Sunday “News and Views” Posted by KTFA Members 2-2-2025

KTFA:

Clare: Shafaq News publishes the first amendment to the budget law for the years 2023-2025

2/2/2025

 Shafaq News Agency publishes the text of the first amendment to the Iraqi state general budget law for the years 2023-2025, which was voted on by the Council of Representatives in today's session, Sunday.

The Iraqi Council of Representatives held its fourth session of the first legislative term of the fourth legislative year this evening, Sunday, headed by the First Deputy Speaker of the Council, Mohsen Al-Mandalawi, with the attendance of 176 representatives, and the boycott of about 50 representatives.

AMENDMENT TO THE BUDGET LAW     LINK

Another_Mailman:  I believe that today was the last big hurdle that needed to be settled! Imo, the budget was already "read" the necessary amount of times and should be passed within a week. Superbowl Sunday would be great, IMO!

Clare:  THIS IS A MAJOR BREAKTHROUGH IMO. IT IS WHAT SUDANI WANTED AND HE MADE SURE IT HAPPENED TODAY! (THAT'S WHY HE HAD THOSE MEETINGS FRIDAY NIGHT.) IMO THIS IS GOOD FOR US!

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Clare:  Iraqi Parliament Approves First Amendment to General Budget Law for 2023-2025

2/2/2025

The Iraqi Parliament voted, on Sunday, on the draft law of the first amendment to the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2024 - 2025) No. (13) of 2023.

For his part, independent MP Ahmed Majeed announced in a statement to Shafaq News Agency that members of the House of Representatives from the central and southern governorates boycotted the parliament session held today, considering that voting on the budget is "a violation of the law and the internal regulations of the council due to the lack of a legal quorum."

Majeed explained that "the number of representatives present does not exceed 140 representatives, which means that the quorum is not achieved," stressing that they doubt the legitimacy of the session.

He added: "We will file an appeal with the Federal Court against the House of Representatives for violating the law and proceeding with the vote on amending the budget law."

The Iraqi Council of Representatives held its fourth session of the first legislative term of the fourth legislative year a short while ago, headed by the First Deputy Speaker of the Council, Mohsen Al-Mandalawi, with the attendance of 176 representatives, and the boycott of about 50 representatives.

A parliamentary source told Shafaq News Agency, "The representatives of the Central and Southern Front boycotted the session in protest against the amendment of the budget law. The number of representatives of the Front is about 50 representatives, most of whom are independents."

The representative of the Central and Southern Front, Raed Al-Maliki, said during a press conference held in the parliament building with the participation of the representatives and attended by a Shafaq News Agency correspondent, "We are a group of representatives from the central and southern governorates who boycotted the parliament session on Sunday because of the paragraph amending the budget law."

Al-Maliki added, "We requested that there be a joint administration with the regional government, and that companies be obligated to review contracts, and that other articles be reviewed, including Article 14 of the budget law, in addition to other articles and the deficit in the budget law."

He stressed, "Our demands relate to implementing the rights of the central and southern governorates and financing the government contracting expenses of companies contracting with local governments."

Parliament Speaker Mahmoud Al-Mashhadani, who is currently visiting the Iranian capital Tehran, announced before his departure that Parliament will approve today, Sunday, amending the general budget in accordance with the text sent by the Council of Ministers.

Earlier today, the Coordination Framework, which brings together Shiite political forces, revealed the existence of a political agreement to pass the amendment to the budget law during the session of the Iraqi parliament scheduled to be held today.

The representative of the framework, Mohammed Radhi, told Shafaq News Agency, "There is a political agreement to pass the amendment to the budget law during today's session, as the text of the amendment was mentioned by the Iraqi government. There is a political and parliamentary will and desire to support the government's steps to resolve the differences with the region."

Radi added, "The agreement to pass the amendment to the budget law came in order to push the government to expedite sending the 2025 budget schedules, as no one wants to disrupt this budget, to prevent obstructing the construction and reconstruction process, and launching many strategic and important projects during this year."

The Finance Committee of the Iraqi Council of Representatives announced yesterday, Saturday, that the Council of Representatives will vote in today’s session, Sunday, on the government’s proposal to amend Article 12 of the General Budget Law.

The draft amendment to Article 12 of the Budget Law includes two paragraphs, the first of which relates to the costs of producing and transporting the Kurdistan Region’s oil after determining the actual estimated costs through the advisory body.”

As for the second paragraph, it stipulates that if the federal and regional governments do not agree on the costs of production and transportation, the Ministry of Oil shall choose a party to determine those costs, and as a result the cost of extracting oil from the oil fields in the region shall be calculated.

In June 2023, the Iraqi Parliament voted on the draft general budget law for the fiscal years (2023, 2024, 2025).   LINK

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Clare:  After approving the budget amendment, Shakhwan Abdullah announces containing the problem of Kurdistan oil and employees’ salaries

2/2/2025

The Deputy Speaker of the Iraqi Parliament, Shakhwan Abdullah, announced on Sunday that the problems facing the export of oil from the Kurdistan Region have been contained, after passing the amendment to the federal budget law.

Abdullah said in an interview with a number of journalists, including a Shafaq News Agency correspondent, that the budget amendment came after everyone reached this conclusion, and now there are no problems facing oil exports.

He added, "Accordingly, oil will be exported from the Kurdistan Region in the future, and our goal is to contain the problem of employees' salaries."

Abdullah expressed his thanks to all the blocs, with their various names, that voted in favor of the budget bill to resume the export of oil from the Kurdistan Region, considering it "an important step to reconnect the region to global markets."

Abdullah also said, "The decision to sell oil through SOMO removed all excuses for the federal government not to send the budget." 

He added: "Despite some problems occurring during the session, everyone eventually reached a conviction to pass this project, because any amendment would have taken us back to square one, especially since this project involves three parties: the regional government, the federal government, and the oil companies."

Abdullah stressed that "there is no longer any obstacle to resuming oil exports," explaining that the project addresses issues related to oil revenues and the return of benefits to the Iraqi government and the Kurdistan Region, and also contributes to resolving disputes related to the region's salaries and oil delivery.

The agreement came after a series of meetings between the Kurdistan delegation and the Iraqi government, the last of which was last Friday.

The issue of salaries of Kurdistan employees tops the list of disputes between Baghdad and the region, especially after the decision of the Iraqi Federal Court last year obligating both the Prime Minister of the Federal Council and the President of the Kurdistan Regional Government to localize the salaries of employees and workers in the public sector in federal banks.

Baghdad confirmed its commitment to the decision, but stipulated the submission of lists of employees’ names, while the regional Ministry of Finance considered that “ambiguity surrounds how to deal with the list.”

The Kurdistan Region has been witnessing a financial crisis and a liquidity shortage since losing its most important financial resources due to the halt of oil exports to Turkey via the Ceyhan Port pipeline after Ankara's decision to stop the flow of crude following an international arbitration ruling requiring it to pay compensation to Baghdad for the damages it suffered.

