Iraqi News Highlights Wednesday Afternoon 5-17-23

Iraqi News Highlights Wednesday Afternoon 5-17-23

Tlm724 Administrator Bondlady’s Corner

The White House Announces The Extension Of The State Of Emergency In Iraq And Refers To "Extraordinary Threats"

Posted On2023-05-17 By Sotaliraq  The White House announced the extension of the state of emergency in Iraq, citing "extraordinary threats."   US President Joe Biden signed a decree extending the state of national emergency related to the situation in Iraq.

"There are still obstacles to the orderly reconstruction of Iraq, the restoration and preservation of peace and security in the country, and the development of Iraq's political, administrative and economic institutions," said a statement by Biden, according to the White House.

These obstacles constitute "an extraordinary threat to the national security and foreign policy of Iraq and the United States of America as well. Therefore, I have decided that it is necessary to continue the national emergency declared under Executive Order 13303 with regard to the stability of Iraq," according to the statement.

It is noteworthy that Resolution 13303 on Iraq was issued in 2003 during the era of US President George W. Bush, and it prohibits the export of some special goods, in addition to punishing individuals and entities.   LINK

A slight decrease in the dollar exchange rate

Economy  Wednesday, May 17, 2023 Baghdad / National News Center   Today, Wednesday, the exchange rates of the dollar against the dinar recorded a slight decrease in the local markets in all the country's governorates.


As the selling price reached 146,250 dinars per 100 dollars, while the purchase price reached 144,250 dinars per 100 dollars, in the capital, Baghdad.   https://nnciraq.com/205883/

Parliamentary Recommendation To Government Institutions To Contract With Specialized Companies To Avoid Corruption And Waste Of Public Money

Wednesday 17, May 2023 13:06 | Economical Number of readings: 477   Baghdad / NINA / The Parliamentary Economy, Industry and Trade Committee recommended that all government institutions be required to contract with specialized companies, whether they are oil, service or support companies, to avoid suspicions of corruption and to tighten control and oversight of public money.

Deputy Chairman of the Committee, Yasser Al-Husseini, criticized, in a press conference today, Wednesday, that the Energy Ministerial Council approved a recommendation regarding the contracting of the Central Refineries Company / Karbala Refinery Project to implement the order for the supply of chemicals, catalysts, oils and reserve materials in the manner of direct contracting with the project contractor (the Korean consortium).

And he explained, "The quantities of materials are known to the ministry and the company, and the competent authority has a warehouse system for disbursing them and balancing the available and disbursed ones for the purpose of perpetuating work and avoiding delay in the work of the refinery."

He added, "The company referred to in the recommendation is an intermediary company and does not manufacture the required materials according to the information available to us, which causes this procedure to waste public money, in addition to the fact that the Karbala refinery has not been fully operated until now," returning that "resorting to companies Supplying the required materials from non-manufacturers represents a clear waste of public money and indicates clear suspicions of corruption.

He went on to say, "In the event that there are companies specialized in the processing of these materials, it is more appropriate legally to resort to announcing a tender and selecting the best and lowest bids, or obtaining a decision of the Council of Ministers to contract directly in the event that the issue is

monopolistically”, calling on the concerned company to prepare an urgent study and a schedule of quantities for the refineries’ need for the raw materials required for their operation and to set strategic stocks of them, especially as we are approaching the summer season, which requires an abundance of kerosene production, for example”, stressing that this is the same thing that happens in the Ministry’s companies The industry is what made it profitable and economically useless companies./End 5

https://ninanews.com/Website/News/Details?Key=1053937

Al-Sudani: Voting On The Social Security Law For Workers Represents An Important Step In Economic Reform

Wednesday 17, May 2023 21:58 | political Number of readings: 139  Baghdad / NINA / - Prime Minister Muhammad Shiagh Al-Sudani affirmed that the vote on the Social Security Law for workers represents an important step in economic reform.

Al-Sudani said in a tweet via "Twitter", We welcome the important step taken by the House of Representatives, represented by voting on the Social Security and Retirement Law for Workers, as it represents an important joint of the economic reform that we have adopted in our government program, in addition to the many advantages of this law that make it It represents a qualitative shift in the labor movement, and supports government plans for the government's executive program. It will also help activate the role of the private sector, provide job opportunities for young people, and ensure a decent life for citizens."

Al-Sudani added, "This important law will relieve pressure on public jobs, and all of these are among our priorities that we pledged and voted on by the House of Representatives within our ministerial platform." He continued, while we appreciate the great efforts made by members of the House of Representatives, we affirm that

this law It represents a roadmap towards the enactment of many laws that serve the citizen and his well-being , and push the legislation system towards providing everything that would improve the reality and development of our country.   https://ninanews.com/Website/News/Details?Key=1054068

Oil Rises Due To Optimism About The US Debt Ceiling And Demand

Energy  Economy News-Baghdad  Oil prices rose 2 percent on Wednesday as optimism about oil demand and negotiations to raise the US debt ceiling outweighed supply concerns.

Brent crude futures rose $1.48, or 2 percent, to $76.39 a barrel by 1656 GMT. US West Texas Intermediate crude also rose $1.50, equivalent to 2.1 percent, to $72.36.

On Tuesday, the International Energy Agency predicted that oil demand would exceed supply by 2 million barrels per day in the second half of the year and that China would account for about 60 percent of oil demand growth in 2023.

"The IEA's estimates have restored optimism to the market this morning," said Bob Yawger, director of energy futures trading at Mizuho.

The negotiations over the US debt ceiling preoccupied the minds of market participants, who were optimistic about the statements of US House of Representatives Speaker Kevin McCarthy on Wednesday, in which he pledged to avoid what would be a catastrophic default.

Optimism overshadowed the increase in US crude oil inventories by five million barrels in the week ending May 12, as announced by the US Energy Information Administration on Wednesday.

Analysts had expected, in a Reuters poll, a decline of 900 thousand barrels.

The increase in crude stocks added to concerns about growth in the United States, after data showed that retail sales rose 0.4 percent in April, which was below expectations for a 0.8 percent rise.

51 views  Added 05/17/2023 - 9:27 PM   https://economy-news.net/content.php?id=34271

A New High.. Central Bank Sales Exceed $274 Million

Economy| 12:16 - 05/17/2023   Baghdad - Mawazine News  Sales of the Central Bank of Iraq recorded a new high in the auction today, Wednesday, as it exceeded $ 274 million.    https://www.mawazin.net/Details.aspx?jimare=227041

Where Does A Billion Dollars Go A Week? An Economist Wonders About Currency Auction Sales

Economy| 04:49 - 05/17/2023   Baghdad - Mawazine News, economist Salam Sumaisem asked today, Wednesday, about the Central Bank of Iraq's auction sales of hard currency.

Sumaisem said in a tweet on Twitter: "Where do these millions go in light of a small economy like the economy of Iraq??, at a rate of 200 million dollars per day x 5 days = 1000 million, or one billion dollars, is this billion per week really for the supply of goods and services in Iraq? ?”

https://www.mawazin.net/Details.aspx?jimare=227072

Finance Directs The Need To Oblige Government Departments And Institutions To Adopt POS Devices

Local | 06:55 - 05/17/2023   Baghdad - Mawazine News   Today, Wednesday, the Ministry of Finance clarified the importance of applying the "POS" system in revitalizing the economy and combating money laundering, while obligating its affiliated agencies and companies to implement the system.

The ministry said in a statement, a copy of which was received by Mawazine News, that "in light of the directives of the Prime Minister and Minister of Finance, Taif Sami, of the need to oblige all government departments and institutions to adopt POS devices and generalize the experience to include various economic and societal sectors, the Undersecretary of the Ministry of Finance and the head of a committee Today, POS electronic payment held a meeting with the directors of departments, banks and departments concerned with implementing the POS electronic payment points project.

The Undersecretary explained, "The importance of applying the (POS) system in the field of economic activity and efforts to combat money laundering and terrorist financing," stressing the need to "include all bodies and companies affiliated with the Ministry who collect, deliver or receive money, by applying the (POS) system, to The aspect of working to remove the obstacles that prevent the initiation of the optimal application of the system.

It is noteworthy that the Ministry of Finance is moving towards providing all the necessary facilities to grant POS electronic sales devices in state institutions and the private sector for free, at zero percent interest, for a period of 6 months, in addition to providing technical and logistical support and various software supporting the project, as well as training cadres working in this field. Ended 29 / M99

https://www.mawazin.net/Details.aspx?jimare=227079

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

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Goldilocks "All Roads Lead to Gold" Wednesday 5-17-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good morning Dinar Recaps,

Goldilocks posted comments and links this morning:

StableCoins Are (Not Just Similar To) Money Market Funds - Fin Tech - United States

There's a strong desire to label stablecoins as securities based on them as being digital assets used as investment contracts.

Yet, in order for stablecoins to remain stable representatives of a country's currency, they need an underlying asset to hold their value during stress points.

This has been the point of contention between the CFTC and the SEC. It looks like we are going to experience guidance from both the SEC and the subcommittee of the CFTC on digital commodities as we move to the implementation phase of the legislative process.

These combined rules and guidelines will standardize the banking/trading aspects of currency reforms going forward. This is how the process is playing out and giving name to the term gold (CFTC)/standard (SEC). So far, Congress seems to be on pace to finishing this up by the end of June.

© Goldilocks

https://www.mondaq.com/unitedstates/fin-tech/1315416/stablecoins-are-not-just-similar-to-money-market-funds

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"Banks launch digital Fraud Reporting Exchange"

This platform increases communication between banking systems with a prime focus on minimizing fraudulent activities.

It is a real-time service designed to catch scam activities on the spot.

These security mechanisms will enhance the use of cross border/trades near and far.

© Goldilocks

https://www.itnews.com.au/news/banks-launch-digital-fraud-reporting-exchange-595867

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The continued de-dollarization of the dollar is beginning to leave gaps in the weighted values of currencies all over the world.

