Friday Morning Iraq Economic News Highlights 2-3-23

Friday Morning Iraq Economic News Highlights 2-3-23

The Start Of The Second Meeting Between The Iraqi Delegation And The US Federal Government Regarding The Dollar

Economie| 02:00 - 03/02/2023   Baghdad - Mawazine News  started, just before, the second meeting between the Iraqi delegation and the US Federal Bank regarding the dollar.  An informed source said, in an interview with Mawazine News, that "the meeting, which was held in Turkey, will complement yesterday's meeting."  A member of the Parliamentary Finance Committee, Mustafa Jabbar Sanad, revealed, at dawn today, Friday, the details of the meeting between the Iraqi delegation and the US Federal Bank, which was held in Turkey.

Sanad said in a post on his Telegram channel, "A meeting was held in Turkey between the Iraqi delegation and a delegation representing the US Federal Reserve to discuss the status of the dollar."

He added, "The meeting ended and it was agreed on a number of things, and the meeting will be renewed tomorrow in Turkey as well, and then the expanded meeting in Washington on 2-8-2023." Ended 29 / h.   https://www.mawazin.net/Details.aspx?jimare=218308

Deputy: The Budget Is Still In The Corridors Of The Ministry Of Finance And Has Not Been Discussed In The Council Of Ministers

Economie  14:16 - 2023-02-03   Today, Friday, the representative of the coordination framework, Ali Al-Bandawi, suggested that the budget reach the Council of Ministers during the next seven days, pointing out that the delay occurred in the Ministry of Finance, as the budget is still in its corridors.

Al-Bandawi said in a press statement, "The budget is still in the corridors of the Ministry of Finance and has not been discussed in the Council of Ministers, and the House of Representatives has worked in the past period to delay its legislative recess for a month in the hope that the budget will arrive in order to vote on it."

He added that "the technical committees in the Ministry of Finance were facing a problem related to the size of the large expenditures that came from the ministries, governorates, government agencies and institutions."

Al-Bandawi suggested that the budget will reach the Council of Ministers next week, as Parliament is waiting for it to be handed over from the government to it, in order to study it, discuss it and make transfers on it, if any, and whoever reads it twice and votes on it, especially since everyone in the parliament is waiting for it to arrive from the government. https://kirkuktv.net/AR/Details/12965

Parliamentary Services: Traders Stopped Exchanging Dollars Exacerbated The Crisis Even More

 Time : 2023/02/03   {Economic: Al-Furat News} attributed the Parliamentary Services Committee, the escalation of the crisis of the rise in the exchange rate of the dollar, traders stopped exchange.

The deputy head of the committee, Baqir al-Saadi, told the agency {Euphrates News}: "We are waiting for the decline in dollar exchange rates in the coming days," based on that "the reasons that worsened the matter more stopped some traders to exchange the dollar."

He pointed to "the formation of a specialized committee that includes the Ministry of Finance and the Central Bank to control exchange rates and restore them to their previous state."

Al-Saadi predicted "the return of the exchange rate during the current month at the lowest estimates and the provision of full support to citizens because the market is affected by these prices."

On Thursday, Prime Minister Mohammed Shia al-Sudani chaired the second meeting of the Federation of Chambers of Commerce and the Association of Iraqi Banks, as well as the bodies of taxes, customs, border crossings and the Central Bank.

Al-Sudani directed to simplify the procedures for traders' transactions in the concerned state departments, stressing that this stage, despite its forestry, is a gateway to economic reform.

Raghad Daham     https://alforatnews.iq/news

The Chamber Of Commerce Submits A Request To Solve The Dollar Crisis In Internal Transactions

The head of the Diyala Chamber of Commerce, Muhammad al-Tamimi, said in a press interview seen by “Takadam” that “the chambers of commerce in the country, including Diyala, will submit an official request to the Prime Minister regarding resolving the dollar crisis in internal transactions by granting every merchant who has an official license from the chambers an authorization to buy dollars.” at central bank rates to pay off internal transactions.”

And he added, “The government’s assignment of merchants by securing liquidity in resolving internal exchanges between provincial merchants will reduce pressure on the currency markets,” stressing “the need to take a series of measures to solve the problem of dollar scarcity at the present time.”

He pointed out that "the government supports merchants in foreign exchanges, and there is no problem in this direction at the present time."

The Iraqi market is currently suffering from a severe dollar crisis, with its exchange rate rising to more than 175,0 00.   https://takadum-news.com/archives/146665

Baghdad And Washington "Agree On, Among Other Things" On The Status Of The Dollar In Iraq

Baghdad - IQ     Representative Mustafa Sanad said, on Thursday, that the Iraqi and American authorities agreed on "inter alia" regarding the dollar currency in Iraq.

Sanad said, in posts followed by IQ NEWS, that an Iraqi delegation met with a delegation representing the US Federal Bank in Turkey to "discuss the status of the dollar."

He added that the two parties agreed "on a number of things, and the meeting will be renewed tomorrow in Turkey as well, and then (to hold) an expanded meeting in Washington on February 8."

So far, no Iraqi or American statement has been issued in this regard.

The US Federal Bank reduced the access of Iraqi banks to the dollar currency and imposed strict restrictions and follow-up on dollar transfers from Iraq to other countries.  The exchange rate of the dollar against the Iraqi dinar rose to record levels.  https://www.iqiraq.news/security/46625--.html

International Report: The Solution To The Dollar Crisis In Iraq Is Imminent And Its Signs Will Appear Tomorrow

Translated Reports / Economics |Yesterday, 22:40 |Baghdad Today – Translation    The Associated Press International News Agency considered today, Thursday, that the solution to the dollar crisis in Iraq is imminent, according to indicators, describing Al-Sudani's statements that the crisis is "temporary" as "accurate" statements.

The agency said in a report translated by (Baghdad Today), that "Sudani's description of the dollar crisis as "temporary and subject to commercial speculation," is accurate with regard to Iraq's economic capabilities, explaining that "the Sudanese government will send tomorrow, Friday, a delegation to Washington to begin resolving the crisis through direct communication with The White House expected that the visit would lead to a breakthrough in the current crisis.

The agency reported statements by the official of the Iraq department at the Emirates Research Center, Harith Hassan, during which he affirmed that "Iraqi measures, if fully implemented, will not lead to a complete cessation of bleeding, but they will provide Iraq with a reserve of dollars that will last for a whole year," noting that "the stability of dollar prices can be achieved." Now, and warning against exceeding the one-year period, which he said would lead to "most banks declaring bankruptcy if the period crossed," according to his description.

The Associated Press expected that "the crisis will be dealt with adequately, given the Sudanese government's rapprochement with Washington and the "American position satisfied with Al-Sudani's procedures," noting that the Iraqi delegation, which will go to the White House tomorrow, Friday, will begin to develop solutions to the crisis directly with the American president. Which is likely to lead to positive results, "given the Sudanese government's close relationship now with Washington," she said.

LINK

Amidst The Apparent 'Chaos'.. New Directives From Al-Sudani To Control The Dollar

2023.02.02 - 23:23  Baghdad - Nas    On Thursday, the Prime Minister and Commander-in-Chief of the Armed Forces, Mohamed Shia Al-Sudani, issued directives to tackle currency smuggling and arrest smugglers and speculators at the dollar exchange rate. 

"Nass" channel on Telegram.. our latest updates 

Yahya Rasool, the military spokesman for Al-Sudani, stated, in a statement that “NAS” received a copy of (February 2, 2023), that “the Prime Minister and Commander-in-Chief of the Armed Forces, Muhammad Shia’a Al-Sudani, chaired a meeting, in the presence of a number of security leaders, as he issued strict directives to deal with smuggling currency, arresting smugglers and speculators at the dollar exchange rate, confiscating smuggled funds and subjecting external controls to control and scrutiny.” 

  Al-Sudani also emphasized, "the fluidity of banking work in banks and exchanges, to ensure freedom of currency trading in accordance with legal banking contexts that are subject to commodity and financial exchange mechanisms, facilitating foreign currency for citizens wishing to travel and treatment, and preventing intruders and beneficiaries from these procedures."  https://www.nasnews.com/view.php?cat=101338

The Dollar Is Facing A Difficult Test.. What Is The Expected Scenario?

2023-02-03 02:28   Shafaq News/ The currency markets are awaiting with great interest the release of the US labor market data during last January, today, Friday, which will have a very strong impact on the US dollar trading against other currencies, in addition to its expected strong impact on the stock markets, metals and digital currencies.

A report by the Arab Economic Trader Network reviewed a look at the upcoming data and how it affects dollar trading:

First: A look at the US labor market during last December:

The US labor market data came positive during last December, as the economy added about 223,000 jobs, while it was expected to add about 200,000 jobs only, after the economy had added about 256,000 jobs last November.

At the same time, unemployment stabilized near 3.5% in the same period, better than market expectations, which indicated an increase in unemployment to 3.7%. It is also better than the previous reading, which recorded about 3.6% last November. While wages recorded a growth of 0.3% during the same period, less than market expectations at the time that wages would grow by 0.4%. This data had a strong and clear impact on the dollar against other currencies.

Second: Evidence for the upcoming US labor market data:

During the previous period, many economic data were released that may give an indication about the performance of the US labor market data during last January, as the data was clearly good; Thus, this may have an impact on the upcoming US labor market data, and the following are the most important of these indicators:

The US Unemployment Claims Index: It showed great positivity during last December, as the data issued by the US Labor Statistics Bureau over the past four weeks revealed the stability of most US unemployment claims near the level of 200,000 requests, which explains the decrease in aid requests during January compared to December. The past, which may give a positive impression on the upcoming US labor market data.

On the other hand, data from the US Bureau of Labor Statistics showed positive employment data in the US private sector during the month of January, as the data showed that jobs in the US economy in the non-agricultural sector increased by about 106 thousand jobs during that period, less than market expectations by adding 176 thousand jobs. . It is also lower than the previous reading, which recorded only about 253 thousand jobs during December.

Third: Market expectations regarding the US labor market data:

Market expectations indicate that accelerating the pace of interest rate hikes may have a negative impact on the US labor market data. According to expectations, the US economy is likely to add only about 193 thousand jobs. Expectations also indicate wage growth by 0.3% during the same period, in addition to the stability of unemployment at the level of 3.6% at the end of last January.

Fourth: Possible US labor market scenarios and their potential impact on the dollar:

The US dollar index is clearly stable near the level of 102 points, benefiting from the issuance of some positive economic data, on top of which are the data on unemployment benefits, and optimism about reaching the US debt ceiling crisis, and therefore the US dollar is waiting for the release of US labor market data to provide it with more support during the days coming.

The first scenario is that the US labor market data is positive and better than expected, as the economy adds many jobs, and unemployment decreases below the level of 3.5%. This positive scenario for the labor market data may raise the dollar index towards the level of 103 points, and it may head towards the level of 104 or 105 A point, because this scenario will give the US Federal Reserve more flexibility with regard to continuing to raise interest rates during the next March meeting.

While the second scenario is represented in the negative data of the US labor market and that the economy adds jobs less than expected and that unemployment rises, and in this way, the dollar may decline near the 101-point level again and may fall towards the 100-point level or less, because this scenario will make the Fed fear of The repercussions of raising interest rates, and perhaps it may stop raising interest rates, during its next meeting, especially with the recent weakness in the US inflation rate.    LINK

"Tidbits From TNT" Friday Morning 2-3-2023

TNT:

CandyKisses:  The start of the second meeting between the Iraqi delegation and the US federal on the dollar

Baghdad - Mawazine News

The second meeting between the Iraqi delegation and the US Federal Bank on the dollar began a while ago.

"The meeting held in Turkey will complement yesterday's meeting," a source familiar with the matter told Mawazine News.

A member of the Parliamentary Finance Committee Mustafa Jabbar Sanad revealed, at dawn on Friday, the details of the meeting between the Iraqi delegation and the US Federal Bank held in Turkey.
"A meeting was held in Turkey between the Iraqi delegation and a delegation representing the US Federal Reserve to discuss the situation of the dollar," Sanad said.

He added, "The meeting is over and a number of things have been agreed upon and the meeting will be renewed tomorrow in Turkey as well and then the expanded meeting in Washington on 8.2-2023." 

CandyKisses:  Economist: All oil revenues reach the Federal Bank before they are sent to Iraq

Economic expert Nasser Al-Kinani confirmed today, Friday, that all oil revenues come to Iraq through the US Federal Bank, pointing out that the bank has authority over the dollar and is aware of all financial transfers of this currency. 

Al-Kinani told Al-Maalouma, "The US Federal Bank has complete control over Iraqi oil revenues, as Iraqi oil is not sold except through this bank so that the revenues are placed inside it." 

He added, "All money transfers are subject to the control and authority of the Federal Bank, and any defect that occurs in it, the transfer stops and is rejected, which confirms the control of this bank over the dollar for Iraq." 

And he indicated that "Iraq cannot receive oil imports directly from oil-importing countries, especially since it is sold in dollars, and this currency is not owned by Iraq, but rather belongs to the United States and the Federal Bank, which imposes its authority on this currency and follows up on its transfers and circulation in other countries.   link

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Tishwash:  A demonstration in Baghdad to demand a reduction in the price of the dollar against the dinar

A number of citizens demonstrated today, Friday, in Tahrir Square, in central Baghdad, to demand a reduction in the price of the US dollar against the Iraqi dinar.

The camera of Shafaq News agency documented the presence of a number of citizens in the square, chanting slogans against the high price of the dollar and its reaching unprecedented levels.

