Goldilocks "Iraq, ETF's, Bank Stress Tests and more" 6-26-2023
Goldilocks and Seeds of Wisdom
Thank you RJ
Good morning Dinar Recaps,
Goldilocks posted some comments and links to financial news this morning:
The final version. The Official Gazette publishes the budget law and enters into force
Goldilocks and Seeds of Wisdom
Thank you RJ
Good morning Dinar Recaps,
Goldilocks posted some comments and links to financial news this morning:
The final version. The Official Gazette publishes the budget law and enters into force
☝️ No rate yet my friends. We have been discussing in this room how it will naturally and organically come out in the next system.
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Exchange Traded Funds (ETFs) are a basket of securities that can be rolled up into a single stock to be bought and sold on the market.
An ETF such as Bitcoin and Ethereum that have commodity features attached allows a person to own gold as a stock without holding it in physical form.
HSBC bank is rolling out this International opportunity in Hong Kong.
© Goldilocks
https://watcher.guru/news/hsbc-enables-bitcoin-ethereum-etf-trading-in-hong-kong
https://cointelegraph.com/news/hsbc-reportedly-rolls-out-cryptocurrency-services-in-hong-kong
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Big US banks to face Fed's annual stress tests this week
https://www.foxbusiness.com/markets/big-us-banks-face-feds-annual-stress-tests-this-week
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The buying and selling of digital assets on the market are underway.
Several tests are taking place as we speak to check on the operability of these digital assets on the stock exchange.
Some assets are already in play as we speak. We are undergoing a Global Event that involves changing an entire Global Economy, and not, just one country.
The latest tests involve 11 banking institutions including Standard Chartered, HSBC, Citi, UBS, and JP Morgan.
© Goldilocks
https://www.ledgerinsights.com/singapore-tokenization-stanchart-hsbc-citi-ubs-public-blockchain/
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"Banking giants like Standard Chartered, HSBC and Citi are set to run multiple tokenization trials across wealth management, fixed income and foreign exchange."
When you transform an entire Market inside all sectors, this does include the Forex Market/currency exchange services.
It is important to note that we are in the pilot phase that takes place before implementation.
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Thank you Dinar Recaps
"Tidbits From TNT" Monday Morning 6-26-2023
TNT:
Tishwash: The Iraqi Gazette publishes the general budget law
Issue (4726) of the Iraqi Al-Waqae’ newspaper was published on 6/26/2023
2023-06-26 10:50:00
- Law No. (13) of 2023 "The Federal General Budget of the Republic of Iraq for the fiscal years (2023-2024-2025)".
To download the issue, click here link
TNT:
Tishwash: The Iraqi Gazette publishes the general budget law
Issue (4726) of the Iraqi Al-Waqae’ newspaper was published on 6/26/2023
2023-06-26 10:50:00
- Law No. (13) of 2023 "The Federal General Budget of the Republic of Iraq for the fiscal years (2023-2024-2025)".
To download the issue, click here link
Tishwash: Deputy: Iraq is going through a new phase of regional and international relations after its recent opening
Representative Karim Aliwi Al-Muhammadawi, a member of the Parliamentary Foreign Relations Committee, confirmed today, Sunday, that Iraq is going through a new phase of regional and international relations after its recent opening.
And Al-Muhammadawi said in a special statement to Al-Mutala Agency: "Iraq has now begun a new phase in relations and agreements with countries."
Al-Muhammadawi continued: "Iraq is working to improve relations with everyone and preserve its interests with all countries of the world, and this is a step for Iraq to be more developed, and we will witness the influx of many heads of state and diplomats to Iraq after its recent openness in relations." link
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Tishwash: Al-Haimus: The Iraqi stock market will be a competitor to the Arab financial markets in the future
The Chairman of the Securities Commission, Faisal Al-Haimus, affirmed today, Monday, that the Iraqi Stock Exchange will be a vital and effective part of the activities of the Arab financial markets and a competitor to it in the future, in implementation of the government program of the Prime Minister, Muhammad Shia'a Al-Sudani.
Al-Haimus said during his periodic meeting with the President of the Iraq Stock Exchange, Taha Ahmed Abdel-Salam, and the Chairman of the Board of Governors of the Market, Thaer Adnan Hashem, and the delegation accompanying them, according to a statement received by Earth News Agency, that “the meeting dealt with the overall movement that takes place in the trading activities in the market, and the indicators for trading Shares of joint-stock companies.
He added, "The recent meetings had a character and a vision for the future that extends on the basis of setting policies and strategies for the activity of trading the shares of Iraqi joint-stock companies, and encouraging building the capital of listed companies or that will be established and listed in the market."
And Al-Haimus indicated that "all these measures would add to the Iraqi economy factors of strength and durability, and for the Iraqi market for securities to be a vital and effective part of the activities of the Arab financial markets and a competitor for it in the future." link
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CandyKisses: Oil climbs and Aramco confirms its strength will remain until the end of the year
Economy News _ Baghdad
Oil prices rose in early Asian trade on Monday after a brief rebellion by Russia's Wagner private military group earlier this week, raising fears of political turmoil in Russia and its potential impact on oil supplies from one of the world's largest producers, Reuters reports.
Brent crude futures were up 95 cents, or 1.3 percent, at $74.80 a barrel by 2300 GMT.
West Texas Intermediate crude futures rose 88 cents, or 1.3 percent, to $70.04 a barrel.
The chief executive of Saudi oil giant Aramco, Amin Nasser, said on Monday that global oil market fundamentals are expected to remain strong for the rest of this year, supported by strong demand from developing countries, especially China and India.
"Overall, we believe that oil market fundamentals will remain strong for the rest of the year," he told the Asia Energy Conference.
"Despite recession risks in many OECD countries, developing economies, particularly China and India, are leading to strong oil demand growth of more than two million barrels per day this year," he said.
In the same context, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghaith, said on Monday that OPEC expects global oil demand to increase to 110 million barrels per day by 2045, 23 percent more than current levels.
Russia avoided a clash between the leadership in Moscow and the commander of the Wagner mercenaries, Yevgeny Prigozhin, on Saturday, after the heavily armed group withdrew from the southern city of Rostov under an agreement that halted its rapid advance towards the capital.
But the crisis has raised questions about Russian President Vladimir Putin's grip on power and concerns about potential disruption to Russian oil supplies.
Analysts at Goldman Sachs said markets may consider a slightly higher likelihood that domestic tensions in Russia could lead to supply disruptions or have a significant negative impact on future oil supplies.
Brent crude and West Texas Intermediate crude fell about 3.6 percent last week on fears that the Federal Reserve will raise interest rates again, which could undermine oil demand at a time when China's economic recovery has disappointed investors after several months of weak data for consumption, production and the real estate market.
Tishwash: Deputy: Iraq is going through a new phase of regional and international relations after its recent opening
Representative Karim Aliwi Al-Muhammadawi, a member of the Parliamentary Foreign Relations Committee, confirmed today, Sunday, that Iraq is going through a new phase of regional and international relations after its recent opening.
And Al-Muhammadawi said in a special statement to Al-Mutala Agency: "Iraq has now begun a new phase in relations and agreements with countries."
Al-Muhammadawi continued: "Iraq is working to improve relations with everyone and preserve its interests with all countries of the world, and this is a step for Iraq to be more developed, and we will witness the influx of many heads of state and diplomats to Iraq after its recent openness in relations." link
**
Tishwash: Al-Haimus: The Iraqi stock market will be a competitor to the Arab financial markets in the future
The Chairman of the Securities Commission, Faisal Al-Haimus, affirmed today, Monday, that the Iraqi Stock Exchange will be a vital and effective part of the activities of the Arab financial markets and a competitor to it in the future, in implementation of the government program of the Prime Minister, Muhammad Shia'a Al-Sudani.
Al-Haimus said during his periodic meeting with the President of the Iraq Stock Exchange, Taha Ahmed Abdel-Salam, and the Chairman of the Board of Governors of the Market, Thaer Adnan Hashem, and the delegation accompanying them, according to a statement received by Earth News Agency, that “the meeting dealt with the overall movement that takes place in the trading activities in the market, and the indicators for trading Shares of joint-stock companies.
He added, "The recent meetings had a character and a vision for the future that extends on the basis of setting policies and strategies for the activity of trading the shares of Iraqi joint-stock companies, and encouraging building the capital of listed companies or that will be established and listed in the market."
And Al-Haimus indicated that "all these measures would add to the Iraqi economy factors of strength and durability, and for the Iraqi market for securities to be a vital and effective part of the activities of the Arab financial markets and a competitor for it in the future." link
**
CandyKisses: Oil climbs and Aramco confirms its strength will remain until the end of the year
Economy News _ Baghdad
Oil prices rose in early Asian trade on Monday after a brief rebellion by Russia's Wagner private military group earlier this week, raising fears of political turmoil in Russia and its potential impact on oil supplies from one of the world's largest producers, Reuters reports.