\To make up for this loss, Central Banks around the world have been accumulating gold to increase the net worth of their country's currency.

This is why we have been undergoing currency reforms as of late to attach a standardized process that will enable a pegging mechanism added to currencies near and far.

As we approach the implementation status of these reforms, we are going to see an increase in the purchasing power of these reforms.

In order to move into a status that allows for an increase in purchasing power of currencies around the world, we are looking at attaching a certain weight of gold to this process.

What this means for gold is transformative. It means that the value of gold is currently undervalued and a repricing event is forthcoming.

All roads lead to gold.

© Goldilocks

https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-gold-price-outlook-central-bank-reserves-inflation-2023-5

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Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

Wednesday Morning Iraq Economic News Highlights 5-17-23

Wednesday Morning Iraq Economic News Highlights 5-17-23

Urgent Cougar: The Vote On The Budget Next Saturday

Time: 05/16/2023 21:09:36   Read: 1,677 times  {Economic: Al Furat News} A member of the Parliamentary Finance Committee suggested that the House of Representatives vote on the draft financial budget law next Saturday.  Committee member Jamal Cougar told {Euphrates News} agency: "The closest date for presenting the budget to parliament and voting on it is next Saturday."

He pointed out that "the current budget deficit is the largest in the history of the country's budgets, as it exceeded 64 trillion dinars," noting that "the current deficit will be maintained."

It is noteworthy that the Parliamentary Finance Committee continues to vote on the items of the 2023 budget before preparing its final version and submitting it to the House of Representatives.

The State Administration Coalition had set in a previous meeting on May 17 {tomorrow, Wednesday} the date for voting on the budget.   LINK

Parliament Pushes The Approval Of The Budget With The End Of Half Of The Fiscal Year

The first  2023/05/17   Baghdad: Shaima Rashid  Attention is focused on less than four committees in the House of Representatives that took it upon themselves to discuss all the details of the federal budget for the year 2023, with meetings and hosting for the governors and the majority of ministries and executive bodies to listen to views on federal allocations and regional development budgets.

The only exception may be the labor law currently in parliament, as deputies say it is very close to approval even before the next legislative recess.

The Parliamentary Legal Committee affirmed that “the budget law preoccupied parliament as it affects people’s lives,” allocating “what remains of the current legislative chapter of the draft budget,” considering that “the completion of the vote on the labor law today will have an impact on the street, as it concerns the private sector.”

A member of the Legal Committee, Iman Abdel-Razzaq, said in a statement to "Al-Sabah": "All laws are important, but the budget law is the most important, and there are many matters contingent on its passage."

Abdel-Razzaq added, "The labor law has been voted up to Article 35 of it, and we may witness the completion of voting on the rest of the articles in the coming sessions," stressing that "this law will not be delayed after other committees participated in its formulation, and we may witness the completion of voting on it before the legislative recess." ".

The deputy stated, "The law is important and includes all segments working in the private sector, in addition to widows and social care workers. The law also includes the private sector."

The Finance Committee resumed its meetings under the chairmanship of its Chairman, Atwan Al-Atwani, as it was emphasized the need to expedite and invest the time factor in completing the articles and paragraphs of the Federal General Budget Law in preparation for voting on it.

And the House of Representatives Media Department stated in a statement that "the committee hosted those concerned in the Ministries of Planning, Finance, and the Central Bank, to clarify a number of issues included in the general budget law, including the loan mechanism and obligations to distribute percentages between the ongoing strategic projects in the governorates, in order to adapt them in line with the implementation of the government program." ".

The statement added that "emphasis was placed on completing projects and distributing their funding according to the need for those projects," noting that "the (Iraqi-Chinese) framework agreement was discussed to finance the sums for implementing projects to build a thousand schools, energy support projects in Iraq, and other projects under the agreement." Edited by: Ali Abdel-Khalek   https://alsabaah.iq/77098-.html

Government: Approval Of The Budget Is Reflected Positively By Increasing The Volume Of International Investments In Iraq

2023-05-17 02:57  Shafaq News/ The Iraqi Ministry of Foreign Affairs confirmed, on Wednesday, that approving the financial budget is reflected positively by increasing the volume of international investments in the country's markets.

A statement issued by the ministry today stated that the Deputy Prime Minister and Minister of Foreign Affairs, Fuad Hussein, met yesterday, Tuesday, with the UK Ambassador to Iraq, Mark Bryson-Richardson.

The statement indicated that during the meeting, they discussed strengthening bilateral relations between the two countries and the invitation extended to His Excellency to visit the United Kingdom in the coming months to open the sixth session of the Iraqi-British Ministerial Council and sign the partnership and cooperation agreement between the two countries.

The statement also indicated that the efforts and procedures of the Iraqi government in dealing with the issue of immigration were discussed, and the Iraqi government's efforts to reduce escalation and find diplomatic solutions to crises through its adoption of mediation and dialogue efforts in the region.

And the ministry continued in its statement that during the meeting, dialogues with the International Monetary Fund were discussed in implementing non-financial programs to provide support and advice to the Iraqi government to implement its economic reform program, and the approval of the Iraqi parliament for the government budget that will take place soon, which would be positively reflected by increasing the volume of international investments. In the Iraqi markets, especially in light of the security and economic stability that Iraq is currently witnessing.   LINK

Petrodollar Money... Deferred Payment Rights

The first  2023/05/16    Baghdad: Haider Al-Jaber  In addition to the internal and external debts, the federal government owes huge amounts of money under the item “petrodollars”, which were deducted from oil export funds in previous years, and these amounts were not paid due to the ongoing crises.

A member of the Parliamentary Oil and Gas Committee, Ali Al-Lami, announced, earlier, the agreement to include the payment of the amounts due to the oil-producing provinces from the “petrodollars” to all provinces, as compensation for the damages incurred, stressing the existence of an agreement to collect these past and current funds and include them in the budget.

Representative Tel Al-Mishaal revealed that the amount deducted from oil exports had been reduced to two dollars per barrel instead of five dollars, and he also revealed the existence of a specific agreement to pay these sums.

Al-Mishal told Al-Sabah: “Petrodollar allocations are in the general budget, and the law previously provided for a deduction of $5 per barrel,” noting that “due to successive financial crises, the war on terrorism, and the Corona crisis, liquidity decreased and the law was disrupted, and the sums were recycled and recorded in debt.” The federal government is in favor of local governments in the oil and gas producing provinces. https://alsabaah.iq/77010-.html

Al-Sudani Talks About A Deal That Provides Iraq With "Billions Of Dollars Annually"

Energy  Economy News – Baghdad Prime Minister Muhammad Shia al-Sudani confirmed, on Wednesday, that Iraq is preparing to announce new rounds to offer fields and exploration blocks for investment in the gas sector, considering that the deal with the French company "Total Energies" would end decades of gas flaring and stop the loss of billions of dollars annually.

Al-Sudani said, in the context of an article published in the Saudi newspaper, "Al-Sharq Al-Awsat", that "we want to build a strong Iraqi economy capable of achieving the desired qualitative change, and for Iraq to be a region of convergence and integration between East and West, based on its strategic location, depth, historical legacy, regional weight, abundance of resources and influence in the world." world economy".

He added, "Based on this principle, we started work on the strategic development road project to link the port of Faw with the Turkish border, and from there to Europe, and Baghdad is preparing to host a meeting that includes transport ministers of the Gulf Cooperation Council countries, Iran, Turkey, Syria and Jordan at the end of this month, to discuss and implement this strategic project."

 Because it consolidates the horizons of regional economic cooperation, and serves the interests of these countries and their peoples.

And he stated, "The deal with the energy company, Total Energies, was concluded in a Qatari partnership, and it would end decades of gas burning, stop our import of it, and our loss of billions of dollars annually,

in addition to stopping polluting Iraq's environment," noting that "this deal was strengthened by other deals such as The signing of contracts for the fifth round of oil and gas fields, in which the Emirati "Crescent Company" participated, in order to upgrade oil and gas fields, and we are preparing to announce new rounds to offer fields and exploration blocks for investment in the gas sector.   330 views   Added 05/17/2023   https://economy-news.net/content.php?id=34253

Parliamentary Finance Fails To Reduce The Budget Deficit And Continues To Vote On Its Articles

Posted On2023-05-17 By Sotaliraq   The Parliamentary Finance Committee is preparing to pass the articles of the budget law before presenting it to a vote next week, confirming that there will be no reduction in the amount of the planned deficit. Committee member Representative Khalil Ghazi said, "The size of the budget will remain the same, but some transfers will occur between expenditure items."

Ghazi continued: “We are now in the stage of discussing the budget items, that is, the texts of the budget articles, and the possibility of amending some of them or adding some new articles,” adding that “the size of the budget deficit will remain the same.”

The other member of the committee, Representative Mueen Al-Kadhimi, confirms that “discussions on the budget law have reached their final stages, especially in terms of meetings with ministers, heads of agencies and governors.”

Al-Kazemi added, "The Finance Committee is in the process of finalizing the law and has intensified its meetings in this regard."

He pointed out, "The State Administration Coalition made a decision that the seventeenth of this month (today) is the initial date for voting on the law, and we hope to complete this file completely during this week." Al-Kadhimi stressed, "The current budget ceiling, which is about 200 trillion dinars, will remain unchanged until we give the government the opportunity to perform its approach that was voted on by Parliament."

And Al-Kazemi stated, “The House of Representatives will not touch the high ceiling, and we are certain that this amount will not be spent entirely during the remainder of the current year, and a good part of it will circulate until next year.”

And he continues, “The political blocs agree on the need to expedite the approval of this law, and there are no differences, especially after the federal government concluded an oil agreement with the Kurdistan region.”

Al-Kazemi concluded, “The delay in the budget for a period not short is due to several reasons, the most prominent of which is related to the change in the exchange rate of the dollar and changes in the global oil markets and other factors related to the executive apparatus.” Committee member Mustafa Al-Karawi said, “The Finance Committee does not bear the responsibility for delaying the approval of the law, which took a long time in the government, and then the presidency of Parliament before referring it to us.”

