"Tidbits From TNT" Friday Morning 4-7-2023

TNT:

Tishwash:  from Iraq's News      here's the whitehouse.gov of it 

An American bill to re-link the dollar to gold

Three members of the US Congress presented, today, Thursday, a financial bill, to re-peg the dollar with gold, which, according to them, would enable the Federal Reserve (US Central Bank) to restore stability to the dollar.

The bill is called the “Gold Standard Restoration Act,” and it was referred to the House Financial Services Committee, according to what was stated on the Congress website. All their gold holdings and gold transactions.”

According to its authors, the draft law aims to "facilitate the re-fixation of the dollar by linking it with a fixed weight of gold, as well as the possibility of recovering dollars in full, and also exchangeable for gold and at the new price."

In 1971, former US President Richard Nixon "suspended gold support for the US monetary system, and this came as part of a series of economic measures at the time.

Nixon said at the time: "The measure is temporary, and he intends to resume direct conversion of the dollar after the reforms that were applied to the Bretton Woods system." However, all these reform attempts proved unsuccessful.

By 1973 the Bretton Woods system was de facto replaced by a system of floating fiat currencies, which is still in place today.

Historians note that repealing the gold standard would free central bankers and federal officials from accountability when they expand the money supply, fund government deficits through trillion-dollar bond purchases, or otherwise manipulate the economy.  link

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Reuters: China is planning an undersea Internet cable through the Middle East

China intends to build a submarine internet cable linking Asia, the Middle East and Europe to compete with a similar project supported by the United States. It will become one of the most advanced submarine cable networks in the world, according to a Reuters report, quoting "four informed sources."  

 The agency stated in the report, which was followed by "NAS", (April 7, 2023), that four informed sources told it that Chinese state-owned telecommunications companies are developing a $500 million undersea fiber optic Internet cable network that will connect Asia, the Middle East and Europe to compete with a similar project it supports. United State.  

The plan is a sign that the intensification of the technology war between Beijing and Washington risks disrupting the Internet.  

 "The most advanced network in the world"  

 The sources with direct knowledge of the plan said that China's three major telecommunications companies, namely China Telecom, China Mobile Limited and China Unicom, are implementing one of the most advanced and long-distance submarine cable networks in the world.  

The sources, who asked not to be identified because they are not allowed to discuss potential trade secrets, added that the proposed cable, known as EMA (Europe, Middle East and Asia), would connect Hong Kong to China's Hainan island province before heading to Singapore, Pakistan, Saudi Arabia and Egypt. and France.  

The sources said the cable, which will cost about $500 million to complete, will be built and laid on the seabed by China HMN Technologies Ltd, a fast-growing cable company.  

China Mobile, China Telecom, China Unicom, HMN Technologies or Heng Tong did not respond to requests for comment.  

The Chinese Foreign Ministry said in a statement to Reuters that it "always encourages Chinese companies to make foreign investment and (open) cooperation," without commenting directly on the cable project.  

China competes with US plans  

News of the planned project follows a Reuters report last month that revealed how the US government, concerned about Beijing eavesdropping on Internet data, has thwarted a number of Chinese submarine cable projects abroad over the past four years.  

Washington has also suspended licenses for private undersea cable projects that were to link the United States with Hong Kong, including projects led by Google, Meta Platforms and Amazon.  

The Chinese-led EMA project aims to compete with another cable project currently being implemented by the US company Sapcom, and will also connect Singapore to France via Pakistan, Saudi Arabia, Egypt and six other countries. It is called (CMW-6), meaning (Southeast Asia, the Middle East, and Western Europe-6).  

American silence  

Sapcom declined to comment on the competing cable project. The Justice Department, which oversees an interagency task force to protect US communications networks from espionage and cyberattacks, declined to comment on the project.  

A State Department spokesperson said the United States supports a free, open and secure Internet. He added that countries should prioritize security and privacy by "completely excluding untrusted companies" from wireless networks, terrestrial and submarine cables, satellites, cloud services and data centers, but he did not mention HMN Technologies or China.  

The State Department did not respond to questions about whether it would launch a campaign to persuade foreign telecom companies not to participate in the EMA project.  

China's foreign ministry said in its statement that it opposes "the United States' violation of well-established international rules" on cooperation in the field of submarine cables. "The United States should stop making up and spreading rumors about its so-called 'data monitoring activities' and stop defaming and defaming Chinese companies," it said in the statement.    link

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Cougar: Approving the budget after the holiday and its delay will affect investment

A member of the Parliamentary Finance Committee expected the approval of the draft financial budget law until after Eid Al-Fitr.

ougar told {Euphrates News} agency: "Until now, it is not known how long the budget will need for approval, but we expect that it will need between 20 days to a month."

He added, "The preparation and legislation of the budget took the first half of the current year, so it does not lose its importance because this period from the operational side was spent on the basis of the State Administration Law 1/12."

Cougar pointed out, "Only the investment side was affected, and this can be compensated by withdrawing its amounts."

The House of Representatives had finished at dawn on Wednesday the first reading of the draft federal budget law for the Republic of Iraq for the fiscal years 1023, 2024 and 2025, and it is likely that it will proceed with the second reading in the coming days.

The government praised "the national and responsible position of the House of Representatives by completing the first reading of the draft general budget for the years 2023, 2024, and 2025."

Government spokesman Basem Al-Awadi said in a statement, "This interaction clearly indicates a spirit of high understanding by the people's representatives of the responsibility entrusted to them and their good appreciation for the conditions our country is going through and its urgent need to speed up the ratification of the budget, to take its way to implementation and enable the government to meet the needs." essential for citizens.   link

Mot:  and Who is YOU!!??? ~~~

Mot: .. the Small Ones are Always the Bestest!! ~~~~

Iraqi News Highlights Thursday Evening 4-6-23

Iraqi News Highlights Thursday Evening 4-6-23

Tlm724 Administrator Bondlady’s Corner

Are New US Financial Restrictions On Iraq Missing Their Target?

By Hayder Al-Shakeri   March 29, 20230  Iraq has once again been hit by US financial restrictions,

this time aimed at restricting specific banks and individuals from trading in the Central Bank of Iraq (CBI)’s daily currency auctions.  The timing of these economic measures can in part be attributed to increased tensions between the US and Iran, that are once again being played out in Iraq.

However, the elites targeted by the sanctions are finding ways around them, while the real impact is being felt by ordinary Iraqis, whose lives are made even more difficult as currency fluctuations make essential goods, like food and medicine, more expensive and less accessible.

What has happened?

Banks such as Asia Islamic Bank, Al-Sharq Al-Awsat, Al-Ansari Islamic Bank and Al-Qabith Islamic Bank have long used CBI’s daily currency auction to gain US dollars and launder money.

In fact, the governor of CBI once admitted that a majority of the money is going to neighbouring countries such as Iran via electronic transfers, often with fake invoices.

These banks are also backed by political figures and are deeply entrenched in Iraq’s political elite and armed factions, and some of their partners have been targets of US sanctions in the past.

Washington is demonstrating its discomfort by flexing its economic muscle, warning Baghdad not to stray too far in the wrong direction.

As part of a larger set of demands by Washington, in November 2022 the CBI started banning several of these banks from dealing in US dollars.

Security forces added to the pressure by arresting or fining employees at currency exchange offices selling at black market rates, leading to the majority of exchange offices ceasing to sell US dollars.

These restrictions have had a significant impact: in October 2022, Iraq sold up to $260 million daily, but that had dropped to around $43 million by January 2023.

Why now?

These currency auctions have been a haven for illicit financial transactions for over a decade, so why has the US decided to clamp down now?

Some experts argue the restrictions are linked to when Iraq joined the international electronic banking system in November 2022.

But exposing Iraq’s financial procedures to international scrutiny also revealed transactions linked to Iranian-affiliated trading houses which divert the cash back to Iran or its allies across the region, rekindling the US-Iran dispute.

As early as 2018, the US reported that some Iraqi banks were linked to parties that diverted the money to Iran or for Iran throughout the region, and it threatened to impose sanctions as far back as 2020.

Any future sanctions must be based on an in-depth understanding of Iraq’s complex political dynamics.

The political element of these new restrictions relates to emerging dynamics in Baghdad.

Unlike his predecessor, Iraq’s new prime minister, Mohammed Shia al-Sudani, is backed primarily by a network of Shia leaders, some of whom are US-designated terrorists and allies of Iran.

Washington is therefore demonstrating its discomfort by flexing its economic muscle, warning Baghdad not to stray too far in the wrong direction.

Iraq’s people are the ultimate victims

Iraq’s elites have quickly found ways around these restrictions.

Blocking international transactions have not prevented the majority of funds from being smuggled to neighbouring countries, either through exchange offices or in cash over Iraq’s borders.

Despite threats from security services, exchange offices in Baghdad, supported by political elites and parties, continue to purchase US dollars on their behalf.

Exchange offices are only one part of a complex system – including federal government contracts, border checkpoints and other official bodies – that helps finance these political parties and their backers to the tune of up to $300 million per day.

Instead of hitting their intended targets, the absence of a comprehensive strategy means these US restrictions have impacted the everyday lives of Iraqi citizens by driving up exchange rates, leading to protests.

While most Iraqis are paid in the Iraqi dinar, many essential goods are priced based on the value of the US dollar, making them unaffordable for many people

(*) Research Associate, Middle East and North Africa Programme

Source: Chatham House, 28 March 2023

http://iraqieconomists.net/en/2023/03/29/are-new-us-financial-restrictions-on-iraq-missing-their-target-by-hayder-al-shakeri/

The Prime Minister's Advisor Proposes Two Solutions To Take Advantage Of The Public's Cash Surpluses For Development Purposes

Economy    Yesterday, 21:53  Today , Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, proposed  two quick solutions to take advantage of the public's cash surpluses for development purposes, while he indicated that attracting large deposits requires encouraging citizens to use electronic banking.

Saleh said, to the Iraqi News Agency (INA), that "the cash issuance amounted to perhaps 100 trillion dinars, and about 70% of it is currency in circulation outside the banking system and in the form of cash hoarding by the public, due to inherited customs and traditions, which are deep institutional factors that society has been accustomed to since Long years,

knowing that the interest on using a lot of that money hoarded in the unregulated money market exceeds 80% annually, which is a type of obscene usury. 

