Iraqi News Highlights Saturday Afternoon 9-2-23

Iraqi News Highlights Saturday Afternoon 9-2-23

Tlm724 Administrator Bondlady’s Corner

Al-Sudani Stresses The Importance Of The Railway Link Project / Basra - Shalamja / In Strengthening The Infrastructure Of The Iraqi Economy

Saturday 02 September 2023 12:16 | Economical Number of readings: 307 Baghdad / NINA / - The Prime Minister stressed the importance of the railway link project / Basra - Shalamcheh / in strengthening the infrastructure of the Iraqi economy and increasing its growth.

He also stressed, in a speech during laying the foundation stone for the rail link project, the importance of the project by transporting travelers and visitors to the holy shrines from Iran and the countries of Central Asia, indicating that: "The rail link is scheduled to reach the holy provinces of Najaf and Karbala."/   https://ninanews.com/Website/News/Details?key=1075005

Amman Chamber Of Commerce: The Opening Of The Iraqi Trade Center Before The End Of This Year

Saturday 02 September 2023 12:02 | Economical Number of readings: 325  Amman / NINA /- The Amman Chamber of Commerce announced the signing of an agreement with the Iraqi Embassy in Jordan to open the Iraqi Trade Center at the Chamber's headquarters before the end of this year.

The head of the Amman Chamber of Commerce, Khalil Al-Haj Tawfiq, said during his meeting with the Minister Plenipotentiary and Chargé d'Affairs at the Iraqi Embassy in the capital, Amman, Munif Ali Hussein: "Iraq is considered a trade partner and an important artery for the national economy, which requires building new bases for cooperation between the two brotherly countries based on mutual interests, leading to economic integration." desired.”

He pointed out: "The opening of the center will allow Jordanian, Arab and foreign businessmen, contractors and investors to see the investment opportunities and bids offered by the Iraqi government in the sectors of housing, roads, infrastructure, finance, banking, information technology, industry and others."

And Hajj Tawfiq said, "The center will provide Jordanian companies with the opportunity to see Iraqi industries and agricultural products that the local market needs, which will be reflected in the two countries' trade exchanges and pave the way for building joint economic partnerships."

For his part, the Chargé d'Affaires affirmed the Iraqi government's interest in opening the center at the Amman Chamber of Commerce before the end of this year, which will have a great impact in promoting the commercial and investment opportunities available in the Iraqi economy and stimulating the Jordanian commercial sector to benefit from them, expressing his thanks to the Amman Chamber of Commerce for hosting his temporary headquarters.

For his part, the Iraqi commercial attaché in Amman, Nabil Al-Karbouli, indicated the necessity of providing various facilities to Iraqi investors in Jordan and expediting clearance procedures on the borders between the two countries./ https://ninanews.com/Website/News/Details?key=1074996

Association Of Exchange Companies In Nineveh: The Central Bank Obstructs The Merger Of Hawala Companies In Mosul

Saturday 02 September 2023 | Economical Number of readings: 255  Mosul / NINA / The Association of Exchange Companies in Nineveh Governorate accused the Central Bank of obstructing the Association's work within Nineveh Governorate.

The head of the association, Abdullah Khalil, said in a statement to the National Iraqi News Agency ( NINA ): "The routine procedures by the Central Bank are a major reason for obstructing approvals to merge 10 companies in the city of Mosul into one company in order to obtain our share of the dollar."

Khalil added: "All exchange companies located within the Iraqi governorates have received their share of the dollar, with the exception of Nineveh Governorate, which still has not received its share due to the obstructive measures imposed on the work imposed by the Central Bank on the city of Mosul," noting that "there are 43 exchange companies in the governorate that are deprived of their share of the dollar in The Central Bank since the events of 2014./ https://ninanews.com/Website/News/Details?key=1074960

Iraq's Economy Is "Fragile"... "Shocking" International Figures, So What About Their Accuracy?

Reports  Economy News  With the impact of fluctuations in currency exchange rates and the reduction in oil production following the interruption of exports through the Turkish Kirkuk-Ceyhan oil pipeline, estimates indicate a contraction in the non-oil real GDP in Iraq by a high rate of up to 9% on an annual basis in the last quarter of this year. Compared to its counterpart in 2022, which means undermining the effects of growth achieved in the first three quarters of this year, according to estimates by the World Bank, which believes that the country's economy has become "fragile".

In this regard, the economist and financial expert Abd al-Rahman al-Shaikhli believes in statements to Al-Araby Al-Jadeed that the estimates of the World Bank are “shocking” because they contain true and certain information, and they sound the alarm for Iraq’s economic future, but he believes, at the same time, that they contain some "Exaggeration".

For example, the figures announced in the bank's latest reports indicate that the total public debt is equivalent to 76 billion dollars, distributed among 55 billion internal debts and 21 billion external debts, while the debts Iraq can pay easily, because it has a high domestic product, especially since Debt constitutes between 30% and 35% of oil production revenues only.

Al-Sheikhli also confirmed to Al-Araby Al-Jadeed that the Iraqi economy is “fragile,” as described by the World Bank report, due to dependence on oil resources and the worsening rentier situation, with the decline in other sources of resources in the public budget, which made the economy rentier par excellence, adding to that the lack of economic relationship.

The rationale between the volume of expenditures from financial allocations and the quantity and quality of the achievements achieved from government projects in light of corruption devouring huge amounts, with the low level of service and development achievements achieved within the framework of the annual budgets of the state, with the increase in the percentage of poverty and unemployment and the high volume of debt borne by the national economy, and all of these, In his opinion, reasons made the economy weak.

Commenting on the causes of fragility, political analyst Haidar al-Moussawi believes to The New Arab that the most prominent of them is the spread of financial corruption in all sectors of life, and the state’s tendency to rely entirely on the oil sector, which feeds 98% of the GDP and is considered the basis for the continuation of economic life, “attributing the economic deterioration to Poor management,

the lack of development and reform programs, effective economic plans, the absence of a real vision to raise the general level of the country, and the lack of solid tools that contribute to alleviating the burdens of citizens and the economy,

while "the governments have not taken any effective measures to revitalize the industrial and agricultural sectors to be synonymous with the energy sector," thus avoiding the country from an economic disaster in the future.

A number of International Fund experts had met with Iraqi officials in Jordan between May 24 and 31, and they discussed economic developments and general policy plans for the country's economy in the coming period, stressing at the conclusion of the meeting, in a detailed statement, that "the momentum of the growth of the Iraqi economy witnessed It has slowed down in recent months, after the country recovered last year to the pre-coronavirus situation.

The World Bank followed that occasion by asserting that "the Iraqi economy is fragile," noting that the central bank's auction caused the redirection of hard currency to the parallel market, which led to a decrease in the value of the dinar against the dollar, and thus led to a significant increase in food prices.

According to the World Bank report issued entitled "Iraq's Recovery is in Danger" dated August 20, there are renewed pressures, "as it suffers from stagnant non-oil gross domestic product, industries and agricultural activities, accompanied by high inflation rates, while Iraq lacks under its government The current situation calls for wide-ranging structural reforms that will enhance its economy and diversify its public treasury revenues, rather than relying solely on oil.

In this context, the World Bank expressed its reservations about the recent general budget, as it criticized the large increase in the volume of public expenditures by 59% compared to the year 2022, representing 74.3% of total expenditures, which will lead to a large fiscal deficit of $ 39.7 billion, representing 14.3% of the volume of expenditures. General imports, more than half of the recent record reserves accumulated in the wake of the oil price boom.

According to a report issued by the "International Center for Development Studies" in London last Wednesday, Iraq loses annually at least $5 billion as a result of its import of oil derivatives despite having the second largest oil reserves in the "OPEC" organization, noting that Iraq has the capabilities to refine 1116 tons of oil. One million barrels per day, while its current production does not exceed 950,000 barrels, while the return of the Baiji refinery to work would raise refining capacity to 1,260 million barrels, which would meet the country's consumer needs for petroleum products.

Source / The New Arab  Views 116  09/02/2023 - https://economy-news.net/content.php?id=36130

Oil Prices Continue To Rise, Awaiting An Announcement From Russia

Economy |  01/09/2023  Baghdad - Mawazine News  Oil prices rose in trading today, Friday, after Russia, a member of the "OPEC +" group, hinted that it might extend the reduction of its oil exports.

By 10:01 Baghdad time, US West Texas Intermediate crude futures were trading at $83.79 a barrel, an increase of 0.19% from the previous settlement price.

Brent crude futures were traded at $87.01 a barrel, an increase of 0.21% from the previous closing price, according to Bloomberg agency data.

Yesterday, Russian Deputy Prime Minister Alexander Novak said that Russia had agreed with “OPEC +” on new criteria for reducing its crude exports to the markets, indicating that they will be announced next week.

Also, Novak did not rule out, in statements he made on Wednesday, that the voluntary cut in oil exports from Russia would be extended to next October, indicating that work in this framework is being carried out in cooperation with other countries.

In early August, Moscow decided to extend the decision to voluntarily cut oil production to include next September, provided that oil exports are reduced by 300,000 barrels per day.

Saudi Arabia also announced at the same time the extension of the voluntary cut in oil production, amounting to one million barrels per day, until September 2023, in order to support the stability and balance of the oil market.    https://www.mawazin.net/Details.aspx?jimare=234234

Oil: Revenues For The Month Of August Amounted To More Than 8 Billion Dollars

Economy | 08:53 - 01/09/2023  Baghdad - Mawazine News  The Ministry of Oil confirmed today, Friday, that the revenues of last August amounted to more than 8 billion dollars.

A statement by the ministry, a copy of which Mawazine News received, said, "The total exports and revenues achieved for the month of August, according to preliminary statistics issued by the Iraqi Oil Marketing Company "SOMO", as the amount of exports of crude oil reached (106) million (122) thousand. And (874) barrels, with revenues amounting to (8.846) billion dollars.