In an interview with Shafaq News agency, protesting citizens expressed their dissatisfaction with this rise and its impact on entire segments of society, in light of the lack of realities, with a continuous rise in the price of the US currency against the Iraqi dinar.

Calls were launched a few days ago to mobilize this demonstration, while the impact of the dollar's rise was clear in all commercial transactions and the state of economic paralysis hit the Iraqi market.  link

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Tishwash:  Deputy: Forming a specialized committee to control exchange rates and restore them to their previous state

Deputy Chairman of the Parliamentary Services Committee, Baqir Al-Saadi, confirmed the formation of a specialized committee to control the exchange rates of the dollar and restore it to its previous state. 

Al-Saadi said, "We are awaiting a drop in the dollar's exchange rates in the coming days," noting that "the reasons that aggravated the matter more were that some merchants stopped exchanging dollars."

Al-Saadi indicated, in an interview with the "Euphrates News" agency, followed by "Al-Iqtisad News", to "the formation of a specialized committee that includes the Ministry of Finance and the Central Bank to control exchange rates and restore them to their previous state."

Al-Saadi expected, "the exchange rate will return during the current month, at the lowest estimates, and full support will be provided to citizens due to the market's vulnerability to these prices."  link

Mot:  ... ooooooooh lordy!!! ~~~~~~

Mot:  ..... Ahah!!! - the Truth Surfaces! ~~~

Iraqi News Highlights Thursday Evening 2-2-23

Iraqi News Highlights Thursday Evening 2-2-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance Reveals New Measures To Control Dollar Exchange Rates

Thursday, February 2, 2023 11:18 am   Baghdad / National News Center  Today, Thursday, the Parliamentary Finance Committee revealed new procedures for the Central Bank of Iraq to control exchange rate fluctuations, while it put forward a set of recommendations to control them.

A member of the Parliamentary Finance Committee, Mustafa Al-Karawi, said in a press statement: “The central bank must meet the requirements of the US Federal Bank to prevent or reduce pressure on the bills sent to it, to reduce the scarcity of hard currency in the country.”

And he stressed, “the need to find real solutions to the mechanism for granting banking licenses, and to give confidence to merchants that they deal directly with the Central Bank without mediation, in order to control the economic reality and the movement of the dollar within the country.”

Al-Karawi called on the government to “work to resolve the issue of fluctuating exchange rates in the markets, and to remove the Federal Bank from controlling the Iraqi economy,” explaining that “previous Iraqi governments did not develop a government strategy and program to manage the exchange rate file and the currency sale window.”

And he pointed out, “The Finance Committee met with the Governor of the Central Bank of Iraq, and the proposals that will be put forward to reduce economic pressure on the citizen were listened to,” noting that “the bank will issue, during the next two days, new instructions with the aim of finding quick solutions for the citizen by increasing the number of outlets, And facilitating procedures for granting banking licenses, opening direct agencies for merchants who import materials from abroad, and controlling border crossings to know the true volume of the country's imports.

He continued, "These measures must be taken quickly at the internal level, while the external level will become clear after the visit of the Iraqi delegation to negotiate with the American side on the 10th of this February."    https://nnciraq.com/183960/

Deputy: The Central Bank Will Issue Within Two Days New Instructions To Control Exchange Rate Fluctuations

Economie| 11:30 - 02/02/2023   Baghdad - Mawazine News   The Parliamentary Finance Committee revealed, on Thursday, new procedures for the Central Bank of Iraq to control exchange rate fluctuations, while it put forward a set of recommendations to control them.

A member of the Parliamentary Finance Committee, Mustafa Al-Karawi, told the official news agency, "The central bank must meet the requirements of the US Federal Bank to prevent or reduce pressure on the bills sent to it, to limit the scarcity of hard currency in the country."

And he stressed, "the need to find real solutions to the mechanism for granting banking licenses, and to give confidence to merchants that they deal directly with the Central Bank without mediation, in order to control the economic reality and the movement of the dollar within the country."

Al-Karawi called on the government to "work to resolve the file of fluctuating exchange rates in the markets, and to remove the Federal Bank from controlling the Iraqi economy," explaining that "the previous Iraqi governments did not develop a strategy and a government program to manage the file of the exchange rate and the window for selling the currency."

He added, "The Finance Committee met with the Governor of the Central Bank of Iraq, and proposals that will be put forward to reduce economic pressure on the citizen were listened to," pointing out that "the bank will issue, during the next two days, new instructions with the aim of finding quick solutions for the citizen by increasing the number of outlets and facilitating Procedures for granting banking licenses, opening direct agencies for merchants who import materials from abroad, and controlling border crossings to find out the true volume of the country's imports.

And he continued, "These measures must be taken quickly at the internal level, while the external level will become clear after the visit of the Iraqi delegation to negotiate with the American side on the 10th of February." Ended 29/N33    https://www.mawazin.net/Details.aspx?jimare=218209

Crazy Rise... The Exchange Rate Of The Dollar Exceeds 174 Thousand Dinars

Economie| 12:33 - 02/02/2023  Baghdad - Mawazine News  The exchange rate of the dollar rose again in the Iraqi markets.  The selling price of 100 dollars jumped to 174,250 dinars, while the purchase price was 173,250 dinars.   https://www.mawazin.net/Details.aspx?jimare=218215

Foreign Ministry: The Iraqi Delegation Will Discuss In Washington The Rise Of The Dollar And Financial And Banking Files

Money and business  Economy News – Baghdad   The Ministry of Foreign Affairs confirmed, on Thursday, that the Iraqi government delegation, which will visit Washington soon, will discuss financial and banking files, including the high exchange rate of the dollar.

"The delegation will be headed by Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein, and it will hold its negotiations on the eighth and ninth of this month in Washington," ministry spokesman Ahmed al-Sahaf told the official news agency.

Al-Sahhaf added, "The delegation will include members of the financial and banking sectors and will discuss with the American side a number of issues of common interest based on the strategic framework agreement between the two sides and in view of the multidimensional interests between Baghdad and Washington."

He continued, "It is hoped that this visit will discuss all Iraqi interests within the strategic horizon with the United States of America and given the nature of the government program and given the internal Iraqi national priorities," noting that "there are basic issues to be discussed, foremost of which are issues related to financial and banking aspects." And the high exchange rate of the dollar in the Iraqi reality and the possibility of cooperation and coordination with the American side in this matter.

And Al-Sahhaf stated, "A number of issues will also be discussed, including aspects related to bilateral relations between the two sides and ways to push them to broader and broader spaces that are consistent with the nature of the Iraqi internal demand at this time."

https://economy-news.net/content.php?id=32251

Blaskhart Calls For Expediting The Approval Of The Budget And Giving Priority To Diversifying The Economy

Money and business   Economy News – Baghdad   The UN representative in Iraq, Jeanine Plasschaert, said today, Thursday, that the new Iraqi government has affirmed its commitment to combating corruption and improving services.

During her briefing to the Security Council, Plasschaert stated, "The Iraqi government needs political support to move forward and fulfill the aspirations of citizens, and affirmed its commitment to combating corruption and improving services, which are commendable efforts."

"I encourage the Iraqi government to persevere in combating corruption," she added, noting that "the government is making more efforts to recover smuggled funds."

And she continued, "The government affirmed its commitment to settling outstanding issues with the Kurdistan region, and we look forward to a sustainable agreement between Baghdad and Erbil and its inclusion in the 2023 budget," stressing "the importance of quickly approving the federal budget."

She emphasized "the need to prioritize economic diversification and not rely on oil alone, including the development of a private sector with the ability to create job opportunities."

https://economy-news.net/content.php?id=32249

The President Of The Republic: Approving The Budget Will Be A Starting Point For A Development Process In The Country

political| 03:37 - 02/02/2023   Baghdad - Mawazine News, President of the Republic, Abdul Latif Rashid, confirmed today, Thursday, that approving the budget is a starting point for a development process in the country.

A statement by the Presidency of the Republic, a copy of which Mawazine News received, stated that "The President of the Republic, Abd al-Latif Jamal Rashid, received today, Thursday, at the Baghdad Palace, the Chaldean Patriarch in Iraq and the scholar Cardinal Louis Raphael Sako."

Rashid stressed, "Iraq is witnessing security and political stability that should be invested in order to improve living conditions and services," referring to "his visits to the governorates of Basra and Mosul, meeting with citizens and congratulating Christians on Christmas."

He added, "The security situation in the country is better than in some countries, and that the government's ministerial program achieves service and economic development and emphasizes coordination between the provinces," pointing out that "approving the budget will be a starting point for a development process in the country."

He pointed out, "Some of the internal and external media do not reflect the true image of the country, and focus on the negatives only."

Rashid stressed that "Christians are an integral component, and they must be given an active role in various political and administrative fields," noting that "all authorities are required to defend the rights of Christians, which are guaranteed by the constitution to all citizens."

For his part, Sacco expressed his "thanks and appreciation to the President of the Republic, appreciating Rashid's support for the Christian component and his attendance at the Christmas Mass accompanied by his wife to congratulate him."

The Cardinal reviewed, "a number of issues facing Christians, as he affirmed that the Christian component clings to its national identity and supports brotherhood among all segments of the people." Ended 29/M99    https://www.mawazin.net/Details.aspx?jimare=218232   

With A Circulation Close To A Trillion Dinars.. The Iraq Stock Exchange Reveals The Most Important Indicators For The Year 2022

Money and business   Economy News-Baghdad  The Executive Director of the Iraq Stock Exchange, Taha Ahmed Abdel Salam Al-Rubaie, revealed the market indicators in 2022, indicating the factors affecting the share price and market plans for the current year.

Al-Rubaie said at the second annual economic forum held at Cihan University - Dohuk, entitled "The Future of the Iraqi Economy in Light of the Current Crises," that "the most important trading indicators in 2022:

Trading on the shares of (92) Iraqi joint stock companies out of (103) companies registered in the market

Joint stock companies based on the decisions of the Securities Commission.

Number of suspended companies (3)

The number of traded shares reached (564,572,921,564) shares.

The value of traded shares amounted to (894,741,518,521) dinars.

The number of executed contracts and deals reached (597,135).

The ISX60 traded share price index closed at (950,585) points in the last session of 2022.

Al-Rubaie touches on the most important factors affecting the prices of traded shares, noting that "the share prices of joint-stock companies listed and traded in the Iraq Stock Exchange are affected by many factors referred to by a number of research, studies and reports - the most important of which were: the financial position of the joint-stock company, and the levels of profit achievement compared to the size of the capital Money - or deficit in activity, annual monetary profits and its stability from one year to another, national economic growth indicators, annual GDP volume, annual per capita income rate, annual inflation indicators, stimulus mechanisms and market making, as well as corporate governance, in addition to international accounting standards, and finally investment. the foreigner.”

He concluded his speech in the most important plans for the year 2023 for the Iraq market, noting that it is represented by “organizing the holding of sessions and trading activity in securities, listing new joint stock companies, diversifying traded securities, culture of trading in securities, monitoring, inspection and compliance with anti-money laundering and terrorist financing controls, infrastructure development - Adding new regulations to activity and providing new financial services - financial inclusion, applying new instructions and rules - complying with international standards for activity, participating in amending prevailing laws in accordance with international standards. https://economy-news.net/content.php?id=32238

The Minister Of Planning Affirms The Serious And Great Desire To Continue The Partnership With Washington

Deputy Prime Minister and Minister of Planning Muhammad Ali Tamim affirmed the serious and great desire to continue partnership and cooperation with the United States of America in order to achieve the goals of sustainable development and improve the level of performance.

And the ministry stated in a statement: "Tamim held a joint press conference with the US Ambassador to Iraq, Elena Romansky, in the ministry, after announcing the completion of an integration project to improve performance and establish good governance, which was implemented by the US Agency for International Development."

Tamim said, according to the statement, that "we have attached, within the government program, exceptional importance to applying the principles of good governance in order to achieve a better life for citizens and to establish the pillars of state security in all fields."

He pointed out that "the ministry is working within the framework of improving the level of performance through many activities and policies and in cooperation with the Takamul project through what the ministry's departments and formations, committees and work teams emanating from the National Committee for Sustainable Development are doing."

Tamim added, "Achieving the required results from all these partnerships, policies and events requires working to sustain their application and continuity within government institutions at all levels."

For her part, Romanowski expressed "deep gratitude on behalf of the United States for the support provided by the Government of Iraq and the Kurdistan Regional Government in promoting good governance and improving basic public services."

https://www.radionawa.com/all-detail.aspx?jimare=33263                                                                            

The Rise In Oil Prices And Brent Exceeded $83

Economie| 09:02 - 02/02/2023   Follow-up - Mawazine News  Oil prices rose on Thursday, after falling in the previous session, as the weakness of the dollar restored some appetite for risky assets, and the OPEC + decision to continue cutting production helped calm fears of an increase in supply.

The Federal Reserve raised its target interest rate by a quarter of a percentage point on Wednesday, still promising "continued increases" in borrowing costs in its unresolved battle against inflation.

And by 0353 GMT, Brent crude futures rose 65 cents, or 0.8 percent, to $ 83.49 a barrel, while US West Texas Intermediate crude futures rose 71 cents, or 0.9 percent, to $ 77.12 a barrel.