He added, "There are two quick ways to take advantage of the public's cash surpluses, especially for the purposes of development funds.  The first is to deal with borrowing bonds, which are issued by the central bank or the government, which arenegotiable in buying and selling, extinguishing receivables and bearing annual interest, including the issuance of Islamic sukuk as a hybrid financial instrument." 

And he continued,  “The second way is to spread borrowing and deposits through mobile phone banks within the wide uses of electronic banking and very easy applications,without neglecting the current banking activity in carrying out its basic duties, which is cash credit, improving banking services for depositors, and attracting their chunky deposits and other means of attraction towards banks.”

And with innovative, easy and attractive tools for depositors, without also neglecting to strengthen the role of the deposit guarantee company and show its effectiveness and strength in guaranteeing the rights of depositors in the face of the risks of failure faced by banks. https://www.ina.iq/182163--.html

The Central Bank defines two sections for housing loan outlets and a ceiling for electronic card Withdrawal Amounts

Economy 4-04-2023, 21:01  Today, Tuesday, the Central Bank of Iraq disclosed measures to prevent currency smuggling, and set the ceiling for the amounts allowed to be withdrawn from electronic cards outside Iraq, and pointed out that the outlets for providing loans for the purchase of housing units are divided into two parts.

The Central Bank said, in a statement to the Iraqi News Agency (INA), that "there is cooperation by the Central Bank with the relevant security authorities to prevent such practices," noting that

"there is a directive for banks to specify withdrawals from electronic cards outside Iraq at a rate of $250 per day to prevent earnings." Illegal withdrawal of the dollar in a way that affects the Iraqi economy.

Regarding the increase in the volume of loans, the bank affirmed that "the housing loan initiative provided to the Housing Fund for the purpose of construction and the Real Estate Bank for the purpose of purchase is still continuing."

He added, "There is no direction by the bank to stop this initiative, and it continues with its initiative to support the liquidity of the housing sector (the housing fund and the real estate bank) to lend to citizens and employees wishing to buy housing units throughout Iraq."

He pointed out that "the outlets for providing loans are divided into two types, the first of which is the Housing Fund loans, which are in the amount of (75) million dinars to build housing units with an area of not less than (100) square meters or to add a building in Baghdad and the provincial centers, and

loans in the amount of (60) ) One million dinars in the districts of the capital, Baghdad, and (50) million dinars outside the centers of the rest of the governorates, and loans in the amount of (75) million dinars to purchase housing units in investment housing complexes, and

the loan will be without interest except for a one-time administrative commission of (5%) of the value of The loan has a repayment period not exceeding (20) years, to facilitate the value of the monthly installment. He added,

"The other section is represented by real estate bank loans in the amount of (100) million dinars to purchase housing units outside investment housing complexes with an area of no less than (100) square meters.

Not exceeding (20) years, and loans in the amount of (125) million dinars to purchase housing units in residential investment complexes, and these loans will be without interest, provided that a one-time administrative commission of (5%) of the loan value is deducted and a repayment period does not exceed (20) year".   https://www.ina.iq/182159--.html

The Central Bank Expects The Dollar Exchange Rate To Continue To Decline

Economical 2023/04/05  Baghdad: Shukran Al-Fatlawi  The Central Bank of Iraq has suggested that the dollar exchange rate will continue to decline in the parallel market during the coming days,

attributing this to a number of reasons, including the

packages of measures taken by the monetary authority, the

great response of merchants and banks, and

adherence to the bank’s directives regarding the instructions of the currency sale window,

while specialists in economic affairs praised,

With the "macroeconomic policy" that has been reflected in strengthening the dinar and will lead to reducing or ending the difference between the official and parallel exchange rates.

The opinions of the specialists coincided with the Central Bank’s suggestions that the exchange rate of the parallel dollar would continue to decline, as experts confirmed that the coming days will witness a clear relative stability in the foreign exchange rate, stressing that this matter will be accompanied by a decrease in the prices of imported goods and materials, especially after it touched the exchange rates of the dollar.

In the parallel markets, the barrier of 148 thousand dinars per 100 dollars, which is what specialists see as an important step resulting from the continuous measures of the Central Bank.

And the Deputy Governor of the Central Bank, Ammar Hamad Khalaf, believes that "the recent decline in the dollar was not born of the hour,

but rather due to previous measures, especially the

procedural packages launched by the Central Bank and the

response of the market, merchants and banks to the directives and instructions of the Central Bank, and

all of this helped to provide the dollar to the beneficiaries.” 

Khalaf added, "The central bank sells more than 200 million dollars a day,

all for real and organized purposes by the merchant and by the bank, and

all of this helps in lowering the dollar exchange rate,"

expecting "a further decline in the future as long as there is a response by sectors and merchants.".

In turn, the financial expert, Dr. Amr Hisham, counted in an interview with "Al-Sabah"

the drop in the exchange rates of the dollar against the Iraqi dinar as expected,

resulting from the state of health due to the high foreign reserves amounting to 115 billion dollars, which is the record that has not been achieved in the history of Iraq. 

Hisham also pointed out that "The measures that have been taken with regard to the

electronic window, the dollar supply outlets, and the supply of dollars to travelers, as well as the use of the Iraqi dinar in buying and selling operations, are all combined factors that have led to an increase in confidence among citizens and merchants, and thus reflected positively on the issue of expectations." 

Therefore, expectations turned from pessimistic to optimistic, in addition to increasing the percentage of Central Bank sales to more than 200 million dollars.  And the financial expert added, "The increase in strengthening balances abroad, those that acquire sales, and not cash sales balances as it was in the past.

Or ending the difference between the parallel market price and the official price of the Iraqi dinar.

For his part, economist Dr. Adnan Bahia told Al-Sabah that "the slow gradual decline in the dollar is better than the sudden decline for the citizen,” pointing out that the decline in the exchange rate occurred as a result of the recent measures taken by the Central Bank,

foremost of which is the increase in the outlets that offer the dollar, as well as Commitment to the exchange rate by many banks and the prevention of speculation, not to mention theincrease in exchange with what is presented daily from the dollar to the markets and it is constantly increasing, i.e. the application of the theory that if supply increases, demand decreases. 

Baheya pointed out that there is a balance in favor of the citizen in the process of declining, because the lower the price and the smaller the difference between the parallel and the central bank rate, it will be in the interest of the citizen through lower prices, especially those imported from abroad.

 He noted that the processing paper put forward by the Central Bank, if all of them were implemented, especially those related to obligating all banks and sales outlets to have an electronic board linked to the Central Bank to define the official price of the state, would be sufficient to end the process of manipulation and speculation between merchants and exchange houses, which are simple, fast and inexpensive procedures that will organize this process.  and pour in Citizen's benefit.  https://alsabaah.iq/74665-.html

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

  https://www.bondladyscorner.com/

Iraqi News Highlights Thursday Afternoon 4-6-23

Iraqi News Highlights Thursday Afternoon 4-6-23

Tlm724 Administrator Bondlady’s Corner

Al-Halbousi And The US Ambassador Discuss Strengthening Cooperation Between Baghdad And Washington

Speaker of the House of Representatives, Muhammad al-Halbousi, discussed with the Ambassador of the United States of America, Alina Romanowski, the strengthening of cooperation and partnership between Baghdad and Washington.  His media office said in a statement, "Speaker of Parliament, Muhammad al-Halbousi, received the Ambassador of the United States of America to Iraq, Alina Romanowski."

The statement added, "The meeting discussed strengthening cooperation and partnership between the two countries, and supporting Iraq in various fields. They also discussed developments in the political situation in the country, and a number of issues of common interest."

https://www.radionawa.com/all-detail.aspx?jimare=33967

A Kurdish Deputy To / NINA /: The Recent Agreement Between Baghdad And The Region... Is A First Step To Resolving Outstanding Issues

Thursday 06, April 2023 16:27 | political Number of readings: 147  Baghdad / NINA / - A member of the House of Representatives for the Kurdistan Democratic Party, Jay Taymur, confirmed: "The recent agreement between Baghdad and the region ... is a first step to resolving outstanding issues."

He told the National Iraqi News Agency / NINA /: The agreement between the region and Baghdad is part of the state of political consensus and agreements within the blocs of state administration to end outstanding files, including the oil and gas law, which will regulate the relationship between the two parties. Timur added: The coming period will witness the activation of constitutional Article

140 Especially since the previous governments did not do it properly, in addition to implementing the Sinjar agreement for its reconstruction and the return of thousands of displaced people to their villages and cities.

The federal government and the Kurdistan Regional Government had signed yesterday, Tuesday, a temporary agreement to resume oil exports from the region, in the presence of Prime Minister Muhammad Shia al-Sudani and President of the Kurdistan Regional Government, Masrour Barzani.

https://ninanews.com/Website/News/Details?Key=1045339

Mazhar Muhammad Salih Presents Two Assumptions To Address The Fiscal Deficit In The 2023 Budget

 Money  and business  Economy News-Baghdad

The financial advisor to the government, Mazhar Muhammad Salih, expected that the continuation of oil prices at the level of 80 to 90 dollars will fill the fiscal deficit in the 2023 budget, presenting two assumptions in this regard.

Saleh said in an article published on the website of the Iraqi Economists Network that "what (OPEC) + decided to reduce voluntary production of member countries throughout the year 2023 by about 1.5 million barrels per day and with different shares for member countries (as Iraq was one of the OPEC countries by reducing 220 thousand barrels per day) Undoubtedly, it comes as a result of the fluctuations in the geopolitical situation and its direct and indirect effects on the battlefields in Ukraine.

He explained that this would be "in two directions, the first: that Russia, which is the second largest oil producer in the world after the United States (both of which currently possess 25% of global production of crude oil), are in great contradiction, as NATO decided earlier that it should not be sold."

Russian oil with a ceiling of more than 60 dollars a barrel, which made Russia commit to reducing production also in (OPEC +) in order for the global price to rise and cover the loss of its revenues from selling its oil to China, India and Central Asian countries at prices that are still about 20 dollars less than the global average of world oil prices.

And the second, that "the shortage of stocks in the United States, and the announcement of their imminent depletion, makes it maintain energy security in the United States strongly and in an accelerating manner, by providing maximum production capacities that compensate either for the lack of supplies or to compensate for the oil embargo on Russia and reach an average American daily production of about 17 million."

A barrel of its high-cost shale oil, as selling US crude oil for less than $75 per barrel constitutes a loss and a significant decline in production, which threatens the economic interests of the United States.

