Adviser to the Prime Minister: The path to development sparked strategic economic programs in Iraq
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The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Saturday, that the government’s vision is based on the sustainability of financing investment projects away from oil.
Saleh told the Iraqi News Agency (INA), followed by Al-Iqtisad News: “The draft economic reform law, the draft of which the Council of Ministers had previously discussed in the past months, represents the government’s vision that was formulated by the ministerial platform, which is based on the principle of partnership between the state and the private sector, in a way that achieves a major shift in financing. Investment projects, with high financing sustainability, in which the private sector contributes with their income and financial surpluses, away from the restrictions imposed by fluctuations in the oil asset cycle and dependence on the unilaterality of the oil resource in financing development.”
He added, "The Economic Reform Law serves as the philosophical foundation for the Iraq Fund for Development, and it is one of the important executive arms of the Economic Reform Law and represents the essence of the partnership between the state economy and the market economy," pointing out that "the national strategy for developing the private sector that was previously approved and its importance in raising the contribution of market activity In the gross domestic product, it will reach more than 50% of the gross domestic product within a decade instead of its current situation, in which the private sector still contributes less than 37% to the formation of that national product.
Saleh explained that “economic diversification and abandoning the unilateralism of the rentier economy require a reform law in which the leadership of the productive national market is integrated into the process of economic construction of Iraq, side by side with the role of the state in development and with effective partnerships required by the future economic advancement in Iraq, which was sparked by Iraq’s strategic economic programme, which is path of development.
Economist: The oil and gas law will contribute to distributing the financial returns of Iraqi oil wealth
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Economic affairs expert, Raad Tawij, called for avoiding the legislation of the oil and gas law and not delving into it, attributing this to the fact that oil is an indivisible, strategic commodity.
Twig said in a statement to the National Iraqi News Agency ( NINA ): “It is best for Iraq to avoid the oil and gas law and not engage in it because it harms the whole of Iraq,” attributing this to: “Oil is an indivisible, strategic commodity, and the oil and gas law can lead to dispersion.” The value of oil wealth.
He pointed out that "several parties are involved in managing the oil wealth, which will contribute to the fragmentation of the financial returns of the oil wealth and a significant shortfall in oil revenues and revenues, which will be difficult to compensate for. The evidence of this is the inability to formulate a law that satisfies everyone, which has continued for many years."
The economic expert continued, "This law may be a reason for illegal monetary demands from Iraq to local and international parties, such as Turkish financial demands from Iraq, taking advantage of its illegal contracts with the Kurdistan region."
Parliament sets 3 months to restore the dollar exchange rate to its official rate
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The Parliamentary Finance Committee reported that within the next 3 months, the dollar exchange rate will be restored to its official rate.
Committee member Moeen Al-Kazemi said in a television interview, “Iraq opened remittances to import necessary materials, and the Central Bank of Iraq provided approximately 80 percent of the Iraqi market’s needs with official fundamentalist remittances.”
He added, "There remains 20 percent in the black market for which the central bank cannot issue a transfer due to imports from countries banned by the US Federal Reserve. Therefore, merchants concerned with obtaining dollars from the black market resort to the parallel market, which leads to this significant increase."
He continued, "The Central Bank delayed financing its funds from the American side for two periods, and this is considered an obstruction to the work of the Central Bank and the economic situation in Iraq."
He pointed out that “the American and Treasury restrictions have a pressing impact on the flow of the Central Bank’s work, so important measures have been put forward, including facilitating the tax issue for merchants in a way that encourages what is required, that is, the one who pays these taxes, to review the tax authority, pay what he owes, and settle what he owes over the previous period,” pointing out “This procedure is important and is one of the things that encourages the trader to enter the currency window instead of going to the parallel market, which leads to a gradual reduction in the price of the dollar.”
He pointed out that "over the next three months, the dollar exchange rate will be gradually restored to its official rate."
Addressing the Central Bank... a representative rejects police measures against banking companies
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Member of Parliament, Majid Shankali, rejected the measures taken against money exchange companies and offices by the Central Bank.
