Monday Morning Iraq Economic News Highlights 6-19-23

Monday Morning Iraq Economic News Highlights 6-19-23

Basem Khashan Reveals A Government Approach To Challenge The Budget Law

Policy, 06/19/2023, the number of readings: 228  Basem Khashan reveals a government approach to challenge the budget law 74872

Baghdad - Iraq today: Independent MP Bassem Khashan confirmed that there is more than one party that wants to challenge the financial budget law, including the federal government.

Khashan said in a statement to a news agency, "The budget law has not yet been entered into force until it is published in the Iraqi Gazette, and there are more than one party that wants to challenge the law because of some paragraphs and articles." He added, "The federal government headed by Muhammad Shia'a al-Sudani will also challenge the financial budget with the Federal Court."

It should be noted that Representative Hadi Al-Salami confirmed in a previous statement that he intends to appeal three articles in the Budget Law to the Federal Court.  LINK

Parliamentary Finance sets the date for implementing the budget..and reveals its transfers

Posted On2023-06-19 By Sotaliraq   Yesterday, the Parliamentary Finance Committee confirmed the release of salaries for 720,000 new employees after the Presidency of the Republic approved the budget, while it expected the ministries to start implementing its provisions in early July.

A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, said, in a statement followed by (Al-Mada), that “the budget law sent by Parliament to the Presidency of the Republic includes 78 articles after adding 11 articles to the copy sent by the government.”

Al-Kadhimi indicated that “transfers will be made at a value of 6 trillion dinars for the purpose of increasing governorate allocations and approving the budget. The salaries of 720,000 new employees will be released from lecturers, contracts, holders of higher degrees, seniors, and other categories,” pointing out, “The Finance Committee added 150,000 job degrees to the budget in response.” for different segments.

And he continued, “There are more than 500 spending units, and after the approval of the President of the Republic, the process of implementing the budget will be followed up by the Finance Committee and the remaining parliamentary committees, each according to its competence.”

And Al-Kazemi went on, that “the government may appeal against articles that added financial burdens, and appealing to any article will stop the implementation of that budget and not all of its provisions,” suggesting that “the ministries start implementing what was stated in the budget at the beginning of next July.”

On a related note, the other member of the committee, Jamal Cougar, stated that “the budget will meet the aspirations of many, but it did not meet the aspirations of all; There are large segments awaiting appointments, while the government’s approach is to stop them.”

And he stressed "the need to support the private sector and investment projects to provide job opportunities," stressing that "the law has now reached the Presidency of the Republic, and we are waiting for the ratification and issuance process to be completed."

Cougar concluded, “The budget is par excellence political and expresses the political orientation that governs the authority.”

For his part, Representative Ali Turki said, in a press statement, that “approving the “general budget for three years is an important achievement for the government and parliament,” pointing out that “the law was passed amid difficult circumstances amid objections and discussions about the articles.”

Turki added, "There is a fear of appealing to one of the articles of the law, as it will open a wide door to challenging the rest of the articles by some political blocs or independent personalities because they are not convinced of some of the provisions." And he pointed out, “Many segments of society and the governorates have great interests in the law, and it is awaiting approval and publication in the Official Gazette to be effective.”

In a related development, the independent member of the House of Representatives, Hadi Al-Salami, announced that he had submitted three appeals against the general budget law, which was approved by Parliament last week. Al-Salami said that he will file 3 appeals against the General Budget Law before the Federal Court “for its violation and inconsistency with the laws in force.”

He explained that “the three articles relate to extinguishing advances and granting exceptions to ministers and governors to invest with the private sector.”

Al-Salami continued, "Article Three is related to granting authority to governors and fund heads to contract directly and to be excluded from controls and instructions." And a document circulated on Friday showed that the General Secretariat of the House of Representatives sent the general budget law to the Presidency of the Republic for the purpose of ratification.

And the Iraqi Parliament approved at dawn on Monday of last week, the financial budget law for three years, with high expenditures and investments driven by the increase in oil prices.

Parliament approved the law, which should cover the three years 2023, 2024 and 2025, about three months after the government submitted the draft budget. The value of the proposed expenditures in the new budget is 198 trillion and 910 billion dinars ($153 billion) per year. As for the share of the Kurdistan region, it amounts to 12.67 percent. The total budget revenues amount to 134 trillion and 5 billion dinars ($103.4 billion), based on the price of a barrel of oil of $70, as oil revenues constitute 90% of the country’s revenues.

The deficit is estimated at $49.5 billion, which is a record compared to the last budget that was voted on in 2021 (and the 2022 budget was not agreed upon due to instability), as the deficit at that time amounted to $19.8 billion.

The International Monetary Fund had warned last month of “reliance” on “oil revenues” in Iraq, calling on Baghdad to “devise a more stringent fiscal policy.”

The expenditures in the budget include investments worth 49 trillion and 350 billion dinars (37.9 billion dollars), which will go especially in building roads, housing projects, schools and hospitals, which constitute a “priority” for the Sudanese Prime Minister, Muhammad Shia’a, in a country whose infrastructure suffers from deterioration due to decades of war. wars.  LINK

The President Of The Republic: Iraq Is On The Verge Of An Urban Renaissance After Approving The Budget

 Policy  2023-06-19 | 408 views  Alsumaria News – Politics  The President of the Republic, Abd al-Latif Jamal Rashid, confirmed today, Monday, during his meeting with the head of the Strategic Council for Foreign Relations in the Islamic Republic of Iran, Kamal Kharazi, that Iraq is on the verge of an urban renaissance after the House of Representatives approved the general budget.

The media office of the President of the Republic stated, in a statement received by Alsumaria News, that "the latter" received, in the Baghdad Palace, the head of the Strategic Council for Foreign Relations in the Islamic Republic of Iran, Kamal Kharazi, and his accompanying delegation, stressing "the development witnessed by the Iraqi provinces and cities in light of the consolidation of security and stability in the country." He also welcomed the delegation's visit to the city of Basra.

He pointed out that "the depth of social, geographical, historical, religious ties and economic interests that bind the two neighboring peoples and the nature of relations between the two countries."

And the President of the Republic stated that "Iraq is on the verge of an urban renaissance after the parliament approved the general budget," adding that "the establishment of strategic studies centers is one of the indicators of the development of countries as it provides a clear vision for decision-makers in light of the many changes the world is witnessing in the fields of energy and water." .

For his part, the head of the Strategic Council for Foreign Relations in the Islamic Republic of Iran expressed his happiness for this visit and meeting with the President of the Republic, stressing that the Islamic Republic of Iran supports the security and stability of Iraq.

Kharrazi referred to "the efforts made by the late Mam Jalal to expand relations," and praised "

The head of the Strategic Council stressed "the interest in developing relations between the two countries," noting that "Iraq is the gateway to communication with the Arab countries, as he praised in this context Iraq's efforts to bring views closer to the Kingdom of Saudi Arabia."   LINK

Al-Sudani's Advisor Talks About The Phenomenon That "Threatens Price Stability"

Money  and business  Economy News – Baghdad  On Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, recommended activating the Anti-Monopoly and Competition Law of 2010 to prevent monopoly and control prices, while noting that what he called the dark market dominates more than 60% of private sector activities.

Saleh told the official news agency, "The Iraqi market suffers from a phenomenon called market deficiencies, in which the level of available supply of goods and services is insufficient to meet the needs and desires of consumers, as a percentage of potential demand is met, which leads to price disturbances that lose economic stability its objective conditions and cause the emergence of dangerous monopolies.

He added, "The dark-colored or unofficially defined market dominates more than 60% of the private sector's activities, a phenomenon that threatens price stability and leads to disturbances in the organization of storage and the quality of supply, in addition to the rapid birth of monopolies, causing great damage to the organization of economic life." .

He continued, "The House of Representatives approved in 2010 (Law on Competition and Prevention of Monopoly) No. 14, which aims to regulate competition and prevent monopolistic practices harmful to society by investors, producers, marketers, or others in all economic activities."

He pointed out that "the law did not take its course in implementation due to the dangerous influence of commercial liberalism, the unregulated commercial market, and the loss of many of its conditions by market institutions, especially the broad regulation of commercial companies,"

adding that "the law emphasizes ensuring freedom of competition, preventing monopoly in markets, and creating an incentive to reduce costs."

And the price and quality improvement in relation to the goods and services offered in the market, which leads to encouragement and development of the private, mixed and public sectors in support of the national economy and the good flow of goods and services, and at the same time there is a complete absence of the application of the text of Article Four of the law related to the establishment of the Council for Competition Affairs and Prevention of Monopoly.

And he indicated that “the Council for Competition and Anti-Monopoly Affairs lies in its importance for essential tasks, foremost of which is preparing the general plan for competition and preventing monopoly, applying legislation related to competition and preventing monopoly with the relevant authorities, and working to spread the culture of competition and preventing monopoly,

protecting and encouraging it, as well as working to investigate information and practices that violate the rules Competition and preventing monopoly in cooperation with the relevant authorities in accordance with the provisions of the legislation, and conducting investigations into the practices that it reveals or based on the complaints and news it receives or those that come at the request of the court and preparing reports on its results.

He stressed that "the council is also responsible for issuing a guide on everything related to issues of monopoly, merger and restricted commercial practices, as well as seeking help from experts or consultants to complete any of the works that fall within its competence, and coordination and cooperation with similar bodies outside Iraq in the field of information and data exchange and what is related to the implementation of competition rules and preventing Monopoly within the limits permitted by international treaties, on the condition of reciprocity, and submitting an annual report to the Council of Ministers on the status of competition and preventing monopoly.

He pointed out that "work must be done to put the law into effect, starting with announcing the formation of the Competition Affairs and Monopoly Prevention Council, in accordance with what was stipulated in Law No. 14 of 2010." Views 86  06/18/2023 https://economy-news.net/content.php?id=34805

Economist: The Regional Government Seeks To Block The Passage Of The Oil And Gas Law

Information/Baghdad..  Oil expert Hamza Al-Jawahiri confirmed today, Sunday, that the Kurdistan Regional Government is seeking to obstruct the passage of the oil and gas bill in the Iraqi parliament.

Follow the "information" channel on Telegram.. news that does not need to be documented..