The statement added, "The total quantities exported of crude oil for the month of August from the oil fields in central and southern Iraq amounted to (105) million and (236) thousand and (963) barrels, while the quantities exported to Jordan amounted to (464) thousand and ( 725 barrels, while exports from the Qayyara field were (421) thousand and (186) barrels, while the average daily quantities exported amounted to (3) million and (423) thousand barrels per day,” indicating, “the average price of one barrel amounted to (83.35) ) dollars.

And the statement continued, "The ministry, through its belief in informing the people of export operations and the revenues generated from it, took this monthly procedure." Ended 29 / m99

https://www.mawazin.net/Details.aspx?jimare=234268

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

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Goldilocks' Comments and Global Economic News for Saturday, September 2, 2023

Goldilocks' Comments and Global Economic News for Saturday, September 2, 2023

Good evening Dinar Recaps,

Goldilocks posted comments and news links on the global financial system

"First fully regulatory-compliant US Treasury token is launched."

Digital transformation is taking place as we speak. The decentralization of real world assets with transparency is becoming a reality.

This new coin is called "Dust." Dust is a decentralized multi-chain utility and governance token. In other words, it is capable of connecting to more than one digital asset.

This new asset allows people to buy into US Treasuries with a specific maturity date on December 31st, 2023.

What is the importance of US Treasury assets?

They provide support and direction for interest rates, affecting other bonds, mortgages, car loans, personal loans, student loans, savings rates, etc.

This gives us an indication that the approval of stablecoins and new crypto clarity regulations are just around the corner.

This will allow the market and banking system to interface with one another synchronizing their transactions in a matter of seconds.

The new digital asset-based trading system is here. And, these new digital standards and regulations will be backed by gold and other commodities.

Look for a repricing event in oil, gold, and silver to adjust this new digital economy with real values.

© Goldilocks

https://www.thebanker.com/First-fully-regulatory-compliant-US-treasury-token-launched-1693466085

https://coinmarketcap.com/currencies/dust-protocol/

Nerd Wallet Link

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Swift unlocks potential of tokenization with successful blockchain experiments | Swift

Swift, the global financial messaging service, announced on August 31, 2023, that it has successfully conducted a series of experiments to facilitate the transfer of tokenized assets across multiple blockchains.

Collaborating with major financial institutions and Chainlink  ($LINK), a Web3 services platform, Swift aims to solve the interoperability challenges that have been a barrier to the growth of tokenized asset markets.

https://blockchain.news/news/breaking-swift-chainlink-and-major-banks-achieve-multi-blockchain-token-transfer

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New law: Businesses plan use of electronic | Legal Alert | ICAEW
https://www.icaew.com/library/subject-gateways/law/legal-alert/2023-09/businesses-plan-use-of-electronic-trade-documents-under-new-law

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FSB invites feedback on the effects of G20 financial regulatory reforms on securitization  - Financial Stability Board
https://www.fsb.org/2023/08/fsb-invites-feedback-on-the-effects-of-g20-financial-regulatory-reforms-on-securitisation/

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The UAE and Vietnam are expected to sign a major trade deal this year, according to a top diplomat.

The two countries should conclude the Comprehensive Economic Partnership Agreement (CEPA) this year, which will add new vigour to the 30th anniversary celebrations of diplomatic relations, said Nguyen Manh Tuan, the Vietnamese Ambassador to the UAE.

https://www.arabianbusiness.com/politics-economics/uae-vietnam-trade-deal-expected-in-2023-diplomat

https://www.arabianbusiness.com/tags/cepa

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House prices around the globe are falling at their fastest rate since the global financial crisis, data published today (August 31) by the Bank for International Settlements shows.

Worldwide, real house prices declined 3.3% year on year in the first quarter of 2023. Prices last contracted by that much in 2009, when the global economy was still grappling with the financial crash.

Central Banking Link

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Proposed Regulations Would Impose New Reporting Requirements on Transactions Involving Cryptocurrency and Other Digital Assets

These reporting rules contain a number of exceptions and exclusions, including as follows:

Exceptions to broker reporting of securities and commodities sales under current law, such as sales effected on behalf of certain exempt recipients (e.g., certain corporations, financial institutions, tax-exempt organizations, or governments or political subdivisions thereof) would also apply to digital asset sales.

Persons providing only distributed ledger validation services, whether through proof-of-work (i.e., mining), proof-of-stake (i.e., staking), or any similar consensus mechanism, and persons selling hardware or licensing software that does not provide direct access to trading platforms but instead solely permits persons to control private keys used to access digital assets, would not be treated as brokers subject to these reporting requirements.

Transactions “in which a customer receives new digital assets without disposing of something else in exchange,” such as those in which a customer receives new digital assets in a hard fork or airdrop, would not be reportable under the proposed regulations.

https://www.jdsupra.com/legalnews/proposed-regulations-would-impose-new-8773061/

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SEC Losses in Court Signal Shift in Crypto Regulation That Benefits Bitcoin
https://btcpeers.com/sec-losses-in-court-signal-shift-in-crypto-regulation-that-benefits-bitcoin/

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BRICS TAKING OVER!? A New Global Reserve Currency!?

https://youtu.be/YJ16KCiHFZ4?feature=shared

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A currency war is about to begin, and it is not going to be pretty. Throughout history, this has been known as a time when currency values begin to create price pressures causing them to shift. At the end of this period of time, new agreements are signed regarding new currency values.

© Goldilocks

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Jim Willie Gold 10K - XRP $120

https://youtu.be/ueLUdz33N8U?feature=shared

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Saturday Morning Iraq Economic News Highlights 9-2-23

Saturday Morning Iraq Economic News Highlights 9-2-23

"BRICS" Group Prepares For "Dollar-Free" Oil Trade

Arab and international   A report published recently by the US "Energy Intelligence" website considered that the potential expansion of the "BRICS" group raises more questions about the dollar's dominance in global energy trade.

According to the site, when the six countries that were recently invited are added to BRICS, specifically Saudi Arabia, the UAE and Iran, the group's share of global oil production will jump from 20% to 42%.

The report stated: "Interest may grow in a system that does not depend on the dollar, but it is likely to take years from now to implement it ... As for the displacement of the dollar from its dominant position in energy trade, it may be particularly difficult."

Given BRICS' ambitions to wean itself off the dollar in its growing intra-trade flows, expanding the group could increase the potential for competition, with countries considering non-dollar payment options.

Western sanctions against Russia were a factor in pushing several countries to search for ways to immunize themselves from such threats, but the lack of alternatives makes it imperative to keep the US currency. 

Russia's oil trade with India faces currency-related obstacles, as Russia does not want Indian rupees to flow to it, while India is reluctant to use the yuan, the currency of China, its regional rival.

Another 14 countries applied to join the membership of the group, including oil and gas producing countries, which gives another impetus to transformation efforts, but the position of the dollar in oil transactions is deeply entrenched, according to the description of the report.  

Views 33   09/02/2023 https://economy-news.net/content.php?id=36122

Iran: The railway link (Basra - Shalamcheh) will achieve a huge leap in trade exchange with Iraq

International  2023-09-02  Iran: 1,326 views  Alsumaria News - Local, Iranian First Vice President Mohammad Mokhber described the Shalamcheh-Basra railway project as a strategic plan for Iran and Iraq, adding that this project will link the railways between the two countries and would complement international transport routes.

The Iranian First Vice President headed to Khuzestan Province (southwest of Iran) to inspect the border crossings and to participate in the commencement ceremony of the implementation of the Shalamcheh-Basra railway project, which will be held in the presence of Iraqi Prime Minister Muhammad Shia al-Sudani.

An informant described this project as a strategic plan for Iran And Iraq And a transformation in the West Asian region, he added that the project will link the railways between the two countries and would complement the international transport routes.

He continued, saying: This important path will be completed with the cooperation of the two countries during the next two years, within the framework of the policy of strengthening relations with neighbors, and after two years of continuous follow-up, and we hope that it will be a source of good and blessing for my country.IranAndIraqas well as for the countries of the region.

He considered linking the Iranian railways b Iraq and its extension to  The Mediterranean Sea After several decades, a happy event happened, and he said: "We will witness a huge jump in trade exchange between the two countries with the completion of the Shalamcheh rail link project –Basra He said that countries located in the east of the world can reach and communicate with other countries  The Mediterranean Sea Through this railway line, we also hope that this line will play a special role in facilitating travel between Iran And Iraq.

Recall that he announced the director  Iranian Railways Company [/url] Yesterday, Friday, that Iraq Today, Saturday, the implementation of the "Shalamcheh" rail link project will begin.  Basra(in Khuzestan Province, southwestern Iran) in the presence of high-ranking officials from Iran And Iraq.

He added, efforts are to implement the project, as about 1.4 kilometers of this road were built after 1,600 demining operations, and we reached the border.

And he continued, took over Iran Responsibility for demining a length of 16 km within the scope of the plan and accomplished this task; Clearing mines from the next 16 to 18 kilometers is also a responsibility Iraq.

For its part, the Iraqi government announced that today, Saturday, the foundation stone will be laid to start the work of implementing the "Shalamcheh" rail link project.

BasraThe Iraqi government said in a statement that laying the foundation stone comes after the Ministry of Transport And Basra Governorate confirmed the completion of the procedures stipulated in Cabinet Resolution (23333), related to the implementation of the linkage project.   LINK

An Expert Details The "Railway Link" Project With Iran And Its Potential Impact On The "Port Of Fao"

Baghdad - people    On Saturday, the economist and university professor in Basra, Nabil Al-Marsoumi, spoke about the "railway link" project with Iran, and the extent of its impact on the port of Faw. 

Al-Marsoumi wrote in a post, followed by “Nass” (September 2, 2023), as follows: “    

Information about the railway link between Iraq and Iran    

The first phase: extending a railway line between the cities of Khorramshahr and Basra    

Line length: 36 km    

Construction period of the first phase: 18 months    

The second phase: extending a railway line to the regions of Albu Kamal and Deir Ezzor in Syria, and then to the Syrian port of Latakia on the Mediterranean Sea.    