Both benchmarks fell by more than 3 percent last night after data from the US government showed significant increases in stocks of crude and oil products. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=218195

To read more current and reliable Iraqi news please visit BondLady’s Corner:

 https://www.bondladyscorner.com/

Thursday "Vietnam News" Posted by Henig at KTFA 2-2-2023

KTFA: Vietnam

Henig:  Hanoi eyes 950 firms in support industries this year

06:00 | 02/02/2023

Hanoi has set a target to have about 950 enterprises operating in the field of supporting industries this year, an increase of approximately 20 compared to 2022.

Of the total, there will be about 300 - 350 firms with production systems and products with international standards and sufficient supply capacity serving participation in the global production network of multinational conglomerates in Vietnam.

As a result, industrial production value of the industries is expected to account for some 16 - 17% of the capital city processing and manufacturing production value, with the development index of the industries exceeding 11-12%, an annual rise of about 1%.

To this end, the local authorities will hire experts for technical consultation, as well as assist firms in receiving technology transfer, conducting research and development activities, and applying management systems meeting global supply chains’ requirements, among others.

The city also planned a support industry expo this year with a scale of between 200 and 300 stalls, attracting the participation of international companies from Japan, Taiwan (China), Hong Kong (China), and Thailand.

Source: VNA    LINK

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Henig:  Vietnam pursues green foreign trade

06:00 | 02/02/2023

(VEN) - Vietnam reached a record foreign trade value of an estimated US$750 billion in 2022. Vietnam Economic News’ Phuong Lan spoke with Tran Thanh Hai, Deputy Director of the Ministry of Industry and Trade’s Agency of Foreign Trade about export growth and efforts to promote green, sustainable foreign trade.

Could you tell us about Vietnam’s trade achievements in 2022?

In the first 11 months of 2022, despite numerous difficulties in the world market, Vietnam earned export revenue of US$342.2 billion, up 13.4 percent from the same period of 2021. The 2022 figure is expected to increase 11-12 percent over 2021’s, exceeding the target set by the government. Vietnam exported US$10.7 billion and is expected to export US$10-12 billion more than it imported in the first 11 months and the whole year of 2022, respectively.

Processed industrial products yielded export revenue of US$294.6 billion in the first 11 months of 2022, up 13.4 percent from the same period in 2021 and accounting for 86.1 percent of the country’s total.

Meanwhile, farm produce and seafood exports grew 11.6 percent, and fuel and mineral exports soared 34.2 percent.

Exports to all markets recovered compared to 2021. According to the General Department of Vietnam Customs, in the first 11 months of 2022, exports to the US, China, the Republic of Korea (RoK), and countries and territories that are Vietnam’s FTA signatories, including the EU, ASEAN (Association of Southeast Asian Nations), Australia, Canada, and Japan maintained significant growth.

What is your assessment of Prime Ministerial Decision 493/QD-TTg on Vietnam’s goods import and export strategy to 2030?

The government set a 6-7 percent annual goods export growth target for the 2021-2030 period. Under the strategy, Vietnam will seek sustainable export development instead of rapid export growth, which will be promoted with a harmonized export structure, green, fair and balanced trade, short- and long-term development goals, social equality, and environmental protection. The target is lower than the two-digit export growth Vietnam achieved even in difficult periods but it reflects the government’s goal for environmental and natural resource protection, as well as a better future for the nation’s younger generations. Businesses need to pay due attention to this orientation in order to reach sustainable export development.

What is your assessment of 2023 export prospects?

The world economy and global trade are expected to face further difficulties in 2023. Meanwhile, free trade agreements (FTAs) with tariff reduction roadmaps, socioeconomic recovery programs, and efficient domestic and foreign investment attraction will become the driving force of production and export development. Vietnamese businesses are expected to further take the initiative in creative new market approach, and make use of FTA advantages to maintain and develop exports in 2023.

They need to further improve competitiveness and create high-quality, reasonable-price products that meet standards of discerning foreign markets. Business associations and sectors need to continue connecting state management agencies with businesses, and protect the legitimate rights and interests of enterprises in international trade disputes.

Phuong Lan   LINK

Henig:  Vietnamese university up 97 places in Webometrics ranking

10:00 | 02/02/2023

Vietnam National University (VNU) - Hanoi climbed 97 places to rank 661st in the latest Webometrics Ranking of World Universities in 2023, which was announced on February 1 by the Cybermetrics Lab, a member of the Spanish National Research Lab.

Vietnam National University (VNU) - Hanoi climbed 97 places to rank 661st in the latest Webometrics Ranking of World Universities in 2023, which was announced on February 1 by the Cybermetrics Lab, a member of the Spanish National Research Lab.
The university also remains the No.1 among the top 10 Vietnamese establishments named in the list. Others include Ton Duc Thang University, Duy Tan University, Nguyen Tat Thanh University, Hanoi University of Science and Technology, Ho Chi Minh City University of Technology, University of Economics Ho Chi Minh City, Industrial University of Ho Chi Minh City, Da Nang University and Can Tho University.

Since 2004, the Webometrics Ranking is published twice a year, covering more than 31,000 higher education institutions worldwide.

It is a ranking chart to assess the digitalisation capacity and impact, academic resources of higher education institutions based on indicators of volume of the website content (presence), the extent of website system and online information’s impact (impact/visibility), openness on academic resources on Google Scholar (openness), and scientific citation index on Scopus database system (excellence) of a higher education institution.

Source: VNA    LINK

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Henig:  Garment, footwear exports aim to reach US$80 billion by 2025

07:00 | 02/02/2023

Under the development strategy approved by the Government, for the long term, the garment, textile, leather and footwear sectors are still key export industries of the economy.

Việt Nam's textile, garment and footwear sectors aim to achieve a total export value of US$77-80 billion in 2025 and $106-108 billion in 2030, according to the strategy for the development of Việt Nam's textile and footwear industry.

Under the development strategy approved by the Government, for the long term, the garment, textile, leather and footwear sectors are still key export industries of the economy.

Of which, the textile, garment, leather and footwear sectors continue to promote investment in the production of materials and auxiliary materials, as well as supporting industries.

They will encourage the production of fabrics from domestically produced yarn to reduce imports, and form a complete supply and value chain in the region.

For the leather and footwear industry, Nguyễn Đức Thuấn, chairman of Lefaso, said domestic enterprises needed to actively adapt to the requirements of the market and brands on sustainable development standards for products. They must reduce emissions in the production process, and increase the use of solar energy and highly sustainable products.

Also, according to the strategy, Việt Nam's textile and garment industry expects export turnover to reach $50-52 billion in 2025 and $68-70 billion in 2030.

The strategy also states that developing the fashion industry is considered a new direction. Accordingly, this sector will focus on developing designers, and raw material supply, production and distribution systems to form supply chains and create sustainable foundations for the development of Việt Nam's fashion industry as well as fashion centres in Hà Nội and HCM City.

The strategy encourages enterprises to gradually switch their production methods to FOB (free on board) and ODM (original design manufacturer) to add value to products, and build a private brand to improve the competitiveness of the businesses and products.

Materials are the most difficult factor in the textile and garment industry. Therefore, to promote the development of the textile and garment supporting industry, the textile and garment industry strives to have a localisation rate at 51-55 per cent in 2021 - 2025 and 56-60 per cent in 2026-2030.

To achieve this goal, it is necessary to attract investment in the development of supporting industries and the production of raw materials and accessories for the textile and garment industry based on advantages in the free trade agreements Việt Nam has joined.

The projects to develop the supporting industry and the production of raw materials and accessories should be built in regions with a number of textile and garment enterprises to reduce transport charges and production cost and improve competitiveness.

The strategy also mentions the role of State management agencies in encouraging enterprises to invest in producing fiber, yarn, textile and dyeing with advanced technology and connections with domestic garment enterprises.

This approved textile and garment development strategy will help form industrial parks with wastewater treatment areas to attract textile and dyeing projects. Now, the infrastructure for textile, dyeing and fabric production is still limited.

Domestic fabric production only reaches 2 billion metres per year, meeting 25-30 per cent of the demand of the garment industry. Việt Nam's textile and garment industry currently must import 60-70 per cent of the raw materials. Việt Nam has joined many FTAs, creating conditions for textiles and garments to expand export markets with the tariff gradually reducing to zero.

According to Chairman of the Việt Nam Textile and Apparel Association Vũ Đức Giang, in the first quarter of 2023, the number of export orders decreased by 25-27 per cent due to the decrease in global purchasing power.

Therefore, businesses can produce lower-value products, and diversify markets and products to keep production and promote growth.

Chairman of Vinatex Lê Tiến Trường said that many businesses now only ran 70-80 per cent of production capacity due to a reduction in consumer demand. So, Vinatex was now focusing on raw material production more than garment production. The materials were always the first step in greening, creating a foundation for qualified materials as green requirements of the US and Europe.

Vinatex had organised the production of yarn products from recycled materials or organic materials. At the same time, the raw material production factories were equipped with solar power to meet green energy standards.

According to forecasts, the situation of Việt Nam's textile and garment industry in 2023 would be worse than in 2022. Therefore, businesses needed to follow the market's developments to have flexible solutions to ensure efficiency in production and business, as well as promote the export of goods, Trường said.

Source: VNS    LINK

Adjusting The Exchange Rate Of The Dollar

Al-Sudani: All Possibilities Are Contained In Adjusting The Exchange Rate Of The Dollar

Iraq  2023/02/01    Prime Minister Muhammad Shia al-Sudani reassured the citizens that the dinar is the strongest and that Iraq's financial situation is in its best condition, and while he pointed out that all possibilities are contained in adjusting the exchange rate, which will discuss the issue of its fluctuations during the visit of an Iraqi government delegation to Washington soon, he indicated that official authorities are in force In the previous government, it was involved in the issue of tax secretariats, stressing that security and sensitive positions and positions are not subject to quotas.

Al-Sudani said, in an interview with Al-Iraqiya Al-Akhbariya: “The establishment of the Gulf Championship 25 and our team winning the cup is a great joy and the result of the effort of a team from the Council of Ministers that took important decisions within 52 days,” noting that “one of the characteristics of the success of the tournament is the mass cohesion between the Arab brothers and our people, especially the people Basra."

Dollar Rise

Regarding the rise in dollar prices, the prime minister explained that “the fluctuations in prices were not the result of a decision by the government, parliament, or the central bank,” attributing the reasons for the fluctuations in the exchange rate to “international standards and what is related to the relationship between the central bank, the US Federal Bank, and the US Treasury. And there was an agreed mechanism to control the movement of money transfers called (compliance standards) for the global banking system.

Al-Sudani added that "we always talk about the existence of forged invoices and the exit of money abroad through smuggling, and this is a reality," surprisingly, "about imports amounting to 300 million dollars per day."

He pointed out, "This explains that the currency was smuggled abroad," wondering, "What has stopped life, changed, or lost in the markets? Except for the rise in prices in some materials, during the sale of the central bank for 30, 40, or 50 million dollars per day, and in the past it was It is sold for 300, 200 and 250 million.

He pointed out that "the government has formed specialized security teams in all places, roads and ports, and sonars have been installed at the controls to detect currency smuggling," explaining, "The government is serious about measures to prevent currency smuggling, and at the same time we reassure the citizen that Iraq's financial situation is in the best cases, and we have a balance Revenues, rounds and balances, and we have the ability to purchase any material.”

High Price Solutions

And he continued, "He directed the Ministry of Commerce to exercise its role by importing materials and selling them at the official cost price in the dollar," pointing out that "the price hike procedures will be controlled by the government and the central bank's monetary policy measures."

Al-Sudani reassured his call not to acquire the dollar, and said: "The dinar is the strongest," explaining that "the decision to replace the governor of the Central Bank and the director of the Iraqi Trade Bank took place in a systematic and deliberate manner, not hasty or emotional."

And he stressed that "any official who does not provide solutions to problems is changed," pointing out that "changes are continuing in all aspects of the state, starting from the minister down to the agent, to the advisor, to the governor, to the head of the commission or the director general, anywhere and there are no red lines."

And he continued, "The government granted 3 months to all general managers in the country, and the period will end, and we started the evaluation process and gave us 6 months since the start of voting on the government program for the current ministers.

As for the agents and governors, we also gave them 6 months, and there will be a scientific professional evaluation based on indicators." To the possibility of "changing ministers in his government."

The Prime Minister said: "A high-level delegation will visit Washington on the seventh of next February to discuss more than one file, including a discussion of the fluctuations in the price of the dollar and its mechanism in accordance with the new standards."

Government Curriculum

He pointed out, "The priorities of the government curriculum are 5 titles, and one of the most important of these titles is the fight against poverty, and after three months have passed since the government's life, we have achievements, including the launch of the social research process targeting 1.7 million applications submitted for the purpose of inclusion in the social protection network, and granting a basket."

Special food quantity and quality for those covered by the social network, and the budget law will include granting additional cash subsidies that will be distributed to poor families to complete their children’s studies in schools and colleges other than the prescribed salaries.

He continued, "Service effort campaigns are concentrated in poor places to improve the reality of services in those areas," stressing that "housing projects will have the largest share for the poor."

He pointed out that "the solution to the housing crisis lies in building integrated cities according to a long-term economic situation that will not burden the citizen in paying, and it will be granted to groups for free and to other groups by installments over a period of time so that the citizen receives a housing unit in a city that contains decent services," pointing out, " The issue of housing in Iraq will witness real solutions according to the vision of building integrated cities that will be available to the poor and middle-income citizens.

Budget File

Regarding the budget, Al-Sudani explained that he “desires a budget that is compatible with the government program and is not like the previous budgets that were approved, as it is not reasonable to put forward a program, priorities, and the budget in another valley,” pointing out that “all previous mistakes were the incompatibility of the budget with government programs.” .

