Some “Iraq News” Posted by Clare at KTFA 9-10-2024

KTFA:

Clare:  Citizen and exchange rate

9/9/2024  Bashir Khazal

 In economics, the external value of a currency lies in the presence of a balance or surplus in the current account of the balance of payments relative to the gross domestic product, which should indicate a stable state at a minimum, not less than 4 percent annually.

 To achieve this goal, it is necessary to rely on a sustainable increase in the annual growth rate of the gross domestic product, provided that exports exceed imports, within the country’s trade balance.

In the past, the country had the capacity to export goods and services more than it imported, which strengthened the value of the national currency, especially the external value of the currency itself, during those years, especially in the early seventies, and the economy indicated a positive state, in addition to the availability of foreign reserves that support the main buffer against potential external factors and their effects on the overall economic situation.

 In the current economic system, currency prices are determined globally in two main ways, namely floating and fixed prices and through local and international factors that control the strength of the currency in supply and demand, interest rates, inflation and growth in the local economy, the trade balance and other influences, but the strength of the national currency is linked to its external value, specifically the exchange rate, as the external value of money is directly linked to the stability of the current account of the balance of payments, especially in the long term, in addition to the stability of foreign reserves in the central bank of the country, which strengthens the strength of the Iraqi dinar and the stability of the exchange rate.

On the other hand, the value and stability of the currency are linked to the internal value of the national currency itself. Just as we talk about the stability of the external value of the currency in the exchange rate and its exchange power with other currencies, the internal value of the currency is the other side of the stability Currency and its strength, here the value of the national currency is directly linked to the general price level, which means the strength of goods and services expressed in money. There is a correlation between price stability and the value of the national currency, and this requires the availability of a wise monetary policy, undertaken by central banks that make the growth in the money supply commensurate with the growth in the gross domestic product or national income.

The quantitative theory of money is based on the principle of the neutrality of money, which explains that the cause of inflation in the long term is money itself, as the growth in the money supply in a way that is not commensurate with the growth in the gross domestic product leads to either inflation or contraction in the growth of the general price level

If the amount of money in the economy increases, and unless there is a parallel increase in economic output, this will lead to an increase in the general price level, and a loss of control over exchange rates, even if the state sets the exchange rate in a way that is different from what is sold in the market.

The best evidence of this is that the exchange rate in most Iraqi markets is still fluctuating between 149-150 thousand Iraqi dinars for every 100 US dollars, while the government exchange rate is 132 thousand Iraqi dinars for every 100 dollars. American, but it did not bring any significant benefit to the citizen, but rather only speculators, brokers, traders and some companies profited from the price difference.  LINK

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Clare:  Signing several new agreements.. What is the agenda of the Iranian President's visit to Iraq?

9/10/2024

Iranian President Masoud Pezeshkian is scheduled to arrive in the Iraqi capital, Baghdad, tomorrow morning, Wednesday, on his first foreign visit since assuming his current position.

According to the visit's agenda, upon his arrival at Baghdad International Airport, Pezeshkian will head to the site of the assassination of former Iranian Quds Force commander Qassem Soleimani and deputy head of the Popular Mobilization Authority, Abu Mahdi al-Muhandis.

After that, he will head to the government palace where the official reception ceremony will take place by the President of the Republic of Iraq, Abdul Latif Jamal Rashid.

In the capital, Baghdad, Zeshkian will meet with: the Iraqi President, Acting Speaker of Parliament Mohsen Al-Mandalawi, Prime Minister Mohammed Shia Al-Sudani, and Chief Justice of the Supreme Judicial Council Judge Faiq Zidane.

On Wednesday afternoon, Bezeshkian will head to the Iranian embassy to attend two meetings, the first with Iranian merchants, and also with the Iranian community residing in Iraq.

On Wednesday evening, the Iranian president will be a guest at the dinner table of the "State Administration" coalition, which consists of most of the political blocs represented in the Iraqi parliament.

On Thursday, Bezeshkian will head to the cities of Najaf and Karbala, then to Basra in the far south of Iraq, and then to Erbil, the capital of the Kurdistan Region.

According to information received by Shafaq News Agency, during this visit, 10 to 15 agreements will be signed in Baghdad, most of which are economic, educational and cultural, and a security agreement may be included, but it is not confirmed.

The president is accompanied by the ministers of foreign affairs, defense, and trade, as well as a group of other Iranian ministers and officials.   LINK

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Clare:  Iraq's financial revenues exceed 77 trillion dinars in 7 months of 2024

9/10/2024

The Ministry of Finance revealed on Tuesday that the size of Iraqi revenues in the federal budget during 7 months exceeded 77 trillion dinars, confirming that the oil contribution to the budget remains around 89%.

Shafaq News Agency followed the data and tables issued by the Ministry of Finance last August for the accounts of January, February, March, April, May, June and July for the current fiscal year, which showed that oil is still the main resource for Iraq's general budget, reaching 89%, indicating that the rentier economy is the basis for the country's general budget.

The financial tables indicated that the total revenues for seven months of the current year amounted to 77 trillion, 475 billion, 502 million, 239 thousand, and 546 dinars, indicating that the total advances amounted to 15 trillion, 664 billion, 477 million, 820 thousand, and 559 dinars. 

According to the financial tables, oil revenues amounted to 69 trillion, 55 billion, 827 million, and 984 thousand dinars, which constitutes 89% of the general budget, while non-oil revenues amounted to 8 trillion, 317 billion, 883 million, and 512 thousand dinars.

For his part, economic expert Mohammed Al-Hasani said in an interview with Shafaq News Agency, "The economic problem in Iraq is due to the failure of the regimes that ruled Iraq to achieve the mission of moving towards a developmental economy by investing the oil wealth in diversifying the economy, creating productive employment opportunities, raising the level of human development, and ridding it of rentierism."

Al-Hasani stressed the necessity of "activating a set of laws that encourage the local and foreign private sector to enter the Iraqi market, including customs tariff laws, consumer protection, anti-monopoly laws, and others."

In March 2021, the Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, confirmed in an interview with Shafaq News Agency that the reasons for the economy remaining rentier are due to the wars and the imposition of an economic blockade on Iraq during the past era and the political conflicts we are witnessing today, which led to the dispersion of economic resources.

The continued reliance of the Iraqi state on oil as the sole source of the general budget puts Iraq at risk from global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, which thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions.   LINK

Clare:  Central Bank of Iraq announces comprehensive banking reform map

9/8/2024  Samir Al-Nusairi

After the Central Bank delegation returned from the last round of negotiations with the US Treasury and the US Federal Reserve, it revealed the roadmap for radical and comprehensive banking reform, which begins with working to cancel...

 The electronic platform for foreign transfers, which was implemented as a first stage to reorganize financial transfers in a way that ensures proactive control over them instead of subsequent control. This was a temporary exceptional measure and a gradual shift was planned towards building direct relationships between banks in Iraq and foreign correspondent and approved banks, mediated by an international auditing company to conduct pre-audit of transfers before they are executed by correspondent banks.

During the year 2024, up until now, 95% of the transfer process from the electronic platform to the correspondent banking mechanism directly between it and Iraqi banks has been achieved. This means that only about 5% of it remains within the platform, which will be transferred using the same mechanism before the end of this year, according to the plan.

Thus, some expectations about possible effects on the exchange rate and transfer operations are baseless, because the process will not be sudden or in one go at the end of this year, but rather it was originally achieved during the past period with effort and careful follow-up, except for the remaining small percentage that will be accomplished in the coming short period.

The Central Bank confirms that trade with the United Arab Emirates, Turkey, India and China represents about 70% of Iraq’s foreign trade as (imports), which prompted the Central Bank of Iraq to find channels for transfer in euros, Chinese yuan, Indian rupees and UAE dirhams, through approved correspondent banks in those countries. (13) Iraqi banks have actually begun to conduct transfer operations with a pre-audit mechanism that has been agreed upon and approved in addition to transfers in dollars.

Providing channels for personal transfers for legitimate purposes and external purchases through electronic payment channels, global money transfer companies, cash sales to travelers, and paying cash dollars for incoming transfers to the parties and purposes specified in the Central Bank’s published instructions.

The Central Bank stresses that it has placed foreign transfer operations and meeting dollar demands on sound tracks consistent with international practices and standards and the Anti-Money Laundering and Terrorist Financing Law.