Brent crude futures were up 95 cents, or 1.3 percent, at $74.80 a barrel by 2300 GMT.
West Texas Intermediate crude futures rose 88 cents, or 1.3 percent, to $70.04 a barrel.
The chief executive of Saudi oil giant Aramco, Amin Nasser, said on Monday that global oil market fundamentals are expected to remain strong for the rest of this year, supported by strong demand from developing countries, especially China and India.
"Overall, we believe that oil market fundamentals will remain strong for the rest of the year," he told the Asia Energy Conference.
"Despite recession risks in many OECD countries, developing economies, particularly China and India, are leading to strong oil demand growth of more than two million barrels per day this year," he said.
In the same context, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghaith, said on Monday that OPEC expects global oil demand to increase to 110 million barrels per day by 2045, 23 percent more than current levels.
Russia avoided a clash between the leadership in Moscow and the commander of the Wagner mercenaries, Yevgeny Prigozhin, on Saturday, after the heavily armed group withdrew from the southern city of Rostov under an agreement that halted its rapid advance towards the capital.
But the crisis has raised questions about Russian President Vladimir Putin's grip on power and concerns about potential disruption to Russian oil supplies.
Analysts at Goldman Sachs said markets may consider a slightly higher likelihood that domestic tensions in Russia could lead to supply disruptions or have a significant negative impact on future oil supplies.
Brent crude and West Texas Intermediate crude fell about 3.6 percent last week on fears that the Federal Reserve will raise interest rates again, which could undermine oil demand at a time when China's economic recovery has disappointed investors after several months of weak data for consumption, production and the real estate market.
Mot: ... Does Make Ya Wonder - Huh!!! ~~~
Mot: ....... I'm getting good at it organizing finances
Goldilocks Late Sunday Night "Global Currency Reset on everything." 6-25-2023
Goldilocks and Seeds of Wisdom
Thank you RJ
Good evening Dinar Recaps,
Goldilocks posted some links and comments today:
"The integration is also set to deliver a commendable on/off ramp for USD Coin to complement Stellar’s wallets, exchanges, and businesses in the financial technology space."
The USD Coin, Coinbase, and the Stellar Development Foundation are currently working together to build an open-source decentralized digital banking alliance.
Stellar’s open network enables Global access capable of creating, sending, and trading digital representations of all forms of money.
Can you imagine what this is about to do for the Foreign Currency Exchange Market?
© Goldilocks
Goldilocks and Seeds of Wisdom
Thank you RJ
Good evening Dinar Recaps,
Goldilocks posted some links and comments today:
"The integration is also set to deliver a commendable on/off ramp for USD Coin to complement Stellar’s wallets, exchanges, and businesses in the financial technology space."
The USD Coin, Coinbase, and the Stellar Development Foundation are currently working together to build an open-source decentralized digital banking alliance.
Stellar’s open network enables Global access capable of creating, sending, and trading digital representations of all forms of money.
Can you imagine what this is about to do for the Foreign Currency Exchange Market?
© Goldilocks
We have one more business week of the Libor transition into SOFR lending rates.
This is a Global Event transforming our World Economy. Everything goes to real values on every sector of the market. It is a process, and the end result will be a Global Currency Reset on everything.
A little over 50% of our economy still have 3 months left of contract obligations in the Libor system when it ends on June 30th.
They will be allowed to finish these final contracts out until September the 15th, but the system does change to SOFR collateralized rates backed by commodities on June 30th, 2023.
The next 3 months will be a transition period for the markets.
It will be a time when the markets will go to a real value under new digital standardized mechanisms backed by gold.
If you have invested in the right assets, this will be a period of time whereby a great transfer of wealth will move to your favor.
Wait for a price action change on the assets you hold that best suits your needs.
© Goldilocks
https://www.ifre.com/story/3984940/end-of-the-line-for-libor-authorities-finally-kill-off-us220trn-benchmark-fzkyg2jsn3
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We have joined one another on an incredible journey this past year and a half.
We have learned about the new monetary system and several aspects of it.
My purpose was to educate and not to lead anyone in any particular direction. I neither endorse or promote any product that has been listed for the last year and a half.
Please do your own research before you make any decisions that will affect your life.
You have been informed well on all the choices that are being made and out there for us.
It will be up to you to take what you have learned into your Exchange and make decisions accordingly.
© Goldilocks
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The investment window of opportunity is rapidly coming to an end.
It is getting time for us to prepare ourselves for The Great Transfer of Wealth to begin early next month.
For some assets, immediate changes will begin to show up, but most all assets will be on the docket to change as new SOFR mechanisms and monetary policies on July the 15th WILL will give guidance for them to do so.
© Goldilocks
https://reclaimthenet.org/bis-publishes-cbdcs-blueprint
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IEO Virtual Seminar: The Birth of Bretton Woods III? A Commodity Currency Revolution
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On July 1st 2023, the world switches over to SOFR lending service mechanisms on the new digital economy.
As we said this morning, 50% of companies have not completely switched over to the new lending service.
This will cause fluctuations in the Global Markets to the downside in those assets whereby companies did not make that switch. Others will find their values to the upside that have.
Because we have chosen to move into a new monetary mechanism on July 1 (SOFR) that is collateralized and standardized by assets of real values along with new policies to go with them on July 15, new rates on everything will begin to make their moves into real values based upon these changes.
Again, Libor contracts that did not make the cut on the deadline have an extension date until September the 15th.
This does not mean we have to wait for everything to change on that date to see a revaluation take place. Yet, some assets may take that long for you to receive what you were looking for at that time. Time will tell.
I can tell you that Stablecoins, which represent a country's currency, has begun the process of being liquidated. The movement of money in those coins that take place on July 1st will begin to calculate new norms and new values. Give them a little time.
Re-evaluations begin the moment those mechanisms change at midnight on July the 1st 2023. It is a process whereby assets will be digitally interfacing themselves with other assets of real value that will support their underlying principle prices.
As I have said this morning, every sector of the market will begin to change. Some will change faster than others. This is why it is important to wait for the rate on your sector of the market you are looking for to find a value you want to redeem your asset at during that time.
You will never be in this position at this level like you are now again. You will need to pay attention, and you may need to be patient.
Just know we are in this together.
© Goldilocks
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Thank you Dinar Recaps
Monday Morning Iraq Economic News Highlights 6-26-23
Monday Morning Iraq Economic News Highlights 6-26-23
The Budget Enters Into Force.. Iraqi Facts Publish The Text Of The Law
2023-06-26 02:50 Shafaq News/ The official Iraqi Gazette issued by the Ministry of Justice published, on Monday, the text of the general budget law for the years (2023, 2024, 2025).
A copy of the facts and budget law
The Iraqi Gazette Publishes The Federal General Budget Law
Iraq 11:05 - 2023-06-26 Today, Monday, the Iraqi Al-Waqa’i newspaper affiliated with the Ministry of Justice published Law No. (13) for the year 2023 “The Federal General Budget of the Republic of Iraq for the fiscal years (2023-2024-2025).”
Monday Morning Iraq Economic News Highlights 6-26-23
The Budget Enters Into Force.. Iraqi Facts Publish The Text Of The Law
2023-06-26 02:50 Shafaq News/ The official Iraqi Gazette issued by the Ministry of Justice published, on Monday, the text of the general budget law for the years (2023, 2024, 2025). LINK
The Iraqi Gazette Publishes The Federal General Budget Law
Iraq 11:05 - 2023-06-26 Today, Monday, the Iraqi Al-Waqa’i newspaper affiliated with the Ministry of Justice published Law No. (13) for the year 2023 “The Federal General Budget of the Republic of Iraq for the fiscal years (2023-2024-2025).” https://kirkuktv.net/AR/Details/16008
The Tripartite Budget Enters Into Force After It Is Published In The Al-Waqi' Newspaper. This Is The Final Version
Policy 2023-06-26 | 03:46 3,111 views Alsumaria News – Politics The official Iraqi Gazette published today, Monday, the general financial budget law for the next three years.
To read the General Financial Budget Law published in the Official Gazette, the file is below:
After difficult labor that lasted 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 and 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.
On Wednesday (June 21, 2023), the President of the Republic, Abdul Latif Jamal Rashid, approved the Federal Public Finance Law. LINK
Newspaper: Al-Sudani's Government Pledges Collide With The Budget Deficit... Electoral Or Enforceable Promises?
2023-06-26 Arab and international reports 0 - Iraqi Prime Minister Muhammad Shia al-Sudani announced pledges to implement five priorities, some of which require strict control policies, and others require funds, but he did not mention where the money would come from to implement them, as long as the budget that was approved recently notes a deficit estimated at 63 trillion dinars, equivalent to $49 billion.