Regarding determining the exchange rate in the budget, Al-Sudani stressed that “the decision is taken according to the paths and the economic situation in the country,” noting that “all possibilities are contained in adjusting the exchange rate.”

Appointments File

And the Prime Minister pointed out, “The lecturers have been present in schools voluntarily for years and without pay, and after that they were transferred to Resolution 315 by previous governments, and they began working in this manner as contracts, and in the Budget Law for the year 2021, it stipulated that whoever has contract service is 5 years.”

It is proven to the permanent staff, but in the Food Security Law, the years of contractual service were reduced to two years or more, and it is fixed to the permanent staff, and there are those who have more than five years and a financial allocation that demands the implementation of the law.

He explained, "The previous government called on the ministries to raise the lists of those who are eligible for confirmation in accordance with the Food Security Law," explaining, "The current government took the decision to confirm contracts without hesitation, but at the same time we stopped appointments, whether they were in the form of contracts, wages, or even in the form of voluntary work."

And he continued, "Any official government agency that issues an order to appoint contracts or wages contrary to the announced decision is referred to investigation," stressing, "In the budget law, appointment will be suspended until further notice, except for medical training," noting, "The government has solved problems for employees who have a legal basis." With the existence of a financial allocation determined by the competent and financial ministry accordingly, the decision to install was taken.

Theft Of The Century

Regarding what is known as the theft of the century, the prime minister stated that "the case was pursued by me when I was a deputy, that is, before I became prime minister and I had its priorities, and I hoped that it would be opened while I was in the government," noting that "this file was opened during the time of the previous government." .

He added, "The rest of the defendants liquidated their money and fled, with the exception of the accused, Nour Zuhair, who was arrested during his attempt to escape," explaining that "the decision to arrest or release him was not a governmental decision, but rather a judicial one."

He stated that "Nour Zuhair is the black box, and he is now under the control and disposal of the judiciary in investigation and recovery, as the money he stole was distributed among a group of influential politicians, banks, personalities and media professionals," noting that "upon his release, he began the process of recovering his money, to return it at the same time." to the state."

And he continued, "These politicians, media professionals, and banks denied the existence of the money they have," explaining that "there are effective official bodies in the previous government involved in the case, and the papers and names will be revealed soon by the judiciary."

And he stated, "Some of them began to return the money in the form of payments, which were handed over to the judge, and the first payment was initiated," explaining, "The uproar raised by some about his release came because it is not in the interest of these people for Nour to remain in prison so that he does not demand money from them."

He pledged that "the government will not leave the rest of the wanted persons in the case, and there is a specialized team from the security services that is chasing them inside and outside Iraq and they will be extradited," pointing out that "we have now circulated in Interpol orders to arrest them in all countries, as we went to France and signed an agreement with the agency." French Anti-Corruption.

Anti-Corruption

And he stated, "Our procedures in combating corruption are legal, studied, and supported by documents and papers that are being investigated and the suspect is arrested with evidence," noting that "we have started with a qualitative procedure, which is the disclosure of financial disclosure according to the principle of where did you get this from?"

And he continued, "The law will be amended to include any person who has become abnormally rich by checking his money," explaining that "the money that is stolen is at the disposal of those close to the accused, as the former director of the Tax Authority who was recently arrested turned out to have 11 properties in the name of his wife, because of theft, and there are investigations for everyone suspected of being involved in theft.”

He pointed out that "corruption is the real threat to the Iraqi state after ISIS, as it disrupts services and all projects and programs," calling on citizens to "cooperate with the oversight agencies in providing real information and not defamation, misinformation and forgery that waste effort and time."

Relations With Political Parties

The Prime Minister stated, "The relationship with the coordination framework and others is good, based on understanding and consensus in accordance with the national interest, and there is a ministerial platform and clear commitments in accordance with the constitution and the law that we are working on, and our weekly meetings are continuing," pointing out, "Our government program includes priorities and voted on by the Council of Ministers, and I am currently implementing it." .

And he stressed, "Our periodic meetings with the State Administration Coalition, which includes all entities, discuss the general situation and what has been implemented from the government program."

Security And Civilian Positions

He explained that "security and sensitive positions and sites are outside any investment or political interference and are not subject to quotas," pointing out that they are "subject to professional controls."

And he stressed, "The appointments of the security services are made through purely professional procedures, in coordination with the concerned official," pointing out that "the security proposals that are presented to us are studied, evaluated, and the decision is taken."

  He explained, "All political forces supported the government's approach that the security sites be managed by professionals from within the security establishment, and this is agreed upon," pointing out, "The talk about appointing relatives is incorrect, and whoever declares this must provide evidence."

Relationship With America

Al-Sudani stressed that "the United States is a friend and a strategic partner, and all political forces support that," explaining that "our position is clear and explicit, which is that Iraq does not need combat forces, as there are security services capable of controlling security in Iraq against any threat." .

He stated, "The presence of the current international coalition needs to rearrange the form of the relationship, in a legal and transparent manner that is announced before the political forces and parliament," explaining that "the government is conducting dialogue with the international coalition, as we formed in our meetings in the National Security Council a team of security agencies to conduct this dialogue." Soon, the final formula will be reached so that it is declared, clear and explicit, regulating the form of this presence.”

Foreign Visits

Al-Sudani stated, "We started with visits to regional and foreign countries according to the principle of productive visits and relations, that is, non-protocol. When we decided to go to Germany, we started preparing a file about the visit 3 months before the travel date," pointing out, "When we signed memorandums of understanding with Siemens, he stated Some say that they are agreements similar to the previous notes, and this is not true.

He added that "an official German delegation will visit Iraq in less than a month to attend the signing ceremony of important projects in the field of electric energy."

Visit France

Regarding France, he indicated that "there is a strategic agreement signed two years ago between Iraq and France that was studied and we found it important to go in a clear-cut agreement in all sectors," explaining that "our visit to France took place at the invitation of French President Emmanuel Macron."

He pointed out, "During my visit, I sat in the French Employers' Organization, which consists of a round table for French labor companies, and I talked about the horizon of investment, fields, and the need of French companies, but I was surprised that more than half of those present work in Iraq," pointing out, "This is positive indicator.

Regarding the Baghdad metro and the suspended train, he explained that "this project is stalled despite the fact that its designs and studies are complete," stressing that "the issue of the suspended train has been resolved, by agreeing to hold talks between a team from the concerned company and a team from the government to agree on the price."

Associated Gas

Al-Sudani said: “The largest number in the budget is allocated to salaries, followed by the electricity sector, since we allocate from 8 to 10 trillion dinars to import gas, so when investing associated gas and filling the need, the sums allocated to this sector will go to other projects such as housing, health, education, and others,” explaining, “ The gas investment file is considered the first for me, and there is a personal follow-up on my part.”

He continued, "This project includes abundant financial and job opportunities."

Al-Faw port

The Prime Minister stressed that "the port of Faw continues to be implemented, and this year the implementation rates will be accelerated," noting that "from now on, we have begun to think about how to operate the port."

And he indicated, "We are in contact with international companies to complete the port and operate it according to modern management," explaining that "our meetings are continuing with the consulting company and the Turkish side to reach an agreement and extend a railway."

He stressed, "Two days before I went to France, I met with the consulting company, and the paths were determined and the project was fully handed over with the aim of agreeing with the executing company," noting that "all these projects are strategic and will change the reality of the economy in Iraq."

He pointed out, "We are working diligently and resolutely on strategic economic projects that will bring about a quantum leap," noting that "there is an army of specialists and experts working on that."

https://alsabaah.iq/71118-.html

KTFA Members "News and Views" Thursday 2-2-2023

KTFA:

Clare:  Days after a banking procedure.. King Salman relieves the governor of the Saudi Central Bank

2/2/2023

The Saudi King Salman bin Abdulaziz issued, on Thursday, a royal order relieving the governor of the Saudi Central Bank of his post and appointing a successor.

And the Saudi Press Agency, "SPA", published the royal order, in which it stated: "(...) Fahd bin Abdullah bin Abdul Latif Al-Mubarak, Governor of the Saudi Central Bank, is relieved of his post."

He added, "(...) Ayman bin Muhammad bin Saud al-Sayyari is appointed as governor of the Saudi Central Bank, with the rank of minister."

After he was relieved of his post, the dismissed governor of the Central Bank was appointed as an advisor at the Royal Court, with the rank of minister.

The Saudi Central Bank had decided a few days ago to raise the rate of the repo agreement by 25 basis points to 5.25 percent, and to raise the rate of the reverse repo agreement by 25 basis points to 4.75 percent.     LINK

Clare:  urgent... Lavrov will visit Baghdad next Sunday

2/2/2023

The Russian Foreign Minister, Sergey Lavrov, will visit Baghdad early next week.

"Lavrov will visit Iraq on the fifth of this month," Ahmed al-Sahhaf, spokesman for the Iraqi Foreign Ministry, said in a press statement.

He added, "The visit will be on February 5 and 6, and [Lavrov] will meet with Foreign Minister Fuad Hussein, and they will discuss a sentence of a common nature, and they will discuss the security and stability of the region and Iraq's active role in that, and they will confirm the most important understandings of a vital and strategic nature between the two countries."

Lavrov's visit comes days after the visit of Saudi Foreign Minister Faisal bin Farhan, who arrived in the capital, Baghdad.    LINK

4CASH:  Looks like Russia wants to dance with the prettiest lady in town IMO!!!!

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Clare:  Parliamentary Finance announces its readiness to receive the budget law

2/2/2023

The Parliamentary Finance Committee announced today, Thursday, its readiness to receive the federal budget law for the year 2023.

A member of the committee, Jamal Cougar, told Al-Furat News that: "The committee is ready to receive the budget law and start working on it as soon as it reaches Parliament."

Cougar indicated, "There is still no talk or preliminary date for the government to send the budget law."
And Prime Minister Muhammad Shia Al-Sudani announced that his government is nearing the completion of preparing the draft budget law for the year 2023.

For its part, the Parliamentary Finance Committee called on the government to expedite sending the draft general federal budget law for the year 2023 after forming the government and electing the heads of parliamentary committees.

From: Raghad Dahham    LINK

Zeeman:  you might be ready to receive the budget but first it must be finished. this has been going on since the end of nov. how much more time do you need? imo

Paulette:  Hopefully, enough time to "reinstitute" the NSCN's prior to the GOI passing it and sending it on to Parliament......Also, an agreement on the Oil and Gas Law, Article 140 implementation and Kurd budget appropriations would be nice....

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Clare:  Blaskhart: Iraq is one of the countries most contaminated with explosive ordnance, and mine clearance efforts are continuing

2/02/2023

Briefing of the UN representative, Jeanine Plasschaert, before the UN Security Council on the situation in Iraq:

Any government needs political support to achieve the aspirations of the people

The government has taken many steps to combat corruption

 The government is making more efforts to recover the smuggled money

 We have identified remarkable progress in the work of the current government in the field of combating corruption

Real change requires economic and political reforms in Iraq

We look forward to speeding up the approval of the 2023 budget

Iraq should prioritize diversification of the economy

The Iraqi government confirmed its commitment to settling disputes with Erbil

Baghdad and Erbil continue their dialogues in order to reach a sustainable agreement

The Iraqi government continues its policy of openness and respect for the principles of sovereignty

Iraq is one of the countries most contaminated with explosive ordnance, and mine clearance efforts are continuing   LINK

Henig:  An Iraqi delegation to Washington: pledges to cut dollar smuggling routes

Arab reports  Baghdad  Hossam Muhammad Ali   February 02, 2023

Well-informed sources in the Iraqi capital, Baghdad, revealed, yesterday, Wednesday, information related to the mission of the Iraqi government delegation, which is preparing to go to Washington in the coming days, headed by Foreign Minister Fuad Hussein.

A spokesman for the Iraqi Ministry of Foreign Affairs, Ahmed Al-Sahaf, told Al-Araby Al-Jadeed that the delegation will be headed by Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein, with the membership of financial and banking officials.

Al-Sahhaf added, "The discussions will be based on the strategic framework agreement, and the strengthening of bilateral cooperation in various fields, especially with regard to the issue of the dollar exchange rate hike and the coordination and cooperation mechanisms in this aspect, and in a way that reflects the response of the Iraqi government in supporting its economic and financial vision, in order to achieve a response to the preservation of public money." It appoints citizens," and he continued, "The meetings and visits of diplomatic delegations between the two sides continue, because the relationship is strategic and calls for joint and permanent cooperation."

In parallel, an Iraqi government official revealed to Al-Araby Al-Jadeed that “the delegation will include in its membership, in addition to its head, Foreign Minister Fuad Hussein, Finance Minister Taif Sami, Central Bank Governor Ali Al-Alaq, and other government officials, and the meetings will be held in the presence of officials.” Millions of senior Americans and the US ambassador to Iraq, Elena Romanowski.

The official, who asked not to be named, explained that "the delegation scheduled to visit (in principle) on the seventh of this month to Washington will carry assurances to the American side regarding the recent Iraqi measures in the currency auction, and its endeavor to prevent its arrival to countries covered by US sanctions, such as Iran and Syria." ".

The official continued: "There will be Iraqi pledges regarding this and an explanation of the recent procedures that Iraq followed with regard to smuggling hard currency, and the delegation will propose reducing the requirements imposed by the US Federal Bank on Iraq regarding the arrival of the dollar to Iraq, and demanding the implementation of the US federal conditions gradually and not all at once." With the aim of enabling the Iraqi banking system and banks to adapt to the new electronic platform for selling hard currency in Iraq, and also to assure merchants that the US measures are not intended to restrict or freeze the movement of their money.