And Al-Karawi continues, “The government was late in preparing the law for three months, after which it was referred to Parliament, and then he remained in the presidency of Parliament for about 20 days, and we arrived at the beginning of last month.” And he believed, “The period that the budget took in the committee is very good, because the law needs discussions with government agencies, especially since the texts indicate a high spending and deficit volume.”

In addition, Representative Jawad Al-Yasari stated, “The Parliamentary Finance Committee ended the day before yesterday voting on a number of the budget, with several articles remaining that will be completed during the current week.”

Al-Yasiri added, "The political blocs are determined to end this file and pass the budget during one of the sessions next week, because of its utmost importance to the country's conditions in general."

And a parliamentary statement stated, “The Finance Committee resumed its meetings headed by Representative Atwan Al-Adwani, Chairman of the Committee, and the presence of its members yesterday, where it was stressed the need to expedite and invest the time factor in completing the articles and paragraphs of the Federal General Budget Law in preparation for voting on it.”

The statement added, “During the meeting, the committee hosted those concerned in the Ministries of Planning, Finance, and the Central Bank, to clarify a number of issues included in the general budget law, including the loan mechanism and the obligations of distributing percentages to ongoing strategic projects in the governorates, in order to adapt them in line with the implementation of the government program.” Pointing to "emphasis on completing projects and distributing their financing according to the needs of those projects." He pointed out, to "discussing the (Iraqi-Chinese) framework agreement, to finance the sums for implementing construction projects (1000) schools, energy support projects in Iraq, and other projects under the agreement."

It is noteworthy that the Deputy Speaker of the House of Representatives, Shakhwan Abdullah, announced earlier this week that the vote on the federal budget law for the years (for the years 2023, 2024 and 2025) will take place this week, adding that “the vote on the federal budget law will take place this week, and the House of Representatives will hold a special session to approve The general budget and its approval, because it is an important law and citizens in all governorates of Iraq are waiting for it.

On March 13, 2023, the Council of Ministers approved the Iraqi federal general budget draft law for the years 2023, 2024, and 2025.

According to Article (1) of the draft budget law, the revenues of the federal general budget for the fiscal year 2023 are estimated at (134,552,919,063) dinars, with estimated revenues from exporting crude oil calculated on the basis of an average price of (70) dollars per barrel, and an export rate of (3,500). (.000) barrels per day, including (400,000) for the quantities of crude oil produced in the Kurdistan region on the basis of the exchange rate (1300) dinars per dollar, and recording all revenues actually generated as final revenue for the account of the public treasury of the state.

An amount of (199,022,111,663) dinars has been allocated for the fiscal year 2023, including the following amounts: operating expenses in an amount of (133,221,694,002) dinars, indebtedness represented by internal and external debt installments (12,750,981,021), and special programs in an amount of (3,587,284,886). dinars.

It is noteworthy that Iraq did not vote on the 2022 budget, due to differences between the political parties, which followed the parliamentary elections. LINK

"Tidbits From TNT" Wednesday Morning 5-17-2023

TNT:

Tishwash:  Economist: The government is moving towards eliminating the parallel market for dollars

The researcher in economic affairs, Muhammad Attia Al-Saadi, considered the security and control campaigns to deter dollar dealers in the commercial markets as the right step towards reducing the gap between the official and parallel price. 

Al-Saadi told Al-Maalooma, "The problem of the dollar's high price did not end with merchants and company owners entering the electronic platform to buy dollars from the Central Bank." 
He added, "Many car and electrical companies and merchants were dealing in the process of buying and selling in dollars with citizens, which prompted the government to impose dealings in dinars by force by taking legal pledges." 

Al-Saadi expected that "the exchange rate will witness a decrease in prices in the coming days," pointing to "the importance of intensifying government measures, monitoring manipulators, and blocking the path towards any speculators who constantly update their methods to speculate in dollars and exhaust citizens with high prices."   link

CandyKisses:  Government: The approval of the budget reflects positively through the increase in the volume of international investments in Iraq

The Iraqi Ministry of Foreign Affairs confirmed on Wednesday that the approval of the financial budget is reflected positively by increasing the volume of international investments in the country's markets.

According to a statement issued by the ministry today, Deputy Prime Minister and Foreign Minister Fouad Hussein met, on Tuesday, the United Kingdom Ambassador to Iraq, Mark Bryson-Richardson.

The statement pointed out that during the meeting, they discussed strengthening bilateral relations between the two countries and inviting His Excellency to visit the United Kingdom in the coming months to open the sixth session of the Iraqi-British Trade Ministerial Council and sign the partnership and cooperation agreement between the two countries.

The statement also pointed out that they discussed the efforts and procedures of the Iraqi government in dealing with the issue of migration, and the Iraqi government's efforts to reduce escalation and find diplomatic solutions to crises by adopting mediation and dialogue efforts in the region.

The ministry continued in its statement that during the meeting, they discussed dialogues with the International Monetary Fund in the application of non-financing programs to provide support and advice to the Iraqi government to implement its economic reform program, and the approval of the Iraqi parliament of the government budget, which will be soon, which would be reflected positively by increasing the volume of international investments in the Iraqi markets, especially in light of the security and economic stability that Iraq is currently witnessing.

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CandyKisses:  US newspaper: Washington "loses" its influence in Iraq because of the dollar

Baghdad Today - Baghdad

The American newspaper (The Cradle) announced in a report published today, that Washington is "losing" influence over the Iraqi authorities as a result of measures currently being taken against the use of the dollar inside the country, which it said the United States is using as a "tool of political pressure." 

And the newspaper stated, according to what was translated (Baghdad Today), that the Iraqi government, after taking a decision to prevent the circulation of the dollar locally on the fourteenth of this month, directly weakened the "US control over the Iraqi political situation" as a result of the policy of "extracting the dollar" that it is now pursuing, according to described.

And she continued, "The US administration uses the dollar as a means of political pressure, which has greatly affected the Iraqi economic conditions, especially during the past few years, as a result of the restrictions imposed by Washington on Iraq's access to its stock of dollars."

And she added, "The Iraqi government moved quickly towards measures that reduce its dependence on the dollar towards extracting it completely from the Iraqi economy to maintain stable internal conditions at least," according to its description. 

It is noteworthy that a member of Parliament, Hussein Moanis, told the newspaper that the Iraqi economy is "enslaved by the United States through the dollar," which forces Iraqi lawmakers to move towards reducing the circulation of the dollar in the Iraqi market to get rid of Washington's "dominance" over the economy, according to his description.

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Tishwash:  Iraq is preparing to open its embassy in the Irish capital, Dublin

Iraq intends to open an embassy in the Irish capital, Dublin, in the near future.

The Ministry of Foreign Affairs said in a statement, issued by it, that the Irish Ambassador to Iraq, residing in Amman, Marian Bolger, met with Ambassador Haider Mansour Al-Athari, Head of the Europe Department in Baghdad, and "expressed her aspiration to work with the staff of the Iraqi embassy, ​​which will soon be opened in the Irish capital, Dublin."

The Irish ambassador affirmed, "Her government's readiness to provide all forms of support to Iraq, especially in the economic and food security fields, in addition to providing support to the Iraqi government in implementing its economic reform program," praising the "security and economic stability that Iraq is currently witnessing."

Al-Adhari extended his congratulations to Bolger on "the occasion of presenting her credentials as a non-resident and delegated ambassador extraordinary to the Embassy of Ireland accredited to the Republic of Iraq in Jordan," expressing his aspiration for "to strengthen cooperation between Iraq and Ireland in all fields, especially with regard to the political and economic aspects," according to the statement. .

It is noteworthy that the Council of Ministers approved, on August 11, 2022, the opening of an embassy for Iraq in Dublin.  link

CandyKisses:  BOUGHT A NEW REFRIGERATOR

Mot:  ;; Ya Gots to Love Aunt Bea!!! ~~~

Iraqi News Highlights Tuesday Evening 5-16-23

Iraqi News Highlights Tuesday Evening 5-16-23

Tlm724 Administrator Bondlady’s Corner

Iraq Reduces Its Holdings Of US Bonds

Economy  May 16, 2023    Follow-up / National News Center   The US Treasury announced today, Tuesday, that Iraq's holdings of US bonds decreased for the second month in a row, to reach $39 billion.

And the Treasury stated, “Iraq’s possession of US Treasury bonds for the month of March of the year 2023 decreased by 1.4 billion dollars, to reach 39.3 billion dollars, after it was 40.7 billion dollars during the previous month,” indicating that “these bonds increased by 50% from the same month.” From the year 2022, when Iraq's possession of bonds amounted to $ 26.2 billion.

In the Arab world, Saudi Arabia comes at the forefront of the countries with the most possession, amounting to 116.2 billion dollars, and the UAE comes second with 61.5 billion dollars, then Kuwait third with 39.3 billion dollars, then Iraq fourth, and Oman fifth with 7.061 billion dollars, then Morocco with 3.890 billion dollars.

She indicated that "the most holders of US bonds are Japan with 1087.7 ​​trillion dollars, followed by China with 869.3 billion dollars, followed by the United Kingdom with 714 billion dollars, and then comes Belgium with 336.5 billion dollars."    https://nnciraq.com/205727/

The Decline In Dollar Prices In Baghdad With The Closing Of The Stock Market

Economy   May 16, 2023 Baghdad / The National News Center  The decline in the exchange rates of the US dollar against the Iraqi dinar, today, Tuesday, with the closure of the main stock exchange in Baghdad.

The correspondent of the National News Center said, “The central Kifah Stock Exchange in Baghdad closed at an exchange rate of 144,800 Iraqi dinars against 100 dollars, while the prices this morning were 146,000 dinars.”

