"Tidbits From TNT" Monday Morning 3-20-2023

TNT:

CandyKisses:  Al-Sudani: Economic reform must be accompanied by firm measures in the fight against corruption

Al-Sudani participates in a dialogue seminar within the activities of the Baghdad International Dialogue Conference

Al-Sudani talks about the government's vision in the fields of economy, foreign relations, service provision and government priorities

Al-Sudani shows the most important general lines that Iraq pursues in the file of international relations and balance in them

Al-Sudani: Economic reform is an approach to progress and growth and achieving the requirements and needs of citizens

Al-Sudani: Economic reform must be accompanied by firm anti-corruption

Tishwash:  this is from Kurdish news

Central Bank: We have more than 70 trillion dinars outside the banking system for circulation

 Today, Monday, the Central Bank of Iraq confirmed that bank lending represents a basic pillar in the work of the banking sector, pointing out that it was a pioneer in stimulating the lending capabilities of the banking sector.

 "We will soon work on developing a national strategy for lending," said Central Bank Governor Ali Al-Alaq, noting, "We are now in the process of evaluating these initiatives and benefiting from lessons and putting them in the right directions."

Al-Alaq added, "Our focus in the next stage will be on financing small and medium enterprises, and the banking sector has reached the highest ceiling for lending." 

And we have more than 70 trillion dinars outside the banking system for circulation, and this is a very large amount and represents a high percentage of the gross domestic product, according to Al-Alaq, who indicated that "we have completed the development of a comprehensive plan and a broad strategy for electronic payment."

He explained, "We will monitor banking services in the field and the extent to which they comply with standards, and we will submit a project to establish a company to guarantee loans," noting that "the banking sector needs more geographical spread, and we commend some banks that have expanded into wide networks."

And Al-Alaq said, “Within Iraq, we call on other banks to promote this spread in the regions of the country,” noting that “lending related to the sectors of agriculture, industry, and services is still at its lowest levels.” 

He stressed, "We need to build a national strategy for bank lending led by the central bank."\

the full speech is here  speech   link

************

CandyKisses:  Two decades since the U.S. invasion of Iraq. What has changed?

March 18, 19, and 20, all the way up to early April, are unusual for Iraqis, as they commemorate the 2003 U.S. invasion of Iraq that toppled Saddam Hussein's regime.

What has changed?

The director of the Al-Raffd Center for Media and Strategic Studies, Abbas Al-Jubouri, believes that Iraq witnessed after 2003 a stage of systematic destruction of the infrastructure of cities, as well as the destruction of the industry, agriculture and education sectors, noting that "the US invasion opened the door for the entry of people who occupied the political arena in order to steal the country's wealth at all levels."

According to Al-Jubouri, "Iraq sold oil since its discovery until 2003 for $ 283 billion, while oil sold for more than $ 1310 billion from 2003 to 2021," stressing that "the 5 governments formed during the past 20 years could not build a single new bridge, as destruction and devastation prevailed throughout Iraq."

Over the past years, Iraq has suffered from "sectarian liquidations, wars against al-Qaeda and ISIS, and the spread of armed groups, which resulted in the migration of thousands of young people and families to Western countries in search of security and political stability."

Iraq sold oil since its discovery until 2003 for $ 283 billion, while it sold oil for more than $ 1310 billion from 2003 to 2021

The governments formed after the US invasion of Iraq have left 10 million people below the poverty line, with 43% illiterate, according to al-Jubouri, who pointed out that "US forces came calling for freedoms for the people, but even these freedoms were not implemented, on the contrary, hundreds of people were killed as a result of demonstrations demanding projects, services and job opportunities."

Al-Jubouri told Ultra Iraq that "Iraqis feel sorrow and disappointment for what happened to the country after 2003, adding that "Iraq is now collapsed and suffers from real loss at all levels."

"A successful political system"

Two decades after the U.S. invasion, Iraqis are still wondering about the changes in the country, with some arguing that the last 20 years have been the worst in Iraq's history, while others and others argue that it is better "because they got rid of the former authoritarian regime."

On this matter, Fadel Mowat, a member of the State of Law Coalition, told Ultra Iraq that "Iraqis got rid of a hateful dictatorial regime after 2003 and were able to transform the system into a representative democracy," noting that "Iraqis entered many wars that lasted for years, such as battles with Iran, the Gulf War and others."

Mowat claims that the situation has turned "for the better", as he believes that Iraqis now "enjoy freedoms that they lacked during the previous regime, and the economic conditions for the people have changed," noting that "what hinders the implementation of the new democratic system better, the provision of services and meeting all the needs of the people is the American presence in the country, as Iraq is still an occupied country."

Although "the situation has turned for the better," Mowat said, he does not deny that US interventions "continue under the pretext that they are the ones who rid the Iraqi people of the former dictatorial regime," adding that "there is a declared popular rejection and a real lack of desire for US forces to remain on Iraqi soil."

On the success of the current political system during the past 20 years, a member of the ruling Coordination Framework explained that "the political system after 2003 achieved many successes, while it failed due to foreign interference and dishonest competition between political parties."

Mowat believes that the continuation of external interference in internal affairs will make the country go through "political, economic and even security crises", citing "the importance of Iraq and its position in the region".

"Freedom that did not live up to the required level"

On the other hand, Yassin Aziz, an analyst and political observer, believes that Iraq was better after 2003, because it "got rid of a strong central rule that ruled for decades with all the breaks of the state, describing a change from within as a "fantasy."

Aziz told Ultra Iraq that some stage after the US invasion "witnessed a kind of political openness and political freedom, although it did not reach the level that elevates Iraq to become on the side of advanced democratic countries."

On 20 May 2006, Iraq witnessed the formation of the first Iraqi Government on the basis of "sectarian and component" of the three presidencies (not elected by the people), in what has become a practice and is still in place today, resulting in ongoing political and economic crises that have cast a shadow on the Iraqi street.

Iraq may be witnessing protests against chaos and endemic corruption in the country

In Aziz's opinion, the political process that created the governing authorities during the past 20 years "deviated from the path of the democratic approach that the country was expected to be, and this led to the lack of positive exploitation of the country's enormous wealth due to the great corruption in the political process, and even basic services, including the simplest things such as (electricity, water and other requirements), remained absent from the average citizen and the infrastructure remained dilapidated without real projects, which lost the political process and political parties. Its luster in the Iraqi street."

The October 2021 elections witnessed the largest boycott since the US invasion of Iraq, which for Aziz is "the best evidence of the Iraqi street's rejection of the ruling political class."

Politicians have recently sought to restore confidence in them, Aziz said, "but all the data indicate that the street will not be silent forever and will have a position towards the huge amount of chaos and corruption rampant in the regimes in power."

CandyKisses:  LET US WELCOME SPRING

Mot:  First robin of spring

Iraqi News Highlights Sunday Afternoon 3-19-23

Iraqi News Highlights Sunday Afternoon 3-19-23

Tlm724 Administrator Bondlady’s Corner

The Decline In The Exchange Rates Of The Dollar In Baghdad With The Closing Of The Stock Market

Economy  Sunday, March 19, 2023 4:11 PM  Baghdad / The National News Center  The exchange rates of the dollar decreased against the Iraqi dinar, today, Sunday, with the closure of the main stock exchange in Baghdad.  The correspondent of the National News Center said, "The central Kifah Stock Exchange closed in Baghdad at 156,100 Iraqi dinars, compared to 100 dollars, while the prices this morning were 156,300 dinars, compared to 100 dollars."

He added, "The buying and selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 156,500 Iraqi dinars, while the purchase prices amounted to 155,000 dinars per 100 dollars."  https://nnciraq.com/194366/

Central Bank Sales Of The Dollar Recorded A Decrease In Today's Auction

Economy| 11:46 - 03/19/2023  Baghdad - Mawazine News  The Central Bank of Iraq's sales of dollars decreased in an auction today, Sunday, to 190,613,245 dollars.  Last Thursday, dollar sales amounted to more than $233 million.   https://www.mawazin.net/Details.aspx?jimare=222298

An Economic Center: There Is No New Salary Scale In The 2023 Budget

Sunday 19 March 2023 13:00 | Economical Number of readings: 322 Baghdad / NINA / - The Iraqi Economic Center confirmed that there is no new salary scale in the 2023 budget, indicating that everything that is rumored through news sites and communication sites is nothing more than media statements only.

The director of the center, Wissam Hammal Al-Helou, said in a statement: “We followed the media statements in the past few days and what came out of parliamentary statements regarding the issue of the salary scale. New salary.

He added, "The copies that were leaked to the communication sites are nothing but a law proposal that was not written by the government, and a decision was never issued regarding it, and what it contained of a proposal to raise the salaries of the lower grades needs large additional sums that may contribute to increasing the budget deficit rate, which is estimated at more than 63 trillion dinars." According to the government, which means that it will not be possible to implement it this year.

And he explained: "Any new salary scale needs real planning and study and the involvement of a number of specialized committees and some specialists in the economic aspect to delve into the smallest details and in a way that the state avoids more massive spending on salaries and achieves justice among all employees and guarantees their dignity." https://ninanews.com/Website/News/Details?key=1041369

Al-Sudani: We Have Drawn Up Plans To Encourage Investment, And We Are Seeking To Diversify Sources Of Income

Posted On2023-03-19 By Sotaliraq   Prime Minister Mohamed Shia Al-Sudani revealed a plan to encourage internal and external investment, pointing out that the opportunity is ripe to launch a comprehensive national campaign for construction, reconstruction and development of services throughout the country. Al-Sudani mentioned, according to what was published on the official website of the government,

“These days are the twentieth anniversary of the fall of the former dictatorial regime, which was the result of decades of oppression, tyranny, mismanagement, and attempts to transcend and assault internally and externally.” He added, "It is time to heal the wounds and move towards a prosperous future for a people who deserve all good."

Al-Sudani pointed out that “our people have been patient and sacrificed a lot and offered martyrs in order to liberate people and the land from the abomination of terrorism and tyranny, and were able to draft a constitution that made the Iraqi person (man and woman) its main focus, and paved the way for building a state of citizenship, and guaranteed the country’s sovereignty, independence and unity.” .

And he stated, “Our people are waiting for the renaissance, the conditions for which they see available in their country. We do not lack human resources or scientific competencies, nor do we lack natural and unnatural wealth, and geographical location.” Al-Sudani explained, “What we lack is to develop scientific plans and practical programs, and implement them firmly in all fields.”

And he talked about setting up “an integrated program to address the most urgent problems, and we moved from the first moment to remove obstacles, and financial and administrative corruption was one of them, and that is why we took the initiative from the first days to pursue it and target its centers and tools wherever they are.”

 Al-Sudani expressed his aspiration to "help all benevolent and keen people in state departments and outside them, to stand by the state and its institutions in this confrontation, which is no less dangerous than terrorism." He stressed the determination to "rebuild Iraq within a clear vision and a drawn road map based on several stages."

Al-Sudani noted the start of "the first phase by mobilizing the state's energies towards construction, economic reform and fighting poverty, as we made it clear in our comprehensive government program in which we set priorities, and the second phase is economic, human, military and security development."

