“Tidbits From TNT” Thursday Morning 12-12-2024
TNT:
Tishwash: Government advisor: Tighter controls on suspicious money transfers reduce exchange rate manipulation
12/11/2024
Baghdad - WAA - Nassar Al-Hajj
Advisor to the Prime Minister, Mazhar Mohammed Salih, confirmed today, Wednesday, that tightening control over suspicious financial transfers reduces manipulation of exchange rates and the stability of the national currency, while indicating that limiting speculation reduces the use of foreign currencies in unproductive operations.
Salih said in a statement to the Iraqi News Agency (INA): "The Prime Minister's directives to the monetary and financial authorities stressed the intensification of inspection and control procedures for financial transfers and monitoring speculators, which remain of great importance in enhancing currency stability and reducing speculation that is harmful to the national economy, through mechanisms leading to combating illegal speculative activities, including specifically: tightening control over suspicious financial transfers that conflict with the rules of compliance and transparency in a manner that reduces illegal activities, such as money smuggling or manipulation of exchange rates, which maintains the stability of the value of the national currency."
He added that "taking strict measures against speculators and manipulators in the currency market strengthens confidence in the financial system and demonstrates the strength of government policy in protecting the national economy, and increases the confidence of citizens and investors in the country's financial system, in addition to directing resources towards the real economy to invest in the available opportunities in it, whether industrial, agricultural or service," noting that "by limiting speculation, the use of foreign currencies in unproductive operations is reduced, which helps to provide them to finance imports or beneficial investments."
He continued that "the protective measures against currency speculation come to limit the negative effects resulting from the impact of regional crises, through preventive measures that reduce the exploitation of economic and political crises in the region to achieve illegitimate gains, which enhances the stability of the local market."
Saleh explained that "the importance of limiting speculation and speculators' opportunities remains in enhancing the efficiency of the banking system through the role of monitoring financial transfers, which undoubtedly contributes to revealing the loopholes in the banking system and enhancing governance and transparency in it, as such measures are in line with the comprehensive reform plan for the financial and banking sector, and aim to enhance financial stability and prevent violations that negatively affect the national economy." LINK
Tishwash: Al-Hakim: Kirkuk will get its due in the 2024 budget
The head of the National Wisdom Movement, Ammar al-Hakim, held a press conference in Kirkuk on Wednesday, during which he confirmed that support for the governorates will be present in the 2024 budget and Kirkuk will receive its due share.
Al-Hakim said during the conference, during his meeting with a number of members of the provincial council, heads of administrative units, directors of service departments, and security leaders in the province, in the presence of Governor Ribwar Taha, his deputies, and the head of the provincial council, Engineer Muhammad Ibrahim Al-Hafez, that “Kirkuk is an icon of Iraqi coexistence and the key to consolidating national unity.”
He stressed the "importance of administrative decentralization and the powers of local governments as a guarantee for the unity of Iraq," calling for "abandoning the rentier state and activating productive sectors."
He added, "Kirkuk is a model of coexistence and is prepared to activate agriculture, industry and tourism," indicating that "support for the governorates will be present in the 2024 budget and Kirkuk will get its due share."
He called for “fighting corruption, supporting youth, and spreading positivity,” stressing that “improving services enhances confidence in the political system and fortifies the country,” noting “restoring the powers of local governments according to the constitution and working to facilitate citizens’ transactions.”
Al-Hakim praised the “zeroing of Kirkuk’s stalled projects and stressed the importance of investing in health and education,” adding that “diversifying the economy is the solution to confronting the challenges of population growth.” link
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Tishwash: Parliament and government.. a race with the 2025 budget
The 2025 budget schedules in Iraq are witnessing a delay that is causing widespread controversy between the government and parliament, as the government has not yet sent the full details of the budget to the House of Representatives, which has raised concerns among members of the parliamentary finance committee about the deadline for approval.
The statements indicate that the reasons for the delay are related to reviews of financial schedules, especially those related to oil extraction expenses in the Kurdistan Region and the costs of projects funded in 2025.
The Financial Management Law requires the government to submit the general budget to the Council of Representatives 45 days before the beginning of the fiscal year, in order to allow the necessary time to discuss and approve it. Despite the clarity and explicitness of the legal text, no Iraqi government, including the current government, has committed to implementing this entitlement.
Speaking about this file, member of the Parliamentary Finance Committee, Mustafa Al-Karaawi, revealed the existence of legal and constitutional violations by the government in sending the budget law to the House of Representatives.
Al-Karawi said in a statement to Al-Maalouma Agency, “Article 77, paragraph two of the Federal Triennial Budget Law indicated that the government must send the budget tables before the end of the fiscal year,” indicating that “the government sent only one amendment to the text of the budget, which is the text of Article 12 related to the costs of extracting oil in the region.”
He added, "Not sending the schedules on time is considered a legal and constitutional violation, and if the government proceeds with amendments to the articles, there are many articles that need to be amended and to be fair to many groups," adding, " We recorded all of these observations in the session last Tuesday during the first reading of the amendment to the budget law.”
He explained that "his committee is working on re-amending the budget and sending it to the government to work on general amendments to the law so that it is fair to all segments of society and addresses the problems in the previous budget."
In addition, a member of the Parliamentary Finance Committee, Hussein Mounes, revealed that the budget amendments are subject to political amendments, not technical ones.
In a statement to Al-Maalouma Agency, Mounes said, “The government has a point of view in resolving the issues with the region and limiting oil smuggling operations by increasing production costs by $16 per barrel.”