He added, "The buying and selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 145,500 dinars, while the purchase price reached 144,500 dinars for every 100 dollars."    https://nnciraq.com/205800/

Qatari Delegation To Al-Sudani: Iraq Is A "Capacious Environment" For Investment And They Are Ready To Find Strategic Partnerships

Money  and business  Economy News – Baghdad  Prime Minister Mohammed Shia Al-Sudani received, on Tuesday, a delegation of businessmen and investors from Qatar, headed by Nawaf bin Nasser Al Thani.

During the meeting, Al-Sudani stressed, "Iraq's economic openness to its regional and international surroundings, and serious work to establish constructive partnerships in the field of investment, in light of the available economic opportunities launched by the government, especially in the field of renewable energy, and optimal investment in associated gas and petrochemicals."

He referred to "the many measures taken by the government since the beginning of its formation, in order to provide an appropriate and attractive investment environment, whether for the local investor or for investors from outside Iraq," stressing "the government's seriousness in achieving an economic renaissance that enhances the path of development in the country."

For their part, the members of the delegation stressed, "the readiness to work in Iraq, and to find strategic partnerships with businessmen and the private sector in Iraq, which has become a spacious environment for investment." Views 138  Added 05/16/2023 -   https://economy-news.net/content.php?id=34236

The Minister Of Planning Directs The Formation Of Committees On The National Development Plan For The Next Five Years

Today, Tuesday, Minister of Planning Muhammad Ali Tamim directed the formation of committees on the national development plan for the next five years.

A statement by the ministry stated that “Minister of Planning Muhammad Ali Tamim chaired a meeting of the Supreme Committee to prepare the five-year national development plan 2023-2027, with the participation of a number of deputies from the Finance Committee, the Economic and Investment Committee, the Strategic Planning Committee, the governors of Baghdad, Nineveh and Basra, the economic advisor to the Prime Minister, and undersecretaries. A number of ministries, heads of federations, and a number of general managers who represent ministries and entities not linked to a ministry.

During the meeting, the Minister of Planning stressed that "the development plan that is being prepared is a realistic and ambitious plan, and that the executive authorities can achieve their basic goals, according to the economic reality," noting that "it will be consistent with the government program and the ministerial curriculum, in supporting the local arms represented by the provincial governments."

In light of population increases, which necessitates investing in projects with a social dimension, focusing on infrastructure related to productive sectors, especially the agricultural, industrial and tourism sectors, and working to achieve economic diversification, in order to address development gaps and reduce disparities

. By forming specialized sub-committees whose mission is to follow up on what is achieved of the plan’s goals on a regular basis, in order to address any challenges or problems facing the implementation of the plan.

He pointed out that "the meeting witnessed a discussion of the general framework of the next development plan, the economic vision, goals, priorities, and the proposed economic model for the plan, and what was achieved during the meeting of the goals of the previous five-year plan 2018-2022."

https://www.radionawa.com/all-detail.aspx?jimare=34387

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Iraqi News Highlights Tuesday Afternoon 5-16-23

Iraqi News Highlights Tuesday Afternoon 5-16-23

Tlm724 Administrator Bondlady’s Corner

Significant Rise In Central Bank Sales Of The Dollar

Economy| 05/16/2023   Baghdad - Mawazine News  recorded the central bank's sales of foreign currency in an auction today, Tuesday, more than 272 million dollars.

https://www.mawazin.net/Details.aspx?jimare=226972

Iraq And America Are Discussing Prospects For Bilateral Cooperation In The Field Of Oil And Energy

Economy| 12:32 - 05/16/2023   Baghdad - Mawazine News,  Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, discussed with the Vice President of the American Chamber of Commerce for Middle East Affairs, Steve Lotus, on Tuesday, prospects for bilateral cooperation in the field of oil and energy.

The Oil Ministry said in a statement, "Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul-Ghani received Vice President of the American Chamber of Commerce for Middle East Affairs Steve Lotus."

During the meeting, according to the statement, they discussed prospects for bilateral cooperation with US companies in the field of oil and energy.   https://www.mawazin.net/Details.aspx?jimare=226970

Oil Rises After US Plans To Refill The Strategic Reserves

Economy| 08:06 - 05/16/2023   Follow-up - Mawazine News   Oil rose for a second day in early Asian trading, as prices received support from the United States' plans to buy oil for the Strategic Petroleum Reserve, while wildfires raging in Canada increased supply concerns.

The US Department of Energy said it would buy 3 million barrels of crude oil for the Strategic Petroleum Reserve for delivery in August, and requested bids by May 31.

Brent crude futures rose 42 cents, or 0.56 percent, to $75.65 a barrel by 0250 GMT, while US West Texas Intermediate crude recorded $71.49 a barrel, up 37 cents, or 0.52 percent, according to Reuters data. Ended    https://www.mawazin.net/Details.aspx?jimare=22694

US Ambassador: The United States Will Remain Present In The Region, Especially Iraq

Political |  05/16/2023   Baghdad - Mawazine News  The US ambassador to Baghdad, Alina Romanowski, said, in a press statement, that the United States "will not leave the region," stressing that Iraq "represents great strategic importance to Washington," and that "the Iraqis do not want a country controlled by militias."

Alina Romanowsky added: “About a year ago, exactly last July, US President Joe Biden visited Saudi Arabia, met with regional leaders, and made it clear that the United States will not leave the region, as it considers it of strategic importance, and we have long-standing relations in the fields of politics and economics.” culture and education.”

And she continued, "We worked with our partners in the region for a long time in order to face a number of challenges, especially to put an end to the various crises in the region. It is clear, then, that the United States will remain present in the region and will remain interested in deepening its partnerships with its countries, especially with Iraq."

Regarding the situation in Iraq, and the people's desire for stability, she said:

"When I go out and talk to the Iraqis, it becomes clear to me very clearly that they do not want a state controlled by militias, but rather want to disarm the militias and return them to the state."

"Therefore, whatever the nature of the prime minister's relationship with these armed groups and factions, the goal must remain focused on ensuring that Iraq enjoys stability and security, and it is a goal entrusted to the prime minister to achieve."

"This stability will inevitably benefit the United States and the international community. We all cannot bring business and engage on a larger scale if there is no stability and security in Iraq."

"All I have to do is look through the windows of our embassy compound building to see the huge scale of buildings being built...

"Thanks to the stability that Iraq has come to enjoy, Iraqis in the diaspora have begun to return in order to invest and display their arts and works. There is a very positive environment full of opportunities, and this is thanks to the stability that prevails now, and to the security that has become pervading Iraq, especially Baghdad."

Fighting Corruption In Iraq

When asked about the anti-corruption campaign launched by the Iraqi authorities, Romanowski said:

“We seek to continue to support Prime Minister Muhammad al-Sudani in his commitment to eradicating corruption and money laundering in Iraq. To ensure the strengthening of the international banking system in Iraq.

"It also aims to verify that banks have the necessary compliance mechanisms in place to prevent money laundering and dollar smuggling out of Iraq, and to ensure that Iraqi companies feel confident, and that the Iraqi public has confidence that they have a banking system that protects their savings and financial resources."

"What is required is banks' respect for international standards, and the exclusion of all malicious actors who might use the international banking system to launder money. This is what the cooperation between the Treasury Ministry and the Iraqi financial system has focused on for a long time."

On The  Water Crisis In Iraq, The US Ambassador To Iraq Replied,

"This issue is of real concern to the Iraqis and the government. We express our readiness and desire to work with the government and the Iraqi people, to share our best practices with the aim of achieving greater efficiency in the use of water."

"We urge the Government of Iraq to start a constructive dialogue with neighboring countries, which are the source countries for Iraqi water, in order to try to reach a better understanding on how to share water resources."

“USAID has been working in Iraq for several years, and we are very proud of the projects we have implemented, such as bringing and maintaining water pumps in areas such as Basra, Nineveh and Anbar, and delivering water to hundreds of thousands of people in areas where our agency has been able to launch projects.”

"This is an area in which we hope to continue working. We have the ability to exchange water experts, as the United States has been affected more than once by droughts, and we have sent a group of Iraqi water experts to some regions of America, where we are looking for innovative ways and the use of new technologies to improve water management and delivery." .

Iraq and Turkey

The US official touched on the attacks launched by Turkey on the sites of the PKK (some of which are located in Iraq), saying: "

We share with Turkey its concern about the attacks launched by the PKK, and we encourage Turkey and Iraq to work together and cooperate in combating terrorism, to restore stability." places targeted by terrorist attacks.

Fighting ISIS

When asked about ISIS in Iraq and the efforts exerted in the framework of fighting it, the US ambassador explained:

"We were pleased with the Prime Minister's assurance that he loves working with the United States, and that he believes that the work we are doing to ensure the defeat of ISIS is still very important. Our efforts will continue until we are sure of All ISIS elements have been defeated, including the remnants."

"We are confident that we have growing and important relations with Iraq in security issues, and we will continue to work together in this direction."

"We, along with the Government of Iraq, continue to believe that there are still pockets of ISIS fighters, and this represents an ongoing challenge to the security and stability of the region. We will continue our work as partners to confront this internal threat in Iraq."

The United States will continue to work to ensure that ISIS does not remain a threat to the region and the world alike, which is why I do not think we are in a position to say that ISIS is finished.” “We can say, from Iraq and the region in particular, that we have a strong partnership that

shares our vision that stating that our work within the framework of the Global Coalition to Defeat ISIS remains very important. We still hold annual ministerial meetings on this issue, in addition to our focus on how to ensure the reintegration of victims from ISIS relatives into their communities and their safe living within them.” “

Continuing Achievements” And US-Iraqi Cooperation

Romanowski spoke about the relations that unite her country with Iraq, saying:

"The United States is very committed to the stability and sovereignty of Iraq. Iraq is in a location surrounded by many neighbors, and as a country that has many neighboring countries, including Iran, it has relations with its neighbors, in the economic, political and other fields."

"America focuses mainly on ensuring that Iraq has its sovereignty and that it makes its decisions independently, in a way that serves the interests of not only the government, but also the Iraqi people."