Shankali stated in a tweet on the (x) platform, that the solution to the crisis of the rise in the price of the dollar against the dinar cannot be solved through security measures that target banking offices and companies. The solution lies in measures taken by the Central Bank that work to stop the smuggling of the dollar to Iran. Syria and Russia, and to reduce and end money laundering operations.
Its inability was exposed.. The Central Bank’s procedures confuse the Iraqi monetary sector
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Today, Friday, the economic expert, Ziad Al-Hashimi, detailed the challenges facing the Iraqi monetary and banking sector, pointing out that the Central Bank’s pressure measures on all banking companies without separating between the compliant and the defaulting ones, leads to real confusion in a monetary work environment that is not managed and monitored accurately and clearly. By the central bank.
Al-Hashemi told “One of the fundamental challenges facing the Iraqi monetary and banking sector is the inability of the Central Bank and local banks to create an effective and attractive banking environment with services with competitive costs that are suitable for citizens to trust, and are able to provide flexible and smooth banking services, and encourage... Citizens need to deal with banks instead of resorting to exchange companies to obtain the cash services they are looking for.”
He continued, “In addition to the Central Bank’s inability, so far, to adopt precise and specific standards and applications to evaluate the work and performance of exchange companies and separate between compliant companies and negligent companies.”
The economic expert explained, “This is what led to the Central Bank applying its pressure measures on all banking companies, causing harm and restrictions on companies that adhere to central controls and have an advanced level of compliance.”
Al-Hashimi stated, “This is what leads to real confusion and creates a state of uncertainty in a monetary business environment that is not managed and monitored accurately and clearly by the Central Bank.”
An economic expert explains the importance of Iraq's gold reserves
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An economic expert explained the importance of gold in the reserves of the Central Bank of Iraq.
Salah Nouri told {Al-Furat News} agency, “The gold reserve is a cover for the national currency in addition to the dollar and the euro, and the Central Bank of Iraq, like the rest of the central banks in the world, invests in gold, with the aim of diversifying the reserve and obtaining returns, by buying and selling in global markets, The first of which is the London market.
He referred to "measuring the central bank's reserve, that is, the assets it owns, which are gold, the dollar and euro currency, and US Treasury bonds as investments."
Nouri continued, "As for international transaction settlements, they are mainly made in the dollar currency, and then in the euro currency to a lesser and limited extent."
The World Gold Council showed in its report this September that gold reserves in Arab countries amounted to 1,515.1 tons, and Iraq ranked fourth with 132 tons after Saudi Arabia, Lebanon, and Algeria.
Oil: Obliging foreign companies to adopt national workers at a rate of more than 85%
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Today, Friday, confirmed the development of a plan to accommodate specializations according to the needs of oil companies, noting that it obligated foreign companies to adopt national workers at a rate of more than 85%.
Ministry spokesman Assem Jihad told the Iraqi News Agency (INA): “The Ministry of Oil respects all claims, respects all specializations, and emphasizes the importance of geological specialization as an important active element in the Iraqi oil industry,” pointing out that “the Ministry has appointed thousands of graduates from this specialization during past years".
He added, "The Ministry is developing its plans to accommodate specializations according to the needs of oil companies," indicating that "the issue of providing job grades is not related to the Ministry of Oil, but rather related to the government program and its plan to determine each ministry's plan for job grades every year."
He explained that "foreign workers in investment companies are elements of temporary work that may take a certain period until the work is finished, and they are not permanent opportunities," stressing that "the Ministry always works to provide opportunities for graduates, including geological specializations and others."
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An exciting visit.. Qaani is in Syria and participates in military maneuvers
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The Iranian Tasnim Agency reported on Friday that the Commander of the Quds Force of the Iranian Revolutionary Guard, Brigadier General Ismail Qaani, visited Syria, inspected the areas of operations and participated in joint military maneuvers between Tehran and Damascus.
he Iranian agency explained that during his “sensitive and important” visit to Syria, Qaani met with a number of officials, military, security, and politicians in Damascus, and also inspected a number of operational areas.