Implement a set of financial reforms

He pointed out that "the government, represented by the Ministry of Finance and the Central Bank, has implemented a set of financial reforms, which confirm Baghdad's keenness to stop dollar smuggling operations. According to confirmed information, smuggling has decreased a lot, and has become in a very limited scope thanks to the sobriety of the government and the bank's procedures."

The source pointed out that "the delegation will reveal to the American side the results made by the Central Bank and the Ministry of Finance in tracking down smuggling operations, which resulted in stopping many of them, as well as withholding dollar sales from those suspected of smuggling. All of these we believe will prompt the American side to show understanding flexibility, taking into account Iraq's economic situation allows for a near decline in the price of the dollar.

Evidence of Iran's access to the dollar

And he talked about "the Americans presented, earlier last month, evidence that Iran obtained large sums of dollars through Iraq in various ways, and that Iran uses what it gets from dollars in its nuclear program."

On the talk of Prime Minister Muhammad Shia al- Sudani that all possibilities exist regarding determining the exchange rate in the 2023 budget, and whether there is a tendency to make it below 1,400 dinars to the dollar, the official stressed that “the government and the central bank are awaiting the outcome of the upcoming negotiations in Washington, and the proposed price may be modified.” below the current price of 1,450 dinars. There are several options on the discussion table that are subject to developments in the situation.

Reducing dollar smuggling to Iran, Syria and Lebanon

For his part, a source in the Ministry of Finance confirmed to Al-Araby Al-Jadeed that “the US restrictions imposed on the movement of the dollar contributed to reducing 70 percent of its smuggling operations to Iran, Syria and Lebanon, and 80 percent of Iraqi bank transfers were banned in the three months.” The past is the result of confirmed, or almost confirmed, suspicions that the final beneficiaries are linked to prohibited parties in the three countries.

He added, "US Ambassador Elena Romanowski informed the Iraqi Foreign Minister during their meeting, last Tuesday, that Washington insists on proceeding with the measures applied to prevent smuggling of dollars sold in Iraq , and that Baghdad should take stricter measures by banning its access to suspects of smuggling, especially since the banking and security agencies Al-Iraqiya identified those, according to what Iraqi officials told us.

And the source in the Ministry of Finance continued, "The Iraqi Foreign Minister informed the ambassador that the visiting delegation to Washington soon prepared a number of sober proposals, which would reassure the American side of the success of the Iraqi government's steps in consolidating the sale of the dollar and preventing its smuggling, and that it is proceeding with its procedures and will not back down from it." That "Iraq is facing US measures as a result of smuggling dollars to Iran, Syria and Lebanon to parties facing US sanctions, and through crooked ways," referring to the Lebanese "Hezbollah".

According to an official statement issued by the Ministry of Foreign Affairs, last Tuesday, the minister's meeting with the US ambassador discussed the files of the upcoming visit, which will include a high-level Iraqi delegation of economic officials, the work program and the meetings that will discuss political and economic issues, and aspects related to the Iraqi and American currencies.

The Parliamentary Finance Committee believes that the visit should provide clear mechanisms to reassure the American side, to be followed by the implementation of a strategy that allows Iraq to control the oil sales funds deposited in the Federal Bank, so as not to be used as a pressure card.

Committee member Moein Al-Kazemi confirmed, in an interview with Al-Araby Al-Jadeed, that “there must be an understanding between Baghdad and Washington in the dollar file and through the highest official levels, to establish joint mechanisms related to the mechanism of money movement , which simplifies the procedures for obtaining it by merchants for import purposes.” Because the Federal Bank's actions restricted the movement of the dollar, and delayed money transfers from the Central Bank to banks abroad.

Persuading America of the Iraqi procedures

He added, "The visiting Iraqi delegation will be able to convince the American side of the Iraqi measures, in the event that it presents a practical mechanism and a solid strategy, which guarantees the sobriety of the process of selling the dollar in the currency auction at the Central Bank, through real financial invoices for importing materials and clarifying the origins of the import, and not being from countries that have a ban." From Washington, and this will leave no room for objection from the US Federal Bank, and we believe that it is possible to achieve this.

He pointed out, "If the American side insists on the restrictions, despite the Iraqi assurances, we advise that the government and the central bank go towards adopting the euro as a foreign currency, and we do not forget that the euro and the dollar are in solidarity regarding the restrictions imposed on certain countries to prevent foreign currency from reaching them, and for this we believe The realistic and optimal solution that achieves long-term stability is to adopt a strategy that encourages Iraqi industries and national products, and reduces the need for imports, and therefore the need for dollars will be less.

Freeing Iraq's funds from the control of the "federal"

He stressed that "this strategy must be accompanied by efforts to liberate Iraq's money from the control of the US Federal Bank, as it is not reasonable for us to continue depositing oil sales money with the US side, even though it is Iraq's money, and it must have sovereignty over it." Part of the Iraqi sums there is transferred to buy gold, and it is withdrawn in Iraqi dinars, which is in line with international financial standards.

On Tuesday evening, Al-Sudani said, in an interview with state television, that a government delegation will leave for Washington soon, stressing that his visit to Washington has not yet been set for a date.

This was confirmed by diplomatic sources in Baghdad, to Al-Araby Al-Jadeed, by saying that the American side requested more time to study the files of Al-Sudani’s visit so that it would be fruitful and culminate in agreements that enhance bilateral cooperation in strategic files between Baghdad and Washington, adding that the upcoming visit of the Iraqi delegation may pave the way for agreements that allow Set the date of the visit.

And Al-Sudani acknowledged, in his appearance last Tuesday evening, the smuggling of US dollars from Iraq " through forged invoices , and the central bank and the previous government were supposed to implement an agreed-upon mechanism to control the movement of money called (compliance standards) for the global banking system."

And he indicated that "a memorandum signed by the Central Bank of Iraq (with the US Federal Reserve) two years ago to proceed with these procedures so that the central transfer system would be through an electronic platform and be audited, but the procedures were not at the required level in terms of qualifying banks for this system."

The electronic platform for selling dollars in Iraq, under the supervision of the Central Bank, allows the United States to monitor the amounts that come out of the Central Bank and the beneficiaries from banks, companies and businessmen.

Over the past years, an average of $170 million was sold daily through what is known as the dollar auction, in which merchants, banks, and companies participate, without monitoring the end of those funds, which are often classified as import trade for the local market, or foreign transfers.

Experts say that Iran, the Bashar al-Assad regime, and Lebanese parties obtain large quantities of them under the pretext of importing food and construction materials, without any of these materials arriving.

The use of the electronic platform led the same parties to go to the local market to obtain the dollar in any amount, which raised the value of the dollar as a result of the increased demand for it, despite the security forces carrying out a campaign of arrests against what they described as hard currency speculators.    LINK

Thursday Morning Iraq Economic News Highlights 2-2-23

Thursday Morning Iraq Economic News Highlights 2-2-23

A Financial Expert Warns The Central Bank Of Resorting To Storing The Local Currency Because Of The Repercussions Of The Dollar

A financial expert warned of the repercussions of the central bank resorting to cash storage from the local currency to compensate for any currency shortage in the markets.

The expert, Mahmoud Dagher, said in a press interview seen by “Takadam” that “the local currency is provided through the continuation of the process of deliberation and commercial exchange within the markets, which goes hierarchically from the merchant to the central bank to buy the dollar, and then the local monetary mass goes from the bank to the Ministry Financial to be distributed as salaries and financial dues for employees or others who have dues from the state.

Dagher explained that “the Central Bank today sells the dollar in a currency auction at very low rates, which means that the bank’s storage of the local currency will be limited, which will put the Ministry of Finance in a difficult position regarding paying employees’ salaries and other financial obligations,” noting that “the bank’s resort to storage From the dinar and paying it to the Ministry of Finance will have negative consequences, most notably an increase in inflation rates.

https://takadum-news.com/archives/146493

After The Dollar's Jump To More Than 170,000.. Security Raids, Stock Exchanges And Exchanges Stopped Trading

Today, 12:49 |Baghdad today - Baghdad    An informed source revealed, today, Thursday, that most of the exchange offices in the capital, Baghdad, and the provinces, as well as the stock exchanges, have stopped working after a series of security raids.

The source told (Baghdad Today) that “the security forces carried out raids on a number of exchange offices in the capital, Baghdad, and the provinces, in addition to the stock exchanges, against the background of manipulating the exchange rates of the dollar against the Iraqi dinar.”

He added that "the banking offices closed their doors for fear of security prosecution, especially in light of the continued high exchange rates of the dollar."

And he continued, "The stoppage of the movement of selling dollars in exchanges and stock exchanges came against the background of the exchange rate reaching more than 170,000 dinars for every 100 dollars."

Earlier, the security services carried out raids on a number of exchange offices in Baghdad, to pursue manipulators of dollar exchange rates, which resulted in the arrest of a number of speculators in the market.

Since November 2022, the exchange rate of the US dollar against the Iraqi dinar has witnessed a gradual increase, reaching its highest levels in recent days, as it crossed the barrier of 170,000 dinars per 100 dollars.    LINK

Financial Expert Mahmoud Dagher Issues A Warning About Local Currency Storage

  2023/02/02 Baghdad - Iraq today: A financial expert warned of the repercussions of the Central Bank of Iraq resorting to cash storage from the local currency to compensate for any currency scarcity in the markets.

The expert, Mahmoud Dagher, said in a press interview followed by (Iraq Today), that “providing the local currency takes place through the continuation of the process of deliberation and commercial exchange within the markets, which goes hierarchically from the merchant to the central bank to buy dollars, and then the local monetary mass goes from the bank to the Ministry of Finance, to be distributed as salaries and financial dues for employees or others who have dues from the state.

Dagher explained that “the Central Bank sells the dollar today in a currency auction at very low rates, which means that the bank's storage of the local currency will be limited, which will put the Ministry of Finance in a difficult position regarding paying employee salaries and other financial obligations,” noting that “the bank's resort to hoarding From the dinar, and paying it to the Ministry of Finance will have negative consequences, most notably an increase in inflation rates.   LINK

A Deputy Stresses The Need To Hold Manipulators Accountable At Dollar Exchange Rates And Invites Relations

Posted On2023-02-02 By Sotaliraq   The representative of the Sadikoun parliamentary bloc, Mahasen Al-Dulaimi, called on Wednesday, the governor of the Central Bank, Ali Al-Alaq, to ​​take serious steps to address the high exchange rate of the dollar.

Al-Dulaimi said in a statement, "The rise in the exchange rate of the dollar was reflected in turn on the economic situation in the country, and caused a rise in the prices of basic materials and commodities in the local market, which negatively affected the situation of the Iraqi citizen, so the governor of the Central Bank, Ali Al-Alaq, must take urgent steps to address this issue." Height".[/size]

She added, "A real solution must be found for the mechanism for granting banking licenses, as well as giving confidence to merchants to deal directly with the Central Bank without mediation, in order to control the economic reality and the movement of the dollar within the country."[/size]

And she stressed "the need to tighten deterrent measures against manipulators of dollar exchange rates, and to carry out daily security campaigns to follow them up.  LINK

Al-Sudani And Al-Abadi Are Looking For "Effective Solutions" To Control The Dollar Prices

2023-02-01 Shafaq News/ The Prime Minister, Muhammad Shia'a al-Sudani, and the head of the Victory Coalition, Haider al-Abadi, discussed, on Wednesday, finding "effective solutions" to control the dollar prices in the local markets.

This comes at a time when the dollar exchange rates are recording continuous jumps, approaching 170 thousand dinars per 100 dollars, at a time when the government measures taken by the Sudanese did not succeed in stopping the significant rise in the dollar exchange rate.

A statement from Al-Abadi's office received by Shafaq News agency stated, "The latter received in his office today, Wednesday, Al-Sudani. During the meeting, the overall political, economic and security conditions were discussed, and the government's plans to serve citizens and implement its government program, overcoming obstacles and difficulties that stand in front of it, and finding effective solutions to control prices." The dollar in the local markets, and support the poor classes in the country.

According to the statement, "the importance of unifying the word to move forward in the reconstruction and construction of the country, reform in state institutions, fight corruption, and support the prime minister's efforts in implementing his program" was also emphasized.

The Iraqi currency lost about 10% of its value, after procedures related to imposing compliance rules on the Central Bank of Iraq's dealings with currency dealers in relation to the US dollar.  LINK

Oil Prices Rise With The Decline Of The Dollar And The Decision Of OPEC +

Energy   Economy News _ Baghdad   Oil prices rebounded on Thursday, after falling more than 3% in the previous session, as dollar weakness restored some appetite for risky assets and OPEC+'s decision to extend production cuts helped calm oversupply fears.

Brent crude futures rose 65 cents, or 0.8%, at $83.49 a barrel by 03:53 GMT, while US benchmark West Texas Intermediate crude futures rose 71 cents, or 0.9%, to $77.12 a barrel.

Both benchmarks fell more than 3% overnight after US government data showed big rises in stocks of crude and oil products.

The Fed raised its target interest rate by a quarter of a percentage point on Wednesday, but continued to promise "continued increases" in borrowing costs as part of its ongoing fight against inflation.

"Inflation has declined somewhat, but remains high," the US central bank said in a statement.

The US dollar index fell to a nine-month low on Thursday, in reaction to bets for a weak interest rate hike. A weaker dollar makes dollar-denominated oil less expensive for holders of other currencies, boosting demand.