Project cost: The initial cost of the first phase is 148 million dollars, and the total cost after completing the second phase will reach 10 billion dollars. It was agreed that each country bears the cost of constructing this line. 

The purpose of the project: transporting about 3 million passengers between Iraq and Iran and transporting goods, as there are two corridors of the Silk Roads, one by sea and the other by land, and the sea extends from northern China to Europe and Africa through the Red Sea, and the other road extends from China to the southern ports of Iran that enjoy It has an important geostrategic location, from which goods are shipped.

As for the land route, it extends from southern China to Kazakhstan, then Central Asia, then western Iran. Three roads branch out from western Iran, one of which goes to Istanbul, then to Europe, and the other to Azerbaijan.    

As for the third road that concerns Iraq, it connects Iran with Iraq and Syria, and it is the only road that connects to the Silk Road, or through the great port of Faw.    

In 2019, Iran began implementing a project to link the "Imam Khomeini" port, located on the Iranian side of the Gulf waters, with the Syrian port of Latakia, through a railway network passing through Iraqi territory. This project is described as strategic by the Iranians and more important than the rest of the land transport lines. 

 Difficulties facing the project: The areas through which the railway (Khorramshahr-Basra) passes are characterized by soft land, in addition to containing mines, which increases the difficulty of implementing the project, and it is likely that the two sides will be satisfied with the 15 land crossings. 

The importance of the project for Iran: facilitating the transportation of passengers to Iraq and maximizing economic gains for Iran in terms of improving trade and relations with its neighbors. The projects could help establish trade corridors across Iranian territory, which would allow Iran to be at the center of merchandise flows in the east, west, north and south. 

The importance of the project for Iraq: facilitating the transportation of Iraqi travelers to Iran, as well as facilitating Iraq's merchandise imports from Iran and obtaining transit fees for the transit of Iranian goods through Iraq. 

Concerns related to the project: There should be a detailed study and economic feasibility studies to ensure that this project does not negatively affect the great port of Faw, the dry canal or the development road,” according to Al-Marsoumi.     https://www.nasnews.com/view.php?cat=113689

Former Minister Of Transport: The Railway Link Is A "Bullet Of Mercy" On The Port Of Faw (Video)

2023.09.02 - Baghdad - Nas   The former Minister of Transport and the current MP, Amer Abdul-Jabbar, commented, on Saturday, on the railway link project between Iraq and Iran. 

Abdul-Jabbar said in a video clip, followed by "NAS" (September 2, 2023), that "the rail link with Iran is not limited to transporting passengers, and the claim is false, because there was no exclusivity in that. The foundation stone while the citizens were busy with the Arbaeen visit is intended.” 

https://www.nasnews.com/view.php?cat=113681

Al-Sudani: The Rail Link Project Will Transport Passengers From Iran And Central Asian Countries

Today, Saturday, the Prime Minister, Muhammad Shia Al-Sudani, confirmed that the railway link project will transport travelers from Iran and the countries of Central Asia.

And his media office stated, in a statement, that “Al-Sudani laid, this morning, the foundation stone for the railway linkage project, at the Shalamjah border crossing in Basra Governorate, for the transport of travelers and visitors to the holy shrines, between the Republic of Iraq and the Islamic Republic of Iran, in the presence of the first vice president of Iran, Muhammad Mukhber.” .

Al-Sudani pointed out, “The importance of the railway link project in transporting travelers and visitors to the holy shrines from Iran and the countries of Central Asia, as well as its importance in strengthening the infrastructure of the Iraqi economy and increasing its growth,” noting that “the project has been subject to years of discussion and it was agreed to complete it between Iraq and Iraq.” And Iran in 2021.”

He explained that "the railway link through the Shalamcheh port is a link of multiple links to transport travelers and visitors to the holy shrines, which are scheduled to reach the holy governorates of Najaf and Karbala."

For his part, Mokhbar praised "the development plans initiated by the Iraqi government in various sectors," stressing "his country's support for Iraq's economic and developmental success.

https://takadum-news.com/archives/181329#hathalyoum

Al-Sudani's Advisor: The Step Of Linking Iraq To Iran With A Railway Network Is Very Important

Economy  2023-09-02  The government advisor for financial affairs, Mazhar Muhammad Salih, confirmed: "The step of linking Iraq with Iran with a railway network is a very important step that will contribute to organizing the transportation of goods and merchandise and even Iranian visitors with Iraq."

Muhammad Salih said in a press statement: "Iran is a major trading partner for Iraq, and historically Iranian goods flow easily into Iraq," noting that imports of goods and merchandise except (gas) constitute at least $7 billion, which is a large figure for Iraqi imports, and it constitutes More than 10% of Iraq’s international imports.”

And he stressed that “this line will contribute to organizing the transportation of goods, merchandise, and even visitors, which is an important issue,” explaining that the easier the transportation cost, the lower the costs, regardless of the noise between the linkage at the regional level and the world, which is an issue Regulatory is very important, whether trucking or train.

And the advisor continued: "Iraq is a country in which there is a large religious visit, being a great Islamic center, and this line will facilitate the transportation of visitors," calling for not expanding other political strategies and theories on this issue, and it should be limited to a limited issue, especially (trade and visitors) between Iraq and Iran.   https://kirkuktv.net/AR/Details/17161

"Tidbits From TNT" Saturday 9-2-2023

TNT:

CandyKisses:  BRICS group prepares for oil trade "without dollars"

A recent report published by the American website "Energy Intelligence" considered that the potential expansion of the "BRICS" group raises more questions about the dollar's dominance in global energy trade.

When the six countries recently invited to the BRICS are added, namely Saudi Arabia, the United Arab Emirates and Iran, the group's share of global oil production will jump from 20 percent to 42 percent.

"Interest in a non-dollar-based system may grow, but it is likely to take years from now. "Removing the dollar from its dominant position in energy trade could be particularly difficult."

Given BRICS' ambitions to de-depend on the dollar in its growing intraregional trade flows, expanding the group could increase the likelihood of competition, with countries considering non-dollar payment options.

Western sanctions against Russia have prompted several countries to look for ways to shield themselves from such threats, but the lack of alternatives necessitates the retention of the US currency.

Russia's oil trade with India faces currency obstacles: Russia does not want Indian rupees to flow into it, while India is reluctant to use the yuan, the currency of regional rival China.

Another 14 countries have applied to join the group, including oil and gas producers, giving further impetus to the transition effort, but the dollar's position in oil transactions is deeply entrenched, the report said

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Tishwash:   Tomorrow... a delegation from Erbil will head to the United States

A delegation from the local government in Erbil governorate is scheduled to go to the United States tomorrow, Sunday, to conclude a twinning contract with the city of Nashville, while the governor, Omid Khoshnaw, complained about the federal government's continued failure to supply the region with fuel, including gasoline.

Khoshnaw said in a press conference, "A delegation from Erbil governorate will visit the United States tomorrow, Sunday, with the aim of signing a twinning contract with the city of Nashville," expressing "hope that this contract will be in the interest of developing relations between the two sides, because it is very important in developing communication between peoples." and governments.” 

"We are proud that Erbil is the only city that will conclude a twinning contract with Nashville in the Middle East," he added.

On the other hand, during the conference, the governor touched on the high price of gasoline and the deterioration of its quality, which is the source of resentment and dissatisfaction of the population in Erbil. He said that obtaining gasoline at the subsidized price is among our rights, but it was confiscated by Baghdad.

He explained that gasoline is subsidized by the sovereign budget of Iraq, and we have a share in it, but the Kurdistan Region is not supplied with a single drop of this substance.

Khoshnaw continued by saying: We hope that the Iraqi government will look at this issue with justice and equity for all regions and cities of the country, and lift the injustice against the Kurdistan Region regarding this issue. .   link

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CandyKisses:  To confirm Shafaq News. Sudanese in Shalamcha to launch a project with Iran

Prime Minister Mohammed Shia al-Sudani arrived on Saturday at the Shalamjah port in Basra province to launch a project with Iran.

A government source told Shafaq News Agency that "the Sudanese arrived at the port to lay the foundation stone for the railway link project with the Islamic Republic of Iran."

Videos circulated on social media platforms also showed the arrival of security reinforcements at the Shalamjah crossing to lay a foundation stone on the railway project.

This comes as a confirmation to Shafaq News Agency, where a government reported on Tuesday evening, that Prime Minister Mohammed Shia Al-Sudani will visit Basra province next Saturday.

The source told Shafaq News Agency that the visit aims to lay the foundation stone for the railway link project with the Islamic Republic of Iran.

The Iraqi Minister of Transport recently visited the Iranian capital, Tehran, to discuss the file of rail link for the transport of passengers between the two countries.

An agreement between the two countries includes the start of mine clearance operations planted since the eight-year war between the two countries (1980-1988) in the border areas, and the construction of a drawbridge on the Shatt al-Arab (north of Basra), to be completed within a year and a half.

Mot:  try to remember the kind of september..................

https://www.youtube.com/watch?v=QEm67QbgEGY

Mot:  ...... siiggghhhhhhhh --- what to say!!!

Late Friday Evening Iraq Economic News Highlights 9-1-23

Late Friday Evening Iraq Economic News Highlights 9-1-23

He Stressed That It Will Limit The Possibility Of The Corrupt Seizing Cash…. An Economist Explains The Importance Of Implementing The Unified Treasury Project In Iraq

Posted On2023-08-31 By Sotaliraq   He emphasized that it would limit the possibility of the corrupt appropriating cash… An economist explains to Al-Zawraa the importance of implementing the unified treasury project in Iraq 

The Possibility Of Corrupt Takeover Of Cash.

