively present in this major international forum that will give them a wide opportunity to closely view these opportunities and answer all inquiries related to these projects.

For his part, Deputy Director of the Prime Minister's Office and Chairman of the Diwani Order Committee, Ali Razouki, said that "the success in attracting and attracting these companies represents a gain for all the sectoral parties contributing to the completion of these investment portfolios," noting that the forum's activities will coincide with the launch of the 48th Baghdad International Fair, which will allow these companies to attend the forum and learn about the available opportunities."

In turn, the Chairman of the Iraqi Economic Council, Ibrahim Al-Masoudi Al-Baghdadi, a member of the Diwani Order Committee, reviewed the investment opportunities that will be announced during the forum's activities, distributed over 7 sectors, namely (heavy and medium industries, agriculture and animal production, in addition to the tourism, housing, real estate development, energy, transportation and ports, and communications sectors), which he described as strategic opportunities, the first of their kind in Iraq and the region, as they are fully completed and express a real need in those sectors for capital and investing companies.  LINK

Some “Iraq News” Posted by Clare at KTFA

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Clare:  Baghdad to host tomorrow the conference "Electronic Payment towards Financial Stability in Iraq"

9/13/2024

The activities of the "Electronic Payment towards Financial Stability in Iraq" conference will start tomorrow, Saturday, in the capital, Baghdad, under the patronage of Prime Minister Mohammed Shia Al-Sudani, and jointly organized by the Prime Minister's Office, the Association of Private Banks and the Central Bank of Iraq, at the Rashid Hotel and in the presence of Arab and international banking figures. LINK

Clare:  National Security announces the launch of the first cybersecurity platform in Iraq

9/13/2024

 The National Security Service announced, today, Friday, the launch of the first cybersecurity platform in Iraq.

The official spokesman for the National Security Service, Arshad Al-Hakim, said in a video clip that “the National Security Service participated in awareness and educational activities at the 25th International Book Fair,” indicating that “the National Security Service launched the first cybersecurity platform in Iraq.”

He added that "the platform will secure the links used by citizens," noting that "the platform will enable citizens to know whether their data has been leaked or not."  LINK

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Clare:  The Central Bank sponsors the Baghdad International Book Fair

September 12, 2024

The Central Bank of Iraq is participating in the 25th session of the Baghdad International Book Fair, which kicked off today, Thursday, under the slogan “Iraq Reads” in the presence of a number of ministers, educated officials and specialists.

The Central Bank of Iraq is sponsoring this important cultural event and is participating through its pavilion in the exhibition hosting the events, with the participation of 600 Iraqi, Arab and foreign publishing houses from 21 countries.

The exhibition’s activities will continue until Sunday, September 22, 2024, which will be full of the presence of Iraqi, Arab and foreign writers and thinkers, who will organize morning and evening seminars, signing parties, art exhibitions and plays.

 Central Bank of Iraq 
Media Office 
September 11, 2024

https://cbi.iq/news/view/2669

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Clare:  Trade participates in UNESCO Digital Education Week

9/11/2024

The Ministry of Trade announced, on Wednesday, the presence and participation of its commercial attaché in Paris in the Digital Transformation Week for the Education Sector, which was held at the headquarters of the United Nations Educational, Scientific and Cultural Organization (UNESCO).

It said in a statement: The forum included the presentation and discussion of a number of topics, most notably the presentation of Arab and foreign experiences in the use of technology and artificial intelligence (AI) in education and the mechanisms of green and sustainable digital transformation for the education sector and the role of private sector companies in this field.

The statement pointed out "the importance of Iraq's participation in this forum to learn about the latest programs and initiatives adopted by UNESCO in supporting digital transformation and artificial intelligence and methods of financing these programs, in line with the Iraqi government's orientation towards adopting governance and digital transformation in all activities and services provided by Iraqi ministries."   LINK

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Clare:  Among them is the "Al-Nouri Complex" in Mosul.. A review of global engineering visions that were not applied in developing other cities

9/13/2024

The American website "Ark Daily", which specializes in architectural news, reviewed a group of envisioned engineering projects for cities and regions in several countries, including the Al-Nouri Complex in the Iraqi city of Mosul.