He explains that providing the aforementioned channels for all purposes at the official dollar price makes this price the true indicator of economic practices, which is proven by the reality of price stability and control of inflation, and any other price traded outside those channels is an abnormal price that those with unorthodox or illegal practices resort to, who move away from official channels in their dealings, so they bear the additional costs alone by purchasing at a higher price than the official price to delude others with the difference between the official price and others.

The map and mechanisms announced by the Central Bank will certainly lead to lifting the confusion and instability in the monetary market, which is prevalent due to the continued imposition of American restrictions on our private banks and directing accusations, slander, rumors, analyses, interpretations and targeting of the Central Bank, and will create a state of optimism by lifting the restrictions imposed on some private banks.

This means that there are great efforts made by the Central Bank, in cooperation with the government, since the beginning of 2023 until now, in the field of implementing the financial and banking reform program and fruitful coordination with financial policy, which refutes the slander.

And the accusations and spreading optimism and reassuring the market and citizens. This is what the Governor of the Central Bank had previously emphasized before the Central Bank delegation’s recent trip to America. And the new reform roadmap is a result of the efforts previously made and which the Central Bank has been working on for a year and eight months, and it is as follows:

 - Reorganizing foreign trade financing to achieve several goals at once, one of which is the transparency of foreign transfer operations that begin with the transfer process and the transferor to the final beneficiary and to the source through all data, documents and information that enhance and match reality.

All large and medium-sized companies are committed to achieving this goal. The problem now is the dealings of small traders outside the operations. 

Foreign transfers are a pressure on the dollar money market and cause it to rise.

- The Central Bank opened channels for the Chinese, Turkish, Indian and Emirati currencies, which are currencies that represent a significant weight in foreign trade, as there was a halt for a period due to a new regulation aimed at providing sufficient control over these operations.

“A new audit mechanism has been put in place by an international company, and the process has been finalised and is now being restarted.”

The Central Bank has continuously urged the opening of relations with correspondent banks, because the Iraqi bank without having external correspondents is considered a local bank and cannot open up to the world.

The Central Bank, for its part, supports and assists this trend.”

- “In light of the new regulation of the foreign exchange process, the real price at which the Central Bank sells more than $250 million daily at the official price should be considered. This means that the bank covers foreign trade, and this explains why there is no inflation or price increases.

The parallel market is a market for those who do not want to go towards the regular methods of transfer and it is an illegal trade or trade that escapes the regular procedures or other illegal operations such as drug trafficking, human trafficking, corruption money, etc.

- Whether the dollar price rose or fell is not a correct indicator, as one must look at what and how much the Central Bank sells at the official price to liquidate various needs.

- That "the primary objective of the Central Bank is to maintain the general level of prices and limit inflation, and this is supposed to be the measure of the success of monetary policy, which has succeeded in controlling this aspect and the level of inflation compared to other countries and even in previous years is much lower, and within the target, and this means that foreign trade, on which Iraq depends primarily to meet the needs of citizens, is covered by the official price."

- “There is great praise in all meetings with international organizations, including the International Monetary Fund, the Federal Reserve, and the US Treasury, for the transformations, management, and organization of the external transfer process in the Central Bank of Iraq at the present time.”  

 And that "the Central Bank's plan until the end of the year will reach 100%, with foreign transfers between Iraqi banks and correspondent banks, without going through the US Federal Reserve.

The plan to reform and lift restrictions on banks includes two axes: the first relates to conducting an audit of previous operations that were suspected by an independent external audit office, some of which have been completed while we await the completion of the audit of others in order to determine the overall picture and classify the nature of these problems and how procedures will be carried out regarding them later.

And to reach a real, stable banking sector that is consistent with what is required at the level of the national economy, and to prevent some banks from remaining marginal and not representing a real addition to the Iraqi economy, and to gain external acceptance through agreement on their implementation of international policies, procedures and standards.

- The Central Bank has not set a quota for foreign transfers for banks, and they can submit whatever foreign transfer transactions they can attract. The Central Bank does not interfere in customers’ choices, and the banks that carry out this process rely on their capabilities to attract their customers.  LINK

Some “Iraq News” Posted by Clare at KTFA 9-7-2024

KTFA:

Clare:  Opportunities in Iraq” after overcoming “years of turmoil” at an international conference in Washington

9/7/2024

The American Atlantic Council Institute announced that it will organize a conference on Iraq in Washington on October 15, with the participation of current and former politicians and experts from the United States and Iraq, where it will address opportunities and challenges in relations, overcoming years of turmoil, with a focus on the energy sector, and diversifying the Iraqi economy. 

According to the American Institute, the conference, which is being held within the framework of the "Iraq Initiative", under the title "The Path to Recovery, Development and Global Partnerships in Iraq", will bring together a diverse group of senior experts, researchers and policy makers from both the United States and Iraq, including current and former senior officials. 

The report, translated by Shafaq News Agency, explained that the conference, the third of its kind for the "Iraq Initiative", will address the major challenges and opportunities facing Iraq as it begins to overcome years of volatility, with early signs of recovery and development. 

The report added that the conference will focus this year on the advancement of the energy sector, the efforts of the Iraqi government towards sustainable economic diversification, and the evolving path of the US-Iraq relationship. 

The report added that the conference will witness dynamic discussion panels that explore how Iraq, the United States and the international community can interact positively with Iraq as it moves through its unique social, political, economic and security changes.

The report added that the conference will witness direct personal participation and via video, and will include translation into Kurdish and Arabic. 

The report concluded by saying that the "Iraq Initiative" program provides transatlantic and regional policymakers with unique insights and analyses on the ongoing challenges and opportunities facing Iraq as the country attempts to establish an inclusive political system, attract economic investment, and stimulate a vibrant civil society.   LINK

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Clare: A large ministerial delegation will visit the region tomorrow to discuss several files and issue important decisions

9/7/2024

 Kurdistan Democratic Party member Wafaa Mohammed Karim confirmed today, Saturday, that tomorrow, Sunday, there will be a joint visit from the federal government to the region to discuss several files and follow up on the salaries of Kurdistan Region employees.

 Karim told Al Furat News Agency, "Tomorrow there will be a visit by the Ministers of Finance, Foreign Affairs, Planning, two ministers, the head of the Border Ports Authority, and the Governor of the Central Bank to the region to discuss several files and hold important meetings to follow up on the file of the border ports and the salaries of the Kurdistan Region employees."

He added: "The large ministerial delegation will go to resolve files and take decisive decisions regarding salaries, border crossings, and checkpoints between the region and the center." 

He stressed that "all these files will be discussed and important decisions will be issued in favor of both parties." 

In a related context, a source told Al Furat News Agency that Minister of Labor Ahmed Al Asadi will be among those attending the meeting.

From.. Raghad   LINK

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Clare:  The first of its kind.. A meeting between the Economic Ministerial Council of the Baghdad and Erbil governments in Kurdistan

9/7/2024

A delegation from the Federal Ministerial Council for Economy will arrive this evening, Saturday, to hold a meeting with the Economic Council in the Kurdistan Region tomorrow, Sunday.

The federal delegation is headed by Deputy Prime Minister, Minister of Foreign Affairs and Chairman of the Ministerial Council for the Economy, Fuad Hussein.

The first joint meeting will be held tomorrow between the Federal Ministerial Council for the Economy and the Economic Council in the region, in the presence of Masrour Barzani, Prime Minister of the Kurdistan Regional Government. It will last for two days, to discuss the controversial issues between the two sides, and to ensure constitutional rights, financial dues, and the region’s share of the federal budget.   LINK

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Clare:  Passing the investment law within two weeks.. What are the positives?

9/7/2024  Economy

The Parliamentary Investment and Development Committee expected, today, Saturday, to pass the Industrial Investment Law within the next two weeks in Parliament, while it spoke about the advantages and positives of this law.

The deputy head of the committee, Hussein Al-Saabri, said in an interview with Sumarya News, "Parliament will approve the industrial investment law within two weeks, and this law is one of the most important laws that serve the industrial investor in Iraq and raise the pace of industrial movement in the country," indicating that "this law includes customs exemptions and land ownership for the investor inside and outside the cities, with the precise identification of industrial areas within the cities."

Al-Saabri added, "The law also includes the protection of foreign investors, their money, and ownership within new industrial districts and areas with certain controls," noting that "the law is currently in the linguistic and legal amendment stage in preparation for presenting it to parliament sessions within two weeks for the purpose of voting on it."