Al-Jawahiri said in an interview with Al-Maalouma, that "the issue of approving the oil and gas law went through several attempts, the last of which was in 2011, when a proposal for the law was submitted and it was obstructed by the Kurdistan Regional Government."

He added, "The approval of the oil and gas law is governed by Iraqi political will par excellence, and there is nothing to do with the outside in preventing its passage," noting that "three failed attempts were made during the previous years to pass." the law.”

And that "the approval of the oil and gas law is governed by the Iraqi political will par excellence, and there is nothing to do with the outside to prevent its approval, and there are no external pressures that work not to approve the law."

Al-Jawahiri pointed out, "The Kurdistan region wants to separate the law according to its will, which serves the interest of the region at the expense of other Iraqi provinces."

He pointed out that "after the decision of the International Court in Paris and the decision of the Federal Court regarding the production, export and marketing of the region's oil, and followed recently by articles in the budget law for the current year that governed the relationship Between the region and the center, where the government of the region was put in an awkward position, and therefore its approval became easier than it was in previous attempts.” ".

It is noteworthy that the suspended oil and gas law in Parliament since its first session, in 2005, is one of the most prominent points on which a preliminary agreement was reached between the governments of Baghdad and the region, but the law faces many obstacles, despite the fact that it helps to resolve the differences between the governments of Baghdad and the region. LINK

Iraqi News Highlights Sunday Evening 6-18-23

Iraqi News Highlights Sunday Evening 6-18-23

Tlm724 Administrator Bondlady’s Corner

Al-Sudani's Advisor Talks About The Phenomenon That "Threatens Price Stability"

Money  and business  Economy News – Baghdad  On Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, recommended activating the Anti-Monopoly and Competition Law of 2010 to prevent monopoly and control prices, while noting that what he called the dark market dominates more than 60% of private sector activities.

Saleh told the official news agency, "The Iraqi market suffers from a phenomenon called market deficiencies, in which the level of available supply of goods and services is insufficient to meet the needs and desires of consumers, as a percentage of potential demand is met, which leads to price disturbances that lose economic stability its objective conditions and cause the emergence of dangerous monopolies.

He added, "The dark-colored or unofficially defined market dominates more than 60% of the private sector's activities, a phenomenon that threatens price stability and leads to disturbances in the organization of storage and the quality of supply, in addition to the rapid birth of monopolies, causing great damage to the organization of economic life." .

He continued, "The House of Representatives approved in 2010 (Law on Competition and Prevention of Monopoly) No. 14, which aims to regulate competition and prevent monopolistic practices harmful to society by investors, producers, marketers, or others in all economic activities."

He pointed out that "the law did not take its course in implementation due to the dangerous influence of commercial liberalism, the unregulated commercial market, and the loss of many of its conditions by market institutions, especially the broad regulation of commercial companies," adding that "the law emphasizes ensuring freedom of competition, preventing monopoly in markets, and creating an incentive to reduce costs."

And the price and quality improvement in relation to the goods and services offered in the market, which leads to encouragement and development of the private, mixed and public sectors in support of the national economy and the good flow of goods and services, and at the same time there is a complete absence of the application of the text of Article Four of the law related to the establishment of the Council for Competition Affairs and Prevention of Monopoly.

And he indicated that “the Council for Competition and Anti-Monopoly Affairs lies in its importance for essential tasks, foremost of which is preparing the general plan for competition and preventing monopoly, applying legislation related to competition and preventing monopoly with the relevant authorities, and working to spread the culture of competition and preventing monopoly,

protecting and encouraging it, as well as working to investigate information and practices that violate the rules Competition and preventing monopoly in cooperation with the relevant authorities in accordance with the provisions of the legislation, and conducting investigations into the practices that it reveals or based on the complaints and news it receives or those that come at the request of the court and preparing reports on its results.

He stressed that "the council is also responsible for issuing a guide on everything related to issues of monopoly, merger and restricted commercial practices, as well as seeking help from experts or consultants to complete any of the works that fall within its competence, and coordination and cooperation with similar bodies outside Iraq in the field of information and data exchange and what is related to the implementation of competition rules and preventing Monopoly within the limits permitted by international treaties, on the condition of reciprocity, and submitting an annual report to the Council of Ministers on the status of competition and preventing monopoly.

He pointed out that "work must be done to put the law into effect, starting with announcing the formation of the Competition Affairs and Monopoly Prevention Council, in accordance with what was stipulated in Law No. 14 of 2010."  Views 115  06/18/2023 - https://economy-news.net/content.php?id=34805

The Central Bank Announces The Launch Of Strategies To Enhance Financial Depth

Economy | 10:17 - 06/18/2023  Baghdad - Mawazine News  Today, Sunday, Central Bank Governor Ali Mohsen Al-Alaq announced the launch of strategies to enhance financial depth.

The media office of the Central Bank said in a statement: “The Governor of the Central Bank, Ali Mohsen Al-Alaq, received today the Assistant Secretary-General of the United Nations and the Regional Director for the Arab Countries of the United Nations Development Program (UNDP) Abdullah Al-Dardari and his accompanying delegation,”

noting that “the two parties discussed strengthening Bilateral cooperation and discussing the possibility of creating institutional cooperation in the field of development support and the success of the development programs that Iraq wishes to implement.

Al-Alaq stressed that "the contribution of the Central Bank of Iraq to diversify the economy and empower the private sector through an unconventional monetary policy was characterized by direct support and stimulation of the economy," noting that "this bank has adopted many initiatives to support small, medium and large projects, as well as the renewable energy initiative." .

He added, "The Central Bank of Iraq works with sufficient flexibility that qualifies it to build a distinguished economic model that helps the Iraqi economy by providing various job opportunities in the private sector," announcing "the launch of strategies to enhance financial depth,

including the establishment of a Riyada Bank, a loan guarantee company, a financial center for business, and setting priorities for financing Small and medium enterprises as the basic nucleus for economic growth and employment are among the initiatives adopted by this bank.”

In turn, the head of the delegation, Abdullah Al-Dardari, reviewed the "incentives of international support for Iraq," stressing that "the United Nations Development Program seeks to provide support to the Iraqi banking sector to create greater job opportunities in the private sector."

The head of the delegation expressed "the desire of the United Nations to create partnership and institutional cooperation in technical fields," stressing "his interest in the initiatives of the Central Bank of Iraq in renewable energy and financing small and micro development projects, as well as the possibility of working to reduce risks in the field of loan support through a conceptual package."

It will be a document of a promising development program between the Central Bank of Iraq and the United Nations Development Program (UNDP).   https://www.mawazin.net/Details.aspx?jimare=229596

In Cooperation With Private And Government Banks, The Governor Of The Central Bank Proposes Large Financial Projects

Sunday 18 June 2023 | Economical Number of readings: 291  Baghdad / NINA /- The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, chaired today, Sunday, the periodic meeting of governmental and private banks.

Al-Alaq confirmed during the meeting, which was attended by the bank departments, a number of projects that are consistent with the requirements of the economic reality in Iraq, explaining that these projects establish a qualitative shift in the Iraqi economy and enhance its stability.

At the same time, he revealed the project to establish a Riyada Bank, and the project to establish a loan guarantee company that facilitates the lending process for medium, small and micro projects, as well as the direction of the Central Bank of Iraq, in cooperation with the government and the contribution of the financial, banking and business sector, to establish a city "the financial and business center in Iraq".

Al-Alaq participated in the discussions put forward by a group of banks regarding the Central Bank's initiatives, the relationship between banking institutions and customers, and what is related to developing mechanisms for entering the electronic platform for selling foreign currency.

He noted the possibility of opening new channels for external transfers and the high rate of daily transfers.   To visit the website:  https://cbi.iq/news/view/2359./end8 

https://ninanews.com/Website/News/Details?key=1060339

Al-Alaq: There Is A Tendency To Establish A City That Is The Financial And Business Center In Iraq

Iraq  Sunday, June 18, 2023 10:12 PM Baghdad / The National News Center  The Governor of the Central Bank, Ali Mohsen Al-Alaq, announced today, Sunday, a plan to establish the city of the financial and business center in Iraq.

The media office of the Central Bank stated, in a statement received by the National News Center, that “the Governor of the Central Bank, Ali Mohsen Al-Alaq, received today the Assistant Secretary-General of the United Nations and the Regional Director for the Arab Countries of the United Nations Development Program (UNDP) Abdullah Al-Dardari and his accompanying delegation.” Noting that "the two parties discussed strengthening bilateral cooperation and discussing the possibility of creating institutional cooperation in the field of development support and the success of development programs that Iraq wishes to implement."

Al-Alaq stressed that “the Central Bank of Iraq’s contribution to diversifying the economy and empowering the private sector through an unconventional monetary policy was characterized by direct support and stimulation of the economy,” noting that “this bank has adopted many initiatives to support small, medium and large projects, as well as the renewable energy initiative.” .

He added, "The Central Bank of Iraq works with sufficient flexibility that qualifies it to build a distinguished economic model that helps the Iraqi economy by providing various job opportunities in the private sector," announcing "the launch of strategies to enhance financial depth, including the establishment of a Riyada Bank, a loan guarantee company, a financial center for business, and setting priorities for financing Small and medium enterprises, being the basic nucleus of economic growth and employment, are among the initiatives adopted by this bank.”

In turn, the head of the delegation, Abdullah Al-Dardari, reviewed the "incentives for international support for Iraq," stressing that "the United Nations Development Program seeks to provide support to the Iraqi banking sector to create greater job opportunities in the private sector."

The head of the delegation expressed, “the desire of the United Nations to create partnership and institutional cooperation in technical fields,” stressing “his interest in the initiatives of the Central Bank of Iraq in renewable energy and financing small and micro development projects, as well as the possibility of working to reduce risks in the field of loan support through a conceptual package.” It will be a document of a promising development program between the Central Bank of Iraq and the United Nations Development Program (UNDP).   https://nnciraq.com/211819/

Iraq Is The Fourth Largest Oil Exporter To America In One Week

Economy | 09:36 - 06/18/2023  Follow-up - Mawazine News  The US Energy Information Administration announced, on Sunday, that Iraq's oil exports to America exceeded 250,000 barrels on a daily average, becoming the fourth largest exporter to America during the past week.

