News — Dinar Recaps Blog Page — Dinar Recaps (2024)

KTFA:

BuckEyeTree: Wonder if the budget made it into the Gazette. It was supposed to be sent there. Even if the Tables still show the program punishment rate, the publication would be one more step toward the goal.

IMO, Sudani (with Alak and Minister of Finance next to him) can go on TV at anytime and make an announcement to Iraqi citizens via the big screens and the world that the Iraqi dinar has s new rate. The budget tables can be amended shortly after IMO.

The good guys, Sudani and Alak, have been speaking a lot lately, and they will have more to say and maybe soon. Just how soon is the question. A public broadcast and then going on Forex would grab the attention of the world. The printed page, radio and TV, and internet are powerful means to communicate but especially the latter.

BuckEyeTree Cont……IMO it is possible and has been said that the Iraqi dinar with its REER may rescue failing economies. The countries which hold dinar especially after exchanges will have an asset of value in their reserves in addition to precious metals that may be held.

IMO, there will be an increase in economic activity in the USA after dinar holders exchange then purchase new homes, cars, furniture, and other goods along with charitable donations. I can only imagine and hope that those with incredible new wealth would remember to include giving to Children's Hospitals and food pantries, and to those less fortunate, etc, although charity starts at home.

We hear it is all done. So, now time to get it done and expose the rate, such as what rate is in those contracts? For those huge projects, Iraq needs more than an operational budget IMO and each day brings more drop the mic news. Arrest the bozos who stole money and get it done. Seat belt on ready for take off & miracles.

Clare: THERE IS NO NEW PUBLICATION IN THE IRAQI GAZETTE SINCE 6/3 AS OF RIGHT NOW. I WILL POST IT, IF I SEE ANYTHING CHANGE.

BuckeyeTree: I was hoping maybe the Gazette was out later than usual. There must be a good reason for postponement. Wonder if Eddie had something to say about that.

The greater impact would be to make a special announcement on TV and on the big billboard screens. No idea how many Iraqis or if most Iraqis read their gazette.

If budget only has the sanctioned rate, the Iraqis can celebrate that the projects are in the budget, but the projects cannot be realized at 1310 IMO. They would still be waiting for Sudani to keep his promise that they would have purchasing power. The reinstatement is primarily for them. They have waited long for it. Hopefully, "coming days" does mean days (or hours) away.

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Clare: Reconstructing Iraq: The role of banks in financing the future

6/8/2024

Reconstructing Iraq after years of wars and conflicts represents a great challenge, but it also represents an opportunity to rebuild a strong and sustainable economy.

Banks play a crucial role in financing reconstruction, by providing the loans and credit facilities necessary to finance construction and infrastructure projects.

The Iraqi Deposit Insurance Company played an important role in enhancing the confidence of investors and depositors in the Iraqi banking system, which made it easier for banks to obtain the necessary financing for reconstruction. It is estimated that Iraqi banks have provided loans worth more than $10 billion to finance reconstruction projects in recent years.

Germany's experience after World War II is an inspiring example of how banks can play a crucial role in the country's reconstruction. The KfW German Development Bank has contributed to financing many vital projects in Germany, such as rebuilding industrial and residential infrastructure, and providing financing for small and medium-sized companies. LINK

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Clare: Watch the raid on a currency smuggling den and the arrest of two speculators in possession of 74 million dinars

6/8/2024 Baghdad –

Today, Saturday, the National Security Service raided dens of speculation and currency smuggling operations in Baghdad, arrested suspects, and seized more than a million dollars in their possession, and about 74 million dinars prepared for smuggling.

National Security Statement, a copy of which the 964 Network received:

As a continuation of the security operations carried out by the National Security Service against economic crime gangs and currency dealers, our detachments in Baghdad were able to arrest two defendants after raiding one of their hideouts in which speculation and currency smuggling operations were conducted. They were caught red-handed and in possession of more than a million dollars and approximately 74 million dinars prepared for smuggling after an intelligence effort and careful field follow-up.

They were referred, along with the seized items, to the competent judicial authorities to take the necessary measures against them in accordance with the law. LINK

Clare: Atripartite meeting tomorrow between oil companies and the Ministries of Federal Oil and Natural Resources

6/8/2024

Rudaw Media Network learned from sources in oil companies operating in the Kurdistan Region that a tripartite meeting will be held tomorrow, Sunday, between the Ministries of Federal Oil and Natural Resources and oil companies, to discuss resuming the export of Kurdistan Region oil via the pipeline to Turkey.

A senior official in one of the oil companies operating in the Kurdistan Region told the Rudaw Media Network today, Saturday (June 8, 2024), that the oil companies have observations on the Iraqi government’s conditions for resuming exports.

The official, who did not want to reveal his name, added: “The Iraqi Oil Ministry set a condition for our participation in the meeting, during which we were asked to submit a copy of our contracts.”

According to the official, oil companies are afraid of this condition, because the Ministry of Oil has previously filed a lawsuit against these contracts.

He continued: "The Iraqi government should either withdraw its lawsuit against our contracts or grant legal guarantees to oil companies after we present our contracts during the meeting."

The Federal Ministry of Oil responded positively to the oil companies’ request to hold a tripartite meeting to discuss their financial dues.

On May 28, the Ministry invited the international oil companies operating fields in the Kurdistan Region, and the Ministry of Natural Resources, to a meeting with the aim of “discussing and discussing the issue and reaching an agreement to accelerate the restart of production and resume the export of oil produced through the Turkish port of Ceyhan and according to the quantities specified in the budget law.”

The Minister of Natural Resources in the Kurdistan Regional Government, Kamal Muhammad, noted, for his part, that “the main problem facing the resumption of exports is that the Ministry of Oil sees the cost of production as high.”

In this regard, Kamal Muhammad pointed out that “Iraq annually allocates trillions of dinars to its oil sector.”

Sunday's meeting comes one year and two months after the Kurdistan Region's oil exports stopped, which caused billions of dollars in losses to the Iraqi economy, the Kurdistan Region, and oil companies.