In turn, the federal government faces the challenge of securing employees’ salaries due to the budget deficit rising to more than 64 trillion Iraqi dinars, while the size of the domestic debt reaches about 14.5 percent of the gross domestic product, according to official data.   LINK

Clare: The Prime Minister sponsors the ceremony of handing over the key to Baghdad, the Arab Tourism Capital 2025

2/2/2025

Prime Minister Mohammed Shia Al-Sudani sponsored the ceremony of handing over the key to Baghdad, the Arab Tourism Capital 2025.

Last December, the Arab Tourism Organization chose Baghdad as the Arab Tourism Capital for the year 2025.   LINK

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Clare:  Rafidain Bank announces the start of distributing retirees’ salaries for the month of February

2/2/2025

Rafidain Bank announced today, Sunday, the start of distributing retirees’ salaries for the current month of February through electronic payment tools.

 The bank's media office said in a statement received by {Euphrates News}, a copy of which said, "The distribution of salaries for civilian and military retirees has begun."

He pointed out that "retirees who receive text messages can go to receive their salaries from wherever they are."   LINK

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Clare: Italy invites Sudani to sign economic agreements

2/2/2025

Prime Minister Mohammed Shia Al-Sudani received today, Sunday, the Italian Ambassador to Iraq, Nicolo Fontana, where His Excellency congratulated him on assuming his new duties, wishing him success in his work.

During the meeting, they discussed bilateral relations between the two countries and support for joint cooperation in various fields and sectors. The meeting also addressed developments in the region, especially the events in Syria and the ceasefire file in both Gaza and Lebanon.

The Italian Ambassador renewed the invitation to the Prime Minister to visit Italy and work on signing a strategic agreement between the two countries, similar to the two agreements signed by Iraq with France and the United Kingdom.   LINK

FRANK26….1-31-25…….SUDANI’S MEETING....WITHOUT CHANGE !!!

KTFA

Friday Night Conference Call

FRANK26….1-31-25…….SUDANI’S MEETING....WITHOUT CHANGE !!!

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=eghNKDw4QcE

FRANK26….1-29-25….TRILLIONS TO BILLIONS…END OF STORY

KTFA

Wednesday Night Conference Call

FRANK26….1-29-25….TRILLIONS TO BILLIONS…END OF STORY

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#

https://www.youtube.com/watch?v=BznfiRRSyY4

Some “Iraq News” Posted by Clare at KTFA 1-29-2025

KTFA:

Clare:  Our relationship with America will become stronger with an initiative that Al-Sudani will announce soon.. Expectations of his advisor

1/29/2025

Farhad Alaa Al-Din, the Prime Minister’s advisor for foreign affairs, confirmed in an article published in the English-language Emirati newspaper “The National” that Iraq offers great opportunities for American companies in the energy sector, confirming that there are discussions with several companies, including Exxon Mobil and Chevron.

He also said that the projects allocated to American companies in the coming years are estimated at tens of billions of dollars, while he expected Prime Minister Mohammed Shia Al-Sudani to announce a pioneering financial initiative that he said could change the business landscape in Iraq and strengthen its relationship with the United States.

The advisor stated that according to Trading Economics, US exports to Iraq in 2023 amounted to $2.26 billion, an increase of 230% over 2022 and 280% over 2021, while total agricultural exports alone amounted to $357 million, which is more than double the 2022 figures and three times the 2021 figures.

Article by Farhad Alaeddin, in The National, translated by 964 Network :

With the change of administration in Washington, many observers expected uncertainty regarding US policy in the Middle East, especially towards Iraq. US President Donald Trump’s priorities clearly focused on domestic issues such as immigration, economic reform, and corporate repatriation. However, his appointment of strong leaders to key foreign policy positions indicated a continued focus on maintaining US influence abroad in general, and in the Middle East in particular.

Mr. Trump and his team have demonstrated their commitment to de-escalation, and their role in helping to broker a ceasefire in Gaza was essential even before the president took office. Mr. Trump has long been engaged in the fight against ISIS, and one of his main campaign promises was the total defeat of the terrorist group.

In a March 2024 interview, he proudly noted his leadership role in the fall of ISIS, saying he “got rid of it.” While the group has been largely physically eliminated in Iraq, where it once held vast territory, it remains a threat in remote areas and now poses a risk of resurgence in Syria, particularly after the collapse of the Assad regime. Clearly, a complete and lasting defeat of ISIS, beyond any chance of recovery, will require, and indeed will be essential, strong cooperation between Iraq and the United States.

Iraq and the United States can share many security, political, and economic issues for mutual benefit. Regionally, Iraq stands out as an anchor of stability and an important player in diplomacy. Under Prime Minister Mohammed Shia al-Sudani’s “Iraq First” policy, the country has adopted a moderate and inclusive approach that prioritizes shared interests. This position enhances the country’s influence in the region and underscores its importance as a partner for the United States in maintaining stability.

The strong and thriving U.S.-Iraq relationship promotes stability and prosperity in the region, but the U.S.-Iraq relationship extends beyond military and security cooperation, encompassing sectors as diverse as energy, agriculture, education, and economic development. Al-Sudani is currently leading Iraq through an ambitious reconstruction effort, with funding exceeding any allocation in the past two decades.

Iraq offers significant opportunities for U.S. companies in the energy sector, with discussions underway with major companies such as ExxonMobil and Chevron, along with initiatives involving General Electric, Baker Hughes, KBR, and Halliburton. Overall, projects for U.S. companies could be worth tens of billions of dollars over the next few years.

 Financial institutions, including the Export-Import Bank and the International Monetary Fund, have expressed interest in supporting these efforts.

 Notably, the prime minister is expected to announce a major financial initiative that could change the business landscape in Iraq and further strengthen its relationship with the United States.

American companies are increasingly drawn to Iraq, as evidenced by the growing activities of the US-Iraq Business Council, while the events of the American Chamber of Commerce in Iraq now attract more American companies than ever before.

According to Trading Economics, a data and forecasting firm, U.S. exports to Iraq reached $2.26 billion in 2023—a significant 230 percent increase from 2022 and 280 percent higher than 2021. Agricultural exports alone totaled $357 million, more than double the 2022 figures and three times the 2021 figures. These figures are expected to rise significantly in 2024 and 2025, and U.S. farmers, in particular, will benefit from this burgeoning trade relationship.

In addition, the Iraqi government has approved a program to send 5,000 students abroad for master’s and doctoral studies, with approximately 3,000 students to study in the United States. American universities will benefit greatly from this initiative, along with collaboration with institutions such as the American universities in Baghdad, Duhok, and Sulaymaniyah.

Al-Sudani described relations with the United States as “strategic” and “institutional,” emphasizing the depth of this partnership in his recent media appearances, and in particular, in an interview with Elaph in London, hours before Mr. Trump’s inauguration on January 20, the prime minister said that Iraq “is ready to cooperate with the new administration.” He stressed that this relationship is based on the joint strategic framework agreement between the two countries, “as well as our partnership in the international coalition to fight ISIS.”