Al-Saabri considered that "the approval of this law represents a qualitative leap in Iraqi industry," noting that "the law will greatly reduce exceptions, but rather there will be fair competition between companies and entities that win project contracts."   LINK

Clare:  Prime Minister issues directives to develop electronic payment systems and services

9/7/2024  Baghdad

Prime Minister Mohammed Shia Al-Sudani directed, on Saturday, to take a package of measures and directives to develop electronic payment systems and services and follow up on their implementation by specialized committees.

A government source said, in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "in the framework of Prime Minister Mohammed Shia Al-Sudani's continuous follow-up to the development of electronic payment systems and services, and in light of his review of the field supervisory reports related to the implementation of these services in various Iraqi ministries and institutions, he directed to take a package of relevant measures with follow-up of their implementation by specialized committees."

He added, "The directives were as follows:

1. Directing the Ministry of Planning, in cooperation with the Central Bank of Iraq and the World Bank, to create a national budget allocated to support and develop digital payment systems across the country.

2. Directing all ministries, including the Central Bank of Iraq, to ​​prepare an electronic cash flow statement periodically to ensure financial transparency, determine liquidity and manage risks, which contributes to improving financial planning.

3. Directing ministries and government institutions to establish strategic partnerships with banking and non-banking financial institutions as well as technology institutions and adopt effective action steps for cooperation and exchange of proposals and expertise.

4. Obligating financial and banking institutions to develop their technical and digital systems in accordance with the latest international standards, including strengthening anti-money laundering and anti-fraud systems; in order to ensure operational efficiency, improve the quality of banking services and achieve full compliance with regulatory controls.

5. Obligating financial and banking institutions to develop cyber protection systems and adopt the cyber resilience document, with strict adherence to the controls issued by the Central Bank regarding electronic governance, to ensure comprehensive protection of banking systems against cyber threats and ensure business continuity in the face of crises.

6. Directing ministries and government institutions to develop capable government work teams to follow up on electronic payment operations on a daily basis through training and qualification, and through specialized system portals provided by payment services companies.

7. Directing the Ministry of Communications to cooperate with ministries and government institutions to expedite the adoption of the Electronic Signature and Electronic Transactions Law No. 78 of 2012 to be compatible with the requirements of electronic payment and collection settlements in the Ministry of Finance in cooperation with the Central Bank of Iraq.

8. Instructing the Ministry of Finance to submit a study on the mechanisms for creating intermediate accounts, adopted by government institutions as a mechanism for dealing with restricted government accounts to solve the problem of interruptions for citizens in the event of failure of financial operations.

9. The Central Bank shall issue directives to private and government banks to deal transparently and not discriminate between electronic payment companies.

10. The Central Bank of Iraq shall prepare what is necessary to cancel the prepaid ceilings for cards used locally to ensure wider and more flexible use.

11. Directing ministries and government institutions to establish specialized units within government departments to facilitate financial matching and settlements and resolve disputes arising from electronic payment, in coordination with banks.

12. Directing the Integrity Commission to intensify monitoring of collection points in government departments to ensure transparency and integrity.

13. Directing the Financial Supervision Bureau to develop and legislate administrative and financial updates that are compatible with electronic payment systems and to follow up on them on an ongoing basis.

14. Emphasizing on government institutions and electronic payment service provider companies to implement the paragraphs contained in the electronic financial collection and collection agreements according to the responsibilities of each party contained in those agreements.

15. Directing government banks to complete the activation of the comprehensive banking system to improve financial and administrative performance.

16. Obligating all ministries and government institutions to adopt advanced electronic administrative and accounting systems to enhance efficiency and transparency.   LINK

FRANK26….9-6-24……NEXT WEEK

KTFA

Friday Night Conference Call

FRANK26….9-6-24……NEXT WEEK

This video is in Frank’s and his team’s opinion only.

Frank has stated he will no longer do public videos on the Iraqi dinar UNLESS it is Important, Prudent or Necessary.  

Frank26: Tonight I want to share with you because I feel it is both Prudent and Important

Tonight’s Iraq news starts about minute 25:00

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=7CKtrM_Hz40

Some “Iraq News” Posted by Clare at KTFA 9-5-2024

KTFA

Clare:  Five Oil and Gas Laws in Parliament

9/5/2024 Baghdad

The subcommittee on legislation and laws in the oil and gas sector within the parliamentary oil committee continues its efforts to update the laws related to this important sector, with the aim of improving the investment environment in Iraq. 

Member of the Oil and Gas Committee and head of the subcommittee, Ali Shaddad Al-Fares, said in an interview with “Al-Sabah” followed by “Al-Eqtisad News”, that “the committee has five laws and legislations related to the oil and gas sector, including the refineries or liquidation law, regarding which more than one meeting was held.” 

He pointed out that "the law is now in the General Secretariat of the Council of Ministers to proceed with amending it, so that there will be greater privileges for investors in the refining and petrochemicals sector to enter Iraq."

Al-Fares continued, "The draft law on smuggling petroleum derivatives needs some amendments, as does the law on hydrocarbon wealth," noting that "there is what is called the general law system in the management of the Ministry of Oil, in addition to 70 decisions of the dissolved Revolutionary Command Council that need legal adaptation to cancel some decisions and convert others into laws, as some of these decisions are still effective and important and must be legally adapted."  LINK

Clare: Prime Minister's Advisor: 70% of the grey market

9/5/2024 Baghdad

The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, revealed the existence of a grey market that accounts for nearly 70% of the market or private sector activity, indicating that this percentage evades paying legal taxes.

Saleh said in an interview with "Al-Sabah", followed by "Al-Eqtisad News", that "taxes constitute in total in developed countries about (25) percent of the gross domestic product, while in Iraq they do not exceed (4) percent due to tax evasion, as the gray market, which is not known to the tax authorities, constitutes a percentage close to (70) percent of the market or private sector activity, while negative taxes, which are aid from cash income paid to the poor class, constitute (5) percent of the annual gross domestic product, and this constitutes the tax defect that compensates for the difference between the type of tax with the revenues of oil rents."  LINK

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Clare: For this reason.. Economic calls to review tax laws and develop the collection system 9/5/2024  

Baghdad  

With the increase in the size of state expenditures in the general budget, there has been talk for years about maximizing non-oil revenues, reforming the tax system in Iraq, and raising the value of taxes on the wealthy, which actually requires addressing the current laws related to taxes, controlling import operations, and preventing the smuggling of goods through border crossings.

In this regard, economic and financial expert Safwan Qusay revealed the formation of a committee by the Prime Minister’s Office to review tax laws, especially the Income Tax Law issued in 1982, noting that the law needs to be reviewed to amend some allowances in line with current income rates and develop the tax collection system to reduce tax evasion.

He pointed out that "the proposed tax increase aims to stop manipulation of invoices related to import operations and reduce tax evasion."

Qusay also confirmed that “the committee is studying introducing amendments to property and real estate taxes, especially with regard to the transfer of property between individuals.”  LINK

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Clare:  A "special" meeting headed by Al-Sudani approves a plan to introduce solar energy systems to homes

9/5/2024

A"special" meeting chaired by Prime Minister Mohammed Shia al-Sudani approved a plan to introduce solar energy systems to homes.

A statement from Al-Sudani's office received by Shafaq News Agency stated that "the Prime Minister chaired a special meeting to improve the electricity situation, in which the plans, programs and treatments prepared by the Ministry of Electricity and the authorities concerned with this sector were discussed.

According to the statement, during the meeting, "a plan was approved to introduce the solar energy system to homes, through contracting with solid companies to reduce the loads on the electrical grid system. The Ministry of Electricity's plan for generation, transmission and distribution in the long term was also discussed, in addition to its plan for next summer, for which the necessary allocations were approved, and its implementation will begin now."

During the meeting, the economic model for purchasing electricity was approved. This came after several meetings, the Prime Minister’s follow-up, and his guidance, with the participation of KBR, which represents the government’s advisory body, in order to study it and provide recommendations regarding it.   LINK

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Clare:  Parliamentary moves to "withdraw the hand" of the Central Bank Governor

9/5/2024

The Parliamentary Finance Committee confirmed, today, Thursday, the existence of a parliamentary move to withdraw the hand of the Governor of the Central Bank, while specifying the main reason behind that.

Finance Committee member Mohammed Nouri told Sumaria News, "We submitted a set of oral and parliamentary questions regarding the withdrawal of the Central Bank Governor Ali Mohsen Al-Alaq for exceeding the legal age."