According to the agency, Qaani participated in joint military maneuvers between Iran and Syria, and studied Syrian sensitive areas and axes within the framework of the joint confrontation of the challenges and military and security chaos in Syria.
The Commander of the Quds Force said in press statements during the visit that America is the main source of corruption, chaos, terrorism and conflict in Syria, the region and the world.
Qaani added, "Syria and Iran are brotherly countries and enjoy distinguished, comprehensive, and deep strategic relations, and the Islamic Republic of Iran will stand by the Syrian people and their leadership in facing challenges."
Al-Sudani: The relationship between Iraq and America cannot remain limited to the security aspect
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Prime Minister Muhammad Shiaa Al-Sudani held a meeting this evening, Thursday (Baghdad time), with members of the American Chamber of Commerce, in the presence of a number of businessmen, investors and representatives of major American companies.
Al-Sudani appreciated the efforts of the Vice President of the American Chamber of Commerce, Mr. Steve Lutes, in arranging this meeting to inform investors about the business environment in Iraq.
Al-Sudani stated that Iraq is a fertile land for investment in many important sectors, and there are natural resources that have not been invested yet, and the time has come to invest them in a way that achieves prosperity for the Iraqi people and contributes to strengthening the strategic relationship with the United States.
The Prime Minister delivered a speech during the meeting, the most prominent of which are the following:
Our government invests revenues correctly to activate important economic sectors other than oil, as it is not possible to continue to rely on oil to strengthen the budget and cover obligations, as was the case throughout the previous stage.
The wrong path in wasting burned gas will stop within 2-3 years, after the completion of the gas projects that began with Total and the Emirati and Chinese companies in the fifth round.
We announced 11 fields and exploration blocks in the governorates; Anbar, Nineveh, and Najaf, which include natural gas that will be invested for the first time in Iraq’s history.
Economic reform is a priority, and it cannot be implemented without the presence of an effective and capable private sector that is a partner with the government.
We focused on providing a favorable business environment for foreign companies in general, and American companies in particular, by virtue of the capabilities they possess, and also within the path of the vision for the partnership between Iraq and the United States.
The relationship between Iraq and the United States cannot remain limited to the security aspect.
The business environment in Iraq requires a great effort to reduce bureaucracy, and we have the decision and will to stop corruption through legal measures, and companies cannot be made vulnerable to blackmail or red tape.
Every project and file related to a company will be personally sponsored and followed up by us, and we will work to overcome all obstacles you face.
We are working to reform the tax system and the customs system, and we are currently preparing a draft economic reform law that addresses loopholes in several laws.
We have a draft system to regulate e-commerce, and the government is committed to protecting intellectual property, and we approved a draft law that was sent to the House of Representatives for a vote.
We are working diligently on the draft electronic payment law, and we have made great strides in financial and banking reform, through our relationship with the Federal Reserve and the US Treasury.
Today we have clear and transparent trade subject to global compliance standards in money transfers.
The Ministry of Commerce, through the Commercial Attaché in Washington and with the US Trade Representative Office, is working to hold meetings for the third session of the Trade and Investment Framework Agreement, in the first quarter of 2024. The function of this agreement is to identify the challenges facing trade and investment relations between Iraq and the United States
We call on all American companies to present the challenges they face in their presence and work in Iraq. To develop solutions for it.
We supported the private sector in the budget law, through the Iraq Fund for Development, whose capital reaches $750 million during 2023, and in 2024 we will add an additional amount.
We are currently conducting understandings with Arab and international investment funds, specifically with the Saudi Investment Bank, where we have a partnership in this aspect.
The government will provide sovereign guarantees in the budget law to establish industrial and agricultural projects in Iraq.
We have understandings with the German Hermes Foundation and the Italian Sochet Foundation, and they are prepared to provide production lines to important laboratories and factories in the industrial sector in exchange for 15% from Iraqi businessmen and 85% provided by the government as a sovereign guarantee.
A delegation of Iraqi businessmen toured Germany and Italy and identified factories, and is currently in the process of reaching understandings to implement these projects that were chosen according to market requirements.