The American website, which specializes in planning, explained in a report translated by Shafaq News Agency, that "the master plans, or what is called the 'Master Plan', represent comprehensive design strategies that lead the future development of cities, regions, or mega projects."

The report pointed out that "such projects, which have not been implemented, from a design and architectural perspective, reflect a serious effort to achieve a balance between the need for flexibility and long-term vision and the integration of infrastructure with public space. These are engineering plans that often include sustainable development, urban cohesion and cultural interconnection."

The report explained that the "Master Plan" does not only constitute the physical environment, but also the social fabric of communities by focusing on the possibility of walking, multi-use spaces, and the combination of the natural environment and that which is being built, which reflects the role that architecture plays in shaping the future of urban life.

The report noted that "the unbuilt projects it reviews represent visionary urban strategies, including the bold reconstruction of Iraq's al-Nouri complex as a cultural and spiritual center, projects that deal with complex narratives of memory and restoration."

Regarding the reconstruction of the Al-Nouri complex, the report said that it “represents the cultural and spiritual core of Mosul, and reflects the reconstruction of collective memory through ‘Mosul in the minds of Mosulis’.”

The report continued, saying, "Despite the unexpected demolition of the city and the huge material and social losses it caused, hope will increase as the Al-Hadba minaret begins to rise towards the sky, while the dome of the prayer hall will be a symbol of the beautiful neighborhoods of Mosul."

The report considered that "the Nouri complex is a starting point for collective recovery and the new cultural and spiritual core of the city."

The report also reviewed other sustainable engineering projects related to the village of Damoun in Palestine, the city of Mokolo Green Scarf in Cameroon, the Marine Research Center in Yemen, the city of Ever de Bleikrij in Belgium, the city of Trikala in Greece, the waterfront in the Canadian city of Vancouver, in addition to cities in Turkey, the United States and India.  LINK

Clare:  North Oil begins preparing Kirkuk fields to hand them over to BP

9/13/2024

A responsible source in the North Oil Company reported on Friday that it has begun preparing oil wells in Kirkuk Governorate and determining production levels in preparation for handing them over to the British company " BP " for development.

The source told Shafaq News Agency, "The North Oil Company has started developing a work plan to reach the highest possible production from the Kirkuk, Bai Hassan, Jambur, and Khabbaz fields, before handing them over to the British company ( BP ), which was contracted to develop these fields."

He added, "The Fields Authority was directed to implement the drilling and reclamation plan during the current year, and to conduct activities to activate wells without a tower, and to expedite the provision of yards in coordination with the Projects Authority, with the completion period for each yard set at three weeks."

The source added, "The company is working on extending the pipes and completing their equipment within the specified time period to connect the Bai Hassan wells 198 and 199, with implementation to take place within one month."

He explained that "the company is working on connecting the valves of five wells in the Khabbaz oil field, completing the repair of damaged pipes in the Shuraw/Baba Dome station, and stabilizing production rates for the wells northwest of Avana, according to the expected plans for the Kirkuk oil field, which will contribute to raising the efficiency of the production process."

He pointed out that "the company will complete all the requirements of the British company within three weeks to a month, and a meeting will be held with the company's representatives in the coming days for the purpose of completing and implementing what was signed, and then following up on the program that the British BP will implement to increase the production of the North Oil Company."

In this context, economic expert Ali Khalil confirmed to Shafaq News Agency, "The contract of the British company ( BP ) that was signed by the Iraqi government through the Ministry of Oil must oblige the British company to carry out its work in an integrated manner and for its work to be tangible through an increase in production and results within a specific period."

He pointed out that "the British company had a previous contract in 2013 with the North Oil Company and ended the contract in January 2020 for $100 million, but it left work with the North Oil Company."

Khalil explained that “the previous contract included 3D seismic studies of the field’s reservoir to build on the 2D data that was already available, as it is estimated that the Kirkuk field contains about nine billion barrels of recoverable oil.”

On August 1, Prime Minister Mohammed Shia al-Sudani sponsored the signing ceremony of a comprehensive oil memorandum of understanding between the Ministry of Oil and the British Petroleum Company ( BP ) to develop Kirkuk oil and gas production fields.

On the Iraqi side, the agreement was signed by Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani, while on the BP side, the agreement was signed by the company ’s CEO Murray Auchincloss.