This prompted some observers to say that, since assuming the presidency of the government last October, Al-Sudani tends to make promises without backing them up with figures, and without showing any evidence of them in the budget, so that they appear as electoral promises rather than an implementable program of action.
Al-Sudani said in a local television interview that his government is keen to implement five priorities, which are “tackling poverty, confronting unemployment, combating financial and administrative corruption, in addition to providing services and economic reform, and there is another priority that requires expediting the completion of projects that have been obstructed for years.”
Al-Sudani also promised that social protection would cover 42,000 displaced families, as well as a reduction in tuition fees for students covered by social care in public universities for evening studies and private universities.
In addition to the fact that the issue of combating financial and administrative corruption has not been taken regarding measures leading to the overthrow of the well-known major corruption heads in Iraq, and its agents deployed in Parliament, government institutions and the Central Bank, including those suspected of carrying out what has become known as the “theft of the century”, priorities require. Other investments The recently approved budget does not provide sufficient financial cover for its implementation.
Al-Sudani seemed to gather some scattered capabilities when he said that the country could save $3 billion if the Karbala refinery operated with a capacity of 140,000 barrels per day, which was used to import oil derivatives.
Iraq's budget for the current year amounts to 198.9 trillion dinars ($153 billion), but its deficit is more than double the deficit recorded in the 2021 budget. More than two-thirds of the budget goes to covering the costs of salaries and government spending, which has previously raised many questions about the reason The deficit has ballooned out of proportion to the country's new employment rates.
The government is betting on borrowing to cover the deficit. This means that if it wants to implement investment projects that lead to reducing poverty and unemployment rates, it will need to borrow more money.
Economists explain the reason for the inflation of the budget, the deficit, and the need to borrow as interconnected links related to levels of spending ravaged by corruption, including hundreds of thousands of jobs and fictitious pensions that militias and political parties benefit from, especially since they are parties that pay salaries to their members, and not like other parties that depend on donations from their members. .
“The implementation of the provisions of the budget law will be in accordance with the actual financial liquidity, especially with regard to investment projects,” said Salah Nuri, former director of the Office of Financial Supervision. He continued, “All previous budgets were unable to achieve the expected revenues, and because the financial liquidity is much less than expected; Priority is given to the operational budget in terms of salaries and governing expenses.”
Nuri added, “If it requires the implementation of all budget items; The financial ceiling will be covered by borrowing, and investment projects will most likely not be completed.
For his part, the economic advisor to the Prime Minister, Mazhar Muhammad Salih, said, "The deficit rate will be controlled through several chapters, including the accumulated cash surplus for the previous months, as well as the issuance of government bonds and internal borrowing."
On June 12, the House of Representatives approved a three-year budget that relies on oil for 83 percent of its revenues. This is based on a price of $70 a barrel. If the price of oil falls, the deficit will increase.
However, what is considered a “reality” is that the government does not have sufficient funds to implement investment projects. In order to overcome two decades of continuous failure, it is forced to seek the help of external investments to implement stalled projects and projects that the government wants to say it has implemented, with the money and contributions of others, and not with its own money.
Observers say that although foreign investment projects, especially those implemented by the Gulf states, are a vital outlet to extricate Iraq from the circle of failure that surrounded it throughout the years after the 2003 invasion, the Iraqi governments would have been able, had it not been dominated by corruption, To carry out an important aspect of these investments.
Iraq has a cash surplus of about $110 billion. While part of it is used to provide flexibility to the Central Bank to finance government spending and pay off foreign debt installments, another part of it can still be invested in the implementation of much-needed economic projects, in the areas of infrastructure reform, transportation and electricity networks, which is a basic basis for serving the investment projects that are needed. Funded by outside investors. Unless the government undertakes these actions, the foreign investment projects themselves may be stalled or not bear fruit in a timely manner.
Source: Al-Arab newspaper, London LINK
With The Eid Approaching And The Markets Booming, The Dollar Is Flying In The Sky Of Baghdad
Time: 06/25/2023 Read: 585 times {Economic: Al Furat News} The main stock exchange in the capital, Baghdad, closed today, Sunday, on the rise in the dollar prices against the Iraqi dinar.
The useful summary.. On important news, you can find it on Al-Furat News channel on Telegram.. To subscribe, click here
The price of the dollar, with the closure of the Al-Kifah and Al-Harithiya stock exchanges, reached 147,550 dollars against 100 dollars, while the dollar prices this morning were 147,100 dinars against 100 dollars.
That the buying and selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 148,500 Iraqi dinars, while the purchase price reached 146,500 dinars for every 100 dollars.
The pace of demand for clothes and foodstuffs, including meat, is increasing in Iraq, especially in the capital, Baghdad, significantly, with the approach of Eid Al-Adha.
And the Prime Minister, Muhammad Shia’a Al-Sudani, directed that the blessed Eid Al-Adha holiday be from Tuesday, corresponding to June 27, 2023, until Sunday, corresponding to July 2, 2023.
Official working hours in all government institutions will resume on Monday, corresponding to 7/3/2023.
The markets are not as usual every year, despite the crowd of pedestrians in their streets, but in Iraq they are witnessing a remarkable state of stagnation and lack of shopping with the advent of Eid Al-Fitr.
The reasons for this are multiple, including the high prices of materials and commodities, and the significant decline in the purchasing power of employees and those with daily wages and limited incomes. This holiday also represents a new challenge for the poor and low-income class, in addition to the instability of prices and the stability of the price of the dollar in the parallel market. LINK
The Government Is Reviving Lagging Projects Since 2006
Iraq 2023/06/26 Muhannad Abdel Wahhab The government has revealed that it will restore the 1,450 projects lagging behind since 2006, in addition to the implementation of 4 strategic projects, and indicated that it has set its sights on providing the necessary funds to implement a number of housing projects.
The government spokesman, Basem Al-Awadi, stated in an exclusive interview with "Al-Sabah" that "the implementation of strategic projects lies in four projects that came within the government's curriculum, which are (the Al-Faw project, the railways, the dry canal linking the port of Al-Faw with neighboring countries, and the establishment of a water desalination plant." The sea is in Basra, and it is one of the most important projects in the province because of what it suffers from.”
He stressed that "the government has developed integrated plans to implement investment projects in the manufacturing and petrochemical industries, as well as the establishment of new refineries of the new generation to fill the shortfall in oil products."
He added, "Our investment budget amounts to 47 trillion dinars," of which:
147 billion dinars were allocated for the rehabilitation of 10 large hospitals in all Iraqi governorates,
400 billion dinars for desalinating Basra water,
600 billion dinars for implementing the fourth ring road in Baghdad,
300 billion dinars for infrastructure projects. Infrastructure in Diwaniyah,
107 billion dinars for the "Nibras" project in Baghdad,
280 billion dinars for the rehabilitation and maintenance of power plants,
1 trillion dinars for the "Development Fund", and
500 billion dinars for the "Fund for the Poorest Provinces", added by the Prime Minister, in addition to investments The big one that will enter Iraq through the path of development.
Al-Awadi pointed out, "One of the most important issues that we must talk about is that the Prime Minister has set his sights on moving lagging projects since 2006 until now," noting that "the latest reports received from the Ministry of Planning indicate that the number of lagging projects in Iraq More than 1,450 projects have been lagging since 2005 and 2006, and the reasons for their reluctance are due to political conditions or the fluctuation and decline in oil prices.
He explained that "the statement of the Ministry of Planning in this regard stated that during the past eight months of the life of the Prime Minister's government (Muhammad Shia' al-Sudani), 450 lagging projects were dealt with, as they were reinstated," stressing that "the government is committed to moving all the accumulated 1450 lagging projects."
In the life of the previous Iraqi governments, from 2006 to the present time, and this is a great achievement that cannot be neglected.
Al-Awadi pointed out that "some of the previous paragraphs come within the ministry's budget - that is, what is allocated to the Ministry of Housing - as an annual support amount estimated at 4 to 5 trillion dinars," noting that many service issues are linked to the Ministry of Housing and Construction and not the departments of municipalities and governorates, including projects for resolving bottlenecks.
Traffic, and for all these projects funds were allocated within the general budget of the Ministry of Construction and Housing.” Edited by: Muhammad al-Ansari https://alsabaah.iq/79766-.html
KTFA Members "News and Views" Sunday 6-25-2023
KTFA:
Clare: Justice: Publication of the Budget Law in the Official Gazette tomorrow
6/25/2023
The Ministry of Justice announced the publication of the financial budget law in the (official) Iraqi Gazette, tomorrow, Monday.
She indicated that the budget law will enter into force on January 1, 2023.