And he continues, “The ordeals and calamities that the Iraqi people faced, with all its generous components, increased their faith, and that their Iraqi identity is the solid bond that must be adhered to. Sub-identities cannot be a substitute for the national identity and the inclusive Iraqi tent.”

Al-Sudani looks forward to “serious work and cooperation with all friendly countries and international organizations; To overcome the common challenges facing the planet in terms of the environment, climate, desertification, increasing sand and dust storms, water shortages, high temperatures, increasing pollution and diseases, increasing poverty and poor services.

He warned, “The seriousness of these challenges, and we seek to create partnerships and join hands among countries to confront them. And Iraq opens its arms to every good relationship and partnership in security, economy or environment. Al-Sudani stressed, “the urgent need to diversify sources of income, and not to rely on oil revenues as almost the only source to cover budget expenditures, and it is necessary to activate agriculture, industry, tourism, trade, and others.”

And he stated, "We have drawn up plans to encourage internal and external investment and opened the doors to investors and project owners, within a well-thought-out plan and encouraging opportunities." Al-Sudani continued, "The construction and investment movement will need more trained manpower and build more capabilities."

Al-Sudani pointed out, "The launch of an advanced program in this field under the name of the Leadership Program to help young people gain the necessary expertise and skills, without forgetting to build military and security capabilities."

And he believed that “development can only be achieved through internal and external stability, and internal stability means the rule of law and the restriction of weapons to the state, so we will not accept that there are weapons outside the state’s security and military establishment.”

Al-Sudani continues, “External stability means building regional and international partnerships. As Iraq’s strategic location, regional weight, abundance of resources, and influence in the world economy give it the ability to play a major role commensurate with its true size.” He stated, "Iraq's good relations with brotherly and friendly countries have paved the way for building bilateral and multilateral partnerships with many countries of the world, and we still have many of these relations ahead of us."

Al-Sudani added, "The opportunity is ripe to launch a comprehensive national campaign for building, reconstruction, and developing services throughout the country. With the help of the people, partners, and friends, we will build a strong and capable Iraq for the coming decades, and we will achieve this in our next plans, which we call (Iraq 2050)."   LINK

The Secretary General Of OPEC Arrives In Baghdad

Economy| 10:16 - 03/19/2023  Baghdad - Mawazine News, Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, arrived on Sunday in the capital, Baghdad.

"Al-Ghais arrived in Baghdad today on a two-day visit at the invitation of Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul-Ghani," said Oil Ministry spokesman Assem Jihad in a statement.

Jihad explained, "The visit schedule includes meeting with a number of officials in Baghdad, in addition to visiting some historical sites, including the People's Hall, which hosted the first founding meeting of the organization in 1960." Ended 29/N33  https://www.mawazin.net/Details.aspx?jimare=222295

Iraq's Oil Exports To America Increased By 81 Thousand Barrels Per Day During The Past Week

Sunday 19 March 2023 10:55 | Economical Number of readings: 361 Baghdad / NINA / - The US Energy Information Administration announced that Iraq's oil exports to America increased by more than 80,000 barrels per day, on average, during the past week.

The administration stated in a report today that "the average US imports of crude oil during the past week from eight countries amounted to 5.423 million barrels per day, down by 245 thousand barrels per day from the previous week, which amounted to 5.668 million barrels per day."

The administration added that "the average of Iraq's oil exports to America amounted to 346 thousand barrels per day last week, increasing by more than 81 thousand barrels as a daily average compared to the previous week, in which oil exports to America reached an average of 265 thousand barrels per day."/ End11    https://ninanews.com/Website/News/Details?key=1041320

A Deputy Calls For Declaring The Marshes Of Southern Iraq A Disaster Area

Sunday 19 March 2023 17:17 | Economical Number of readings: 99  Baghdad / NINA / The representative of Dhi Qar Governorate, Hassan Al-Asadi, called on the government to declare the marshes of southern Iraq a disaster area, due to drought and climatic changes.

Al-Asadi said, in a press conference today, Sunday, "The water releases of the marshes have decreased to a large extent, and the percentage of flooding has decreased to less than 20 out of the declared goal for the marshes in 2005 to restore 5560 km 2, and the government deliberately forgot or even ignored the recommendation of the fortieth conference of UNESCO to (provide The minimum amount of water for the marshes of southern Iraq within the World Heritage property to sustain the ecosystem) and the management plan was shelved and not acted upon.

” They returned that “the government has flouted its constitutional and moral obligations regarding helping and redressing the inhabitants of the marshes after a bitter journey of displacement, and paying attention to the requirements their lives ".

Al-Asadi urged the need for a parliamentary visit to the concerned countries to reach understandings on sharing water and damage equally and using various means in order to give Iraq its just water rights. Prices are for a buffalo that does not find water to drink, and the inclusion of the marsh residents in the social welfare network and the delivery of potable water to the water complexes in these areas./End 5

https://ninanews.com/Website/News/Details?key=1041423

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

Bond Ladys Corner

"Tidbits From TNT" Sunday 3-19-2023

TNT:

CandyKisses:  Sudani: The corruption pandemic represents the biggest battle

Baghdad / Nina / Prime Minister Mohammed Shia Al-Sudani said that the corruption pandemic represents the major battle, indicating that we seek political calm after the clamor.

He said at the Baghdad International Dialogue Conference: The national wealth belongs to all Iraqis and we seek to achieve all the goals set.

Al-Sudani added: The biggest challenge is to restore the confidence of citizens through achievements.

He explained: The corruption pandemic represents the great battle and complacency with it means losing everything.

CandyKisses:  Sudani: Our government has drawn an ambitious program for the advancement of Iraq

Sudani: Iraq has regained its natural position as an incubator for dialogues

 Prime Minister: We are determined to restore Iraq to its natural position

 Prime Minister: Our government has drawn an ambitious program for the advancement of Iraq

 Prime Minister: We have given the private sector an important role Prime Minister: We will not tolerate any defect that may cause the exploitation of people's funds Prime Minister: The corruption pandemic is a major battle Prime Minister: Iraq has the ingredients to rise

************

CandyKisses:   Al-Sistani explains how the beginning and end of the month of Ramadan are proven from a legal point of view

Baghdad – Nas  

The website "The Twelve Imams" republished excerpts from Ali al-Sistani's book "Fasting is a Paradise of Fire", which includes how the beginning and end of the month of Ramdasan are legally proven.  

The presence of the crescent on the horizon is proven in one of two ways:  

1- Thirty days have passed from the crescent of the previous month, the lunar month does not exceed thirty days, so if thirty days have passed, it is known that the crescent is on the horizon, so the new lunar month begins.  

2- Sighting the crescent at sunset on the twenty-ninth day, which shall be judged by the end of that month and the beginning of the following month.  

What is meant by ((sighting the crescent)) is what pervades the vision of the taxpayer himself, and the vision of other people:  

(a) If the taxpayer begins and sees the crescent with his own eyes, it is proven to him that the new month has begun, even if others do not see it, as long as he is sure and confident of seeing it and is not likely to fall prey to error and illusion.  

(b) If he does not see the crescent himself, but it is proved to him that other people have seen it themselves, this is sufficient for him to rule at the beginning of the new month:  

Q: How do you prove to him the vision of others?  

A: It is installed in one of the following ways:  

1- The testimony of two just men that they saw the crescent.  

Their certificate shall be revoked and shall not be taken into account in the following cases:  

(a) Obtaining knowledge or reassurance that they are suspected of claiming to see the crescent.  

B: They differ in such a way that what one of them tells that he has seen is not what tells the other about his sighting, as if one of them claims to have seen the crescent convex to the side of the earth and the other claims that he saw it convex to the north.  

A: The existence of a testimony contrary to their testimony, as if a gathering was initiated and only two justices were called to see and the others did not see it, including two justices who are similar in visual ability and in knowing the beginning of the crescent, while assuming the purity of the horizon from what may be an obstacle to seeing them.  

2- The testimony of a large gathering of his vision so that the frequency or commonness useful for knowledge or reassurance occurs.  

3- It is proven that he is seen by the religious authority if he inherits trust  

And reassurance that the vision has actually been achieved or that the evidence for it is based on advanced specifications.  

Q: If more than one testifies to the sighting of the crescent, but accurate scientific predictions confirm that the moon has not yet emerged from the new moon, or if meteorological centers announce that it is not possible to see it for them with close-up tools and focused observation, does this prevent the testimony of witnesses from being taken?  

A: In such cases, the existence of the crescent is usually not trusted in a visible way, so these certificates are canceled.  

Q: Even if there are two fair witnesses among the witnesses?  

A: It depends - then - on their testimony unless knowledge or reassurance of their mistake - as mentioned

Q: Is it sufficient for accurate astronomical calculations to prove the crescent if its birth is confirmed and its validity is reassured?  

A: It is not enough unless there is reassurance that it appears on the horizon in a visible way.  

Q: Is it enough to see it with telephoto instruments if it cannot be seen with the usual naked eye?  

A: Not enough.  

Q: Is it sufficient to see it in a country other than the taxpayer's country if it is not possible to see it in the taxpayer's country?  

A: It is not enough unless seeing it in that country requires seeing it in the country of the taxpayer if it were not for the obstacles such as clouds, dust, mountain or the like.  

Q: And when is it necessary?  

A: In two cases:  

1- The country of vision should be located in the north or south of the taxpayer's country with the union of their horizons at sunrise and sunset.  

2- The country of vision should be located in the east of the taxpayer's country, with them not far in latitude too far.  

Q: If the country of visibility is located in the west of the country of the taxpayer, as if the crescent was sighted in Damascus and the taxpayer in Baghdad?  

A: It is not proven that the month has entered the taxpayer's country, yes, if he stays longer in the country of visibility more than the countries differ in the sunrise and sunset, this reveals the possibility of seeing him in the taxpayer's country and if he is not actually seen in it.  

Q: Is it possible to discern from the height of the crescent when it is seen for the first time, or from the fact that it is encircled (1), or from the length of its stay on the horizon for an hour or more, that it is not the son of one night, but the son of two nights?  

A: No, the most indicative of these cases is that the moon came out of the moon long before sunset, and does not indicate that it could have been seen at sunset last night.  

Q: If the thirtieth night of the month of Sha'baan falls and the crescent is not seen, is it permissible to fast during the day?  

A: It is permissible to fast not with the intention of Ramadan but with the intention of the last day of Sha'ban or with the intention of judgment, for example.  

Q: If he fasted as well, then it turns out that it was from the month of Ramadan?  

A: Break it and stop fasting on the first day of the month of Ramadan.  

Q: If the thirtieth night of the month of Ramadan falls and the crescent is not seen, is it obligatory to fast during the day?  

A: Yes, unless it turns out during the day that it is the first day of Shawwal, then it will break the fast.  

Q: But if he fasts until night and then it turns out that it was from the month of Shawwal, will he not be a sinner by fasting on the day of Eid?    