The OPEC+ committee endorsed the group's current production policy at Wednesday's meeting, leaving production cuts agreed last year in place amid hopes of rising Chinese demand and an uncertain outlook for Russian supply.

OPEC+ agreed to cut its production target by two million barrels per day, or about 2% of global demand, from November last year until the end of 2023 to support the market.

https://economy-news.net/content.php?id=32230

Trade Reveals The Fate Of The Ration Card After The Delay In Approving The budget                                          

Money and business  Economy News-Baghdad   The Ministry of Commerce revealed the fate of the ration card after the delay in approving the budget, and confirmed that no new materials were added to the ration card due to the lack of approval of the budget so far and the limited exchange, and noted the availability of a good balance of it with the preparation of three food baskets.

The official spokesman for the ministry, Muhammad Hanoun, said in a statement to the official newspaper, “There is support from Prime Minister Muhammad Shia’a al-Sudani to the ministry to supply the items of the food basket on a regular basis among citizens, indicating that the ministry’s entry into the commercial sector aims to prevent monopoly and not affect the citizen by crises.”

Hanoun referred to "the formation of a crisis cell headed by the Minister of Commerce and the membership of agents and directors of companies to set up a mechanism and controls for entry within the commercial sector and to conduct large contracts with solid originators with regard to food and construction materials and display them in the local markets."

  And he indicated that “the ministry has a good balance of the wheat crop during the current year, and nearly 150,000 tons were recently imported from Australia.”

  He stressed, “Not adding new foodstuffs to the ration card, because the matter is related to the general budget, which has not been released yet.”   https://economy-news.net/content.php?id=32235

"Tidbits From TNT" Thursday Morning 2-2-2023

TNT:

Tishwash:  After the dollar's jump to more than 170,000.. security raids, stock exchanges and exchanges stopped trading

An informed source revealed, today, Thursday, that most of the exchange offices in the capital, Baghdad, and the provinces, as well as the stock exchanges, have stopped working after a series of security raids. 

The source told (Baghdad Today) that "the security forces carried out raids on a number of exchange offices in the capital, Baghdad, and the provinces, in addition to the stock exchanges, against the background of manipulating the exchange rates of the dollar against the Iraqi dinar." 

He added that "the banking offices closed their doors for fear of security prosecution, especially in light of the continued high exchange rates of the dollar." 

And he continued, "The stoppage of the movement of selling dollars in exchanges and stock exchanges came against the background of the exchange rate reaching more than 170,000 dinars for every 100 dollars."

Earlier, the security services carried out raids on a number of exchange offices in Baghdad, to pursue manipulators of dollar exchange rates, which resulted in the arrest of a number of speculators in the market.

Since November 2022, the exchange rate of the US dollar against the Iraqi dinar has witnessed a gradual increase, reaching its highest levels in recent days, as it crossed the barrier of 170,000 dinars per 100 dollars.   link

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CandyKisses:  Groundhog Day is a holiday celebrated annually on February 2nd in the United States and Canada, where people gather to watch Punxsutawney Phil, the most famous groundhog, emerge from his burrow to predict the weather. But just how accurate is this time-honored tradition? According to the National Climatic Data Center, Punxsutawney Phil’s predictions have only been correct about 39% of the time.

CandyKisses:  It looks like six more weeks of Winter, according to Punxsutawney Phil

Patriot1490:  Just saw this article on Fox News and thought it was worth sharing  https://www.foxnews.com/world/iran-russia-integrate-banking-systems-by​pass-western-sanctions

Patriot1490:  the disconnecting them from the swift system and then Iran Russia trying to get on elsewhere would not seem to work. So the pressure is really on them.

RVAlready:  I believe Russia probably has a big enough economy not to need the US. I am sure there are systems other than SWIFT to transact business with other countries. Plus, with the petrodollar US fiat currency failing, doing business with the US will quickly be less important….

RVAlready:  This is becoming a multi currency world. The US will not be the big reserve currency in the world for long.  Remember, the IMF plan to break the world into regions, each with one or more reserve currencies.

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Tishwash:  Sources: An American-Iraqi meeting in Turkey about slowing down using the Swift platform

Political analyst Haider al-Musawi revealed, on Thursday, February 2, 2023, a meeting between representatives of the Central Bank and the US Federal Reserve in Turkey regarding the dollar crisis.

Al-Musawi said in a tweet, followed by the obelisk, that the American side will refuse to wait for months in using the Swift platform with Iraq.

And he continued that he will simplify procedures that will increase dollar sales by the central bank upward, and here will be a gradual decline in the price of the dollar.

The British newspaper, The Independent, revealed information about the American “conditions” for granting the dollar to Iraq.

The newspaper said, “100 central bank employees have been trained by the US Federal Bank to use the new US electronic system so that the US Federal Reserve is aware of any movements in the dollar.”

And she pointed out that "with the implementation of the new system, 80 percent of the compound's requests and dollar transactions, which had previously been approved by the Central Bank of Iraq, were rejected."

And she continued, “If the request is approved through the system, the dollar will be available within 15 days, while previously it was available within 2 to 3 days.”

The chairman of the board of directors of an Iraqi bank, according to the newspaper, said, "If the situation continues for another year, many Iraqi banks will declare bankruptcy."

The legal expert, Ali Al-Tamimi, spoke on Saturday, January 28, 2023, about legally resolving the problem of the high exchange rate of the dollar.

Al-Tamimi said, in a statement to Al-Masalla, that the US federal measures led to an increase in the price of the dollar, and this affected the economic security in the country, indicating that the current government can request from the United States of America, according to Article 27 of the strategic agreement between Iraq and America for the year 2008, to request economic assistance. Attached to this are the measures taken by the new government in terms of investigation and administrative replacement of the Central Bank Governorate.

In Iraq, the Iraqi dinar fell against the high exchange rate of the dollar.

The rise in dollar prices disrupted the commercial movement in the local markets, which contributed to the rise in food and consumer prices, especially in the wholesale markets.

The Iraqi government tried to control this rise and launched a series of measures, including facilitating the financing of private sector trade in dollars through Iraqi banks, and opening outlets for selling foreign currency in government banks to the public for travel purposes.

The writer, Adnan Abu Zeid, attributes the currency collapse to political factors, saying: Every political system has its price in dollars, and every regional role has its price.

He added, “Kneeling is no longer caused by wars and sieges, but rather by humiliating the currency.”

Prime Minister Muhammad Shia al-Sudani had said, during a televised interview, that the price fluctuations were not a governmental or parliamentary decision or from the central bank, and that the official price of the dollar is still 1450 dinars in the central bank, and that the dollar is available and available at the official price for every businessman and citizen.

text:

Haider al-Musawi
 @haidermossawy
 Tomorrow a meeting in Turkey between representatives of the Central Bank
 And the US Federal Reserve about the dollar crisis, the Federal Reserve
 He will refuse to wait for months to use a platform
 Swift with Iraq but it will simplify
 Actions that will increase dollar sales
 By the central bank ascending and here it will be
 The gradual decline in the price of the dollar   link

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Tishwash:  Dollars are smuggled to all neighboring countries..and through Baghdad airport as well

The Obelisk publishes the most prominent interactions of the TV dialogues on Wednesday.

Representative of the Kurdistan Democratic Party, Majid Shankali, during a televised interview:

- The Iraqi economy is strong and we have a financial abundance of hard currency
- Iraq lacks economic development to manage the financial abundance
- Losing government companies must stop
- Iraq is committed to the procedures of the US Federal Reserve
- Smuggling foreign currency is not limited to Iran
- Smuggling dollars from Iraq included Syria, Lebanon, Turkey and Jordan And the Emirates
- Merchants' commitment to the electronic platform supports the Iraqi economy
- All merchants will adhere to the electronic platform
- Currency smuggling takes place through merchants from different outlets
- The Iraqi banking system is completely backward
- Economic ruin is caused by the backwardness of the banking system
- Money was smuggled through Baghdad Airport
- The food basket distributed during the two months The last two are very good and better than the previous one
- The food basket is good in terms of quality and quantity
- America will resort to easing its procedures related to the dollar with Iraq
- The Iraqi cash reserve has exceeded 100 billion dollars
- The best solution for the Iraqi economy lies in supporting industry and agriculture
- Most of the Iraqis' money goes to imported foodstuffs

Uday Awad, a representative of the Sadiqoon Bloc, during a televised interview:

– The dollar’s ​​rise was caused by the US Federal Reserve’s actions
– the US Federal Reserve was “sleeping” and its awakening came two days after the formation of the government
– ​​replacing the central bank governor was one of the solutions to reduce the dollar
– the former central bank governor “gave him” the position of advisor
– Ali Allawi’s proposal to reduce the dinar was unrealistic And like “manipulation”
– the dollar rose in a purely governmental mood during Al-Kazemi’s era
– the central bank is complicit with Allawi and Al-Kazemi in the plot of the dollar’s ​​rise
– the government cannot implement all of the US Federal Reserve’s
conditions – the US conditions for decreasing the dollar are summed up by not prejudicing corrupt people linked to Washington
– the US ambassador tried to “bargain.” The government in the dollar file
– Washington has been harassing the Sudanese government since its first day
– if I were in charge, I would have canceled the central bank because of the US Federal intervention
- The Iraqi dinar remains strong due to the financial balance and oil imports
- The recent appointments were an urgent need in some circles
- Stopping smuggling depends on procedures from the Central Bank
- The former central bank governor intended to deliver the dollar to 165 thousand
- The former central bank governor should have been referred for investigation   link

CandyKisses:  GOOD MORNING!!

Mot:  ~~ Just Set It Freeeee !!!! ~~~~~

Wednesday "Vietnam News" Posted by Henig at KTFA 2-1-2023

KTFA: Vietnam: 

Henig:  Seeking driving force for 2023 economic growth

06:00 | 01/02/2023

(VEN) - On the threshold of the New Year, economist Dr. Nguyen Dinh Cung, former director of the Central Institute for Economic Management, sums up the Vietnamese economy’s 2022 results and provides his forecast for 2023 growth.

Growth exceeds forecast

In 2022, the positive growth of the Vietnamese economy exceeded the forecasts of domestic and foreign economists and organizations. In the first three quarters of the year, Vietnam’s gross domestic product (GDP) increased 8.83 percent compared with the same period of 2021 - the highest nine-month GDP growth since 2011. Notably, in the third quarter, according to data from the General Statistics Office of Vietnam, the GDP grew 13.67 percent year-on-year.

The 2022 annual GDP growth was forecast to reach eight percent, exceeding the 6.5 percent target set by the National Assembly and the Government.

Vietnam’s 2022 economic growth was attributed first of all to the Government’s management efforts. Notably, Vietnam received global recognition for its flexibility in coping with the COVID-19 pandemic and vaccinations. In October 2021, the Government issued Resolution 128/NQ-CP on safe and flexible adaption to COVID-19, reopening the economy for recovery and resuming growth.

In 2022, the Government also maintained macroeconomic stability. In the context of unprecedented inflation in many countries, Vietnam successfully curbed the inflation rate at below four percent. The participation in new-generation free trade agreements (FTAs) has helped Vietnam maintain and even increase exports despite the impact of China’s Zero COVID policy on exports to this market. The 2022 annual import-export value is predicted to reach US$700 billion, a new record compared with US$668.5 billion in 2021.

However, the impressive economic growth of the first three quarters of 2022, especially the third quarter, can hardly be maintained in 2023 and ensuing years. In the fourth quarter of 2022, Vietnam’s GDP growth slowed down. To achieve the 6.5-percent growth target set by the National Assembly for 2023, the Government, ministries and localities should take timely and flexible measures in response to changes in the domestic and global economic situation.

Driving force for 2023 growth

To maintain macroeconomic stability in 2023, Vietnam is pursuing the goal of curbing inflation at below 4.5 percent. However, inflation control requires tightened fiscal and monetary policies, which will hinder business access to capital resources for production expansion. Therefore, flexible inflation control is necessary to promote economic growth in 2023.

The business community contributes significantly to Vietnam’s economic growth. To facilitate business operations, the government, ministries and localities should further improve the investment and business environment, restrict inspections and create favorable conditions for business access to loans with low interest rates. Reducing land rent and taxes for businesses through the Government’s Economic Recovery and Development Program is one of the measures to help Vietnam maintain economic growth in 2023 and ensuing years.

Notably, it is necessary to accelerate public investment disbursement due to its heavy impact on the entire economy, the liquidity of credit institutions and business access to capital resources.

The 2022 annual GDP growth was forecast to reach eight percent, exceeding the 6.5 percent target set by the National Assembly and the Government.

Nguyen Hoa   LINK

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Henig:  Mong Cai international border gate busy after Tet holiday

10:52 | 01/02/2023

Import-export activities at the Mong Cai International Border Gate have turned busy as the border gate reopened on January 28 after 7-day closure for Lunar New Year (Tet) celebration.

Only on the morning of January 28, 120 vehicles carrying more than 600 tonnes of products and container trucks carrying electronic items traversed the border gate.

Head of the Mong Cai International Border Gate Management Board Tran Bich Ngoc said that in the first 30 days of 2023, nearly 73,500 tonnes of products were traded via the border gate, a year-on-year increase of 13.5 percent.

At the Bac Luan Bridge II border gate in the Mong Cai International Border Gate, on average 94 vehicles with about 1,500 tonnes of import and export goods traversed daily.