We want to achieve a real shift in health services, and we have a health insurance law, and we have a new philosophy that represents a transitional stage for implementing this law, through joint operation with companies specialized in providing health services.
We offered 6 hospitals and we hope that there will be American companies specialized in providing medical and therapeutic services in operating these hospitals.
The size of the pharmaceutical market in Iraq is approximately $3 billion annually, with national production representing only 10%, and the rest is imported.
The Council of Ministers issued a package of decisions to support pharmaceutical producers, and today there are more than 245 requests to establish production lines for the pharmaceutical industry.
We are strongly moving towards using modern irrigation techniques to confront water scarcity. There are arable areas and an attractive environment, but they need specialized technologies and companies to develop this sector.
We concluded contracts with Emirati, Chinese, and Iraqi companies to establish solar power stations, and we concluded a contract with Total to generate 1,000 megawatts of solar energy.
A deputy reveals the imminent decline in the price of the dollar after the Washington meetings
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The representative of the coordination framework, Firas Al-Muslimaoui, revealed that several parliamentary proposals were presented to the Governor of the Central Bank, Ali Al-Alaq, regarding reducing the prices of the US dollar against the Iraqi dinar.
Al-Muslimaoui said in a press statement, “Central Bank Governor Ali Al-Alaq received several proposals regarding ending the crisis of the high dollar exchange rate in the parallel market against the Iraqi dinar.”
He added, "Parliamentary proposals included dealing with the euro and the yuan when importing goods from Asia and Europe instead of the dollar to end total dependence on America."
He pointed out that "the dollar will gradually decline over the next week after Prime Minister Muhammad Shiaa Al-Sudani held a series of meetings in Washington with the US Treasury."
Al-Sudani talks about the importance of restoring the relationship between Iran and America
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Prime Minister Muhammad Shiaa Al-Sudani stressed the trend towards making Iraq an active element in the global gas market, and while he pointed out that stopping the export of Kurdistan region oil harmed Iraq and Turkey as well, he pointed to Iraq’s interest in rapprochement and settling the problems between Iran and America.
In a press statement, Al-Sudani’s media office reported the highlights of a press interview Al-Sudani conducted with the American “Bloomberg” news channel in New York, on the sidelines of his participation in the meetings of the United Nations General Assembly in its 78th session.
During the interview, Al-Sudani stressed Iraq's commitment to the agreements with the OPEC and OPEC+ countries, in a way that preserves the interests of producers and consumers, and Iraqi production capabilities will be part of these understandings.
He continued, "We seek a reasonable price for oil that guarantees the interest of producers and consumers. We do not have a fixed price, and we believe that the appropriate price is no less than $85-90 per barrel."
He pointed out that there are fields announced within the sixth round of natural gas investment, and there is another round of fields being developed, considering that Iraq will be an active country in the gas market.
Regarding stopping the export of oil from the Kurdistan region, Al-Sudani explained, “We are awaiting the measures of the Turkish side to resume exports via the Turkish line, especially oil produced in the Kurdistan region, and it will be within the general policy of the state.”
He stated, "There are mutual complaints in the International Court of Arbitration, but we are negotiating with the Turkish side to separate the export appeal from the legal issues in the court."
He pointed out that stopping exports harms all parties, including the Turkish side, which depends on tariffs from the export pipeline.
He added, "We have started important projects with Total and the fifth rounds with Emirati and Chinese companies," noting, "We have 11 fields and exploration blocks for natural gas, and we are serious about investing in it."
He added, "We met with American companies operating in the Kurdistan region, and they have a desire to work in the rest of Iraq, and we discussed the investment opportunities in which we would like American companies to enter."
He pointed out that "there is a strategic relationship between Iraq and the United States, and the meeting with the US Secretary of State discussed the activation of the strategic framework agreement, the entry of American companies, and the resumption of oil exports through the Turkish port of Ceyhan."
He stressed that "Iraq is keen to conduct dialogue with the United States, in a way that maintains stability in a sensitive region like the Middle East."
Regarding the presence of foreign forces in Iraq, Al-Sudani said, "Our official position is declared, which is that there is no need for any foreign military presence or combat forces in Iraq. We have security services capable of imposing security."
