Late Sunday Night Iraq Economic News Highlights 8-6-23

Late Sunday Night Iraq Economic News Highlights 8-6-23

The Dollar Crisis On The Sudanese Table And The Iraqi Parliament

2023-08-05 04:02   Shafaq News/ The Parliamentary Finance Committee revealed, on Saturday, an upcoming meeting with the Prime Minister, Muhammad Shia'a Al-Sudani, to discuss the reasons that led to the rise in the exchange rate of the dollar and the government's measures to confront the crisis.

Committee member Yahya Al-Muhammadi told Shafaq News agency, "The Parliamentary Finance Committee hosted the Governor of the Central Bank, Ali Al-Alaq, to ​​discuss the reasons for the rise in the exchange rate of the dollar against the Iraqi dinar in the market, and the procedures and decisions issued by the Central Bank to confront the crisis."

He added, "The committee will meet with Prime Minister Muhammad al-Sudani to discuss the government's procedures and decisions issued by it and the Central Bank to solve the dollar crisis."

Al-Mohammadi said, "The committee will also host officials in the Ministry of Finance, Tax and Customs, and leaders in the security services, to talk about their procedures and limit the smuggling of foreign currency abroad."

In early August, Prime Minister Muhammad Shia' al-Sudani revealed the details of the dollar crisis, which he described as a "battle", announcing at the same time the arrest of a network of "major speculators" linked to speculators in the Kurdistan Region.    LINK

Iranian Anger At Tishreni's Deputy's Statements About Transporting US Dollars By Truck Across The Border And Counterfeiting Iraqi Dinars In Argentina

Policy    05/08/2023 Number of readings: 222   Baghdad-Iraq today:   The spokesman for the Iranian Petroleum Products Exporters Union, Hamid Hosseini, called on the Iraqi authorities to take a position on the accusations leveled by a deputy in the Iraqi parliament against Iran regarding the Iraqi currency and converting it into dollars.

Hosseini said, in a press statement, that: "Iraqi MP Muhammad Nuri Aziz, a member of the Finance Committee in the Iraqi parliament, made strong accusations against Iran on a television program."[/rtl]

He added, "The accusation is not that the dinar goes from Iraq to Argentina and then returns and turns into dollars. Rather, it claimed that Iran prints Iraqi dinars in Argentina, converts them into dollars in Iraq and sends them to Iran."

He emphasized, "This type of accusation is present in the nationalist and Baathist discourse."[/rtl]

Hosseini stressed that these statements are not just an economic accusation, "and in view of the recent cooperation by some Iraqi parliamentarians with the United States against Iran, it seems that these accusations are the basis for more serious disputes in the future."

A spokesman for the Iranian Petroleum Products Exporters Union said that his country "provided the greatest amount of support to the Iraqi government, worked for its security and delayed payment of its dues for exporting electricity and gas to Iraq for years in order to help establish security in Iraq, because Iraq's security is Iran's security, but it must follow up on this accusation and hold him accountable.”[/rtl]

Hosseini called on Parliament and the Central Bank of Iraq to take a stand on these accusations, and also called on the Iranian embassy to follow up on the matter.

He added: If someone says such words in the Iranian parliament, all of Iraq will take a stand. We expect to see the position of the Chamber of Commerce, the Central Bank, the parties and the Iraqi parliament in this regard.

A few days ago, a member of the Parliamentary Finance Committee in the Iraqi Parliament, Representative Muhammad Nuri Aziz, claimed that millions of Iraqi dinars were printed in Argentina, then exchanged for US dollars and sent by trucks to Iran.

And a member of the Parliamentary Finance Committee, Muhammad Nuri Aziz, said on a television program broadcast by an Iraqi satellite channel, about the dollar crisis and exchange rates, that “Iran prints the Iraqi dinar in Argentina to buy the dollar, and then the Iraqi dinar is burned.”

He also went on to say that the smuggling of dollars “has been done by trucks since the days of the Al-Kazemi government and continues until this moment,” according to him.  LINK

Al-Moussawi Reveals The Scenes Of The Political Agreement On The Oil And Gas Law

A member of the Parliamentary Oil, Gas and Natural Resources Committee, Zainab Jumaa Al-Moussawi, revealed the details of the political agreement to legislate the controversial oil and gas law.

Al-Moussawi said in a press interview, seen by Taqaddam, that: “The meeting of the Prime Minister, Muhammad Shia’ al-Sudani, is very important, especially with regard to the oil and gas law, as it resulted in a decision to form a committee in order to draft the oil and gas law, and it was represented by the Minister of Oil and the Minister of Natural Resources in the region.

Kurdistan and the advanced cadres in the Iraqi Ministry of Oil, especially the national SOMO company concerned with exporting crude oil.