"What we have achieved here, after being in Iraq for 20 years, is a continuous process. We focus a lot at the present time on the future, whether in our dealings with the prime minister or the government, and on what we can continue to build with the Iraqi people and in partnership with them."

"It is very important for us to consider Iraq as a country of great strategic importance, and engaged in supporting the stability, security and economic development of the region. From this perspective, I believe that we are on the right path to expand our relations in accordance with the strategic framework agreement that we negotiated and agreed upon in 2008."

During the past few years, due to the Corona pandemic and security challenges and those related to the stability of Iraq, we have been focusing more on security issues, and today we are in a position to work with the Sudanese government to help him achieve the goals of his agenda at the level of strengthening work in the areas of security, economy and culture, and contributing to Ensuring that Iraq enjoys strong and good relations with its neighbors in the region, especially with the countries of the Gulf Cooperation Council, Jordan, and other countries.

We are looking forward to the future.. and we have initiated many discussions in the economy and we are eagerly seeking to increase our economic and commercial cooperation, and we have worked to achieve independence in the field of energy in Iraq, and to promote cultural exchange in which a lot of work awaits us

. In February, when the Prime Minister traveled with his delegation to the United States.” “

Among the new and important areas, not only for Iraq, but for the United States, the region, and the world as well, is working to confront climate change. The effects of drought, water scarcity, and poor air quality are very clear on the government and the people.” Together.”

“For any government to implement its vision, there must be stability and security. Of course, it is possible to progress and work to strengthen our relations after Iraq became enjoying the stability that the Iraqi people sought.”    https://www.mawazin.net/Details.aspx?jimare=226992 

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Goldilocks " Volatile Market Siturations" Tuesday 5-16-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good morning Dinar Recaps,

Goldilocks posted comments and links:

As the decision on the debt ceiling looms today, market futures are currently pointing towards the red.

We have a lot of big investors who have gone into cash waiting to see what happens on this decision.

This makes for a volatile Market situation. As we have discussed before in this room, 70% of the market are investments made by the average consumer.

We are seeing people place their money inside investments such as gold and crypto to secure their money during this period of transition.

The mass adoption of digital/gold and other commodity assets are rapidly becoming the most profitable way forward.

© Goldilocks

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JUST IN: Chinese Yuan reaches record usage in global central banks swap lines in Q1 2023.

@WatcherGuru

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"Unveiling G-7’s Pledge to Implement Crypto Norms: A New Era in Financial Regulation."

The International Group of Seven is an intergovernmental political forum consisting of seven countries.

Stablecoins are high on this agenda and most likely will be for the next several years.

This does not mean we cannot move forward with the new digital asset-based trading system. Many stablecoins are already being utilized inside the economy as payment sources.

The struggle is standardizing norms and protocol leadership guidance on these new payment mechanisms.

As you see, this has moved beyond the US Congressional level and onto the Global Economy.

We are not only transitioning a global economy. We are transitioning into a "shared global leadership economic model."

© Goldilocks

https://cryptomode.com/unveiling-g-7s-pledge-to-implement-crypto-norms-a-new-era-in-financial-regulation/

~~~~~~~~~~

The Commodities Futures Trading Commission (CFTC) is finalizing their clarification of new roles in the new economy. This clarification will come by the end of May.

This new subcommittee will be overseeing and giving guidance on the new digital asset-based trading system that includes currency swaps, the derivative markets, gold standardization, and so much more.  

This new subcommittee has been formulated to deal with the new global digital economy already underway.

© Goldilocks

https://www.cftc.gov/PressRoom/PressReleases/8703-23

~~~~~~~~~~

Goldilocks' Telegram Room

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Goldilocks on the Seeds of Wisdom Team Website

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Thank you Dinar Recaps

Tuesday Morning Iraq Economic News Highlights 5-16-23

Tuesday Morning Iraq Economic News Highlights 5-16-23

For A Budget Without A Deficit.. Iraq Needs To Sell Oil At $75.8 A Barrel

2023-05-15 01:22  Shafaq News/ The International Monetary Fund saw that Iraq needs to sell a barrel of oil at $75.8 to achieve balance in the budget and avoid the deficit.

A table for the fund, seen by Shafaq News Agency, showed that the balance in Iraq's budget for the year 2023 will be achieved if the oil price it sells is $75.8 per barrel, after it was $66.5 for the year 2022, $53.3 for the year 2021, and $56.6 for the year 2020.

He added, "It is expected that the price balance that Iraq needs will increase in 2024 to reach $76.4 a barrel."

He pointed out that "the most countries that need a higher price in selling oil in order to equalize its budget is Bahrain, at 126.2 dollars a barrel for the year 2023, while the least countries are Qatar, which only needs 44.8 dollars a barrel to equalize its budget during the year 2023."   LINK

Chihoud: The Federal Government Has Put In Its Priorities How To Deal With The Budget Deficit And The Implementation Of Government Program Projects

Tuesday 16, May 2023 09:01 | politics Number of readings: 412  Baghdad / NINA / - Representative Muhammad Saadoun Al-Saihoud affirmed that the federal government has put in its priorities how to deal with the budget deficit and the completion of government program projects.

Al-Shihoud said in a press statement today that: The Sudanese government is working according to an organized strategy and prepared programs that contribute to addressing all problems and obstacles to advance and raise the country to an advanced and developed level in terms of providing services and improving the country's sectors, and therefore it is able to set up a successful mechanism to finance the budget deficit through internal borrowing. And the Development Fund, revolving balances, and central bank reserves, as well as foreign loans and other outlets.

He added, “The government program is continuing to implement strategic and service projects, including rehabilitation and maintenance of hospitals, water desalination projects, infrastructure projects, and projects that include rehabilitation and development of electric power, rehabilitation and maintenance of a number of laboratories and factories, and other projects.”/ https://ninanews-com.translate.goog/Website/News/Details?Key=1053641&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Sudanese Financial Advisor Defends The Decision: The Dinar Is A Sovereign Symbol[/Size]

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the main objective of the monetary policy of the Central Bank is to maintain the stability of the purchasing power of the Iraqi dinar, indicating that the circulation of another currency in the markets hits the centers of the local economy.

Salih said in a press interview seen by “Takadam” that “the primary objective of the monetary policy of the Central Bank under Central Bank Law No. (56) of 2004 is to maintain the stability of the purchasing power of the Iraqi dinar, the stability of the general level of prices and the reduction of inflation.”

Saleh added, "The circulation of another currency, whether the dollar or something else, leads to striking the centers of the local economy," noting that "the Iraqi dinar is a symbol of the country's sovereignty."

And he pointed out that "the aim of the recent central bank procedures, related to preventing trading and pricing in dollars, came to eliminate the speculation process in the exchange rate," calling for "an emphasis on dealing in the Iraqi dinar."

And he indicated that “the aim of the central bank’s procedures is to achieve stability in prices and the stability of monetary incomes and not to expose citizens’ monetary rights from their incomes and wealth to a state of turmoil, which is generated by the use of another country’s currency within the national economy.”

The advisor noted that "dual currency is one of the most dangerous financial issues facing the countries of the world, and there is no stable country that deals with two currencies

https://takadum-news.com/archives/164607

Exchange Rates Of The Dollar Against The Dinar

Market   Economy News – Baghdad   Al-Eqtisad News publishes the exchange rates of the dollar against the dinar in the local markets.

https://economy-news.net/ckfinder/userfiles/images/photo_%D9%A2%D9%A0%D9%A2%D9%A3-%D9%A0%D9%A5-%D9%A1%D9%A6_%D9%A0%D9%A9-%D9%A5%D9%A4-%D9%A0%D9%A2.jpg

Member of Parliamentary Finance: The deficit and the size of the budget remain the same

Money  and business   Economy News – Baghdad   A member of the Parliamentary Finance Committee, Khalil Ghazi, stated that the size of the budget and the deficit will remain the same in the financial budget for the year 2023.

 Ghazi said in a statement to the “Rudaw” network, followed by “Al-Iqtisad News”, that “the size of the budget will remain the same, but some transfers will occur between expenditure items.” ".

He explained, "We are now in the stage of discussing the budget items, that is, the texts of the budget articles, and the possibility of amending some of them or adding some new articles," adding that "the size of the budget deficit will remain the same."

 53 views  Added 05/16/2023 - 11:52 AM  https://economy-news.net/content.php?id=34231

Basra Deputies Announce Their Refusal To Vote On The Budget Law Unless Their Conditions Are Passed

Baghdad-Iraq today:   Zahra Al-Bajari, a member of the House of Representatives for Basra Governorate, revealed that the representatives of Basra Governorate agreed not to participate in the voting session on the general budget in the event that the allocations remained to maintain their status in the budget.

Zahra Al-Bajari said in a press interview, "The Basra Governorate finances about 90% of the federal budget, but the size of the allocations allocated to the Basra Governorate does not commensurate with the financial obligations of the projects in the governorate."

Zahra Al-Bajari added: “We have financial obligations in the province of about 3.8 trillion Iraqi dinars, in the form of ongoing projects, while all allocation is 1.6 trillion dinars, which means that all existing ongoing projects will stop working, in addition to that there is no project. New in Basra Governorate during the next three years.

Zahra Al-Bajari, a member of the Iraqi Parliament representing Basra Governorate, pointed out that "there are large environmental pollution in Basra Governorate, due to oil extractions and water salinity, suffering from these two issues, and the lack of potable water as well." as vegetation cover,” adding that “nevertheless, funds have not been allocated to treat these problems, such as salinity, mines, and war remnants, which Basra Governorate suffers from.”

Zahra Al-Bajari stated that "the state did not specify amounts for the removal of mines and war remnants, which kill dozens of people annually," adding that "the representatives of the Basra governorate decided that in the event that appropriate funds are not allocated to the governorate, they will refrain from participating in the voting session on the general budget," and Al-Bajari added  that "25 deputies from Basra decided to boycott the session for voting on the budget,"  LINK

Petrodollar Funds Are Deferred Payments

Iraq  2023/05/16  Haider Al-Jaber   In addition to the internal and external debts, the federal government owes huge amounts of money under the item “petrodollars”, which were deducted from the oil export funds in previous years, and these amounts were not paid due to the ongoing crises.