He pointed out that "in view of the contradiction in the rules of playing oil production between Russia and the United States and the voluntary reduction of OPEC production, as we mentioned, the predictions of (OPEC +) may be believed that the average oil prices in the year 2023 may not be less than 80 dollars per barrel. The decision of (OPEC +) It came in line with the geopolitics of controlling energy flows in the world, which is dominated by preparations for a continuous field war between East and West. Papers in oil policies.

In addition to the above, Saleh pointed out that "the energy consulting company, Rystad Energy, expects that the continuation of the voluntary reduction by Iraq, Russia and the Gulf countries in oil production by at least one million barrels per day will push crude oil prices this summer to reach $110 a barrel at the very least. It is expected that That the sharp rise in energy/oil prices will increase inflationary pressure on the global economy and will push central banks to tighten monetary policies more.

And he pointed out that "as far as the matter relates to the hypothetical price for calculating oil revenues in the draft federal budget in Iraq, which amounts to 70 dollars per barrel, the expectation that the annual average of crude oil prices will reach between 90-80 dollars per barrel exported in the year 2023 may undoubtedly eliminate the hypothetical deficit gap in the estimated budget."

By about 63 trillion dinars and according to the following two assumptions: A- Using the accumulated financial savings for the year 2022, which may be estimated between 25-23 trillion dinars, to reduce the deficit B- Compensation for the decrease in Iraq’s share of 220 thousand barrels of oil per day of production comes by avoiding the waste of crude oil in internal refining operations In order to maintain the maximum return to the general budget with the least possible planned deficit.

https://economy-news.net/content.php?id=33399

The Iraq Stock Exchange Closes Down By 0.70%

Market   Economy News-Baghdad  The weekly trading indicators of the Iraqi Stock Exchange showed a decrease of 0.70%.

The number of shares traded during the first week of April was more than (23) billion shares, while the value of shares traded in this week amounted to more than (9) billion dinars.

The trading index in the market closed for the first session of the week at (638.71) points, while the index closed at the end of the week at (634.30) points, achieving a decrease of (0.70%) from its closing at the beginning of the session.

During the week, more than (1,800) buying and selling contracts were executed on the shares of companies listed in the market.   https://economy-news.net/content.php?id=33403

Recession Fears Are Dropping Global Oil Prices

Economy| 08:27 - 06/04/2023 Follow-up - Mawazine News  Oil declined today, Thursday, as weak US economic data raised fears of a possible global recession and a decline in demand, but crude prices are heading towards a weekly rise after the OPEC + group announced more production cuts, in addition to a decrease in US oil stocks.

Brent crude futures fell 74 cents, or 0.9%, to $84.25 a barrel, and West Texas Intermediate crude futures fell 73 cents, or 0.9%, to $79.88 a barrel.

The two raw materials rose by more than 5.5% this week, heading towards recording gains for the third week in a row, after the OPEC + group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and independent producers, including Russia, announced additional voluntary cuts in production.

And US government data revealed that US crude stocks fell by 3.7 million barrels last week, more than expected by about 1.5 million barrels. https://www.mawazin.net/Details.aspx?jimare=223835

Government Spokesman: We Commend The National Position Of The House Of Representatives To End The First Reading Of The Budget

Political | 04:43 - 06/04/2023  Baghdad - Mawazine News  Today, Thursday, the Iraqi government praised the position of the House of Representatives to end the first reading of the draft budget for the years 2023-2024-2025.

The government spokesman, Basem Al-Awadi, said in a statement, a copy of which was received by Mawazine News, that "the Iraqi government commends the national and responsible position of the Iraqi Parliament by completing the first reading of the draft general budget for the years 2023, 2024, and 2025."

He added, "This interaction clearly indicates a spirit of high understanding by the people's representatives of the responsibility entrusted to them and their good appreciation for the conditions our country is going through and its urgent need to expedite the ratification of the budget, to take its way to implementation and to enable the government to meet the basic needs of our honorable citizens." Ended 29/ M99   https://www.mawazin.net/Details.aspx?jimare=223887

A Slight Decrease In The Exchange Rates Of The Dollar In The Local Markets

Thursday 06, April 2023 10:51 | Economical Number of readings: 546  Baghdad / NINA / - The exchange rates of the dollar against the dinar decreased today, Thursday, in the stock exchange and exchange shops in the capital, Baghdad.

The selling price amounted to 150,500 dinars per 100 dollars, while the purchase price amounted to 149,500 dinars per 100 dollars./ End 11  https://ninanews.com/Website/News/Details?key=1045263

Al-Sudani: We Will Hold All Those Involved In Corruption Files Accountable

The first 04/04/2023   Baghdad: Muhammad al-Ansari   Prime Minister Muhammad Shia al-Sudani pledged to hold all those involved in corruption files accountable, including the "theft of the century" case, stressing that  "there are no red lines in the field of combating administrative and financial corruption, whatever it is and in every detail," and indicated that the government is keen to play a transparent role with citizens in the matter. What to check or what to linger.

The Prime Minister said, in a lecture he delivered yesterday, Monday, to students of the 26th session at the Defense University for Military Studies:

"I was accurate in defining the priorities of our current government, and identified them with five priorities that govern the government's direction and work, and focused on issues (reducing poverty and unemployment rates). improving services, combating corruption and economic reform).  And he indicated that

"the cabinet resolved all problems related to unemployment," and that

"the government inherited problems and did not create them," adding that

"resolving problems was a stabilizing factor for the government's work during the six months of its work."

On the economic issue, Al-Sudani stressed that "there can be no economic reform without a sound financial and banking system that is recognized by international contexts." the correct". 

He stressed that "there are no red lines in front of us in the field of combating administrative and financial corruption, whatever it is and in every detail, and at the civil and military levels."

To play a transparent role with citizens in what has been achieved or what has been lagging, and on this basis we have committed ourselves to evaluating workers.

On the other hand, Prime Minister Muhammad Shia' al-Sudani affirmed that "the bulk of corruption is protected by political or official facades."

"The challenge facing the state now is corruption, and the process of combating corruption is not difficult, but there was no will in the previous stages to combat it," he said, noting that "it is in the revenues of customs and ports." border, the bulk of corruption is involved in employees, as there is no party that collects money for itself. 

He added,  "The judiciary is talking about a network of senior officials in (the former government) that contributed to covering up and providing facilities to a network of thieves that seized tax secretariat money in what is known as (theft of the century)," stressing that

"this case in particular if it is not held accountable." And the recovery of public money, so any talk about fighting corruption is in vain.

And on Iraq's foreign relations, and its relations with regional countries, Al-Sudani affirmed that

"no one ever bids on the issue of the independence of our national decision, and Iraq will never be subordinate to anyone, neither to the East nor to the West." 

He explained that "the Iranian-Saudi agreement is very important, and it will contribute to the stability of the region," and pointed out that

"development and the economy can only be in an atmosphere of cooperation between the countries of the region," and stressed that

"an attack on any country is unacceptable, and we do not allow the use of Iraqi land." To attack neighboring countries, and this is a constitutional and moral obligation, and it is a settled matter for us."  Al-Sudani noted that

"Iraq has made the greatest stride in the understandings with Kuwait in all files, and the file of the maritime borders remained, and the committees continue to hold their meetings."

Regarding the relationship with Turkey, he said:

"We have many commonalities and interests with neighboring Turkey, and that despite the existence of security-related problems And water,

but the opportunities that exist are greater than these problems, and we are heading towards Turkey to establish an economic partnership, and there are strategic projects that will see the light soon that strengthen this relationship. 

The Prime Minister affirmed that  "our security forces are at a degree of readiness and ability to provide security in all parts of Iraq, and we do not need combat forces and a foreign presence, but rather security relations and cooperation at the level of training and information exchange."   https://alsabaah.iq/74604-.html

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

  https://www.bondladyscorner.com/

Thursday Morning Iraq Economic News Highlights 4-6-23

Thursday Morning Iraq Economic News Highlights 4-6-23

Parliamentary Finance Will Begin Next Saturday With Its Sessions On The Budget And Prepare It For The Second Reading

Time: 04/06/2023 11:44:22  {Economic: Al Furat News} The Parliamentary Finance Committee has set, today, Thursday, next Saturday, a date to start its sessions on the budget and prepare it for the second reading.

Jamal Cougar, a member of the Parliamentary Finance Committee, told {Euphrates News}, "The committee will start its session on Saturday to study the budget law and prepare the report on the second reading of the budget, and then start hosting government bodies, institutions, local governments, and everyone who has a financial allocation in the budget."

Yesterday evening, the House of Representatives finished the first reading of the draft law on the federal general budget of the Republic of Iraq for the fiscal years 2023, 2024 and 2025.

At the end of the session, First Deputy Speaker Mohsen Al-Mandalawi called for expediting the preparation of a report for the draft budget law and for its second reading, "as it affects the needs of citizens and for the implementation of service and investment projects." From. Raghad Dahham   LINK

Al-Saadi: We Will Not Allow Any Bargaining To Pass The Budget

Today 12:15  Information / Baghdad..  The head of the Parliamentary Rights Bloc, Saud Al-Saadi, expressed, on Thursday, his categorical refusal to accept political agreements that transcend the law and the constitution, indicating that some parties to the political scene are trying to impose special agendas.

Al-Saadi said in an interview with the information agency, "Any political agreements that jump on the law and the constitution will not have a long life and will not be passed in the first place."

He added that "violating the provisions of the Iraqi judiciary cannot end with time or another, but rather it is present and ruling, and if it is procrastinated because of political agreements, it will not last long."

 He pointed out that "we called on the Prime Minister and Minister of Oil to take all necessary measures against Turkey after the decision of the International Arbitration Court to invalidate the export of Kurdistan's oil to Turkey through the port of Ceyhan."

 The capital, Baghdad, witnessed a new agreement between the governments of Baghdad and Erbil regarding the export of oil from Kurdistan to Turkey, which is the beginning of arranging the papers, the most exporting file for the disputes between the center and the region. End / 25 hours   LINK

Deputy: We Will Vote On The Budget In Exchange For Including These Notes

Thursday 06, April 2023 01:13 | Economical Number of readings: 689   Baghdad / NINA / - The representative of Wasit Governorate, Wafaa Al-Shammari, announced that she submitted an official request to include a number of observations in the draft federal budget law, which the House of Representatives completed its first reading in its session yesterday evening , Wednesday.

And finally reducing the deficit because it is exaggerated. .