Nouri pointed out that "so far, things have not gone as we wish, and in the coming days we may go to the Federal Court to challenge the legality of the age of the Central Bank Governor and request his direct dismissal through the legal age."

 At the beginning of last year, Al-Sudani reappointed Al-Alaq as head of the Central Bank, nearly two years after he was dismissed from his post, amid questions about the feasibility of reappointing him, as he had caused several financial failures over the previous six years (between 2014 and 2020) of his management of the financial institution, according to his critics.

There is much criticism directed at the performance of the Governor of the Central Bank of Iraq, Ali Al-Alaq, who is facing increasing pressure regarding his financial policies and his management of foreign exchange and reserves, in addition to his failure to control the file of dollar price fluctuations, according to economic experts.  LINK

Clare:  The regional government approves the unification of financial and accounting system procedures between Erbil and Baghdad

9/4/2024

The Kurdistan Regional Government approved, on Wednesday, the unification of procedures for financial and accounting systems between the regional government and the federal government, taking into consideration the constitutional specificities of the region and its powers stipulated in the Iraqi constitution.

A statement by the presidency of the regional government, received by Shafaq News Agency, stated that "the regional government held a meeting on Wednesday under the supervision of Prime Minister Masrour Barzani and in the presence of his deputy Qubad Talabani," indicating that "at the beginning of the meeting, Barzani referred in his speech to a number of points such as appointing lecturers on contracts and congratulated them on the occasion of the issuance of a decision to contract with them on internal revenues and hoped that this decision would gain the satisfaction of the lecturers and encourage them to serve the educational and educational process in the Kurdistan Region."

 The statement added that "the regional government congratulated the retirees in the Kurdistan Region on the occasion of unifying the salaries of retirees with their counterparts in the federal government and voting on this in the regional Council of Ministers and approving it," indicating that "at the level of the federal government as well, it was possible to reach an agreement and as of this month, the retirees of the region will receive their salaries that are equal to the salaries of retirees in the federal government."

He added, "Barzani reassures the retirees that he will always support their legitimate demands and that this tired part of the Kurdistan Region, which has sacrificed a large part of its life in public service, deserves all support and assistance."

The statement indicated that "Barzani, at the end of his speech, addressed the electoral campaign for the elections scheduled to begin this month, saying that the political parties are free within the internal regulations and instructions issued by the Independent High Electoral Commission on how to conduct electoral campaigns," adding that he asks them to "do so in a civilized manner and away from belittling and defaming others because everyone is a Kurd and a son of this country and must act responsibly."  

The statement noted that "in the first paragraph of the meeting, the Minister of Parliament Affairs of the Region, Fala Farid, and the Secretary of the Council of Ministers, Amanj Rahim, presented a draft of the Council of Ministers' decision to unify the procedures related to the financial and accounting system between the regional government and the federal government, taking into consideration the specificities of the authorities and constitutional rights of the region." 

The statement explained that "after the dialogues and exchange of views, the Council of Ministers unanimously decided to approve the draft as is in order to unify the procedures related to the financial and accounting systems between the regional government and the federal government, taking into consideration the constitutional specificities of the region and its powers stipulated in the Iraqi constitution." 

He pointed out that "it is clear that after 2014, the region's share of the budget was cut, and there was a complete disconnect with the federal government, which led to the adoption of two different financial and accounting systems by the finance ministries of the two governments. Therefore, in the current new phase between the two governments, it is an important step and will play a role in reorganizing the financial and accounting relations between them and resolving most of the observations of the joint team for financial oversight on revenues and expenditures and the staff of the regional government and unifying financial entitlements and salaries of employees throughout Iraq. This is in the interest of the region's employees and has begun with unifying the salaries of retirees."    

 The statement noted that "in the second paragraph, the Secretary of the Council of Ministers presented the results of the joint meeting between the technical delegation of the Ministry of Finance and Economy in the region and the Federal Ministry of Finance at the end of last week in Baghdad, as well as the results of the latest work of the joint team between the Financial Supervision Bureaus in the region and Baghdad. It was a summary of the recommendations, technical observations and serious steps taken by the ministries and institutions of the region that had previously taken the necessary measures regarding the recommendations and observations of the joint audit and review of revenues and expenditures and the delay in payment of salaries, in addition to the financial amount spent by the Federal Ministry of Finance on salaries for the months of July and August."

The statement added that "the Council of Ministers has instructed the ministries to continue coordination with the federal government and the joint financial oversight team from both sides, complete biometric registration, issue job numbers for all employees on salaries, and expedite the activation of the electronic payment system," stressing that "in return, the federal Ministry of Finance must send the salaries for July and August 2024 as soon as possible so that the Kurdistan Regional Government can pay the salaries for August as soon as possible, in a manner equivalent to employees who receive salaries in other parts of Iraq, if the region's employees are now entitled to the August salary." 

The Council of Ministers also discussed preparations for the special meeting of the Federal Ministerial Economic Council, which is scheduled to be held in Erbil these days, on the pending issues between the two ministries. The Council of Ministers warmly welcomed the meeting held in Erbil, while the Kurdistan Regional Government considers this meeting an important opportunity to meet the relevant ministers in both the Kurdistan Regional Government and the Federal Government closely to discuss the pending issues between the two sides seriously in all fields and sectors. 

The statement pointed out that "the Council of Ministers has assigned the Secretary of the Council of Ministers, the Head of the Coordination and Monitoring Office, and relevant authorities to make the necessary preparations in coordination with the Kurdistan Regional Government's representation in Baghdad and the Secretariat of the Federal Economic Council, and to direct the ministers to prepare their issues according to their characteristics and submit balanced proposals and recommendations that take into account the powers stipulated in the Iraqi Constitution in order to solve the issues radically and provide greater space for cooperation between the two governments and improve the living conditions of citizens throughout Iraq, including the Kurdistan Region."  LINK

FRANK26…..8-30-24…..THANK YOU

KTFA

Friday Night Conference Call

FRANK26…..8-30-24…..THANK YOU

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=bW6OUfQoo9s

Some “Iraq News” Posted by Clare at KTFA 8-30-2024

KTFA:

Clare:  The Central Bank announces the participation of Iraqi banks in external transfers in multiple currencies

August 30, 2024

 The delegation of the Central Bank of Iraq in New York announced the start of the new phase of foreign transfer operations with the participation of (13) Iraqi banks, in an important step aimed at enhancing the diversity of currencies and facilitating international transfer operations.

 This announcement came after reaching an agreement on the mechanisms for regulating these operations, as it will include dealing in the euro, Chinese yuan, Indian rupee, and UAE dirham.

The delegation confirmed the definition of the scope of work of the international auditing company E&Y, which will review the transfer operations to ensure their safety and compliance with international standards. This step is a reflection of the Central Bank of Iraq's commitment to achieving the highest levels of transparency and security in all foreign transfer operations, and enhancing confidence in the Iraqi financial system.

This initiative came within the framework of the Central Bank of Iraq's ongoing efforts to support economic growth and expand the horizons of international cooperation with global markets.

Central Bank of Iraq 
Media Office 
August 30, 2024

https://cbi.iq/news/view/2659

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

Clare:   Central Bank announces results of New York meetings

8/30/2024   Baghdad - WAA 

The Central Bank of Iraq announced, today, Friday, the results of the visit of the delegation headed by the Governor of the Central Bank, Ali Mohsen Al-Alaq, to ​​the United States of America, which lasted from August 26 to 29, 2024. 

The Central Bank of Iraq confirmed in a statement received by the Iraqi News Agency (INA) that "a high-level negotiating delegation headed by Governor Ali Mohsen Al-Alaq held a series of intensive meetings in New York City, USA, which included discussions with the US Treasury Department and the Federal Reserve Bank, in addition to meetings with a group of companies (Visa, Mastercard and MoneyGram) as well as banks (Citi Bank and JP Morgan) as well as international auditing firms (KPMG, E&Y, K2i and Oliver Wyman)."

He added that "the participants in the meetings praised the major transformations achieved by the Central Bank of Iraq, which represent an unprecedented achievement at the country level, as the bank has achieved remarkable progress in monitoring procedures for foreign transfers and cash sales of the US dollar, which has led to improving systems, policies and procedures in accordance with international and local standards, enhancing transparency in covering foreign trade and providing protection for the banking and financial sector from the risks of money laundering, terrorist financing and financial crimes."