A member of the Parliamentary Oil and Gas Committee, Ali al-Lami, announced, earlier, the agreement to include the payment of the amounts due to the oil-producing provinces from the “petrodollar” to all provinces, as compensation for the damages incurred, stressing the existence of an agreement to collect these past and current funds and include them in the budget.

Representative Tel Al-Mishaal revealed that the amount deducted from oil exports had been reduced to two dollars per barrel instead of five dollars, and he also revealed the existence of a specific agreement to pay these sums.

Al-Mishal told Al-Sabah: “Petrodollar allocations are in the general budget, and the law previously provided for a deduction of $5 per barrel,” noting that “because of successive financial crises, the war on terrorism, and the Corona crisis, liquidity decreased and the law was disrupted, and the sums were recycled and recorded in debt.” The federal government in favor of local governments in the oil and gas producing provinces.

Al-Mishal, a representative of the Basra Governorate, which has the largest share in the export of Iraqi oil, continued, "The sums of Basra owed by the federal government amount to 18 trillion dinars." He revealed that "the amount of petrodollars was calculated in the current budget law at 2 dollars per barrel." “The expected surplus from oil prices will be 70 percent for the federal government

And 30% to pay the dues of local governments, and this agreement was placed within paragraphs

General Budget Law.

He explained that “the text exists and the application does not exist due to lack of liquidity, and the funds will remain with the federal government, and the payment will be made.”

If cash is available.

Economic analyst Ayman al-Jubouri stated that the petrodollar amounts are more than enough to develop

The reality of the concerned governorates.

Al-Jubouri told Al-Sabah: “If the petrodollar sums are spent in their designated place, they will change the economic reality.” He warned against corruption and bureaucracy, calling for  to go to specific projects.

He added, “The petrodollar amounts must be directed through the federal government through the concerned ministries in coordination with the concerned governorates to develop development and investment plans, in order to avoid the establishment of luxury projects.” And he indicated that “the petrodollar amounts are sufficient and will increase if they are optimally exploited away from corruption and waste.” Establishing projects in education, health and transportation, and establishing institutions and companies  mixed investment.  https://alsabaah.iq/76997-.html

Representatives Expect A Partial Approval Of The Budget And Linking Controversial Articles To Political Consensus

Posted On2023-05-16 By Sotaliraq   [size=45]Representatives expected a partial vote on the budget, expecting some controversial paragraphs to be postponed to a later time in order to allow room for agreement on them, pointing out that meetings are continuing with ministries with the aim of making appropriate transfers between ministries.

Representative Mustafa Al-Karawi stated, “The Parliamentary Finance Committee, until this hour, continues to discuss the paragraphs of the budget law, and there are many parliamentary observations on the paragraphs, especially related to financial allocations for the governorates and some ministries, and we need time to reach an agreement on those paragraphs.”

And Al-Karawi indicated that “there are reservations among some parliamentary blocs, and deputies about the budget law, and there is almost confirmation and consensus on the need to make fundamental amendments to the paragraphs of the law, before passing it, and without that it is very difficult to pass the law, and for this we will work to make transfers in financial allocations in order to be fair.” provinces.”

And he pointed out, “The House of Representatives can start voting on some paragraphs of the budget law, which do not have any disagreement or reservations, and postpone the controversial paragraphs until next week.”

Al-Karawi went on to say that “passing the entire law during the current week, we believe that it is not easy, and it requires parliamentary consensus, and this consensus does not exist until now, unless the necessary amendments are made to the law.”

Representative Thamer Dhiban Al-Hamdani stated, “The Finance Committee in Parliament continues to hold its meetings, as there were hosts for all ministries, governorates and agencies during the past period, with the aim of reviewing the real needs of the ministries.”

Al-Hamdani added, "The meetings devoted to transferring between the chapters of the budget are still continuing, especially within the Finance Committee."

He pointed out, "A large part of the sums has been allocated to some ministries compared to previous budgets and the emergency support law for food security that Parliament voted in the middle of last year."

Al-Hamdani indicated that "what separates us from approving the budget law is making some transfers, reducing the deficit within reasonable limits, and setting a deadline for the session during the current week, or early next week."

On the other hand, Representative Basem Al-Gharabi said, “There are controversial points that are still ongoing in the general budget law, and some controversial points still control it,” ruling out “a vote on the budget during the current week.”

Al-Gharabi added, "The hosting of the concerned authorities in the ministries has not been completed, and many of the budget paragraphs are unknown, and we do not know the classifications of some amounts," explaining that "the special programs and grants within the ministries must be classified." On a related note, the representative for Basra, Zahra Al-Bajari, stated, in press statements, that “the province finances about 90% of the federal budget, but the size of the allocations allocated to the province of Basra is not commensurate with the financial obligations of the projects in the province.”

Al-Bajari added, "Basra has financial obligations of about 3.8 trillion Iraqi dinars, in the form of ongoing projects."

And she pointed out, “The whole allocation is 1.6 trillion dinars, which means that all existing ongoing projects will stop working, in addition to that there is no new project in Basra Governorate during the next three years.”

Al-Bajari pointed out that “there are large environmental pollutions in Basra Governorate, due to oil extractions and water salinity, suffering from these two issues, and the lack of potable water as well as vegetation cover.” However, no funds have been allocated to address these problems, such as salinity, mines, and war remnants. suffering from the province of Basra.

Zahra Al-Bajari stated that "the state did not specify amounts for the removal of mines and war remnants, which kill dozens of people annually."

He pointed out, "The representatives of the Basra governorate decided that in the event that the appropriate funds are not allocated to the governorate, they will refrain from participating in the voting session on the general budget."

And Al-Bajari went on to say that “25 deputies from Basra decided to boycott this session for voting on the budget, and despite the existence of loans, the loan amounts were not allocated to the province of Basra in the budget.”

A parliamentary statement received by (Al-Mada) stated that “the Services and Reconstruction Committee yesterday hosted the governors in a meeting devoted to discussing the budget.”

The statement added, “During the meeting, the members of the committee listened to the needs of the governorates with regard to the priority of projects and the distribution of financial allocations fairly between the governorates for all service sectors in the field of energy, health, education, housing, water, sewage, roads and bridges, as well as the need to develop solutions to the financial obstacles of lagging projects and strengthen the principle of decentralization.” administration and enhance its financial allocations.

He pointed out, “The Parliamentary Services and Reconstruction Committee is in the process of submitting a report on provincial projects to the Finance Committee for consideration and study for inclusion in the budget.”

The House of Representatives continues the process of budget legislation since the days before the Eid holiday, as the government project came loaded with amounts that are the highest in the history of Iraq, reaching 200 trillion dinars, in addition to a very high deficit estimated at 64 trillion dinars. Then put it to vote. LINK

"Tidbits From TNT" Tuesday Morning 5-16-2023

TNT:

Tishwash:  Iraq reduces its holdings of US bonds for the second month in a row

The US Treasury Department announced today, Tuesday, that Iraq's possession of US bonds decreased for the second month in a row, to reach $39 billion.

And the treasury stated in its latest table, seen by Earth News Agency, that “Iraq’s possession of US Treasury bonds for the month of March of the year 2023 decreased by 1.4 billion dollars, to reach 39.3 billion dollars, after it was 40.7 billion dollars during the previous month,” indicating that “this Bonds rose by 50% over the same month of 2022, when Iraq's possession of bonds amounted to $26.2 billion.

In the Arab world, Saudi Arabia comes at the forefront of the countries with the most possession, amounting to 116.2 billion dollars, and the UAE comes second with 61.5 billion dollars, then Kuwait third with 39.3 billion dollars, then Iraq fourth, and Oman fifth with 7.061 billion dollars, then Morocco with 3.890 billion dollars.

She pointed out that "the most holders of US bonds are Japan with 1087.7 ​​trillion dollars, followed by China with 869.3 billion dollars, followed by the United Kingdom with 714 billion dollars, and then comes Belgium with 336.5 billion dollars."  link

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Tishwash:  Sudanese financial advisor defends the decision: the dinar is a sovereign symbol

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the main objective of the monetary policy of the Central Bank is to maintain the stability of the purchasing power of the Iraqi dinar, indicating that the circulation of another currency in the markets hits the centers of the local economy.

Salih said in a press interview seen by “Takadam” that “the primary objective of the monetary policy of the Central Bank under Central Bank Law No. (56) of 2004 is to maintain the stability of the purchasing power of the Iraqi dinar, the stability of the general level of prices and the reduction of inflation.”

Saleh added, "The circulation of another currency, whether the dollar or something else, leads to striking the centers of the local economy," noting that "the Iraqi dinar is a symbol of the country's sovereignty."

And he pointed out that "the aim of the recent central bank procedures, related to preventing trading and pricing in dollars, came to eliminate the speculation process in the exchange rate," calling for "an emphasis on dealing in the Iraqi dinar."

And he indicated that “the aim of the central bank’s procedures is to achieve stability in prices and the stability of monetary incomes and not to expose citizens’ monetary rights from their incomes and wealth to a state of turmoil, which is generated by the use of another country’s currency within the national economy.”

The advisor noted that "dual currency is one of the most dangerous financial issues facing the countries of the world, and there is no stable country that deals with two currencies."  link

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

Tishwash:  Al-Sudani assures a Qatari delegation of Iraq's economic openness to its regional and international surroundings

The Prime Minister, Muhammad Shia'a Al-Sudani, affirmed today, Tuesday, Iraq's economic openness to its regional and international surroundings.