It is noteworthy that the House of Representatives approved the dawn of the 12th of June, the budget law, while the President of the Republic approved it on the 21st of the same month. LINK
Turk182: HCL will become Official immediately upon Gazette Posting. When does the CBI Flip the Switch? Moments before publication or Immediately after?
Scarlett10: That is the biggest question. But all I know is that we are really close. This week looks very promising.
KTFA:
Clare: Justice: Publication of the Budget Law in the Official Gazette tomorrow
6/25/2023
The Ministry of Justice announced the publication of the financial budget law in the (official) Iraqi Gazette, tomorrow, Monday.
She indicated that the budget law will enter into force on January 1, 2023.
It is noteworthy that the House of Representatives approved the dawn of the 12th of June, the budget law, while the President of the Republic approved it on the 21st of the same month. LINK
Turk182: HCL will become Official immediately upon Gazette Posting. When does the CBI Flip the Switch? Moments before publication or Immediately after?
Scarlett10: That is the biggest question. But all I know is that we are really close. This week looks very promising.
Game of Patience: The HCL is still an UN-APPROVED Reform Law, needing to be Approved.
YoungSC: FA# 2979... The HCL is in the budget imo. Legal expert Ali Al-Tamimi confirmed, on Tuesday, that the oil agreement between Baghdad and the Kurdistan region will be implemented within the budget items as soon as the law is published in the Official Gazette, stressing that the Democratic Party will not challenge the amended budget paragraphs
Game of Patience: Does publishing the budget do something to the value of the currency?
ButchB: IMO…publishing it in the Gazette, makes it official and gives it a starting point with all the new laws… but in a nutshell, just the posting of it does nothing. It merely makes it official for not only Iraqis but the world.
In my opinion, let’s see how should I phrase this?… the value of the dinar, and the publishing in the Gazette is no shorter than having a waterproof wick that has already been lit.
You see at this point in my opinion is the time in the game where you show em !
Let’s see what you’re holding because this is about to blow up In my humble opinion-We are now at the no stopping point. The fuse most definitely has been lit.
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Clare: With the Eid approaching and the markets booming, the dollar is flying in the sky of Baghdad
6/24/2023
The main stock exchange in the capital, Baghdad, closed today, Sunday, on the rise in the dollar prices against the Iraqi dinar.
The price of the dollar, with the closure of the Al-Kifah and Al-Harithiya stock exchanges, reached 147,550 dollars against 100 dollars, while the dollar prices this morning were 147,100 dinars against 100 dollars.
That the buying and selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 148,500 Iraqi dinars, while the purchase price reached 146,500 dinars for every 100 dollars.
The pace of demand for clothes and foodstuffs, including meat, is increasing in Iraq, especially in the capital, Baghdad, significantly, with the approach of Eid Al-Adha. The markets are not as usual every year, despite the crowd of pedestrians in their streets, but in Iraq they are witnessing a remarkable state of stagnation and lack of shopping with the advent of Eid Al-Fitr.
And the Prime Minister, Muhammad Shia’a Al-Sudani, directed that the blessed Eid Al-Adha holiday be from Tuesday, corresponding to June 27, 2023, until Sunday, corresponding to July 2, 2023. Provided that official working hours in all government institutions will resume on Monday, corresponding to 7/3/2023.
The reasons for this are multiple, including the high prices of materials and commodities, and the significant decline in the purchasing power of employees and those with daily wages and limited incomes. This holiday also represents a new challenge for the poor and low-income class, in addition to the instability of prices and the stability of the price of the dollar in the parallel market. LINK
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Clare: About 20 million dollars, the volume of exchange between Iraq and Ethiopia
6/25/2023
The trade map website, which provides a trade map of countries (exports and imports), reported on Sunday that the volume of trade exchange between Iraq and Ethiopia reached about $20 million during the past year 2022.
According to the site's statistic, seen by Shafak News Agency, "The trade exchange between Iraq and Ethiopia during the year 2022 amounted to 19.598 million dollars, of which Iraq's exports accounted for 95%."
She added, "Iraq exported to Ethiopia during the year 2022 the amount of 7 commodities with a financial value of $18.719 million, the most prominent of which were mineral fuels and mineral oils with a value of $15.774 million. It also exported various chemical products with a value of $1.479 million, and fertilizers with a value of $566 thousand."
She indicated that "Ethiopia exported 9 commodities to Iraq with a financial value of $879,000, the most prominent of which was plastic at $611,000, coffee and tea at a value of $232,000, live trees and other plants and bulbs at a value of $26,000."
Ethiopia, or as it was called Abyssinia in the past, is a landlocked country located in the Horn of Africa, and its capital is Addis Ababa. Ethiopia's total area is 1.100 million square kilometers and its population is more than 109 million. LINK
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Clare: Iraq reduces its holdings of US bonds to more than $6 billion
6/25/2023
The US Treasury Department announced, on Sunday, that Iraq has reduced its holdings of US bonds to more than $6 billion during the first four months of 2023.
The treasury said in its latest table, seen by Shafaq News agency, that "Iraq reduced its holdings of bonds during those months, starting from January to April, by $6.4 billion, to reach the 36th rank among the 38 countries with the largest holders of US treasury bonds." listed in the table of countries.
And she added, "Iraq's possession of US bonds in January amounted to 41.2 billion dollars, to decrease to 40.7 billion dollars in February, to decrease to 39.3 billion dollars in March, and to decline again in April to 34.8 billion dollars," indicating that "Iraq's possession of US bonds is in The month of January 2022 amounted to 40.8 billion dollars.
She pointed out that "Iraq was the fourth largest Arab country in the largest possession of US bonds, after Saudi Arabia, the UAE and Kuwait." LINK
Clare: The forgotten treasures of Anbar.. What if you invested?
6/25/2023
Anbar Governorate has a huge wealth of natural resources, which, if invested, would constitute an important economic resource, and would contribute to raising Iraq's levels significantly.
Anbar Governorate is located to the west of Iraq, and its area is (138,500) square kilometers, or about 32% of the total area of Iraq, while its population is (1.600) million people, according to the 2014 census.
Al-Anbar Province is bordered to the north by the provinces of Salah al-Din and Nineveh, Syria to the northwest, Jordan to the west, Baghdad Province to the east, Saudi Arabia to the south, and Karbala and Najaf provinces to the southeast.
Forgotten wealth
Anbar province contains natural resources of gas and oil in large quantities, in addition to the many mineral resources such as gold, phosphate, iron, uranium, sulfur, silver, bitumen, sand, gravel, and others.
As for natural gas, it is the largest reserve in Iraq at about 53 trillion cubic feet, which meets the need for what Iraq imports from Iranian gas for about 3 thousand days, i.e. more than 8 years, while its financial value is estimated at more than 25 billion dollars.
The phosphate reserves in the Anbar desert are estimated at more than 10 billion tons, with a value of 1.5 trillion dollars, and constitute 9% of the total global reserves of this substance, which makes Iraq the second in the world in phosphate reserves after Morocco.
As for the reserves of crude oil in the Anbar desert, it is estimated at about 300 billion barrels, which is sufficient for export according to the current capacity for a period of 273 years. According to estimates, the reserves of iron metal are about 60 million tons.
In addition to other materials such as quartz sand, limestone, dolomite stone, kaolin stone, flint clay, porcelainite, bauxite, quartzite, black sand, montmorillonite clay, and atpelgate clay, in addition to other wealth whose size or reserves in the province have not been specified. precisely.
With regard to the agricultural aspect, the Anbar Governorate has 2.5 million palm trees and vast agricultural lands, and among the most important agricultural crops there are wheat, spring and autumn potatoes, then wheat, barley, yellow corn, and a group of vegetables, onions and fodder, and its agriculture depends on irrigation or on wells, springs and rain .
In order to exploit these enormous wealth, a number of important projects were previously established in the governorate, such as the Haditha dam and its hydroelectric station, the Diesel project, the glass and ceramics factory, and the cement factory in Kubaisa.
In addition, the Heet thermal station, which is the gas export station from the Akkas field, the oil export from the Akashat fields, the General Phosphate Company, the wet Euphrates Canal project, which includes Habbaniya Lake and part of the Tharthar Lake project.
no investment
Although Anbar Province is rich in resources not found in other Iraqi provinces, it suffers from a lack of investment in it, according to the head of the Geology Department at Anbar University, Dr. Abd Salih Fayyad.
Fayyad explained to Shafaq News agency, "Al-Qaim phosphate plant used to produce the best types of fertilizers, and it used to be exported from abroad, but now it is completely idle, although the existing reserves operate 10 phosphate plants in Iraq, and cement factories can also be established with them, because the layers What is above phosphate is suitable for cement and other chemical industries.