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Representatives Of The Patriotic Union Of Kurdistan Announce Their Refusal To Vote On The Budget Law Before Achieving Their Demands

Baghdad-Iraq today:  The Patriotic Union of Kurdistan bloc in the Iraqi Council of Representatives announced that it will not vote on the 2023 budget "unless diligent and accurate follow-up is conducted on all projects in the province," calling on the Prime Minister to "conduct serious follow." -ups on those irregularities and corruption practices practiced by the acting governor of Kirkuk.

In a statement read by Representative Dylan Ghafour, she said, “Through our careful follow-up, moment by moment, of the course of events, and based on the report of the Federal Office of Financial Supervision, it became clear beyond any doubt that the Kirkuk governorate lacks a clear and transparent mechanism regarding the distribution and implementation of service projects in the areas of the governorate, at the time when the instructions contained in the Emergency Support for Food Security and Development Law No. 2 of 2022 indicate that the governor It must rely on the population ratio and the plans and data of administrative unit officials when implementing the paragraphs of the law.

The bloc added, "It turns out that what is happening is contrary to that," noting that the acting governor of Kirkuk "deliberately violates the law by ignoring the principle of equal distribution of projects, which is a clear and explicit violation and a door of corruption."

And it noted that "the governor of Kirkuk is an agency that uses his position and power to achieve personal benefits and special factional interests, and practices the clearest forms of functional exploitation in his and his party's areas of influence."

The Patriotic Union of Kurdistan bloc indicated that the most prominent legal violations of the governor is "allocating 15% of the governorate's budget for strategic projects, without these projects having any legal basis or mention of that percentage in the food security law," considering that "the number is subject to the whims of the private governors." Not only".

The bloc called on the prime minister to "conduct serious follow-up on these violations and corruption practices practiced by the acting governor of Kirkuk," adding: "We affirm that we will never allow him to continue his legal violations."

The Kurdistan Patriotic Bloc noted that it will not vote on the 2023 budget bill, "unless careful and careful follow-up is conducted on all projects in the province. The responsibility requires us not to allow the governor to implement projects that only serve weak interests." and deprive thousands of the city's residents."

And she confirmed that she would present the file of corruption of the governor of Kirkuk "on the table of the Finance Committee in the Iraqi parliament, to be aware of what is going on," calling on "the relevant authorities, especially the Office of Financial Supervision, to make more efforts to preserve public money, especially those related to auditing contracts. Projects in the province, and continue to expose all files of corruption and waste of public money.    LINK

Parliamentary Finance Is Preparing To Make Important Amendments To The Budget Next Week

Posted On2023-04-06 By Sotaliraq   Baghdad / Firas Adnan   The Parliamentary Finance Committee confirmed that next week will witness the beginning of making amendments to the budget after completing the first reading, pointing to the government’s request to submit a full report on covering the deficit, which it described as large, as it amounts to 200 trillion dinars for three years, and gave initial proposals regarding the possibility of reducing the price of a barrel. Oil, deleting some unnecessary expenses and setting priorities for investment projects.

Committee member Mueen Al-Kadhimi said, "The members of the committee received copies of the federal budget law in the middle of this week, and we began to review them and hold the first meeting with the government represented by the Minister of Finance, Taif Sami, and the advanced staff in the ministry."

Al-Kazemi added, "The committee heard from Sami the reasons that prompted the government to raise the budget to 200 trillion dinars, of which 150 trillion went to the operational side and the remaining investment."

And he stressed, “The need to know how to deal with the budget deficit, which is very large, estimated at 64 trillion dinars.”

Al-Kazemi spoke about “the possibility of making some amendments to the budget after completing the first reading, through which the committee contented itself with informing the deputies of the provisions of the law.”

And he believes that “the real amendments will start next week, and they come in conjunction with the second reading and the holding of meetings with the various relevant authorities.”

Al-Kazemi pointed out, "The Finance Committee is serious about completing the budget as soon as possible, given that many of the interests of the Iraqi people are linked to it, and it must be completed in the fullest way, away from this large deficit."

And he continues, “The budget currently presented, and by looking at its numbers, is the largest during the past two decades, and it must have a real review.”

Al-Kazemi stressed, "The government assumed that the budget is reproduced for three years, and this calls for clarity, especially in the deficit, which is estimated at 200 trillion for three years."

And he finds, “Not making amendments to the government draft is not logical, because the amendment is a logical matter and falls within the powers of the House of Representatives. However, our main concern remains the success of the government’s work to implement its approved platform in Parliament, especially on the investment and social levels.”

Al-Kazemi added, "Parliament is supportive of the government in accomplishing its tasks regarding preparing salaries for employees and retirees, the social welfare network, the required projects, and preparing what the governorates need."

And he added, “Meetings will take place with ministries, institutions and those concerned with the financial aspect, and they will generate conviction among the members of the Finance Committee regarding making appropriate adjustments, whether by reducing or increasing some sections or transferring.”

Al-Kadhimi confirmed, "The share of the Kurdistan region in the budget amounted to 12.67%, which is approximately 16 trillion dinars, according to the figures carried by the government project, and that oil exports, revenues from border crossings, and advances that were paid for the salaries of the region's employees be calculated."

And he goes on, “The federal government has recently reached an agreement with the Kurdistan Regional Government on oil export, which is temporary until the budget is approved, and we support this agreement and we will strengthen it in the budget.”

And Al-Kazemi added, "Passage of the law will need about 30 days, and this means that it may leave until after the Eid holiday."

And he added, "The technical aspect related to the Finance Committee is not the only one that will resolve the law, but rather the political consensus and objections of the blocs, especially during the second reading."

Al-Kadhimi stressed, “The committee and parliament seek to bring about rapprochement and understanding between the political blocs, and to give priority to the public interest.”

And he stated, “What will help speed up the approval of the budget law is the great rapprochement within the State Administration Alliance that formed the government earlier.”

And Al-Kazemi finds, “The government has dealt with all governorates with one look, and this is what we have seen in the draft budget submitted to Parliament, and we are currently discussing it.”

And he noted, “The project included the confirmation of contractors with the state, through the job grades that were created in the Ministry of Finance, and they include 280,000 degrees for free lecturers, 74 degrees for holders of higher and first degrees in colleges, and other degrees for electricity contracts, the Baghdad Municipality, and self-financing departments.”

And Al-Kazemi went on to say that “the salaries of the employees, who have become nearly 4 million employees, have reached, according to this law, 58 trillion dinars.”

For his part, another member of the committee, Representative Mustafa Al-Karawi, stated that “the government decided to make a reduction in oil production, and this makes us reconsider the public revenues that were included in the budget.”

Al-Karawi continued, "The parliamentary discussions on the budget will include all paragraphs, whether revenues, expenditures, or the deficit."

He pointed out, “The committee asked the Ministry of Finance for a full report on the mechanism for covering the planned deficit in the budget, so that there would be reassurance among the deputies about that.”

And Al-Karawi indicated that “the previous governments were unable to bridge the real budget deficit for the past years, and this will reinforce fears.”

And while he stressed, “Parliament will not obstruct the passage of the budget in any way,” but he went back to clarifying that “the representatives want to proceed with the law after making sure that there are no risks regarding revenues covering expenses.”

Al-Karawi talked about “fixing several observations on the volume of operating expenses, and therefore it is possible that there will be a reduction in unnecessary ones.”

And he called, “to offer investment projects according to priorities in order to achieve real benefit, and not be in front of an unknown path by implementing projects whose allocations cannot be provided due to the widening deficit gap.”

Al-Karawi concluded, “The committee is waiting for the submission of reports on the basis of which the price of a barrel of oil is determined, and therefore we may go to reduce it according to the convictions that we will reach.”

[size=45]And the Council of Ministers had voted in the middle of last month on the draft federal budget law for three years and sent it to the House of Representatives for its legislation and asked it, according to a subsequent statement, to discuss it as it is, and not to make amendments to it, expressing the readiness of the Prime Minister, Muhammad Shia Al-Sudani, to appear before Parliament on this matter. The law that links the executive authority to the ministerial platform voted on by the House of Representatives. LINK

"Tidbits From TNT" Thursday Morning 4-6-2023

TNT:

Tishwash:  Chinese Foreign Minister: We support the countries of the Middle East in maintaining their strategic independence

Chinese Foreign Minister Qin Gang said on Thursday that China supports the countries of the Middle East in maintaining their strategic independence, getting rid of external "interference" and keeping the future of the region in its own hands.

Chen made the remarks during a meeting with the foreign ministers of Iran and Saudi Arabia in Beijing, according to a statement from the Chinese foreign ministry.

The ministry said that Iran and Saudi Arabia announced the resumption of diplomatic relations by signing a joint statement after the meeting.  link

Tishwash:  The Central Bank of Iraq calls on the media to be accurate in reporting news related to its monetary policy

 Today, Wednesday, the Central Bank of Iraq called on the media to be accurate in reporting news related to its monetary policy.

A bank statement, received by Earth News, stated that it “calls on the media and all relevant parties to be accurate in reporting news related to the bank and its monetary policy, and to adopt what is published on its official website in order to avoid misleading news that confuses the market in favor of foreign currency speculators.”  link

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CandyKisses:  France's total invites Qatari and Saudi companies to the Iraqi energy market

Baghdad Today - Translation

Today, Thursday, the British Associated Press revealed that the French company Total invited the Saudi company Aqua to enter the Iraqi energy market as part of its contract with Baghdad. 

And the agency said, according to what was translated by (Baghdad Today), that "the French company, which had signed a contract with the Iraqi government in September 2021, and its implementation was stalled after disputes over lineage, before it passed last Tuesday with the approval of Baghdad." 

The agency added, "It summoned the Saudi company (Aqua) to enter into the project and implement projects to supply the province of Basra with electric energy, in cooperation with it." 

And she indicated that "Total's French invitation comes within its contract with the Iraqi government amounting to 25 billion US dollars, which also witnessed yesterday, Wednesday, the entry of Qatar (Energy) into the Iraqi gas market with an investment rate of 25% of the total value of Total's contract to invest the gas associated with the extraction process." oil.” 

The "Associated Press" indicated that "the summons from the French company, which was launched one day after announcing the Iraqi government's approval of 30% of the total investment project value instead of the 40% it requested previously and caused the contract to be disrupted, also included reference to the company's intention to bring in companies." Another Gulf state to work in the Iraqi market to implement its contract signed with Baghdad. 

While the American newspaper "SF Gate" predicted that this matter might raise "later political problems," as it put it. 

Iraqi sources had announced, earlier, the agreement with "French Total" on a 30% stake in energy projects that have been suspended between the two parties for more than two years.  