He continued, "We are in dialogue about the future of the relationship with the international coalition, and we are discussing with the United States formulas of bilateral cooperation away from the coalition, and it is on the table with all countries in the region and the world."
He stressed, "We support and accompany any international effort to target terrorist groups, ISIS or others."
He stated, "We found an understanding and conviction that there is no need for combat forces, and that there can be joint programs for training and exchange of information, and this is what the technical committees will agree on."
Al-Sudani explained, "What currently exists are advisors, and we are trying to organize their presence, their locations, the type of tasks required, and the time period. The American-Iraqi committee will meet this and we will maintain our relations in the region according to the principles of common interests and non-interference in internal affairs."
Al-Sudani: We are preparing a draft of the economic reform law and concluding a trade and investment agreement with America
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Prime Minister Muhammad Shiaa Al-Sudani held a meeting this evening, Thursday (Baghdad time), with members of the American Chamber of Commerce, in the presence of a number of businessmen, investors, and representatives of major American companies.
Al-Sudani appreciated the efforts of Vice President of the American Chamber of Commerce, Steve Lutz, in arranging this meeting to inform investors about the business environment in Iraq.
He stated that Iraq is a fertile land for investment in many important sectors, and there are natural resources that have not been invested yet, and the time has come to invest them in a way that achieves prosperity for the Iraqi people and contributes to strengthening the strategic relationship with the United States.
The Prime Minister delivered a speech during the meeting, the highlights of which are the following:
Our government invests revenues correctly to activate important economic sectors other than oil, as it is not possible to continue to rely on oil to strengthen the budget and cover obligations, as was the case throughout the previous stage.
The wrong path in wasting burned gas will stop within 2-3 years, after the completion of the gas projects that began with Total and the Emirati and Chinese companies in the fifth round.
We announced 11 fields and exploration blocks in the governorates. Anbar, Nineveh, and Najaf, which include natural gas that will be invested for the first time in Iraq’s history.
Economic reform is a priority, and it cannot be implemented without the presence of an effective and capable private sector that is a partner with the government.
We focused on providing a favorable business environment for foreign companies in general, and American companies in particular, by virtue of the capabilities they possess, and also within the vision path of the partnership between Iraq and the United States.
The relationship between Iraq and the United States cannot remain limited to the security aspect.
The business environment in Iraq requires a great effort to reduce bureaucracy. We have the decision and will to stop corruption through legal measures, and companies cannot be made vulnerable to blackmail or red tape.
- Every project and file related to a company will be personally sponsored and followed up by us, and we will work to overcome all obstacles you face.
We are working on reforming the tax system and the customs system, and we are currently preparing a draft economic reform law that addresses loopholes in several laws.
We have a draft system to regulate e-commerce, and the government is committed to protecting intellectual property, and we approved a draft law that was sent to the House of Representatives for a vote.
We are working diligently on the draft electronic payment law, and we have made great strides in financial and banking reform, through our relationship with the Federal Reserve and the US Treasury.
Today we have clear and transparent trade subject to global compliance standards in financial transfers.
The Ministry of Commerce, through the Commercial Attaché in Washington and with the US Trade Representative Office, is working to hold meetings for the third session of the Trade and Investment Framework Agreement, in the first quarter of 2024.
The function of this agreement is to identify the challenges facing trade and investment relations between Iraq and the United States.
We call on all American companies to present their challenges facing their presence and work in Iraq. To develop solutions for it.
- We supported the private sector in the budget law, through the Iraq Fund for Development, whose capital reaches $750 million during 2023, and in 2024 we will add an additional amount.
We are currently conducting understandings with Arab and international investment funds, specifically with the Saudi Investment Bank, where we have a partnership in this aspect.
The government will provide sovereign guarantees in the budget law to establish industrial and agricultural projects in Iraq.
We have understandings with the German Hermes Foundation and the Italian Sochet Foundation, and they are prepared to provide production lines to important laboratories and factories in the industrial sector in exchange for 15% from Iraqi businessmen and 85% provided by the government as a sovereign guarantee.
