Central Bank to increase the value of the dinar and control the market
ATM service
link talk about citizen education
Among the issues related to the economic affairs in Iraq is the issue of ease of dealing in disbursing or depositing funds in the relevant institutions by the people who deal with them, which are supposed to have technical advantages and professional characteristics of the utmost precision and speed if we take into account that the world today is witnessing leaps and bounds. A great and remarkable quality in achieving the best banking services in this important and vital economic field after it has reached advanced stages and unique and advanced capabilities and in stages of growth that have passed for decades and have become among the self-evident things in the work of this developmental field and a milestone in the modern era.
International services in the field of money are characterized by the presence of two types of ATM machines. The first allows withdrawing money mechanically, while the second type allows the possibility of depositing money conveniently. It is also characterized by enabling the customer to obtain the feature of an electronic signature and photocopy of his card number, thus enabling financial institution customers to conduct their transactions in Public places as an alternative to the need to go to these institutions and their employees and carry out any operation of this kind by inserting a plastic card containing a special code to identify the customer, his specific number, and some security information, which allows access to bank accounts, withdrawing money, knowing account balances, as well as depositing amounts as well. It provides other services, such as paying bills, but this issue will not be lost from the eyes of the Iraqis working in this sector and their vision to develop it and enhance the goals of its transformation towards programs to develop and modernize the stages of financial transactions in the country to better methods after the Finance Committee in the House of Representatives announced that it is submitting proposals to develop the financial sector from By activating the ATM system at all outlets.
Seeking to keep pace with the development taking place in international banking services and benefiting from advanced experiences in this field, in the view of the representatives of the Finance Committee in Parliament, aims to develop the services of banks and local financial outlets in cooperation with their counterparts in neighboring countries and the world, out of belief in the importance of the banking system and considering it one of the main tools for comprehensive growth and an effective source. As a leader in achieving stability in the Iraqi development system and contributing effectively to raising the level of economic activity and achieving the process of upgrading the frameworks necessary to alleviate the financial problems that obstruct the progress of this sector in a way that is compatible with the development taking place in the world after technical dealing with exchange mechanisms has become indispensable in any country in the world. Countries of the world that seek development and stability.
Modern methods related to automated banking to complete financial transactions would ensure the disbursement process with ease, modern and transparent methods, optimal use of advanced technical devices, and reducing the time factor by activating this service in all branches and for account holders in a manner consistent with the objectives of the House of Representatives and its specialized committee and activating its role in the work. To develop this field and the importance of associating it with the goals and objectives of those in charge of it to improve performance, enhance opportunities for the advancement of all financial institutions and outlets, and emulate the experiences of the global institutions that preceded us in many years and achieved qualitative leaps in the quality of their performance and diversification of their services in a wide and comprehensive manner.
The Secretary General of OPEC warns of the repercussions of the disappearance of oil in the future
The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, warned of the repercussions of the disappearance of oil in the future.
Al-Ghais said in an article seen by the Iraqi News Agency (INA), “If oil disappears tomorrow, there will be no jet fuel, gasoline, or diesel, and cars with internal combustion engines, buses, and trucks will be stranded, airplanes will stop, and freight and passenger railways that carry them will stop.” Diesel-powered, people will not be able to go to work, children will not be able to go to school and the shipping industry, which transports goods and passengers, will be devastated. There will be no point in calling emergency services, and the majority of ambulances, fire engines, police cars, rescue helicopters and vehicles will be Other emergencies are down.”
He added: “Most phones and computers will also disappear because their plastic components are derived from oil, so it will be difficult to find a way to communicate with emergency services,” noting: “The construction sector will also stop, as diesel-powered vehicles will break down, and excavators, bulldozers, dump trucks, and cranes will remain.” Cement mixers, vibrating rollers and compact cranes are out of service, and it will not be possible to build new homes or buildings or carry out vital maintenance work.”