He added, "The purest types of glass sand are available in Anbar province, in which the percentage of silica exceeds 98 percent. It can be used in the manufacture of crystal, electronics and many other industries."
Fayyad pointed out, "The availability of excellent types of kaolin, both colored and white, which was used in the manufacture of ceramics and other industries, in addition to the presence of excellent types of sand that contain large quantities of heavy metals that can be used in strategic industries."
He added, "There are also large reserves of limestone, which is used as a basic material in the cement industry, which may accommodate dozens of factories, in addition to the spread of materials that are used in the construction industries in large quantities in the governorate."
Regarding medical tourism, the head of the Geology Department at the University of Anbar pointed out, "The sulfur springs in Kubaisa and Haditha, which can be used as tourist resorts for medical treatments, in addition to other areas characterized by their beauty and picturesque nature that are ripe for investment."
Despite the availability of all these resources, they are unused and idle, and if they are exploited in a correct, thoughtful and economical manner, they will contribute to the employment of thousands of manpower, and at the same time end imports from abroad
investment wheel
For his part, Suleiman al-Jumaili, an economist from Anbar province, stressed the need for the government to "start investing in the rich natural resources in the Anbar desert, whether through internal or external investment," stressing that "investment is of great importance in pushing the economy forward and supplying the general budget with funds." ".
And Al-Jumaili indicated, to the agency, that "the investment will lead to the opening of new factories, factories, roads and projects," noting that "the petrochemical plant in Al-Qaim, if it is used in the right way, will be the first in the Middle East, as is the case with the Crutch field."
Regarding agricultural resources, he noted that "the Anbar desert is arable land, and if these areas are exploited by industry and agriculture, Iraq will be one of the first countries in the Middle East to produce and export."
Al-Jumaili said, "The exploitation of natural resources will make Anbar an industrial and commercial city, especially since it has borders and outlets with three countries: Saudi Arabia (the Red Sea), Jordan (the Arabian Gulf), and Syria (the Mediterranean)."
Boring routine
In turn, the advisor to the Anbar governor for energy affairs, Aziz al-Tarmouz, stated that "the wealth belongs to the sovereign ministries, and it cannot be disposed of, in light of the existence of a boring routine that impedes re-work."
Al-Tarmouz said, for example, during his interview with the Agency, "The wealth of glass is idle, as well as phosphate," explaining that "the phosphate factory included 8 factories, and all of them have been suspended since 1976."
The local official pointed out that in the previous system, "20% of the Ministry of Finance's revenues came from the revenues of phosphate and sulfur factories, and now both are out of order, only gas and in one field."
Al-Tarmouz concluded by saying: There is cooperation between the Ministry of Oil and the local government in Anbar Governorate for the "optimal utilization of the gas and oil wealth," pointing out that "there are investment opportunities for a number of fields in the province, while three fields are still under construction and may enter service within coming years.” LINK
Iraqi News Highlights Sunday Afternoon 6-25-23
Iraqi News Highlights Sunday Afternoon 6-25-23
Tlm724 Administrator Bondlady’s Corner
Tomorrow... The Budget Will Come Into Effect
Money and business Economy News – Baghdad Today, Sunday, the Ministry of Justice announced the publication of the budget law in the Iraqi Gazette tomorrow.
Ministry spokesman Kamel Amin said, "The budget for 2023 to 2025 will be published tomorrow in the Iraqi Gazette." He added, "The budget will enter into force as of January 1, 2023."
Iraqi News Highlights Sunday Afternoon 6-25-23
Tlm724 Administrator Bondlady’s Corner
Tomorrow... The Budget Will Come Into Effect
Money and business Economy News – Baghdad Today, Sunday, the Ministry of Justice announced the publication of the budget law in the Iraqi Gazette tomorrow.
Ministry spokesman Kamel Amin said, "The budget for 2023 to 2025 will be published tomorrow in the Iraqi Gazette." He added, "The budget will enter into force as of January 1, 2023."
40 views Added 06/25/2023 https://economy-news.net/content.php?id=34893
The High Exchange Rate Of The Dollar In The Local Market
Economy | 10:29 - 06/25/2023 Baghdad - Mawazine News Today, Sunday, the exchange rates of the US dollar against the Iraqi dinar rose in the capital, Baghdad, and Erbil.
A Mawazine News correspondent said that the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded this morning, an exchange rate of 147,100 Iraqi dinars against 100 US dollars, while the prices recorded yesterday morning, Saturday, were 146,900 dinars.
As for the dollar prices in exchange shops in the local markets in Baghdad, they have stabilized, as the selling price reached 148,000 dinars, while the purchase price reached 146,000 dinars for every 100 dollars.
As for Erbil, the capital of the Kurdistan Region, the price of the dollar also recorded a slight increase, as the selling price reached 147,200 dinars, and the purchase price was 147,100 dinars for 100 dollars.
https://www.mawazin.net/Details.aspx?jimare=230018
Iraq Pays Off All Debts Related To Iranian Gas
Political | 06/25/2023 Baghdad - Mawazine News, the Iranian Deputy Oil Minister for Gas Affairs, Majid Chengi, announced today, Sunday, that the Iraqi Ministry of Electricity has paid Iran all debts related to Iranian gas.
And the international news agency "Tasnim" reported, on Sunday evening, that the Iranian official's statements came on the sidelines of the first conference to strengthen facilities and equipment for the production, transportation and distribution of natural gas in the country.
"The Iraqi Ministry of Electricity has paid all our dues for gas, and the debt is now zero, but sometimes problems occur in transferring money from the Iraqi TBI Bank to Iran," Majid Chengi confirmed.
In a related context, the Iranian Deputy Oil Minister for Gas Affairs, Majid Chengi, said that Turkey had requested an extension of the contract for importing gas from his country, pointing to the continuation of negotiations to extend this contract.
It is reported that Baghdad's debts amounted to more than $1.6 billion for Iranian gas and energy purchases alone, between 2019 and 2021.
In February 2019, the Central Bank of Iraq concluded an agreement with the Central Bank of Iran, allowing customers of both banks to open accounts in the two countries, and conduct their banking transactions in Iraqi dinars and euros.
And in December 2022, the Iranian Oil Minister, Javad Oji, said: "Fortunately, last year and this year, we were able to obtain all the arrears related to gas exports to Iraq." Ended 29 / M99
https://www.mawazin.net/Details.aspx?jimare=230062
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Sunday Morning Iraq Economic News Highlights 6-25-23
Sunday Morning Iraq Economic News Highlights 6-25-23
Justice: The Budget Law Will Be Published In The Iraqi Gazette Tomorrow
Information/Baghdad.. The Ministry of Justice announced, on Sunday, that the budget law will be published in the Iraqi Gazette tomorrow.
"The budget from 2023 to 2025 will be published tomorrow in the Iraqi Al-Waqa'i newspaper," said Kamel Amin, spokesman for the ministry, in a statement to the Iraqi News Agency, which was seen by Al-Maaloumah. He added, "The budget will enter force as of January 1, 2023."
Sunday Morning Iraq Economic News Highlights 6-25-23
Justice: The Budget Law Will Be Published In The Iraqi Gazette Tomorrow
Information/Baghdad.. The Ministry of Justice announced, on Sunday, that the budget law will be published in the Iraqi Gazette tomorrow.
"The budget from 2023 to 2025 will be published tomorrow in the Iraqi Al-Waqa'i newspaper," said Kamel Amin, spokesman for the ministry, in a statement to the Iraqi News Agency, which was seen by Al-Maaloumah. He added, "The budget will enter force as of January 1, 2023." LINK
Sudanese Talking About The Problem Of The Dollar
Policy 06/25/2023, Number of readings: 246 Baghdad - Iraq today: Prime Minister Muhammad Shia' al-Sudani revealed five priorities for the government program, while referring to directives to review large previous contracts and subject them to financial and legal scrutiny.
Al-Sudani said, during his talk about the most important aspects of the semi-annual report for the implementation of the government program, “The program has received continuous follow-up since the approval session until the last session in which this report was approved On June 20, this work was accomplished without a budget, and we worked with the available resources in the ministries and governorates.” According to the powers of the government.
He added, "Focus was placed on the five priorities of the government program, represented by confronting unemployment, addressing poverty, combating financial and administrative corruption, providing services, and economic reform," explaining, "the priority is to speed up the completion of Lagging projects that have been hampered for years, due to mismanagement, lack of allocations, or because of corruption. ".
He pointed out that "the operation of the Karbala refinery with a capacity of 140,000 barrels per day, and it will provide Iraq with up to $3 billion that used to go to import oil derivatives, and proceed with the project to expand the Shinafia refinery in Diwaniyah.”