According to information, there are two main problems facing the resumption of oil exports from the Kurdistan Region, which are the cost of production and contracts. LINK

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Clare: Iraq: We seek to achieve self-sufficiency in the refining industry and export its surplus abroad

6/8/2024

Prime Minister Muhammad Shiaa Al-Sudani opened, on Saturday, the Al-Azmara unit project for producing improved gasoline in the Basra Refinery with a capacity of (11) thousand barrels per day.

During his speech, Al-Sudani pointed out the importance of opening the Azmara unit in the refinery, and the provision it represents for the country’s need for high-octane gasoline, stressing that these projects will stop the process of wasting wealth and put an end to the import of petroleum products, which has continued for many years, stressing that the optimal investment for oil wealth is Gas and maximizing resources are among the top priorities of the government programme.

The Prime Minister explained that a series of measures and steps were being taken to expand the production of petroleum derivatives, stressing that the increase in filtering and refining capacities at daily rates, with every opening of a new oil unit, makes us close to achieving self-sufficiency.

He indicated the existence of a new indicator for the export of some derivatives, such as gas oil, naphtha, sulfur, and jet fuel, stressing the continuation of this program during the period of the government’s work, and that the goal is to increase production capacity and improve product specifications. He explained that gasoline production in 2022 was (15 One thousand cubic meters per day, while production today reached (24.8) thousand cubic meters per day.

The project, which was implemented by the National Effort at the South Refineries Company in cooperation with supporting companies, is considered one of the important projects in increasing the production of improved gasoline, with a production capacity of (11) thousand barrels per day, and it will contribute to reducing the quantities of imported gasoline, which will save more than 200 million dollars annually. .

This project, which is considered one of the lagging projects, comes in addition to a number of projects that are being implemented, to contribute to increasing the refining capacity of petroleum products, upgrading the specifications and improving the quality, within the plans of the Ministry of Oil, and in harmony with the government program, to achieve self-sufficiency.

In turn, Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, said in his speech on this occasion, “Today we celebrate the opening and completion of the (Al-Zamra Unit) project with a capacity of eleven thousand barrels per day. This project is considered one of the important projects in increasing the production of improved gasoline fuel.” With a capacity of one thousand three hundred cubic meters per day, which is equivalent to one million three hundred thousand liters per day,” indicating that this project “contributes to reducing the import of gasoline by a rate of one thousand three hundred cubic meters per day, and saves the state treasury approximately three hundred and fifty million dollars per year.”

Abdul Ghani pointed out that “the project comes within the ministry’s plans to increase refining capacity, improve the specifications of petroleum products, and improve their quality, after the completion of the fourth refining unit project with a capacity of seventy thousand barrels per day, which entered into operation and production a short while ago,” considering that “the most important thing that distinguishes These projects came about as a result of the national effort of the Southern Refineries Company and its supporting bodies, after foreign companies hesitated to implement them.”

The Minister of Oil continued to say: “The government and the ministry have given great attention to the refining industry sector, with the aim of increasing national production to reach self-sufficiency, and gradually shifting to exporting its surplus outside Iraq.”

He noted that "the period of the year and a half of the government's life witnessed the realization and completion of a number of projects in the refining industry sector, including the North Refinery with a capacity of one hundred and fifty thousand barrels per day, the Karbala Refinery with a capacity of one hundred and forty thousand barrels per day, and the Azmara unit in each of the Refineries Company." The Central and North Refineries Company, in addition to what was achieved in the South Refineries with the completion of the fourth unit with a capacity of seventy thousand barrels per day.”

For his part, Undersecretary for Liquidation Affairs, Hamid Younis, said in his statement, “This project comes within the plans of the government and the ministry to maximize national production and improve its specifications.”

He stressed that the coming period will witness the announcement of the completion of a number of projects in the north, center and south that will add production capacities and enhance the plans of the government and the ministry in producing petroleum derivatives, including the cofactor cracking project, which is one of the promising projects that converts oil waste into white products with Euro 5 specifications and a refining card. Its capacity is 55 thousand barrels per day, which is implemented by the Japanese company “JGC”. All of these projects represent an important addition to the refining industry sector.

Prime Minister Muhammad Shiaa Al-Sudani also opened the steam boiler unit in the Basra Refinery, with a production capacity of 300 tons/hour, to supply the production expansions in the refinery’s units and facilities with the steam necessary for operation. LINK

Goldilocks' Comments and Global Economic News Saturday Afternoon 6-8-24

Good Evening Dinar Recaps,

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Bitcoin Scarcity Grows as Miner and Exchange Reserves Drop by 183,253 BTC Since January –Bitcoin News

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A multipolar economy is needed to reduce the risk of global economic instability caused by problems in large economies, Dilma Rousseff, a former president of Brazil and the current president of the New BRICS Development Bank (NDB), said Thursday. |Anadolu Agency

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Sturdy central bank gold buying since 2009 and a rising gold price has grown the precious metal’s share of global international reserves to the detriment of fiat currencies. By the end of 2023 gold surpassed the euro and the next fiat currency to be challenged is the US dollar. |ZeroHedge

👆 Goldilocks pointed to this article

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New Texas-based stock exchange looks to take on Nasdaq, NYSE |CBS News Texas

Bretton Woods meeting 2024 |Twitter

“Where we go with our money isn’t being led by central banks, its led by society. It’s our mandate to provide for the needs of the population.
We need to replace our plastics and metals for bits and bites, and we can do that in many different ways.
The physical economy is going down, and the digital economy is going up”

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TheSNL Q & A roomwill be open at 8 pm ET, 7 pm CT, and 5 pm PT to ask questions that will be answered on the call if time allows!Listeners can also ask questions on the call following Freedom Fighter's breakdown!

The call will be recorded and you can find it in theArchive Call Roomafter the call is over.