A strong and prosperous relationship between the United States and Iraq promotes stability and prosperity in the region, benefiting the interests of both countries and their people. Through strategic cooperation in security, economics, and diplomacy, this partnership has the potential to shape a more stable and prosperous Middle East.   LINK

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Clare:  In the presence of the Kurdistan Interior Ministry.. Baghdad hosts a meeting to implement the security agreement with Iran

1/29/2025

The Iraqi National Security Advisory hosted, on Wednesday, a meeting of the Supreme Committee for Implementing the Security Agreement between the Republic of Iraq and the Islamic Republic of Iran.

An official Iraqi statement received by Shafaq News Agency stated that the National Security Advisor, Qasim Al-Araji, headed the Iraqi delegation, in the presence of the Minister of Interior of the Kurdistan Region, Reber Ahmed, and representatives of the region, while the Iranian delegation was headed by Abdul-Reza Maskarian.

The meeting witnessed a review of the measures taken by the two countries to implement the terms of the agreement, in addition to discussing the current obstacles and challenges, and the necessary measures to expedite the implementation of the agreement.

During the meeting, Al-Araji stressed the Iraqi government's keenness not to use Iraqi territory as a launching pad for attacks on neighboring countries, while it was agreed to hold a subsequent meeting in the Kurdistan Region to complete the discussions.  LINK

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Clare:  Chairman of the Finance Committee: Charting a new path to manage the financial situation in Iraq

1/29/2025  Baghdad 

The head of the Finance Committee in the House of Representatives, Atwan Al-Atwani, confirmed today, Wednesday, that the committee has placed at the top of its priorities charting a new path for managing the financial situation in the country, by enhancing non-oil revenues.  

A statement by the Finance Committee, received by "Mawazine News", stated that Al-Atwani, accompanied by the delegation currently visiting the United Kingdom, met separately with Baroness Baroness de Sousa and Director of the Oversight Unit in the British House of Commons Alex Knight, in the presence of specialists from the International Partners Foundation.  

The statement indicated that the meetings addressed the prospects for cooperation between the Finance Committee in the Iraqi Council of Representatives and the relevant committees in the British House of Commons, with the aim of exchanging experiences in legislative and oversight work in a way that serves common interests.  

Al-Atwani explained, after reviewing the structure of the British House of Commons and the House of Lords, that the Iraqi Council of Representatives needs to create permanent specialized formations of experts to chart the path of legislative work, and complete the requirements for enacting laws in a way that achieves the country's supreme interests and is consistent with development plans.  

He stressed that strengthening the legislative authority with specialized formations will contribute to maturing laws and determining the actual need for legislation, away from personal interpretations.  

Al-Atwani also stressed the need to reduce dependence on oil as a primary source of revenue, noting that Iraq has other financial resources that can form basic pillars of the budget, such as customs, taxes, investment of state assets, the communications sector, and other government services.  LINK

Clare:  The Council of Ministers issues a series of decisions to develop airports and support parliamentary elections with about 400 billion dinars

1/28/2025

Prime Minister Mohammed Shia Al-Sudani chaired the fourth regular cabinet session of the current year today, Tuesday, during which the general conditions in the country were discussed, important files and priorities of the government program were discussed, in addition to discussing the topics on the agenda and taking the necessary decisions regarding them.

 The Council of Ministers followed up on the energy file, as it approved the inclusion of the Majnoon oil field in social benefit projects, equal to what is in effect in other licensing contracts, and enabling the Ministry of Oil/Basra Oil Company to implement service projects in accordance with the mechanism set out in Cabinet Resolution (24318 of 2024) regarding the implementation of social benefit projects for licensing round contracts, as well as the Ministry of Finance allocating an amount of (10) million dollars annually from the Majnoon oil field account, to implement the projects under discussion within the planning budget of the company operating the field/Basra Oil Company.

In order to develop and organize the work of airports, the following was approved:

1. The Ministry of Transport shall contract with the specialized international consultant (International Finance Corporation IFC) to prepare the investment booklet for the management, operation and development of airports (Basra, Mosul, Dhi Qar and Najaf), in partnership with the private sector (PPP) according to a specific timetable in cooperation and coordination with the Civil Aviation Authority, and the cost of the consulting study shall be borne by the winning bidder and a portion by the relevant governorate.

2. The Ministry of Transport or the governorate (in which the airport is established) shall be responsible for contracting with the party with which the partnership is required (the winning bidder), in coordination between the aforementioned ministry and the governorate in which the airport is established.

3. The Ministry of Transport shall supervise and monitor the airports, including the revenues generated from the airport and employment in it, in coordination with the governorate in which the airport is established, which shall be the liaison with the federal government in facilitating all relevant government procedures.

4. The management of passports, customs, health, security, airport security, air traffic control, standardization and quality control at airports shall be the exclusive responsibility of the federal government.

5. Baghdad International Airport is excluded from the aforementioned paragraph (2), and the Ministry of Transport remains the contracting party with the investor.

In the same context, the Council of Ministers approved the following:

1. The Ministry of Transport/Iraqi Airways shall pay the fees due after signing the investment or partnership contract in accordance with the civil airports wage system (No. 6 of 2018).

2. The Ministry of Transport shall negotiate with investors or participants in airport management to determine the minimum amount of airport revenues that must be guaranteed by the Iraqi side, and the negotiation minutes shall be submitted to the Council of Ministers to enable the Ministry of Finance to provide the required guarantees.

3. The Ministry of Transport shall agree with the investor or participant in airport management to include a clause in the contract that includes determining the amount of compensation to be paid, in the event that the airport management or any government agency with jurisdiction terminates the investment or partnership contract by its sole will before the end of the contract term.

4. The Ministry of Transport, the Civil Aviation Authority and the Advisory Board shall prepare a draft amendment to the airports wage system No. (6 of 2018), ensuring that the issue of fees collected is addressed in accordance with the aforementioned system, in a manner consistent with the nature of contracts and the economics of the air transport market.

As part of the financial reform measures, the Council approved the preparation of a draft law stipulating that the work of the Insurance Bureau be linked to the Central Bank of Iraq, as the Bureau is one of the non-banking financial institutions that works to regulate and supervise the insurance sector, in a way that ensures its development and secures an open, transparent and financially secure market.

In the field of tax cooperation, it was agreed to authorize the Director General of the General Tax Authority at the Ministry of Finance to negotiate and initial the draft agreement to avoid double taxation and prevent evasion of taxes imposed on income and capital between the Government of the Republic of Iraq and the Government of the Sultanate of Oman, based on the provisions of the Constitution. The Ministry of Foreign Affairs shall prepare the necessary authorization document in the name of the Government of the Republic of Iraq for the Director General of the Authority, and submit it to the General Secretariat of the Council of Ministers in order to obtain the signature of the Prime Minister.

With the aim of developing trade and simplifying procedures, the Council of Ministers approved the draft (E-commerce Regulation System in Iraq).

The Council also approved the draft law amending the first law of the Sunni Endowment Diwan (56 of 2012), which was reviewed by the State Council and referred to the House of Representatives, based on the provisions of the Constitution, taking into account the observations of the Legal Department in the General Secretariat of the Council of Ministers.