On the reality of the electric current, Al-Sudani said, "311 km of feeders (11, 33 KV) and 923 km of electric transmission lines have been extended, which contributed to bringing the national production of electric power to 26,000 megawatts." In another matter, Al-Sudani confirmed, “The basket has been
distributed food baskets for 5.871 million of those covered by protection, 5 food baskets were distributed, and the sixth is being distributed among them.”
He added, “42,000 displaced families are covered by social protection, and tuition fees are reduced for students covered by social care in public universities for evening studies and private universities.”
He continued, "We directed all ministries to review large previous contracts and subject them to financial and legal scrutiny, and we assured ministers and the minister's entourage that office managers should not be from partisan and political parties," adding, "Recovering huge sums of money." looted money in the case of theft of tax secretariats, and this file is subject to daily follow-up by the government.
Regarding the exchange rate of the dollar, Al-Sudanese said, "We faced fluctuations in the exchange rate of the dollar, and entitlements that were not implemented during previous governments, despite the agreement with the US Federal Bank," adding, "More than 85% of our trade is conducted through the electronic platform and complies with international standards.” LINK
The Ministry Of Justice Announces The Publication Of The Budget Law In The Iraqi Gazette Tomorrow LINK
The "Triple Budget" Is On The Table Of Al-Hakim And Romansky.. These Are The Details Of The Meeting
Policy 2023-06-25 1,683 views Alsumaria News – Politics The head of the National Wisdom Movement, Ammar al-Hakim, confirmed today, Sunday, that approving the tripartite budget will enable the government to implement its government program in accordance with government priorities.
Al-Hakim's media office said, in a statement received by Alsumaria News, that the latter "received the Ambassador of the United States of America in Baghdad, Elena Romansky, as developments in the political scene in Iraq and the region and ways to enhance cooperation between Baghdad and Washington were present during the meeting."
According to the statement, al-Hakim renewed his praise for the step of approving the tripartite budget, noting that "approving it for three years will enable the government to implement its government program in accordance with government priorities."
Al-Hakim stressed the importance of supporting the private sector and reforming the banking system to achieve sustainable development, stressing the importance of moving the relationship with the United States of America from its security and military dimensions to the economic dimension and exchanging experiences in the educational and cultural fields.
He also called for supporting the government and perpetuating the current stability, while stressing Iraq's role in bringing the views of the regional parties closer together. LINK
Finance: We Are Checking The Budget With The Ministry Of Justice, And The Instructions Will Be Issued After They Are Published In The Iraqi Gazette
Posted On 2023-06-25 By Sotaliraq The Ministry of Finance noted its continuation, in cooperation with the Ministry of Justice, of auditing the General Federal Budget Law 2023, which the Iraqi Council of Representatives recently voted for, for the purpose of publishing it in the Iraqi Al-Waqa’i newspaper.
The ministry added, in a statement, that “the instructions for implementing the budget will be issued after publishing the law in the Official Gazette, and the ministry also stresses that it will announce the publication of the instructions after receiving the law and according to the controls stipulated in the law.”
The ministry called on “all media outlets not to adopt statements in this regard except by official sources authorized by the ministry exclusively, and it is not responsible for any statement related to the publication of these instructions issued by other than the competent authorities,” according to the statement. LINK
Finance Announces The Date Of Issuance Of New Budget Instructions
Economy , 06/25/2023, Number of readings: 252 Baghdad - Iraq today: The Ministry of Finance announced that it will continue to audit the General Federal Budget Law 2023, in coordination with the Ministry of Justice.
The Ministry stated in a statement that the audit work of the budget law is continuing with the Ministry of Justice for the purpose of publishing it in the Iraqi Gazette
The controls stipulated in accordance with the law LINK
Reassuring Messages About The Budget {Deficit}
Baghdad: Raghad Daham Despite the delay in approving the country’s federal budget law until the middle of the current year 2023, it has not lost its economic viability, and its implementation does not include increasing fears of an increase in the fiscal deficit in it, as governmental and other parliamentary sources stated that the deficit rate will be controlled through several chapters, including the surplus. Cash accumulated for previous months as well as government bond issuance and internal borrowing.
And the economic advisor to the Prime Minister, Mazhar Muhammad Salih, stated in an interview with “Al-Sabah” that “after the Presidency approves the budget and publishes it in the Official Gazette, it will enter into force, as the budget instructions will be issued jointly between the Ministries of Finance and Planning, and this whole process will not It takes more than one week."
He stressed, "There is no fear for the budget from the fluctuation of oil prices, because in the current reality it managed for half a year, but its approval will require additional expenditures during the second half of this year."
Saleh added, "Expenses will increase from now on, and those expenses will be covered from oil and non-oil revenues, and any financial deficit can be remedied through internal and external borrowing."
On June 12, the House of Representatives approved the general budget law for three years, after months of discussions and over 5 consecutive days of its sessions, to be the longest period and the largest number of parliamentary sessions due to a number of political differences over them.
For his part, the former director of the Office of Financial Supervision, Salah Nuri, said in an interview with "Al-Sabah": "The implementation of the provisions of the budget law will be in accordance with the actual financial liquidity, especially with regard to investment projects.
" He pointed out that "all previous budgets were unable to achieve the expected revenues, and because the financial liquidity is much less than expected, the priority is given to the operational budget of salaries and ruling expenses."
Nuri concluded by saying: "If all items of the budget are required to be implemented, then the financial ceiling will be covered by borrowing, and investment projects will most likely not be completed because half of the year has passed until the budget is approved."
Meanwhile, a member of the Parliamentary Finance Committee, Nermin Maarouf, said: "Iraq's revenues depend 83 percent on crude oil exports in the 2023 budget, and if the price of a barrel falls in global markets, it will inevitably affect the implementation of the budget," adding: "The price of oil is expected to remain around $70 per barrel, so there are no risks to the budget for the current year."
Maarouf added, in a symposium on the budget held in the city of Sulaymaniyah: “The total oil and non-oil financial revenues in the budget amount to 134 trillion dinars, but the actual budget is 199 trillion dinars, and there is a large deficit in it that reaches 64 trillion dinars.”
Edited by: Muhammad Al-Ansari https://alsabaah.iq/79695-.html
The Budget Enters Implementation After The Eid Holiday.. And Sub-Committees Monitor The Exchange
Posted On2023-06-25 By Sotaliraq Baghdad / Firas Adnan Yesterday, Saturday, the Parliamentary Finance Committee confirmed that the budget would take its way into implementation immediately after the Eid holiday, and talked about the formation of sub-committees to monitor exchange operations, stressing that the existence of any appeal against the articles of the law will not hinder their implementation until a judicial decision is issued.
A member of the committee, Representative Mustafa Al-Karawi, said, “The President of the Republic, Abdel Latif Jamal Rashid, endorsed the federal budget law at the end of last week.”
Al-Karawi continued, "The law has now reached the stage of publication, and this is a routine procedure that has no effect on the enforcement of the budget, as it stipulates in one of its articles that enforcement begins with the beginning of the current year and ends with the end of its third fiscal year."
He pointed out, "The next stage of publication is to provide instructions for implementing the budget by the Ministry of Finance in order to circulate it to all ministries, agencies and governorates to work with."
And Al-Karawi indicated that “the publication may take place before the Eid holiday, that is, during the coming hours, but the rest of the procedures will end in the middle of next week.”
He pointed out, "The budget is categorically not satisfactory to all parties, and every deputy or political party has an appeal against the law."
Al-Karawi explained, "The resort of some parties to appeal will not affect the completion of the procedures for publication and beyond, and will not impede the implementation of the articles," stressing that "the resolution of appeals will be before the Federal Supreme Court."
And he stated, “Disrupting any text in the budget does not depend only on the appeal, but rather by a decision of the Federal Supreme Court.”
Al-Karawi noted, "The Finance Committee proposed the formation of sub-committees to follow up on the implementation of the budget by the relevant authorities."
And he believed, "These committees will contribute greatly to ensuring that the funds allocated for the budget go to their correct doors, and they will prepare periodic reports and present them to Parliament if they are forced to take a decision on anything they notice."
And Al-Karawi concluded, "This measure will ensure fairness in the distribution of resources and regularity in the implementation of the budget, given that evaluating the government's performance is based on the percentage of financial achievement and the service projects it achieves."
The government had announced the formation of a committee to review the budget articles voted on by Parliament, and to determine their compatibility with the ministerial curriculum, which generated fears that they could be challenged.
For his part, the other member of the committee, Representative Mueen Al-Kadhimi, stated that "all the amendments that were made to the budget related to the transfer fall within the jurisdiction of the House of Representatives stipulated in Article (62 / second) of the constitution.
And Al-Kadhimi continued, "Parliament transferred unnecessary sums from ministries to the governorates, until its budget reached about 6 trillion dinars, after it was only 2.5 trillion dinars."