A delegation of Iraqi businessmen toured Germany and Italy and identified factories, and is currently in the process of reaching understandings to implement these projects that were chosen according to market requirements.
We want to achieve a real shift in health services, and we have a health insurance law, and we have a new philosophy that represents a transitional stage for implementing this law, through joint operation with companies specialized in providing health services.
We offered 6 hospitals and we hope that there will be American companies specialized in providing medical and therapeutic services in operating these hospitals.
The size of the pharmaceutical market in Iraq is approximately $3 billion annually, with national production representing only 10%, and the rest is imported.
The Council of Ministers issued a package of decisions to support pharmaceutical producers, and today there are more than 245 requests to establish production lines for the pharmaceutical industry.
We are moving strongly towards using modern irrigation techniques to confront water scarcity. There are arable areas and an attractive environment, but they need specialized technologies and companies to develop this sector.
We concluded contracts with Emirati, Chinese, and Iraqi companies to establish solar power plants, and we concluded a contract with Total to generate 1,000 megawatts of solar energy.
The Iraqi dinar is playing with the dollar on borrowed time
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Once again, the main player returns on the field, to control the economic movement of Iraq, and Washington returns to impose itself as the “captain” and lead the match, especially since the people know very well who is leading this game and controlling the rounds of the match.. Once again we see it satisfied with the government’s performance, and the way it deals economically with
... The US Federal Bank, or with the requirements of the World Bank, and others we see coming out with new controls to control the movement of the dollar and announcing new punitive controls for Iraqi private banks that violate buying and selling operations in the local currency market.
The pretext that Washington is still clinging to is that Iraq is not adhering to the controls set by the Federal Bank to limit the smuggling of dollars abroad, especially Iran, which is subject to severe American sanctions, and it believes that Baghdad has still not done what is required of it in stopping currency smuggling. Whether from the Kurdistan region or other outlets, linked to neighboring Iran.
Iraq, for its part, and despite the efforts made by the Sudanese government to prevent the smuggling of the dollar abroad, pursue traders and smugglers, control the internal market, and emphasize the use of the dinar instead of the dollar in daily commercial transactions, these efforts are still inadequate in curbing... This smuggling, therefore, sought to find alternative plans by dealing in a currency other than the dollar, in order to reduce demand for it, open the way for trading in other currencies, and provide support to finance the country’s external dealings, using currencies such as (the euro, the Chinese yuan, and the Emirati dirham).
Despite all the measures taken by the Central Bank of Iraq, it still lacks a mechanism to control the movement of the dollar in the market, and all its reform steps failed to control the exchange rate, and only led to an exacerbation of the crisis and a decline in confidence between Iraq and the World Bank. This prompted the latter to take escalatory and strict steps towards requests for international transactions coming from Iraq, as many of them were rejected, under the pretext of not conforming to international economic dealing standards, in addition to including a number of banks on the blacklist, which are suspected of carrying out unlicensed cash transactions.
The wrong monetary policy practiced by the Central Bank of Iraq would reflect the negative financial reality, the primitiveness of the financial system and its lack of the simplest modern means of daily financial dealing, in addition to the control of the crime mafias over the internal Iraqi market, and its control over the movement of the dollar within the market. The current government is planning to control the dollar, in order to achieve economic development, and to consolidate and stabilize the value of the dinar, by expanding the scope of its commercial uses, in addition to preventing the smuggling of the dollar abroad, its storage, or the manipulation of its prices..
The positive side is the attempt to remove the influence of the dollar on the internal Iraqi market, and prevent its circulation in an attempt to restore the prestige of the dinar, and for it to be in control of the internal market at least, which means that there is an important opportunity to restore the prestige of the dinar, as it was before, and to limit the dollar to foreign transactions with The world, and the positive thing in these decisions, is that supporting the dinar will end the traders’ control over the internal market, and the manipulation of the capabilities and livelihoods of the simple citizen.