As part of the government’s efforts to develop Baghdad’s heritage areas, the Council of Ministers approved the exemption of the rehabilitation project of the heritage Qishla building (Al-Aqsa Post Office) from the instructions for implementing government contracts (2 of 2014) and the controls attached thereto, and contracting with the company nominated by the Ministry of Culture, Tourism and Antiquities.

As part of the government’s efforts to resume work on stalled and suspended projects, the Council of Ministers approved the following:

1. Establishing a component (equipping medical devices, medical and office furniture with medical supplies) within the components of the (Mosul Hospital Rehabilitation) project included in the Ministry of Health's investment budget tables for the year 2023, with a new contract according to the controls, and increasing the total cost of the project.

2. Increasing the reserve amount and the total cost of the (Residential Complex in Diyala Governorate/Al-Ghalibiya) project, and increasing the amount of supervision and monitoring.

3. Increasing the reserve amount and the total cost of the (Residential Complex in Wasit Governorate/Zurbatiya) project.

4. Increasing the reserve amount for the (Construction of Classrooms) component included within the components of the (Design and Implementation of Engineering Complex Buildings) project at the University of Babylon, and increasing the amount of supervision and monitoring, and establishing a component called (the amount of increase in unpaid dues for the Classroom Construction Component), and increasing the total cost of the main project.

As part of the government's efforts to provide support for the parliamentary elections, the Council of Ministers approved the inclusion of the difference amounting to (294.370) billion dinars, within the tables of estimates of the federal general budget for the year 2025, based on the provisions of the Federal General Budget Law (13 of 2023), so that the amount becomes (398.600) billion dinars, for the purpose of covering the costs of implementing the 2025 House of Representatives elections, as an exception to the instructions for implementing government contracts (2 of 2014), and the instructions for facilitating the implementation of the budget law (1 of 2023), and amending the text of the budget law for the years (2023, 2024, and 2025) sovereign expenditures, including the House of Representatives elections.   LINK

FRANK26….1-28-25….BANK STORIES

KTFA

Tuesday Night Conference Call

FRANK26….1-28-25….BANK STORIES

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=KrmXLVqUXWE

More “Iraq News” posted by Clare at KTFA 1-27-2025

KTFA:

Clare:  Iraq boosts financial stability with huge dollar and gold reserves in US, Europe

1/27/2025

A country that has huge reserves of hard currency is considered an economically stable country that can intervene at any time to address imbalances in the balance of payments structure. It also provides an important element in establishing the country's creditworthiness, enhances the country's credit rating in international transactions, and provides cover for its local currency.

The country that has reserves takes into account their diversification (securities, deposits, gold and bonds...) in addition to geographical distribution to reduce exposure to risks and provide returns that ensure the sustainability of these reserves.

Diversified financial assets 

In this regard, the Prime Minister's Advisor, Mazhar Mohammed Salih, explained to Shafak News Agency, "Countries seek to diversify their reserves to include different currencies and various financial assets to achieve greater stability, and the US dollar is the main reserve in the reserves of these countries, because it is the most accepted and used global currency in international transactions and the most flexible."

He added, "Most countries prefer to hold assets that provide them with a fixed and stable income, such as US or European treasury bonds that can generate annual interest, while gold does not generate fixed returns like government bonds."

Saleh pointed out that "it is difficult to deal with gold in times of crisis, as it is difficult to convert gold into liquidity quickly compared to other financial assets such as foreign currencies and bonds."

The foreign exchange reserve is the country's reserve of foreign currencies, and is called the foreign exchange reserve. The purpose of the reserve is to protect itself and maneuver with it in times of economic recession or war.

The Central Bank of Iraq announced in 2024 that Iraq has a foreign currency reserve exceeding $100 billion.

Bond investment

For his part, the economic expert and professor of economics at the University of Iraq, Abdul Rahman Al-Mashhadani, stated that “the existing reserves of hard currencies are the reserves of countries, not governments,” indicating that “Iraq possesses a group of them amounting to approximately 106 billion dollars, of which 16 billion dollars is the value of gold in these reserves, and the rest is foreign currencies.” 

Al-Mashhadani explained, during his talk to the agency, that "gold as a reserve cannot be invested except by buying and selling. Iraq sells when the price of gold rises and buys when the price falls, and thus achieves profits in this field," adding, "Its storage in international banks is subject to fees."

He pointed out that "the currency reserve is divided into more than one section, some of which are invested in US Treasury bonds in the range of 31 to 34 billion dollars, and the rest are used for debts," noting that "Iraq does not have sovereign funds like Saudi Arabia and others for surplus currencies, which are invested in various fields."

Iraq has 152.6 tons of gold reserves, which makes it 29th in the world out of 100 countries listed in the reserves table, and third in the Arab world after Saudi Arabia and Lebanon.

Foreign investment

In contrast, the financial expert and former general manager of the Central Bank, Mahmoud Dagher, pointed out that “Iraq has more than 100 billion dollars distributed among the world’s banks and central banks, especially the US Federal Reserve, the European Bank, the Bank of England in Britain, the Basel Bank in Switzerland, the Emirates, and Saudi Arabia.”

Dagher told Shafaq News Agency, "These reserves contain foreign currencies, bonds, and gold, and are managed by the Central Bank and achieve good financial returns. This is what is called foreign investment."

Coin cover

In addition, Jamal Kojer, a member of the Parliamentary Finance Committee, told the agency, "Iraq's large reserves of hard currency, including gold, provide cover for the local currency and give it stability."

Koger added, "Many bet on the fall and demise of the currency, and therefore these reserves make the central bank intervene in the event of any imbalance facing financial policy."  

Variable reserves

But the economic expert, Hilal Al-Taan, saw that “all countries of the world boast about the amount of hard currency they have as a reserve, and this currency consists of the currencies of countries such as the dollar, the euro, and the franc, as well as gold.”

Al-Taan concluded, during his interview with Shafaq News Agency, that "Iraq is among the countries that were able, after 2003, to increase their currency balance to more than 110 billion dollars, and also to increase their gold balance to more than 150 tons."

He concluded his speech by saying, "These reserves are constantly changing in terms of the returns that Iraq obtains, through investing these currencies as interest in banks and as bonds."  LINK

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Clare:  CMC and U.S. Chamber of Commerce discuss supporting the Iraqi private sector in the United States

1/27/2025  Baghdad

The Commission of Media and Communications CMC and the U.S. Chamber of Commerce discussed on Monday the support of the Iraqi private sector and its presence in the United States, stressing the importance of strengthening the presence of American technology major companies in Iraq.  

CMC stated in a statement obtained by the Iraqi News Agency (INA), that "the Chairman of CMC, Ali Al-Moayyad, received at the Commission's headquarters in Baghdad, the Chairman of the US-Iraqi Business Council and Vice President of the American Chamber of Commerce, Steve Lotus." 

 CMC added that "during the meeting, they reviewed the major transformations taking place in Iraq, including the urban revolution and the noticeable developments in infrastructure, as well as the Iraqi media experience, which is a model to be followed in the region, and the great achievements witnessed by the media sector after 2003, including the remarkable expansion in the number of media institutions."