At the opening of Km3 4 Hai Yen, an average of 147 vehicles with nearly 1,900 tons of goods are cleared daily.

Exports from Vietnam to China are mainly fruits, tapioca, aquacultural products, and dry goods.

Imports from China to Vietnam are mainly fabrics and electronic components.

From January 8 when China reopened its borders, the number of people entering and leaving Vietnam through the Mong Cai border gate has reached 5,361. Of the total, 889 people, most of them Vietnamese, entered while 4,472 people, mostly Chinese, left the country.

Source: VNA   LINK

Henig:  State-owned banks under capital increase pressure

10:52 | 01/02/2023

Vietnam’s four biggest State-owned banks have an urgent need for capital increase in 2023 as their charter capital is too low, with some unable to ensure the regulated minimum capital adequacy ratio (CAR), according to industry insiders.

Currently, the big four, including BIDV, Vietcombank, Agribank and VietinBank, only hold more than 40 percent of the credit market share of the country’s banking system, but over the years, especially in the past three years, the banks have been a key force in supporting the economy to overcome the difficulties caused by the COVID-19 pandemic and global economic uncertainties. However, they are facing difficulties in terms of capital.

According to Agribank’s chairman Phạm Đức Ấn, at the current credit scale, Agribank is unable to ensure the minimum CAR to get higher credit growth due to the low charter capital, which caused the bank to have a low credit growth in 2022 compared to the average rate of the banking system.

Increasing charter capital for Agribank is very urgent as only when the minimum CAR is ensured for developing credit right from the beginning of 2023, Agribank has the resources to serve the capital needs of the economy, especially in rural areas, Ấn noted, suggesting that the Government should advance the VND6.75 trillion of charter capital for Agribank as an estimated plan approved by the National Assembly.

Despite having a proactive advantage over Agribank, the three remaining State-owned banks still have to wait for the Government’s approval in order to raise capital as expected. There are many potential risks for the three banks as their CAR is currently just slightly above the regulated minimum. Therefore, BIDV’s chairman Phan Đức Tú requested the Government, the Ministry of Finance and the SBV continue allowing State-owned banks to use their after-tax profits after deducting funds in 2022 to increase charter capital in a move to enhance their financial resources and ensure the CAR.

For Vietcombank, though the bank has taken many measures to increase charter capital, its CAR is still very modest compared to its development needs as well as international standards. The bank’s chairman Phạm Quang Dũng proposed the Government and the SBV continue to give priority to the charter capital increase of State-owned banks.

Vietcombank is looking forward to soon being approved by the Prime Minister to increase its charter capital from the retained profits in 2019 and 2020 after deducting funds, which has been agreed by the SBV and the Ministry of Finance to submit to the Prime Minister. In 2023, Vietcombank plans to ask the SBV to submit to the bank’s general meeting of shareholders to further increase its charter capital from all the remaining accumulated profits in 2021 and the previous years.

As the Prime Minister, the SBV and the Ministry of Finance have so far agreed on the proposal in principle, Vietcombank expects to receive support from the Government, the SBV and relevant ministries in the process of reporting, explaining and applying for approval of the proposal from the National Assembly, Vietcombank’s chairman Phạm Quang Dũng said.

According to statistics, as of October 2022, the CAR of the State-owned banks was only 9.04 percent, much lower than that of other regional countries, such as the Philippines (16.29 percent), Singapore (17.2 percent), Malaysia (18.3 percent), Thailand (19.3 percent) and Indonesia (23.3 percent). Moreover, many countries in the region have so far applied Basel III, or a part of Basel III, while banks in Vietnam have mostly implemented Basel II. The low CAR will affect the credit supply of the State-owned banks, which will limit their support to businesses, especially when the economy is facing many potential risks. Notably, if the shortcoming is prolonged, it will be difficult for State-owned banks to maintain their dominant positions in the banking system.

A banking expert even said if considering the State budget as an investment, investing in State-owned banks will get the best return as they have been steadily profitable and annually contributed trillions of Vietnamese dong in tax to the State budget.

Source: VNS    LINK

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Henig:  Vietnam plans to attract Chinese tourists

07:00 | 01/02/2023

Vietnam's tourism industry has targeted to serve about 110 million tourists in 2023, including 8 million foreign visitors.

On January 8, China officially completely lifted travel restrictions to the world, allowing its visitors to travel to international destinations after three years of closure. This will likely open up a strong recovery momentum shortly for the tourism industry of countries around the globe.

According to the World Tourism Organization, Chinese tourists are the world's largest spenders, accounting for a fifth of global tourism spending in 2019 - the time before the outbreak of the COVID-19 pandemic. This is equal to the US and German tourist markets combined.

Viet Nam's smokeless industry also looks forward to visitors from the billion-population market.

According to a report by the National Administration of Tourism, China has always been Viet Nam's largest market, with more than 5.8 million visitors to our country in 2019, accounting for one-third of the total number of international visitors to Viet Nam.

In Quang Ninh province, the local Department of Tourism said that Chinese visitors through Mong Cai international border gate were increasing daily. The number of Chinese tourists staying in Quang Ninh also accounts for about 50 percent of total international visitors to Quang Ninh.

The National Administration of Tourism said that the adjustment of the immigration and epidemic prevention policy by Chinese authorities from January 8 is a positive signal for Viet Nam's tourism industry in the early days of 2023.

In 2015-2019, Chinese tourists increased by an average of 34.4 percent per year. Before the epidemic, Chinese tourists always accounted for 30 percent of the total number of international visitors to Viet Nam.

Not only do Chinese tourists return, but the travel demand of tourists from other international markets and domestic tourists also increases during Tet. Therefore, localities actively prepare and offer many unique tourism products to attract tourists.

In just three days of the last New Year holiday, Sapa has welcomed approximately 42,000 tourists. Revenue was about VND126 billion, an increase of over VND80 billion compared to the previous year's period.

It is forecasted that this Lunar New Year, Sa Pa will continue to receive many visitors thanks to bustling festivals and cultural and entertainment events.

Source: en.baochinhphu.vn    LINK

KTFA Members "Wednesday News" 2-1-2023

KTFA:

Clare:  The Saudi foreign minister will visit Iraq tomorrow

  2/1/2023

The Ministry of Foreign Affairs announced that Saudi Foreign Minister Faisal bin Farhan will visit Iraq tomorrow, Thursday.

The ministry said in a statement, which {Euphrates News} received a copy of, that: "Saudi Foreign Minister Faisal bin Farhan will visit Iraq tomorrow."

She added, "A press conference will be held between Foreign Minister Fuad Hussein and his Saudi counterpart at the ministry's headquarters."   LINK

Clare:  Iraq recovers more than 80 million dollars of stolen money

2/1/2023

The media office of the Iraqi Prime Minister, Muhammad Shia'a Al-Sudani announced, on Wednesday, the recovery of more than $80 million of his stolen money smuggled out of the country.

A statement issued by Al-Sudani's office today stated, "According to the government's approach and within the government's continuous endeavor to recover Iraq's smuggled funds abroad, the competent authorities were able to recover an amount of more than $80 million from the stolen funds and re-enter them into the state treasury."   LINK

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Clare:  A new statement from the Parliamentary Law regarding the 2023 budget

Baghdad - Conscious - Nour al-Zaidi

2/1/2023

Today, Wednesday, the Parliamentary Legal Committee confirmed that the House of Representatives places the approval of the 2023 budget at the top of its priorities, indicating that Parliament will be supportive of its provisions.

The representative of the committee, Ahmed Fawaz, told the Iraqi News Agency (INA): "The budget law will be one of the most important priorities of our work at the beginning of the legislative term for the second year of the fifth session," noting that "the committee is waiting for the budget to be sent from the government, and our concern is to speed up its approval." .

He added, "There are many challenges awaiting the budget associated with the confirmation of lecturers and contracts in all state institutions and relevant ministries," noting that "the draft budget law will enter into force after its parliamentary approval in order to implement the government program of Prime Minister Muhammad Shia'a al-Sudani, which was promised to the sons of Our people during the vote on the program in the House of Representatives.

Regarding the stalled laws, Fawaz stated, "One of the most important stalled laws in the House of Representatives is the retirement law, the civil service law, the law for electors, in addition to the general amnesty law," explaining that "there are more than 100 draft laws stalled in the House of Representatives since the two parliamentary sessions." the previous three and four.

And Prime Minister Muhammad Shia al-Sudani confirmed earlier that he "desires a budget that is compatible with the government program and is not like the previous budgets that were approved," pointing out that "all previous mistakes were due to the budget's incompatibility with government programs."

He stated that "determining the exchange rate in the budget is taken according to the paths and the economic situation in the country," noting that "all possibilities are contained in adjusting the exchange rate."   LINK

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Henig:  Expert: There are two possibilities behind the Sudanese description of the dinar as "stronger" than the dollar

 Baghdad today - Baghdad

Today, Tuesday, economic expert Ahmed Saddam identified two explanations for Prime Minister Muhammad Shia'a al-Sudani's description of the dinar as "stronger" than the dollar.

Saddam said in an interview with (Baghdad Today) that "the talk of the Prime Minister, Muhammad Shia' al-Sudani, that the dinar is stronger than the dollar, two things are possible. This may reflect positively on the decline in the price of the dollar against the dinar. 

He added, "Al-Sudani's hadith wants to reduce the demand for the dollar, especially from informal traders who do not go to the window for selling the currency, but rather go to exchange companies (the parallel market)," noting that "going and turning to the dinar means reducing the demand for the dollar, and here it will decrease because the increase in demand is who contributed to the increase.

He continued, "The irregular merchants, who amount to 70% of the number of merchants, went to the banking offices over which there is no control, and thus the demand for the dollar decreased in the currency auction after it was previously 180 million dollars, and today the demand has reached 50 million, and therefore the matter indicates that the government does not go to the window." to sell dollars.

Prime Minister Mohammed Shia al-Sudani had said earlier that the Iraqi dinar was "stronger" than the dollar, while urging citizens not to acquire dollars.   LINK

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Clare:  The World Bank is ready to work with Iraq to implement reforms

2/1/2023

The World Bank has expressed its willingness to work with the Iraqi government to implement investment and reform projects that require large financial resources.

“There is more than one way to implement the Climate and Development Report,” Salim Rouhana, the bank’s sustainable development program official, said in an interview with the official newspaper, “Al-Sabah,” which was followed by Mawazine News, noting that “the report prioritizes reforms, starting with the reforms that are very necessary for capacity building.” implementation of projects, with the need to have the ability to complete them.

He added, "The second method is financing, part of which is public, and the other part is private, because the bank is interested in these sectors to create the political and financing structure, in order to motivate going for projects in energy, specifically alternative and renewable."

And he continued, "The third way in the reform process is to shift from the immediate and short-term view to the medium and long-term view that requires some security and political stability and the creation of departments that can complete work on these projects and implement the view and direction even in the frameworks of changing governments and policies, and this matter is important, There must be some kind of continuity in government to implement medium and long-term projects.

He pointed out that "the World Bank will have a technical and intellectual support role, and it is preparing for the government's request to support investment and reform projects and many tools in which we can work with it, which require large financial resources and create an environment for the private sector and investment and a lot of knowledge, technologies and modern ideas that Through it, the World Bank can attract expertise that has implemented these projects in other countries.   LINK

Henig:  Al-Sudani confirms the occurrence of fraudulent dollar transfers outside Iraq

01 February 2023

The Iraqi Prime Minister, Muhammad Shia' al-Sudani , confirmed on Tuesday evening that fraudulent dollar transfers abroad had taken place, indicating that this matter was revealed by the start of implementing regulations that sponsor financial transfers in a step that coincided with the decline in the value of the dinar against the dollar.

During the past two months, the Iraqi dinar lost more than 10% of its value against the green currency, which led to sporadic demonstrations protesting the decline in the purchasing power of citizens.

On Tuesday, the price of the dollar in the market reached 1,680 dinars, while its official price is still the same at 1,470 dinars.

Analysts and officials attribute this decline in the value of the national currency to the Iraqi banking system's compliance with international regulations related to money transfer.

It has become imperative for Iraqi banks to conduct these transfers through the electronic "Swift" platform, which allows, in particular, the US Central Bank to monitor these transfers.

During the interview he conducted with him on the official Al-Ikhbariya TV channel, Al-Sudani touched on this mechanism, considering it a tool to achieve "real reform of the banking system, the economic system, to preserve public money and prevent it from smuggling and money laundering."

The prime minister explained that currency smuggling abroad was done through transfers made on the basis of forged invoices for imports whose prices were inflated.

He said that smuggling was done through "false bills, and the money was coming out and being smuggled, and this is a reality, otherwise what would we have imported for $300 million a day?"

He added, "What does it mean that we were importing goods worth $300 million per day? Inevitably, this money was leaving Iraq, and this has been a chronic problem for years."

The prime minister inferred the existence of smuggling by saying that before the implementation of the "Swift" system, the Central Bank of Iraq used to sell merchants quantities of green currency many times greater than what it sells to them today, and yet there are no missing goods in the markets today.

Iraq suffers from chronic corruption that undermines public administration and the entire economy.

He said, "In the past, we used to sell 300 million dollars, 200 million dollars, 250 million dollars, per day. Now, the central bank sells 30, 40 or 50 million dollars daily, and what has changed, what has been lost in the market, nothing."

And Al-Sudani continued, "So, where did the money that comes out go? And all of it with forged invoices. There are commodities that they bring in at irrational prices, and it is clear that the aim is to get the currency out of Iraq. This matter must stop."