He announced, "A meeting will be held between officials of the Central Bank of Iraq and its international partners by the end of this year regarding the major shift in ending the work of the electronic platform for foreign transfers and replacing it with direct banking relations between Iraqi banks and the network of international correspondent banks, according to the plan set by this bank, and implemented internationally

Which will allow the Central Bank of Iraq and the Federal Reserve Bank to exercise their supervisory roles away from executive procedures, as this shift will have important repercussions on the stability, fluidity and transparency of the country's foreign trade financing operations," noting that "it aims to achieve the required stability in exchange rates, which in turn will lead to enhancing the efficiency of the financial system in Iraq."

He pointed out that "the meetings in New York City also addressed the mechanisms for expanding the network of international correspondent banks and qualifying Iraqi banks to meet the necessary requirements to open their accounts with international correspondent banks; with the aim of enabling them to complete their financial transactions, whether through external transfers in US dollars or other foreign currencies."  LINK

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Clare:  Turkish-Iraqi-Qatari-Emirati ministerial meeting on the development road project

8/30/2024

Istanbul hosted the first ministerial meeting between Turkey, Iraq, Qatar and the United Arab Emirates on Thursday to discuss the Development Road Project.

The meeting, which was held at Dolmabahce Palace, was attended by Turkish Minister of Transport and Infrastructure Abdulkadir Oraloğlu and his Iraqi counterpart Razzaq Muhibs Al-Saadawi, while Qatar and the UAE participated via video conference.

In his speech after the meeting, the Turkish Minister of Transport said: The project will directly contribute to strengthening the global trade system and the development of the participating countries.

Oraloğlu stressed that the main feature of the modern economy is that multinational production, international financial flows and international trade volume have reached very high levels.

Commenting on the Quadrilateral Ministerial Meeting, Oraloğlu said: "Our meeting today is not only for the future of the transportation and logistics sectors but also for the economic, social and cultural future of our countries."

He added: "It is very important for all of us to have safe and fast transportation facilities to establish the economic cooperation that is indispensable for our countries." He stressed that the existing cooperation between the four countries will be stronger thanks to the Development Road Project.

The Turkish minister explained that the development road project is important in terms of gains and supply chains, and that it will benefit the countries of the region as a whole.

For his part, Minister of Transport Razzaq Muhaibis Al-Saadawi said that the project will contribute positively to the global economy as a whole.

He added: "Today's meeting was fruitful and good in terms of standards, and we discussed many issues related to project management and its stages. We are working to remove the obstacles that prevent the implementation of this project."

He continued by saying: "We must know that the development road project will make a great contribution to all participating countries, to the region and to the global economy as well."

On April 22, Turkey, Iraq, Qatar and the UAE signed a quadripartite memorandum of understanding for cooperation on the "Development Road" project in Baghdad, under the auspices of Turkish President Recep Tayyip Erdogan and Prime Minister Mohammed Shia Al-Sudani.

The "Development Road" project is a land and railway road extending from Iraq to Turkey and its ports, with a length of 1,200 kilometers inside Iraq, and aims to transport goods between Europe and the Gulf countries.  LINK

Clare:  Text of Cabinet session decisions including setting date for start of new school year

8/30/2024

Prime Minister Mohammed Shia Al-Sudani chaired the thirty-fifth regular session of the Council of Ministers today, Thursday, which witnessed the discussion of the overall situation in the country, the progress of implementing the government program, in addition to the files on the agenda for which the necessary decisions were taken.

At the beginning of the session, Al-Sudani reviewed the outcome of his official visit to Egypt and Tunisia, and the discussions he held on bilateral cooperation files, and the preparations for holding the next meeting of the Iraqi-Egyptian Joint Committee, which will be held in Baghdad. Al-Sudani directed the ministers to prepare the files required to activate all areas of cooperation, especially in the fields of oil and transportation.

Regarding Iraqi-Tunisian relations, the Prime Minister spoke about the convergence of positions between the two countries, the availability of opportunities for cooperation and the activation and revitalization of relations, in addition to the necessity for all ministries to follow up on the outcomes of this official visit and communicate with counterpart ministries in Tunisia and Egypt for more fruitful partnerships.

Al-Sudani renewed his appreciation and gratitude for the efforts of all ministries, institutions, governorates and security forces, most notably the Supreme Security Committee headed by the Minister of Interior, the Supreme Committee for Million-Pilgrimage headed by the Director of the Prime Minister's Office, and the Ministers of Health, Electricity, and Transportation, the governors and holy shrines, for their efforts in managing and making the million-pilgrimage a success to commemorate the Arbaeen of Imam Hussein, peace be upon him.

He pointed out that this success in managing and accommodating more than 21 million visitors, in addition to the projects and infrastructure that have been diagnosed and monitored, are now in the process of being implemented to serve visitors, the roads and stations they use, and all service facilities.

 His Excellency explained the most important security steps taken recently, which contributed to thwarting any threat, and within qualitative preemptive operations that resulted in the arrest of 46 wanted terrorists, and within all operational sectors.

The Council considered the issues and files on the agenda and took the necessary decisions regarding them.

In the oil field, and within the framework of the government’s approach to developing investment in oil wealth, the Council approved the contracts for the fifth and sixth supplementary licensing rounds, totaling (14) projects for final signing, and the commencement of activating the contracts under discussion, based on the provisions of Article (39/1) of the contract for the two aforementioned rounds. 

In the field of energy, the Council approved the addition of (1,463) billion dinars, within the import of fuel, Iranian gas, and (619.68) billion dinars, within the import of electrical energy, to the Ministry of Electricity’s budget for the year 2024, based on the provisions of the Federal General Budget Law for the fiscal years (2023 - 2024 - 2025).

As part of the follow-up of service efforts, the Prime Minister directed the Ministry of Finance to transfer an amount of (14.6) billion dinars to the Baghdad Municipality for the direct implementation of the joint sewer network to serve the district (859, District 3/10), within the Rashid Municipality sector, south of Baghdad, and the transmission line towards the (Al-Dawanem/2) station to serve the district (488) of the Al-Salamyat area within the Al-Shaala Municipality sector.

In the context of determining the calendar for the academic year in the Ministry of Education, the Council of Ministers decided that Sunday, September 15, 2024, would be the date for the commencement of teaching and educational staff for all Iraqi schools, and that Sunday, September 22, 2024, would be the date for the start of the new academic year, 2024-2025.

The Council approved the exemption of the project to build a number of schools within the (Aidopa) program, which will be contracted for design, construction and maintenance according to a contract concluded between the Iraq Development Fund and the Ministry of Education, and any annexes to that contract in the various Iraqi governorates not organized into a region, from the contracting methods stipulated in the instructions for implementing government contracts (2 of 2014) and the conditions of the specialized standard documents issued by the Ministry of Planning.

The Council also authorized the Ministry of Education to purchase the property of the Iraqi school in Tunisia, as an exception to the instructions and regulations of the Central Education Fund, and its ownership would be owned by the Ministry of Education, with its financing and the authority to pay its debts from the Central Education Fund, as well as to form a joint committee from the Ministries of Foreign Affairs and Education regarding Iraqi schools abroad, and to submit its recommendations to the Council of Ministers.

Within the framework of developing educational staff, the Council approved amending Paragraph (5) of Cabinet Resolution (319 of 2022) regarding study leaves outside Iraq to include support for a scholarship program concerned with developing the staff of the Ministry of Higher Education and Scientific Research and ministries and entities not affiliated with a ministry, to fill the shortage in the number of teaching and functional staff who are referred to retirement, by allocating the necessary funds in the next budget, in a way that guarantees the Higher Committee for Education Development in Iraq (Educational Initiative) in the Office of the Prime Minister, sending study missions based on the provisions of the Scholarships, Fellowships and Financial Aid System (3 of 2018), in coordination with the Ministry of Higher Education and Scientific Research.

As part of the Cabinet’s follow-up to develop agricultural activity, the non-oil economy, and employ modern irrigation methods, the Council approved authorizing the Ministry of Agriculture to negotiate prices, technical specifications, and quantities, through the coordination committee formed with the Ministry of Industry and Minerals, to contract with the General Company for the Manufacture of Cars and Equipment, to equip modern irrigation systems of various types, from the support amounts amounting to (147 billion dinars), and at a support rate of (30%), as an exception to the contracting methods stipulated in the instructions for implementing government contracts (2 of 2014) and the instructions for facilitating the implementation of the Federal General Budget Law for the fiscal years (2023-2024-2025).