A statement by his media office stated that Al-Sudani received, this morning, Tuesday, a delegation of businessmen and investors from the sisterly State of Qatar, headed by Sheikh Nawaf bin Nasser Al-Thani. During the meeting, according to a statement, he stressed Iraq's economic openness to its regional and international surroundings, and hard work to establish partnerships

. Constructive in the field of investment, in light of the available economic opportunities launched by the government, especially in the field of renewable energy, and optimal investment in associated gas and petrochemicals.

The Prime Minister referred to the many measures taken by the government since the beginning of its formation, in order to provide an appropriate and attractive investment environment, whether for the local investor or for investors from outside Iraq, stressing the government's seriousness in achieving an economic renaissance that enhances the path of development in the country

. The delegation of Qatari businessmen, Sheikh Nawaf bin Nasser Al Thani, expressed his gratitude for meeting the Prime Minister, and the government's keenness to cooperate with major Qatari companies. 

The Minister of Oil discusses with a delegation representing German companies available investment opportunities link

Mot: ...... Have You Ever Wondered What ~~~~~~$20,000 under a mattress

Mot:  ....... Alright!!! Billions in gold

Iraqi News Highlights Monday Evening 5-15-23

Iraqi News Highlights Monday Evening 5-15-23

Tlm724 Administrator Bondlady’s Corner

By 2025, A Qualitative Leap In Performance Awaits The Central Bank

Economical 2023/05/16   Baghdad: Hussein Thaghb Al-Tamimi   A qualitative leap awaits the performance of the Central Bank by the year 2025 with the move to the new building,

which was designed to be a new breakthrough in the performance of the Iraqi financial sector, as it works to take into account the technical developments witnessed by the global financial sector, and

the design that leads to raising levels of performance, which necessitates the use of advanced systems Which saves effort and time in accurate financial transactions.

Director of the Central Bank of Iraq building project, Eng. Ikhlas Jawad Nazim, told Al-Sabah:

“The new Central Bank of Iraq building project represents a quantum leap in performance, construction form, sobriety, and its synchronization with transformations towards clean energy,” pointing out that

“the reality of the building gives high flexibility to the process of Transferring and fulfilling the country's cash liquidity requirements, as it will be done in accordance with the latest international technologies in this field.  She added,

"The bank's management realized the importance of building a new building that keeps pace with global developments in the field of banking work, "automation" systems, and modern technologies in the world, so

the office of the Iraqi designer Zaha Hadid was chosen for this regard, as

it is a landmark in the field of architecture in the world, and it is of Iraqi origin, and

it was chosen to be It was designed for this new building, and approvals were obtained from the Council of Ministers to send a direct invitation to Hadid in order to develop a distinctive design for the new building, as bank buildings give an indication of the country's financial stability.  Nazim pointed out that

"the project has an independent budget, i.e. from the Central Bank and not from the state's general budget, and the amount allocated is about (885) million dollars, but upon referral it became about (772) million dollars after negotiating with the executing company, as we obtained during the process of preparing the tender With international companies, there are exceptions in this regard, so the bank was excluded from the instructions for implementing government contracts, regarding this project, and

we contracted according to international terms and contracts. And it showed that "

Regarding the completion of the building, Nazem said:

"We have not set a date yet because there are several existing belongings that need to be resolved, but

there is a work program in this regard in which we are trying to reduce the time period for the opening process as much as possible.

We can say that we need about a year and a half to open it, and perhaps It will be early 2025." 

She pointed out that

"the new building of the bank will include, for the first time, a museum that chronicles the history of the Iraqi currency, and

there will be educational activities in it that university and school students can visit. Displays on screens that talk about the stages of currency development, and

there will also be cultural activities that talk about the history of Iraqi civilization, and the design of the museum will be in a modern and unconventional style, and the company that implements the museum is among the companies that worked with Zaha Hadid and is specialized in museums.  

Nazim continued,

"The engineering specifications are the most important characteristic of the building.

For example, the currency counting and cash center will be a fully automatic system (automation).

Currently, a leading international company specializing in this type of system is designing the building system, where a robot will be used, and

we do not need manual labor, so the issue of currency transfer. "By carts”, and the traditional methods, as we used to see on Al-Rashid Street, will be completely finished.

The currency will be transferred to the “currency conveyor belt comp.”

It will be in the form of boxes that move smoothly, approved by all banks, and there will be a barcode on each box until it passes through a belt and is read by the device or a computer It directs these boxes according to the system and transfers them to the safe or to the counting and sorting center.

This is an integrated automation system that will save time and speed in the process of receiving and delivering currency to banks, as well as currency exchange between the bank and banks or the currency counting and sorting process inside the bank that adopts advanced technology that is consistent with the development of the building.   https://alsabaah.iq/76988-.html

Al-Sudani: We Are Determined To Create A Safe Investment Environment

second and third 2023/05/16   Baghdad: morning  Prime Minister Muhammad Shia' al-Sudani, during his meeting with the President of the American-Iraqi Business Council, Steve Lotus, Vice President of the American Chamber of Commerce for Middle East Affairs,

reaffirmed the government's determination to prepare everything that would provide a safe investment environment for international companies, including: through laws and regulations.

The Prime Minister added, in a statement to his media office, that

"Iraq today has many important investment opportunities awaiting the arrival of major companies."

During the meeting, according to the statement, they discussed prospects for cooperation in the economic, financial and health fields, as well as

consolidating this cooperation in the field of energy and the environment, in addition to the partnership between the Iraqi private sector and American companies, based on the strategic framework agreement between Iraq and the United States of America, in order to achieve the requirements Advancement of these files, which are a priority in the government curriculum.

During his meeting with a delegation that included a number of heads and representatives of German companies and businessmen, in the presence of the German Ambassador to Iraq Martin Jaeger,

he stressed that the relationship between Iraq and Germany is witnessing a growing development, and indicated that the Iraqi arena is open to all kinds of economic partnerships with friends and partners, indicating that

security stability The economy that Iraq enjoys is an encouraging factor, supported by an official and popular desire on all sides towards the success of the Iraqi economic reality.

Al-Sudani discussed the available investment opportunities and joint work with German companies in Iraq, stressing that

the government's clear program and its vision for the sectors enabled the movement of projects that had been suspended for more than fifteen years, which created a favorable opportunity for international companies to be present in Iraq and contribute to the reconstruction of infrastructure.

https://alsabaah.iq/77004-.html

Specialists: The Knowledge Economy Is Capable Of Moving Production And Increasing Development

Economical 2023/05/13  Baghdad: The Emad of the Emirate  Those concerned with the economic affairs stressed the need to give the technological aspect the utmost importance in the work of all government joints, and

actively strive to use the latest developments of the information revolution,

especially in the field of modern communications, while

they praised the government's efforts to use electronic payment methods in all aspects of life.

They emphasized that the knowledge economy has become the starting point for many

productive,

investment,

agricultural,

industrial,

banking and

transportation sectors.

The digital transformation process, according to the spokesman for the General Secretariat of the Council of Ministers, Haider Majeed, “is of utmost government importance, and

the e-governance file receives direct attention from the Prime Minister, Muhammad Shia’a al-Sudani, who stressed the need to include it in the ministerial program.” 

In the midst of this, the Rafidain Bank yesterday implemented the electronic collection system in customs, ports and taxes, in

a step that enhances the process of transformation towards the "electronic economy" and leads to the elimination of corruption, while

those concerned with the economic affairs see the "digital transformation" of currency circulation, which the Prime Minister stressed To actually start it early next month, it

represents an important starting point for the national economy, stressing that

this step will basically eliminate corruption and bribery, and facilitate commodity exchanges and money transfers.

According to the specialist in economic affairs, Dr. Ahmed Al-Rawi,

“the modern economy relies mainly on

information,

digitalization, and

software, and

this transformation has been called many names, including the

digital economy and the

information and knowledge economy,” noting that

the digital economy indicates that “the creation of wealth has moved From materials, buildings and machines

to digital knowledge and software information.  Al-Rawi pointed out that

"the principles of this type of modern economy are taking root with the progress made in the knowledge levels to confront the traditional economy,

and lead to the adjustment of the international economic system," stressing

"the need to implement the mechanisms of transformation towards this type of economy in Iraq, and work to lay the foundations on which In light of it, an economic system based on knowledge and technology can be built,”

praising at the same time government moves aimed at eliminating paper circulation, and adopting technology in the buying and selling movement and government reviews, noting that

“this step will eliminate many negative phenomena, especially corruption and delay.”

What is achieved in government audits, as well as the elimination of counterfeit currency.

Member of the Iraqi Economists Association, Dr. Ikram Abdel Aziz, showed that the

knowledge economy includes the communications and information technology sector in addition to digital activities in the rest of the commodity and service production sectors, and is

mainly rooted in businesses related to tourism, insurance, transportation and communications.

Abdulaziz confirmed that the size of the knowledge sector is witnessing a clear growth in recent times,

despite the existence of some difficulties in the process of estimating the size of these sectors,

calling for intensifying digital transformation efforts in Iraq, and working to abolish the paper circulation system in all governmental and private institutions.

Dean of the College of Business Economics, Dr. Nagham Hussein, explained that the

acquisition of knowledge in all fields in general and in the field of information and communication technology in particular plays a prominent role in improving the process of human development and in building a knowledge society from which a knowledge economy emerges with encouraging economic growth rates.  Dr. Hussein continued that

acquiring knowledge is not limited to building a national knowledge base, but

also requires reaping and adapting existing knowledge in other places through

wide openness to the developed world,

encouraging the free flow of knowledge,

establishing links with global markets, and

attracting foreign investment.

https://alsabaah.iq/76760-.html

An Economic Welcome To The Directions Of Establishing A Loan Guarantee Company

Economical 2023/05/14   Baghdad: Haider Fleeh Al-Rubaie  Specialists in economic and financial affairs welcomed the Central Bank's move towards establishing a loan guarantee company in cooperation with the International Finance Corporation, aimed at stimulating the lending process and reducing default rates, stressing that  this step represents a "solid legal guarantor for lending."