Qusai said in an interview with Al-Zawraa: “The process of controlling the cash flows entering the accounts of the federal ministries and more than 4,500 government units requires electronic linking between these units in order to know the inflows and outflows. The establishment of the unified treasury account aims to monitor government performance from through cash flows.”

He added, “The position of the Prime Minister can know the cash flows of any unit of account, the movement of incoming cash and the outgoing transfer in order to evaluate performance and know the possibility that there will be more investment of inward cash and in line with the required liquidity, for example at the level of customs and at the level of taxes. For any government activity, there is a return.” Govt.

And he indicated that “the establishment of the unified treasury account makes it easier for the Ministry of Finance to manage and control cash and limit the possibility of seizing this cash by the corrupt, because showing this account will contribute to knowing where the cash flows come from and where they go, why the decrease has not been made, and the reason for the decrease in collection, all of them are matters We can obtain it by establishing the unified treasury account.”

He pointed out that “this account will be linked with an administrative financial account for integrated purposes, that is, an integrated administrative financial system that will accompany the establishment of the treasury account, so that there will be monitoring of the performance of levels of responsibility within one department in order to also improve government performance and achieve the goals of the financial and administrative reform program, as pledged by the Sudanese government.” ".

He stressed that it is considered “within the financial, administrative and financial reforms in the first place, but the integrated administrative financial account is set within the administrative side as well, and it will contribute to the control of incoming and outgoing cash flows.

The unified treasury and you go to the secondary website of the Passports Department. You will know the amount of cash that was collected in exchange for the passport issuance service, or for, for example, the crossing of such and such a truck, or for, for example, the fee for performing such and such a task.

You can draw a map through which you monitor the cash flows and hold accountable the officials in those units from where they come. The money and where it goes.   LINK

Oil Announces The Direction To Follow Up The Implementation Of Gas Investment Projects And Add New Quantities To The National Production

Political  | 09:28 - 08/31/2023  Baghdad - Mawazine News  Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani stressed today, Thursday, the importance of following up the implementation of gas investment projects and accelerating the addition of new quantities.

The media office of the Minister of Oil said in a statement: "Abdul-Ghani stressed, during his presidency of the meeting of the opinion committee in the ministry in its eighth session, the importance of following up the implementation of gas investment projects, accelerating the addition of new quantities of national production, and working to enhance foreign investments in site development projects and exploratory patches for licensing rounds."

Abdul-Ghani stressed, according to the statement, that "the Basra Oil Company has implemented plans for oil export pipeline projects for the southern outlet, and that the Oil Pipelines Company and the concerned companies have re-evaluated and rehabilitated oil pipeline systems throughout Iraq."

Abdul-Ghani instructed the oil formations to harness their efforts and capabilities to provide services to the Arbaeen visitors, including the provision of fuel of all kinds, the provision of potable water, the provision of ice, the provision of resting sites for visitors, in addition to other services

. The oil formations obtained international quality certificates "ISO" to achieve the ministry's goals in improving the technical and administrative performance.

The statement concluded, "The meeting of the opinion committee, which was held in the presence of undersecretaries, consultants, directors of oil companies and departments, and the director of the Media and Government Communication Office, included a discussion of the topics on its agenda and took the appropriate decisions in this regard." https://www.mawazin.net/Details.aspx?jimare=234221

The Iraq Stock Exchange.. Trading Indicators Of Joint-Stock Companies Rose 38% In August

Market   Economy News-Baghdad  The Iraqi Stock Exchange announced, on Thursday, the trading indicators for the shares of joint-stock companies for the month of August 2023

The Executive Director of the market, Taha Ahmed Abdel Salam, said in a statement that the Iraq Stock Exchange organized (23) trading sessions for the shares of the listed (103) Iraqi joint-stock companies during the month of August 2023.

The number of trading days was (23) trading session. The number for the current year, up to August 31, reached (159) sessions, which represents (67%) of the number of days planned for the year 2023, which correspond to the official working days.

The number of traded shares was (67 billion shares). The number for the current year, until August 31, reached (475) billion shares, which represents (84%) of their number for the year 2022.

The value of traded shares amounted to (444) billion dinars. For the current year, up to August 31, it amounted to (371) billion dinars. It represents (85%) of its value for the year 2022.

 The ISX60 traded stock price index closed at (809.8) points. Compared to the close of 2022, the index increased at the close of August 2023 by (38%). Compared to the close of July 2023, the index increased for August 2023 by (13%).   63 views  08/31/2023 - https://economy-news.net/content.php?id=36108

Trade: The Window For Electronic Registration Of Companies Has Met With Wide Acceptance And Success

Money  and business  Economy News _ Baghdad  Today, Thursday, the Ministry of Commerce confirmed that the electronic registration window for companies has met with wide acceptance and success, while indicating the adoption of a mechanism for selling cars that achieved 8 percent profits.

A spokesman for the Ministry of Commerce, Muthanna Jabbar, said in an interview with the Iraqi News Agency, followed by "Al-Iqtisad News", that "there is a promising program that is being followed up by the government, and it was an initiative of the Prime Minister's Office to automate and create a window for registering companies according to complaints submitted by lawyers and many company owners."

Pointing out that "there is an electronic registration program in the world that starts from an electronic window and ends with the applicant obtaining a registration or creating a company, and ends with results through the window."

Jabbar added, "The Ministry of Commerce has started relying on this program, and it has been activated and implemented for more than two years, in addition to having met with wide acceptance and success," noting that "the archive in the Registrar of Companies, which has more than 45,000 registered companies, has been transferred and archived from The approved paper-based systems to the electronic systems lasted two years and were not completed until the end.

He pointed out that "6 months ago, the applicant who wanted to register a company, add an activity, transfer, sell or exit one of the founders, through the electronic window and through the approved program," expressing his hope for "the ratification of the electronic signatures law, to overcome all obstacles that It is possible that you will face the company and its electronic window.”

Regarding the sale of cars, Jabbar said, "The General Company for Car Trade went through periods similar to the ebb and flow, as after all cars were purchased through the company that used to adopt Japanese, German and American origins, the purchase turned today to a competitive market and a change in the purchase policy."

He continued, "Iraq's openness to the free market took the advantage of the number that was enjoyed by the General Motors Company, as it was granting the number directly with the car, but now its capabilities have been transferred to the private sector, which has freedom of decision and negotiation, in addition to being not bound by the Iraqi standard, although The opposite of the General Motors Company.

He pointed out, "The existence of partnerships between the General Motors Company and the private sector by the fact of selling on a disposal fee that achieves a profit of 8 percent for the company and the rest for the private sector.

And he added, "Now the company has offers in installments for a group of cars, including (Sunny) cars with an engine size of 1300, at a good price and very low installments, in agreement with Iraqi banks that are sold to employees and holders of electronic payment cards, and everyone can enter the company's website and know its offers." He stressed that "there is a good turnout, especially since the number of cars is available."  Views 42  08/31/2023  https://economy-news.net/content.php?id=36110

Trade: We Have Activated Previous Agreements With The Turkish Side

Posted On2023-08-31 By Sotaliraq   Yesterday, Wednesday, the Ministry of Commerce confirmed the agreement with the Turkish side to “activate what was agreed upon in previous meetings.”

Turkish Trade Minister Omar Polat visited Baghdad and held meetings he described as “fruitful” with Iraqi officials.

A spokesman for the Ministry of Commerce, Muthanna Jabbar, said, "Trade and economic relations with the Turkish side are witnessing clear growth and positive development."

Regarding the agreements reached during the visit, he explained that "there was no specific agreement or signing of a specific agreement or contract."

He pointed out that "the two parties exchanged intentions to overcome the difficulties, and agreed to refer to all signed memorandums of understanding and what was agreed upon in previous meetings recorded in the minutes of the joint committees."

A statement from the Ministry of Commerce had announced earlier that the two sides agreed to "activate the joint committees and agreements signed between them, overcome obstacles, increase the volume of trade exchange and promote joint investments."

On the volume of trade exchange between the two countries, a spokesman for the Ministry of Commerce said, "Iraq is the fifth largest importer from Turkey."

He pointed out that “all ministries participate in the joint committee through a representative in addition to the General Secretariat, the private sector and the Federation of Chambers of Commerce,” noting that the Kurdistan region is also represented “not by being a region, but by being part of the Iraqi government.”

Regarding the opening of a new port with Turkey, Muthanna Jabbar said: “Until now, no specific date or location has been specified for this port, and it will be officially announced when an agreement is reached.”

The visit of the Turkish Minister of Trade came days after the visit of Turkish Foreign Minister Hakan Fidan to Baghdad and Erbil, in which he affirmed that Turkey sees Iraq as a "reliable partner" and that "its stability contributes to the prosperity of Turkey," pointing out that Turkey attaches "great importance" to its economic relations. with Iraq.

"The volume of our trade, which is close to $25 billion, lags behind (the two countries') real capabilities," he said in a joint press statement with Foreign Minister Fuad Hussein.

In turn, Fouad Hussein said, "There are about 850 Turkish companies in Iraq, most of which work in the construction and construction sector." LINK

MilitiaMan: World Trade Organization - World Bank - Iraq Dinar - International Exchange Rate - Standards

World Trade Organization - World Bank - Iraq Dinar - International Exchange Rate - Standards

MilitiaMan and Crew:  9-1-2023

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

Be sure to listen to the replay for all the news

https://www.youtube.com/watch?v=yQ3cg-rqJYY

"Tidbits From TNT" Friday PM 9-1-2023

TNT:

CandyKisses:  International organizations are flowing. Three reasons why Baghdad can play a pivotal role in the Middle East

Baghdad Today - Baghdad

On Friday (September 1, 2023), a member of the Parliamentary Foreign Relations Committee, MP Abbas Al-Jubouri, identified three reasons that qualify Baghdad to play a pivotal role in the Middle East.

Al-Jubouri said in an interview with "Baghdad Today" that "Baghdad is qualified to be a center for the Organization of Islamic Cooperation at the regional level and any regional or international centers, pointing out that "the security environment is stable as well as political."