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Gold is in an intermediate degree profit-taking event |Youtube

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Iraq Economic News and Points To Ponder Saturday AM 6-8-24

International Support To Remove Iraq From Corruption Indicators

Money and business Economy News – Baghdad The United Nations Development Program announced that it will support Iraq in the field of combating corruption and enhancing integrity, with the aim of raising its ranking in the corruption indicators issued periodically, while the “Arab Network for Promoting Integrity and Anti-Corruption” recommended continuing work on developing and implementing coordinated and effective national strategies that enhance community participation and embody the principles of The rule of law, good management of public affairs and property, integrity, transparency and accountability.

At the conclusion of the regional meeting held in Baghdad from June 3 to 5, the network praised the relative progress achieved in terms of strengthening the participatory approach in developing public policies related to promoting integrity and combating corruption, calling on the concerned parties to deepen this approach and expand its scope.

The network, in its forum held under the slogan “Strengthening cooperation for effective national anti-corruption strategies” under the patronage of Prime Minister Muhammad Shiaa Al-Sudani, stressed the importance of adopting and implementing effective mechanisms to monitor, evaluate and follow up on the implementation of national strategies to enhance integrity and combat corruption, including appropriate indicators that combine productive indicators. Internationally and nationally produced indicators.

The network confirmed in its forum, in which 150 individuals representing 12 countries participated; Establishing proactive approaches to confronting corruption through capacity building and supporting initiatives that seek to fill the legislative vacuum in various fields and protect the drafting of legal texts from the risks of corruption.

It also called for expanding the approved approach regarding working to strengthen ethics and behavior in the public service to include the political, administrative and judicial fields, in addition to more specialized fields as needed.

For his part, Chief Advisor Arkan Al-Seblani, Director of the Regional Anti-Corruption Program at the United Nations Development Program (UNDP), said that “the voice must be loud and clear in the anti-corruption process,” noting that “the Arab Network for Promoting Integrity and Anti-Corruption is the platform Through which the voice of the Arab region emerges in this field, to send political and artistic messages concerned with this important topic.”

He added, “The conference formed 6 working groups to develop detailed visions for six teams based on establishing joint cooperation mechanisms between countries, developing training programs to overcome procedural obstacles and integrating integrity issues in the health, education, and public transportation sectors.”

He explained that “the United Nations Development Program will support Iraq in the field of combating corruption and enhancing integrity, with the aim of raising its ranking in the corruption indicators issued periodically.” 130 views Added 06/08/2024 - https://economy-news.net/content.php?id=44104

Risks And Expected Solutions Regarding The Decision To Adjust The Estimated Price For Selling Crude Oil

Economy News – Baghdad Researcher in finance and development affairs and academic Aqeel Jabr Ali Al-Muhammadawi

The decision to amend the estimated price for selling crude oil from the source contained in the planned federal general budget law from the price of $70 to the price of $80, which resulted in the addition of an amount of 17 trillion Iraqi dinars to cover the planned budget deficit for the year 2024;

It is a decision fraught with risks, the most prominent of which are the risks of unsustainability/or the risks of anticipating the failure of financing the federal budget, both operational and investment, resulting from the $10 budget price difference that was not planned in advance, as it generates risks of financial and economic instability in 2024.

We are not satisfied with the pessimistic vision, but rather we offer an optimistic vision and solutions, and among these logical and realistic solutions is the importance of returning to/and adopting the balanced or weighted budget price for the purpose of hedging against fluctuations in the cycle of oil assets on the stability of the revenues planned in the 2024 budget, including the risks of expectations of a decline in selling prices. Crude oil in global markets.

Modifying the estimated price for selling crude oil for the fiscal year ending 2023 from $70 to $80 is an unusual financial procedure that establishes unsystematic, non-pre-planned, professional financial foundations. If the feasibility of this change is achieved, the amendment should only be made for the years 2024 and 2025, with the exception of The year is 2023.

And the importance of devoting a new concept within the goals of the federal budget for the year 2024, which is the targeted deficit in addition to the planned deficit!!! 142 views 06/08/2024 - https://economy-news.net/content.php?id=44103

OIL PRICES FELL TO $79

Economy | 09:28 - 06/08/2024 Baghdad - Mawazine News Crude oil futures recorded, at the end of trading yesterday, Friday, a third weekly loss in a row due to fears that demand may decline even with OPEC+ plans to increase production.

Brent crude futures settled at $79.62 per barrel, down 25 cents, or 0.31%, during Friday trading.

US crude futures contracts also recorded $75.53 per barrel at settlement, down two cents, or 0.03%, during Friday trading.

US crude oil and benchmark Brent crude saw selling off earlier in the week after OPEC+ members announced they would begin phasing out 2.2 million barrels of daily production cuts starting in October. Weak US manufacturing data and weak private payrolls also weighed on the market.

Oil prices have rebounded over the past two days on hopes that lower interest rates will boost demand, but the two benchmark crude oils are still down about 2% during the week.https://www.mawazin.net/Details.aspx?jimare=249337

Iraq's exports to America during a month amounted to more than 5 million barrels of oil

Saturday 08, June 2024 | Economical Number of readings: 153 Baghdad / NINA / The US Energy Information Administration announced that Iraq's oil exports to America amounted to more than 5 million barrels during the month of May.

The administration said in a statement: “Iraq exported 5.806 million barrels of crude oil to America during the month of May, with an average of 187 thousand barrels per day, lower than the month of April, in which Iraqi oil exports to America amounted to 8.866 million barrels and an average of 295 thousand barrels per day.” ".

She added: “Iraq exported 123 thousand barrels per day of crude oil to America during the first week of May, while 239 thousand barrels per day were exported in the second week, and 233 thousand barrels per day were exported in the third week,” indicating: “Exports in the fourth week amounted to 126 thousand barrels per day.