In the context of encouraging national industries and protecting local products, the Council approved that the customs duties imposed on chicken cuts and products be (25%), which were previously not included in the local product protection procedures, based on Cabinet Resolution (23154 of 2023), while maintaining the customs duties on frozen whole chicken at (25%) based on Cabinet Resolution (183 of 2022). This decision shall be implemented after (60) working days from the date of its issuance, by all border crossings, including those in the Kurdistan Region of Iraq.

The Council approved the authorization of the Minister of Finance to sign the financing loan agreement for the irrigation technology project for the benefit of the Ministry of Agriculture, received from ERST BANK, with a guarantee from the Austrian Export Guarantee Agency (OeKB), based on the Federal General Budget Law for the fiscal years (2023 - 2024 - 2025), and to approve the financing terms.

In the field of the Cabinet’s follow-up of efforts to develop agricultural aviation capabilities, the Council approved the cancellation of Cabinet Resolution (50 of 2020) and Paragraph 2 of Cabinet Resolution (23327 of 2023), and that the Ministry of Agriculture take the necessary measures to implement the following:

1- Direct invitations to no less than 3 international companies or centers specialized in aircraft maintenance; in order to conduct maintenance inside Iraq and prepare the required materials for the stopped agricultural aircraft and return them to work, as an exception to the instructions for implementing government contracts (2 of 2014), and the controls attached thereto, and the instructions for facilitating the implementation of the effective budget, in coordination with the Iraqi Civil Aviation Authority.

2- Qualifying pilots and technicians who are still in service to enable them to work on these aircraft, in accordance with the applicable aviation instructions.

3- Obtaining the required operating licenses for aircraft and their personnel from the Iraqi Civil Aviation Authority.

4- Completing the procedures of the lawsuits filed by the Ministry of Agriculture against the companies that supplied the French Eurocopter aircraft.

In continuation of the government’s approach to completing stalled and suspended projects, and removing the causes of procrastination, the Council of Ministers approved the following:

1. Increase the total cost and reserve amount for the contract (implementation of the bridged intersections and the surface layer of the approaches to the Hindiya Bridge).

2. Increase the total cost of my two projects (improving and developing electricity networks with equipping and installing transformers for different areas in the Tar area, equipping a specialized and service mechanism (lighting crane), equipping and installing transformers with a capacity of (400 and 250) kVA and specialized mechanisms with the construction of a D.W network/Karmat Bani Saeed District).

3. Increase the total cost and reserve amount for the contract (establishing the digital library for the contract (6/2012).

4. Creating a component (remaining work for the project to establish the Drug Research and Control Center).

5. Increase the cost of the main project (establishing and rehabilitating health centers and hospitals in Karbala Governorate/Center District, Hindiyah, Al-Hussainiya District, and Ain Al-Tamr).

The Council approved the donation of (10) Rafidain Bank explosives detection devices (RapScan type) to the Holy Shrine of Imam Ali (peace be upon him) (which had previously been delivered to the Holy Shrine of Imam Ali (peace be upon him) in a useable form), based on the instructions to facilitate the implementation of the Federal General Budget Law for the fiscal years (2023 - 2024 - 2025).

The Council also considered a number of topics on its agenda and took the following decisions:

First: Authorizing the Minister of Construction, Housing, Municipalities and Public Works to sign the exchanged letters for the Chinese grant provided to the Iraqi government in the amount of (53,650) million Chinese Yuan, in the form of specialized mechanisms and as stated in the exchanged letters between the Iraqi and Chinese sides, taking into account changing the signature formula to be in the name of the Ministry of Construction, Housing, Municipalities and Public Works, and not in the name of the Iraqi government, so that these exchanged letters are not considered an international agreement, and coordination with the Ministries of (Planning and Finance) in accordance with the provisions of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023-2024-2025).

Second: Cancel Cabinet Resolutions (581 of 2013) and (326 of 2014), due to the long period of time that has passed since they were not implemented and the lack of need for them due to the financial circumstances that surrounded the treasury at the time, and cancel Cabinet Resolution (24032 of 2024).

Third: Increasing the capital of the Real Estate Bank (500 billion dinars) to become (550 billion dinars), based on the provisions of the Public Companies Law (22 of 1997) amended, and the Ministry of Finance taking the necessary measures for implementation.
Fourth: Exempting the Civil Aviation Authority from the contracting methods in the instructions for implementing government contracts, with regard to programs and computers only, for the purpose of purchasing the authority’s management systems and air safety directly from specialized companies that produce these programs, purchasing licenses, computers and servers from authorized agents of the global company (Microsoft).

Fifth: The Ministry of Finance sold an area of ​​(1750) square meters of the plot of land numbered (23 m9/Kurka Jal) belonging to it, to the Diwan of Endowments of the Christian, Yazidi and Mandaean Religions, based on the Law for the Sale and Lease of State Property (21 of 2013) as amended after estimating its value by the committee formed pursuant to the aforementioned law, and extinguishing a percentage of (50%) of the actual consideration in accordance with the provisions of the Federal Financial Administration Law (6 of 2019) as amended and Cabinet Resolution (23447 of 2023). LINK

 Game of Patience: Clare thanks for sharing!  This information reveals amendments being made to the 2024 budget!

Two conditions to achieve it" .. Al-Sudani's advisor rules out removing 3 zeros from the currency

KTFA:

Frank26:  "BIT'S & PIECES OF THE MONETARY REFORM ARE NOT THE TRUTH"...........F26

Clare:  FRANK WILL TALK ABOUT THIS ARTICLE ON FRIDAY'S YOUTUBE.

"Two conditions to achieve it" .. Al-Sudani's advisor rules out removing 3 zeros from the currency

8/29/2024

The Iraqi Prime Minister's advisor for economic affairs, Mazhar Mohammed Salih, ruled out the government removing three zeros from the Iraqi currency at present, noting that achieving this requires two basic conditions.

Mazhar Mohammed Saleh told Rudaw Media Network: "I rule out that the government will remove zeros now," indicating that "removing three zeros from the currency has nothing to do with the value of the currency, but rather improving cash payment systems."

The Iraqi Prime Minister's advisor for economic affairs explained that "the three zeros added price and monetary inflation to the currency, starting with the Iran-Iraq war and passing through the time of the economic blockade (the nineties of the last century), and the conflicts generated inflation in the value of the currency."

He pointed out that "when prices rise, we need larger denominations of money to maintain the equivalence between price and money. For example, due to price inflation, 25 Iraqi dinars have become 25,000 dinars."

Mazhar Mohammed Saleh pointed out the importance of "reducing the calculations that have reached trillions in recent years, and this has become a tiring matter," adding that "the process of raising three zeros does not only mean the value of the currency, but also the calculations and statistics, and in order for the method of managing it to be easy."

The Iraqi Prime Minister's advisor for economic affairs also said, "The process of issuing large denominations reduces the currency in terms of quantities, and is a process of reforming the cash payments system, especially since this modern and advanced time requires smaller numbers." 

Mazhar Muhammad Salih believed that removing three zeros from the currency, globally, requires two conditions: “political stability and economic stability. When these two factors are available, countries resort to removing zeros from their currency,” adding that “the value is fixed and not affected. Rather, it is a relative change.”

He stated that the project to remove three zeros “we worked on between 2011 and 2012, but there was a delay in the matter, because it requires a change in the accounts of the Republic of Iraq and statistics, and requires cooperation between monetary policy and all government policies.”

It is noteworthy that a number of economists and experts recently called for deleting three zeros from the Iraqi currency, considering that this would reduce monetary inflation in Iraq and strengthen the dinar currency.   LINK

FRANK26….8-26-24…….SECURITY AND STABILITY

KTFA

Monday Night Conference Call

FRANK26….8-26-24…….SECURITY AND STABILITY

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=UnatBun2Pu0

Some “Iraq News” Posted by Clare at KTFA 8-26-2024

KTFA:

Clare:  Mahmoud Al-Mashhadani announces the resolution of the dispute over the presidency of Parliament and the majority’s approval of his nomination for the position

8/25/2024- Baghdad

MP Mahmoud Al-Mashhadani announced today, Sunday, the resolution of the dispute over the presidency of the parliament and the majority’s approval of his nomination for the position. Al-Mashhadani said, via the “X” platform: “I am pleased and honored by the approval of the majority of the national spectrum consisting of members of the House of Representatives to nominate me for the presidency of the House of Representatives and the resolution of the dispute over that.”