Iraq is looking forward to joining the BRICS bloc, in a step to end dependence on the US dollar, especially since it is acceptable for the citizen to rely on the Iraqi dinar in his dealings. It is hoped that the BRICS summit will hold its meeting in Cape Town, South Africa, in August 2023, and 19 official requests to join have been submitted. For the alliance, which may lead to damage to the value of the dollar and its future prospects, in the face of the strength of the BRICS currency, which I mentioned, even if it has not been issued yet, but it sounds the clinical death knell for the US dollar.
The US House of Representatives will hold a session next week to cancel the authorization for the invasion of Iraq
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A report by the American newspaper Business Insider revealed, on Thursday, that the US House of Representatives will hold a hearing next week on repealing the law that authorized the disastrous American invasion of Iraq in 2003.
The report, translated by the “Information”
agency, stated that “the session that will be held on Thursday Next, according to Council spokeswoman Leslie Shedd, more details will be announced, as the scheduled hearing is expected to address the revocation of the 2002 Authorization to Use Military Force against Iraq and the replacement of the 2001 Authorization to Use Military Force, according to a person familiar with the details of the session’s outline.
The report explained, "This is the first time that the House of Representatives is preparing to formally address this issue since Republicans took control of the House earlier this year, while last March the Senate approved a bill to abolish the authorizations for the use of military force by an overwhelming majority of 66 votes." 30-30, although dozens of Republicans ultimately opposed it.
He stated that "efforts to revoke the powers to invade Iraq have been stalled for several months in the House of Representatives, which is largely due to the opposition of Republicans with orientations linked to the arms industry in key committees, where hard-liners believe that repealing the law will leave the United States with fewer legal tools to attack." Targets in Iraq under the pretext of combating terrorism and fighting ISIS,” according to their claim.
He noted that Democratic Representative Gregory Meeks of New York, the committee's ranking member, introduced a bill earlier this year that would replace the 2001 AUMF with a new authorization more narrowly designed for terrorist hot spots, and would need to be reauthorized. Every 4 years.
The Iraqi Central Governor is at the heart of the dollar smuggling controversy to Iran
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Two independent representatives are mobilizing to dismiss the Iraqi Central Governor on charges including failure to manage the dollar exchange rate crisis and the continued flow of foreign currency from private Iraqi banks to Iran.
Two independent representatives announced Thursday that they intend to begin procedures to dismiss the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, recalling that political parties intervened in the previous crisis in which Iraq witnessed US sanctions on 15 local banks, and prevented the governor from being questioned.
Al-Alaq found himself at the center of controversy and debates over supposed responsibility for the dollar exchange rate crisis and the continued smuggling of currency into Iran through banking fronts, while some were accused of not taking action against private local banks listed on the US blacklist as an Iraqi financial front for Tehran linked to the Central Bank of Iraq.
This move revives a previous debate about the role of Al-Alaq again in the current crisis, as he was dismissed from the same position in the year 2020 before Prime Minister Muhammad Shiaa Al-Sudani reappointed him last January to head the Iraqi Central Bank, despite accusations that had previously followed him of failing to manage monetary policy, and parties campaigned against him. Political responsibility for the crisis in recent years.
In a press conference held at the headquarters of the Iraqi parliament, the two independent representatives, Ahmed Majeed and Hadi Al-Salami, accused Al-Alaq of being unable to control the dollar exchange rate in local markets and being responsible for fraud in currency purchase receipts.
The two representatives confirmed that they are taking steps to dismiss the governor of the Central Bank of Iraq due to his lack of control over the exchange rate of the US dollar in local markets, and the presence of forgery in currency purchase receipts.
Al-Alaq is facing increasing pressure due to his failure to manage the dollar exchange rate crisis and the continued collapse of the national currency, an issue that has financial and political overlap due to what Iraqi and American sources describe as Iranian penetration of the Iraqi financial system and the transformation of private Iraqi banks that purchase dollars from the Iraqi Central Bank into a front for smuggling currency to Tehran.