The administration said, in a report seen by Mawazine News, that "the average US imports of crude oil during the past week from eight countries amounted to 5.562 million barrels per day, up by 265,000 barrels per day from the previous week, which amounted to 5.297 million barrels per day."

She added, "Iraq's oil exports to America amounted to an average of 252 thousand barrels per day last week, decreasing by 178 thousand barrels as a daily average compared to the previous week, in which oil exports to America amounted to an average of 430 thousand barrels per day, and thus Iraq ranks fourth among the largest exporters of oil to America." during the past week."

The administration also indicated that "most of America's oil revenues during the past week came from Canada at an average of 3.339 million barrels per day, followed by Mexico at an average of 845 thousand barrels per day, and oil revenues from Saudi Arabia amounted to an average of 677 thousand barrels per day, and then Colombia at an average of 184 thousand barrels per day." ".

According to the report, "the amount of US imports of crude oil from Nigeria amounted to an average of 132,000 barrels per day, from Brazil at a rate of 79,000 barrels per day, and from Ecuador at an average of 54,000 barrels per day, while it did not import any quantity from Russia or Libya."

https://www.mawazin.net/Details.aspx?jimare=229533

The Exchange Rates Of The Dollar Against The Dinar For Today

Economy | 10:41 - 06/18/2023  Baghdad - Mawazine News  Today, Sunday, the exchange rates of the dollar recorded stability in the stock exchange and local markets in the capital, Baghdad.

A Mawazine News correspondent said, "The buying and selling prices of the dollar witnessed stability in exchange shops in the local markets, as the selling price reached 148,000 dinars per 100 dollars, while the purchase prices reached 146,000 dinars per 100 dollars, in the capital, Baghdad."

https://www.mawazin.net/Details.aspx?jimare=229540

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

https://www.bondladyscorner.com/

Goldilocks "It Is Clear That a Global Currency Reset is On the Horizon" 6-18-2023

Goldlocks and Seeds of Wisdom

Thank you RJ

RJ:  Good evening Dinar Recaps,

Goldilocks posted news links and comments today to help us understand everything that is happening in the financial world:

On June 19th, 2023, the Bank of England will migrate to the ISO20022 messaging system for Chaps and RTGS. 

Over 60 countries worldwide utilize the real time gross settlement system or RTGS.

 This is another important migration effort into the QFS that will unite quantum computer systems in the even more countries.

I believe this completes the major banking systems around the world now inside the ISO20022 messaging system. 

The remaining Banks have until 2025 to complete this process. Those interested in financial inclusion will make this deadline. 

© Goldilocks

https://www.bankofengland.co.uk/payment-and-settlement/rtgs-renewal-programme/iso-20022

The below article is an announcement on the new US dollar reference rate settings. 

The new mechanisms for the US dollar reference rate will be reset on June 30th.  

Why is this important? During a typical trading day, currencies float as trade demand flows in during the day. 

The main purpose of a reference rate is to arrive at an official standard rate of a currency to bring stability between two countries in trade.

The exciting part of this transition into SOFR lending services is the underlying support asset that holds the rate to a real value. 

Gold will level the playing field among countries whose currencies have fallen over the years due to inflation. 

These new SOFR lending reference rates are standard protocols that utilizes gold to provide a real value through the use of a digital asset-based trading mechanism.

Watch the water
You might want to reread this brief explanation again until you realize the importance of the change that is about to take place affecting all of our lives. 

The days and weeks that follow will begin the process of changing values to all of our currencies around the world.

Gold will standardize the new SOFR rates in our new Global Nation. It doesn't happen in a day, but it is clear that a Global Currency Reset is on the horizon.

© Goldilocks

Businesswire LINK

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BRICS Brings New Financial Attack On The US

https://www.youtube.com/live/a5J0zHA7SXE?feature=share

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I have been a part of this Dinarland family for about 3 years now.

My friend told me about this opportunity, and I studied it from a supply and demand side of economics. And so, here I am. 

The closer we get to seeing our dreams come true, the more division seems to be popping up. 

There are so many sides to this story, and no one has the full details of it all. 

Each of us has been invited to this table to commune with one another. 

Please take a seat at this table, and do not choose a side. For once the knot has been tied between us, We Are Family.

© Goldilocks

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What Is Quantum Financial System? | CoinCodex

https://coincodex.com/article/28003/quantum-finance-system/

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Thank you Dinar Recaps

Sunday Morning Iraq Economic News Highlights 6-18-23

Sunday Morning Iraq Economic News Highlights 6-18-23

The General Budget Enters The Circle Of {Appeals}

Iraq  2023/06/18  Haider Al-Jaber  Prior to approving the general budget law, which lasted for 4 days, governmental and parliamentary agencies announced their intention to challenge the law before the Federal Supreme Court, due to changes made to the original law submitted by the government, or the deputies objecting to it, and according to the law and the constitution, 7 parties An official has the right to challenge the budget before the court.

Earlier, Finance Minister Taif Sami denied making transfers in the general budget that the Parliamentary Finance Committee is conducting, stressing that it will challenge the budget in the event of changes to the paragraphs included by the government.

In the context, the representative of the coordination framework, Intisar al-Moussawi, suggested that the Ministry of Finance would appeal to some provisions of the financial budget law, noting that these paragraphs “are not linked to the citizen.”

A member of the Finance Committee, Mueen Al-Kazemi, believes that the government has the right to challenge the General Budget Law, expecting that the impact of this appeal will be “limited.”

Al-Kazemi told “Al-Sabah”: “The government has the right to challenge the general budget law, while the powers of parliament are limited to transfers and classification, and not to increase the financial burden on the government,” expecting that “the Federal Court will stand by the government, and the articles that amounted to 78 articles instead of 67 articles.

He added, "If an appeal is made, this will not affect the law in general except in the contested articles, and they will be amended as the government deems."

For his part, a member of the Legal Committee, Muhammad Anouz, indicated that there is a clear exaggeration in expenditures within the General Budget Law.

Anouz told Al-Sabah: “If the government submits an appeal against the general budget law; This means that it wants to implement the original text, not the amended text.” He added, “There are points of view and calculations related to investing money by borrowing or spending it inappropriately,” noting that “there is a clear exaggeration in expenditures, but the government wants this matter.”

And he indicated that “the repercussions of challenging the general budget law will affect some projects only.”

And the legal expert, Ali Al-Tamimi, had confirmed that any paragraph that contradicts Article 62 of the constitution can be appealed, and indicated the possibility of appealing some budget articles, especially those related to taxes and extinguishing debts.

And he explained, “After the Iraqi parliament voted on the budget law, it was sent to the Presidency of the Republic for the purpose of ratification by the President of the Republic in accordance with Article 73 Third of the Iraqi Constitution. ».

Al-Tamimi also indicated that “the entities that have the right to challenge the Federal Budget Law are as follows: the three authorities, ministries, the prime minister of the region, bodies not associated with a ministry, and governors, as Article 19 of the Federal Supreme Court system says,” noting that “the request is submitted to the court by a signed letter.”

From the head of the concerned authority, and the contested text is related to the tasks of those authorities, or has implications and differences in application.    Edited by: Muhammad Al-Ansari  https://alsabaah.iq/79225-.html

Parliamentary Finance Explains The Impact Of Approving The Budget On The Exchange Rate During The Coming Period

A member of the Finance Committee in the House of Representatives and financial expert, Nermin Maarouf, considered, on Saturday, that the entry into force of the budget will be a stabilizing factor for the value of the Iraqi dinar, especially since the money from selling oil in dollars will be disbursed into the Iraqi dinar.

Nermin Maarouf added, in a press interview seen by “Takadam”, “If you redistribute the budget of 200 trillion dinars to the economic sectors, the Central Bank must pay more than 10 trillion dinars per month to the government for expenditures.

And she stressed, “the need for merchants to work through electronic portals to return the dinar to the Central Bank, although the Central Bank confirms that there will be no problems with the shortage of the dinar.”

And the finance member added, “If the central bank can meet the market’s demand and put an end to the black market, the value of the dinar will stabilize, but this cannot be done in one day and it will take several months.”   https://takadum-news.com/archives/169542

Parliamentary Finance Expects The Ministries To Start Implementing The Budget Provisions Early Next Month

political | 09:12 - 06/17/2023   Baghdad - Mawazine News, the Parliamentary Finance Committee confirmed, today, Saturday, the release of salaries for 720 thousand new employees after the approval of the Presidency of the Republic on the budget, while it expected that the ministries would start implementing its provisions in early July.

A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, said in a televised interview: "The budget law sent by Parliament to the Presidency of the Republic includes 78 articles, after adding 11 articles to the copy sent by the government."

He added, "Transfers worth 6 trillion dinars have been made for the purpose of increasing governorate allocations and approving the budget. The salaries of 720,000 new employees will be released from lecturers, contracts, holders of higher degrees, seniors, and other categories," pointing out, "The Finance Committee added 150,000 job degrees to the budget in response to different segments." ".

He pointed out, "There are more than 500 spending units, and after the approval of the President of the Republic, the process of implementing the budget will be followed up by the Finance Committee and the remaining parliamentary committees, each according to its competence."

And he stressed, "The government may appeal against articles that added financial burdens, and appealing to any article will stop the implementation of that budget and not all of its provisions," suggesting that the ministries start implementing what was stated in the budget at the beginning of next July.   https://www.mawazin.net/Details.aspx?jimare=229511 

Parliamentary Finance: The General Budget Law Will Be Effective Within 15 Days Of Its Passage

Iraq  2023-06-17  A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, confirmed, on Saturday, that the budget law will soon be published in the Official Gazette after it was referred to the President of the Republic, indicating that the law will be effective within 15 days of its passage.

 Al-Kazemi said in a press statement, "The Finance Committee, two days ago, sent the budget law to the Presidency of the Republic for the purpose of approving it," noting that "the law will be approved within 5 to 15 days."

He added, "All political forces are unanimous not to go to the Federal Supreme Court to challenge the budget law, especially the articles related to Kurdistan, as they are constitutional and fair."

Al-Kazemi indicated, "The implementation of the law will lead to an urban and service revolution in the country because the government has promising plans for the next three years."

https://kirkuktv.net/AR/Details/15861

Parliamentary Finance Suggests That The Ministries Start Implementing The Budget Provisions Early Next Month

Iraq    2023-06-18   The Parliamentary Finance Committee confirmed the release of salaries for 720,000 new employees after the Presidency of the Republic approved the budget, while it expected the ministries to start implementing its provisions in early July.