He added, "There are three reasons that qualify Baghdad to play a pivotal role in the Middle East, as well as the headquarters of important organizations, namely the geography of the place and Iraq's relations with the neighborhood, the region and the world, in addition to the confidence of countries in Baghdad's efforts in many important issues in the region."

Al-Jubouri pointed out that "Iraq is an important pivotal country in the Middle East, and this matter did not come from a vacuum, stressing, that "the security situation is moving towards complete stability, which leads to greater openness towards the flow of headquarters of organizations to Baghdad."

Prime Minister Mohammed Shia al-Sudani announced on August 28, 2023, Iraq's approval of the establishment of a regional headquarters for the Organization of Islamic Cooperation in the capital, Baghdad.

During his meeting with the Secretary-General of the Organization of Islamic Cooperation, Hussein Ibrahim Taha, and his accompanying delegation, Al-Sudani pointed to "Iraq's natural and pivotal role in bringing together the views of Islamic countries in the region, and his conviction that dialogue is the best way to face common and numerous challenges.

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Tishwash:  A statement from the government regarding the railway link project between Iraq and Iran

After the Ministry of Transport and Basra Governorate confirmed the completion of the procedures stipulated in Cabinet Resolution (23333), related to the implementation of the railway link project (Basra - Shalamjah).

Tomorrow, the foundation stone will be laid for the start of the implementation of this vital project, to transport travelers and visitors between Iraq and the Islamic Republic of Iran. It is one of the important transportation projects in the region, and it will also contribute effectively to transporting travelers and visitors from Central Asian countries towards Iraq.

This project is an introduction to strategic transfer projects that will link Iraq and neighboring countries, which the government is working on implementing after it remained for many years in the framework of discussion and research without being implemented.

Bassem Al-Awadi,
the official spokesperson for the government
1- September- 2023  link

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Puddlenpdw:  “Iraqi-American” judicial negotiations to extradite those accused of “theft of the century”

Shafaq News/ The Parliamentary Integrity Committee revealed, on Thursday, negotiations that the Iraqi judiciary is conducting with its American counterpart to arrest those accused of the “deal of the century”.

The deputy head of the committee, Alia Nassif, told Shafaq News agency, “There is a move by the Iraqi Integrity and Judicial Commission, in coordination with the International Police, Interpol, for the purpose of arresting people accused of stealing tax secretaries, which was called the deal of the century.”

She added, “The Iraqi judiciary is conducting negotiations with its American counterpart to arrest those accused of stealing the century with the aim of handing them over to Iraq and prosecuting them,” noting that “two of the defendants hold American citizenship.”

Earlier, the head of the Iraqi Integrity Commission, Judge Haider Hanoun, called on the United States of America and the United Kingdom to extradite the director of the office of the former Prime Minister, Mustafa Al-Kadhimi, the head of the Intelligence Service, and the former Minister of Finance for their involvement in the case of theft of tax secretariats, what is known in the media as the “theft of the century.”

The head of the Integrity Commission called on the relevant authorities in the United States of America and the United Kingdom to implement the arrest warrants issued against them in accordance with the provisions of Article 316 of the amended Iraqi Penal Code No. 111 of 1969.

He also called on the UAE to hand over the political advisor to the Prime Minister in the previous government who is currently residing on its territory, and also called on the State of Turkey to extradite a wanted man and his wife, who are former employees of the Federal Integrity Commission and hold Turkish citizenship.

And last October, the “theft of the century” case was revealed for the first time, in which former senior officials and businessmen were involved, and it sparked great discontent in Iraq, which in recent years has witnessed massive protests calling for an end to corruption.

The “theft of the century” became the talk of the Iraqi street, political circles and others, until its echo spread outside Iraq and was covered by Arab and Western media.

The “theft of the century” is represented by the disappearance of 3.7 trillion Iraqi dinars (about two and a half billion dollars) from tax secretariat funds, and it was revealed by several concerned parties about two months before the end of the term of the previous government headed by Mustafa Al-Kazemi.

shafaq.com

https://iraqidinarchat.net/iraqi-american-judicial-negotiations-to-extradite-those-accused-of-theft-of-the-century/

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CandyKisses:  :  Expert summarizes 7 observations on the oil and gas law. What about the governor of the central bank?

Baghdad Today - Baghdad

Today, Friday (September 1, 2023), economist Nabil Al-Marsoumi made observations on the new version of the Oil and Gas Law, while noting that the new version is not much different from the previous two versions in 2007 and 2011.

Al-Marsawi stated in a post he posted on his personal account on the Facebook platform, which was followed by "Baghdad Today", that "the legislation of the oil and gas law was supposed to precede the establishment of the national oil company, and that the president of the company would be represented in the Federal Oil and Gas Council."

Al-Marsoumi asked sarcastically, "Is there no need to involve the governor of the Central Bank in the Federal Oil and Gas Council?", noting that "the Iraqi legislator seems to have invested in the Federal Court's decision in February 2022, which considered oil and gas activity in the region illegal, as well as the decision of the International Trade Court in Paris." In March 2023, which prevented Kurdistan from using the Iraqi-Turkish line, which led to the cessation of the region's oil exports, and this investment appears clear in the nature of the formation of the Federal Council that is dominated by the central authority and in the nature of the great powers enjoyed by the Federal Council for Oil and Gas in exchange for very limited powers for the region and the provinces non-regional producer.

And he continued, "There is a need for the law to include the principle of weighted voting in the Federal Oil and Gas Council according to certain criteria, such as having two or more votes for the governorate that produces more than one million barrels of equivalent per day."

And he continued, "Article 8 of the law states (the Federal Ministry of Oil shall manage the oil and gas-producing fields throughout Iraq in coordination with the producing region and governorates), and the explored and undeveloped fields, as well as the exploratory patches and how to manage them, were not addressed."

Al-Marsoumi explained, "The law did not give any role to the region and the producing governorates that are not organized in a region in drawing up strategic policies related to the development of oil and gas, which contradicts Article 112 second of the Iraqi constitution, which states (the federal government and the governments of producing regions and governorates together draw up the necessary strategic policies." To develop the wealth of oil and gas in a way that achieves the highest benefit for the Iraqi people, adopting the latest technologies, market principles and encouraging investment).

Al-Marsoumi concluded by saying, "The law did not include any article indicating how to deal with contractual obligations with foreign companies, especially the production-sharing contracts that it signed with Kurdistan 15 years ago, which are subject to mandated international arbitration in the event of breach of contractual obligations between foreign companies and the region."

Mot: . Beeeeeeee wary Out there!!!------

Mot:  . Many Thanx Jack, fur the Great Awareness Tips!! 

Friday Afternoon Iraq Economic News Highlights 9-1-23

Friday Afternoon Iraq Economic News Highlights 9-1-23

Economist: The Path Of Development Will Reduce Unemployment And Reduce Dependence On Oil As A Source Of Budget

 Information / Baghdad..Hashem Al-Baydani, a researcher in economic affairs, confirmed, on Friday, that the unemployment rate will be significantly reduced in the event of proper planning for development path projects, pointing out that the revenues of this path can reduce dependence on oil as a source of financing the budget.

Al-Baydani told Al-Maalouma, "The aforementioned road can push the Ministry of Industry, as well as private sector companies, to invest large areas near this road to establish factories and laboratories, and open the door for investment in front of international companies to bring their factories to Iraq to reduce transportation costs."

He added that "constructing the road and opening projects on both sides of it can eliminate a large percentage of unemployment, since most factory owners want to export their products at reduced transportation costs, and this can be achieved by offering land near the road for investment or rent."

And he indicated that "the establishment of factories, laboratories and projects on both sides of the road needs thousands or millions of workers and specialists, and this is something that can be invested in the right way and open the door for giant companies to invest, provided that the labor force is Iraqi, and it is possible to reduce customs duties or grant permits to open factories and factories for foreign investors." With the aim of introducing new revenues to the country and reducing unemployment rates. LINK 

This Is How The Government Stopped Oil Smuggling

Policy   01/09/2023 Number of readings: 147    Baghdad-Iraq today:  A member of the Parliamentary Services Committee, Baqir Al-Saadi, confirmed that the government has adopted 4 measures to end the file of the black market for white oil.

Al-Saadi said in a press interview, “The black market for white oil is a phenomenon that emerges with the winter season and increases the financial burden on citizens because of the presence of those trying to exploit any cold waves to raise prices to reap more.” profits.”

He added, "The Sudanese government adopted 4 important measures to end the black market file in the white oil file early, the most prominent of which is the start of distribution two months before the winter season, accelerating the pace of its provision in stations, And pumping large quantities to the areas most in need, especially as it is characterized by cold weather in order to create sufficient storage to prevent the emergence of any crisis during 2024.

He pointed out that "the smuggling file, which was the most important factor in the black market, decreased by 90% among the governorates, and efforts are being made to uncover the networks involved in these crimes to bring them to justice." LINK

Iran Promises A "Major Event" For The Upcoming Visit Of The Sudanese To Khuzestan.. Is It Related To The Railway Connection?

Baghdad today – Baghdad  Iran has promised a "major event" related to the upcoming visit of Prime Minister Muhammad Shia'a al-Sudani to Khuzestan Province.

Iranian media quoted the governor of Khuzestan, Ali Akbar Hosseini, as saying today, Thursday (August 31, 2023), that the province will host the Iraqi prime minister next week.

"It will be a big news event related to Khuzestan Province," he said.

Hosseini added, "More details about this visit will be announced soon."

An informed source revealed, on Tuesday evening (August 29, 2023), a close visit by Prime Minister Muhammad Shia al-Sudani to Basra Governorate, to lay the foundation stone for the railway link project with Iran.

The source told "Baghdad Today" that Al-Sudani "will pay a visit to Basra Governorate next Saturday (September 2) in order to lay the foundation stone for the railway extension project with Iran."