CMC added that "the meeting discussed the importance of the communications and technology sector in supporting the Iraqi economy, as it represents the second source of state resources after the oil sector," pointing out that "during the meeting, the significant growth in the authority's resources, which tripled during the last two years, was addressed." 

 CMC pointed to "emphasizing the importance of strengthening the presence of American technology major companies in Iraq, as this represents an added value to the national economy, the transfer of modern technologies and the development of technological infrastructure," noting that "the meeting also discussed the necessary facilities to support Iraqi private sector investments and strengthen its presence in the United States, ensuring a high level of economic and technological cooperation between the two countries." 

CMC pointed out that "the meeting also reviewed opportunities for cooperation with American companies to develop the digital economy in Iraq, strengthen technological infrastructure, in addition to providing support in developing regulations and legislation that serve the private sector, and the fields of digitization and communications that are witnessing rapid developments."  LINK

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Clare:  Al-Sudani sponsors a memorandum of understanding between the Iraqi Securities and the Abu Dhabi Market

1/27/2025

On Monday, the Prime Minister of the Federal Council, Mohammed Shia Al-Sudani, sponsored the signing ceremony of a memorandum of understanding between the Iraqi Securities Commission and the Abu Dhabi Securities Market.  

His media office said in a statement received by Shafak News Agency that Al-Sudani received today the CEO of the Abu Dhabi Securities Market, Abdullah Salem Al-Nuaimi, and discussed ways of joint cooperation in the field of exchanging expertise and developing mechanisms for expanding the activities of the private sector to achieve economic growth.

The statement added that Al-Sudani sponsored the signing ceremony of a memorandum of understanding between the Securities and Exchange Commission and the Abu Dhabi Securities Market, where Faisal Wissam Al-Haimus, Chairman of the Securities and Exchange Commission, signed on the Iraqi side, and Abdullah Al-Naimi signed on the Emirati side.

The MoU includes axes of cooperation in several areas, the most important of which are enhancing and developing the monitoring of daily trading in the market, and brokerage firms, cooperation in the field of dual listing conditions and mechanisms, and in developing and using technological applications and applications and mechanisms for subscriptions and initial listings, as well as in the field of cases of suspending trading on shares and timings for re-trading, and the requirements for licensing REIT funds.

The memorandum also included the exchange of expertise in the field of training, especially the activities of supervision and information technology, trading and clearing, digital transformation and financial analysis, depositing, managing funds and portfolios and supervising them, cooperation in the field of Islamic bonds and sukuk, depositing, settlement and independent financial services, and the requirements and mechanism for opening accounts for foreign investors from outside the country.

In light of the memorandum, Emirati investments will be encouraged in establishing Iraqi companies with Emirati-Iraqi capital, and their trading in both markets will be explored, according to the statement.LINK

Clare: Baghdad and Erbil agreed.. Parliamentary consensus to pass the budget law amendment soon

1/27/2025  Baghdad

Today, Monday (January 27, 2025), the representative of the Al-Fatah Alliance, Mukhtar Al-Moussawi, confirmed that there is a parliamentary consensus to pass the amendment to the budget law during the upcoming legislative sessions.

Al-Moussawi told Baghdad Today that "there is a parliamentary agreement to pass the budget law during the upcoming sessions," noting that "there are political agreements as well as an agreement between Baghdad and Erbil on this amendment, and that the parliamentary finance committee's Meetings are continuing to agree on the final amendment formula.”

He explained that "the House of Representatives supports any agreement between Baghdad and Erbil, and we do not want the House to be a reason for obstructing negotiations and solutions."

On Thursday, January 23, 2025, the federal government denied what the Kurdistan Regional Government spokesman announced regarding submitting a proposal that differs from the Council of Ministers' amendment to the financial budget law to the House of Representatives.

Government spokesman Bassem Al-Awadi said in a statement received by Baghdad Today: “Based on the government's keenness on transparency and disclosure to citizens of the progress of its executive work, especially with regard to the budget issue, which is a fundamental pillar for implementation the obligations contained in the government program, we affirm the government's commitment to the amendments sent to the House of Representatives regarding the budget law, which takes into account the supreme national interest, and we stress that the government's representative in the House of Representatives “He stressed the necessity of not making any other amendments to the budget law that contradict the texts submitted by the Council of Ministers.”

He added, "At the same time, we deny what was stated in the statement of the spokesman for the Kurdistan Regional Government of Iraq, and we are surprised by what was stated in it regarding the claim that the representative of the federal government in the House of Representatives obstructed the amendment of the article related to the procedures for resuming oil exports from the region.”

Al-Awadi stressed "the importance of the Kurdistan Regional Government's commitment to the provisions of the Federal General Budget Law, including the delivery of financial revenues, whether oil or non-oil, to the federal government, in accordance with what is stipulated in the law and the decision of the Federal Court.”

He explained that "adherence to these procedures is a necessary step to resolve the problems related to this file and enhance cooperation between the two sides, and the federal government hopes that the House of Representatives will expedite the approval of the amendment in accordance with the text Approved by the Council of Ministers, for the benefit of Iraq, all of Iraq.”

The spokesman for the Kurdistan Regional Government said in a statement earlier today that “after a series of meetings and persistent efforts aimed at amending the federal general budget law by the Council of Representatives with the aim of resuming the export of the region’s oil, and after Completing the first and second readings, unfortunately, the draft law was not approved in the agreed-upon form at the last minute.”

He pointed out that, “What increased our surprise was that the representative of the federal government in the House of Representatives submitted a different proposal to the Council unilaterally, without prior consultation with the Kurdistan Regional Government, and without submitting it to the Federal Council of Ministers for a vote, which contradicts the previous decision of the Council of Ministers regarding the approval of the draft law amendment for the purpose of resuming the export of oil from the Kurdistan Region.”

The Kurdistan Regional Government spokesman stressed that "such attempts only serve to harm Iraq, and contribute to deepening crises instead of finding effective solutions to them. Accordingly, we declare our complete rejection of these measures and proposals, and we emphasize the necessity of presenting the agreed-upon draft law and its approval by the Federal Council of Ministers and voting on it.”LINK

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Clare: Coming from Erbil... A convoy of American military vehicles arrives at Ain al-Assad base in Anbar

1/26/2025

Information/Anbar... 
A security source in Anbar province reported on Sunday that a convoy carrying American vehicles and equipment arrived at Ain al-Assad base, coming from Erbil province.

The source told Al-Maalouma that "a large American convoy carrying American military equipment and vehicles arrived at the Ain al-Assad air base in the Al-Baghdadi area in the Hit district, west of Anbar, coming from Erbil Governorate without knowing the real Reasons behind the arrival of military reinforcements to the base building."

He added, "The convoy's movement from Erbil Governorate to Ain al-Assad base was accompanied by American aircraft flying over the areas where the convoy was located to protect it until it reached its settlement."

He explained that "American security companies are carrying out the task of delivering this equipment, while the soldiers are transported by warplanes to the Ain al-Assad air base and from there to the areas where American forces are present," stressing that "the movements of American forces' convoys have decreased significantly during the past period."  LINK

Some “Iraq News” Posted by Clare at KTFA 1-26-2025

KTFA:

Clare:  Central Bank of Iraq announces support for US investment opportunities

1/26/2025

 The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received on Sunday an official delegation from the United States headed by Steve Lutes, Vice President of the American Chamber of Commerce and President of the US-Iraq Business Council, in the capital, Baghdad.