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Tishwash:  After the first reading... A comment from the coordination framework regarding approving the budget

A member of the coordination framework, Hassan Fadam, confirmed that there is insistence on quickly approving the general budget law, especially in its tripartite body.

Fadaam told Shafaq News agency, "The House of Representatives read the first reading of the budget law, and this is a positive step, and there was a good interaction within the House of Representatives with the budget, and insistence on completing it quickly, in support of the government and its service project."

He added, "The three-year budget is a good precedent, and the House of Representatives will pass this budget after discussing the observations of members of the House of Representatives on it, and reading it again next week or the following."

Fadaam affirmed, "The three-year budget will lead to service and political stability, and a clear vision for projects and services, which will be in the interest of the country in general."

Yesterday, Wednesday, the House of Representatives began the first reading of the draft federal budget law for the Republic of Iraq for the fiscal years (2023, 2024, 2025).

A member of the Parliamentary Finance Committee, Jamal Cougar, revealed in a previous statement to Shafaq News agency that the approval of the general budget will take place after Eid Al-Fitr.  link

Mot:  .. Soooo True!!... was 19 degrees this morning.... Wheres Da SUN!!!????

Mot:... Truely a Marital Thingy!! – LOL

Wednesday Evening Iraq Economic News Highlights 4-5-23

Wednesday Evening Iraq Economic News Highlights 4-5-23

Kurdistan Government: The Oil Agreement Is A Basis For Approving The Budget And Preparing The Oil And Gas Law

Calendar 2023/04/05  Today, Wednesday, the Kurdistan government confirmed that the oil agreement between the center and the region is the basis for approving the budget and preparing the oil and gas law.  A statement by the Kurdistan government stated, "The region's cabinet held today, Wednesday, its weekly meeting headed by Prime Minister Masrour Barzani, and discussed a number of issues on its agenda, foremost of which is the recent agreement with the federal government."

In the first paragraph of the agenda, Barzani highlighted "the results that resulted from the visit of a high-ranking delegation headed by the Prime Minister to Baghdad and the signing of the agreement between the Kurdistan government and the federal government to resume exporting the region's oil."

Barzani pointed out that "the agreement represents an important achievement and another step towards strengthening relations between the Kurdistan region and the federal government," praising "the efforts of the Federal Prime Minister, Muhammad Shia' al-Sudani, and his endeavors to solve problems between the region and the federal government, and he also praised the negotiating delegation for being able to reach this point."

Agreement without waiving any of the rights guaranteed by the constitution to the region.

He explained, "The Kurdistan region was forced to export oil after federal government officials cut off the region's salaries and financial dues in previous years," stressing that "the procedures related to oil export are legal and consistent with the constitution, and that the Kurdistan Regional Government exported oil within the framework of the rights constitutionally guaranteed to the region."

Barzani expressed, "Hope that the agreement will be fully implemented as soon as possible, making it a good basis for initiating the implementation of the budget law and preparing a draft federal oil and gas law."

And the statement continued, "In the second paragraph of the agenda of the meeting, the Minister of the Region for Parliamentary Affairs, Vala Farid, and the Minister of Health, Saman Barzanji, presented a brief on the goal, elements and characteristics of the (Ministry of Health in the Kurdistan Region) draft law."

The statement pointed out that "the draft law aims to advance health services, raise their level, reform the health system in a way that serves the citizens, and organize procedures for work in the public and private sectors, taking into account the rights of patients."

And he added, "After putting forward a number of observations regarding it, it was decided to review the draft law, taking into account the observations and suggestions submitted with the aim of enriching it, provided that it is voted on at the next meeting of the Council of Ministers."

The statement noted that "the last paragraph of the meeting was devoted to highlighting the rise in the prices of basic commodities and supplies in the market despite the low price of the dollar against the dinar, and how to monitor and control the rise in prices in the market."

In this regard, Minister of Interior Reber Ahmed, Chief of the Cabinet Office Omid Sabah and the concerned ministers presented the necessary clarifications, information and recommendations to control the markets, stabilize prices and ease the burdens of living on the shoulders of citizens.

https://almawrid.news/contents/view/details?id=61888

Read "Achieved Achievement"... 6 Controversial Points That Impede The Passage Of The Financial Budget

Information / special.  Today, Wednesday, the head of the Summit Center for Strategic Studies, Haider Al-Moussawi, identified six points that may hinder the passage of the 2023 budget, and while he confirmed the presence of political forces trying to disrupt it, he considered the first reading of the law "a foregone conclusion."

Al-Moussawi told the information agency, "The first reading of the budget bill inside the dome of parliament is a foregone conclusion, to define it and explain the main points in it, and then the second reading comes to discuss these points and object to them or approve them, and then the vote takes place."

He added, "The most prominent sticking points are the legislation of the oil and gas law," wondering, "Will the last law be linked with the approval of the budget?"

He renewed his question: "Is there a petrodollar law planned for the southern governorates?" Considering that the debt has become too large for the federal government, as it is an electoral entitlement, especially since the representatives of the south stressed the need for a commitment to implement this law.

The director of the summit center explained: "As for the other aspect, which will witness a discussion, and perhaps there will be a fundamental change through two points; the first is the price of a barrel of oil specified in the budget, which is estimated at $70, especially since there is a decline in international oil prices, which will increase the current deficit." .

And on the second point, Mousawi said: "The other dispute revolves around the image of the budget and its presentation in a three-year manner, that is, for three years. Will Parliament agree to pass it in this image, especially since it is possible for the situation to change during this period?"

As for the leave of the Speaker of the House of Representatives, Muhammad al-Halbousi, he asked: "What is the main reason behind al-Halbousi's leave for 15 days, and the budget was not presented during this period, in the parliament's sessions," pointing to "the presence of some political forces that are trying to obstruct and delay its passage."

And he concluded his speech, saying: "There are many visions and many disagreements that may prevent passing the budget or sending it to the government again for amendment."

Today, Wednesday, the media department of the House of Representatives set the date for the first session to read the budget law inside the parliament dome, amid political and popular anticipation. Because of the extreme importance of the law.   LINK

American Institute: Cash Exchange Has Caused Billions Of Dollars To Be Wasted In Iraq

Posted On2023-04-05 By Sotaliraq   Translated by: Hamed Ahmed   A report by the American (Brookings) Institute for Studies stated that twenty years after the American invasion of Iraq, the seventh Prime Minister of Iraq, Muhammad Shia Al-Sudani, declares that corruption will be one of the biggest challenges facing the country, describing it as “no less dangerous than the threat of terrorism.”

And the report, translated by (Al-Mada), continued, "Many of Iraq's 43 million citizens agree with this opinion."

He pointed out that “public opinion polls and protest movements indicate this, and the Iraqis blame the quota system that was adopted after the American invasion of the country in 2003 in distributing positions among the elites of the ruling political blocs and their wealth at the expense of the citizen.”

And he stressed the possibility of “returning corruption in its chronology to the post-2003 stage, the start of the campaign to rebuild Iraq and the flow of financial aid by the international coalition led by the United States and donor countries, with the absence of follow-up and accountability with regard to the conclusion of contracts and the disbursement of funds within public sector institutions.”

And the report continues, “During the period between 2003 and 2014, more than 220 billion dollars were spent on the reconstruction campaign alone, and it was punctuated by more than 74 billion dollars in foreign aid, in addition to the violence that undermined reconstruction.”

And he warned, "These efforts have also been hindered by the state of general waste by spending money and rampant corruption at all levels."

And the report indicated that "a large number of aid project contractors with Iraqi officials and American personalities were involved in corruption during the implementation phase of reconstruction projects that did not achieve anything."

He added, "Based on the estimates of the report of the Special Inspector General of the Iraq Reconstruction Campaign, at least $8 billion has been wasted out of a total of more than $60 billion allocated for reconstruction, marred by cases of fraud and bribery."

The report considered that “the aid funds that were allocated for projects to rebuild the electricity and health sectors and rehabilitate the infrastructure were a source of personal benefits and a waste of money without accountability.”

And he continues, “While cases of fraud and manipulation were prosecuted for a number of American contractors and persons, many other cases were not caught due to poor monitoring and follow-up by the US government, which made it very difficult to know the extent of the amounts wasted as a result of fraud and forgery.”

The report notes that “the anti-corruption initiatives and efforts that were launched in Iraq and after the invasion have proven their weakness in holding accountable people, individuals and officials who seek refuge in the party and the political blocs to which they belong.”

He stressed, "Major ministries were filled during the post-war reconstruction phase with cadres whose nepotism and partisan loyalties were a criterion for appointing them rather than their competence."

As a result, there has often been mismanagement in dealing with aid funds allocated for reconstruction projects once they are completed and handed over to the government," the report stated.

He stressed that "many projects that were said to be successful have turned out to be useless or without maintenance due to corruption and lack of accountability."

The report noted that "Iraq's public sector has become, over the years, a tool for nepotism and an increase in the number of civil servants appointed to higher positions called special grades, which are governed by quotas in choosing people and their party affiliations."

He stated, "Twenty years after the invasion of Iraq, public services in the country are still deteriorating and weak due to corruption."

And the report goes on, “According to the latest transparency index report, the public sector in Iraq was ranked in the 23rd sequence as the most corrupt sector in the world for the year 2022, and this constituted an improvement from its classification, which it was in 2006 as the second most corrupt sector in the world.

He stated, "This situation has been a cause in recent years for street protests, especially among young people, expressing their weariness and dissatisfaction with the effects of corruption on public services and the economy."

And the report continued, “Analysts and observers recommended that the country move away from dealing with the cash exchange of funds adopted in economic transactions as a solution to curb cases of corruption.” And the report indicated that “the administration of the Sudanese government began working on this issue under pressure from the United States.”

And he warned, “This is despite the fact that the United States is the one that participated directly in structuring the banking sector in Iraq, and it is the one that introduced the currency auction system for the dollar in the central bank, which later became a means of money laundering and smuggling it to neighboring countries.”

The report stated, "The loose money that accompanied the stage of post-war reconstruction projects has contributed to making the public sector a center of corruption."

And the report went on to say that “awareness and understanding of corruption is an important part of helping Iraq to launch the required reforms in this sector in order to build beneficial public services for its citizens.”     About the American Brookings Institution  LINK

The Central Bank Calls For Accuracy In Conveying News Related To Its Monetary Policy

Economy News-Baghdad  Today, Wednesday, the Central Bank of Iraq called on the media to be careful in reporting news related to its monetary policy.