The “loan default” process constitutes a real obstacle that many private and government banks suffer from, which cost them huge financial losses, which,

according to the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, amounted to about 28 percent of the volume of loans granted after 2003,

which is "Very dangerous" against the accepted global average of 3-6 percent maximum.

In order to eliminate this financial phenomenon that confused the work of many banks, the Governor of the Central Bank, Ali Mohsen Al-Alaq, discussed with a delegation of experts from the International Finance Corporation (IFC) affiliated with the World Bank, financial market projects in the Levant region, and during the meeting, according to a statement he issued.

The Central Bank has drawn up a plan to establish a (loan guarantee company), which was proposed by the governor earlier as part of a comprehensive study he presented regarding building the bases for a national strategy for bank lending, while the staff of the Central Bank undertakes to build the national strategy for lending according to the rules stated therein.

The establishment of a loan guarantee company, according to the Central Bank statement, represents an important factor in stimulating lending, by reducing the rates of loan defaults that the banking sector in Iraq suffers from.

In turn, Counselor Saleh believes, during his interview with Al-Sabah, that

“defaulting in loan recovery varies in our country between the years and the stages through which economic activity passed, in a period of banking turmoil for years after 2003, which involved expansion policies in granting loans or cash credits.” With weak guarantees, during which the government banking system was exposed to defaults in recovering cash loans granted,

its defaults amounted to 28 percent, which is a very dangerous percentage compared to the acceptable global rate between 3-6 percent as a maximum,

which is the rate that is accepted to face the risk of default in recovering cash loans in order for banks to hedge Reserves around capital, which is called the provision for non-performing loans.

Although bank collection mechanisms have mostly improved, Saleh believes that cases of failure to collect loans are still more than double the acceptable global rate of default within the scope of accepting emergency and rare cases.

Despite the foregoing, the government financial advisor confirms that

"loan or credit guarantee institutions in the world are considered today among the most effective means to help small and medium-sized companies access financial facilities, and

this is what we are looking forward to today in providing flexible financing levers that help their flows to move effectively development activity that is directly linked to the labor market and addressing employment problems and the dilemma of unemployment.

For his part, the financial and banking expert, Dr. Mahmoud Dagher, pointed out during his interview with “Al-Sabah” that

“the Central Bank’s initiative represents a step towards stimulating banks to grant soft loans to citizens in a larger and wider manner, which prompted the establishment of a guarantee company that bears an important part of the risks of those loans.” Which usually falls on the banks when the borrower fails to pay it.  Dagher explained,

"Iraq owns a company to guarantee loans, but it has a low capital, so the

Central Bank established a large guarantee company that is no less important than the Deposit Guarantee Company, which was established with a high capital and contributed by all Iraqi banks that guarantee an important part of citizens' deposits, in When the company to be established guarantees the risks of loans that banks pay to the public (companies and individuals), so that it makes the bank more able to grant additional loans.

Contrary to the previous opinion, the financial and banking expert, Abd al-Hussein al-Mandhari, expressed in his interview with "Al-Sabah" his surprise at the establishment of that company, indicating the existence of a Kafalat loan company that belongs to a number of banks that established it several years ago.

Most of the banks contracted with government companies to insure their loans, and among them there were contracts several years ago, including loans from the Central Bank’s initiative.

The financial and banking expert, Abd al-Rahman al-Sheikhli, did not stray far from the previous opinion, when he explained to “Al-Sabah” that

“there is a loan guarantee company that is working in real time at the present time, but in a less than required manner, and

works to guarantee loans in return for a simple commission (not binding on the customer).”

Considering the trend towards establishing a company for the same purpose as an "additional administrative circle".

In addition, a member of the Iraqi Economists Association, economic researcher Moqdam Al-Shaibani, counted the

Central Bank of Iraq's move to establish a loan guarantee company in cooperation with the International Finance Corporation as a "step in the right direction," stressing that

it will contribute to opening the door to the Iraqi economy and Iraqi banks by bringing more international investments.

Especially the investments directed towards the sustainable development goals and implemented by the sector.  Al-Shaibani stated that

one of the IFC's missions is to advance economic development and improve people's lives by encouraging the growth of the private sector in developing countries.  The researcher Al-Shaibani stressed that

"the presence of a loan guarantee company, with the help of the International Finance Corporation, encourages many investors and international banks to finance projects inside Iraq, especially by the private sector."    https://alsabaah.iq/76829-.html

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

https://www.bondladyscorner.com/

Iraqi News Highlights Monday Afternoon 5-15-23

Iraqi News Highlights Monday Afternoon 5-15-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Legal For / Nina /: These Are The Reasons Why The Date For Voting On The General Budget Has Not Been Set Yet

Monday 15 May 2023 17:08 | political Number of readings: 108   Baghdad / NINA / - The Parliamentary Legal Committee revealed the reasons for not setting a date for the voting session on the general budget law so far, while it was suggested that it be presented on the agenda of next week's sessions and beyond.

Committee member, Representative Raed Al-Maliki, stated, in a statement to the National Iraqi News Agency ( NINA ), that "the delay in the voting session on approving the general budget law so far is due to the fact that the Parliamentary Finance Committee has not completed its meetings with the ministers, governors, and officials of the concerned sectoral authorities, and is still continuing to work daily." ".

He added, "Next week and beyond will be a suitable date for presenting the general budget law on the agenda of Parliament sessions for the final vote."

The head of the Parliamentary Finance Committee, Atwan Al-Atwani, had pledged to work on completing the draft budget law and submitting it to the House of Representatives according to the date set by the State Administration Coalition (next Wednesday) for a vote on it, stressing that the Finance Committee has come a long way in checking and reviewing the draft budget law./

https://ninanews.com/Website/News/Details?key=1053549

The Parliamentary Services Committee Is Holding A Meeting With The Governors To Discuss The Budget / Expanded

Monday 15 May 2023 16:29 | political Number of readings: 137   Baghdad / NINA /- The Parliamentary Services Committee held an extensive meeting in the presence of the governors of the governorates that do not belong to a region to discuss the governorates’ budgets and ways to increase them in light of the reconstruction movements that the citizens are witnessing in the past months. The head of the Parliamentary Services Committee, Ali Al-Hamidawi, stressed, according to the committee’s statement, the need for the absolute support of his

committee To the governorates and increase their allocations in the submitted financial budget, which is to be approved next week, stressing the committee’s intention to sit during the next two days with the Finance Committee in order to make special transfers that will contribute to increasing the governorates’ allocations

. And its general motto is the government of services

The interventions of the members of the Services Committee focused on organizing the governorates for their projects according to priority and the services they provide to multiple segments in their regions, as well as joint coordination with the service ministries and their projects that are implemented on the ground in order to remove obstacles and overcome the problems that stand in the way of their implementation    https://ninanews.com/Website/News/Details?key=1053542

Low Global Oil Prices

Economy| 09:01 - 05/15/2023  Follow-up - Mawazine News  Oil prices fell on Monday, amid concerns about fuel demand from major global oil consumers, the United States and China, which reduced fears of any cuts in OPEC +.Brent crude futures were down 61 cents, or 0.83%, at $73.54 a barrel by 04:48 GMT.

US West Texas Intermediate crude was at $69.48 a barrel, down 56 cents, or 0.8%. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=226867

The Minister Of Planning Confirms That The Iraqi Private Sector Has Begun To Feel The Right Steps In Concluding More Partnerships With Its Counterparts In The Countries Of The Region

Monday 15 May 2023 15:27 | Economical Number of readings: 212  Baghdad / NINA / - Deputy Prime Minister, Minister of Planning, Muhammad Ali Tamim, confirmed that the Iraqi private sector has begun to find the right steps in concluding more partnerships with its counterparts in the countries of the region, especially the United Arab Emirates.

The Minister of Planning said during his inauguration of the Iraqi-Emirati Business Forum on behalf of. Prime Minister Muhammad Shayaa Al-Sudani: The establishment of the Iraqi-Emirati Business Forum confirms the depth of bilateral relations, and the joint endeavor to achieve the desired economic integration between the two countries

. Foremost among them is the United Arab Emirates.

He added, "These partnerships will have a significant role in the process of construction and development for various sectors," noting that "the convening of the Iraqi-Emirati Business Forum indicates the existence of broad and broad horizons for joint cooperation between the private sectors in the two countries, in light of the presence of great investment opportunities in Iraq."

He continued, "We look forward to achieving more economic and investment integration, and giving great attention to energy and clean energy projects, housing, transportation and agricultural projects," noting that "the Iraqi government is ready to provide all kinds of possible support and facilities required to provide a suitable environment for businessmen from the two countries.

" We appreciate the primary role that the private sector can play in increasing economic growth rates and reducing dependence on oil through the development of non-oil sectors and manufacturing industries.

He explained that: One of the priorities of the government program is to support the investment and service movement in Iraq, by supporting and encouraging the private sector and investment

https://ninanews.com/Website/News/Details?key=1053536

The Central Bank's Sales Of Foreign Currency Fell In Today's Transactions

Monday 15 May 2023 13:21 | Economical Number of readings: 257

Baghdad / NINA / - Today, Monday, the Iraqi Central Bank's sales of foreign currency decreased.

According to the schedule of the currency sale window, the Central Bank sold during its auction today 216,446,450 dollars, which the bank covered at an exchange rate of 1305 dinars, per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar in cash.

Most of the dollar sales went to enhance balances abroad in the form of (remittances, credits) at $191,946,450, while the rest of $24,500,000 went in the form of cash sales. /Ends8

https://ninanews.com/Website/News/Details?key=1053489

A Rise In The Exchange Rate Of The Dollar Against The Dinar Today

Monday 15 May 2023 11:04 | Economical Number of readings: 421  Baghdad / NINA / - Today, Monday, the exchange rates of the dollar against the dinar recorded a slight increase in the local markets.

The selling price of the dollar was 147,750 dinars per 100 dollars, while the purchase price was 146,500 dinars per 100 dollars. /    https://ninanews.com/Website/News/Details?key=1053453

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

https://www.bondladyscorner.com/