A statement issued by the bank's media, received by Shafaq News Agency, stated that the meeting discussed strengthening banking and economic relations between Iraq and the United States, in addition to the upcoming visit of the Central Bank of Iraq delegation to Washington next April, which will include meetings with the American Chamber of Commerce and American companies.

Al-Alaq pointed out the desire of American companies to invest in the fields of energy, infrastructure and modern technology, stressing the importance of investing in the security stability witnessed by Iraq. The Governor of the Central Bank confirmed Iraq's support for the path of economic growth, with the provision of the necessary support to international companies, including American companies and banks, stressing the need for diversification in investment fields.

The two sides also discussed the mechanisms of international trade, and the process of Iraq's transition to full operation in foreign transfers through correspondent banks..LINK

Clare: The Central Bank receives an American delegation and discusses with it Iraq's foreign transfers

1/26/2025 Baghdad

The Governor of the Central Bank of Iraq, Ali Al-Alaq, met with an American delegation in the capital, Baghdad, on Sunday, and discussed with him how Iraq can move to fully operate in foreign transfers through correspondent banks.

The Central Bank said in a statement received by "Al-Eqtisad News" that "Al-Alaq received Steve Lutes, Vice President of the US Chamber of Commerce and President of the US-Iraq Business Council and his accompanying delegation in Baghdad."

According to the statement, during the meeting, they discussed banking and economic relations between the two countries, the upcoming visit of the Central Bank of Iraq delegation to Washington, and their meeting with the US Chamber of Commerce and American companies next April.

The meeting discussed the desire of American companies to invest in the energy, infrastructure and modern technology sectors and to invest in the security stability witnessed by Iraq, as indicated in the statement. 

The statement conveyed Al-Alaq's confirmation that the Central Bank "supports the path of economic growth in Iraq and provides the necessary support to international companies wishing to invest in Iraq, including American companies and banks," noting "the importance of diversification in investment sectors."

The two parties also discussed the mechanisms of international trade and the process of Iraq's transition to fully operate in foreign transfers through correspondent banks, according to the statement.  LINK

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Clare: Governor of the Central Bank: We provide the necessary support to international companies wishing to invest in Iraq, including American companies and banks.

1/26/2025

The Governor of the Central Bank, Ali Al-Alaq, confirmed that the Central Bank provides the necessary support to international companies wishing to invest in Iraq, including American companies and banks.

The Central Bank of Iraq stated in a statement: "The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met today with the Vice President of the American Chamber of Commerce, Steve Lutes, and the President of the American-Iraqi Business Council and his accompanying delegation in Baghdad."

He pointed out that "the meeting discussed the banking and economic relations between the two countries and the upcoming visit of the Central Bank of Iraq delegation to Washington and their meeting with the American Chamber of Commerce and American companies next April."

He continued that "the meeting discussed the desire of American companies to invest in the energy, infrastructure and modern technology sectors and to invest in the security stability witnessed by Iraq. The two parties also discussed the mechanisms of international trade and the process of Iraq's transition to fully operating in external transfers through correspondent banks."

During the meeting, the governor stressed that "the Central Bank of Iraq supports the economic growth process in Iraq and provides the necessary support to international companies wishing to invest in Iraq, including American companies and banks," noting "the importance of diversification in investment sectors."  LINK

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Claare: Minister of Trade calls for holding a "Made in America" ​​exhibition in Iraq and the presence of American companies in the Baghdad Exhibition sessions

1/26/2025   Baghdad/  

Minister of Trade Athir Dawood Al-Ghariri discussed with the US Chargé d'Affaires in Baghdad, Ambassador Daniel Rubinstein, Vice President of the US Chamber of Commerce and Chairman of the Iraqi-American Business Council Steve Lutes, and the accompanying delegation, ways to enhance economic and trade relations between Iraq and the United States.

The Ministry of Trade said in a statement, "The Minister stressed during the meeting Iraq's keenness to strengthen its economic relations with the United States within the framework of the government's orientations towards approving and implementing economic reforms to improve the business and investment environment.

Al-Ghariri pointed out, according to the statement, the exceptional efforts made by the Ministry in coordination with government agencies to hold the third round of negotiations for Iraq's accession to the World Trade Organization after a 16-year hiatus, as Iraq submitted files for goods and services and reviewed economic reforms, including the legislation of the Intellectual Property Law.

The Minister explained: "Iraq seeks to simplify the procedures for the work of American companies inside the country to support trade and investment between the two countries," referring to self-sufficiency in local wheat during the past two years, with the continuation of work on the memoranda of understanding signed with the American side related to the country's needs.

He called on American companies to hold a "Made in America" ​​exhibition inside Iraq and organize a forum between the Iraqi and American private sectors to review investment opportunities and available projects, and hoped that American companies would be present in the sessions of the Baghdad International Fair.

For his part, Ambassador Rubinstein expressed his aspiration for more cooperation and openness between the two countries, referring to the economic reforms that Iraq is witnessing to improve the business and investment environment. He also announced preparations for a visit by a delegation of American businessmen to Iraq next April.

In turn, Steve Lutes thanked the Ministry of Commerce for its support for the work of American companies, praising the Iraqi efforts to improve the business environment and encourage investments.

The statement added: "The two parties agreed to enhance cooperation to expand the business base and strengthen economic and trade relations in a way that serves the common interests of the two countries."  LINK

Clare:  Al-Sudani confirms Iraq's readiness to coordinate between regional countries

1/26/2025  Baghdad

Prime Minister Mohammed Shia al-Sudani confirmed, on Sunday, Iraq's readiness to coordinate between the countries of the region, especially with Turkey, regarding developments in the regional arena, reiterating Iraq's rejection of Syria being an arena for conflict.

The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Prime Minister Mohammed Shia Al-Sudani received Turkish Foreign Minister Hakan Fidan, where during the meeting, bilateral relations between the two countries were discussed, and a number of regional and international issues of common interest were discussed, especially developments in the region and events in Syria." 

The statement added, "The meeting discussed the latest developments in Syria, Gaza and Lebanon, and stressed the importance of adhering to the ceasefire."

He continued, "The meeting also discussed the importance of unifying efforts between the countries of the region in order to support its stability. In this regard, the Prime Minister affirmed Iraq's readiness to coordinate between the countries of the region, especially with Turkey, regarding the developments witnessed in the regional arena, reiterating Iraq's rejection of Syria being an arena for the conflict in which it works to establish stability, due to the impact of this on the region in general."

The Prime Minister stressed, according to the statement, "the government's follow-up on the bilateral relations file, and the implementation of the memoranda of understanding that were signed in light of his visit to Ankara last November, as well as within the framework of Erdogan's visit to Baghdad that took place in April of last year."