It is noteworthy that the Council of Ministers approved in its session last week regarding the Basra-Shalamja railway project, the following:

1- The Basra governorate obtains the approval of all concerned departments on the path proposed by it, and it is fixed in the basic design of the governorate, in a way that does not conflict with any future activity or projects.

2- Obtaining the fundamental approvals to allocate the land belonging to the state, through which the track passes, for the purposes of the Basra-Shalamcheh railway project.

3- The Basra Governorate removing all encroachments on the new railway track proposed by the Basra Governorate.

4 - The Ministry of Environment / Department of Mine Affairs to identify the areas contaminated with mines on the new route proposed by the province of Basra.

On December 27, 2021, Iraq and Iran signed an agreement to link the railway between the Shalamja border area with Basra Governorate, in a project aimed at transporting passengers and commercial activities.  LINK

An Expert Summarizes 7 Observations On The Oil And Gas Law.. What About The Central Bank Governor?

Economy  | Baghdad today – Baghdad  Today, Friday (September 1, 2023), economist Nabil Al-Marsoumi made observations on the new version of the Oil and Gas Law, while noting that the new version is not much different from the previous two versions in 2007 and 2011.

Al-Marsawi stated in a post he posted on his personal account on the Facebook platform, which was followed by "Baghdad Today", that "the legislation of the oil and gas law was supposed to precede the establishment of the national oil company, and that the president of the company would be represented in the Federal Oil and Gas Council."

Al-Marsoumi asked sarcastically, "Is there no need to involve the governor of the Central Bank in the Federal Oil and Gas Council?", noting that "the Iraqi legislator seems to have invested in the Federal Court's decision in February 2022, which considered oil and gas activity in the region illegal, as well as the decision of the International Trade Court in Paris."

In March 2023, which prevented Kurdistan from using the Iraqi-Turkish line, which led to the cessation of the region’s oil exports, and this investment appears clear in the nature of the formation of the Federal Council that is dominated by the central authority and in the nature of the great powers enjoyed by the Federal Council for Oil and Gas in exchange for very limited powers for the region and the provinces non-regional producer.

And he continued, "There is a need for the law to include the principle of weighted voting in the Federal Oil and Gas Council according to certain criteria, such as having two or more votes for the governorate that produces more than one million barrels of equivalent per day."

And he continued, “Article 8 of the law states (the Federal Ministry of Oil shall manage the oil and gas-producing fields throughout Iraq in coordination with the producing region and governorates), and the explored and undeveloped fields, as well as the exploratory patches and how to manage them, were not addressed.”

Al-Marsoumi explained, “The law did not give any role to the region and the producing governorates that are not organized in a region in drawing up strategic policies related to the development of oil and gas, which contradicts Article 112 second of the Iraqi constitution, which states (the federal government and the governments of producing regions and governorates together draw up the necessary strategic policies.” To develop the wealth of oil and gas in a way that achieves the highest benefit for the Iraqi people, adopting the latest technologies, market principles and encouraging investment).

Al-Marsoumi concluded by saying, "The law did not include any article indicating how to deal with contractual obligations with foreign companies, especially the production-sharing contracts that it signed with Kurdistan 15 years ago, which are subject to mandated international arbitration in the event of breach of contractual obligations between foreign companies and the region.  LINK

4 Billion Dollars Losses To Stop The Export Of Iraqi Kurdistan Oil

Posted On 2023-09-01 By Sotaliraq  The Kurdistan Petroleum Industry Association said that the closure of the Iraqi oil export pipeline to Turkey's Mediterranean coast has cost producers and the Iraqi government about $4 billion in losses.

It is expected, according to the association, which includes a group of foreign and local companies working in the field of oil production, that the losses will continue despite the initial talks between the Iraqi and Turkish governments to solve the problem.

Producers in the northern region of Iraq have been forced to cut production since Turkey halted pipeline flows.

And an international arbitration court had ruled that Turkey should pay compensation to Iraq in the amount of $ 1.5 billion for unauthorized exports that left the region located in northern Iraq between 2014 and 2018.

The Kurdistan Petroleum Industry Association announced, on Thursday, that the member companies of the association will not resume work on producing and pumping oil from the region, even if the government reaches an agreement with the Turkish authorities.

The association said it "will not produce oil for export through pipelines until it is clear how international oil companies will be paid for their contractual entitlement to oil exported in the past and in the future."

The Association also called on the oil industries, the Kurdistan Regional Government of Iraq, to ​​“provide guarantees that fully protect the rights of companies, including financial rights,” stressing that they were “significantly affected” by the Kurdistan Regional Government’s violation of the official agreements governing oil export and the resulting suspensions of export. It caused “billions” of damage to companies, according to its description.

It is noteworthy that the companies' threats coincide with continuous announcements from the Iraqi and Turkish governments hinting that they are close to signing an agreement that guarantees the export of oil from the Kurdistan region of Iraq through the port of Ceyhan without problems.  LINK

A Specialist Makes 7 Remarks Related To The Oil And Gas Law And Points Out Several Negatives

2023-09-01 867 views   Alsumaria News – Economy  Economist Nabil Al-Marsoumi made today, Friday, seven preliminary observations about the third version of the oil and gas law for the year 2023, while pointing out several negative aspects related to the law.

Al-Marsoumi said in a post, followed by Alsumaria News, that "the new third version of the draft oil and gas law is not much different from the previous two versions in 2007 and 2011, and some observations can be made on the draft oil and gas law for the year 2023 as follows:

First: The legislation of the oil and gas law was supposed to precede the establishment of the national oil company , and that the president of the company should be represented in the Federal Oil and Gas Council .

Second: There is no need to involve the Governor of the Central Bank in the Federal Oil and Gas Council .

Third: It seems that the Iraqi legislator has taken advantage of the Federal Court’s decision in February 2022, which considered oil and gas activity in the region illegal, as well as the decision of the International Trade Court  in Paris in March 2023, which prevented Kurdistan from using the Iraqi-Turkish line, which led to the cessation of the region’s oil exports.

This investment is evident in the nature of the formation of the Federal Council, which is dominated by the central authority, and in the nature of the great powers enjoyed by the Federal Council  for Oil and Gas, in exchange for very limited powers for the region and the producing provinces that are not organized in a region.

Fourth: The need for the law to include the principle of weighted voting in the Federal Oil and Gas Council according to certain criteria, such as having two or more votes for the governorate that produces more than one million barrels of equivalent per day.

Fifth: Article 8 of the law states that (the Federal Ministry of Oil shall manage the oil and gas producing fields throughout Iraq in coordination with the producing region and governorates), and the explored and undeveloped fields, as well as the exploratory patches and how to manage them, were not addressed.

Sixth: The law did not give an important role to the region and the producing governorates that are not organized into a region in drawing up strategic policies related to the development of oil and gas, which is inconsistent with Article 112 second of the Iraqi constitution, which states (the federal government and the governments of the producing regions and governorates together draw up the necessary strategic policies for the development of oil wealth And gas in order to achieve the highest benefit for the Iraqi people, adopting the latest technologies, market principles and investment encouragement).

Seventh: The law did not include any article indicating how to deal with contractual obligations with foreign companies, especially the production-sharing contracts that it signed with Kurdistan 15 years ago, which are subject to mandated international arbitration in the event of breach of contractual obligations between foreign companies and the region.   LINK

Iraqi News Highlights Early Friday Morning 9-1-23

Iraqi News Highlights Early Friday Morning 9-1-23

Tlm724 Administrator Bondlady’s Corner

Visa Cooperates With The Central Bank Of Iraq To Raise Awareness Of The Importance Of Digital Payments

Money and business  Economy News-Baghdad  On Thursday, the leading company in the field of global digital payments, Visa announced its cooperation with the Central Bank of Iraq to raise awareness of the importance of digital payments, pointing out that the campaign has the support of Prime Minister Muhammad Shiaa al-Sudani.

A company statement, received by "Al-Iqtisad News", stated that "the world's leading company in the field of digital payments, Visa, launched, in partnership with the Central Bank of Iraq, an initiative to introduce merchants and consumers in Iraq to the benefits of digital payments, and to raise awareness about the safety and security of these transactions."  He added,

"This initiative enjoys the support of the Iraqi Prime Minister, Muhammad Shia'a al-Sudani, and aims to encourage the Iraqi population to adopt the financial independence provided by the non-cash payment system."  The statement indicated that

"the campaign seeks, in partnership with the Central Bank of Iraq, to build a secure digital payment system for merchants and consumers by limiting the use of paper money, promoting non-cash payments and contactless payment solutions, and empowering people through financial inclusion."

Commenting on the matter, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, said:

“We at the Central Bank of Iraq are pleased to cooperate with Visa in the framework of this awareness campaign for merchants and consumers.

We have always been keen to support financial inclusion initiatives in various parts of the country, in addition to regulatory frameworks and related supervision processes.Iraq remains a major supporter of digital financial services in line with the strategic plan of the Central Bank of Iraq.  He added,

“In its first phase, the campaign will focus on educating the growing community of Visa merchants and customers.

Throughout history, merchants have shown clear caution in using direct point of sale devices, and this explains the high reliance on cash payment solutions.

However, there is an increasing demand for payments In Iraq, it is expected to grow by 14.23% between 2023 and 2027.

This initiative will increase financial literacy and enhance financial inclusion, especially since about 80% of the Iraqi population still do not have bank accounts, or do not have access to digital payment solutions.".

"The campaign will introduce merchants and customers to the process of issuing cards, including obtaining and activating Visa cards, and using them for daily transactions, while applying realistic use cases such as online shopping payments, supermarkets and fast food restaurants.

Visa's efforts also include hosting training workshops and developing Easy-to-use toolkits for merchants and consumers to accelerate acceptance and use of digital payments.

In this regard, Mario Makari, General Manager of Visa for the Arab Levant region, said in the same statement:

“There are wonderful advantages to the cashless economy.