He pointed out, "If the government diagnoses an increase in financial burdens, it can challenge it before the Federal Supreme Court."
And Al-Kazemi concluded, that “the budget will take its way into implementation immediately after the Eid holiday, because the instructions for it have been prepared early, and thus all sectoral agencies will start implementing their projects, as stated in the ministerial curriculum of the government of Muhammad Shia’a Al-Sudani.”
A member of the coordination framework, Rahim Al-Aboudi, expects that “the budget law will be published in the Official Gazette (Iraqi Gazette) today, Sunday.”
Al-Aboudi continued, "Publication means completing all procedures for enacting this law after it took a long time of discussions within Parliament and the government."
He pointed out, "The budget finds in it the coordinating framework and the forces allied with it, a launch for the government of Muhammad Shia'a al-Sudani to start service projects and what was stated in the ministerial curriculum that was voted on by the House of Representatives."
Al-Aboudi called, “Those who object to the law to challenge it before the Federal Supreme Court, and give the evidence they have, and leave the matter to the discretion of the judiciary, which is the final arbiter for everyone.”
And he stressed, "the necessity of adhering to the constitutional and legal frameworks for enacting laws, the most important of which is the budget, which is the government's financial plan."
And Al-Aboudi went on to say that “Parliament will have an important responsibility, which is to monitor the executive performance, to follow up on the movement of funds and projects, and work to sustain services and develop the work of the institution.”
The House of Representatives had voted on a budget that is the highest in the history of the Iraqi state, which included about 200 trillion Iraqi dinars, 75% of which went to the operational part, and the rest towards the investment part, in addition to 64 trillion dinars, to be implemented over three years. LINK
"Tidbits From TNT" Sunday Morning 6-25-2023
TNT:
Tishwash: Al-Adl: Tomorrow the budget law will be published in the Iraqi Gazette
On Sunday, the Ministry of Justice announced the publication of the budget law in the Iraqi Gazette tomorrow.
Ministry spokesman Kamel Amin said in a statement to the official agency, followed by "NAS" (June 25, 2023), that "the budget from 2023 to 2025 will be published tomorrow in the Iraqi Al-Waqa'i newspaper."
He added, "The budget will enter into force as of January 1, 2023." link
TNT:
Tishwash: Al-Adl: Tomorrow the budget law will be published in the Iraqi Gazette
On Sunday, the Ministry of Justice announced the publication of the budget law in the Iraqi Gazette tomorrow.
Ministry spokesman Kamel Amin said in a statement to the official agency, followed by "NAS" (June 25, 2023), that "the budget from 2023 to 2025 will be published tomorrow in the Iraqi Al-Waqa'i newspaper."
He added, "The budget will enter into force as of January 1, 2023." link
CandyKisses: Completion of the designs of 15 residential cities in Baghdad and the provinces
Economy News _ Baghdad
In a step that is the first of its kind in decades, the Iraqi government has offered investment opportunities for five new residential cities, which is the first step towards solving the problem of the housing crisis and the high real estate prices witnessed by Baghdad and the provinces, while seeking, within its ministerial curriculum, to establish and distribute a number of cities in Baghdad and the provinces, within specifications that take into account the provision of full services and ensure urban sustainability.
The Ministry of Construction and Housing has begun providing 100,500 housing units and distributing <>,<> plots of land, while a standard has been set for differentiation between investors to ensure transparency.
Ministry spokesman Istabraq Sabah said in an interview with the newspaper "Al-Sabah" followed by "Economy News", that "in compliance with the government program, the Ministry of Reconstruction began to complete the basic designs for 15 residential cities distributed between Baghdad and the provinces," adding that "the basic designs have been completed, which will provide in the first phase 100 thousand housing units, and will distribute 500 thousand plots of land serviced by water, sewage, electricity and sidewalks."
"A number of municipalities have been established in Baghdad and the provinces, and the transfer of ownership of new cities whose designs have been completed under the unit ownership law has been completed, and five cities have been declared as a first stage investment opportunities and the necessary technical requirements have been prepared," he said.
He noted that "a standard has been developed for trade-off between investors to ensure transparency, and cities are integrated services, with the use of urban land and the achievement of sustainable water quality," stressing that "the middle, poor and vulnerable segments will be targeted to develop the housing sector and reduce the gap in prices."
For decades, cities have been expanding in all directions, with slow service delivery, leading to constant pressure on infrastructure.
For his part, the Dean of the Urban and Regional Planning Center, Karim Hassan Alwan, warned of the need to establish new cities after the increase in population, provided that the conditions for sustainability are met in the new cities.
"The establishment of new cities is a necessary project that the country needs after the significant increase in population," Alwan said, adding that "housing units must be sustainable and include new projects, especially if they are part of the state's policy of providing services and not just distributing land."
He added that "this project has been delayed for a long time, and we need almost two million housing units to solve the housing crisis," and called for "enabling citizens to obtain housing units at reasonable and economical prices
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Tishwash: Iraq is moving towards achieving economic and development goals
Specialists in economic affairs have praised the economic moves undertaken by the government, especially at the international level, stressing the importance of the foreign and domestic visits of Prime Minister Mohamed Shia al-Sudani during the current June, which resulted in the signing of dozens of agreements with Egypt and Qatar.
Indicating that this can achieve many positive packages, including the establishment of joint development projects with neighboring countries and the region in conjunction with the implementation of the government program, as well as attracting dozens of investment companies to work in various fields, indicating at the same time the importance of these meetings in reflecting a positive image of the country, which That would attract capital and international companies.
This June witnessed economic movements that were welcomed by many economists, who described it as a "developmental transition". Between a foreign visit conducted by Prime Minister Muhammad Shia' al-Sudani to the Arab Republic of Egypt, during which he concluded 11 agreements, Baghdad received the Emir of the State of Qatar, Sheikh Tamim bin Hamad Al Thani, where he sponsored During that visit, Al-Sudani issued decrees for signing agreements for comprehensive cooperation in the political, economic, energy and investment fields, as well as two agreements in the fields of maritime air transport, a memorandum of cooperation to establish a joint oil company and another for the establishment of a refinery.
In addition to the mutual government visits, Baghdad also witnessed during June a celebration on the occasion of the 63rd anniversary of the convening of the founding conference of OPEC, and witnessed a wide international official presence, while Dar al-Salam received, in the middle of this month, a delegation of the Iraqi-American Business Council, and the Prime Minister confirmed during The meeting The government took a series of decisions to simplify procedures for investors, and work to address existing problems in this field.
The international economic visits undertaken by Iraq, according to the economist and member of the Private Sector Development Council at the Ministry of Planning, Dr. Ali Hadi Joudeh, during his interview with Al-Sabah, are of great importance in drawing a positive picture of the steps that Iraq seeks to achieve in various aspects of development. In addition to the fact that it represents "a return and a positive impact on various economic levels, especially since Iraq is still a virgin land with its natural resources, human capabilities, and enormous financial and logistical capabilities. These visits can contribute to their real exploitation to transform the country into a regional and international economic power."
Hadi shows that the international openness to Iraq can be used to establish major projects in various fields, and perhaps the strategic development road project will be the first initiative that will lead to bringing in various initiatives and pumping hot money from abroad that works to open horizons for development and economic diversification in revenue and stimulate the production function. And give them a competitive advantage, especially if there are common policies between these countries and Iraq to create industrial cities and free trade zones, so the national industries will be open to foreign markets.
Despite the government's broad economic moves, however, expert Hadi believes that there is an urgent need for legislative requirements, urgent decisions, and soft laws that serve as stimulus packages to undermine bureaucracy and launch as quickly as possible to target these opportunities and employ them in developing the local business environment, considering the current laws as "an obstacle that represents implementation gap.
The researcher on the Iraqi and international economy, Dr. Ali Dadush, did not stray far from the previous opinion, when he indicated to "Al-Sabah" that Iraq "is seeking a leadership role in the region and moving forward in implementing joint development programs and projects with neighboring countries in conjunction with the implementation of the government program." within specified time plans.
Dadoush pointed out that "Iraq, through (agreements and memorandums of understanding), seeks to create a positive atmosphere with regional and international countries, which could lead to attracting media companies to work in Iraq," pointing out that "the Arab Gulf countries own a group of local companies or Foreign joint ventures with a high-quality technological level and for various fields (energy, water, transportation, infrastructure, superstructures, and other services), which can be attracted to work in Iraq through increasing international meetings, conferences, and agreements. duality".