A: No, because he fasted and he does not know that the month of Shawwal has begun.  

(1) That is, the dark part of the moon is surrounded by a thin thread of light.  

************

Tishwash:  Shamkhani arrives in Baghdad, accompanied by the head of the Central Bank of Iran and a diplomatic delegation

The Secretary of the Iranian Supreme National Security Council, Admiral Ali Shamkhani, arrived in Baghdad today, Sunday, on an official visit.

A source at the Iranian embassy in Baghdad told Shafaq News agency: Shamkhani is accompanied on his visit by the head of the Central Bank of Iran and officials of the Iranian Foreign Ministry.

He added that Shamkhani will discuss with Iraqi officials the security of the border areas between the two countries, especially the western borders related to the Kurdistan Region, and a memorandum of understanding will be signed in this regard.

A source in the Iraqi government told Shafaq News agency yesterday, Saturday, that the visit of the Secretary of the Iranian Supreme National Security Council, Admiral Ali Shamkhani, to Baghdad aims to conclude a memorandum of understanding regarding border security between his country and Iraq.

Shamkhani will also participate in the Baghdad International Dialogue Conference in the Iraqi capital, with the participation of security officials in Iran, the UAE, Turkey, Syria, Qatar, Saudi Arabia and Jordan.   link

Mot:  Happiness is simple

CandyKisses: THE BEST THING ABOUT THE GOOD OLD DAYS....

Sunday Morning Iraq Economic News Highlights 3-19-23

Sunday Morning Iraq Economic News Highlights 3-19-23

Oil Prices, The Deficit And The Kurds... The Budget Is Still Hovering In The Corridors Of Parliament

Information / Baghdad...  The decline in global oil prices and the deficit, which exceeded 60 trillion dinars in the budget, represent the most important obstacles that stand in the way of approving the budget, at a time when the people are waiting for a vote on it by the House of Representatives, as it is still oscillating in its corridors amid fears of price fluctuation and its decline to lower levels,

as the parties are still The parliament confirms that there is a need to study the budget and settle the share of the Kurds and ensure that they do not object to the percentage specified for them in the budget, despite the fact that the Prime Minister settled matters during his visit to Erbil and the matter was confirmed by members of the State Administration Coalition.

The representative of the Kurdistan Democratic Party, Sharif Suleiman, told Al-Maalouma that "most of the outstanding problems between Baghdad and Erbil occurred due to the failure to approve the oil and gas law, which would solve many problems related to the oil file, as the region aspires to more understandings with the government, especially since Kurdistan has signed a document of direct dealings between the governments of the center and the region to end all obstacles facing the political process between the two sides,

in addition to that there is optimism about the relations between Baghdad and Erbil, especially in the budget file, which will be applied properly in the event that all parties adhere to its provisions and the constitution to overcome any obstacles that stand. between the center and the region.

On a related note, former MP Jassim Muhammad Jaafar ruled out, during his interview with Al-Malooma, that "the Kurds will boycott the parliament sessions in protest against the failure to increase the region's share in the budget," pointing out that the Kurds will not repeat the ball, as the budget will pass with their acceptance or boycott of parliament. ".

On the other hand, economic expert Abd al-Rahman al-Mashhadani told Al-Maalouma that “the budget deficit occurred as a result of the exaggeration of some important figures that were set, as the continued decline in global oil prices will put the government in front of the problem of lack of financing, which will be the investment aspect.”

From the budget, it is the victim for the sake of the operational side, similar to previous years,” pointing out that “fixing the price of a barrel of oil at 60 dollars will be better in all respects in relation to the budget, and therefore one of the reasons for the delay in approving the general budget is the fluctuation of global oil prices and a review of the numbers The task of the general budget before voting on it inside the dome of Parliament.

And in a legal context, as expert Ali Al-Tamimi explained to Al-Maalouma, “any additions to the increase in the general budget law from Parliament must be accompanied by the approval of the government and the Council of Ministers in accordance with Article 62 of the Constitution, and unlike it, the law is subject to appeal before the Federal Court, and Parliament has the right to transfer And the reduction between the chapters of the budget law,”

 stressing that “the percentage of deficit in the budget stipulated in Article 6 of the Financial Management Law for the year 2019 has confirmed that the deficit does not exceed 3 percent for the planning budget, at a time when the budget law is considered an amended law,

and as a result, the deficit percentage If it is low or high, then this is considered an amendment to what was stipulated in the financial management law, and as a result, the budget law is applied, and the deficit percentage is not considered a violation of the aforementioned law. LINK

Iraq Increases Its Holdings Of US Treasury Bonds

2023-03-19 01:42  Shafaq News/ The US Treasury announced, on Sunday, that Iraq ranks two among the largest foreign holders of US Treasury bonds.

The treasury said in its latest table, seen by Shafaq News agency, that "Iraq rose two ranks to reach the 29th rank among the countries with the largest holders of US treasury bonds, of the 38 countries listed in the table for countries with possessions of more than 32 billion dollars."

And she added, "Iraq's possession of these bonds amounted to $41.2 billion for the month of January 2022, up by 0.4 percent from December of 2022, and up by 76.07 percent from January 2022."

She indicated that "Iraq was the fourth largest Arab country after Saudi Arabia, Kuwait and the UAE, while Japan came on top of the countries with the largest possession of these bonds with 1 trillion and 104 billion dollars, followed by China secondly with 859 billion dollars, the United Kingdom third with 668 billion dollars, and Belgium fourth with 331 billion dollars, and Luxembourg fifth with 318 billion dollars, "indicating that the total bonds of the countries of the world for the month of January rose 80 billion dollars from last December, to reach 7 trillion and 402 billion dollars."  LINK

A Slight Decrease In Dollar Prices In Baghdad And Erbil

2023-03-19 02:10  Shafaq News/ The exchange rates of the US dollar against the Iraqi dinar decreased slightly today, Sunday, in the main stock exchange in the capital, Baghdad, and in the Kurdistan Region.

Shafaq News agency reporter said that the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded 156,300 Iraqi dinars for 100 US dollars this morning.

While the prices on Saturday morning were 156,400 dinars for 100 dollars.

Our correspondent indicated that the buying and selling prices decreased in the exchange shops in the local markets in Baghdad, as the selling price reached 157,250 Iraqi dinars per 100 US dollars, while the buying prices amounted to 155,250 Iraqi dinars per 100 US dollars.

In Erbil, the capital of the Kurdistan Region, the stock market recorded a decrease, as the selling price of the dollar reached 156,650 dinars per 100 US dollars, and the buying price reached 155,650 dinars per 100 US dollars. LINK

The Decline In Oil Prices Threatens The New Budget, And A Government Advisor Talks About The Exacerbation Of The Deficit

Baghdad-Iraq today:  On Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified two main reasons for the decline in global oil prices, while stressing that the decline in oil prices may raise the budget deficit to record levels.

Saleh said, in a statement, that "the indicators of oil markets in the world show that the cycle of oil assets is heading towards a decline, causing semi-deflationary price effects under two influences. Economic growth and a contraction in aggregate demand, especially in the energy-importing and energy-consuming Western economies, which affects the growth of demand for crude oil in the energy markets.

He added, “The second effect comes in that the Russian Federation, as a party to the war with the West, has started marketing its oil to the markets of India, China and Asia at $20 less than global oil prices, which is a pattern of an undeclared price war.”

He pointed out, "The two factors constitute signs of an oil gluten that may lead to a return of oil prices in the current year to an average between 60-65 dollars a barrel, which may prompt the Organization of Petroleum Exporting Countries or the ( OPEC Plus) group to maintain the stability of their countries' budgets by reducing some of the production according to the "as of the members", but the OPEC Plus decision may contradict the hypothetical ceiling for oil prices adopted by the Western agreements from the parties to the war in Ukraine and the energy consumers, specifically (NATO countries), which implicitly want to load part of the war bill on the shoulders of the oil-exporting countries and devour their surpluses of oil revenues.

Regarding the possibility of a decrease in oil prices and its impact on the public budget, Saleh stressed that "the draft federal budget law for the year 2023, which was approved by the Council of Ministers in the past few days, and was submitted for legislation to the House of Representatives, which approved the price of a barrel of oil of $70 in order to evaluate oil revenues in the aforementioned budget, the possibility of oil prices falling below $70 per barrel of Iraqi oil is exported, which will inevitably expand the planned Deficit bill in the federal general budget, which is currently estimated at about 63 trillion dinars, and may raise the deficit to other record rates, adding between 8-16.

One trillion dinars to the aforementioned deficit balance in the event that expenditures remain on their current estimated status,Especially when the average price of a barrel of exported oil reaches between 60-65 dollars per barrel.

And Saleh continued, "The entire draft budget has become before the table of the House of Representatives, whose duties are to consider expenditures in light of the expected revenues before legislation," noting that "if the general budget law is legislated as approved by the Council of Ministers, the executive authority will face possible possibilities.” The cycle of oil assets by itself, but in a way that preserves the goals of the government program in protecting and stabilizing the standard of living, without compromising the principle of tightening financial discipline and building spending priorities with high precision.   LINK

Mazhar Saleh: There Are No Concerns About The "Triple" Budget, And It May Change

 Economical  2023/03/19  On Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, reduced fears of approving 3-year budgets, due to the instability of dollar prices and fears that they would not meet the basic entitlements of the state and the citizen in the joints of life.

Saleh said, “The presentation of a federal general budget for three years is a (financial plan) that came in accordance with the Federal Financial Management Law, as Article 4/Second of the Federal Financial Management Law permitted the executive authority to present a picture of a (cascading) budget for three years presented once, on The budget for the first year should be legislated and approved for implementation inevitably.

He stressed that "the budgets of the two subsequent years after their legislation are subject to change and amendment by the executive authority, provided that the House of Representatives approves the amendments required by the circumstances of the amendment at the time, depending on the financial and economic situation of the country."

Saleh added, "The executive authority sought, behind this, to give sufficient flexibility to avoid problems that impede the approval of the budget in the coming years, whether what happened in caretaker governments, for example, or other legislative obstacles, in addition to following the so-called (budget transparency), which is Giving a future vision of the priorities of the country's financial situation in the medium term and in accordance with the implementation of the principles of the government program for the coming years.

And he indicated that “(the annual general budget) came clear and explicit in the text of Article 1/Second of the Federal Financial Management Law in force No. 6 of 2019 as amended, and it is a (obligatory) year, also beginning as stated in the provisions of the above law as a fiscal year starting on 1/1 of each fiscal year ending on 31/12 of the same fiscal year.

The Iraqi debate continues regarding the Iraqi government's approval of the country's financial budget for a period of 3 years, which is happening for the first time since 2003, as previous governments used to prepare the budget for a period of one year and send it to Parliament to take its path to implementation after its approval.

Although the "triple" budget still needs to be approved in parliament, the debate is divided between two main directions. The first represents the government and its political parties and blocs, while the other represents economic trends that it believes are risky and are not consistent with the budget law and the context of rents on which the Iraqi economy is based.