We at Visa are striving to provide these benefits to the Iraqi population, of whom 80% still do not have bank accounts and do not have sufficient access to The digital payment services they need.

Our new campaign, which has the support of the Prime Minister and the Central Bank of Iraq, is in line with the goals of Iraq Vision 2030 to promote financial inclusion and build a diversified economy."  He added,

"The world's economies are witnessing rapid development in conjunction with the increasing use of digital technology in all fields of life.

Based on our deep belief in the importance of education and education for development and moving forward, we urge all our merchants and consumers to help build this cashless system in Iraq, and enjoy all its economic benefits."

Visa has been collaborating for years with the Central Bank of Iraq and key players in the sector to advance financial literacy by providing tools that facilitate digital commerce.  He pointed out that

"the Iraqi government has recently been seeking digital transformation in the country to achieve diversified economic growth in response to Iraq's vision for the year 2030.

And last January of 2023, the Prime Minister's Office issued a mandate to use points of sale in all governmental and non-governmental institutions, which enhances Visa's efforts in Iraq".  The statement concluded,

"Visa is always striving to stay at the forefront of innovation in its endeavors to create the largest open and dynamic global network of technology, partnerships and people.

By establishing many initiatives and partnerships from Iraq, Visa has achieved a pioneering achievement represented in launching the first digital payment card and multiple cards."

From this ancient country, Visa has succeeded in achieving advanced, secure and world-class capabilities, including providing customers with a rich and rewarding experience.”

Views 293    08/31/2023 - https://economy-news.net/content.php?id=36102

Iraq Is Making Remarkable Progress In The List Of The Largest Economies In The World In 2023. This Is Its New Rank

Economy   2023-08-31 | 3,818 views   Alsumaria News – Economy Iraq ranked 49th globally in the list of the world's largest economies for the current year 2023, according to CEOWORLD's report on statistics.

The report, which was based on GDP data for each country, stated that "the United States has maintained its position as the leading global economy and the richest country, retaining its first position with a GDP of $26.85 trillion, followed by China in second place with a GDP of $19.37 trillion. American, then Japan third with a total of 4.41 trillion dollars, then Germany in fourth place with a total of 4.31 trillion dollars, then India in fifth place with a total of 3.74 trillion.  He pointed out that

"Iraq ranked 49th in the world  and 4th in the Arab world, with a gross domestic product of $267.89 billion." Note that Iraq was ranked 52nd last year 2022.

https://www.alsumaria.tv/uploadImages/ExtImages/Images1/Screenshot%202023-08-31%20092738-638290602290646196.png

According to the report, Saudi Arabia ranked first in the Arab world and 18th in the world with a gross domestic product of $1.06 trillion, followed by the UAE with a total of $498.98 billion, then Egypt with a total of $387 billion, then Iraq came fourth in the 49th place in the world, followed by Qatar with an output of $219 billion, then Algeria. $2.6 billion, Kuwait $164 billion, then Morocco $138 billion, then Oman $104 billion, then Jordan $52 billion, while Tunisia came in tenth place with a GDP of $49 billion.

https://www.alsumaria.tv/news/economy/466336/العراق-يحقق-تقدماً-ملحوظاً-بقائمة-أكبر-اقتصادات-ال

The Deterioration Of The International Transport Market And Its Reflection On The Success Of The Development Road Project.. How Will The Sudanese Government Deal With The Problem Of (Ships And Containers)?! 

Ziyad Al Hashemi   The international shipping sector suffers from significant declines in the demand for transportation from Asia and China to Europe, due to the decrease in the demand for Asian goods and products in Europe.

As the maritime transport companies were forced to temporarily stop a number of their giant ships in the middle of the sea and cancel trips to Chinese ports due to the small number of container goods ready for transportation.

The decrease in the demand for maritime transport led to significant decreases in transport prices by large rates, reaching about 85%, compared to the years 2021-2022.

This is what caused a decrease in the revenues of maritime transport companies by up to 73%, with expectations of achieving losses if the current situation continues.

The situation was exacerbated by the entry of new ships to the market with larger tonnages, as a result of previous requests to build ships made by shipping companies when the demand for transportation was strong.

In light of all these difficulties, international transport companies tend to exploit fleets of ships (in the best economical way) possible to reduce operating costs and provide competitive transport rates.

Including the use of ships and containers to transport containers to the farthest possible port on the routes between Asia and Europe, and not directing ships on short or medium trips, as this raises transportation costs and losses incurred by transport companies.

This means that the shipping companies that dominate the global transport sector will not give up the transportation of the container for other means of transport (land) or allow other parties to participate in the revenues of transporting their containers.

As it is known that the shipping companies are the ones that own the ships and containers, and these companies will not accept the use of their containers by other companies or countries and benefit financially from their transportation.

Therefore, the Iraqi government will suffer a lot to persuade shipping companies to use the port of Faw and the development road, which will not sacrifice the voyages of its ships and the profits of its containers for the sake of the government's desires for the success of the development road and the realization of the dream of linking the East with the West through Iraq.

It is unfortunate that the Iraqi government has not yet understood the nature of the international transport market and has not taken action on the major transport companies to find out whether these companies will accept to give up the role of their ships and allow Iraq to transport their containers instead of them and profit from them, and how Iraq will be able to compensate these companies for their losses.

What occupies Messrs. Al-Sudani / Mohebis / Al-Kaabi is not all this, but rather the length of the development road, its path, its specifications, the speed of the train, the vague feasibility study, visits here and there, and moving flags and writers to promote this project without a real move on the influential players in the international transport market who have the ability to make or break an idea Connecting East and West through Iraq!

Ziyad Al Hashemi  Views 115   08/26/2023 - https://economy-news.net/content.php?id=35893

Citizens Complain About "Impossible Conditions" Set By Banks To Obtain Dollars

Economy  U.S. dollar  breaking   Central Bank of Iraq  Parallel market  2023-08-31 Shafaq News/ Obtaining the dollar at the official rate has become a haunting issue for citizens, despite the availability of the required conditions.

Duraid Salman, who underwent a liver transplant for his daughter in India, said, "For the second time, he had a medical trip to complete the recovery of his daughter and his donor wife. He went to a Rafidain bank to obtain dollars at the official price for the purpose of paying the costs of treatment to the hospital instead of buying dollars from the parallel market at high prices.".  He continued,

"During his submission of the required documents for him, including an official visa, a travel ticket, and all the required conditions, he was surprised that he was not included in the dollar, justifying that he does not have a residence permit, and it was not mentioned in the ticket at the time of return."  He pointed out that

"residency cannot be granted for such cases, but the patient is granted a visa for a period of 6 months, and the date of return is not determined by the patient, but rather by the hospital upon completion of treatment."  He asked about

"the reasons for the complexity and routine in obtaining the dollar for the real person who needs the dollar in such humanitarian matters," noting that "the bank's auditors suffer from excessive crowding and staying under the hot sun to obtain 3 thousand dollars for the traveler."  He called on

"officials to put an end to the suffering of citizens, especially for those who have a patient because he needs treatment and to provide medicine," noting that "these complications and routine push us to obtain dollars from the parallel market."

https://www.shafaq.com/ar/اقتصـاد/مواطنون-يشكون-من-شروط-تعجيزية-تضعها-المصارف-للحصول-على-الدولار

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

https://www.bondladyscorner.com/

Thursday Evening Iraq Economic News Highlights 8-31-23

Thursday Evening Iraq Economic News Highlights 8-31-23

Citizens Complain About "Impossible Conditions" Set By Banks To Obtain Dollars

2023-08-31 Shafaq News/ Obtaining the dollar at the official rate has become a haunting issue for citizens, despite the availability of the required conditions.

Duraid Salman, who underwent a liver transplant for his daughter in India, said, "For the second time, he had a medical trip to complete the recovery of his daughter and his donor wife. He went to a Rafidain bank to obtain dollars at the official rate for the purpose of paying the costs of treatment to the hospital instead of buying dollars from the parallel market at high prices."

He continued, "During his submission of the required documents for him, including an official visa, a travel ticket, and all the required conditions, he was surprised that he was not included in the dollar, justifying that he does not have a residence permit, and it was not mentioned in the ticket at the time of return."

He pointed out that "residency cannot be granted for such cases, but the patient is granted a visa for a period of 6 months, and the date of return is not determined by the patient, but rather by the hospital upon completion of treatment."

He asked about "the reasons for the complexity and routine in obtaining the dollar for the real person who needs the dollar in such humanitarian matters," noting that "the bank's auditors suffer from excessive crowding and staying under the hot sun to obtain 3 thousand dollars for the traveler."

He called on "officials to put an end to the suffering of citizens, especially for those who have a patient because he needs treatment and to provide medicine," noting that "these complications and routine push us to obtain dollars from the parallel market."  LINK

An Economist Expects The Continuation Of The "Gap" Between The Parallel And Official Dollar Prices

Time: 08/31/2023 Read: 663 times   {Economic: Al Furat News} Economist Nabil Al Marsoumi predicted, today, Thursday, that the gap between the parallel and official dollar prices will continue, pointing out that it may increase due to the release of large amounts of money included in the 2023 budget.

Al-Marsoumi said to {Euphrates News}: “The issue of Iraq’s exit from the dollar crisis is political and continues with the existence of sanctions, and thus it prevents bank transfers and documentary credits. on the expenses of traveling Iraqis.

He added, "More than 3 billion and 410 million dollars, these expenditures are not funded, so that travelers resort to the parallel market, so as long as the sanctions remain in place, the gap will continue and may increase due to the release of large amounts of money included in the 2023 budget."

From.. Raghad Dahham   LINK

After "Breaking The Local Collar"... What Is The New Economic Vision For Iraq?

Economy     Baghdad today – Baghdad  Today, Thursday (August 31, 2023), economic expert Mahdi Dawai considered Iraq to have succeeded in creating an economic partnership with its regional surroundings, as well as creating "spatial development" that will end many problems.