For his part, Fidan conveyed the greetings of the Turkish President to the Prime Minister, and expressed his country's desire for close coordination with Iraq regarding developments in the region, pointing to the desire to enhance cooperation in bilateral relations, in light of the two mutual visits of Mr. Al-Sudani and the Turkish President.

The Turkish Foreign Minister also reiterated his country's seriousness in working on the Strategic Development Road project, as well as cooperation in light of the memoranda of understanding signed between the two countries in the fields of energy, education, trade exchange, banking cooperation, and other fields.   LINK

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Clare:  Al-Sudani: Economic reforms have raised the level of foreign investments in Iraq

1/26/2025  Baghdad

Prime Minister Mohammed Shia confirmed, on Sunday, that the government has made significant progress in various aspects of economic reform and digital commercial and banking transformation, noting that economic reforms have been able to raise the level of foreign investment in Iraq. 

The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Prime Minister Mohammed Shia al-Sudani received the Chairman of the US-Iraq Business Council, Vice President of the US Chamber of Commerce Steve Lotus."

He added, "The meeting reviewed trade and cooperation relations between Iraq and the United States, and efforts to prepare for the US Companies Representatives Forum, which will be held in Iraq during this year. The implementation of 18 agreements and memoranda of understanding, which were signed during His Excellency's visit to the United States last year, was also followed up." 

According to the statement, al-Sudani praised "Lotus's efforts in sponsoring and holding forums and meetings, especially with the Iraqi private sector," stressing that "the government has made significant progress in various aspects of economic reform and commercial and banking digital transformation," pointing to the continuation of efforts to legislate the intellectual property law and introduce this concept into school curricula; In order to keep pace with global trade development.

Al-Sudani explained that “economic reforms have raised the level of foreign investment in Iraq, and that American companies are invited to participate in the development renaissance that Iraq is witnessing, and the attractive and business-friendly investment environment.”

For his part, Lutz, according to the statement, praised “the efforts of the Iraqi government in the field of reform, stressing the desire of many American companies to enter the Iraqi market, and to establish promising partnerships with the Iraqi private sector, and to contribute to development and expand the scope of commercial and investment activities.”    LINK

Some “Iraq News” Posted by Clare at KTFA 1-25-2025

KTFA:

Clare:  IBBC to Host Innovation Conference in Baghdad Next Month

1/25/2025  Baghdad – 

The Iraqi-British Business Council-IBBC announced on Saturday that it will organize an innovation conference next month in the capital, Baghdad, This announcement follows a successful visit by Prime Minister Mohamed Shia’ al-Sudani to the United Kingdom.

In a report followed by the Iraqi News Agency (INA), IBBC stated that “Iraq is stable, its economy is expanding and diversifying to meet the needs of the people. IBBC have been asked by the Iraq Prime Minster, Mr Al Sudani, to hold a Baghdad conference on Innovation”.

“Following a successful visit to the UK by the Prime Minister and several of his top ministers, a significant trade deal was announced with UK and Iraq, estimated at $15bn, across several sectors, to include cutting edge technology and knowledge transfer to Iraq. Some of these companies will be speaking at the Baghdad conference and the conference is dedicated to the theme of delivering innovation,” the statement added.

The statement further noted,"The purpose of the conference will showcase how Iraq is currently delivering Innovation and what might be possible to do soon, with the help of the Uk and International partners. IBBC has several members already delivering innovative solutions and products in Iraq, which will be showcased at the conference. We will be examining the power of knowledge transfer across all the panels and discussing what Iraq needs to do to deliver this internally, and the benefits of delivering innovation successfully".

The statement elaborated that "In his paper on ‘ease of doing business in Iraq’ Professor Frank Gunter, who is speaking, pointed out that modernising and digitising the financial system, not only will enable swifter transactions, access to and international funds, but also reduce the opportunities for corruption. Both EY and Hogan Lovells will explain their work on modernising the Central bank systems of Iraq and consolidation among banks and banking reforms,”

Stressing that “1001 is a leading Anglo- Iraqi streaming company that has already signed up over 2 million subscribers, but it is focused on protecting Intellectual property in Iraq, and this is a new opportunity for Iraqis to produce content, derive income and tax receipts from subscriptions. We expect to be joined by companies discussing 5G technology, and provision of fast internet for the delivery of state-of-the-art communications and explaining the importance of cyber protection for Iraqi assets, communications, and defence”.  LINK

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Clare:  Minister of Trade: The 48th session of the Baghdad International Fair will be distinguished in terms of preparation, size and diversity of participation

1/25/2025   Baghdad /

 Minister of Trade, Athir Dawood Al-Ghariri, confirmed that the 48th session of the Baghdad International Fair will be exceptional this year in terms of preparations, organization, and the size and diversity of participation compared to previous sessions.

Al-Ghariri pointed out, during an inspection tour conducted by the minister on Saturday evening to review the final preparations for the launch of the exhibition activities, scheduled to be held from February 1 to 7, under the patronage of the Prime Minister, and under the slogan "Investment - Development - Prosperity"; that the exhibition will represent an important platform to attract Arab and foreign investors, as meetings will be held for the public and private sectors on its sidelines, in addition to signing partnership contracts for projects in various fields.

The minister explained that "the exhibition will host participants from 20 Arab and foreign countries, with more than a thousand local and international companies, and the Sultanate of Oman is the guest of honor of the 48th session.

" Al-Ghariri stressed that "the new session will be characterized by innovative designs that include green spaces, modern pavilions, restaurants, fountains, and illuminated visual graphics, in addition to implementing new mechanisms for visitors' entry, in addition to organizing cultural and entertainment events and various competitions during the days of the exhibition."

At the end of the tour, the Minister directed the necessity of completing all preparations within the specified timeframes and with the combined efforts of everyone.  LINK

Clare:  Will spending be disrupted by delaying the budget amendment? A government advisor explains

1/24/2025

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained the disbursement mechanism in the event that the amendment to the financial budget law is not approved.

Saleh told Al Furat News Agency: "There is a legal rule that stipulates that the special law restricts the general law, and since the Federal General Budget Law No. 13 of 2023 is the basis for legislation for the state budget for the year 2025 within the scope of the federal general budget legislation and is specialized for three years, there is no other text that adds to the suspension of work on it."

He added, "I also do not see that one article, which is 77/second, related to submitting tables related to estimates for implementing the 2025 budget and according to the required adjustments, will restrict work in implementing the general budget originally legislated in 2023 and resorting to Law No. 6 of 2019, as amended, and we mean the Federal Financial Management Law.

" Saleh continued, "Despite that, we do not see anything that hinders the submission of the state's general budget tables for the year 2025, as the financial authority has the ability and sufficient tools to submit them in the appropriate coming period and according to a broad technical consultation circle between the executive and legislative authorities and in a manner that serves the national interest of the country and the government program."

Saleh said that "government spending is proceeding normally, in addition to public revenues, and there is nothing restricting the elements of implementing the general budget, except for the amendment currently before the House of Representatives."