And Prime Minister Muhammad al-Sudani said, the day after the budget was approved by the Council of Ministers, last Monday: “The budget for the years 2023, 2024, and 2025 has been approved, and this is the first budget prepared by the government, and it received enough time for research and discussion, in a way that guarantees the implementation of the government program.”

Al-Sudani believed that approving a three-year budget is "a bold step that is calculated for this government, and its importance lies in supporting financial stability, as ministries usually enter a stage of hibernation at the end and beginning of the year until  Approval of the budget.    https://alsabaah.iq/73584-.html

State Of Law: Everyone Agrees On "St. Lego" And There Are No Obstacles To Passing It Today

Information / Baghdad..   On Sunday, the representative of the State of Law Coalition, Hussein Mardan, confirmed that the independent parliamentary forces could not obstruct the political consensus regarding passing the local elections law during today's session, indicating that most of the forces agree to pass the law according to the St. Lego system.

 Mardan said in a statement, followed by Al-Maalouma, that "the independent forces have the opportunity to enter with a unified list to run in the provincial elections, and no deputy can impose his conviction on the majority in the House of Representatives."

 He added, "We support the provincial elections law with an electoral denominator 1.9, and the law will pass in today's session, Sunday," stressing that "the coalition deputies have an objection regarding the 'quota' seats in the election law."

 He pointed out that "there is no increase in minority seats in the new law, and that the multi-district law dispersed the districts and sub-districts." LINK

Iraqi News Highlights Saturday Evening 3-18-23

Iraqi News Highlights Saturday Evening 3-18-23

Tlm724 Administrator Bondlady’s Corner

A Government Spokesman Sets Out To Nina The Advantages Of Investing In Gas Associated With Oil Extraction

Saturday 18 March 2023 10:12 | Economical    Number of readings: 685  Baghdad / NINA / - The government spokesman, Basem Al-Awadi, identified the advantages of investing in gas associated with the extraction of Iraqi oil.  Al-Awadi said in a statement to the Iraqi National News Agency ( NINA ) that:

"Since the discovery of oil in the country, gas has been burning in vain without investing it," noting that

Iraq imports gas annually at an estimated amount of 5 billion dollars, and wastes and burns gas at a rate of 8-10 billion dollars.

Pointing out that the state's vision is moving towards investing wasted gas in the future.  He explained:

"The recent licensing round, which took place between the Ministry of Oil and a number of companies under the auspices of the Prime Minister, is very important for gas investment, as

the companies gave promises to provide Iraq with a quarter of what it imports within a period of 15 months from the date of implementation," pointing out that

after 3 years The companies cover Iraq's gas needs, and it is self-sufficient.  He pointed out that

the international community calls on Iraq to take practical measures to limit climate change, including burning and wasted gas, and

 thus investing gas will bring great benefit to Iraq in all fields, and

it will become a source of oil and gas and

its impact will be greater in the region and the world, geopolitically, and it will double, and

the amount of gas imports will be invested. from other countries with internal sectors such as education and health, and responds to international claims regarding climate change, given that burning gas contributes to the negative impact on the climate.  He stressed that

the climate file will be involved in everything in the future with global transactions, and will be linked to global loans and international relations, noting:

"Iraq is located among the 5 countries in the world most affected by climate change, and

therefore Iraq's move towards clean energy will contribute to limiting climate change." / End 

https://ninanews.net/Website/News/Details?key=1041097

With A Financial Leap.. The National Bank Of Iraq Keeps Pace With International Banks, With A Qualitative Presence In Saudi Arabia

   Today 12:41  Information / Baghdad..  Today, Saturday, the National Bank of Iraq announced the official start of its work in Saudi Arabia, pointing out that this privilege is happening for the first time in Iraq’s financial history.

The National Bank of Iraq, which is affiliated with the Jordanian Capital Bank Group, said in a statement that it "participated in the second edition of the financial sector conference, which started on the 15th and 16th of this March, at the King Abdulaziz International Conference Center in Riyadh," pointing out that".

The statement quoted the Managing Director of the National Bank of Iraq, Ayman Abu Dheim, as stressing

"the importance of the National Bank of Iraq's presence in this type of international regional conference," explaining that

it "will allow the exchange of ideas, experiences and cooperation in all fields that will be discussed during the conference, in addition to communication."

And linking up with a group of representatives of leading banks in the region and the world, not to mention opening new horizons for the bank’s work by examining potential business opportunities in the Saudi market.”

For his part, the CEO of the National Bank of Iraq in Saudi Arabia, Zaid bin Abdulaziz Abunayyan, expressed his happiness with the bank’s participation in this conference, which is a regional and international platform that reflects the strength of the Kingdom’s economy in the region,

as the bank had an opportunity to introduce its services and innovative banking solutions to thousands of participants with a variety of experiences. In various fields of the sector, representatives of leading banks, market specialists and investment leaders from Asia, Europe and North America.  Abunayyan explained,

"The financial sector conference is a unique opportunity for the National Bank of Iraq to see closely the qualitative leaps achieved by the financial services sector in parallel with the continuous development of business and services in the Kingdom of Saudi Arabia,

in addition to the possibility of exchanging opinions and experiences with representatives of the leading banks participating in this conference."

https://almaalomah.me/news/economy/بقفزة-مالية-المصرف-الأهلي-العراقي-يواكب-البنوك-العالمية-بحضو

An Economist Explains Steps To Reduce The Demand For Dollars In The Parallel Market

Information / Baghdad...The economist, Dr. Safwan Qusai, explained how to reduce the demand for the dollar in the parallel market,

pointing to the importance of taking governmental measures as well as from the Central Bank to reduce the demand for the dollar and reduce its price. 

Qusai told Al-Maalouma,  "The organization of trade in Iraq needs a unified database so that the system turns into a commercial system through long-term contracts, as the entry of the Ministry of Commerce at this stage to import goods and direct consumers towards them." 

He added,  "There is a possibility to increase the transparency of information from the central bank so that everyone knows who are the merchants who obtain the dollar at the official rate and import goods, as it is assumed that they are sold at the parallel market price."  And he indicated that

"the Central Bank is keen to expand the circle of dealers in the window for selling the currency, especially for those who have real bills and real suppliers, and

thus the demand for the parallel market will recede." 

He pointed out that  "regulating trade with Iran is possible through a window that opens to buy goods and materials that are sold inside Iraq and with the knowledge of the Federal Bank, which will also contribute to reducing the demand for dollars in the parallel market."

https://almaalomah.me/news/economy/اقتصادي-يوضح-خطوات-تقليل-الطلب-على-الدولار-في-السوق-الموازي  

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Saturday 3-18-2023

TNT:

CandyKisses:  Gold on the cusp of $2000

{Economic: Al-Furat News} Gold prices shone strongly during the past week, achieving significant gains as the global banking crisis prompted investors to acquire safe-haven bullion, while bets increased on the US Federal Reserve to calm the pace of its fight against inflation.

Spot gold prices rose about 3.6 percent in Friday's session, posting a weekly gain of 6.5 percent at the level of $ 1989 an ounce.

The collapse of Silicon Valley in the United States highlighted the weakness of banks in the face of a sharp increase in interest rates, while the fall in shares of Credit Suisse exacerbated market turmoil.

Lukman Otunga, senior research analyst at FXTM, told Reuters: "The luster of gold usually appears in times of chaos, with investors taking a conservative approach."

Tishwash:  Framework: The current parliamentary season will be full of important laws

The representative of the coordinating framework, Ali Jassim Al-Hamidawi, confirmed, on Saturday, that the current legislative term will be rich in terms of enacting important laws, indicating that there are important laws that will be passed during the upcoming sessions.

Al-Hamidawi said, in an interview with Al-Maalouma Agency, that "the current legislative season will be rich in terms of including important laws on the parliament's agenda."

 He added that "the budget laws, social security, freedom of expression, information crimes, and the election law, in addition to service and economic laws, treaties and agreements serving the government." 

He pointed out that "the House of Representatives is continuing to legislate important and long-awaited laws, especially laws that concern the poor segment." 

A member of the Parliamentary Legal Committee, Aref Al-Hamami, confirmed in a previous interview with Al-Information Agency that Parliament, in all its committees, will focus on preparing the atmosphere for voting on the general budget law, as many state matters depend on it.   link

************

CandyKisses:  For the first time. Iraqi bank launches a qualitative financial leap in Saudi Arabia

{Economic: Al-Furat News} The National Bank of Iraq announced today, Saturday, the official commencement of its work in the Kingdom of Saudi Arabia, pointing out that this concession is happening for the first time in the financial history of Iraq, as it is a "financial leap" and the bank can provide its services and innovative solutions to the corporate sector in the Saudi market.

The National Bank of Iraq said in a statement received by {Al-Furat News} a copy of it, that it "participated in the second edition of the Financial Sector Conference, which began its work on March 15 and 16, at the King Abdulaziz International Convention Center in Riyadh."

He pointed out that "the Governor of the Saudi Central Bank, Ayman bin Mohammed Al-Sayari, handed over the certificate of practicing banking business to the CEO of the National Bank of Iraq in the Kingdom of Saudi Arabia, Zaid bin Abdulaziz Abunayyan, in the presence of the Managing Director of the National Bank of Iraq, Ayman Abu Dheim, and the Deputy CEO of Capital Bank Group for International Expansion, Nadim Qabwat, in addition to decision-makers in the financial sector and senior executives in financial institutions locally, regionally and internationally."

The statement quoted the Managing Director of the National Bank of Iraq, Ayman Abu Dheim, stressing "the importance of the presence of the National Bank of Iraq in this type of international regional conferences," explaining that it "will allow the exchange of ideas, experiences and cooperation in all areas that will be discussed during the conference, in addition to communicating and linking with a group of representatives of leading banks in the region and the world, not to mention opening new horizons for the bank's work by discussing potential commercial opportunities in the Saudi market."

For his part, Zaid bin Abdulaziz Abunayyan, CEO of the National Bank of Iraq in Saudi Arabia, expressed his pleasure to participate in this conference, which is a regional and international platform that reflects the strength of the Kingdom's economy in the region, where the bank had an opportunity to introduce its innovative banking services and solutions to thousands of participants with diverse experiences in various fields of the sector, representatives from leading banks, market specialists and investment pioneers from Asia, Europe and North America.

Abunayyan explained that "the Financial Sector Conference is a unique opportunity for the National Bank of Iraq to see closely the qualitative leaps achieved by the financial services sector in parallel with the continuous development in business and services in the Kingdom of Saudi Arabia, in addition to the possibility of exchanging views and experiences with representatives of leading banks participating in this conference."

*************

CandyKisses:  Al-Sudani: We intend to rebuild Iraq within a road map based on several stages

{Politician: Al-Furat News} Prime Minister Mohammed Shia Al-Sudani stressed today, Saturday, the reconstruction of Iraq within a clearly defined vision and a drawn road map based on several stages

“These days, we have the 20th anniversary of the fall of the former dictatorial regime, which was the result of decades of repression, tyranny and mismanagement, and attempts to transgress and assault internally and externally,” Al-Sudani said in an article published in Al-Sharq Al-Awsat newspaper.