A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, said: "The budget law sent by Parliament to the Presidency of the Republic includes 78 articles after adding 11 articles to the copy sent by the government."

He added, "Transfers worth 6 trillion dinars have been made for the purpose of increasing governorate allocations and approving the budget. The salaries of 720,000 new employees will be released from lecturers, contracts, holders of higher degrees, seniors, and other categories," pointing out, "The Finance Committee added 150,000 job degrees to the budget in response to different segments." ".

He pointed out, "  And he stressed, "The government may appeal against articles that added financial burdens, and appealing to any article will stop the implementation of that budget and not all of its provisions," suggesting that the ministries start implementing what was stated in the budget at the beginning of next July.    https://kirkuktv.net/AR/Details/15871

The General Budget Enters The "Appeals" Department.. Who Are The Parties That Have The Right To Do So?

Policy  2023-06-18   765 views  Alsumaria News – Politics  Prior to approving the general budget law, which lasted for 4 days, governmental and parliamentary agencies announced their intention to challenge the law before the Federal Supreme Court, due to making changes to the original law submitted by the government, or the representatives objecting to it, and according to the law and the constitution, 7 parties An official has the right to challenge the budget before the court.

Earlier, Finance Minister Taif Sami denied making transfers in the general budget that the Parliamentary Finance Committee is conducting, stressing that it will challenge the budget in the event of changes to the paragraphs included by the government

In the context, the representative of the coordination framework, Intisar al-Moussawi, suggested that the Ministry of Finance would appeal to some provisions of the financial budget law, noting that these paragraphs are "not related to the citizen."

A member of the Finance Committee, Mueen Al-Kazemi, believes that the government has the right to appeal the General Budget Law, expecting that the impact of this appeal will be "limited."

Al-Kazemi said, "The government has the right to challenge the general budget law, while the powers of parliament are limited to transfers and classification, and not to increase the financial burden on the government," expecting that "the Federal Court will stand by the government, and the articles, which amounted to 78 articles instead of 67, have been rearranged." material".

He added, "If an appeal is made, this will not affect the law in general except in the contested articles, and they will be amended according to what the government sees," according to the official newspaper.

For his part, a member of the Legal Committee, Muhammad Anouz, indicated that there is a clear exaggeration in expenditures within the General Budget Law.

Anouz said, "If the government submits an appeal against the general budget law, this means that it wants to implement the original text, not the amended text." He added, "There are views and calculations related to investing money by borrowing or spending it in the wrong place," noting that "there is a clear exaggeration in expenditures, but the government wants this matter."

And he indicated that "the repercussions of challenging the general budget law  will affect some projects only." He stressed that the appeal against the budget by the deputies or others is due to the existence of violations of the laws in force, "according to the official newspaper.

The legal expert, Ali Al-Tamimi , has confirmed that any paragraph that contradicts Article 62 of the constitution can be appealed, and indicated the possibility of appealing to some articles of the budget, especially related to taxes and debt amortization.

He explained in an interview with Alsumaria News, "After the Iraqi parliament voted on the budget law, it was sent to the Presidency of the Republic for the purpose of ratification by the President of the Republic in accordance with Article 73 Third of the Iraqi Constitution. by the Presidency of the Republic.

Al-Tamimi also indicated that “the authorities that have the right to challenge the Federal Budget Law  are as follows: the three authorities, ministries, the prime minister of the region, bodies not associated with a ministry, and governors, as Article 19 of the Federal Supreme Court system says,” noting that “the request is submitted to the court by a signed letter.” From the head of the concerned authority, and the contested text is related to the tasks of those authorities, or has implications and differences in application.   LINK

Iraq Gains Energy And Loses Part Of The Oil Revenues If The Washington-Iran Agreement Is Announced

Posted On2023-06-18 By Sotaliraq  Baghdad / Tamim Al-Hassan  There are conflicting analyzes regarding the effects of a new nuclear agreement between Washington and Tehran, which is being talked about vigorously these days.

Optimistic views go to the belief that the agreement would end the problem of Iraq paying financial dues to Iran, especially in the field of energy.

However, the pessimistic possibilities indicate that the reduction of US restrictions on Tehran will unleash the hand of some factions close to the latter to tamper with the Iraqi situation.

Economists also say that one of the expected negative effects after the agreement is the decline in oil prices, which may exacerbate the problem of the deficit in the Iraqi budget.

Regarding news of the imminent announcement of a nuclear agreement between Washington and Tehran, Monqith Dagher, a researcher at an American institution, believes that the effects on Iraq behind the new understandings have already begun.

Dagher, a researcher at the Center for Strategic Studies in Washington, told Al-Mada: “Iraq has transferred to Iran during the past days a total of 2.67 billion dollars, which is the value of the accumulated financial dues for the energy bill exported to Iraq during the previous years.”

And he continues: “The Iraqi government took credit for this financial transfer, which previous governments were unable to achieve due to the US sanctions on Iran, but the facts confirm that this transfer is part of an American-Iranian deal.”

A few days ago, US State Department spokesman Matthew Miller confirmed, in a press briefing published on the ministry's website, that Iraq's transfer of nearly $3 billion to Tehran is conditional.

He added that Iran "can access its funds deposited in Iraq's accounts only for humanitarian and other non-sanctioned transactions."

Last week, one of the prime minister's advisors announced that the electricity system in Iraq would soon improve after paying gas dues to Iran.

Counselor Diaa al-Nasseri said in a tweet on Twitter, "The volume of Iranian funds that we released during the Sudanese government amounted to 1.5 billion euros, in addition to one billion euros being released."

He added, "Citizens will witness a gradual improvement in electricity, in conjunction with Iraq's plans to invest in clean energy and benefit from Iraqi gas."

And before that, the head of the Iranian-Iraqi Joint Chamber of Commerce, Yahya Al-Ishaq, had announced, “Part of Iran’s debts incurred by Iraq were liberated, and part of it was allocated to the needs of Iranian pilgrims, and another part of it was paid for the supply of basic commodities.”

A spokesman for the Iraqi Ministry of Foreign Affairs, Ahmed Al-Sahhaf, said in a statement a few days ago, “The foreign minister led a meaningful dialogue with his American counterpart during the international conference to combat terrorism held in Riyadh, which led to substantial arrangements regarding financial dues between Iraq and Iran.”

At the end of last May, the “Iran International” website quoted a source he described as “the insider” that the Iranian funds frozen in Iraqi banks amounted to 10 billion dollars or more.

Iraq imports gas from Iran to operate electricity at a value of $11 billion annually, according to Foreign Minister Fuad Hussein.

These developments took place during the Iraqis' preoccupation with the issue of the budget, and Munqith Dagher confirms that within the new agreement: "It is the state militias to stop the escalation against America."

And it became clear in Iraq, since the coordination framework took power after the withdrawal of the Sadrist movement, that the attacks that were occurring on an almost daily basis against foreign missions and bases had stopped.

In the last three years, before the formation of the current government, the factions calling themselves “resistance” launched more than 100 attacks on these facilities.

In a related context, Nabil Al-Marsoumi, an economics professor in Basra, believes that the US understanding with Iran may lower oil prices.

Al-Marsoumi said in a post on Facebook: “Any American-Iranian agreement would lead to an increase in Iranian oil production and exports between half a million and one million barrels per day, which would result in a decrease in global oil prices that would negatively affect oil revenues in OPEC countries, including Iraq.” .

And members of the Parliamentary Finance Committee warned earlier of the possibility of adding another deficit between 6 to 9 billion to the budget (I passed a deficit of 64 trillion dinars) in the event that the price of a barrel of oil became 70 dollars, while it is now sold for 75.

Concern about the fluctuation of oil prices appears behind the plan to invest gas in Iraq, and to find an alternative in exchange for Iranian gas, relying on Qatar, whose Emir Tamim bin Hamad visited Baghdad a few days ago, in perhaps the fastest visit of an Arab leader to Iraq, which lasted only 3 hours.

The United States welcomed bin Hamad's visit to Iraq, and "framework" leaders who were known for their criticism of Qatar were silent about the recent visit.

Those leaders and faction leaders began, in recent months, to back down from their previous positions on Saudi Arabia and the Gulf states, and they have greatly reduced their attacks on the United States.

Returning to the US-Iranian understanding, Nabil Al-Marsoumi points out that “the abolition of restrictions on bank transfers in dollars to Iran will lead to a significant increase in the exchange rate of the dinar against the dollar, and the parallel exchange rate will come very close to the official rate.”

And there is still about 20 points (number) a difference between the exchange rate of the dollar from the central bank and the stock exchanges, despite the government's measures.

In addition, the leader of the Umma Party, Mithal Al-Alusi, criticized the new agreement between Tehran and Washington, describing it in an interview with (Al-Mada) as a "fragile agreement" and said that "Washington will then admit the error of this measure, just as it recognized the error of the Vietnam War."

Al-Alusi, a former deputy, added that "the agreement is still secret and it is not known from the American side who is managing it," noting that there are many side understandings on the sidelines of this agreement that led to "covering up the loyalists in Iraq."

And the former deputy considered that the agreement “will unleash the hands of loyalists (a term in Iraq used to refer to factions and parties loyal to Iran), and militias in Iraq and the region.”

Al-Alusi criticized the Iraqi policy, which "drums as a platform for negotiation and rapprochement between countries, while we do not find a clear position on the water and climate crises and the militias inside the country."

Al-Alusi confirmed that what is happening is related to the US elections, considering the announcement of the agreement that "it will be a sad day for Iraq and the region because it will unleash the hand of the Revolutionary Guards to tamper with the security of countries and export the revolution." LINK

"Tidbits From TNT" Sunday Morning 6-1-8-2023

TNT:

Tishwash:  Deputy: The sovereignty of Iraq cannot be bypassed or compromised

On Sunday, the representative of the extension movement, Ahmed Majeed Al-Sharmani, considered the sovereignty of Iraq a red line, and it cannot in any way be crossed or violated.