And she added, “As this committee works to draft the oil and gas law; In order to be fair in the distribution of natural resources,” she explained, “the oil and gas draft law that has been pending for many years is one of the basic and important laws and represents a factor of strength and unity for Iraq. in the country".

Al-Moussawi stressed, "The law will regulate the method of extracting oil and natural minerals that are produced within the borders of the Iraqi state, including the Kurdistan region, as well as regulating oil revenues according to the interpretations of the Iraqi constitution in the section on the distribution of natural resources."

And she added, "This law could end the differences between the Baghdad and Erbil governments that resulted in the distribution of oil extraction revenues." https://takadum-news.com/archives/177090

Planning: Budgeting Mechanisms Will Be Released This Week

Political  | 09:44 - 06/08/2023  Baghdad - Mawazine News   The Ministry of Planning confirmed that the budget mechanisms will be issued this week, and many lagging projects will see the light at the end of this year and the beginning of the next.

Maher Johan, Undersecretary of the Minister of Planning for Technical Affairs, said, "The budget did not linger or stall, but after the approval of the budget law in its final form and the corrections that were made to it by the House of Representatives and the government, we met during the past two weeks officials of the ministries and governorates and developed quick plans to serve the implementation of projects."

He explained, "We cannot finance projects in an advance manner, and we must finance according to what has been ratified and approved in the budget law, by finding a legal basis for issuing instructions that will be published in the Iraqi Gazette and issued at the end of this week as a maximum."

Johan pointed out that "the government program stresses the implementation of service projects that are quick to complete as soon as possible, so the bulk of the budget will be for the completion of strategic projects related to infrastructure, such as sanitation, health, education, and electricity projects," stressing that "these projects are not few."

And if they are completed, they will achieve a qualitative leap in the service reality, and quite a few of these projects will see the light at the end of this year, but in the next year, work will continue to complete the lagging projects. https://www.mawazin.net/Details.aspx?jimare=232767

An Expanded Government Meeting To Discuss The Draft Oil And Gas Law Comes Out With Recommendations

Political  | 10:50 - 05/08/2023  Baghdad - Mawazine News  On Saturday, the Oil Ministry announced the details of an expanded meeting to discuss the draft oil and gas law, while noting that the meeting came out with recommendations.

And the Ministry of Oil stated in a statement, which Mawazine News received a copy of, that “based on the package of legislative reforms that came in the government curriculum, specifically what came in the twenty-third axis regarding the preparation of the draft oil and gas law, and based on the directive of the Prime Minister, Muhammad Shia’ Al-Sudani, to expedite the completion of this project.”

With the participation of all relevant parties in this strategic national project, a meeting was held today in the presence of the two deputy prime ministers (Minister of Foreign Affairs - Minister of Oil), the delegation of the region, the governors of the oil-producing provinces, the prime minister's advisors and the leadership cadre in the Ministry of Oil.

She added, "The meeting dealt with the importance and objectives of this law and the need to complete it as soon as possible, with the participation of the region, the oil-producing governorates, and representatives of the Prime Minister's Office." The Ministerial Council voted on by the House of Representatives, as well as being the mainstay for investing oil and gas wealth in the best international practices and in a manner that secures the interest of all the Iraqi people.

She indicated that "the meeting resulted in the following recommendations:

1- Forming committees to follow up on this issue and organizing subsequent meetings.

2- A working paper is presented by the committees on the basis of the vision presented by the ministry, the Kurdistan Regional Government and the producing provinces in light of the discussions that took place during the meeting and the previous discussions to be studied by these committees in order to prepare the final draft of the oil and gas law.  https://www.mawazin.net/Details.aspx?jimare=232762

Budgeting Mechanisms Will Be Released This Week

The first  2023/08/06 Muhannad Abdel Wahhab    The Ministry of Planning stated that the budget mechanisms will be issued this week, and that many lagging projects will see the light at the end of this year and the beginning of the next. And the Deputy Minister of Planning for Technical Affairs, Maher Johan, said, in an interview with "Al-Sabah", that "the budget did not linger and was not disrupted, but after the approval of the budget law In its final form and the corrections made to it by the House of Representatives and the government, we met during the past two weeks with officials of ministries and governorates and put together quick plans to serve the implementation of projects.

The budget law, by finding a legal basis for issuing instructions that will be published in the Iraqi Gazette and issued at the end of this week as a maximum.Johan pointed out that "the government program stresses the implementation of service projects that are quick to complete as soon as possible, so the bulk of the budget will be for the completion of strategic projects related to infrastructure, such as sanitation, health, education, and electricity projects," stressing that "these projects are not few."

 And if they are completed, they will achieve a qualitative leap in the service reality, and quite a few of these projects will see the light at the end of this year, but in the next year, work will continue to complete the lagging projects.    Edited by: Wael Al-Malook   https://alsabaah.iq/81789-.html