Researcher Dadoush believes that the priority of these visits and economic conferences should be to develop the industrial sector
(Manufacturing and petrochemical industries) because of their front and back entanglements with the rest of the other economic sectors, stressing at the same time the importance of the (real) private sector and local investors entering with government delegations and creating a mechanism for twinning with the private sector in neighboring countries, which is reflected in more ways It is good for the realities of the local economy. link
Mot: .... What a Night!!! ~~~~~
Mot: ... Believe You Me!! -- They Start YOUNG they Do!! ~~~~
"A BIRTH OF REALITY - IRAQ" MilitiaMan and Crew
A BIRTH OF REALITY - IRAQ
MilitiaMan and Crew: 6-24-2023
A new Iraq financial center, 15 new cities, securities and much more……….
Iraq is going to be just like Dubai, Singapore, Shanghai, London, New York and Frankfort.
A rate of 1310 is not going to work for this budget and these projects.
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Please listen to full video for all the latest news
A BIRTH OF REALITY - IRAQ
MilitiaMan and Crew: 6-24-2023
A new Iraq financial center, 15 new cities, securities and much more……….
Iraq is going to be just like Dubai, Singapore, Shanghai, London, New York and Frankfort.
A rate of 1310 is not going to work for this budget and these projects.
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Please listen to full video for all the latest news
Iraqi News Highlights Saturday Afternoon 6-24-23
Iraqi News Highlights Saturday Afternoon 6-24-23
Tlm724 Administrator Bondlady’s Corner
Government: The Budget Will Be Applied Retroactively From January 1, 2023
Money and business Economy News – Baghdad On Saturday, the government spokesman, Basem Al-Awadi, confirmed the existence of ready plans and projects awaiting the implementation of the budget and the release of funds, pointing out that there is a tendency to transform the governorates, especially the poorest, into workshops.
Al-Awadi said, “After the President of the Republic approves the budget, its paragraphs will begin to be legally implemented after its publication in the Iraqi Al-Waqa’i newspaper in the coming days,” noting that “the budget will be applied retroactively from the date of 1/1/2023,
Iraqi News Highlights Saturday Afternoon 6-24-23
Tlm724 Administrator Bondlady’s Corner
Government: The Budget Will Be Applied Retroactively From January 1, 2023
Money and business Economy News – Baghdad On Saturday, the government spokesman, Basem Al-Awadi, confirmed the existence of ready plans and projects awaiting the implementation of the budget and the release of funds, pointing out that there is a tendency to transform the governorates, especially the poorest, into workshops.
Al-Awadi said, “After the President of the Republic approves the budget, its paragraphs will begin to be legally implemented after its publication in the Iraqi Al-Waqa’i newspaper in the coming days,” noting that “the budget will be applied retroactively from the date of 1/1/2023,
and it will continue, given that there are many exchange doors that may It was spent during the past 6 months, and therefore the budget must cover the previous disbursement chapters and continue until 12/31/2023, in order to present new ideas.
Al-Awadi added to the official news agency, that "the budget provides the government and state institutions with two advantages: the first is that it gives the legal space for spending, and the second advantage is that it provides exchange funds, and therefore government work needs funds,"
noting that "the government and during the last period was acting and spending on The basis of the Iraqi financial management law, which determined the disbursement at a rate of 1/12 without the existence of budgets, which is a very small percentage,
but despite this, the government was able to initiate service effort and reconstruction projects in the capital, Baghdad, and other provinces based on the available funds, and some old expenses from the Emergency Support Law.
He stressed, "There are fully developed plans awaiting the release of funds, in addition to implementing the government's idea oftransforming the Iraqi provinces in general into real workshops, especially the poorest provinces for which a large amount has been allocated," pointing out that "comprehensive projects and plans set for the provinces will begin immediately after the implementation of the budget."
He pointed out that "the government is making tangible efforts in all governorates, including road and bridge projects, removing traffic jams and modernizing streets in the capital Baghdad, passing through the holy governorates of Basra and Karbala to the honorable Najaf and the governorates of the western region and the whole of Iraq, and there is a clear difference that has been achieved at the level of projects and services through lowest levels of exchange.
Views 116 06/24/2023 https://economy-news.net/content.php?id=34881
The American Ambassador Assures Al-Araji: The United States Continues To Support The Iraqi Government
Iraq Saturday, June 24, 2023 Baghdad / The National News Center The US Ambassador to Baghdad, Alina Romanowski, confirmed today, Saturday, that the United States continues to support the Iraqi government.
A statement from his office, which was received by the National News Center, stated that “National Security Adviser Qassem Al-Araji received in his office today, Saturday, the US Ambassador to Baghdad, Alina Romanowski.”
Al-Araji discussed with the American ambassador, “the latest developments in the political and security situation at the regional and international levels, in addition to discussing the development of cooperation relations between Iraq and the United States,
in addition to discussing files and issues of common concern, especially the file of the Syrian Al-Hawl camp, and the importance of countries withdrawing their nationals from it, as well as Discussion of continued cooperation in the field of combating terrorism.
Al-Araji renewed, "the demand to support the Iraqi government's proposal to hold an international conference on Al-Hawl camp before the end of this year,"
stressing "the Iraqi government's firm approach to continuing cooperation with the international community, to consolidate security and stability in the region," while noting that "Iraq's policy is based on The basis of common interests and balanced relations with countries.
For her part, the US ambassador affirmed, "The United States continues to support the Iraqi government in the field of combating terrorism and drugs, and humanitarian issues, especially the support of the integration and psychological rehabilitation team of the Ministry of Migration and Displacement."
A Slight Decrease In The Exchange Rate Of The Dollar In The Local Markets
Saturday 24, June 2023 10:35 | Economical Number of readings: 304 Baghdad / NINA / - The exchange rate of the dollar witnessed a slight decrease in the local markets today, Thursday.
The selling price of the dollar reached 146,900 dinars per 100 dollars, and the purchase price was 145,500 dinars per 100 dollars./ End 9 https://ninanews.com/Website/News/Details?key=1061225
The work revealed a new procedure related to reducing the poverty line
Economy News - Baghdad On Saturday, the Ministry of Labor and Social Affairs revealed a new procedure related to reducing the poverty line, while confirming the addition of a paragraph in the budget law to benefit from refunds within the poverty line reduction strategy program.
The ministry's spokesman, Najm Al-Aqabi, said, "The mechanism currently in place within the poverty line reduction strategy program does not work on refunds," noting that "the ministry has added a paragraph within the general federal financial budget law in order to work on refunds by beneficiaries." of the Poverty Reduction Strategy Program.
Al-Oqabi added, in an interview with the official news agency, that "the aim is to grant the largest possible number of young people applying to the poverty line reduction strategy program."
Views 35 06/24/2023 https://economy-news.net/content.php?id=34878
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Goldilocks: "We are 6 days away in our transition from Libor rates to Sofr rates." 6-24-2023
Goldilocks and Seeds of Wisdom
Thank you RJ
Good morning Dinar Recaps,
Goldilocks posted comments and news links to help us understand where we are with the financial sector's progress toward the RV:
We are 6 days away in our transition from Libor rates to Sofr rates.
This is an International Finance Market Transition. Look for the markets to begin making their transition, if not before, into new price actions reflecting real values on every sector of the market. This includes Forex.
And on June 30th, we will be within 2 weeks of implementing new monetary policies to reflect our new global economy.
Goldilocks and Seeds of Wisdom
Thank you RJ
Good morning Dinar Recaps,
Goldilocks posted comments and news links to help us understand where we are with the financial sector's progress toward the RV:
We are 6 days away in our transition from Libor rates to Sofr rates.
This is an International Finance Market Transition. Look for the markets to begin making their transition, if not before, into new price actions reflecting real values on every sector of the market. This includes Forex.
And on June 30th, we will be within 2 weeks of implementing new monetary policies to reflect our new global economy.
Congress will be voting on stablecoins or digital money that has been regulated and standardized with banking protocols to establish our new digital asset based lending economy.
One more time.
On July 1st, our International Financial Markets will transform into a new digital asset based economy.
On July the 15th, we will have guidelines to monitor and secure this new economy.
From that point on, we will be under Gold Standard Protocols.
© Goldilocks
https://www.jdsupra.com/legalnews/the-end-is-here-libor-cessation-looms-4782714/
https://www.theice.com/insights/market-pulse/alternative-reference-rates#:~:text=The%20U.S.%20%2D%20SOFR,the%20preferred%20alternative%20reference%20rate.
https://uk.practicallaw.thomsonreuters.com/w-015-9067?transitionType=Default&contextData=(sc.Default)#:~:text=A%20rate%20of%20interest%20used,account%20solely%20for%20economic%20factors.
~~~~~~~~~~
The IMF has put out a "Series:Working Paper No. 2023/129."
This study reveals Real Effective Exchange Rate (REER) shifts approaching our new transition into a new economy.
It is recognized that exchange rate fluctuations/changes will be a part of these transitions in the near term. This will require foreign exchange interventions.
REER movements have been calculated and programmed into the new economy.
~~~~~~~~~~
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