Al-Sharmani said, in an interview with Al-Maalouma agency, that "more than one parliamentary session was held to discuss the breaches and violations of Iraqi sovereignty under the dome of Parliament, and it came out with a decision to expel all foreign forces from the country." 

He added, "Members of the House of Representatives called several times for the government to take strong and deterrent measures through the UN Security Council and the United Nations against anyone who harms Iraqi sovereignty."

Al-Sharmani pointed out that "Iraq's sovereignty is a red line that cannot be crossed and cannot be bargained upon," pointing out that "the Iraqi government is entrusted with the sovereignty of Iraq and we do not flatter the issue of sovereignty." 

A member of the legal movement, Ahmed Shahid al-Shammari, had warned of the consequences of the suspicious moves led by Washington's ambassador to Iraq, Elena Romanowski, aimed at causing strife, describing those moves as blatant interference in Iraqi affairs.  link

Tishwash:  Iraq is a new market for the Italian Ariston

Ariston, Europe's leading manufacturer of innovative home appliances, and Agora, one of Iraq's leading distributors, have announced a new partnership aimed at providing Ariston products to Iraqi consumers.

The partnership between Ariston and Agora represents a shared commitment to providing high quality products and services to consumers in Iraq.

With Ariston's rich Italian heritage in providing cutting-edge technologies and Agora's dynamic approach, this partnership promises to provide Iraqi families with thoughtful home solutions that guarantee results they can count on.

“We are excited to join Agora as a leading partner of Ariston in the Iraqi market,” said Elgas Volkan, Senior Sales Manager, Middle East and Egypt, Whirlpool Corporation. "Agoura's strong presence in the market, in addition to their strong commitment to customer satisfaction, makes them the ideal partner to represent the Ariston brand in Iraq."

Agora is equally excited about this partnership.

“We are honored to be appointed as Ariston's distributor in Iraq,” said Rabin Khoshnaw, CEO of Agora. "Ariston's reputation for excellence and its wide range of advanced devices perfectly complement our distribution capabilities. By pooling our experience and resources, we are confident in our ability to meet the diverse needs of Iraqi consumers."

Through this strategic partnership, Agora will leverage its extensive distribution network to ensure wide availability of Ariston products throughout Iraq. The company will also provide exceptional after-sales service and support, ensuring that Iraqi consumers have a positive and enjoyable experience with Ariston products.

The return of the Ariston brand to Iraq will allow consumers to reconnect with one of the historic home appliance brands that has been well loved for 25 years in Iraq.

Agora will offer consumers a wide range of standalone, compact and sustainable home appliances.

Ariston's new expanded product range includes cooking appliances (freestanding hobs, built-in ovens, cooking ovens and built-in hob hoods), washing machines, dryers, dishwashers and refrigerators (available with defrost system and without frost).  link

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Tishwash:  This is in Iraq’s news

The Secretary-General of the United Nations attacks the International Monetary Fund and the World Bank: prejudice and injustice

In an unusual move, United Nations Secretary-General Antonio Guterres criticized the International Monetary Fund and the World Bank, calling for major changes in the two institutions, to correct what he called "historical errors, biases and injustices inherent in the current international financial architecture."

Guterres said the International Monetary Fund benefited rich countries rather than poor countries, and described the Fund and World Bank's response to the Corona pandemic as a "flagrant failure" that left scores of countries heavily indebted.

According to the Associated Press, Guterres' criticism, which was contained in a recent research paper, is not the first time he has called for reform of global financial institutions, but his analysis is the most in-depth of their problems, in light of their response to the pandemic, which he described as a "stress test." for organizations.

Guterres' comments come ahead of meetings called by French President Emmanuel Macron in Paris on Thursday and Friday to address multilateral development bank reforms and other issues.

American hegemony

Neither the International Monetary Fund nor the World Bank commented directly on the Secretary-General's criticisms and proposals.

Guterres' comments echo other critics who see the leadership of the International Monetary Fund and the World Bank as confined to the powerful states that control them, a situation similar to that of the United Nations, which has faced its own calls for reform.

Morris Kugler, a professor of public policy at George Mason University, told The Associated Press that the failure of the two institutions to help the neediest countries “reflects the continuation of the approach in which the head of the World Bank is an American citizen appointed by the US president, and the managing director of the International Monetary Fund is a citizen of the Union.” appointed by the European Commission.

Richard Gowan, director of UN affairs at the International Crisis Group, said there was great frustration with the US and its European allies dominating the decision-making process, leaving African countries with only "a slice of voting rights". He said that developing countries complain that private lending rules are not favorable to them.

United Nations Secretary-General Antonio Guterres speaks to US Treasury Secretary Janet Yellen during the annual meeting of the International Monetary Fund and the World Bank in Washington. October 15, 2022 - REUTERS

"In fairness, the Bank has been trying to modernize its financing procedures to address these concerns, but it has not gone far enough to satisfy the countries of the global south," Gowan added.

Guterres said it was time for the boards of directors of the International Monetary Fund and the World Bank to correct what he called "the historical wrongs, biases and injustices inherent in the current international financial architecture." This "structure" was established when many developing nations were still under colonial rule.

"A New Bretton Woods Moment"

The statements of the Secretary-General of the United Nations echo the call he made earlier this year for a “new Bretton Woods moment,” referring to the reform of the Bretton Woods financial institutions, which include the World Bank and the International Monetary Fund, to ensure greater representation of developing countries.

The International Monetary Fund and what is now known as the World Bank Group were established at a conference held in Bretton Woods, New Hampshire, in July 1944 to be the two main institutions of the international monetary system after the war.

The International Monetary Fund had to control exchange rates and lend reserve currencies to countries suffering from deficits in the balance of payments, and the World Bank provided financial assistance for post-war reconstruction and to build the economies of the least developed countries.

debt service costs

Guterres said in his new research paper that the two institutions did not keep pace with global growth. He added that the World Bank has $22 billion in paid-in capital, which is money used for low-interest loans and grants for government development programmes. This is less than a fifth of the 1960 level of financing, as a percentage of global GDP.

Meanwhile, many developing countries are experiencing a deep financial crisis, exacerbated by inflation, high interest rates, and frozen debt relief.

“Some governments are forced to choose between debt repayment or default in order to pay public sector salaries, which could destroy their credit rating for years to come,” Guterres said, adding that “Africa is now spending more on debt servicing costs than on debt servicing.” health care".

"moral error"

He explained that the rules of the International Monetary Fund unfairly favor rich countries. During the pandemic, the rich G7 countries, with a population of 772 million, received the equivalent of $280 billion from the International Monetary Fund while just over $8 billion was allocated to the least developed countries, with a population of 1.1 billion.

Guterres continued: “It was done according to the rules. This is a moral error.”

major repairs

He called for major reforms that would enhance the representation of developing countries on the boards of directors of the International Monetary Fund and the World Bank, help countries restructure debts, change IMF quotas, and renew the use of IMF funds.

The UN Secretary-General urged increased funding for economic development and addressing the impact of climate change.

Asked about Guterres' proposals, IMF spokeswoman Julie Kozak said, "I am not in a position to comment on any of the details."

She added that the IMF quota review is a priority and is expected to be completed by December 15.

In a written response to an inquiry from the Associated Press, the IMF said it had responded "unprecedented" to the largest ever request from countries to help deal with the recent shocks.

After the outbreak of the pandemic, the International Monetary Fund approved $306 billion in financing for 96 countries, including below-market loans to 57 low-income countries.

It also quadrupled interest-free lending to $24 billion and provided about $964 million in grants to 31 of the most vulnerable countries between April 2020 and 2022 so they can service their debts.

In January, the World Bank Group said its shareholders had begun a process to "better address the scale of development."

In a report released in March, the Bank's Development Committee added that the Bank "must evolve in response to the unprecedented confluence of global crises that have upended development progress and threaten people and the planet."

And while Guterres and UN ambassadors talk about reforming financial institutions, any changes are left to their boards of directors.

Gowan noted that when former US President Barack Obama's administration engineered a reform of voting rights at the IMF in 2010, "it took Congress 5 years to ratify the agreement, and Congress is more divided and dysfunctional now."

The alternative is China

"But Western governments realize that China is an increasingly dominant lender in many developing countries, so those governments have an interest in reforming the International Monetary Fund and the World Bank in ways that prevent poor countries from relying on Beijing for loans," Guan said.

Besides the Paris meeting, discussion of IMF and World Bank reforms will continue in September at the G-20 leaders' summit in New Delhi and at the annual gathering of world leaders at the United Nations.

Guterres' efforts to reform the International Monetary Fund and the World Bank come at a time when the United Nations is also facing demands to overhaul its structure, which still reflects the post-World War II world order.

Richard Gowan, director of UN affairs at the International Crisis Group, said many UN ambassadors believe it may be "marginally easier" and more beneficial for developing countries to reform the International Monetary Fund and World Bank than the reform of the UN Security Council that has been discussed for more than a decade. 40 years old  link   

Mot: ... its a Generation Thingy!!! ~~~~~

Mot:  .. Best Fathers Day Gift Ever!!! ~~~~

Mot:  . Thanx Dad!!!!

Iraqi News Highlights Saturday Afternoon 6-17-23

Iraqi News Highlights Saturday Afternoon 6-17-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Oil: The Road Has Become Paved For The Adoption Of Broken Laws, The Most Important Of Which Is The Oil And Gas Law

political | 02:17 - 06/17/2023   Baghdad - Mawazine News  Today, Saturday, the Parliamentary Oil, Gas and Natural Resources Committee confirmed that the road has become a paved path for the adoption of stalled laws, the most important of which is the oil and gas law, while it revealed that there are some obstacles to the legislation of the law.

Committee member Zainab Jumaa Al-Moussawi said, in a statement followed by Mawazine News, that "after approving the financial budget for the years (2023-2024-2025), the road is now paved for the approval of suspended laws from previous parliamentary sessions, the most important of which is the oil and gas law, which will draw the oil map." In Iraq, solve problems between the federal government and the Kurdistan Regional Government, and guarantee the rights of both parties.

Al-Moussawi added, "The Oil and Gas Committee is working to prepare the appropriate ground for approving the law very soon," revealing "the presence of political interference working to obstruct the legislation of this law within the House of Representatives."