The memorandum includes the rehabilitation and development of the four fields of the North Oil Company in Kirkuk, namely the Kirkuk field with its two domes (Baba and Avana), the Bai Hassan field, the Jambur field, and the Khabbaz field, as well as the possibility of agreeing on other fields or exploration areas by agreement of both parties, in light of the government’s efforts to optimally invest in promising opportunities in the energy sector, with the aim of increasing and enhancing oil production and gas and solar energy investments in this region.   LINK

Some “Iraq News” Posted by Clare at KTFA 9-10-2024

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Clare:  Citizen and exchange rate

9/9/2024  Bashir Khazal

 In economics, the external value of a currency lies in the presence of a balance or surplus in the current account of the balance of payments relative to the gross domestic product, which should indicate a stable state at a minimum, not less than 4 percent annually.

 To achieve this goal, it is necessary to rely on a sustainable increase in the annual growth rate of the gross domestic product, provided that exports exceed imports, within the country’s trade balance.

In the past, the country had the capacity to export goods and services more than it imported, which strengthened the value of the national currency, especially the external value of the currency itself, during those years, especially in the early seventies, and the economy indicated a positive state, in addition to the availability of foreign reserves that support the main buffer against potential external factors and their effects on the overall economic situation.

 In the current economic system, currency prices are determined globally in two main ways, namely floating and fixed prices and through local and international factors that control the strength of the currency in supply and demand, interest rates, inflation and growth in the local economy, the trade balance and other influences, but the strength of the national currency is linked to its external value, specifically the exchange rate, as the external value of money is directly linked to the stability of the current account of the balance of payments, especially in the long term, in addition to the stability of foreign reserves in the central bank of the country, which strengthens the strength of the Iraqi dinar and the stability of the exchange rate.

On the other hand, the value and stability of the currency are linked to the internal value of the national currency itself. Just as we talk about the stability of the external value of the currency in the exchange rate and its exchange power with other currencies, the internal value of the currency is the other side of the stability Currency and its strength, here the value of the national currency is directly linked to the general price level, which means the strength of goods and services expressed in money. There is a correlation between price stability and the value of the national currency, and this requires the availability of a wise monetary policy, undertaken by central banks that make the growth in the money supply commensurate with the growth in the gross domestic product or national income.

The quantitative theory of money is based on the principle of the neutrality of money, which explains that the cause of inflation in the long term is money itself, as the growth in the money supply in a way that is not commensurate with the growth in the gross domestic product leads to either inflation or contraction in the growth of the general price level

If the amount of money in the economy increases, and unless there is a parallel increase in economic output, this will lead to an increase in the general price level, and a loss of control over exchange rates, even if the state sets the exchange rate in a way that is different from what is sold in the market.

The best evidence of this is that the exchange rate in most Iraqi markets is still fluctuating between 149-150 thousand Iraqi dinars for every 100 US dollars, while the government exchange rate is 132 thousand Iraqi dinars for every 100 dollars. American, but it did not bring any significant benefit to the citizen, but rather only speculators, brokers, traders and some companies profited from the price difference.  LINK

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Clare:  Signing several new agreements.. What is the agenda of the Iranian President's visit to Iraq?

9/10/2024

Iranian President Masoud Pezeshkian is scheduled to arrive in the Iraqi capital, Baghdad, tomorrow morning, Wednesday, on his first foreign visit since assuming his current position.

According to the visit's agenda, upon his arrival at Baghdad International Airport, Pezeshkian will head to the site of the assassination of former Iranian Quds Force commander Qassem Soleimani and deputy head of the Popular Mobilization Authority, Abu Mahdi al-Muhandis.

After that, he will head to the government palace where the official reception ceremony will take place by the President of the Republic of Iraq, Abdul Latif Jamal Rashid.

In the capital, Baghdad, Zeshkian will meet with: the Iraqi President, Acting Speaker of Parliament Mohsen Al-Mandalawi, Prime Minister Mohammed Shia Al-Sudani, and Chief Justice of the Supreme Judicial Council Judge Faiq Zidane.

On Wednesday afternoon, Bezeshkian will head to the Iranian embassy to attend two meetings, the first with Iranian merchants, and also with the Iranian community residing in Iraq.