He added: "I pledge to them that I will preserve this trust and be with them and for all of them according to what the public interest requires." He concluded by saying: "The homeland comes before the component and the component comes before the political entity." LINK

Ryan1216:  Clare is Mahmoud officially the new president of parliament?

Clare:  NOT YET  ... ONLY NOMINATED, BUT THE NOMINATION PROCESS WAS  CAUSING THE DISPUTES & DELAY. I AM PRETTY SURE THIS IS WHO SUDANI WANTS. IMO

Trade: Opening of five central markets and food outlets soon

8/26/2024- Baghdad

The Ministry of Trade will open five central markets and food outlets in Baghdad in the coming few days.

The official spokesman for the ministry, Mohammed Hanoun, said in an interview with "Al-Sabah", followed by "Al-Eqtisad News", that the ministry is close to opening two central markets, one in Al-Bayaa and the other in Al-Salihiya in Baghdad, in addition to three marketing centers affiliated with the General Company for Foodstuffs Trade located in Al-Hurriya, Jamila Market, and Al-Rusafa Marketing Center.

He added that the establishment of these projects was done according to modern designs, and includes all basic marketing commodities at cost price, including meat, chicken, liquid milk, zero flour, and cheese. Hanoun explained that the opening of marketing outlets played an important role in stabilizing the prices of basic food commodities in local markets.

He pointed out that the ministry is working to rehabilitate the central markets in the governorates and make them marketing centers to provide services to the families of martyrs, members of the armed forces, state employees, retirees, and families covered by social care.

Hanoun pointed out the adoption of electronic payment systems, and that employees and retirees can obtain loans ranging between 10 and 25 million dinars for the purpose of purchasing their basic needs from marketing outlets and in installments.  LINK

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Clare:  British company wins contract to supply solar power plant for oil field in Basra

8/26/2024

British company Hydro-C has won a contract to design and supply a solar power plant for the Majnoon oil field in Basra Governorate. According to a statement issued by the Iraq-British Business Council (IBBC), a copy of which was received by Al-Eqtisad News, the project will be implemented for the benefit of the Basra Oil Company (BOC), which is operated by Antonoil Services and KBR.

The plant, which will be imported from the United Kingdom and installed in Iraq, is part of the plan of the Iraqi Prime Minister, Mohammed Shia Al-Sudani, and the Minister of Oil, Hayan Abdul-Ghani, to support sustainable energy projects and combat climate change.

After a six-month technical and commercial evaluation process, Hydro-C has officially been awarded the project, which can be developed and replicated in major oil and gas fields in Iraq.

Hassan Hashmat, CEO of Hydro C, said, “This is great news for many people, including our stakeholders, and especially the Iraqi people, as we begin the transition to green energy in the country and provide a much-needed source of electricity,” adding that “this will enable British companies to develop local skills in Iraq and help the country build sustainable green energy projects.”

"IBBC is delighted to see Hydro-C take control of this important and innovative new energy sector. After many months of work and extensive preparation by Mr Hashmat, this project is a model of what is possible for the future and will benefit all those involved in the green transformation,” commented Christophe Michels, Managing Director of the Iraq-Britain Business Council (IBBC), calling it “a win for the UK, IBBC, Iraq and in particular Hydro-C.”   LINK

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Clare:  3 versions raise controversy.. What is the truth about adding 15 trillion to the budget "secretly"?

8/26/2024  Baghdad

More than 80 days have passed since the parliament voted on the Iraqi budget tables for 2024, but the tables are still absent from the pages of the official Gazette of the Ministry of Justice to enter into force. The reason for this is the existence of 3 different versions of the budget tables, which appear to have been discovered only 10 days after the vote on the tables, but the matter remained hidden until it was revealed more than a month later, specifically on July 13.

What does Parliament mean by "amended schedules" after its vote?

On June 3, the House of Representatives voted on the 2024 budget tables, and said at the time that “the estimates of the 2024 general budget tables, its attachments, and the deficit financing tables were approved, and the Council of Ministers was granted the authority to transfer an amount of (2) trillion dinars from the investment budget allocations for the ministries and add it to the regional development allocations for the governorates not organized into a region, and it is distributed according to the population ratios and poverty rates in each governorate.”

According to the wording of the Council’s statement using the phrase “the estimates of the tables were approved”, the statement can be read as “the tables were approved as received from the Council of Ministers”, but the statement carried the phrase “the tables of the Federal General Budget Law No. (13) of 2024, as amended, were voted on”, and it is not known what Parliament means by the term “amended”, and whether it was amended by Parliament after it was received from the Council of Ministers, or does it mean amended by the Council of Ministers compared to the 2023 budget tables, considering that it is a three-year budget?

"The bomb explodes" after 40 days.. 15 trillion were added "secretly"

Only a week later, on June 11, local media outlets reported statements by the spokesman for the Ministry of Justice, Ahmed Laibi, stating that “the Ministry of Justice has addressed the Council of Representatives to send the budget tables for publication in the Official Gazette.” At the same time, sources reported that the tables were returned from the Council of Ministers to the Council of Representatives “for the purpose of conducting an audit of some articles and paragraphs of the law.”

A month later, specifically on July 11, statements were issued by MP Baqir Al-Saadi, in which he said that there were some minor comments on the budget, so it was returned to Parliament, and amendments would be made to it by a specialized committee after the tenth of Muharram and sent to the Council of Ministers again.

Then, only two days later, on July 13, came the first official revelation of the manipulation of the budget tables, through the member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, who confirmed that the budget had been returned to the House of Representatives to make some amendments, after the Council of Ministers discovered a difference in the version of the budget sent from the House of Representatives to the Council of Ministers, despite the fact that the House of Representatives voted on the tables as they were received from the Council of Ministers without amendment, indicating that the difference raised the budget from 211 trillion dinars to 226 trillion dinars.

It is clear from Al-Kadhimi's statement that 15 trillion dinars have been added to the budget expenditure schedule, but it is not known under which headings these amounts were added, which raise the size of expenditures by 7%.

However, leaked information indicates that the additions included increasing the amount of the ration card by an additional 5 trillion dinars, and financial increases for the Ministry of Electricity and some governorates.

Original government copy.. and two parliamentary copies

Meanwhile, the government was not completely silent, but it delayed sending a letter of inquiry to the House of Representatives until about a month had passed. While the budget was voted on on June 3, and the budget was sent to the Council of Ministers on June 10, Al-Sudani’s office sent a letter of inquiry to the House of Representatives on July 1, but this letter was not leaked to the media until July 20.

The book included that the House of Representatives’ decision states that the budget tables were voted on as received from the government, but the paper copy attached to the House of Representatives’ book, which confirmed “voting on the tables as received,” differs from the tables that were actually sent from the government to the House of Representatives. The electronic copy on the CD also differs from the government’s version and the paper copy sent by the House of Representatives.

Accordingly, this means that there is a government version of the budget tables that is supposedly voted on by Parliament as is, as well as two versions, “paper and electronic,” coming from Parliament, both of which differ from the original government version that is supposedly voted on by Parliament as is.

Leaking... a means of pressure for a late response?

The day after the leak of the government’s letter to the parliament speaker, specifically on July 21, the speaker of parliament sent a response to the government, even though the letter of inquiry was issued by the government on July 1, and it appears that the parliament speaker did not respond during this period, which raises the possibility that the government deliberately leaked the letter after 20 days to pressure the parliament speaker for the purpose of a late response.

The Parliament Presidency’s response letter confirmed that the tables sent to the General Secretariat of the Council of Ministers are the same as those sent by the government, after approving the tables as received from the government without any change.

About 4 MPs were shot...and then Al-Mandlawi

Since July 20 until now, the talk about the story of tampering with the budget tables has been going on and on, and some pages have accused MP Mustafa Sand, Adi Awad, and Mohammad Nouri of tampering with the tables. Sand responded by denying his interference in this matter, indicating that what happened is that some MPs may have written “their own tables and made transfers by adding money to their governorates or other sections as suggestions,” but the decision of the parliament speaker was to vote on the tables as they came from the government, and this closes the door to any other additions by the MPs, considering that “the matter has no effect and the government has exaggerated the issue.”

In contrast, MP Basem Khashan considered that the proven manipulation of the budget may end the membership of the acting Speaker of Parliament, Mohsen Al-Mandalawi, by filing a lawsuit before the Federal Supreme Court, as he is the one who signed the Parliament’s voting decision and the tables sent to the government.