And she stressed that "there are political forces that do not want to solve the Iraqi economic problems," noting that "the Oil and Gas Committee is working hard to remove obstacles and resolve differences between the governments of Baghdad and Erbil."  https://www.mawazin.net/Details.aspx?jimare=229481

The Stability Of The Dollar Exchange Rate In The Local Markets For Today

Economy | 10:53 - 06/17/2023  Baghdad - Mawazine News  Today, Saturday, the exchange rates of the dollar recorded stability in the stock market and local markets in the capital, Baghdad.

A Mawazine News correspondent said, "The buying and selling prices of the dollar witnessed stability in exchange shops in the local markets, as the selling price reached 148,000 dinars per 100 dollars, while the purchase prices reached 146,000 dinars per 100 dollars, in the capital, Baghdad."

https://www.mawazin.net/Details.aspx?jimare=229455

For The Third Month In A Row, Iraq Is Reducing Its Holdings Of US Bonds

Saturday 17, June 2023 10:44 | Economical Number of readings: 507

Baghdad / NINA / - The US Treasury announced today, Saturday, that Iraq's possession of US bonds decreased for the third month in a row, to reach about $35 billion.

And the treasury stated in its latest schedule, that “Iraq’s possession of US Treasury bonds for the month of April 2023 decreased by 4.5 billion dollars, to reach 34.8 billion dollars, after it was 39.3 billion dollars during the previous month,” indicating that “these bonds increased by 18.6%.” For the same month of 2022, when Iraq's possession of bonds amounted to 28.3 billion dollars.

In the Arab world, Saudi Arabia comes at the forefront of the countries with the most possession, amounting to 113.3 billion dollars, and the UAE comes second with 70.2 billion dollars, then Kuwait comes third with 41.4 billion dollars, then Iraq fourth and Oman fifth with 7.061 billion dollars.

The treasury indicated that "the most holders of US bonds are Japan with 1.127.2 trillion dollars, followed by China with 868.9 billion dollars, then the United Kingdom with 680.7 billion dollars, and then comes Belgium with 336.6 billion dollars." https://ninanews.com/Website/News/Details?key=1060086

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

https://www.bondladyscorner.com/

Goldilocks "The End Is Near" Saturday 6-17-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good morning Dinar Recaps,

Goldilocks posted news articles and comments this morning:

🚨 BREAKING 🚨

SEC HAS JUST APPOINTED A NEW CHAIRMAN FOR THE AGENCY AND IS PLANNING TO LEGALIZE CRYPTO IN US MARKETS FROM JULY 1ST. 😉

"U.S. Treasury examines privacy concerns in retail CBDC"

Wholesale CBDC is currently in use among Central Bank transfers, but retail CBDC is currently in debate and most likely will be much different than wholesale.

The issue is privacy concerns. At this time, there is an attempt to utilize technical mechanisms to solve this problem with retail CBDCs.

© Goldilocks

https://ambcrypto.com/u-s-treasury-examines-privacy-concerns-in-retail-cbdc/

https://cointelegraph.com/learn/wholesale-cbdc-vs-retail-cbdc-key-differences%20

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"Project Rosalind, directed by the BIS Innovation Hub London Centre, has been testing how APIs could facilitate retail payments in CBDCs and support the exploration of innovative CBDC use cases.

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As you can see, Retail CBDCs is not going away, but it is realized that privacy concerns will determine their adoption.

© Goldilocks

https://www.bis.org/publ/othp69.htm

https://www.ledgerinsights.com/cbdc-bis-bank-of-england-blockchain-rosalind/

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https://financefeeds.com/avaloq-and-blackrocks-aladdin-wealth-join-forces-for-wealth-managers-in-europe-and-asia/