He added, "It is time to heal the wounds and move towards a prosperous future for a people who deserve all good," pointing out that "our people are waiting for the renaissance, whose conditions are available in their country, and we have developed an integrated program to address the most urgent problems, so we moved from the first moment to remove obstacles."

He continued: "From the first days, we took the initiative to pursue corruption and target its centers and tools wherever they are, and the first phase began to mobilize the state's energies towards construction, economic reform and fighting poverty. The second stage is economic, human, military and security development."

He pointed out: "We look forward to working and cooperating seriously with all friendly countries and international organizations to overcome common challenges," noting that "Iraq opens its arms to every good relationship and partnership in security, economy or environment, and we urgently need to diversify sources of income, and not rely on oil revenues as the only source."

"We have developed plans to encourage internal and external investments and the reconstruction and investment movement will need more trained manpower and build more capacity," he noted.

He continued to say: "Iraq's good relations with brotherly and friendly countries, paved the way for building bilateral and multilateral partnerships with many countries of the world, and we still have many of these relations."

Mot:  .. little Smarty Pants He Is!! ~~~

Mot:  ..... ALL MINE!!!!???? - REALLY!!! ~~~~~~

Iraqi News Highlights Saturday Afternoon 3-18-23

Iraqi News Highlights Saturday Afternoon 3-18-23

Tlm724 Administrator Bondlady’s Corner

The Stability Of The Exchange Rates Of The Dollar In Baghdad With The Closing Of The Stock Market

Economy  Saturday, March 18, 2023 4:27 PM  Baghdad / The National News Center  The exchange rates of the dollar stabilized against the Iraqi dinar, today, Saturday, with the closure of the main stock exchange in Baghdad.  The correspondent of the National News Center said, "The central Kifah Stock Exchange closed in Baghdad at 156,400 Iraqi dinars, compared to 100 dollars, while the prices this morning were 156,500 dinars, compared to 100 dollars."

He added, "The buying and selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 157,000 Iraqi dinars, while the purchase prices reached 156,000 dinars per 100 dollars."  https://nnciraq.com/194100/

More Than A Billion Dollars In Sales Of The Central Bank Of Iraq In A Week

Saturday 18 March 2023 09:50 | Economical Number of readings: 397  Baghdad / NINA / - The Central Bank of Iraq's total sales of dollars during the past week amounted to more than one billion dollars.

The Central Bank stated in a statement that, during the past week, during the five days in which the auction was opened, from Sunday to Thursday, it sold one billion 056 million 998 thousand and 484 dollars, at a daily rate of 211 million 399 thousand and 696 dollars, an increase of 19.61% from what was recorded. The previous week, in which the sales rate reached 176,741,692 dollars.”

He added, “The highest dollar sales during the past week were on Wednesday, when sales amounted to 241,908,940 dollars, while the lowest sales were on Tuesday, which amounted to It has sales of 176 million and 955 thousand and 968 dollars.

He pointed out that "sales of foreign remittances amounted to 765 million and 218 thousand and 484 dollars, an increase of 61.87% compared to cash sales, which amounted to 291 million and 780 thousand dollars."

He pointed out that "sales went in the form of cash and transfers abroad to finance foreign trade, while the price of selling amounts of documentary credits and international settlements for electronic cards amounted to 1305 dinars per dollar, while the price of selling amounts of transfers abroad and the price of cash sales amounted to 1310 dinars per dollar."/ https://ninanews.com/Website/News/Details?key=1041101

Economist: The Decline In The Dollar Is A Matter Of Time, As Business Operations Adapt To Monetary Policy

Saturday 18 March 2023 10:32 | Economical Number of readings: 427  Baghdad / NINA / - The expert in economic affairs, Raad Twij, confirmed that the decline in the price of the dollar is a matter of time, related to the adaptation of commercial operations with monetary policy.

Twigg said in a statement to the National Iraqi News Agency / NINA /: "The integration of Iraqi merchants' dealings within the electronic platform of the Central Bank does not exceed 20% of the total number of merchants," indicating: "Increasing this percentage could be an administrative issue in which the Central Bank undertakes Al-Iraqi introduces merchants to the mechanisms of submission, which will prompt merchants to move away from parallel markets and resort to the electronic platform.

He explained: "This will be in favor of a greater decline in the dollar and its approach to the official price of 1,300 dinars," stressing that the process of declining the exchange rate is a matter of time in which commercial operations adapt to monetary policy, which will not exceed six months.

And the Central Bank of Iraq announced earlier this year economic measures and packages, including the electronic platform to reduce the exchange rate of the dollar against the dinar, which witnessed a significant rise in the past few months./ https://ninanews.com/Website/News/Details?key=1041112

Al-Sudani: We Will Build A Strong And Capable Iraq For The Coming Decades Through Our Plans "Iraq 2050" / Expanded

Saturday 18 March 2023 12:14 | political Number of readings: 408  Baghdad / NINA / - Prime Minister Muhammad Shia'a Al-Sudani affirmed: "We will build a strong and capable Iraq for the coming decades through our plans, which we call Iraq 2050."

Al-Sudani said in his article published in Al-Sharq Al-Awsat newspaper: These days we are passing the twentieth anniversary of the fall of the former dictatorial regime, which was the result of decades of oppression, tyranny and mismanagement, and attempts to transcend and assault internally and externally, and it is time to heal the wounds and move towards a prosperous future for a people who deserve all the good.

He added: "Our people have been very patient, sacrificed, and offered martyrs in order to liberate people and the land from the filth of terrorism and tyranny, and were able to draft a constitution that made the Iraqi person (man and woman) its main focus, opened the way for building a state of citizenship, and guaranteed the country's sovereignty, independence, and unity. "

Al-Sudani stressed that our people are waiting for the renaissance, the conditions of which are available in their country, and we do not lack human resources or scientific competencies, and we do not lack natural and unnatural resources, and the geographical location, and that what we lack is the development of scientific plans and practical programs, and their implementation firmly in all fields.

He continued, "We have developed an integrated program to address the most urgent problems. We have moved from the first moment to remove obstacles, and financial and administrative corruption was one of them. That is why we took the initiative, from the early days, to pursue it and target its centers and tools wherever they are." The side of the state and its institutions in this confrontation, which is no less dangerous than terrorism.

Al-Sudani affirmed: "We are determined to rebuild Iraq within a clear-cut vision and a drawn road map based on several stages. We have started the first stage by mobilizing the state's energies towards construction, economic reform and fighting poverty, as we clarified it in our comprehensive government program in which we set priorities." Until the second stage is economic, human, military and security development.

He explained: "The ordeals and calamities that the Iraqi people faced, with all its noble components, increased their faith, and that their Iraqi identity is the solid bond that must be adhered to. Sub-identities cannot be a substitute for the national identity and the unifying Iraqi tent. And that Iraq today is an Iraq reconciled with itself." Peaceful with others, he does not want to harm anyone, nor does he allow anyone to attack him.

He went on to say: "We look forward to serious work and cooperation with all friendly countries and international organizations to overcome the common challenges facing the planet in terms of the environment, climate, desertification, increasing sand and dust storms, water shortages, high temperatures, increasing pollution and diseases, increasing poverty and poor services." The seriousness of these challenges, and we seek to create partnerships and solidarity among countries to confront them. Iraq opens its arms to every good relationship and partnership in security, economy or environment."

And he stated: "We urgently need to diversify sources of income, and not rely on oil revenues as almost the only source to cover budget expenditures, and we must activate agriculture, industry, tourism, trade, etc. We have developed plans to encourage internal and external investment and opened the doors to investors and project owners, within a well-thought-out plan and opportunities Encouraging," noting:

"The construction and investment movement will need more trained manpower and build more capabilities, and we launched an advanced program in this field called the Leadership Program to help young people gain the necessary expertise and skills without forgetting to build military and security capabilities."

He pointed out that development can only be achieved through internal and external stability. Internal stability means the rule of law and limiting weapons to the state. We will not accept that there are weapons outside the state’s security and military establishment. As for external stability, it means building regional and international partnerships. As Iraq's strategic location, its regional weight, its abundance of resources, and its influence in the world economy give it the ability to play a large role commensurate with its true size.”

He said that Iraq's good relations with brotherly and friendly countries paved the way for building bilateral and multilateral partnerships with many countries of the world. We still have a lot of these relationships ahead of us.

Al-Sudani concluded his article by saying: "I find today a favorable opportunity to launch a comprehensive national campaign for construction, reconstruction and development of services in all parts of the country. With the help of the people, partners and friends, we will build a strong and capable Iraq for the coming decades, and we will achieve this in our next plans that we call "Iraq 2050"./ End 9   https://ninanews.com/Website/News/Details?Key=1041132

Al-Nusairi: The Lack Of Clarity In Financial Policies In The 2023 Budget Will Put The Central Bank And The Economy At Risk

Money  and business  Economy News-Baghdad  Samir Al-Nusairi, the economic and banking advisor to the Association of Iraqi Private Banks, predicted that the lack of clarity in financial policies and poor coordination with monetary policy in preparing and presenting the 2023 budget will lead to blurry vision and confusion in the implementation of the budget when it is issued by a law from the House of Representatives.

He added, to Al-Eqtisad News, that the Council of Ministers’ approval of the allocations allocated for operating expenses, in the amount of 150 trillion dinars, at a rate of 13 trillion per month, and the continuation of budget revenues depend at 86% as planned on oil revenues confirms that financial policies are planned in isolation from monetary policy.

Because the expected total oil revenues In 2023, amounting to 117 trillion dinars, equivalent to 90.9 billion dollars, at a planned price of 70 dollars, which must be converted into the local currency, secured by the Central Bank for the purposes of implementing the operational budget, at a price of 1300 dinars per dollar, which is the official price set by the Central Bank.

He explained, which will oblige the central bank in the current complex conditions that the central bank faces in controlling the stability of the exchange rate and addressing the decline in dollar sales in the window for the purposes of the Ministry of Finance, which will lead to an increase in the exported local currency, which currently exceeds, as the information indicates, more than 93 trillion dinars, of which there is outside the device.

The banking sector is more than 80%, and its increase will inevitably lead to an increase in the inflation rate and will affect the adequacy of foreign cash reserves to cover the local currency in circulation.

He pointed out that adopting the budget to cover the deficit, which exceeded 63 trillion dinars, at a rate of 23% of the gross domestic product, while the percentage specified in the Financial Management Law 6 of 2019 is 3%, which will lead to pressure on the Central Bank and its foreign monetary reserves and the applications of its monetary policy tools.

Al-Nusairi pointed out that since the internal debt of the central bank owed by the government for several years, amounting to 46 trillion dinars, has not been paid yet, which if it is paid, it will enable the central bank to face the expected risks in internal and international economic changes due to the sudden collapse of the US banks Silicon Valley and Silver Gate.