The US Energy Information Administration stated: “Iraq ranked fourth in its exports to America during the past month after Canada, Mexico, and Saudi Arabia, and ranked second in the Arab world after Saudi Arabia,” noting that “Canada ranked first as the country that exports the most oil to America, followed by Mexico and Saudi Arabia.”/ https://ninanews.com/Website/News/Details?key=1131381

Central Iraqi Sales Exceed One Billion Dollars In A Week

Saturday 08, June 2024 15:40 | Economical Number of readings: 122

Baghdad / NINA / The Central Bank of Iraq's total sales of hard currency to the dollar during the last week in which the auction opened amounted to more than one billion dollars.

During the past week and for the 5 days in which the auction was opened, the Central Bank sold 1 billion and 115 million 909 thousand and 967 dollars, at a daily rate of 231 million 181 thousand and 993 dollars, lower than what it recorded last week, which amounted to 1 billion 328 million 251 thousand and 675 dollars.

The highest dollar sales were on Sunday, when sales amounted to 281 million, 584 thousand and 592 dollars, while the lowest sales were on Thursday, when sales amounted to 272 million, 066 thousand and 650 dollars.

Foreign remittance sales during the past week amounted to 1 billion 62 million 804 thousand 964 dollars, an increase of 91% compared to cash sales which amounted to 93 million 105 thousand dollars.

Sales in the form of cash and transfers abroad went to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards amounted to 1,310 dinars per dollar, and the selling price of transfers abroad amounted to 1,310 dinars per dollar, while the cash selling price reached 1,305 dinars per dollar./ https://ninanews.com/Website/News/Details?key=1131404

To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Adversity:

Some minds seem almost to create themselves, springing up under every disadvantage and working their solitary but irresistible way through a thousand obstacles. -Washington Irving

Every calamity is a spur and valuable hint. -Ralph Waldo Emerson

Treasure the memories of past misfortunes; they constitute our bank of fortitude. -Eric Hoffer

If you will call your troubles experiences, and remember that every experience develops some latent force within you, you will grow vigorous and happy, however adverse your circ*mstances may seem to be. -John Heywood

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

TNT:

CandyKisses: The Office of the Supreme Reference determines the first day of Dhu al-Hijjah and the first day of Eid al-Adha

Information / Baghdad

The office of the Supreme Reference, Mr. Ali al-Sistani, announced today, Friday, that tomorrow, Saturday, is the first day of the month of Dhu al-Hijjah.

The office set Monday 17/6, the first day of Eid al-Adha

Sacred Days: The first nine days of Dhu al-Hijjah are considered sacred. Muslims engage in acts of worship, including extra charity (Sadaqah), better prayers (Salaah), and recitation of the Qur’an.

It’s a significant holiday marked by communal prayers, feasting, and acts of charity.
Arafat Day: The ninth day of Dhu al-Hijjah, known as Arafat Day, is a key part of Hajj. Pilgrims gather at Mount Arafat for prayers and reflection.
While there are no widespread closures during the entire month, specific religious and cultural activities occur

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Tishwash: Sudani arrives in Maysan to inaugurate projects

Shafaq News / Iraqi Prime Minister Mohammed Shia Sudanese arrived, Saturday morning, to Maysan province, south of the country.

His media office said in a statement, received by Shafaq News, that Al-Sudani inaugurated the associated gas processing project in the Halfaya field in Maysan province with a capacity of 300 million standard cubic feet / day.

On Saturday, Sudani is scheduled to visit the southern provinces of Maysan and Basra to inaugurate a number of oil projects, a government source told Shafaq News.

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CandyKisses: Tomorrow.. Tripartite meeting between the Ministries of Federal Oil and Natural Resources in the Region and oil companies

Baghdad /Nina/ Sources in the oil companies operating in the Kurdistan region revealed that a tripartite meeting will be held tomorrow, Sunday, between the ministries of federal oil and natural resources in the region, and oil companies, to discuss the resumption of the export of oil in the Kurdistan region via the pipeline to Turkey.

A senior official in one of the oil companies operating in the Kurdistan Region told the Kurdish Rudaw Media Network on Saturday: "The oil companies have comments on the conditions of the Iraqi government to resume exports."

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Baghdad praises its financial budget and confirms: We have important projects in 2024

Economy News - Baghdad

Baghdad Governor Abdul Muttalib al-Alawi announced on Friday a package of projects in various sectors within the budget for the current year 2024, while stressing that the province's allocations in the budget were good.

Al-Alawi said that "the financial allocations for Baghdad province within the budget for the current year 2024 are good," explaining that "the government and the parliamentary finance committee have an understanding and knowledge of the real needs and resources required in Baghdad."

"There is continuous communication with the government to meet the special needs required for the projects that will be implemented," he said.

He pointed out that "the province has several important projects during the 2024 budget, including projects in the water sector, the construction of schools and roads, as well as the construction of pedestrian bridges that will be implemented in all areas of Baghdad, paving main roads, strategic sewage projects at the four entrances to the capital, in addition to almost completed hospitals that will open soon, health centers and strategic water projects."

"All project packages will be placed on the list of priorities of Baghdad province in stages of implementation, whether within the 2023 budget or the 2024 budget," he said.

Iraq Economic News and Points To Ponder Late Friday Evening 6-7-24

In Numbers: The Decline In The Value Of The Reserves Of The Central Bank Of Iraq

Economy | Yesterday, 16:10 | Baghdad Today – Baghdad Economic researcher Manar Al-Obaidi revealed today, Friday (June 7, 2024), a decline in the value of the Central Bank of Iraq’s total foreign reserves by 2.4%.

Al-Obaidi said in a statement, received by “Baghdad Today,” that “the official reserves of the Central Bank of Iraq declined in the fifth month of the current year compared to the end of 2023 by 2.4%, so that the value of the official reserves decreased from 147 trillion dinars in 2023 to reach 143 trillion at the end of the fifth month of the year.” current".

He pointed out that "the Central Bank's gold reserves increased by 16% compared to 2023, bringing the value of the gold reserves to 14.3 trillion dinars, up from 2023, when the value of the gold reserves at the end of last year was 12.3 trillion dinars."