A bank statement stated, “It calls on the media and all relevant parties to be accurate in reporting news related to the bank and its monetary policy, and to adopt what is published on its official website in order to avoid misleading news that confuses the market in favor of foreign currency speculators.”

https://economy-news.net/content.php?id=33379

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https://takadum-news.com/archives/157997

The Central Bank Of Iraq Invites The Media

Economy  |Baghdad today – Baghdad  Today, Wednesday, the Central Bank of Iraq invited the media.

The bank's media said in a statement received by (Baghdad Today) that "the Central Bank of Iraq calls on the media to be careful in reporting news related to its monetary policy."

The bank added, according to the statement, that "misleading news confuses the market in favor of speculators in foreign currency."   LINK

Iraqi News Highlights Wednesday Afternoon 4-5-23

Iraqi News Highlights Wednesday Afternoon 4-5-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Expects The Continued Depreciation Of The Exchange Rate

Posted On2023-04-05 By Sotaliraq   The Central Bank of Iraq said, on Tuesday, that its measures contributed to reducing the exchange rates of the dollar, while it expected a further decline in its exchange rates.

Deputy Governor Ammar Hamad Khalaf said, in a statement to the official news agency, that “the recent decline of the dollar was not born of an hour, but rather is due to previous measures, especially the procedural packages launched by the Central Bank and the response of the market, merchants and banks to the directives and instructions of the Central Bank, and all of this helped to provide the dollar for the beneficiaries and the authorities.” beneficiary.”

Khalaf added, "The Central Bank sells more than 200 million dollars a day, all of which are for real and organized purposes by the merchant and by the bank, and all of this helps in lowering the exchange rate of the dollar."  And he expected, “a further decline in the future as long as there is a response by sectors and traders.  LINK

The Budget And Economic Conditions Are On The Table Of Discussions Of The President Of The Republic And The Minister Of Finance

Political | 02:48 - 05/04/2023  Baghdad - Mawazine News,  President of the Republic, Abdul Latif Rashid, received today, Wednesday, Minister of Finance, Taif Sami.

During the meeting, according to a statement by the Presidency of the Republic, which Mawazine News received, they discussed the financial and economic conditions and approved the general budget in a manner that meets the aspirations of citizens.

Rashid stressed the importance of making appropriate reforms, encouraging investment opportunities and supporting strategic projects, as well as developing and diversifying the sources of the national economy by activating the role of other sectors and contributing to enhancing revenues.

The President of the Republic referred to "the importance of improving the standard of living of the Iraqi individual, following modern methods of financial management, and benefiting from the experiences of developed countries in this field."    https://www.mawazin.net/Details.aspx?jimare=223786

Iraqi-Saudi Talks To Promote Sustainable Development In The Fields Of Investment And Business

Economy| 01:14 - 05/04/2023  Baghdad - Mawazine News, Minister of Finance, Taif Sami, received, on Wednesday, the delegation of the Saudi Ministry of Investment, headed by the representative of the ministry, Mishaal bin Khaled Al-Hathal.

A statement by the Ministry of Finance stated, "The two sides reviewed the most important economic issues and files of common interest, ways to consolidate bilateral cooperation between Iraq and the Kingdom, and focus on building broader partnerships to promote sustainable development in the field of investment and business."

The meeting also dealt with "mechanisms to encourage Saudi companies to work in Iraq and overcome obstacles that they may face, and direct communication between the concerned ministries of the two countries with the aim of attracting more investments and strengthening relations between businessmen from both sides."    https://www.mawazin.net/Details.aspx?jimare=223775

Central Bank Sales Exceed $ 271 Million In Today's Auction

Economy| 12:04 - 05/04/2023 Baghdad - Mawazine News  The Central Bank of Iraq's sales of foreign currency increased in an auction today, Wednesday, to more than $ 271 million.    https://www.mawazin.net/Details.aspx?jimare=223767

Oil Rises Due To The Decline In US Crude Stocks

Economy| 08:51 - 05/04/2023  Follow-up - Mawazine News  Oil prices rose in early Asian trading on Wednesday, due to a decline in US crude stocks and the latest cut in production targets for the OPEC + alliance.   Brent crude futures rose 47 cents to $85.41 a barrel at 0535 GMT.

US West Texas Intermediate crude rose 42 cents to $81.13 a barrel, according to Reuters figures.

Prices received support after data from the American Petroleum Institute, on Tuesday, showed a decrease in US crude stocks by about 4.3 million barrels in the week ending March 31.

Gasoline stocks fell by about 4 million barrels, while distillate stocks fell by about 3.7 million barrels, according to the American Petroleum Institute. https://www.mawazin.net/Details.aspx?jimare=223748

The President Of The Republic To The Minister Of Finance: The Importance Of Encouraging Investment And Improving The Standard Of Living

Money  and business   Economy News – Baghdad  Today, Wednesday, the President of the Republic, Abdel Latif Rashid, received the Minister of Finance, Taif Sami.

During the meeting, according to a statement by the Presidency of the Republic, which Mawazine News received, they discussed the financial and economic conditions and approved the general budget in a manner that meets the aspirations of citizens.

Rashid stressed the importance of making appropriate reforms, encouraging investment opportunities and supporting strategic projects, as well as developing and diversifying the sources of the national economy by activating the role of other sectors and contributing to enhancing revenues.

The President of the Republic referred to "the importance of improving the standard of living of the Iraqi individual, following modern methods of financial management, and benefiting from the experiences of developed countries in this field."   https://economy-news.net/content.php?id=33372

The Stability Of The Dollar Exchange Rates In The Local Markets

Wednesday 05, April 2023 11:00 | Economical Number of readings: 256  Baghdad / NINA / - The exchange rates of the dollar against the dinar recorded, today, Wednesday, stability in the stock exchange and exchange shops in the capital, Baghdad.   The Al-Kifah and Al-Harithiya Stock Exchanges recorded an exchange rate of 150,300 dinars per 100 dollars.”

He added, “The exchange rates of the dollar rose in exchange shops and local markets in Baghdad, where the selling price reached 151,500, while the purchase price reached 150,000 per 100 dollars.”/

https://ninanews.com/Website/News/Details?key=1044993 

Al-Alaq Discusses With A Delegation From The World Bank The Report Of The Financial Reform Program In Iraq

The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, discussed with the representative of the World Bank in charge of preparing the financial sector assessment project in Iraq, Mahdi Hassan, the report of the financial reform program in Iraq.

The media office of the central bank said in a statement: "The governor of the central bank received the representative of the World Bank in charge of preparing a project to assess the financial sector in Iraq, Mahdi Hassan, and his accompanying delegation."

He added, "During the meeting, a summary of the report of the financial reform program in Iraq was presented, strengthening bilateral cooperation, and discussing the reform of the Iraqi banking sector, especially the government, which represents 80% of the banking sector as a whole, in addition to adopting institutional governance and organizing the structure of banking institutions."

He continued, "The two parties discussed opportunities to develop information technology in the government banking sector and the use of comprehensive banking systems in Al-Rasheed and Al-Rafidian Banks."   https://www.radionawa.com/all-detail.aspx?jimare=33960

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

  https://www.bondladyscorner.com/

Three Congressmen Introduce Gold Standard Bill to Stabalize the Dollar's Value

KTFA:

Clare:  Three Congressmen Introduce Gold Standard Bill to Stabilize the Dollar's Value

WASHINGTON, D.C. / ACCESSWIRE / April 4, 2023 / As America faces the twin threats of inflation and bank failures, three U.S. congressmen introduced a pivotal sound money bill that would enable the Federal Reserve note "dollar" to regain stable footing for the first time in more than half a century.

SNIPPET:  Rep. Alex Mooney (R-WV) - joined by Reps. Andy Biggs (R-AZ) and Paul Gosar (R-AZ) - introduced H.R. 2435, the "Gold Standard Restoration Act," to facilitate the repegging of the volatile Federal Reserve note to a fixed weight of gold bullion.

Upon passage of H.R. 2435, the U.S. Treasury and the Federal Reserve are given 24 months to publicly disclose all gold holdings and gold transactions, after which time the Federal Reserve note "dollar" would be formally repegged to a fixed weight of gold at its then-market price.

Federal Reserve notes would become fully redeemable for and exchangeable with gold at the new price, with the U.S. Treasury and its gold reserves backstopping Federal Reserve Banks as guarantor.

Monetary experts have noted a return to a gold standard would substantially curtail the economic damage caused by inflation, runaway federal debt, and monetary system instability.

"A gold standard would protect against Washington's irresponsible spending habits and the creation of money out of thin air," said Rep. Mooney in a statement.

"Prices would be shaped by economics rather than the instincts of bureaucrats. No longer would American families, businesses, and the economy as a whole be at the mercy of the Federal Reserve and reckless Washington spenders."

The Gold Standard Restoration Act also makes several findings as to the harm the Federal Reserve System has inflicted on everyday Americans - particularly since President Richard Nixon "temporarily suspended" gold backing of America's monetary system in 1971.

H.R. 2435 points out: "The Federal Reserve note has lost more than 40 percent of its purchasing power since 2000, and 97 percent of its purchasing power since the passage of the Federal Reserve Act in 1913."

Historians have observed that the elimination of gold redeemability from the monetary system freed central bankers and federal government officials from accountability when they expand the money supply, fund government deficits though trillion-dollar bond purchases, or otherwise manipulate the economy.

"At times, including 2021 and 2022, Federal Reserve actions helped create inflation rates of 8 percent or higher, increasing the cost of living for many Americans to untenable levels…enrich[ing] the owners of financial assets while… endanger[ing] the jobs, wages, and savings of blue-collar workers," H.R. 2435 states.

Notably, Rep. Mooney's bill would also require full disclosure of all central bank and U.S. government gold holdings and gold-related financial transactions over the last 6 decades - a seemingly taboo subject surrounded by mystery and deception.

"To enable the market and market participants to arrive at the fixed Federal Reserve note dollar-gold parity in an orderly fashion… the Secretary and the Federal Reserve shall each make publicly available… all holdings of gold, with a report of any purchases, sales, swaps, leases, and any other financial transactions involving gold, since the temporary suspension in August 15th, 1971, of gold redeemability obligations under the Bretton Woods Agreement of 1944."

In the years leading up to Nixon's panicked "temporary suspension" of gold redeemability, abusive U.S. deficit spending and currency debasement had prompted many foreign central banks to turn in their Federal Reserve notes for gold.