It will spread and expectations of the collapse of other banks and the impact of Asian and European stock markets and the possibility of the continuation of the Russian-Ukrainian war portends the risks of falling oil prices to less than planned in the 2023 budget, and its indicators actually started since yesterday, as the price of Brent fell today to $ 76 a barrel,

which will force the finance to demand from the Central Bank Sooner or later,  to fill the deficit in the budget by rediscounting the treasury transfers that will be issued and because of the expectations of the inability to implement the paragraphs of the budget in its operational and investment parts, which will increase the internal debt,

which the government did not pay the previous debt in the first place, and return to zero point.Which constitutes an embarrassment to the Central Bank and its inclusion in the circle of government interventions, which will impede the implementation of its strategy to control the exchange rate and achieve stability in the monetary system. https://economy-news.net/content.php?id=32986

Sudanese Advisor: Low Oil Prices May Raise The Budget Deficit To Record Levels

Economy| 11:27 - 03/18/2023  Baghdad - Mawazine News  The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said today, Saturday, that there are signs of an "oil glut" that may lead to a drop in prices this year to an average between 60-65 dollars a barrel, indicating that the drop in oil prices may raise the deficit in Budgeting to standard rates.

Saleh stated, "Indicators of oil markets in the world show that the cycle of oil assets is heading towards a decline, causing semi-deflationary price effects under two effects. Aggregate demand, especially in the energy-importing and consuming western economies, which affects the growth of demand for crude oil in the energy markets.

Saleh added, in an interview with the official news agency, followed by Mawazine News, that "the second effect comes in that the Russian Federation, as a party to the war with the West, has begun to market its oil to the markets of India, China and Asia at $ 20 less than global oil prices, which is a pattern of an undeclared price war." .

He continued, "The two factors constitute signs of an oil glut that may lead to a decline in oil prices this year to an average between 60-65 dollars a barrel, which may push the Organization of Petroleum Exporting Countries or the (OPEC Plus) group to maintain the stability of their countries' budgets by reducing something." of production according to members’ quotas,

but the decision of OPEC Plus may contradict the hypothetical ceiling for oil prices adopted by Western economies from the parties to the war in Ukraine and energy consumers, specifically (NATO countries), which implicitly want to load part of the war bill on the shoulders of the oil-exporting countries and devour their surpluses from oil revenues."

Regarding the possibility of a decrease in oil prices and its impact on the budget, Saleh said, “The draft federal budget law for the year 2023, which was approved by the Council of Ministers in the past few days and was submitted for legislation to Parliament, which approved the price of a barrel of oil of $70 in order to evaluate oil revenues in the aforementioned budget.

The possibility of oil prices falling below $70 per barrel of Iraqi oil, which will inevitably expand the planned deficit bill in the federal general budget, currently estimated at about 63 trillion dinars, and may raise the deficit to other record rates, adding between 8-16 trillion. Dinars to the aforementioned deficit balance in the event that expenditures remain at their current estimated status, especially when the average price of a barrel of exported oil reaches between 60-65 dollars per barrel.

And he continued, "The entire draft budget has become before the table of the House of Representatives, whose duties are to consider expenditures in light of the expected revenues before legislation," noting that "if the general budget law is legislated as approved by the Council of Ministers, the executive authority will face the possible possibilities of a cycle The oil assets themselves, but in a way that preserves the goals of the government program to protect and stabilize the standard of living, without compromising the principle of tightening financial discipline and building spending priorities with high precision.    https://www.mawazin.net/Details.aspx?jimare=222215

Sharp Declines Hit The Global Oil Market

Economy| 10:02 - 03/18/2023   Follow-up - Mawazine News  Oil ended the week's trading with significant declines, as concerns about the banking sector prompted the two benchmarks to record their largest weekly losses in months.

In Friday's session, oil gave up its early gains, and Brent crude futures fell $1.73, or 2.3 percent, to $72.97 a barrel at settlement, while US West Texas Intermediate crude lost $1.61, or 2.4 percent, to reach $66.74.

Brent lost about 12 percent for the week, its biggest weekly loss since December. West Texas Intermediate crude futures have fallen 13 percent since last Friday's close, recording their biggest weekly loss since last April.

"The fundamentals are not as bad as the market expects here, but there are concerns that oil will not be as safe as it is for liquidity or gold," John Kilduff, a partner at Again Capital in New York, told Reuters.

The crisis of the collapse of Silicon Valley and Signature banks in America raised fears of infection spreading to other banks around the world, similar to what happened in the global financial crisis in 2008, which led to a strong selling wave of assets. https://www.mawazin.net/Details.aspx?jimare=222203

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

https://www.bondladyscorner.com/

Saturday Morning Iraq Economic News Highlights 3-18-23

Saturday Morning Iraq Economic News Highlights 3-18-23

Mesopotamia Starts Selling The Dollar To The Traveler At $2,000 Tomorrow, Sunday

Economy News-Baghdad  Today, Saturday, the Rafidain Bank announced the approval of the share of selling the dollar to the traveler at a rate of 2000 dollars, starting tomorrow, Sunday, according to the instructions of the Central Bank of Iraq.

A statement by the bank stated, “The Rafidain Bank will start approving the share of selling the dollar to the traveler at a rate of $2,000, from tomorrow, Sunday, according to the instructions of the Central Bank of Iraq.”   

He added, "The branches covered by the deposit of the Iraqi dinar in Baghdad are (Palestine Street - Firdous Square - Al-Mashtal - Officers' House - Al-Muhit - Al-Rafi'i - Al-Maarifa - Arab Quarter - Bab Al-Mu'azzam - Jerusalem - Eastern Gate - Al-Khadraa - Al-Amel District - General Secretariat of the Council of Ministers." )".    https://economy-news.net/content.php?id=32981

It Is Likely That The Budget Will Be Approved Before Eid Al-Fitr

The first  2023/03/18  Abdul Rahman Ibrahim   Yesterday, Friday, the House of Representatives officially received the draft federal budget law for the Republic of Iraq for the fiscal years 2023, 2024, and 2025, in implementation of the provisions of the Constitution and the Federal Financial Management Law.

Government spokesman Basem Al-Awadi said: "The draft budget law, including new articles and paragraphs that were approved for the first time, is capable of facilitating the implementation of projects, plans, executive and development programs, and the provision of infrastructure and services for citizens."

On the other hand, Deputy Speaker of the House of Representatives, Shakhwan Abdullah, announced in a statement that he had received the draft federal budget law, which is the highest in the history of Iraq, with a value exceeding 197 trillion dinars, based on the price of a barrel of oil at $70, while the deficit amounted to 63 trillion dinars.

A member of the Parliamentary Finance Committee, Jamal Cougar, suggested approving the state’s federal budget for the current year before Eid Al-Fitr.

The Financial Management Law No. 6 of 2019 allowed the Federal Ministry of Finance to prepare a medium-term budget for a period of (3) three years, to be submitted once and legislated, and the first year is obligatory.

Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, explained to the Iraqi News Agency (INA) that "the circulation of the sums allocated to the governorates for the purposes of investment spending, which could not be disbursed during the fiscal year, was included in the draft federal budget law for the year 2023, which is a flexible and unrestricted mechanism that allows the governorates Conducting financial transactions within its annual allocations related to investment spending on projects.

He added, "Financial Management Law No. 6 of 2019 in force and amended in 2020 took the issue of allocated unspent financial allocations to the governorates by preserving their rights in allocation in order to sustain spending on investment projects without delay or delay."

And Prime Minister Muhammad Shia’ al-Sudani said, last Monday, in a press conference: “In this budget, we gave the governorates the right to recycle the allocated amounts,” stressing that “the priorities of the government program will be present in the 2023 budget, and the budget for three years supports stability.”   financial".   https://alsabaah.iq/73532-.html

Economist: The Decline In The Dollar Is A Matter Of Time, As Business Operations Adapt To Monetary Policy

Saturday 18 March 2023 10:32 | Economical Number of readings: 267   Baghdad / NINA / - The expert in economic affairs, Raad Twij, confirmed that the decline in the price of the dollar is a matter of time, related to the adaptation of commercial operations with monetary policy.

Twigg said in a statement to the National Iraqi News Agency / NINA /: "The integration of Iraqi merchants' dealings within the electronic platform of the Central Bank does not exceed 20% of the total number of merchants," indicating: "Increasing this percentage could be an administrative issue in which the Central Bank undertakes Al-Iraqi introduces merchants to the mechanisms of submission, which will prompt merchants to move away from parallel markets and resort to the electronic platform.

He explained: "This will be in favor of a greater decline in the dollar and its approach to the official price of 1,300 dinars," stressing that the process of declining the exchange rate is a matter of time in which commercial operations adapt to monetary policy , which will not exceed six months. The current year announced economic measures and packages, including the electronic platform to reduce the exchange rate of the dollar against the dinar, which witnessed a significant increase in the past few months https://ninanews-com.translate.goog/Website/News/Details?key=1041112&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

A Deputy Calls For An Investigation Into The Disbursement Of Trillions Of Dinars For Presidencies And Ministries In A Previous Budget

Baghdad-Iraq today:  On Friday, the former head of the National Approach (Virtue) Bloc, Ammar Tohme, demanded an investigation into the "huge expenses" of presidencies and ministries in the 2012 final accounts.

And Tohme mentioned in a statement, "Notes about the law of ratification of the final accounts for the year 2012, as follows: -

1. The actual expenditures of the Presidency of the Republic amounted to (55.8) billion dinars ... which is a large number that we need to know the details of its expenditure resources.

2. The expenditures amounted to the Council of Ministers and the departments affiliated to it are (3.2) trillion dinars.. which is a very huge amount that requires a statement of the details of its expenditure resources, the units allocated to it, the amount Allocated for each unit, and the expenditures in which it was spent.

3. The actual expenditures of the Ministry of Foreign Affairs amounted to (518) billion dinars, It did not mention the detailed disbursement resources to verify the reality of the need for such allocations.

4. The actual expenditures of the Ministry of Health amounted to (4.9) trillion dinars. It is also necessary to indicate the details of the expenditure, its resources and its doors, especially since the availability of medicines and health services in general was at a weak level during that period.

5. The actual expenditures of the Ministry of Municipalities amounted to (2.1) trillion dinars.. The details of their disbursement and the projects that were completed from this spending or the projects that were financed from these allocations were not mentioned. The amount of spending is commensurate with the actual completion of projects on the ground.

6. The expenditures of the Ministry of Construction and Housing amounted to more than (one trillion dinars). The attached table did not mention the nature of the projects that were spent on their completion and the ratio of the expenditure to the actual completed ratio.

7. The actual expenditure of the Ministry of Oil amounted to (11.2) trillion dinars, and the table did not show the amount of the amounts disbursed to the attached licensing round companies and the amounts disbursed to the projects completed by the Ministry's companies. Oil revenues.. Let us see if the result of these contracts is the same as the result of partnership contracts in production?

8. The actual expenditures of the Kurdistan Region amounted to (13.5) trillion distributed over the current budget with an amount of more than (9.2) trillion dinars, and the investment budget with an amount of more than (3.9) trillion dinars. The law states that it has not been subject to auditing by the Office of Financial Supervision because of the failure to prepare the technical requirements and not to allow the Bureau's employees to audit them.