Al-Obaidi added, "As for the investment reserve, it decreased by 4.68% compared to the end of 2023, and its value this year reached 126.4 trillion dinars, after it was at the end of last year at a value of 132.6 trillion dinars."

https://baghdadtoday.news/251067-بالأرقام.-تراجع-قيمة-احتياطيات-البنك-المركزي-العراقي.html

OPEC Plus Assurances Raise Global Oil Prices

Economy | 09:34 - 06/07/2024 Follow - Mawazine News Oil prices rose today, Friday, as assurances from OPEC Plus members Saudi Arabia and Russia indicated readiness to halt or cancel production increases, but the markets are heading towards incurring losses for the third week in a row.

Brent crude futures rose two cents to $79.89 per barrel, and US West Texas Intermediate crude futures rose four cents to $75.59.

Prices rose yesterday, Thursday, when Saudi Arabia and Russia tried to reassure the markets about production agreements, but oil is on its way to recording losses for the third week in a row.

The Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed to extend most of the production cuts until 2025, but they left the way open for eight members to gradually cancel the voluntary cuts.

Saudi Energy Minister Prince Abdulaziz bin Salman said yesterday, Thursday, that the OPEC+ alliance can stop or cancel production increases if it finds that the market is not strong enough. https://www.mawazin.net/Details.aspx?jimare=249292

An Economic Expert For Nina: Reducing The External Debt To 9 Billion Dollars And Reducing The Budget Deficit Will Be The Beginning Of Broader Economic Activities In Iraq.

Friday 07, June 2024 14:11 | Economical Number of readings: 377 Baghdad / NINA / Economic affairs expert, Raad Tawij, confirmed that the actions and achievements of the Prime Minister give flexibility to the Iraqi economy, indicating that reducing the external debt to 9 billion dollars and reducing the budget deficit to 63 billion dollars will be the beginning of broader economic activities.

Tawij said in a statement to the National Iraqi News Agency ( NINA ): “The role of the Prime Minister and his work in developing infrastructure, roads and bridges, health projects, productive diplomatic relations, and his interests in communicating with different social segments, give great scope and flexibility for the Iraqi economy to move to greater extents.”

He stressed . “Reducing the external debt to the lowest possible amount, approximately 9 billion dollars, and reducing the budget deficit to 63 billion dollars will be the beginning of broader economic activities, the most important of which is the road to development.”/ https://ninanews.com/Website/News/Details?Key=1131180

A "Strategic Partnership" Between The Kurdistan Government And The International Development Bank

Time: 06/07/2024 13:59:06 Read: 1,196 times {Economic: Al-Furat News} The International Development Bank signed a partnership contract with the Kurdistan Regional Government to implement the “My Account” project, which aims to localize the salaries of regional government employees.

This important step came in conjunction with the bank’s efforts to expand in the region, as part of its strategic plan that aims to enhance its business and increase the number of its branches in the region, which currently number 3 branches.

This partnership is a major achievement within the framework of efforts aimed at spreading and strengthening the culture of electronic payment and achieving financial inclusion, in implementation of the directives of the Central Bank of Iraq.

The International Development Bank aims to continue its efforts in the field of disseminating electronic payment methods in the region, by activating more ATMs and the bank’s POS points of sale. The bank also intends to open its fourth branch in the region during the current year.

Aziz Ahmed - Deputy Director of the Office of the Prime Minister of the Kurdistan Regional Government praised the efforts of the International Development Bank and its contribution to developing the financial system of the region, by providing various facilities and financial services that contribute to achieving this purpose.

For his part, Ziad Khalaf, Chairman of the Board of Directors of the International Development Bank, stressed the importance of signing this partnership with the Kurdistan Regional Government to localize the salaries of regional government employees and provide all the facilities that contribute to achieving this goal smoothly and with great flexibility. LINK

Baghdad Praises Its Financial Budget And Confirms: We Have Important Projects In 2024

Reconstruction and building Economy News – Baghdad Today, Friday, the Governor of Baghdad, Abdul Muttalib Al-Alawi, announced a package of projects in various sectors within the budget for the current year 2024, while confirming that the governorate’s allocations in the budget were good.

Al-Alawi said, “The financial allocations to Baghdad Governorate within the current year’s budget, 2024, are good,” explaining that “the government and the Parliamentary Finance Committee have an understanding and knowledge of the real needs and required resources in Baghdad.”

He added, "There is continuous communication with the government to meet the special needs required for the projects that will be implemented."

He pointed out that "the governorate has several important projects during the 2024 budget, including projects in the water sector and building schools and roads, as well as the construction of pedestrian bridges that will be implemented in all areas of Baghdad, the paving of main roads, and strategic projects for sewers at the four entrances to the capital, in addition to the almost completed hospitals, which are “Health centers and strategic water projects will be opened soon.”

He stressed that "all project packages will be placed on the list of priorities of Baghdad Governorate in stages of implementation, whether within last year's 2023 budget or in the 2024 budget."

140 views Added 06/07/2024 - https://economy-news.net/content.php?id=44096

To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Adversity:

Every failure made me more confident. Because I wanted even more to achieve things, as revenge. To show that I could. -Roman Polanski

Adversity is, to me at least, a tonic and a bracer. -Sir Walter Scott

Difficulties should act as a tonic. They should spur us to greater exertion. -B. C. Forbes

There are times in everyone's life when something constructive is born out of adversity ... when things seem so bad that you've got to grab your fate by the shoulders and shake it. -Anonymous

Brave men rejoice in adversity, just as brave soldiers triumph in war. -Marcus Annaeus Seneca

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

Iraq Dinar-IQD Update-PM Al-Sudani-Digital Payments-AMF-High Quality Currency-Increase Gold Reserves

MilitiaMan and Crew: 6-7-2024

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

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

https://www.youtube.com/watch?v=_ob8qen9kE4

Goldilocks' Comments and Global Economic News Friday Evening 6-7-24

Good Evening Dinar Recaps,

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Model Portfolios by J.P. Morgan. |J P Mprgan

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IBM and Pasqal Initiate Collaboration to Define Classical-Quantum Integration for Quantum-Centric Supercomputers |The Quantum Insider

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Quantum startup Pasqal partners with US competitor IBM to develop ‘quantum-centric supercomputing’ |Sifted

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IOTA has launched its L2 EVM network focusing on real-world asset usage |CoinJournal

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Technology and Gold are merging together forming new alliances/digital networks that move money electronically enabling standard digital protocols for tokenized assets and their payment systems governed by artificial intelligence.