However, this disgorgement of America's gold holdings was largely conducted in secret.

That's why H.R. 2435 also requires the Fed and the Treasury to disclose "all records pertaining to redemptions and transfers of United States gold in the 10 years preceding the temporary suspension in August 15, 1971, of gold redeemability obligations."

U.S. sound money groups and industry leaders are cheering Mooney's actions.

"Government cannot continue to spend and print on a massive scale without producing existential threats to the currency and our economy," said Lawrence W. Reed, president emeritus of the Foundation for Economic Education.

"The gold standard never failed America, bad ideas and bad politicians did. If we do nothing, disaster awaits us just as it drowned earlier civilizations that spent and inflated their way to ruin," Reed continued.

"Today's debt-based fiat-money system serves primarily to support big government and wealthy financial insiders - while the Federal Reserve's serial policy of currency debasement punishes savers and wage earners," explained Stefan Gleason, President of the Sound Money Defense League and Money Metals Exchange.

"A return to gold redeemability would arrest the problem of inflation, restrain the growth of wasteful and inefficient government, and kick off an exciting new era of American prosperity," Gleason concluded.

The full text of Rep. Mooney's gold standard bill can be found here. It was introduced on March 30, 2023, and referred to the House Committee on Financial Services.

About Sound Money Defense League

The Sound Money Defense League is a non-partisan public policy group working nationally to restore sound money at the state and federal level and publisher of the Sound Money Index.

SOURCE: Sound Money Defense League     LINK

"Tidbits From TNT" Wednesday Morning 4-5-2023

TNT:

Tishwash:  Iraq maintains its position in the global gold market 4/5

The World Gold Council announced, on Wednesday, that global central banks had purchased 52 tons of gold, while noting that Iraq maintained its rank 30 globally.

In its latest schedule for the month of April 2023, which was seen by Shafaq News agency, the Council stated that, "during February, global central banks added 52 net tons of gold to the global international reserves, and this increase is the eleventh in a row."

He added, "The Chinese Central Bank bought 25 tons of gold, the Turkish Central Bank bought 9 tons, Uzbekistan 8 tons, Singapore 7 tons, and India 3 tons," noting that "the Central Bank of Kazakhstan was the only one who made the sale, at 3 tons." .

The World Gold Council stated that Iraq maintained its rank 30 globally out of 100 countries listed in the table with the largest gold reserves, after it rose ten ranks in July 2022, by purchasing 33.9 tons of gold, bringing its possession to 130.3 tons, which represents 8.2% of the rest. other precautions.

Globally, according to the table, the United States of America still leads the rest of the countries with the largest possession of gold in the world at 8,133 thousand tons, followed by Germany with 3,355 thousand tons, then Italy with 2,451 thousand tons, while El Salvador ranked 100th with 1.4 tons, preceded by Suriname with 1.5 tons.

On June 27, 2022, Iraq announced the purchase of new quantities of gold, amounting to approximately (34) tons, an increase of 35% over what was in its possession.

It is noteworthy that the World Gold Council is based in the United Kingdom and has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest gold mining companies in the world.  ink

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Tishwash:  Al-Sudani: Iraq is on the verge of a (reconstruction revolution)

Prime Minister Muhammad Shia' al-Sudani affirmed today, Wednesday, that Iraq is on the verge of a "reconstruction revolution and the announcement of projects."

Al-Sudani's office said, in a statement received by Mawazine News, that "Prime Minister Muhammad Shia'a Al-Sudani launched, today, Wednesday, the executive works in the first three projects concerned with relieving traffic congestion in Baghdad."

Al-Sudani announced, "The implementation of the bridge linking Palestine Street and Al-Dakhil Street, east of Baghdad, has begun. At the same time, work was launched on two other projects: the bridge linking the Jamila area and the extension of Al-Jihad Street - Bab Al-Mu'azzam via the Army Canal, and the bridge linking the intersection between Al-Quds Street and Al-Quds Street." 77, and its approaches and ancillary works.

Al-Sudani confirmed, in an interview with a number of young engineers, according to the statement, that
The Prime Minister considered, "The launch of these three projects is an opportunity to meet graduate engineers who did not obtain a job opportunity, with the aim of helping them find alternatives that depend on private sector opportunities."

Al-Sudani affirmed, "his support for young innovators, especially that Iraq is on the verge of a reconstruction revolution and the announcement of projects," and directed that "ten engineers be supported in this project to establish a company, and all procedures related to the establishment of this company will be completed."  link

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Tishwash:  Iraq and Saudi Arabia are discussing strengthening investment cooperation and overcoming work "obstacles".

The Minister of Finance, Taif Sami, discussed today, Wednesday, with a delegation from the Saudi Ministry of Investment, enhancing opportunities for investment cooperation between the two countries, encouraging the work of Saudi companies in Iraq and overcoming the obstacles they face.

The ministry said in a statement received by Shafaq News agency, "The Minister of Finance, Taif Sami Muhammad, received today, Wednesday, the delegation of the Ministry of Investment in the Kingdom of Saudi Arabia, headed by Mishaal bin Khaled Al-Hathal, and the two sides reviewed the most important economic issues and files of common interest, and ways to consolidate bilateral cooperation between Iraq." And the Kingdom, and focus on building broader partnerships to promote sustainable development in the field of investment and business.

The statement added, "The meeting dealt with mechanisms to encourage Saudi companies to work in Iraq and overcome obstacles that they may face, and direct communication between the concerned ministries of the two countries with the aim of attracting more investments and strengthening relations between businessmen from both sides."  link

Mot: .... They say - used to beeeeeeeeeee 

Mot:  .. its that Time again!!! ~~~~~

Wednesday Morning Iraq Economic News Highlights 4-5-23

Wednesday Morning Iraq Economic News Highlights 4-5-23

The Central Bank Expects The Dollar Exchange Rate To Continue To Decline

Economical  2023/04/05   Shukran Al-Fatlawi   The Central Bank of Iraq has suggested that the dollar exchange rate will continue to decline in the parallel market during the coming days, attributing this to a number of reasons, including the packages of measures taken by the monetary authority, the great response of merchants and banks, and adherence to the bank’s directives regarding the instructions of the currency sale window, while specialists in economic affairs praised, With the "macroeconomic policy" that has been reflected in strengthening the dinar and will lead to reducing or ending the difference between the official and parallel exchange rates.

The opinions of the specialists coincided with the Central Bank’s suggestions that the exchange rate of the parallel dollar would continue to decline, as experts confirmed that the coming days will witness a clear relative stability in the foreign exchange rate, stressing that this matter will be accompanied by a decrease in the prices of imported goods and materials, especially after it touched the exchange rates of the dollar. In the parallel markets, the barrier of 148 thousand dinars per 100 dollars, which is what specialists see as an important step resulting from the continuous measures of the Central Bank.

And the Deputy Governor of the Central Bank, Ammar Hamad Khalaf, believes that “the recent decline in the dollar was not born of the hour, but rather due to previous measures, especially the procedural packages launched by the Central Bank and the response of the market, merchants and banks to the directives and instructions of the Central Bank, and all of this helped to provide the dollar to the beneficiaries.”

Khalaf added, "The central bank sells more than 200 million dollars a day, all for real and organized purposes by the merchant and by the bank, and all of this helps in lowering the dollar exchange rate," expecting "a further decline in the future as long as there is a response by sectors and merchants." .

In turn, the financial expert, Dr. Amr Hisham, counted in an interview with "Al-Sabah" the drop in the exchange rates of the dollar against the Iraqi dinar as expected, resulting from the state of health due to the increase in foreign reserves amounting to 115 billion dollars, which is the record that has not been achieved in the history of Iraq.

Hisham also pointed out that "the measures that have been taken with regard to the electronic window, the dollar supply outlets and the supply of dollars to travelers, as well as the use of the Iraqi dinar in buying and selling operations, are all combined factors that have led to an increase in confidence among citizens and merchants, and thus reflected positively on the issue of expectations."

Therefore, expectations turned from pessimistic to optimistic, in addition to increasing the percentage of central bank sales to more than 200 million dollars.

And the financial expert added, “The increase in strengthening balances abroad, those that acquire sales, and not cash sales balances as it was in the past. Or ending the difference between the parallel market price and the official price of the Iraqi dinar.

For his part, economist Dr. Adnan Bahia told Al-Sabah that “the slow gradual decline in the dollar is better than the sudden decline for the citizen,” pointing out that the decline in the exchange rate occurred as a result of the recent measures taken by the Central Bank, foremost of which is the increase in the outlets that offer the dollar, as well as Commitment to the exchange rate by many banks and the prevention of speculation, not to mention the increase in exchange with what is presented daily from the dollar to the markets and it is constantly increasing, i.e. the application of the theory that if supply increases, demand decreases.

Baheya pointed out that there is a balance in favor of the citizen in the process of decline, because the lower the price and the smaller the difference between the parallel and the central bank rate, the better it will be in the interest of the citizen through lower prices, especially those imported from abroad.

He noted that the treatment paper put forward by the Central Bank, if all of them were implemented, especially those related to obligating all banks and sales outlets to have an electronic board linked to the Central Bank to define the official price of the state, would be sufficient to end the process of manipulation and speculation between merchants and exchange houses, which are simple, fast and inexpensive procedures that will organize this process. and pour in  Citizen's benefit.   https://alsabaah.iq/74665-.html

Sunnis Reject The Budget Law Because It Is Devoid Of Jobs

Baghdad - Iraq today:  The Sovereignty Alliance announced its rejection of the draft federal budget law sent by the Council of Ministers to Parliament, while revealing the reasons.

The representative of the coalition, Abdul Karim Abtan, said in a press interview, "The reasons for the Sunni representatives' objection to the budget are that it lacks job grades, and it also lacks investment projects," stressing that "the budget law in its current form does not support the private sector."

Abtan added, “The other objection comes to presenting a budget for three years, without taking into account fluctuations in the market,” noting that “the fluctuation of oil prices also affects the budget, and that the approval of $70 per barrel is not commensurate with market fluctuations."

He pointed out that "the deficit constitutes a large percentage of the total value of the budget, and thus does not serve the citizen," noting that "the budget does not contain any allocations to the liberated areas, which have suffered for long periods and need reconstruction."   LINK

Parliamentary Finance: The Budget Will Deal With The File Of Those Whose Contracts Have Been Terminated And The Lecturers Installed

Iraq  2023/04/05   Muhannad Abdel Wahhab   Since its receipt of the draft budget law, the Parliamentary Finance Committee has been discussing and studying it in a manner that takes into account the higher interests of the country and the rights of all segments.