He added, "During the discussion of the proposal, we raised several questions: Why was $16 set? Is it a technical or political consensus number?"
He pointed out that "the Parliamentary Finance Committee hosted the concerned parties and they confirmed to us that the issue is political and not technical."
He explained that "the government's proposal is to form an advisory body, and in the event of non-compliance, a committee of consultants will be formed to determine production costs."
He pointed out that "the Finance Committee determined that the amount would be an advance granted to the region and that a settlement would be arranged later."
He added, "There are approximately 256 thousand barrels smuggled daily from the region with OPEC's permission. This file must be closed because it negatively affects government production," stressing that "the Finance Committee has reservations regarding the advances and loans granted to the region. "
It is noteworthy that the House of Representatives previously hosted Prime Minister Mohammed Shia Al-Sudani and his deputies, the Minister of Planning, the Minister of Foreign Affairs, and the Minister of Interior, where the amendments to the budget for next year 2025 were discussed . link
Tishwash: The Iraqi Parliament... Frustrates Iraqis and Causes Huge Financial Losses
The Iraqi parliament ended its second legislative session without being able to pass any of the pending controversial laws, despite extending its sessions for an additional month to try to resolve these sensitive issues.
At the forefront of these laws are the general amnesty, personal status, state real estate, and the vital amendment to the general budget law, which is seen as a renewed dilemma affecting the resumption of oil exports from the Kurdistan Region.
These issues reflect the deep-rooted differences between political parties, where factional, sectarian and national interests appear to be a solid barrier to any common understanding.
According to an informed political source speaking from Baghdad, “the delay in passing the laws was not due to the complexity of the texts as much as it was a direct result of party directives that prompted some representatives to deliberately miss sessions in order to disrupt the legal quorum.”
The source added that these directives are linked to what he called “rearranging political alliances” that precede any influential vote.
Citizen Ahmed Al-Saadi, an activist from Basra, commented in a Facebook post saying: “The House of Representatives lives in a parallel world; it discusses matters that concern its interests while the citizen suffers from crises in services and the economy. The budget is faltering, oil exports have stopped, and millions are being lost every day.”
A similar tweet on the X platform described the situation as “legislative chaos that reflects the collapse of the concept of the state in favor of the concept of class and party.”
The election of Mahmoud al-Mashhadani as the new speaker of parliament has sparked great controversy. Analysts have suggested that this change reflects an attempt to restore the image of the legislative institution, but the same analyses have not ruled out that the issue could turn into a mere change in names without achieving a fundamental change in performance.
Social researcher Ali Al-Jubouri said: “This election is like trying to treat a deep wound with a simple bandage. The problem lies in the quota structure that turns positions into fixed shares for parties and sects.”
On the other hand, obstructing the amendment related to the budget law will cause the state huge losses.
According to economic information published by a local financial institution, stopping oil exports from the Kurdistan Region costs Iraq more than $8 million per day, deepening the financial crisis for both the federal state and the region.
Kurdish citizen Saman Abdullah from Erbil spoke in a video clip he posted on Facebook, saying: “Political differences do not only harm Baghdad, but we in the region are paying the price directly. Employee salaries are delayed, and prices are rising without control.”
An analysis by economic expert Fadhel Al-Dulaimi explained that the crisis could become more complicated if it is not resolved in the coming months.
Al-Dulaimi said: “Without an agreement on the budget law and oil exports, the economic situation may explode, especially with the increase in debts and the decrease in cash reserves.”
The atmosphere inside the parliament is described as gloomy, according to what a citizen named Iman Al-Taie said on her X account, where she said: “The representatives are exchanging accusations via media platforms, while we have not seen any practical steps yet. Everyone blames everyone else, but it is the people who pay the price.”
Thus, the Iraqi parliament remains stuck in a vicious circle of disagreements, as its sessions turn into an arena for settling political scores instead of resolving crises. Analysts expect that this situation will continue as long as sectarian and nationalist quotas govern the state’s scene. link
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Tishwash: Strengthening Iraq’s position”: Praise for Al-Sudani and Al-Halbousi’s regional and international moves
Political analyst, Aid Al-Hilali, praised today, Wednesday, the regional and international moves made by Prime Minister Mohammed Shia Al-Sudani and the head of the Progress Party, Mohammed Al-Halbousi, to enhance Iraq's position and have a role in shaping the region's policies in the future.
Al-Hilali told Al-Jarida, “Iraq, with its careful and balanced stance, has gained the respect and appreciation of the regional and international environment, and the moves made by the Prime Minister at various levels in the issue of openness to the Arab and international environments come in order for Iraq to have a role in shaping the region’s policies in the future. This is a result of Iraq’s great recovery and the agreements and partnerships signed by the Iraqi government with countries of the world, and these connections have great effects on Iraq’s position.”
He added, “There are also political parties that have worked to open channels for dialogue, especially with the United States of America, and one of these figures is Mohammed al-Halbousi, who returned the visit to America and was well received there. This visit received different reactions, between those who welcomed it and those who doubted it, but it seems that al-Halbousi’s visit is in the interest of Iraq and the Iraqi government and greatly supports the position of the Iraqi government.”
He pointed out that “Al-Sudani’s visit to Jordan today and before that his contact with the Emir of Qatar confirms Iraq’s firm and steadfast position and strengthens its position and makes it steadfast in its position, and this stance will be credited to Iraq and Al-Sudani, and despite some political leaders issuing irresponsible statements, Al-Sudani’s rationality, calmness and balance were positively reflected in Iraq’s position.” link
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