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Institutional Investor: Who They Are and How They Invest |Investopedia

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#VinceLanci : #BRICS mBridge Platform Goes Live |Youtube

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LIVE: White House Riot fences going up late in the evening. |Youtube

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XLM, XRP, and XDC are utility tokens. Utility tokens are backed by a physical asset.

10 cents, 49 cents, and 3 cents a coin are not bad prices for precious metals. 😉

© Goldilocks

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The Financial Reset Feat. Bill Holter - LFTV Ep 176

Kinesis Money: 6-7-2024

In this week’s episode of Live from the Vault Andrew Maguire is joined by popular returning guest Bill Holter, former stockbroker and branch manager turned precious metals expert and Miles Franklin contributor.

The old friends discuss the shadowy movements operating behind the scenes to reset the world’s financial system, and how individuals can take steps to protect themselves and their families from coming troubles.

Timestamps

00:00 Start

02:35 How Bill is preparing himself for the future

06:45 What’s been going wrong for the Fed since 2008

11:10 The BRICS Alliance threat to the globalist agenda

16:50 The upcoming US election

20:45 Is the West pushing for World War 3?

25:30 How to take responsibility for ourselves in these times

30:00 The Sound Money Movement

34:30 Silver leading the rally

40:45 Are there still opportunities for people? Yes

43:00 What about Bitcoin?

https://www.youtube.com/watch?v=w_5A3BdUbQQ

Iraqi Economic News and Points To Ponder Friday AM 6-7-24

Investment Law In The Balance Of The Economy

Economical 06/06/2024 Dr.. Adnan Hadi Jaaz There is no doubt that investment is one of the most important factors that can contribute effectively to correcting the defect in the structure of the Iraqi economy, diversifying sources of income, and reducing dependence on oil.

Reaching this goal is one of the most important strategic goals that contribute to Iraq’s stability and development and confronting economic, political and social crises.

Therefore, the law that is drawn up to attract investment must direct the financial surpluses of Iraqi society and make them move in the direction that uses capital efficiently and achieves the maximum for Iraq. Possible benefit.

Private sector investments, whether local or foreign, are among the most important factors that can be relied upon to solve the problems of the Iraqi economy.

The private sector is the second wing of the economy, and reality and history have proven that its distance from the economic scene was one of the biggest historical mistakes in Iraq.

However, in a quick reading of the new investment law, we are disappointed according to our vision and economic ambitions, and fears have increased for the future of this country’s economy, and in this article we try to explain the reasons for this not optimistic vision.

According to our reading, the proposed investment law is nothing more than a law for investment in residential cities, which is not considered a channel for transferring the financial surpluses of Iraqi society into the hands of a small, non-productive group, some of whom are foreign.

The investor in building residential cities can import all the materials he needs for the project without any return to the state or the state treasury.

He can grant the land for free, and we all know that the lands overlap and there is no difference between what is inside the basic design and outside it. Obtaining financial facilities and soft loans.

After 25% of the project is completed, he has the right to withdraw the capital and profits in full.

He has the right to employ foreigners, and of course these facilities will be used to import many times the materials and goods that the investor needs, which is the biggest source of increasing his profits and exporting foreign exchange many times the amount he obtained. Return as well as remittances of foreign workers.

As for what was mentioned in the privileges, he has the right to use what he increased from the land after the completion of the residential project without restricting or even specifying the land.

This is a lot of talk.

If we assume that he decided to build facilities that are not appropriate for the privacy of Iraqi society, or any of the investments that are not appropriate for them to be in residential areas.

Does the law allow us to prevent it? The second question is: He has the right to invest the surplus, regardless of its size: five, ten, or even twenty dunams, and perhaps more!

All of this is for the sake of producing housing units that are so far beyond the capacity and capacity of the middle class and even those with above-average incomes, and so far we only see from it an increase in the well-being of the wealthy by isolating them and settling them in private cities and in return absorbing the community’s financial surpluses and exporting them abroad.

Is this goal worth all these high economic costs?

Yes, it can stimulate the economy and increase growth if Iraq produces what the real estate sector needs, and therefore we say that it is an expansionary financial policy that aims to increase growth rates and income by increasing production rates and thus increasing employment and income rates in a way that contributes to solving the unemployment problem that haunts the political class and always threatens it. By failure.

If we

give the land for free with exemptions from taxes and fees, in addition to an

interest-free loan to the investor, and we

allow the employment of foreigners, and we

allow the export of foreign exchange, which is the financial surpluses of citizens and the loans that came from the Central Bank and Iraqi banks, then all these sacrifices are for the sake of increasing the well-being of the wealthy, nothing more and nothing less.

There is a real solution to the problem of housing the poor and the middle class, and even

if the needs of these segments are to be met, there are shorter and much less expensive ways, as the cost is great and very significant for the economic policy in general.

If we assume for the sake of argument that the visionary aims to increase the supply of housing units until it exceeds demand, then the gradual decline in prices will begin.

I believe that with the presence of crazy financial surpluses, including money laundering and the legalization of corruption funds, and some segments on which there are no restrictions, and they are many without detail, this is what I call the effect.

The double negative of this money is that it deducts from public funds and exploits citizens.

It works to increase prices in a way that cannot be kept up with in the real estate sector, and real estate in Baghdad and Basra are the best examples.

Therefore, this goal is difficult to achieve and requires a long period of time or for these cities to reach remote areas. Too far.

We must be patient in approving this law, and we must push financial surpluses of all kinds in another, more efficient direction, as they are an important financial resource and the key to solving many of Iraq’s economic, political and social problems.