Meanwhile, MP Sarwa Abdul Wahid spoke about a difference in the budget tables worth 8 trillion dinars, and this number contradicts what was initially revealed by the member of the Finance Committee, Moeen Al-Kazemi, but it may be the difference number in the paper or electronic version, and the other number of 15 trillion is in one of the two versions as well, as there are 3 versions as confirmed by the Prime Minister’s Office in its letter sent to Parliament.

The continued talk about “manipulating the budget tables” and the mention of Al-Mandlawi’s name in the story prompted the latter to issue a statement on the official website of the House of Representatives, and he returned to confirm that the tables were voted on as they were received from the government, while the statement carried clear anger, stressing through it that he “is following all the inaccurate talks published and broadcast by some media outlets,” threatening that “any party that tries to mislead public opinion by concealing the facts and dishonestly transmitting the events, to achieve illegitimate goals far from the honesty of neutral transmission and objectivity that it should possess, will be subject to legal accountability.”

The Three Copies.. The Birth Stage of Non-Identical Twins

The Ministry of Finance provides the original budget tables that the government sent to the House of Representatives and which were voted on, amounting to 211 trillion dinars, while there is no published or announced version of the other modified versions that include adding 15 or 8 trillion dinars for the purpose of matching the tables, but all the talk revolves around adding money to the ration card allocations, in addition to increasing the allocations of some governorates, especially those that objected to reducing their shares in the budget, most notably Basra Governorate.

But in conclusion, and from a realistic perspective, the difference in budget tables is worthless after the government published and approved the budget tables sent by it according to the allocations specified by it, with a total expenditure of 211.8 trillion dinars, although the Al-Waqa’i newspaper has not yet published the budget tables for the year 2024.

The explanations in the conclusion indicate that MPs appear to have “tried to deceive the government” by including in their papers the amendments they had made in order to allocate more money to their governorates or “ministries”, using the stages and stations of the budget’s passage in parliament after the vote. Those who were able to access the version that was prepared to be sent to the Council of Ministers in its paper form, replaced a table related to governing expenditures, for example, in order to raise the share of the food budget, while the other; He included his own paper after modifying the numbers that include increasing the shares of certain governorates.

As for those who were unable to access the paper copy, they were able to access the electronic section in the House of Representatives through their connections or in another way, in order to change certain numbers in the budget table on the computer before they were placed on a CD. It seems that each representative may not know what his colleague did, in order to send it to the government and try to deceive it, to spend the money according to the tables it received. It is not known what the plan is after that.

Does it intend to raise the allocations for the governorates or the relevant ministries in order to empower them, or does it aim to take and share the surplus funds that may be sent to the governorates and ministries according to the manipulated tables, and grant the governorate or ministry only the funds that the government was planning to allocate to this governorate or that ministry.   LINK

FRANK26…..8-21-24…….WHITE

KTFA

Wednesday Night Conference Call

FRANK26…..8-21-24…….WHITE

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=6bSwrMo9r8A

Some “Iraq News” Posted by Clare at KTFA 8-21-2024

KTFA:

Clare:  Controls

August 21, 2024

♦ Regulatory controls for the classification of domestic systemically important banks (D-SIBs) .. For more, click here

♦ Supervisory work guide for risk management controls in Islamic banks .. For more click here

https://cbi.iq/news/view/2649

Clare:  Commerce holds virtual meeting with WTO to discuss ways of cooperation and joint coordination

8/21/2024

The Department of Economic Relations at the Ministry of Trade held a virtual meeting with the Secretariat and the Accession Department of the World Trade Organization, in the presence of the competent employee from (the Ministry's Permanent Representative) in Geneva to discuss prospects for cooperation and joint coordination in light of the outcomes of the third working group meeting held last July in Geneva, and to complete the requirements for Iraq's accession to the World Organization.

The ministry stated in a statement that "the meeting witnessed a discussion of the work plan for the next stage, which includes updating technical files, such as the legislative plan file, the memorandum of the foreign trade system, and the agricultural file, as well as discussing the files of accession of goods and services to the Iraqi market in accordance with the standards and agreements of the World Trade Organization."

The statement indicated that "the meeting shed light on the mechanism of coordination and cooperation between the Department of Foreign Economic Relations and the World Trade Organization, in addition to international organizations supporting Iraq's accession."

He explained: "This cooperation aims to provide the necessary support and technical assistance to complete the requirements for accession, Iraq's full membership in the organization, and the efforts of the Ministry of Trade to enhance Iraq's position at the international and economic levels."  LINK

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Clare:  Leader in the Framework: America is obstructing Baghdad’s resort to the “currency basket” to maintain the dollar’s ​​dominance

 8/21/2024   Baghdad

The leader of the Coordination Framework, Issam Al-Kriti, confirmed on Wednesday that America is obstructing Baghdad’s resort to a basket of currencies to maintain the dominance of the dollar.

Al-Kriti said in an interview with Al-Maalouma, “America’s resort to exploiting the dollar in drawing up rules for pressuring countries to achieve an agenda that protects its interests has pushed many capitals to diversify the currency basket in order to avoid sanctions and create flexibility in paying external supplies without any obstacles, which is a correct economic procedure.”

He added, “Washington is obstructing Baghdad from proceeding with steps to diversify the currency basket, especially the Chinese one, in order to maintain the dominance of the dollar, which was exploited by America as a pressure card by reducing the financial liquidity supplies for oil exports in order to pressure the government through the economic card.”

He pointed out that “America is restricting the Iraqi economy through the dollar, stressing the importance of proceeding with a roadmap to liberate the economy and push it towards more stable paths away from any tremors, especially since the American financial situation is likely to suffer major setbacks with the rise of public debt to record levels, which has begun to raise the concerns of countries and push them to take early preventive steps.”

It is noteworthy that America controls the revenues of Iraqi oil through the Federal Reserve, which sends funds to the Central Bank in exchange for selling crude oil.

almaalomah.me

Clare:  Saleh explains the reason for the rise in foreign dollar remittances and its impact on the national economy

8/21/2024

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained the reason for the increase in sales of foreign currency remittances {dollars}.

Saleh told Al Furat News Agency, "The phenomenon of increasing sales of foreign currency transfers is due to the results of the important change that occurred in the policy of the Central Bank of Iraq in dealing with foreign transfers and intervening in the monetary market through the transformation of the mechanisms for financing foreign trade for the private sector from the compliance platform to new mechanisms represented by strengthening the accounts of correspondents of Iraqi banks abroad in foreign currency at studied and sufficient levels that are consistent with the requirements for financing foreign trade for the private sector in foreign currency."

He added, "After the compliance platform had previously rejected nearly 85% of foreign transfer requests during the past months, the policy of strengthening the accounts of Iraqi banks with their correspondents from solid international banks, as an alternative policy, has become so easy, simple and flexible that it has made the implementation of daily foreign transfer requests available and achieved through foreign correspondent banks directly without going through the platform, at a high rate of nearly 85% of the total demand for these daily foreign transfers."

Saleh explained that "this high change in the flexibility of transfers has been reflected positively on the national economy, especially in the stability of the functions of supply and demand within the national economy in two directions, the first of which is {the supply side} and is represented by the availability of a wide supply of goods and services in the local market through flexible imports financed by the fixed official exchange rate of 1320 dinars per dollar."

He explained that "the other direction is {the demand side}, which refers to the process of exchanging the Iraqi dinar for the dollar for the purposes of financing foreign trade through the transfers mentioned above, which means that meeting the demand for the dollar represents a direct meeting of the demand for (foreign goods, services and benefits) for the benefit of the local market." 

He pointed out that "meeting the demand for foreign currency represents an important pillar of the monetary policy of the Central Bank of Iraq, and achieving its operational objectives in confronting the levels of local liquidity surplus from the dinar and controlling them, which constitute what is called {surplus demand}, as this control over local liquidity represents a positive intervention by the Central Bank's monetary policy in the money market and controlling the levels of that liquidity."

Saleh continued, "This control leaves positive effects in achieving a balance between the real flow in the overall economy of goods, services and benefits and the monetary flow within the economy itself," indicating that "such a balance between supply and demand achieves stability in the general level of prices and welds growth levels in inflation rates, which is positively reflected in the stability of the purchasing power of the dinar and the general monetary income."

Raghad   LINK