9. The table attached to the law states that the implementation rate of the Kurdistan Region of the investment budget amounted to (100%), and the implementation rate of the current budget amounted to (103%). How was this increase spent for him when it is not allocated according to the budget law!?

10. While the total current investment and allocations for the oil-producing governorates (Basra, Dhi Qar, Maysan and Wasit) for the same year amounted to (4.5) trillion dinars, noting that the total population of those four southern governorates exceeds the population of the region!.

11. The actual expenditure for goods and services for the year 2012 amounted to (1.14) trillion dinars, and the table did not mention the details of this expenditure.Note that the actual expenditure for the year (2020) for the same title of goods and services did not exceed (8) trillion, because the lack of revenue made the exchange closer to realism and avoided waste, entertainment, extravagance, and other pests of management of public funds.

12. The total expenditures of grants, subsidies, interest, and other actual expenditures for the year 2012 amounted to more than (17) trillion dinars, while the actual spending for the same total of these addresses for the year 2020 amounted to (7.3) trillion dinars.

13. The surplus for the fiscal year 2012 amounted to (14.6) trillion dinars.. The fate of this amount in subsequent years must be clarified in detail.

14. The benefit of presenting the final accounts on the specified legal date, four months after the end of the fiscal year, is clear for the purpose of assessing the realism of the allocations required in the following year's budget..and for the purpose of Comparing the actual expenditure for the year 2011 with the year 2012..

The actual expenditure for the year 2011 amounted to (78, 7) trillion dinars, while the actual expenditure for the year 2012 amounted to (105) trillion dinars.. meaning that the actual expenditure difference between two consecutive years exceeded (26) trillion dinars.

15. The report indicates that the amount of the overrun on some of the allocations items amounted to (5.9) trillion dinars. He did not specify the names of the exceeded units and the reasons for the overrun. Was the overrun dealt with and proved that there was no waste and corruption in this huge amount?

16. The report indicates that the total amounts of cash advances disbursed without financial allocations allocated for them during the year 2012 amounted to (8.6) trillion dinars, meaning that there is no legal basis for disbursing these funds.. The report did not clarify whether the disbursement, benefits and resources were verified. On which this large sum was spent, and the exchange orders correspond to the actual achievement of this spending?.

17. The law stipulates that the Ministry of Finance must address the reservations and observations of the Federal Bureau of Financial Supervision report dated (9/23/2014) within a maximum period of (120) days from the date of issuance of the law.

This is strange, because the remedy and correction is supposed to take place before the final accounts are approved, otherwise the approval of the law in this way will not lead to addressing the observations of the Financial Supervision Bureau, and the fate of those funds.

Is it not known, and was it spent legally and to meet a realistic need, or was it wasted and corrupted? Especially since the law states that the matter deserves referral to the competent investigative and judicial authorities.

18. What confirms our concern about the ineffectiveness of the article that we referred to above in its current form.. The same law indicates in a subsequent article that the observations and irregularities contained in the final accounts for the years (2005-2011), which were approved by Parliament in the third parliamentary session, must be filtered in the same way.

It appears that the remedies for these violations have not been completed to this day.. So how can we repeat a work mechanism that failed to hold accountable the violators of the laws of managing public funds.. Some of them may have gone to waste or corruption.

19. The financial control report is supposed to include a classification of the violations that occurred in the 2012 budget, and mentions what amounts to a crime by virtue of the laws in force, so that Parliament can inform, investigate and monitor the procedures followed in dealing with these financial breaches and breaches.

20. The law referred to the observations and reservations of the Office of Financial Supervision on the accounts of some addresses, and did not indicate the details of those violations and the amount of amounts related to these violations, such as the existence of financial differences in The balance of allocations between the Budget Department and the Accounting Department in the Ministry of Finance, such as the use of emergency allocations, and foreign military sales accounts. of the Iraqi government (FMS), foreign investment, and internal and external borrowing.   LINK

The Central Bank Launches Decisions That Facilitate The Procedures For Obtaining The Dollar

2023-03-17 | Source:  Sumerian   1,326 views  A package of new decisions launched by the Central Bank aimed at facilitating obtaining the dollar and limiting its smuggling, is a matter of several reformist economists.

Decisions, facilities and packages in order to control the rise in the price of the dollar against the dinar, as the official price cannot be obtained by the simple citizen locally, which prompted the Central Bank to clamp down on price speculators.

Financial and economic experts said that the facilitation package recently launched by the Central Bank dried up the sources of smuggling and stopped tourism companies from exploiting the crisis.  LINK

Central Bank Governor: We Are Working With The Government To Make The Dinar The Main Currency In The Iraqi Market

Money  and business  Economy News-Baghdad  On Thursday, the Governor of the Central Bank, Ali Mohsen Al-Alaq, set the objectives of monetary policy in Iraq, pointing out that he would take the necessary legal steps within the framework of the dinar being a major currency prevailing in the market in cooperation with the government.

Al-Alaq said on the second day of the seventh Sulaymaniyah Forum, followed by "Al-Iqtisad News", that "the monetary policy includes two basic goals," noting that "one of these goals is to maintain the general level of prices, that is, the strength of the currency locally and the exchange rate, which represents the strength of the currency externally."

He added that he "will take the necessary legal steps in the context of the dinar being a major currency prevailing in the market, in cooperation with the government."

He noted that "buying and selling in a foreign currency is a strange matter and a widespread phenomenon in the Iraqi markets, which is (the dollarization of the market)," pointing out that "the currency is a symbol of sovereignty and a title for the country, and abandoning it is tantamount to lowering the flag."

He pointed out that "externally we do not have a problem with remittances, and every day we open new outlets to sell the dollar at the official rate."

Al-Alaq pointed out that "inflation and the exchange rate are high factors, and we note a growth in the money supply, and the currency export witnessed a storm, which is an abnormal growth in the absence of productive growth, and indicates an increase in import demand."

And he explained, "The central bank law stipulates that it sells foreign currency without placing restrictions, and the text of the phrase in the article is (simple unconditional sale), which is the ideal case through which the central bank can maintain the exchange rate, that is, respond to every demand for the dollar."

And that "the problem is that there are more controls and standards in verifying the buying and selling of foreign currency, and with the increase in the international currency war, it makes the process of setting more controls and restrictions increasing."

And the governor continues, "The central bank has become in a complex balancing act between achieving a simple unconditional sale so that there is no room for the price difference and speculation, and the application of these standards that require a review of all operations."

He expressed his regret, saying, "The central bank bears additional burdens in applying these standards due to the absence of the role of other institutions that are supposed to help in the process of verifying operations.

For example, if our border crossings were at a degree of organization and recording operations correctly, it would enable all parties." From the knowledge of the foreign dollar and its conformity in these operations .. There are large gaps in the border crossings, some of which have been diagnosed for many years, and some of which are new with experience.

And he warned that "the central bank has the ability and desire to achieve its goal of responding to the demand for the dollar, whatever its size, and it is now able to offer the dollar at the level of demand; but what reduces this supply is a group of merchants and others, who are not ready to enter into these processes and controls; so there is A deficiency in the process of covering the demand, if we see that the existing rates of remittances and the demand for dollars and credits do not cover only a small percentage of the real trade of Iraq, and we are trying to bridge this gap through various means to earn these and their entry into the process from its correct gate.

https://economy-news.net/content.php?id=32967

Iraqi News Highlights Friday Afternoon 3-17-23

Iraqi News Highlights Friday Afternoon 3-17-23

Tlm724 Administrator Bondlady’s Corner

Parliament Announces Receipt Of The Draft Budget Law

political| 12:17 - 03/17/2023  Baghdad - Mawazine News,  Deputy Speaker of the Iraqi Parliament, Shakhwan Abdullah, announced the arrival of the draft federal budget law.  Abdullah said in a statement, which Mawazine News received a copy of, that he "announces the arrival of the federal budget bill to the parliament last night."  And the spokesman for the Iraqi government, Basem Al-Awadi, announced, earlier today, Friday, that the draft budget law had been handed over to Parliament. Ended 29 / H   https://www.mawazin.net/Details.aspx?jimare=222145

Jalil Al-Lami To / Nina /: Determining 70 Dollars In The Budget .. A Surprise .. And It Is Better To Adopt 60-65 Dollars

Friday 17 March 2023 10:21 | Economical Number of readings: 441

Baghdad / NINA / - The economist and political expert, Jalil Al-Lami, confirmed: Determining 70 dollars in the budget is a surprise..and it is better to adopt 60-65 dollars.

He told the National Iraqi News Agency / NINA /: It was expected that the price of oil for budget purposes would not exceed 60 dollars or even 65 dollars, which is a price previously adopted in some previous budgets according to Iraq's financial conditions.

Al-Lami called on the government to: Adopt a descending oil price for budget purposes in the coming years./ End 3    https://ninanews.com/Website/News/Details?key=1040961

Sudanese Advisor: The “Baghdad And Erbil” Agreement Is One Of The Federal Government’s Achievements

Friday, March 17, 2023 4:39 PM  Baghdad / National News Center  Fadi Al-Shammari, political advisor to the Prime Minister, Muhammad Shia Al-Sudani, stated today, Friday, that the agreement reached by Erbil and Baghdad within the draft budget law for the year 2023 leads to the deposit of all financial revenues by the Kurdistan Regional Government in one central bank account.

Al-Shammari said in a tweet to him, followed by the National News Center, that "the federal government was able to complete its recent agreement with the Kurdistan Regional Government of Iraq, as it is committed to implementing its governmental and political program by placing the region's revenues in one central account."

He added that the agreement is one of the federal government's achievements in accordance with its policy based on understanding, constructive dialogue, disclosure and sincere intention to reach radical solutions.    https://nnciraq.com/193843/

Oil Prices Rise To $74.72 A Barrel

Economy| 09:49 - 03/17/2023  Baghdad - Mawazine News  Oil prices changed slightly today, Friday, after a meeting between Saudi Arabia and Russia, which calmed the markets, but the two benchmarks are still heading to record the second weekly decline, after a banking crisis led to intensive selling in global financial markets this week.

And by 0133 GMT, Brent crude futures rose by two years to $ 74.72 a barrel. On Thursday, it ended a three-day losing streak and settled up 1.4 percent.

US West Texas Intermediate crude fell by two years to $ 68.33 a barrel, after recording a 1.1 percent increase on Thursday at the close.

Both contracts hit their lowest levels in more than a year this week and are on track for their biggest weekly drop since December, at about 10 percent. Oil and other global assets fell this week, while the collapse of Silicon Valley and Signature banks prompted the US and Swiss governments to seek to support banks' liquidity.

The risks of the spread of the crisis between banks continue to worry investors, which limits their appetite for assets such as commodities for fear that a new turmoil will lead to a global recession and a decline in demand for oil.

"The sudden collapse of SVB Bank and Signature prompted a rethink of the health of the broader economy and spooked markets," JP Morgan analysts said in a note.