We push them towards industry, especially with goods that meet the needs of the real estate sector and modern agriculture that meets the market’s need, and this is something that can be achieved.

Easily with the very large profit opportunities from the very large movement of the real estate sector due to the support of the financial and monetary policies represented by the initiatives of the Central Bank, then

it can be said that Iraq is pursuing a financial and monetary policy with clear features and results for the present and the future, and that these reasons for the investment law are somewhat logical. https://alsabaah.iq/97948-.html

Indicators Of The Growth Of Bank Cards In Iraq

June 06, 2024 The Central Bank of Iraq announces indicators of the growth of bank cards with the total number of them issued for the years (2018 - 2023), which show an increase in the number of cards over the past years. Central Bank of Iraq information Office June 6, 2024 https://cbi.iq/news/view/2602

Indicators of the growth of bank cards in Iraq Clip_image004 https://cbi.iq/static/uploads/up/file-171765993776734.jpg

The Iraqi National Bank: We Do Not Deal With Companies Suspended By The Central Bank

June 6, 2024 Last updated: June 6, 2024 Independent/- The National Bank of Iraq confirmed that it does not deal with companies that the Central Bank of Iraq has stopped from entering the window for buying and selling foreign currency, pointing out that

this comes in compliance with international standards for combating money laundering.

The bank said in a statement,

“This confirmation is based on the National Bank of Iraq’s firm commitment to good governance and full transparency in implementing the instructions of the Central Bank of Iraq, and the bank’s keenness to apply the highest international standards to combat money laundering and terrorist financing.”

Commenting on this decision, the bank’s authorized director, Ayman Abu Dhaim, stressed the importance of adhering to the principles of good governance as a basic pillar in all of the bank’s activities, saying:

“We believe that good governance enhances trust with our customers and partners, and contributes to enhancing financial and economic stability.

Transparency in implementing the instructions of the Central Bank of Iraq represents an integral part of our strategy to maintain the integrity of banking operations.” Abu Dhaim explained,

“The National Bank of Iraq adheres to the highest international standards in combating money laundering and terrorist financing, and follows strict procedures in auditing all financial transactions and verifying the sources of funds to ensure that they are not used in illegal activities.

It also works to regularly update its systems to comply with best practices.” International and the instructions of the Central Bank of Iraq.

Abu Dhaim pointed out “the importance of the due diligence procedures followed by the bank to ensure the safety of customer funds and companies’ assets,” and said:

“We are keen to implement due diligence procedures accurately, as we periodically examine transactions and ensure their compliance with national and international standards.”

These measures contribute to enhancing confidence in our financial system and ensuring the safety of our customers’ funds.” Abu Dhaim stressed,

“The National Bank of Iraq places the interest of the national economy and the safety of the banking sector at the top of its priorities, and that

its commitment to the instructions of the Central Bank of Iraq comes within the framework of this keenness to enhance financial stability and combat illegal practices.” https://mustaqila.com/الأهلي-العراقي-لا-نتعامل-مع-الشركات-ال/

Provoking Thoughts and Points To Ponder On Adversity:

The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy. -Martin Luther King, Jr.

Great occasions do not make heroes or cowards; they simply unveil them to the eyes of men. Silently and imperceptibly, as we wake or sleep, we grow strong or weak; and at last some crisis shows what we have become. -Brooke Foss Westcott

What does not destroy me, makes me strong. -Friedrich Nietzsche

I long ago came to the conclusion that all life is six to five against. -Damon Runyon

(Adversity is) the state in which a man most easily becomes acquainted with himself, being especially free from admirers then. -Samuel Johnson

Adversity has the same effect on a man that severe training has on the pugilist - it reduces him to his fighting weight. -Josh Billings

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

TNT:

CandyKissses: Integrity reveals moves to recover two of those involved in the theft of the century

CandyKisses: Deputy: Hidden hands working to prevent the rise of Iraq

Al-Toki said in a press interview that "Iraq has allocated sovereign amounts to guarantee foreign funds for investors and signed a number of agreements with international countries in order to secure funds in order to advance the economy."

"The development of the economy cannot take place without internal security, especially with regard to oil licensing rounds, as we have noticed the reluctance of a number of large international companies to enter into these rounds," he said.

"We have great confidence in the government of Prime Minister Mohamed Shia al-Sudani and Interior Minister Abdul Amir al-Shammari in following up on the issue of attacks on restaurants and brands," al-Touki said, noting that "there is a personal interference from them in this matter."

He explained that "all countries of the world are witnessing this kind of acts, but the situation of Iraq is somewhat different because security issues affect its economy," stressing that "there are hidden hands trying to prevent Iraq from rising."

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

CandyKisses: The framework settles the controversy: Al-Issawi as Speaker of Parliament

Baghdad - Iraq Today:

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

CcandyKisses: After the assurances of OPEC Plus Oil prices rebound

Iraqi News Highlights and Points To Ponder Thursday Evening 6-6-24

Kurdish MP: The Region’s Share In The Budget Is Fair And We Are Happy To See It Passed

Policy Al-Sumaria News – Politics The representative of the Kurdistan Democratic Party bloc, Sharif Suleiman, described today, Thursday, the Kurdistan region’s share in the federal budget as “fair,” indicating that prior political agreements decided its passage.

Suleiman said in an interview with: Alsumaria News “The political agreement that occurred between the governments of the center and the region is the basis for agreeing on the region’s share of the budget amounting to 12.67%,” adding, “We are happy that there were no bidding or arguments regarding voting on the budget tables and the region’s share in them.”

He added, "The region's share in the budget tables is fair and not bad in light of the reality it is experiencing."Iraq", indicating, "We hope that the budget will be implemented in the correct manner agreed upon and that it will not be subject to political quarrels and bidding or be used as a pressure card." LINK

An Economist Reveals The Positive Side Of The Budget

Economy Information / Baghdad.. Today, Thursday, economic expert Dargham Muhammad Ali revealed the positives of the current year’s budget, which was approved by the House of Representatives a few days ago.

Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..

Ali told Al-Maalouma: “The criticisms raised about the budget are normal, but most of them are based on bias towards the governorates, or perhaps for electoral goals sometimes.”

He added, "The real face of the budget has many positives, including that it is different from previous budgets, as it represented the highest investment ceiling among previous budgets."

He pointed out, "Allocating financial benefits for the development road project, supporting the private industrial sector, and supporting many infrastructure projects that will contribute in one way or another to activating various economic activities that will benefit in the near future."

He continued: “The government’s adoption, for the first time, of the principle of diversifying the distribution of projects between the local administrations of the governorates and between the ministries, will reflect positively on the implementation of projects by creating an atmosphere of competition between the ministries and governorates, especially since the government granted the implementation of the ministries’ projects directly.”

He continued, "The budget was based on distributing the governorates' funds according to deprivation and not on the basis of the proportion of the population, and this will establish the basis for revitalizing the economy of the governorates that suffer from a lack of services and others." Ended / LINK

Abdel Wahid: The Region’s Budget Allocations Do Not Fit Its Reality, And The Smuggled Funds Are No Longer Mere “Frauds.”

Time: 06/05/2024 Read: 2,548 times {Politics: Al-Furat News} The head of the New Generation Parliamentary Bloc, Sarwa Abdel Wahed, said that the region’s budget allocations do not fit its reality, while she believes that the smuggled funds that have returned are mere “fraud”.

Abdel Wahed said, during her hosting of the program {Free Speech} broadcast by Al-Furat satellite channel this evening, that: “

We voted as a new generation on the 2024 budget tables and we had observations regarding the region’s share on the basis of 3 governorates and not 4 {Sulaymaniyah, Dohuk, Erbil and Halabja}.”

- There is an article in the law that obligates the House of Representatives to vote on the budget without discussing it.

- The Kurdistan region’s budget allocations are not proportionate to the size of the region’s reality, but they are good for covering the salaries of the region’s employees.

- We are in favor of improving the governorates’ budgets, especially in Basra Governorate.

- Not all objections are based on schedules The budget is in good shape, but there are those who want to exploit this situation.

- Some politicians defend the contracts of the region’s governorates for personal gain.

- The issue of appeals against the budget is natural, and the judiciary is the one who determines whether it is valid or not.

- We communicate our objection to all Shiite and Sunni leaders, and we are not responsible for the mistakes of others -

The Chairman of the Parliamentary Finance Committee did not attend the voting session on the budget schedules due to the lack of allocations for some governorates.

- The central and regional governments bear the responsibility of delaying the payment of employees’ salaries as well as the resettlement.

- The current session of the House of Representatives is devoid of commitment to attending the sessions and their effectiveness and activity in legislating laws as a result of many problems and lack The harmony of the parties and the absence of Muhammad Al-Halbousi did not change the reality of Parliament.

The problem of resolving the position of Speaker of Parliament can be solved through settlement, as happened with the President of the Republic, in one session.

- What is returned to the state’s treasury of smuggled funds is merely “bankruptcy” relative to what was stolen, and no Iraqi institution has the right to withhold information from representatives, and the current session is witnessing a significant reduction in the follow-up of corruption files.

Prime Minister Muhammad Shiaa Al-Sudani is an honest person and he should be given a deadline to complete his work.

We transferred two documents containing suspicions of corruption related to Samarra medicines and the Ministry of Education to the Federal Integrity Commission and are awaiting investigations. Wafaa Al-Fatlawi LINK

Economic Warning From The Basra-Aqaba Pipeline.. How Much Is Its Value?

Economy News – Baghdad Today, Thursday, the economic expert, Hamza Al-Jawahiri, warned against the Basra-Aqaba oil pipeline project, and in what he described as a “Trojan horse” for normalization with Israel, he pointed to the value of its total cost.

Al-Jawahiri said, in an interview with Al-Iqtisad News, that “the Iraqi government is under intense pressure from America to implement the Basra-Aqaba oil pipeline project,” noting that “MPs must have a role in stopping the project because it represents the cornerstone of the so-called deal of the century.” In which the project will be a Trojan horse for normalization with Israel, which the people completely reject.”

He added, "The Basra-Aqaba oil pipeline and its annexes are projects that cost Iraq $28 billion and include the cost of building the line and Mustafa Oil to be established in Aqaba, along with a line that goes to Egypt to supply it with oil, in addition to building a port in Aqaba for export. All costs are borne by Iraq."

He pointed out, "Iraq bears all kinds of cruelty, especially since the line passes through Wadi Houran, which is considered a safe haven for ten thousand ISIS fighters," noting that "Iraq transports through it to Jordan 150,000 barrels of oil and 150,000 barrels to the refinery in Aqaba and a quantity of oil."

More than 300 thousand barrels per day to Egypt and Israel, while the line does not transport more than one million barrels to Jordan, meaning that Iraq will only export 400 thousand barrels per day to the world.

Al-Jawahiri stressed, “All the costs of building the line are paid by Iraq, as are the costs of operating the line, and it bears the cost of the oil’s passage through Jordan at the rate of two dollars and seventy cents per barrel.”

The economic expert stated, “When the oil is transported from the port of Aqaba, it will be in waters completely controlled by Israel, and if the latter creates any problem to impose normalization on Iraq, it will be forced to submit to its will, and thus the line will be a Trojan horse for normalization with the latter.” 06/06/2024 - https://economy-news.net/content.php?id=44066

Provoking Thoughts and Points To Ponder On Adversity:

Weeping may endure for a night, but joy cometh in the morning. -Bible

Night brings our troubles to the light rather than banishes them. -Seneca

Too much happens ... Man performs, engenders so much more than he can or should have to bear. That's how he finds that he can bear anything. -William Faulkner

A great man does not lose his self-possession when he is afflicted; the ocean is not made muddy by the falling in of its banks. -Panchatantra

There are three modes of bearing the ills of life: by indifference, by philosophy and by religion. -Charles Caleb Colton

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html