Majeed said, “The rise in the dollar exchange rate has harmed all sectors of the state and the Iraqi economy, specifically the segment of poor citizens in their livelihood and daily needs,” adding, “There is forgery in the receipts that are submitted to the Central Bank through the currency sale window to buy dollars to import goods, and it is in fact a smuggling operation.” The currency is outside Iraq, and these banks that buy the dollar are economic arms of political parties.”
He was apparently referring to parties loyal to Iran. The banks that they own or manage in partnership with others have turned into an Iraqi financial front that smuggles dollars to the Iranian side.
The independent representative said, "All of this was not followed up by the Central Bank and the banks that were included in the blacklist were not held accountable. Therefore, we hold the Governor of the Central Bank and the Prime Minister responsible for the chaos and confusion that is occurring in the rise and fall of the dollar exchange rate, which has had a direct impact on the simple Iraqi citizen in His strength and daily livelihood.
He ended his speech by saying, “We had previously requested to host the Governor of the Central Bank during the crisis of the rise in the dollar exchange rate, but unfortunately there were parties trying to defend the Governor so that he would not come to the House of Representatives. We will take all the legal measures guaranteed to us by the Constitution in cooperation with the independent representatives to end this chaos and we will continue to do so.” All procedures for removing the Governor of the Central Bank from his position.”
Representative Hadi Al-Salami said, “We had previously addressed a letter to the Prime Minister on July 26, which included a request to end the assignment of the Governor of the Central Bank and implement the provisions of Article 13 of the Central Bank Law No. 56 of 2004, based on the text of Article 61 of the Constitution and House of Representatives Law No. 13 of 2018.”
He explained that the dismissal also comes “based on Article Fifth of the Constitution, which stipulates the appointment of ambassadors and those holding special grades upon a proposal from the Council of Ministers, as well as based on the provisions of Article 44 Second of the House of Representatives Law of 2018, which stipulates that those concerned shall exercise their agency duties for a period not exceeding six months.” From the date of appointment, the party concerned with the proposal must recommend the appointment of a candidate to be presented to the House of Representatives within three months.”
The Sudanese, supported by the pro-Iranian coordination framework, did not take any action against the governor of the Central Bank, even though the dollar exchange rate crisis is worsening and threatens to ignite the social front.
Al-Salami continued, "We asked the Prime Minister to take measures to end the appointment of the current central bank governor due to the mismanagement of the appointed governor and his inability to control the rise in the exchange rate of the dollar against the dinar in the parallel market."
He also accused him of "failing to take legal measures against banks that were subject to US sanctions for dollar smuggling and money laundering, and for refraining from announcing the daily sales bulletin."
These developments come as US sources confirmed that Washington is considering imposing sanctions on more Iraqi banks, which have become a vital financial lifeline for Iran, which is subject to US sanctions.
Fouad Hussein announces the completion of procedures related to the reopening of the Iraqi embassy in Vietnam
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Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, announced today, Thursday, the completion of procedures related to the reopening of the Iraqi embassy in the Vietnamese capital, Hanoi.
The Ministry of Foreign Affairs explained in a statement, a copy of which was received by NRT Arabic, that “Deputy Prime Minister and Minister of Foreign Affairs, Fuad Hussein, met with Vietnamese Foreign Minister Bui Thanh Son on the sidelines of the high-level week of meetings of the 78th session of the United Nations General Assembly, and during the meeting, ways of developing relations were discussed.” Bilateralism and joint cooperation between the Republic of Iraq and the Socialist Republic of Vietnam.
The Foreign Minister added, according to the statement, “Completing the procedures related to the reopening of the Iraqi embassy in the Vietnamese capital, Hanoi,” expressing “his appreciation for the positions of the Vietnamese side in support of Iraq, especially in the field of combating terrorism.”
He stressed, "the necessity of resuming the meetings of the Iraqi-Vietnamese Joint Committee and developing a road map for bilateral cooperation in the political, economic and development fields in a way that serves the interests of the two friendly countries."
For his part, the Vietnamese Foreign Minister stressed his country's keenness to facilitate the requirements for the opening of the Iraqi mission in Hanoi, expressing his full support for any positive step that adds momentum to bilateral relations between the Republic of Iraq and Vietnam.