And the head of the committee, Atwan Al-Atwani, reassured, in a statement, that "the 2023 budget focused on the priorities of the government curriculum, which include upgrading the service side, implementing strategic projects in the field of electricity and infrastructure, completing lagging projects, especially hospitals, as well as building specialized centers to treat heart diseases, cancer, and others."

Al-Atwani explained that "the budget also included dealing with the file of those whose contracts were terminated in the security ministries, examiners in the Ministry of Defense, confirmation of contracts and lecturers, in addition to a monthly financial grant for university and school students, and the expansion of social welfare coverage to 650,000 new beneficiaries, and other items that address the demands of segments of society." Many, in an effort to address the crisis of poverty and unemployment.

And he stressed, "the serious endeavor to expedite the completion of the requirements for approving the budget to enable the government to perform its duties and obligations before the people and implement the paragraphs of its ministerial platform."

On the other hand, the Parliamentary Rights Bloc considered that the budget included several paragraphs that would need to be reconsidered, including the three-year budgets, in addition to the high inflation rate, optimism about oil price estimates as found in the budget, as well as the few financial allocations for the provinces compared to their needs.

The head of the bloc and a member of the Parliamentary Integrity Committee, Saud Al-Saadi, told Al-Sabah: “The budget includes issues that need to be reviewed and modified,” noting that “there are some political forces that object to some paragraphs in the budget, including the high rate of inflation and the price of a barrel of oil.” estimated, as well as offering three budgets for the next three years, weak financial allocations for some governorates and some issues that sparked some reactions.

The deputy indicated that "there are calls from the government to the parliament to quickly discuss and approve the budget because of its impact on people's lives," noting that "the prime minister is ready to come to parliament and open the door for discussions and answer the parliament's questions."

Edited by: Ali Abdel-Khalek    https://alsabaah.iq/74677-.html

A Former Deputy Outlines The "Risks" Of The Tripartite Budget...And Presents Several Proposals

Policy  |Baghdad today – Baghdad  MP and former member of the Finance Committee, Magda Al-Tamimi, today, Tuesday, outlined what she described as the "risks of the tripartite budget" that the government sent to the House of Representatives.

Al-Tamimi said, in a statement received by "Baghdad Today," that "the danger of the tripartite budget lies in the foundations of its estimates, its construction, and the philosophy of the state's work, and also in the high estimates of the price of a barrel of oil, as well as the high estimates of other revenues with high total expenditures."

And I suggested that “the budget be until 12/31/2023 in the year 2023, and it could be three years later, so that the government can prepare and develop plans and detailed programs to leave the status of allocations in the investment budget for what is called contractors’ investment towards real investment through which the investor implements the project.” With his money and not with the money of the state treasury.

And Al-Tamimi continued, “In return, several goals will be achieved, the first: achieving benefit for the state by obtaining a percentage of the revenues in addition to taxes, and the second: activating the private sector, employing manpower and reducing unemployment, and the third: achieving benefit for the citizen by providing him with fast and high-quality services as well as Speed ​​and fourth: reduce corruption and waste of public money.   LINK

High Oil Prices.. Brent Records 85.32 Dollars Per Barrel

Economy  |Today, 08:53   Oil prices rose in early Asian trading, on Wednesday, due to a decline in US crude stocks and the latest cut in production targets for the OPEC + alliance.

Brent crude futures rose 38 cents to $85.32 a barrel at 0021 GMT.

US West Texas Intermediate crude rose 33 cents to $81.04 a barrel.

Prices received support from what sources quoted from the American Petroleum Institute data on Tuesday, which showed a decline in US crude stocks by about 4.3 million barrels in the week ending March 31.

Gasoline stocks fell by about four million barrels, while distillate stocks fell by about 3.7 million barrels, according to the sources, who spoke on condition of anonymity because they are not authorized to speak to the media.

The official inventory report by the Energy Information Administration, the statistical arm of the US Department of Energy, is due at 1430 GMT on Wednesday.

Recent targets set by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, also helped push up oil prices.

The OPEC + plan will increase the total size of the cuts to 3.66 million barrels per day, including a cut of two million barrels last October, equivalent to approximately 3.7 percent of global demand.   LINK

Iraqi News Highlights Tuesday Evening 4-4-23

Iraqi News Highlights Tuesday Evening 4-4-23

Tlm724 Administrator Bondlady’s Corner

The Governor Of The Central Bank Of Iraq Receives A Delegation From The World Bank

April 04, 2023  His Excellency the Governor of the Central Bank of Iraq, Professor (Ali Mohsen Ismail), received today, Tuesday, the representative of the World Bank, which is charged with preparing the financial sector evaluation project in Iraq, Mr. (Sayed Mahdi Hassan) and the accompanying delegation.

During the meeting, a summary was presented on the report of the financial reform program in Iraq, the

promotion of bilateral cooperation, the

discussion of the reform of the Iraqi banking sector, especially the government, which represents 80% of the banking sector in total, as well as the

adoption of institutional governance and the

regulation of the structure of banking institutions, and

the two parties discussed opportunities to develop information technology in The government banks sector and the use of comprehensive banking systems in Al -Rashid and Al -Rafidain bankers.

The Central Bank of Iraq  information Office  4- Nissan - 2023 https://cbi.iq/news/view/2297

Baghdad Agrees To Own A 30% Stake In A $27 Billion Project By Total Energies

Energy  Economy News / Baghdad   Two sources told Reuters on Tuesday that Baghdad had reached an agreement with Total (EPA: TTEF) Energis to own a 30 percent stake in the company's long-delayed $27 billion project in Iraq.

The agreement was signed in 2021, according to which Total Energies will implement four oil, gas and renewable energy projects with an initial investment of ten billion dollars in southern Iraq over a period of 25 years.

But he faced several setbacks amid disagreements among Iraqi politicians over the terms.

Among the main obstacles was Iraq's demand for a 40 percent stake in the project, as Total Energies wants to have a majority stake.

A source in the sector said that the agreement to reduce the share to 30 percent was made after meetings in Baghdad during the past few days.

Total Energies did not immediately respond to a request for comment.

"The agreement will be activated within days," said a senior official at the Iraqi Oil Ministry.

https://economy-news.net/content.php?id=33345

Iraq And America Discuss The Mechanism Of Cooperation In The Field Of Transport

Money  and business   Economy News _ Baghdad  The Minister of Transport, Razzaq Muhibis Al-Saadawi, discussed, during his meeting with the Ambassador of the United States of America in Baghdad, Elena Romansky, at the Ministry's headquarters, the mechanism of cooperation in the field of transportation.

And the Ministry of Transport stated, in a statement received by "Al-Iqtisad News", that "the Minister of Transport, Razzaq Muhibis Al-Saadawi, received the Ambassador of the United States of America in Baghdad, Elena Romansky, at the ministry's headquarters."

The statement added, "During the meeting, the focus was on climate change, and the minister reviewed the ministry's plans in this regard, by working to find environmentally friendly means of transportation, in a way that contributes to promoting the green economy, which the world is in dire need of."

He pointed out that "the meeting discussed the various files of the transportation sector, and the possibility of benefiting from major American companies to develop the reality of the work of the sectors, as well as finding mechanisms to enhance bilateral cooperation between Iraq and America in the fields of transportation, as the Ministry of Transport had contracted with the American Boeing to purchase a number of The aircraft are of different models, and the ministry has a contract with the American company GE for the manufacture of engines to maintain the engines of the parked aircraft belonging to the General Company for Iraqi Airways.

In turn, the ambassador expressed her thanks to the minister for the good reception, stressing "her country's readiness to support the efforts of the Ministry of Transport in developing its services and benefiting from the technological development in the transportation sector in the United States of America."

"The US administration is looking forward to more exchange and close coordination between the two countries," the US ambassador affirmed.   https://economy-news.net/content.php?id=33340

Integrity: Coordination With 27 Local And International Authorities To Recover Smuggled Funds

Money  and business  Economy News – Baghdad  The Integrity Commission intensified its coordination with 27 local and international bodies to cooperate in files demanding smuggled funds abroad and returning convicts, while it revealed the existence of 32 files to recover these funds against people with special degrees and general managers during the past year.

The head of the Commission of Integrity, Judge Haider Hanoun, said, “Among the bodies that the Commission deals with to recover smuggled funds are 15 international organizations and ministries, including the United Nations Office on Drugs and Crime, the International Center for Anti-Corruption in London, the World Bank, the Ministry of Justice in Britain, and the Anti-Corruption Agency in the same country.” And the International Organization of Interpol, as well as the file of cooperation with the German Agency, in addition to other international bodies.

And he indicated that “there are 12 local authorities that have also been coordinated with in this file, including the Ministry of Justice, the Directorate of Arab and International Police, the National Intelligence Service, the Supreme Judicial Council, the Central Bank, the Office of Combating Money Laundering and Terrorist Financing, and the Iraq Stock Exchange, as well as the Ministry of Commerce and the Companies Registrar’s Department in it.” along with other local entities.

Hanoun pointed out that "the authority is constantly working to coordinate and cooperate with international organizations to develop the performance of state institutions and develop the capabilities of workers, especially those concerned with combating corruption and money smuggling," according to the official newspaper.

He added, "The Commission revealed, through its investigative offices in Baghdad and the provinces, the existence of 32 files to recover funds prepared against those wanted by the courts with special degrees, general managers and those with their degrees, in addition to a minister, general inspectors, a governor, a member of a provincial council, four general managers, and others of their rank."

https://economy-news.net/content.php?id=33327

Deputy Expects To Pass The General Budget After Making Minor Changes

Tuesday 04, April 2023 08:15 | Economical Number of readings: 328  Baghdad / NINA / - The representative of Basra Governorate, Ali Shaddad, expected the possibility of passing the tripartite budget law in Parliament, while pointing out that "it may witness some partial changes."

Shaddad said, in a press statement, that "the Parliamentary Finance Committee discussed the basics of the draft general budget law with the Minister of Finance and in the presence of the First Deputy Speaker of Parliament," pointing out that "the session tomorrow, Wednesday, will witness the first reading of the general budget law."

Shaddad expected that "the budget law sent by the Council of Ministers will witness some minor changes, but it will be passed by the House of Representatives."/ End 5

https://ninanews.com/Website/News/Details?key=1044640

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

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