The prime minister confirmed that his government had formed "specialized security teams" to detect smugglers and seize smuggled funds.

He added, "We hear that money is being smuggled into the Kurdistan region, and from the region it goes to neighboring countries," without specifying whether he meant Turkey, Iran or Syria mired in war.

Al-Sudani said, "The financial situation in Iraq today is in the best condition, because merchants and businessmen are accustomed to correct and legitimate trade."

The Prime Minister confirmed that Foreign Minister Fuad Hussein and the new governor of the Central Bank will be among the delegation that will travel to Washington on February 7 to discuss the exchange rate mechanism and its fluctuations.

(AFP)  LINK

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Henig:  Gulf Electrical Interconnection Authority: Next month, we will start work in southern Iraq, and it will be a gateway to Europe

Baghdad today - follow-up

The CEO of the Gulf Electrical Interconnection Authority, Ahmed Al-Ibrahim, revealed today, Wednesday, that next week the electrical interconnection contracts will be signed in southern Iraq, and work will begin next March, while he indicated that Iraq will be a gateway to exporting electricity to Europe.

Al-Ibrahim said, in statements reported by the Saudi newspaper, Al-Riyadh, and followed by “Baghdad Today”, that “Iraq is hosting a lot of investment projects at the present time, as there are many companies implementing projects inside Iraq,” denying “the existence of security concerns regarding the completion of the electrical interconnection project with Southern Iraq Network.

He pointed out that "the Gulf Electrical Interconnection Authority was keen to contract with Iraqi companies to deal with the obstacles," stressing in the same context that "the Interconnection Authority has secured the necessary liquidity to complete the electrical interconnection project with southern Iraq according to the specified timetable, in addition to contracting with Iraqi companies with expertise." great in the implementation of projects in Iraq.

Al-Ibrahim said, "Next week will witness the signing of contracts for the implementation of the electrical interconnection project with southern Iraq."

He expected that the implementation of the project would take 24 months, and 500 megawatts would be transferred to the Iraqi side in the first phase, and the quantities of energy would be raised according to the capacity of the electrical network in southern Iraq, especially since the electrical interconnection project with southern Iraq is capable of transmitting energy by 1,500 megawatts.

And he indicated that "all Gulf countries are working to develop renewable energy sources (solar energy - wind energy), pointing to the existence of huge projects for the production of renewable energy in the Kingdom, as it aims to reach 50% of renewable energy by 2030, in addition to the rest of the GCC countries, while The Sultanate of Oman is 30% in 2030, and the rest of the other countries range between 10% - 20% by 2030, as renewable energy currently constitutes between 10% - 15% in the Gulf electrical interconnection network.

With regard to the export of Gulf electric power, he explained that the first energy export process outside the Cooperation Council of the Republic of Iraq is about 500 megawatts, considering the export project to Iraq as a first step, followed by steps represented in linking central and northern Iraq to Turkey and then reaching the European continent to export electric power. .

He stressed that "all countries of the Cooperation Council build electrical stations to keep pace with the increasing demand during the summer," pointing out that "the percentage of decline in demand for electricity energy during the winter by 50% - 60%, and this percentage represents the surplus during the winter season, as this period is considered Suitable for exporting electric power to Europe, which raises the interest of investments in electric power.   LINK

Iraqi News Highlights Wednesday Afternoon 2-1-23

Iraqi News Highlights Wednesday Afternoon 2-1-23

Tlm724 Administrator Bondlady’s Corner

Al-Sudani And Al-Abadi Discuss Effective Solutions To Control Dollar Prices And Support The Poor Classes

Wednesday 01 February 2023 18:18 | political Number of readings: 115  Baghdad / NINA / - The Prime Minister, Muhammad Shia'a Al-Sudani, and the head of the Al-Nasr coalition, Haider Al-Abadi, discussed finding effective solutions to control the dollar prices in the local markets and support the poor classes in the country.  Al-Sudani and Al-Abadi stressed the importance of uniting the word to move forward in the reconstruction and construction of the country, reform in state institutions and fight corruption.

https://ninanews.com/Website/News/Details?key=1030553

Control Of The Exchange Rate Is Achieved By Supporting The Central Bank's Measures

Sameer Al-Nusairi   Since last week, and in continuation of the efforts of the government and the Central Bank, specialized work cells and teams from the cadres of the Central Bank and banks, with the follow-up of the Prime Minister and the Parliamentary Finance Committee, and under the direct supervision and management of the Governor of the Central Bank, have begun to hold a series of meetings, discussions and reviews of instructions with the aim of simplifying the procedures that lead to To secure the US dollar in the quantities required to cover the foreign trade needs of merchants, businessmen and importers (companies and individuals) through the banking system, as well as covering the needs of citizens traveling outside Iraq for all purposes.

  In addition, the tireless efforts of the Central Bank and the government to coordinate at a high level and directly with international technical requirements, in a manner that guarantees the arrival of the dollar to the real beneficiary, while preserving the bank’s foreign currency reserves with the bank and with other banks according to the highest levels of care, transparency and responsibility.

And from our analysis of the current situation of the money market in Iraq and the continued flow of the dollar according to the daily rates of oil imports and the availability of foreign cash reserves of about 115 billion dollars. It makes us reassured that the current exchange rate crisis is temporary, and the price will return to its targeted rates from the Central Bank in a short time.

This requires governmental and parliamentary cooperation and support and keeping the crisis away from bickering, tensions and political conflicts, as well as media support for the Central Bank’s procedures and non-interference of non-specialized analysts who are hosted in Some media channels to harm the independence of the Central Bank and the reputation of our national economy internationally.

We commend here the government's measures to track down speculators in the currency market and unlicensed money changers who harm the money market and the commercial market, and we bet that the crisis will end in the short term.

We hope that the trolls understand that the duties and tasks of the Central Bank are clear and defined in its law in force and that it implements them in accordance with its independence and its monetary policy and its tools. It is not one of its tasks to control the border crossings and the customs system,

nor to follow up and control speculators in the currency market, nor is it responsible for the lack of local production that covers the needs of citizens It is not responsible for increasing the ration ration or committing to distributing it on time to citizens,

nor is the Central Bank responsible for providing sufficient social welfare allocations to meet the needs of the poor, and the Central Bank is not responsible for activating the productive sectors in agriculture and industry and diversifying sources of national income.

Therefore, the responsibility to maintain the stability of the exchange rate is the responsibility of everyone, the central bank, the government, banks, the media and citizens.

https://economy-news.net/content.php?id=32211

The Minister Of Planning Affirms Iraq's Desire To Continue The Partnership With Washington

Wednesday, February 1, 2023 Baghdad / The National News Center  , Minister of Planning Muhammad Ali Tamim confirmed today, Wednesday, the existence of a serious desire by Iraq to continue the partnership with the United States of America to achieve the goals of sustainable development.

Tamim said in a statement received by the National News Center that "there is a serious and great desire to continue partnership and cooperation with the United States of America in order to achieve the goals of sustainable development, improve the level of performance and establish the principles of good governance."

And he added, “We have attached, within the government program, exceptional importance to applying the principles of good governance in order to achieve a better life for citizens and to establish the pillars of state security in all fields.”

Tamim explained that “the ministry works within the framework of improving the level of performance through many activities and policies and in cooperation with the Takamul project through what the departments and formations of the ministry, committees and work teams emanating from the National Committee for Sustainable Development are doing,” noting that “reaching the required results from all these Partnerships, policies and events require work to ensure the sustainability of their application and continuity within government institutions at all levels.”

For her part, the US Ambassador to Iraq, Elena Romanowski, expressed her "deep gratitude on behalf of the United States for the support provided by the Government of Iraq and the Kurdistan Regional Government in promoting good governance and improving basic public services."

She added, "Since 2012, the US Agency for International Development has invested more than $172 million to improve basic services, enhance budget transparency, and improve government response and effectiveness in meeting public service needs."   https://nnciraq.com/183846/

Parliamentary Finance For / NINA/: The General Budget 2023 Will Be The Highest Among The Previous Budgets

Wednesday 01 February 2023 09:44 | political Number of readings: 430  Baghdad / NINA / - A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed that the general budget 2023 will be the highest among the previous budgets.

Cougar said in a statement to the National Iraqi News Agency ( NINA ) that the many new appointments are not a major reason for delaying the budget so far with the government, indicating that the government has confirmed all contracts and their matter has ended, noting that the fluctuation of international oil prices is one of the main reasons for the delay in the budget.

He explained that the government set the price of a barrel of oil at 75 dollars, but the drop in oil prices confused the calculations, and therefore the government is considering setting a reasonable price for the price of a barrel, then the amounts are calculated in light of that.

He also confirmed the existence of political differences over the budget between the parties to the political blocs on the one hand and between the Kurdistan region and the federal government on the other hand, and this matter is another reason for the delay in the budget.

https://ninanews.com/Website/News/Details?Key=1030398

A Parliamentary Committee Calling For The Establishment Of A Sovereign Fund And Speeding Up The Adoption Of The Oil Law

Posted On2023-02-01 By Sotaliraq  Yesterday, Tuesday, a parliamentary committee called on the current government to establish the sovereign fund, pointing out that this project will provide wealth for future generations, stressing the speedy approval of the oil and gas law, stressing that it has addressed the government in this regard.

This comes at a time when the Presidency of Parliament called for activating the oil-for-development agreement signed with a European country.

A member of the Parliamentary Oil Committee, Suad al-Moussawi, said, "Oil prices, according to current polls, will rise during the current year to the range of 100-120 dollars."

Al-Moussawi added, "Initial information indicates that Iraq will adopt the price of a barrel in the 2023 budget law at a price of 45 dollars, which will generate a large financial surplus. It is assumed that the sovereign wealth fund will be established to save this surplus."

And she indicated, “The establishment of the sovereign fund will be for the purpose of providing wealth for future generations by maximizing the return from the untapped assets of the state by attracting investors from inside and outside.”

And Al-Moussawi went on to say, “The important things that can be exploited through the establishment of the fund will be represented by investing in important sectors such as localization and deepening of industry, digital transformation, and the creation of leading entities in various fields.”

It is noteworthy that a sovereign wealth fund is a fund owned by a state that consists of assets such as land, stocks, bonds or other investment vehicles. These funds can be described as entities that manage state surpluses for investment.

For his part, another member of the committee, Ali Faris al-Shaddad, said that “the draft oil and gas law is one of the basic tasks of the committee,” noting that “the committee will approach the government to send the final draft of the draft oil and gas law.”

Shaddad continued, "The government has formed a negotiating committee headed by the Deputy Prime Minister for Energy Affairs, the Deputy Prime Minister for Economic Affairs, SOMO and a number of relevant government agencies to negotiate with the Kurdistan Regional Government regarding the oil and gas law."

He pointed out that "the absence of the oil and gas law is one of the most prominent problems facing the oil and gas sector after 2003."

And Shaddad went on to say that “the ministerial platform of the government of Muhammad Shia’ al-Sudani, which was voted on by Parliament, had included voting on the law within a period of time not exceeding a year from the date of formation of the government.”

In addition, a parliamentary statement received by (Al-Mada) stated that “First Deputy Speaker of Parliament Mohsen Al-Mandalawi received the Ambassador of the Kingdom of Norway to Iraq, Aspen Avent Lindbeck, and his accompanying delegation,” noting that “the bilateral relations between the two countries and ways to enhance them were discussed.”

Al-Mandalawi stressed that “the House of Representatives is continuing to legislate important laws, especially after completing the presidencies of parliamentary committees, and that among the most important priorities on which the legislation of the budget law will focus is the services file, revitalizing local industry and investment, in addition to water, agriculture and health, as well as providing possible facilities for international companies.” sober.”

Al-Mandalawi called for “activating and employing the (oil for development) program signed between the two countries, in a way that contributes to achieving the interests of the two friendly peoples, in addition to activating friendship committees and expanding bilateral cooperation in various fields between Baghdad and Oslo.”     LINK

Cabinet: The Government Will Deliver Petrodollar Allocations Directly To The Oil Provinces

Money and business  Economy News / Baghdad  The President of the Republic, Abdul Latif Jamal Rashid, discussed, on Wednesday, with the Secretary-General of the Supreme Coordinating Committee for Provincial Affairs in the Council of Ministers, Ahmed Al-Fatlawi, the allocations of the governorates and the possibility of amending the law of their councils.

In a statement on the sidelines of his meeting with Al-Fatlawi, Rashid said, "Field visits to the governorates are necessary to find out the size of the problems and challenges facing citizens and work to overcome them." To the governorates, in a way that helps in combating and eliminating corruption and improving the general level of the governorates.

The President of the Republic explained "the importance of reviewing the numbers of members of the provincial councils in the draft law amending the law of governorates that are not organized in a region," stressing "the need to address the disbursement of funds allocated to the provinces to advance their urban and service reality, in addition to the establishment of new cities integrated in the services provided and infrastructure.

He pointed out, "Security and political stability will help open horizons for investment," noting "the importance of developing these opportunities to advance the country's reality and ensure prosperity and stability for the people."

In this context, the President of the Republic directed "the establishment of a citizen complaints fund for the Presidency of the Republic."

In turn, Al-Fatlawi indicated that "the committee will play a coordinating role with the Presidency of the Republic by reviewing the reports of each province in an integrated manner." He explained, "The government is keen to activate petrodollar allocations and pay them directly to the provinces, and the Development Fund for Iraq and the Reconstruction Fund for the poorest provinces have been established." .    https://economy-news.net/content.php?id=32221

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