Analysts added, "Oil demand is being reassessed, but we don't expect much change in fundamentals and tend to outpace the volatility of the financial sector, keeping our price expectations unchanged for the time being while we await an update on potential policy actions in the coming weeks," referring to a meeting. For the OPEC + group and Washington's possible move to refill strategic reserves.

The OPEC+ advisory committee, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, meets on April 3.

Analysts at the National Australia Bank said in a note that further price falls may prompt OPEC + to cut supplies to prevent an expected increase in stocks in the second quarter of the year.

US West Texas Intermediate crude fell below $70 a barrel for the first time since December 2021, which could make prices attractive enough for the US government to start refilling the Strategic Petroleum Reserve, which has reached record low levels.  https://www.mawazin.net/Details.aspx?jimare=222128

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

  https://www.bondladyscorner.com/

ISO 20022 Payment Integration for Real-Time Payments

ISO 20022 Payment Integration for Real-time Payments

10 January 2023 | Rakesh Kukkamalla | Enterprise Architect & VP Professional Services, SEEBURGER

The Migration to ISO 20022 Enters the Home Stretch

With the migration to ISO 20022 entering the home stretch, there’s no better time to get up to speed on this important topic. Here’s everything you need to know about the migration and why it matters.

ISO 20022 is so much more than changing message formats. ISO 20022 real-time payments enable banks and their customers to derive the benefits of open banking for payments across the IT landscape. ISO 20022 contains more data that can be integrated to provide a better 360 view of customer journeys, for example from bank-to-bank.

If this valuable data is treated as such by integrating this information with other systems, this payment data can reduce risk and provide new revenue streams for banks. Integrating payments with KYC tools can reduce the risk of banking services exploitation and fraud, while supporting faster and even instant settlements and cash flow forecasting.

Systems and services can be integrated to render valuable insights into customer activities, which are able to be productized and commoditized.

What is open banking?

Simply put, it’s providing customers with access to their account information and payments services, often using APIs to integrate backend systems. In Europe, PSD2 defines rules for how to achieve this to involve 3rd parties, and done correctly, banks are attracting more corporate customers by driving value through digital banking for real-time access to payments information and other customer-centric data.

Payment API Services

Key to a strategy of open banking, API services are used to opening up siloed systems, enabling data once stuck within certain banking functions to be shared among all integrated systems. Utilizing distributed ledger technology, is one key area which integration technology can support to generate a fully integrated payment integration landscape. An integration approach integrates payment systems, anti-money laundering technology, OFAC, KYC, FINtechnologies, and more.

Real-time Payments

The allure of real-time payments means that ISO 20022 is generating more payments, meaning there is an increased volume of files needing to be handled.

At the same time, ISO files are composed of enriched data, which means the files themselves are also larger. Understanding the need to deal with larger transaction volumes and bigger files generates the need to ensure the technology is capable of handling this increased capacity. Simultaneously, to gain benefits from the enriched data, for example to adeptly understand customer activities and behaviors and reduce cash flow risks, payments must be integrated thoroughly in the banking landscape.

Whether looking for the benefits of conforming to PSD2 or other payment initiatives, or how to implement an ISO 20022 messaging migration for example in accordance with SWIFT CGI-MP, banks are looking to empower customers through open banking initiatives.

An ISO 20022 validator tool is a helpful piece of technology to ensure migration success. But fundamentally, driving value for end users, whether they are internal stakeholders in the form of corporate account managers or external stakeholders in the form of corporate customers, should be in the foreground of payments integration projects.

Everyday situations can be resolved faster, for example the enablement of critical incident oversight. The right integration can provide answers instantly to the right people at the right time, allowing for an overview of where a payment landed or is stuck, how to speed up bulk payments, or whether to de-bulk and reassign payments to different queues. Ultimately, payments integration should enable the settlement process to be sped up as well.

These are all strategic value drivers that provide tangible results for multiple stakeholder groups and concrete reasons to focus on the integration of the banking landscape in payments-related projects.

Read Full Article Here:  https://blog.seeburger.com/iso-20022-payment-integration-for-real-time-payments/

"Tidbits From TNT" Friday Morning 3-17-2023

TNT:

Tishwash: Urrgent The government delivers the three-year budget to parliament

Spokesman for the Iraqi government on behalf of Al-Awadi

In implementation of the provisions of the Constitution and the Federal Financial Management Law, yesterday evening, Thursday, the draft federal budget law of the Republic of Iraq for the fiscal years 2023, 2024, and 2025 was officially handed over to the House of Representatives.

We affirm that the draft budget law, with its new articles and paragraphs that were approved for the first time, is capable of facilitating the implementation of executive and development projects, plans and programs, and the provision of infrastructure and services to citizens. link

Pearle:  Luck of the Irish…it would be nice to RV today….

CandyKisses:  St Patrick’s Day is celebrated each year on March 17th. The day is the observation of the death of St Patrick, the patron saint of Ireland. More than 100 Saint Patrick parades are held across the United States. Almost 12% of Americans claim Irish ancestry. More people of Irish ancestry live in the United States than in Ireland. Finding a four leaf clover on St Patrick’s Day is considered lucky as you only have one chance in 10,000. Generally, you will find a three leaf clover.

Ivantulafitov:  MM did a video on iso 20022 swift system on his YT….If you want to know what that's all about here's a deep dive on it https://blog.seeburger.com/iso-20022-payment-integration-for-real-time​-payments/

Ivantulafitov:  ISO 20022 real-time payments enable banks and their customers to derive the benefits of open banking for payments across the IT landscape. ISO 20022 contains more data that can be integrated to provide a better 360 view of customer journeys, for example from bank-to-bank.

************

CandyKisses:  US senators approve amendment to Iraq law

{International: Euphrates News} The U.S. Senate (Supreme Chamber of Congress) has approved the amendment to the Authorization for the Use of Military Force Act against Iraq.

The Senate approved the start of the process of amending the 1991 and 2002 Authorization of the Use of Military Force Act against Iraq.

The council took the decision by 67 senators to 27.

Nineteen Republican senators were among the supporters of the resolution.

************

Tishwash:  Economic specialists reveal new details regarding the "trilateral" budget and the share of the Kurdistan Region

Today, Friday, specialists in economic affairs revealed new details regarding the "trilateral" budget, which extends until the year 2025. They explained the Kurdistan Region's share of the budget.

Economist Nabil Al-Marsoumi said in his blog, followed by NRT Arabia, that "the new taxes in the 2023 tripartite budget are as follows:

Imposing a 5% tax on the proceeds of sales of one liter of petrol.

A 10% tax on gas or kerosene oil.

A 15% tax on imported fuel.

A 1% tax on black oil sales.

An airport tax in all Iraqi airports with a lump sum of 25 thousand dinars per person for travelers outside Iraq.

Al-Marsoumi added, "These taxes will lead to the enhancement of non-oil revenues and a slight reduction in fuel smuggling abroad, but they will lead to an increase in the cost of transporting people and goods, and then a new rise in the prices of goods and services, which may lead to exceeding the annual inflation rate specified in the budget by 1 percent." 5%, negatively affecting the standard of living of citizens.

As indicated, "Kurdistan's share in the 2023 budget came as follows:

First: The Ministry of Finance will pay the loan amount of 400 billion dinars granted to the Kurdistan region according to Cabinet Resolution No. 333 of 2022 by the Iraqi Trade Bank from the region’s share for the current year.

Second: Kurdistan's share of actual spending after excluding sovereign expenditures = 12.67%.

Third: The operational costs of producing and transporting the exported crude oil by the region are among the sovereign expenditures.

Fourth: The Kurdistan Regional Government is committed to exporting crude oil from its fields at a rate of not less than 400,000 barrels per day.

Fifth: The total revenues of oil produced from the fields of the region are deposited in one bank account in which all revenues from exporting or selling crude oil and its derivatives are deposited without any deductions for any purpose whatsoever.

Sixth: A percentage of the allocations of the federal ground forces of the Iraqi army are allocated to the Peshmerga forces according to the population ratios of the mentioned forces.

Seventh: The Kurdistan Regional Government is committed to handing over non-oil revenues to the state treasury.

Eighth: 50% of the revenues of the border crossings are allocated to the governorates in which these crossings are located, including the Kurdistan Region.

Ninth: The Federal Ministry of Finance is committed to paying the region's dues according to the provisions of this law on a monthly basis.

How much are the federal Mazano figures?

Prime Minister Muhammad Shia al-Sudani revealed at the budget conference that "the share of the Kurdistan Region in the budget amounts to 12.6, and the total budget amounted to 197 trillion and 828 billion dinars as follows: the operational budget amounts to more than 150 trillion dinars, the investment budget is more than 47 trillion, and the deficit in The budget amounts to 63 trillion dinars.

Al-Sudani explained, "The total revenues amount to more than 134 trillion dinars," stressing that "oil revenues amount to more than 117 trillion dinars based on the price of oil at $70, and non-oil revenues amount to more than 17 trillion dinars."

In the field of numbers, he mentioned the following:

The total budget is more than 197 trillion dinars.

The operating budget amounts to more than 150 trillion dinars.

The investment budget amounted to more than 47 trillion.

The budget deficit amounts to 63 trillion dinars.

Total revenues amount to more than 134 trillion dinars.

Oil revenues amount to more than 117 trillion dinars, based on the oil price of $70.

Non-oil revenues amount to more than 17 trillion dinars.

The share of the Kurdistan Region in the budget is 12.6 percent.

More than 12 trillion dinars of indebtedness will be repaid this year.

- The petrodollar will be two trillion dinars distributed among the provinces.

The development of the regions in the budget will be 2.5 trillion dinars.

-400 billion dinars have been added to the loans of small projects in the Ministry of Labor.

Increasing the capital of the Industrial Bank by 400 billion dinars to support the private sector.

An increase in some allocations, including medicines, by an amount of 300 billion dinars, to become more than a trillion.

Allocating one trillion dinars for the Iraq Development Fund draft law.

Exporting 3.5 million barrels annually.

During the current year, Iraq intends to export 3.5 million barrels annually, according to what was approved by the Sudanese government in its budget for the current year. Iraq is the second largest oil producer in OPEC, and the country relies on revenues from selling crude to cover about 95% of its expenditures.

The price of a barrel of oil is about $70 per barrel in the budget approved by the government last Monday, with a total proposed expenditure of 197.8 trillion dinars ($152.2 billion), according to Prime Minister Muhammad al-Sudani, who indicated that this budget will be repeated during the next two years as well.

While the fiscal deficit amounts to 63 trillion dinars ($48.5 billion), according to the official government statement.

While Iraq is an oil exporter, it imports the main oil derivatives, such as gasoline, gas oil and white oil. According to the “SOMO” company, more than 5 million tons of oil derivatives were imported last year, at a value of $5.3 billion, compared to 4.7 million tons, at a value of $3.3 billion, in 2021. Gasoline was the most imported, at a value of $3.8 billion, followed by gas oil with more of $1.2 billion.  link

Mot:  Good Ole Maxine on St Paddys Day!!!!............

Mot:  .. Not Easy it Is!! ~~~~