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© Goldilocks

~~~~~~~~~~

The end is near… 

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To show you everything you need to know about the FedNow system – and to help you prepare – Dr. Prins has recorded a free presentation with all the details. 

It’s controversial, but Nomi’s interview is a must-watch for anyone with more than $2,500 in an American bank or retirement fund.

Click here to find out what you need to do to prepare for this historic transformation.

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

https://t.me/+YU9UrHLxFbszOTJh

Goldilocks on the Seeds of Wisdom Team Website

https://www.seedsofwisdomteam.com/

Thank you Dinar Recaps

"Tidbits From TNT" Saturday 6-17-2023

TNT:

Tishwash:  Sudanese adviser sets the date for the entry into force of the budget

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, said today, Saturday, that government institutions will start implementing the instructions and the budget law will enter into force.

Saleh told {Euphrates News}, that "the budget is awaiting the approval of the President of the Republic and will be published in the Iraqi Gazette, after which special instructions will be issued to implement those instructions issued jointly by the Ministries of Finance and Planning." 

And he continued: "On the basis of which, government institutions will start implementing these instructions, and the budget will enter into force, noting that this process will not take more than one week."

And the House of Representatives approved, at dawn last Monday, the draft federal budget law for the fiscal years 2023-2024-2025, more than 4 days after the sessions were held since last Thursday.

The value of the current year’s budget is 197 trillion and 828 billion dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars).

 For his part, Prime Minister Mohamed Shia Al-Sudani confirmed, in a statement, that "the government will work to review the items that have been amended in the budget and study their compatibility with the government's vision and objectives approved in the ministerial curriculum approved by Parliament."   link

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Tishwash:  Parliamentary Oil: The road has become paved for the adoption of broken laws, the most important of which is the oil and gas law

Today, Saturday, the Parliamentary Oil, Gas and Natural Resources Committee confirmed that the road has become a paved path for the adoption of stalled laws, the most important of which is the oil and gas law, while it revealed that there are some obstacles to the legislation of the law.

Committee member Zainab Jumaa Al-Moussawi said, in a statement followed by Mawazine News, that "after approving the financial budget for the years (2023-2024-2025), the road is now paved for the approval of suspended laws from previous parliamentary sessions, the most important of which is the oil and gas law, which will draw the oil map." In Iraq, solve problems between the federal government and the Kurdistan Regional Government, and guarantee the rights of both parties.

Al-Moussawi added, "The Oil and Gas Committee is working to prepare the appropriate ground for approving the law very soon," revealing "the presence of political interference working to obstruct the legislation of this law within the House of Representatives."

And she stressed that "there are political forces that do not want to solve the Iraqi economic problems," noting that "the Oil and Gas Committee is working hard to remove obstacles and resolve differences between the governments of Baghdad and Erbil."   link

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Tishwash:  Iraq begins negotiating with Space X for satellite internet.. “The optical cable is difficult and expensive.”

The Ministry of Communications announced, on Saturday, the start of contracting procedures to introduce Internet service through space to Iraq for the first time, indicating that the door to negotiations has been opened with “solid international” .

In pursuit of the Ministry of Communications to provide the best services to citizens and institutions, and given that projects to provide Internet service via optical cable require a relatively long time to complete its deployment in all regions as a result of the difficulties of extension and excavation and the high financing costs of these projects, and with the aim of diversifying the sources of service provision, which contributes to increasing competition and lowering prices, The Opinion Board in the Ministry of Communications approved the initiation of contractual procedures to introduce (internet via space) service to Iraq, for the first time, similar to developed countries in the world, using low-orbit satellite technologies that provide Internet service directly to users on the ground through a huge network of satellites provided by it.

A number of discreet international companies such as (one web), (Space X) and (Amazon), where the ministry opened direct negotiation channels with these companies to proceed with the contracting procedures in order to deliver this service to .Iraq as soon as possible   link

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Tishwash:  Baghdad settles scores with the region after the budget enters into force

The secretary of the Kurdistan Regional Council of Ministers said that the funds that reach the region will be liquidated retroactively after the implementation of the general federal budget law for 2023.  

 And the Secretary of the Council of Ministers for the region, Amanj Rahim, added in a post followed by “NAS” on Saturday, (June 17, 2023), that the articles related to the region in the budget are articles 11-12-13, and after publishing the budget, the law will enter into force retroactively from January 1 and according to Budget One trillion and 200 billion dinars will be liquidated for the Iraqi commercial banks, Al-Rasheed and Al-Rafidian, and will be deducted from the monthly dues specified for the region in the budget.  

The Secretary of the Council of Ministers explained the main commitments contained in the budget for the region as follows:  

 * Delivery of 400 thousand barrels of oil produced in the region in the event of resuming exports through the port of Ceyhan or using it for refining and local consumption.  

 * Delivering 50% of the proceeds of border crossings to the federal treasury.  

 * Delivery of the monthly installment of the region's obligations towards the Trade Bank of Iraq.  

 Submission of the budget reviewed by the Ministry of Finance.  

 The agreement of the federal and regional financial oversight bodies on the review mechanism.  link

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CandyKisses:  For the third month in a row. Iraq reduces US bond holdings

The US Treasury Department announced on Saturday that Iraq's holdings of US bonds fell for the third consecutive month to about $ 35 billion.

The Treasury stated in its latest table that "Iraq's holdings of US Treasury bonds for the month of April 2023 decreased by $ 4.5 billion to reach $ 34.8 billion after it was $ 39.3 billion during the previous month," indicating that "these bonds rose by 18.6% from the same month of 2022 when Iraq's possession of bonds amounted to $ 28.3 billion."

In the Arab world, Saudi Arabia comes at the forefront of the most possessing countries, with $ 113.3 billion, the UAE comes second with $ 70.2 billion, then Kuwait third with $ 41.4 billion, then Iraq fourth and Oman fifth with $ 7.061 billion.

The Treasury pointed out that "the most countries holding US bonds are Japan with $ 1.127.2 trillion, followed by China with $ 868.9 billion, the United Kingdom with $ 680.7 billion, and then Belgium with $ 336.6 billion." 

Mot: .. ""Stephan King"" - the Early Daze! ~~~~~

Mot:  ...... Uh Oh!!!! 

Saturday Morning Iraq Economic News Highlights 6-17-23

Saturday Morning Iraq Economic News Highlights 6-17-23

Parliamentary Finance: The Budget Will Be Implemented Within The Next Two Weeks

Information/Baghdad..  A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, confirmed, on Saturday, that the budget law will soon be published in the Official Gazette after it was referred to the President of the Republic, indicating that the law will be effective within 15 days. days of its passage.

 Al-Kazemi said, in a statement to Al-Maalouma, that "the Finance Committee, two days ago, sent the budget law to the Presidency of the Republic for the purpose of approving it," noting that "the law will be approved within 5 to 15 days.”

He added, "All political forces are unanimous not to go to the Federal Supreme Court to challenge the budget law, especially the articles related to Kurdistan, as they are constitutional and fair."

Al-Kazemi indicated, "The implementation of the law will lead to an urban and service revolution in the country because the government has promised plans for the next three years."

While the Parliamentary Strategic Planning Committee confirmed earlier, its intention is to monitor government performance and implement all budget items after their approval.

The deputy head of the committee, Muhammad Karim, said in a statement to Al-Maalouma, that "a directive was issued by the committee's presidency to monitor and evaluate the ministerial program directly and continuously by following up on the implementation and disbursement of the federal budget." funds according to the allocation to avoid wasting it.” Ended 25   LINK

Alsumaria Publishes The Procedures For Appealing The Budget Law And The Approval Of The President Of The Republic

Policy   2023-06-17 | 02:13  3,570 views   Alsumaria News – Politics  Legal expert Ali Al-Tamimi identified, today, Saturday, June 17, 2023, the parties that have the right to challenge the Federal Budget Law, indicating that in the event that it is not approved by the President of the Republic, it is considered approved after 15 days from the date of its receipt from before the presidency.

Al-Tamimi said in an interview with Al-Sumaria News, “After the Iraqi parliament voted on the budget law, it was sent to the Presidency of the Republic for the purpose of ratification by the President of the Republic in accordance with Article 73 III of the Iraqi Constitution. The date it was received by the Presidency of the Republic.

He added, "After being approved by the President of the Republic, it is sent by the Presidency of the Republic to the Ministry of Justice for the purpose of publishing it in the Official Gazette, i.e. the facts, according to Law 78 of 1977, the law of publication in the Iraqi Gazette, and when it is published, it is a law that must be applied, followed, and implemented."

The legal expert also clarified that “the appeal against the articles of the Budget Law shall be within a period of 30 days from the date of publication, meaning that the period of appeal that is submitted to the court is within 30 days from the date of its publication in the facts, and no appeal is accepted after this period, which is stipulated in Article 22 of the system.”

The internal procedure of the Federal Supreme Court  No. 1 of 2022, and this article required the Federal Supreme Court  to decide on the appeal within 30 days from the date of its submission, unless otherwise required.

And he continued, "The parties that have the right to challenge the Federal Budget Law are as follows: the three authorities, ministries, the prime minister of the region, and bodies not associated with the ministry and governors, as Article 19 of the Federal Supreme Court  system above says," noting that "the request is submitted to the court by a letter signed by the president The concerned authority and that the contested text is related to the tasks of those authorities or has implications and differences in application.

After a difficult labor that extended for months, the Iraqi parliament voted on the country's general financial budget for the years 2023, 2024, and 2025 after a series of sessions held by the Council, which began last Thursday, June 8, 2023, and extended until the early hours of Monday, June 12, 2023.

The recent parliament sessions witnessed an unprecedented debate between the political blocs, especially after the Kurdistan Democratic Party  refused to proceed with voting on some paragraphs of the budget, before the two parties reached a compromise agreement that guarantees the continuation of the political agreement that led to the formation of the State Administration Alliance  and the formation of the government of the current Prime Minister Muhammad Shia al-Sudani  .

The sessions also witnessed sharp interactions between deputies from various governorates due to differences related to the governorates' financial allocations, development funds, and the creation of job grades in the public sector, with Parliament's refusal to approve imposing a tax on fuel prices and communications. LINK

Iraq Plans To Join World Trade Organization

Amr Salem  The headquarters of the Iraqi Ministry of Trade. Photo: Al-Arabiya News

Baghdad (IraqiNews.com) – The Iraqi Ministry of Trade revealed on Thursday that the government is planning to complete the requirements for Iraq’s accession to the World Trade Organization (WTO), indicating that financial contributions to the WTO have been settled.

A statement issued by the Ministry of Trade illustrated that work is underway to complete the requirements for joining the WTO, especially in terms of goods, services, the agricultural issue, and the modernization of the customs system.

Coordination has been ongoing with the General Authority of Customs to complete the modernization of the customs system and finalize the Tariff Law to be able to join the WTO, according to the Iraqi News Agency (INA).

Coordination is also underway with the Iraqi private sector and the Kurdistan region of Iraq to unify the visions related to the requirements for Iraq’s accession to the WTO.

The Iraqi Ministry of Trade mentioned last January that the committee concerned with Iraq’s accession to the WTO, headed by the Minister of Trade and consisting of representatives of ministries, agencies, and the private sector, is working to have the requirements for Iraq’s accession to the organization completed.

The ministry added that its plan includes holding official meetings at the WTO’s headquarters in Geneva and coordinating with the member states to mobilize support and speed up accession procedures to make Iraq an active member and partner in economic decisions and trade policies that would enhance Iraq’s integration into the global economy.

https://www.iraqinews.com/iraq/iraq-plans-to-join-world-trade-organization/

Parliamentary Oil: We Are Working To Prepare The Appropriate Ground For Approving The Oil And Gas Law Soon

Baghdad - Awareness - Nassar Al-Hajj   The Parliamentary Oil, Gas and Natural Resources Committee confirmed today, Saturday, that the road has become a paved way for the approval of broken laws, the most important of which is the oil and gas law, while it revealed the existence of some obstacles to the legislation of the law.

Committee member Zainab Juma al-Moussawi told the Iraqi News Agency (INA), that "after approving the financial budget for the years (2023-2024-2025), the road is now paved for the approval of suspended laws from previous parliamentary sessions, the most important of which is the oil and gas law, which will draw the oil map in Iraq and solve the problems between the federal government and the Kurdistan Regional Government and guarantee the rights of both parties.

Al-Moussawi added, "The Oil and Gas Committee is working to prepare the appropriate ground for approving the law very soon," revealing "the presence of political interference working to obstruct the legislation of this law within the House of Representatives."

And she stressed that "there are political forces that do not want to solve the Iraqi economic problems," noting that "the Oil and Gas Committee is working hard to remove obstacles and resolve differences between the governments of Baghdad and Erbil."   https://www.ina.iq/187671--.html

Iraq Reduces Its Holdings Of US Bonds By $4.5 Billion

2023-06-17   Shafaq News/ The US Treasury announced, on Saturday, that Iraq's possession of US bonds decreased for the third month in a row, to reach about $35 billion.

The treasury stated in its latest table, seen by Shafaq News agency, that "Iraq's possession of US Treasury bonds for the month of April of 2023 decreased by 4.5 billion dollars, to reach 34.8 billion dollars, after it was 39.3 billion dollars during the previous month," indicating that "this Bonds rose by 18.6% over the same month of 2022, when Iraq's possession of bonds amounted to $28.3 billion.