On Wednesday evening, the Iranian president will be a guest at the dinner table of the "State Administration" coalition, which consists of most of the political blocs represented in the Iraqi parliament.

On Thursday, Bezeshkian will head to the cities of Najaf and Karbala, then to Basra in the far south of Iraq, and then to Erbil, the capital of the Kurdistan Region.

According to information received by Shafaq News Agency, during this visit, 10 to 15 agreements will be signed in Baghdad, most of which are economic, educational and cultural, and a security agreement may be included, but it is not confirmed.

The president is accompanied by the ministers of foreign affairs, defense, and trade, as well as a group of other Iranian ministers and officials.   LINK

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Clare:  Iraq's financial revenues exceed 77 trillion dinars in 7 months of 2024

9/10/2024

The Ministry of Finance revealed on Tuesday that the size of Iraqi revenues in the federal budget during 7 months exceeded 77 trillion dinars, confirming that the oil contribution to the budget remains around 89%.

Shafaq News Agency followed the data and tables issued by the Ministry of Finance last August for the accounts of January, February, March, April, May, June and July for the current fiscal year, which showed that oil is still the main resource for Iraq's general budget, reaching 89%, indicating that the rentier economy is the basis for the country's general budget.

The financial tables indicated that the total revenues for seven months of the current year amounted to 77 trillion, 475 billion, 502 million, 239 thousand, and 546 dinars, indicating that the total advances amounted to 15 trillion, 664 billion, 477 million, 820 thousand, and 559 dinars. 

According to the financial tables, oil revenues amounted to 69 trillion, 55 billion, 827 million, and 984 thousand dinars, which constitutes 89% of the general budget, while non-oil revenues amounted to 8 trillion, 317 billion, 883 million, and 512 thousand dinars.

For his part, economic expert Mohammed Al-Hasani said in an interview with Shafaq News Agency, "The economic problem in Iraq is due to the failure of the regimes that ruled Iraq to achieve the mission of moving towards a developmental economy by investing the oil wealth in diversifying the economy, creating productive employment opportunities, raising the level of human development, and ridding it of rentierism."

Al-Hasani stressed the necessity of "activating a set of laws that encourage the local and foreign private sector to enter the Iraqi market, including customs tariff laws, consumer protection, anti-monopoly laws, and others."

In March 2021, the Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, confirmed in an interview with Shafaq News Agency that the reasons for the economy remaining rentier are due to the wars and the imposition of an economic blockade on Iraq during the past era and the political conflicts we are witnessing today, which led to the dispersion of economic resources.

The continued reliance of the Iraqi state on oil as the sole source of the general budget puts Iraq at risk from global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, which thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions.   LINK

Clare:  Central Bank of Iraq announces comprehensive banking reform map

9/8/2024  Samir Al-Nusairi

After the Central Bank delegation returned from the last round of negotiations with the US Treasury and the US Federal Reserve, it revealed the roadmap for radical and comprehensive banking reform, which begins with working to cancel...

 The electronic platform for foreign transfers, which was implemented as a first stage to reorganize financial transfers in a way that ensures proactive control over them instead of subsequent control. This was a temporary exceptional measure and a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and approved banks, mediated by an international auditing company to conduct pre-audit of transfers before they are executed by correspondent banks.

During the year 2024, up until now, 95% of the transfer process from the electronic platform to the correspondent banking mechanism directly between it and Iraqi banks has been achieved. This means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year, according to the plan.

Thus, some expectations about possible effects on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one go at the end of this year, but rather it was originally achieved during the past period with effort and careful follow-up, except for the remaining small percentage that will be accomplished in the coming short period.

The Central Bank confirms that trade with the United Arab Emirates, Turkey, India and China represents about 70% of Iraq’s foreign trade as (imports), which prompted the Central Bank of Iraq to find channels for transfer in euros, Chinese yuan, Indian rupees and UAE dirhams, through approved correspondent banks in those countries. (13) Iraqi banks have actually begun to conduct transfer operations with a pre-audit mechanism that has been agreed upon and approved in addition to transfers in dollars.