Dawai said in an interview with "Baghdad Today", that "the government of Muhammad Shiaa al-Sudani succeeded in creating an economic vision through openness to its regional surroundings,

and it was embodied in multiple steps, the most prominent of which is the development path that has three economic, social and tourism dimensions, starting from the port of Faw to Turkey, and the planned To open up towards other neighboring countries," considering that "breaking the local cordon towards the regional and global in a country in dire need for the entry of foreign investment and the creation of spatial development that will end many problems."

He added, "The rapprochement with the Gulf countries is another important step that has economic dimensions, accompanied by balance and careful dealing with the eastern and western camps, with the adoption of a financial and monetary policy aimed at stability despite the crises," stressing that "the rise in oil prices gave high flexibility to the Iraqi economy, and the possibility of providing financial resources." To finance investments to enhance the capabilities of the infrastructure, which is the most important in any future investment axes.

He pointed out that "Iraq, with its qualifications, economic wealth and important geographical location, is able to form a compass in the world of economy and international trade within years, if there is the ability, management and planning to proceed with all strategic projects that are a building block in the world of the country's largest economic change."

Since assuming the position in October 2022, Prime Minister Muhammad Shia al-Sudani has sought with great enthusiasm to complete the previous steps to complete economic deals, whether with Egypt, Jordan and Saudi Arabia, in addition to the path of development with Turkey.

However, security and political challenges may hinder the possibility of the Sudanese taking any steps beyond signing formal agreements, as it used to happen every time an Iraqi prime minister signed such agreements, according to observers.   LINK

A Parliamentary Committee Determines The Requirements For Approving The Oil And Gas Law

Policy - 08-31-2023 The Oil, Gas and Natural Resources Committee confirmed, on Thursday, that the oil and gas law requires a comprehensive agreement and in-depth discussion by the political parties.

Committee member Sabah Sobhi told the Official Gazette, “The oil and gas law is still in the process of writing its draft, which is the first stage in enacting any law. This law needs a comprehensive political consensus, being a sensitive law that needs deep study and discussion by the political parties.” ".

He added, "The law includes many dimensions, the most important of which is the economic dimension, which is the most important, because the enactment of this law leads to the restructuring of the Iraqi economy, and the second dimension is the legal one, because until now there is a legal vacuum with the existence of a constitutional article related to oil that requires the enactment of a law of its own."

He continued, "As for the third dimension, it is political, given that the issue of the oil commodity is very important from a political point of view, as it is the main revenue on which the economy and the Iraqi state depend, because 90% of the country's budget depends on oil imports, so we need to legislate this law, and another after It is the technical dimension because oil is full of techniques from exploration until we reach sale, so we are in the process of enacting an important, complex, sensitive and fateful law for Iraq.   https://www.dijlah.tv/index.php?page=article&id=333942[/size]

Iraq Is Advancing Globally And Settling In The Arab World With The Largest Economy In The World In 2023

2023-08-31 Shafaq News / Iraq ranked 49th in the world's largest economies for the year 2023, after it was ranked 52nd last year, within a list of 190 countries, according to a report by the International Monetary Fund.

According to the report, which was based on GDP data, for each country, and seen by Shafaq News agency, Iraq advanced three ranks globally compared to 2022, while it maintained fourth place among Arab countries for the second year in a row, with a GDP of $267.89 billion.

Saudi Arabia came first in the Arab world and 18th in the world with a gross domestic product of $1.06 trillion, followed by the UAE with a total of $498.98 billion, then Egypt with a total of $387 billion, then Iraq came fourth in 49th place globally, followed by Qatar with an output of $219 billion, then Algeria with $2.6 billion. Kuwait with $164 billion, then Morocco with $138 billion, then Oman with $104 billion, then Jordan with $52 billion, while Tunisia came in tenth place with a GDP of $49 billion.

According to the Fund's report, "the five largest economies in the world in 2023 were the United States, China, Japan, Germany and India.

The United States maintained its position as the leading global economy and the richest country, retaining its first position with a GDP of $26.85 trillion, followed by China in second place with a GDP of $19.37 trillion, then Japan third with a total of $4.41 trillion, and then Germany in fourth place. With a total of 4.31 trillion dollars, then India is in fifth place, with a total of 3.74 trillion.

The United Kingdom came sixth with a total of $3.16 trillion, France seventh with a total of $2.92 trillion, then Italy came eighth with a total of $2.17 trillion, followed by Canada in ninth place with a total of $2.09 trillion, and Brazil in tenth place with a total of $2.08 trillion.

The International Monetary Fund report indicated that Tuvalu was at the bottom of the ranking table with a total of $7 million, followed by Nauru with an output of $15 million, then Kiribati with a total of $25 million.   LINK

Al-Sudani's Advisor Tries To Explain The "Huge Figure" Of The World Bank On Iraq's Debt

Baghdad today – Baghdad  Today, Wednesday (August 30, 2023), the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, stated that Iraq’s debts of more than $150 billion to the World Bank are “exaggerated” and unreal, while he reviewed Iraq’s debts as a whole in an attempt to explain the source of the figure that the bank talked about. international.

Saleh told the official news agency, followed by “Baghdad Today,” that “the issue of the Iraqi public debt requires a professional distinction of its history and details, and not taking its numbers on their minds without a clear logical analysis.

The internal public debt, which is approximately 71 trillion dinars, and which the government banking system still holds Those debts are in the form of government bonds and treasury transfers, when evaluated in foreign currency, it is estimated at about $54 billion, while the external debt payable until the year 2028 is estimated at about $23 billion, and there are debts due after the year 2028, so the external debt becomes about $30 billion.

He added, "There is a debt pending on the 2004 Paris Club agreement, i.e. sovereign debts before 1990 belonging to four Gulf countries and four other countries, which are about 40 billion dollars, and if they are activated, if they are correct (because they are, as is termed economically, reprehensible debts because they financed the Iraqi-Iranian war."

At that time, if it is correct again, it must be deducted by 80% or more under the Paris Club agreement for the year 2004, to be less than $ 9 billion or less.

And Saleh continued, commenting on what the World Bank mentioned in its new report that Iraq’s debt exceeds 150 billion dollars:  He said, “We do not know the method of calculating the debt in the World Bank report.

Aside from it, for the external debt to reach 50 billion dollars, as an expectation of the total internal public debt early, which was not achieved, and therefore the reading of Iraq’s internal and external debts, according to what was published by the World Bank, came to be about 152 billion dollars,

and this is exaggerated rather than being At about $84 billion (excluding the balance attached to the Paris Club agreement as an abhorrent debt) and what has been published about debt balances is unreal and discretionary.

He pointed out, "Nevertheless, the public debt-to-GDP ratio, even in light of its unjustified inflation, will remain between 54-57% of the estimated GDP for the year 2023, and it is within the current safe economic stability area, which is usually estimated at about 60%."

And the advisor to the Prime Minister for Financial Affairs warned, "The financial policy in Iraq adopts a highly disciplined system in adjusting the timing of payment of debt dues (annual installments and interest) or when extinguishing the debt once on its annual due dates, and there are fixed and accurately estimated annual allocations that are monitored in the budget."

The public early to pay debt services and dues, especially Iraq's foreign debts, and no failure has been recorded in Iraq during a decade and a half, and this is what made Iraq's credit worthiness high, as Iraq is located within Area B in the global credit rating tables that are evaluated by international credit rating companies. Known and periodically since 2015 until today.

Saleh explained, "The vast majority of internal public debt is in the possession of government financial institutions or the government banking system, which is an (exclusive) internal governmental matter.

There is a strategy in dealing with this debt, especially since the monetary authority currently acquires about 64% of the total internal debt and has the ability to In managing it in coordination with financial policy and with high accuracy, bearing in mind that the banking system annually obtains interest on that debt at a rate of 3%, and it falls within the annual allocations of the general budget.  LINK

Here's Why China's Yuan Will Never Be Able To Dethrone The US Dollar

Here's Why China's Yuan Will Never Be Able To Dethrone The US Dollar

Matthew Fox  Wed, August 30, 2023

Why China's Yuan, not the Euro, could become the dominant global currencyScroll back up to restore default view.  There's good reason why China wants to dethrone the US dollar with its yuan, or even a collective of other currencies. 

"The dollar's reserve status is a privilege that gives the US significant political, economic and market influence," TS Lombard said.   But China's yuan has little to no chance at replacing the dollar, especially as its economy struggles.

China's yuan has little to no chance of dethroning the US dollar, even as global de-dollarization happens at a slow and steady pace.  That's according to a Wednesday note from GlobalData TS Lombard's Skylar Montgomery, who outlined why it makes sense China wants its yuan, or at least a collective of other currencies, to break up the dominance of the dollar.

"The dollar's reserve status is a privilege that gives the US significant political, economic and market influence," Montgomery said, adding that America's gain from its reserve status also represents pain for other countries.  Dollar strength damages emerging markets especially, she noted. Because most emerging market trade is in dollars, any appreciation in the greenback means other countries pay higher import prices.

Additionally, a strong US dollar amplifies energy price shocks and gives the US government leverage in using it as a political weapon, including when the West froze Russia's currency reserves after Moscow invaded Ukraine.

"That weaponization of the dollar is part of the reason why Russia, China, and other BRICS nations have vied for an alternative to the dollar," Montgomery said.

To be sure, de-dollarization is still happening, but just at a very slow pace.

Montgomery highlighted that the clearest sign of de-dollarization is seen in the dollar's share of global currency reserves, which has dropped from 72% in 2000 to 59% today.

"A decrease of less than 1% a year is extremely slow-moving and the dollar still makes up the majority of currency reserves," she observed. "Moreover, the 13% decline has benefited [the] euro, British pound, Canadian dollar, Chinese yuan, and Australian dollar fairly evenly."

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/heres-why-chinas-yuan-never-020352361.html