In the Arab world, Saudi Arabia comes at the forefront of the countries with the most possession, amounting to 113.3 billion dollars, and the UAE comes second with 70.2 billion dollars, then Kuwait comes third with 41.4 billion dollars, then Iraq fourth and Oman fifth with 7.061 billion dollars.

She pointed out that "the most holders of US bonds are Japan with 1127.2 trillion dollars, followed by China with 868.9 billion dollars, followed by the United Kingdom with 680.7 billion dollars, and then Belgium with 336.6 billion dollars."  LINK

The Visit Of The Emir Of Qatar Will Have A Great Impact On Iraq

The first  2023/06/17    Baghdad: Shaima Rashid   Economic analysts stated that the visit of the Emir of the State of Qatar to Baghdad will have an important economic impact in the future in Iraq, especially since Qatar is a country with an important influence in the region and will revive the investment market, in addition to the role that Doha can play in resolving the water issue between Iraq and Turkey.

Economic analyst Mahmoud Dagher said in an interview with "Al-Sabah": "The mere visit of the leader of a country with great regional influence to Iraq will have an economic impact, and Qatar is the second or third country in the world in gas production, and Iraq needs an alternative to Iranian gas, and it also owns companies that can That Iraq participate in obtaining gas from its lands.

He added, "Extending the Qatari pipeline to Europe - as a strategic project - could constitute important beginnings for Iraq in the process of developing economic growth, distributing economic activity, and benefiting from the transit fees from this pipeline linking Qatar and Europe, especially after the problems that Europe faced with Russian gas." .

He added, "The State of Qatar is a major player in the region, despite being a small country, but it can support Iraq and play an appropriate role in influencing Turkey on the issue of water in Iraq, and this follows the ability of the Iraqi negotiator and the tools he has that he can use with Qatar and Turkey." In addition, economic expert Hazem Hadi explained the importance of the visit of the Emir of the State of Qatar to Baghdad, especially in the matter of investment and development, which will help revive this field in the country and give confidence to other countries to enter the Iraqi arena. https://alsabaah.iq/79156-.html

The Role Of Unconventional Monetary Policy From The Central Bank In Partial Compensation For The Imbalance Of Macro Policy

Dr.. Haitham Hamid Mutlaq Al-Mansour    With the deepening of the phenomenon of inflationary stagnation, the trends in the developmental practice of central banks escalated, and the importance of monetary policy in its modern concept crystallized in its focus on creating the necessary flexibility to formulate strategic targeting in order to stimulate growth and achieve financial and monetary stability.

The college aims to stimulate activity to influence the economic cycle, reallocate and distribute income in a manner consistent with economic and social stimulation and support in a vision supported by international experiences, and towards the following two axes:

 Emphasis on the role of traditional policies, the interest rate and the exchange rate in facing inflation and limiting the negative effects of the rise in the general level of prices.

Entering into an unconventional policy to stimulate growth and achieve financial and monetary stability, balance between economic development, and give stimulants to the economy.

The need for coordination between traditional and non-traditional monetary policy.

 Since the direction of the central bank's policy to build international partnerships since 2015 with major development institutions such as the German Agency for International Cooperation (giz), for example, to meet the needs and priorities of actual financing for small and medium enterprises in Iraq.

Therefore, the Central Bank Governor, Dr. Ali Al-Alaq, announced the national lending strategy, which will see the light early next year 2024, to reveal the establishment of the Riyada Bank, which will represent the banking infrastructure for financing small and medium enterprises, with more than 12 billion dollars, which is distributed among the development of small projects medium, housing loans, renewable energy and other economic projects, in the agricultural, industrial and service fields, as they contribute 30% of the total credit to the private sector.

It aims to facilitate bank lending in its various forms, which leads to creating a close relationship between the central bank’s policy tools Unconventional and its ultimate objectives, in the sense of strengthening the mechanism of transmission of the impact of unconventional monetary policy to the aggregate activity by raising the levels of aggregate supply compensating for import, especially in the targeted activities in the services sector, industry and agriculture to activate aggregate demand in the income loop.

 In light of the developmental support policies to stimulate the economy out of recession, the new policy is expected to target expansion in granting loans and granting facilities in light of the agreement with the International Monetary Fund and the World Bank within the non-financial development program that targets technical and advisory support for economic reform adopted by the Iraqi government. Especially after the US Treasury showed flexibility and readiness last April to assist the Central Bank of Iraq and Iraqi finance in achieving the strategic goals of the macroeconomic policy.

Therefore, it is in the interest of the developing Iraqi economy to stimulate short and medium-term investment and link it to long-term investment ranges by pumping investment loans according to an expansionary monetary policy with specific economic and social goals, given that the problem of the Iraqi economy lies in the low levels of growth of non-oil GDP due to the sharp decline in The flexibility of the real sector and the inefficiency of the financial and monetary markets.

Evaluating the benefit from the monetary expansion policy that supports the government's reform intervention program in order to push the economy on the path of growth and stability, can only be achieved after diagnosing a four-objective vision necessary for the success of the government reform program and the effectiveness of the non-traditional policy of the Central Bank, as follows:

Ensuring that the goals of the financing policy are in the path of developing local productive capacity in the targeted sectors, which reduces the impact of the macro policy imbalance and increases the flexibility of non-oil GDP, which reduces government spending and reduces the overall inflationary pressure to the same extent.

Linking the economic indicators of the aforementioned strategy using general objectives through its overall indicators of non-oil output, economic growth, employment, inflation, stability, growth and private capital accumulation, as well as moving the financial and money markets.

Ensuring the productivity of the funds granted to the private banking sector and ensuring its close relationship with the use of those funds to meet the investment requirements in its production and service branches that are closely linked with long-term projects, in order to focus investment channels in accordance with the requirements of growth and development.

Banking management circles and administrative referral joints for small and medium projects and all their money have a negative impact on the strength of implementation, whether the duration of project completion or its productivity. 52 views  06/17/2023 - https://economy-news.net/content.php?id=34780

MilitiaMan "Power-Reform-Law-Gazette-UST" 6-16-2023

Power - Reform - Law - Gazette - UST

MilitiaMan and Crew:  6-16-2023

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

The IBBC conference in London- looks like the focus is the transition of Iraq. In a nutshell they say Iraq should act fast and expedite the oil and gas sector and a grid upgrade for their electricity.

The 3 year bbudget was the key

Be sure to listen to full video for all the news.

https://www.youtube.com/watch?v=bj8jTiIgoVg

"Zimbabwe and Iranian News" Posted by Harambe at TNT 6-16-2023

TNT:

Harambe:  Zimbabwe's president orders central bank to stop foreign currency borrowing | Reuters (6/16/23)

HARARE, June 16 (Reuters) - Zimbabwe's President Emmerson Mnangagwa has ordered the central bank to stop foreign currency borrowing, as the government battles to contain a plunge in the local currency ahead of a general election.

Mnangagwa faces a tough bid for re-election in an Aug. 23 vote amid surging inflation and a Zimdollar that has weakened by more than 80% since the beginning of the year.

Some analysts had argued that the central bank was compounding the country's currency crisis through foreign currency borrowing that was not under parliamentary oversight.

“The (central) bank shall only borrow foreign currency on behalf of the state at the instance of the (Finance) Minister and not on its own behalf," Mnangagwa said in a statement issued late on Thursday.

The central bank has in the past borrowed from regional banks to fund imports of fuel, fertilizer, edible oils and other basic goods.

The government recently announced a raft of measures to stabilise the Zimdollar and tame inflation, including transferring some functions of the central bank to the finance ministry.

The southern African country has seen bouts of hyperinflation and currency volatility over the past 20 years, blamed on the government's poor handling of the economy and policies such as former president Robert Mugabe's seizure of farms from whites to resettle landless Blacks.

https://www.reuters.com/world/africa/zimbabwes-president-orders-central-bank-stop-foreign-currency-borrowing-2023-06-16/

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Harambe:  Iranian Oil Is Quietly Flooding Into the Global Market Again - BNN Bloomberg (6/16/23)

(Bloomberg) -- Iran is shipping the most crude in almost five years, fortifying its re-emergence on the geopolitical stage while posing risks for a fragile global crude market.

Exports have surged to the highest level since US sanctions were re-imposed in 2018, according to a range of analysts including Kpler Ltd., SVB Energy International, FGE and the International Energy Agency. The vast majority is flowing to China, as the world’s biggest importer scoops up cut-price barrels from the Islamic Republic. 

Rebounding sales are the most tangible sign yet that the country — while still reeling financially from years of isolation — is reasserting itself, having started to repair ties with regional rivals, fostered relations with Asia’s leading power, and even begun a tentative diplomatic engagement with Washington.

Yet the extra supplies are sapping confidence in an oil market weakened by faltering economic growth and cheap Russian cargoes, frustrating efforts by Iran’s partners in the OPEC+ alliance to put a floor under crude prices. 

“Iran’s crude exports smashed it last month,” said Homayoun Falakshahi, a senior analyst at Kpler. “Iranian crude is extremely interesting for those willing to take the risk to buy.”

Crude shipments have doubled since last autumn to reach 1.6 million barrels a day in May, even as American sanctions remain in place, according to the firm. Production has hit 2.9 million barrels a day, the highest since late 2018, the Paris-based IEA estimates. Consultants SVB Energy, Petro-Logistics SA and FGE believe that output is even higher, maybe surpassing 3 million barrels a day. 

The recovery in flows — severely curtailed after former President Donald Trump quit a nuclear accord with Tehran in 2018 — could bolster an economy battered by rampant inflation, a plunging currency, and periodic unrest against hardline President Ebrahim Raisi.

It coincides with other signs of Iran’s revival: a preliminary accord with regional adversary Saudi Arabia in April, efforts to rehabilitate Syrian ally Bashar al-Assad, and clandestine talks to lower tensions with the White House. 

Through negotiations between intermediaries in Oman and on the sidelines of United Nations meetings, Washington and Tehran are inching toward an understanding to free American prisoners and explore limits on Iranian nuclear research, in exchange — according to a person familiar with the Iranian position — for leeway to ship more crude.

A State Department official said rumors of a nuclear deal are “false and misleading” and the US priority remains to stop Iran from obtaining a nuclear weapon. Iran says its atomic program is for peaceful purposes only.

Yet additional shipments —  adding to flows from two other OPEC+ members under sanctions, Russia and Venezuela — are already happening, hitting global oil markets. Prices have retreated 12% this year to near $75 a barrel in London, spurring a flurry of downgrades by forecasters like Goldman Sachs Group Inc. and JPMorgan Chase & Co. 

Iran’s surge has undermined efforts to stabilize the market by the Organization of Petroleum Exporting Countries and its leader, Saudi Arabia, which this month announced a new production cutback of 1 million barrels a day, to little effect. 

Ever since US sanctions were reimposed five years ago, Iranian crude has been shipped to its few remaining buyers on a so-called “dark fleet” of tankers — often aging and uninsured — that de-activate transponders to avoid detection. 

While tanker-tracking shows that China has remained Tehran’s main customer, official data registers no imports from the Islamic Republic in the past year. Instead, purchases have soared from Malaysia, where Iranian cargoes are often sent for transfer to another ship, blurring the consignment’s origins. 

“These ghost barrels are not counted in the official total,” said SVB founder and president, Sara Vakhshouri. But “while the whole of OPEC+ is trying to cut as much as possible, and Saudi goes with a voluntary cut, every barrel counts.”

Chinese refiners — especially smaller, independent companies in Shandong province — are ramping up purchases of Iranian cargoes as the price discounts offered by Tehran help offset a recent slump in profit margins, Kpler says. 

Iran has had to deepen discounts to its crude to compete with an influx of Russian crude pushed out of Europe by sanctions, according to Iman Nasseri, managing director at FGE in Dubai. The increased flow is drawing heavily from crude it had stockpiled on tankers to satisfy the demand, the companies say.

“China’s willingness to support Iran by taking its sanctioned oil, suggests a slight improvement in Iran-China relations,” said Greg Brew, an analyst at consultants Eurasia Group. “All of this supports the view that Iran’s position is improving, along with its advancing normalization with other regional states.” 

It was Beijing that brokered the fledgling detente between Iran the Saudis — a symbol of the growing closeness both countries seek with Asia’s rising power — as the Middle East rivals seeking to defuse decades of proxy conflicts, such as the ongoing war in Yemen.

Besides the increased appetite from China, some analysts have speculated that the surge has been tacitly permitted by a US government intent on keeping gasoline prices in check. Turning a blind eye could also help as the two countries work on a building a diplomatic channel. 

“There’s been less enforcement of the sanctions by a US administration wanting to counter Russian crude in the market while also keeping supply flowing,” said FGE’s Nasseri.

The impact on oil prices from Tehran’s comeback could be limited going forward. Crude deliveries to China may slow while authorities conduct a crack-down on bitumen mixture, which traders suspect is used as a cover for denser and cheaper barrels sold by Iran.

In any case, global oil markets are set to swing into a sharp deficit for the rest of the year as China’s post-pandemic rebound gathers pace, the IEA predicts. Demand will exceed supply by roughly 2 million barrels a day in the second half of the year, more than enough to absorb additional Iranian flows.  

Crude traders remain skeptical of the projected supply tightness, in part as the swelling tide of barrels from Iran casts a shadow on the outlook. 

“Negative supply side anxiety is palpably shaping the mood,” said Tamas Varga, an analyst at broker PVM Oil Associates Ltd. in London, adding that extra Iranian flows are part of that.

https://www.bloomberg.com/news/articles/2023-06-16/iranian-oil-is-quietly-flooding-into-the-global-market-again