Providing channels for personal transfers for legitimate purposes and external purchases through electronic payment channels, global money transfer companies, cash sales to travelers, and paying cash dollars for incoming transfers to the parties and purposes specified in the Central Bank’s published instructions.

The Central Bank stresses that it has placed foreign transfer operations and meeting dollar demands on sound tracks consistent with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law.

He explains that providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation, and any other price traded outside those channels is an abnormal price that those with unorthodox or illegal practices resort to, who move away from official channels in their dealings, so they bear the additional costs alone by purchasing at a higher price than the official price to delude others with the difference between the official price and others.

The map and mechanisms announced by the Central Bank will certainly lead to lifting the confusion and instability in the monetary market, which is prevalent due to the continued imposition of American restrictions on our private banks and directing accusations, slander, rumors, analyses, interpretations and targeting of the Central Bank, and will create a state of optimism by lifting the restrictions imposed on some private banks.

This means that there are great efforts made by the Central Bank, in cooperation with the government, since the beginning of 2023 until now, in the field of implementing the financial and banking reform program and fruitful coordination with financial policy, which refutes the slander.

And the accusations and spreading optimism and reassuring the market and citizens. This is what the Governor of the Central Bank had previously emphasized before the Central Bank delegation’s recent trip to America. And the new reform roadmap is a result of the efforts previously made and which the Central Bank has been working on for a year and eight months, and it is as follows:

 - Reorganizing foreign trade financing to achieve several goals at once, one of which is the transparency of foreign transfer operations that begin with the transfer process and the transferor to the final beneficiary and to the source through all data, documents and information that enhance and match reality.

All large and medium-sized companies are committed to achieving this goal. The problem now is the dealings of small traders outside the operations. 

Foreign transfers are a pressure on the dollar money market and cause it to rise.

- The Central Bank opened channels for the Chinese, Turkish, Indian and Emirati currencies, which are currencies that represent a significant weight in foreign trade, as there was a halt for a period due to a new regulation aimed at providing sufficient control over these operations.

“A new audit mechanism has been put in place by an international company, and the process has been finalised and is now being restarted.”

The Central Bank has continuously urged the opening of relations with correspondent banks, because the Iraqi bank without having external correspondents is considered a local bank and cannot open up to the world.

The Central Bank, for its part, supports and assists this trend.”

- “In light of the new regulation of the foreign exchange process, the real price at which the Central Bank sells more than $250 million daily at the official price should be considered. This means that the bank covers foreign trade, and this explains why there is no inflation or price increases.

The parallel market is a market for those who do not want to go towards the regular methods of transfer and it is an illegal trade or trade that escapes the regular procedures or other illegal operations such as drug trafficking, human trafficking, corruption money, etc.

- Whether the dollar price rose or fell is not a correct indicator, as one must look at what and how much the Central Bank sells at the official price to liquidate various needs.

- That "the primary objective of the Central Bank is to maintain the general level of prices and limit inflation, and this is supposed to be the measure of the success of monetary policy, which has succeeded in controlling this aspect and the level of inflation compared to other countries and even in previous years is much lower, and within the target, and this means that foreign trade, on which Iraq depends primarily to meet the needs of citizens, is covered by the official price."

- “There is great praise in all meetings with international organizations, including the International Monetary Fund, the Federal Reserve, and the US Treasury, for the transformations, management, and organization of the external transfer process in the Central Bank of Iraq at the present time.”  

 And that "the Central Bank's plan until the end of the year will reach 100%, with foreign transfers between Iraqi banks and correspondent banks, without going through the US Federal Reserve.

The plan to reform and lift restrictions on banks includes two axes: the first relates to conducting an audit of previous operations that were suspected by an independent external audit office, some of which have been completed while we await the completion of the audit of others in order to determine the overall picture and classify the nature of these problems and how procedures will be carried out regarding them later.

And to reach a real, stable banking sector that is consistent with what is required at the level of the national economy, and to prevent some banks from remaining marginal and not representing a real addition to the Iraqi economy, and to gain external acceptance through agreement on their implementation of international policies, procedures and standards.

- The Central Bank has not set a quota for foreign transfers for banks, and they can submit whatever foreign transfer transactions they can attract. The Central Bank does not interfere in customers’ choices, and the banks that carry out this process rely on their capabilities to attract their customers.  LINK