Raghad  LINK

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Clare:  Good news for Iraqi employees.. Parliamentary Finance announces the date of launching bonuses and promotions

1/24/2025

The Finance Committee in the Iraqi Council of Representatives clarified on Friday that it is waiting for the Iraqi government to send the 2025 budget schedules for approval, and while it expected the date for launching employee allowances and promotions according to the applicable timetable, it confirmed that allowances and promotions are a natural right of employees from the Ministry of Finance. 

"The budget approved in 2023 is a three-year budget for the years (2023, 2024 and 2025), and the change that occurred as a first stage is the amendment to Article 12/Second/C only, which is regarding the resumption of oil exports from the Kurdistan Region with a capacity of 400 thousand barrels of oil, at a cost of extracting and transporting one barrel of $16 instead of $6, and this was read in the first reading, and the discussion remains in the second reading and then voting on the amendment, and after this amendment there are no other amendments to the budget," committee member, Moeen Al-Kadhimi, told Shafaq News Agency.

Al-Kadhimi added, "The Finance Committee is waiting, after the budget amendment is completed, for the government to send the budget tables that will show whether there are specific increases or otherwise."

Regarding employee bonuses and promotions, Al-Kadhimi explained, "This is related to the Ministry of Finance, which issued a statement suspending bonuses until the budget is approved, and according to the timetable in effect, bonuses may be added to employee salaries next February, which is a natural right of employees over the Ministry of Finance."

On January 17, the Iraqi Ministry of Finance confirmed that employees’ rights to bonuses and promotions are “fully preserved.”

The Ministry's media said in a statement received by Shafak News Agency, "Based on the Ministry of Finance's circular No. (555) for the year 2025, we would like to clarify that the procedures related to stopping the transfer of services, promotions, calculating contract services, press and legal services, and others, are regulatory procedures that are adopted annually to accurately determine financial allocations."

She added that "transferring services from one entity to another requires transferring allocations, which currently cannot be implemented due to the lack of 2025 budget schedules, as this allows knowing the financial allocations for each entity to ensure that there are no violations or imbalances in the financial distribution." 

She explained that she is working to "ensure the regulation of government spending and determine the ceilings of financial allocations for ministries and entities not affiliated with a ministry, including the Kurdistan Region." 

The ministry stressed, according to the statement, "the importance of following up on new appointments and knowing the numbers of direct and indirect employees to avoid any funding shortage and ensure that salaries are paid correctly during the current month of January."

The Ministry stressed that "employees' rights to bonuses and promotions are fully preserved, and that they are calculated in accordance with the Legal Department's Circular No. (7497) dated 3/9/2021, which is calculated from the date of entitlement and not from the date of issuance of the ministerial order."

The ministry noted that "the procedures for direct admission of top students and graduates for the year 2024, launched by the Federal Service Council, have not been fully completed, and their data is still being updated." 

The ministry indicated that "most of the financial allocations for the new grades for the year 2024 were included in the schedules of the ministries' headquarters, but the actual direct actions and distribution took place at the level of the departments, and have not yet been sent to the Ministry of Finance. Therefore, the ministry is currently working on following up on the financial costs of the employees to include them correctly and to ensure that there is no shortage in the allocation from the 2025 estimates schedules."  LINK

FRANK26…..1-24-25……BUDGET SCHEDULES

KTFA

Friday Night Conference Call

FRANK26…..1-24-25……BUDGET SCHEDULES

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=A2N6w070wz0

Iraq News Posted by Clare at KTFA 1-24-2025

KTFA

Clare:  Raed Fahmy: Iraq is exposed to increasing economic pressures under the Trump administration

1/24/2025  Baghdad - 

Iraq is facing increasing economic pressures under the administration of US President Donald Trump, Secretary of the Iraqi Communist Party, Raed Fahmi, said on Friday, calling on the government to reveal its plans to confront these risks.   LINK

Clare: Parliamentarian: The House of Representatives will pass a set of laws after approving the controversial ones

1/24/2025

A member of the House of Representatives expects a number of laws to be passed during the upcoming sessions after the approval of the controversial laws.

Khaled Hamad Allawi told Al Furat News Agency: "New laws will be passed in the coming period because all the remaining laws are considered simple compared to the previous laws passed."

He explained that "the general amnesty, personal status and property return laws are considered among the laws that were obstructing the work of the House of Representatives and were passed."

Raghad   LINK

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Clare:  Parliamentary Energy Reveals US Pressure to Pass Budget Amendment Law...and This is the Reason

1/23/2025 Baghdad

The Parliamentary Energy Committee revealed, on Thursday, American pressure to pass the amendment to the budget law.

The Deputy Chairman of the Energy and Natural Resources Committee in the House of Representatives, Adnan Al-Jaberi, said in an interview with the “Al-Mudawala” program, which is broadcast on “Al-Ahd” channel, that “most of the companies operating in the Kurdistan Region are American,” stressing that “the American administration is pressing to expedite the amendment of the budget law.”

He added, "The amendment of the budget aims to address the oil dispute between Baghdad and Erbil," indicating that "the amendment of Article 14 of the budget will lead to the appointment of about 12,000 employees on a contract basis."

He added, "The vote on amending the budget will lead to Baghdad's recognition of the oil contracts concluded by the region," explaining that "we proposed to the region to establish a national oil company affiliated with the federal Ministry of Oil."

He added, "We are seeking to amend Article 12 of the budget in a strict manner to prevent the region and the center from evading implementation."  LINK

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Clare:  Hanan Al-Fatlawi calls on Parliament to pass the budget amendment as quickly as the three laws were approved

1/24/2025  Baghdad 

Head of the Irada bloc, MP Hanan Al-Fatlawi, called on the House of Representatives today, Friday, to pass the amendment to the three-year budget law with the same speed with which it passed the three laws.

Al-Fatlawi said in a tweet followed by "Mawazine News": "I call on the House of Representatives to pass the budget amendment with the same speed with which it passed the three laws within seconds."

She added, "Keeping the budget unamended means that the government will continue to pay one trillion dinars per month in salaries to the region, while companies in the region continue to produce 320,000 barrels per day (870 billion dinars per month) that are smuggled outside Iraq and sold at low prices, much lower than SOMO prices, in addition to Turkey demanding a fine of $24 million per month for not exporting oil through the Iraqi pipeline extending to Ceyhan."  LINK

Clare:  Al-Alaq: Baghdad Dialogue is a meeting point for visions and ideas that support security and development

1/24/2025  Baghdad

The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Friday, that the Baghdad Dialogue is a meeting point for visions and ideas that support security and development.

Al-Alaq said in a statement received by "Al-Eqtisad News", "The Baghdad Dialogue, which is organized annually by the Iraqi Institute for Dialogue (IID), is a platform that brings together visions to enhance Iraq's regional and international role, and highlight its ability to host major events, to become a meeting point for visions and ideas that support security and development in Iraq, the region and the world."

It is noteworthy that the activities of the seventh Baghdad International Dialogue will be launched with the participation of an elite group of political, economic and academic figures from inside and outside Iraq on February 22, 2025.  LINK

FRANK26…1-21-25……..LD’S AND A VOTE

KTFA

Tuesday Night Conference Call

FRANK26…1-21-25……..LD’S AND A VOTE

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=cJo-cejd_Y0