He continued: “If oil disappears tomorrow, petroleum products will disappear with it, and this would affect the production of electric cars, and with supply chains disrupted, the structure of lithium batteries will also be affected, as the lithium battery consists of four parts, and the separators are microporous membranes, made Usually from petroleum-based polyethylene or polypropylene products, the petroleum-derived synthetic rubber used in car and bicycle tires will cease to exist,” he said, noting that “if oil disappeared tomorrow, food production would be affected. Many vehicles necessary in agriculture - tractors, mowers Lawns, harvesters, balers, sprayers, and seeders will stop working, and the food containers needed for storage and preservation will not be available. Petroleum coal, a by-product of oil refining, is used as a feedstock in the manufacture of synthetic fertilizers, which are important in increasing crop productivity. This will likely result in food shortages.
He went on to say: “If oil disappears tomorrow, it will be catastrophic for health services everywhere, employees will lack the ability to move, and basic supplies will be stranded,” pointing out that “oil is an essential raw material for medicines, plastics, medical supplies, latex gloves, and pipes.” Medical, medical syringes, adhesives, some bandages, antiseptics, hand sanitizers, cleaning supplies, prosthetics, artificial heart valves, resuscitation masks, stethoscopes, MRI scanners, insulin pens, injection bags, drug packaging, face masks, equipment Personal protection is largely derived from petroleum-based materials.”
He continued: “If oil disappeared tomorrow, the renewable energy industry would be affected. The fiberglass and plastic needed to build most wind turbines would disappear, the ethylene used in the production of solar panels would disappear, and most mining vehicles - the large trucks, rotary drilling rigs and rock drilling rigs needed to extract minerals - would disappear. The mission on which the production of solar PV plants, wind farms and electric vehicles depends is disrupted. If oil disappeared tomorrow, homes would be affected beyond recognition, there is a possibility that some roofs would collapse if bitumen was a major product, and other materials used in Insulating homes. If homes rely on heating oil for heating, there will be no heating and linoleum and tile floors and wall paint in particular will be affected. The production of furniture, pillows, carpets, curtains, dishes and cups made from petroleum-derived products will likely be affected. Keeping homes clean will be a challenge."
He continued: "If oil disappears tomorrow, the production of laundry detergents and dish detergents will be affected. They are usually derived from petroleum products. Soap, toothpaste, hand wash, deodorant, shampoo, shaving cream, glasses, contact lenses, combs, and brushes all usually contain... On products derived from petroleum, and getting to anywhere will be difficult, as the asphalt that paves the roads and pedestrian walkways will disappear. If oil disappears tomorrow, we will lose millions of jobs, tax revenues for some countries will be depleted, industrial production will shrink, and global economic growth will shrink. The plight of those suffering from energy poverty will worsen, and this is not the complete list of everything that could be affected in the world, in such a scenario that is as yet unimaginable.”
He explained, "Despite all these facts, there are still those who demand stopping oil and gas production and not investing in the oil and gas industry. Everyone bears responsibility for dealing with the issue of climate change, and everyone wants to succeed in reducing emissions," stressing that "OPEC and its member states believe With technological solutions that can certainly contribute to reducing harmful emissions, the oil industry is serious about this issue and is capable of making a difference in it.”
He concluded by saying: "In the end, care must be taken not to destroy the present in order to preserve the future, while the future will still depend on this industry and damage to it poses a threat to the future."
Chambers of Commerce reveal their expectations for the “parallel market” in Ramadan: decline is the dominant feature
Today, Monday (March 11, 2024), the head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, revealed his expectations for the dollar exchange rate in parallel markets during the month of Ramadan, while indicating that the decline will be the dominant feature.
Al-Tamimi told "Baghdad Today", "The exchange rate of the dollar in the parallel market at the present time is somewhat stable," indicating that "the government's measures have contributed to reducing the phenomenon of dollarization in the markets, pushing towards electronic circulation of funds, and reducing the phenomenon of smuggling."
He added, "Government policies have greatly reduced speculation that was generating billions of dinars to parallel market whales and smuggling," adding, "If it had not been for government intervention, the dollar exchange rate would have been strongly approaching 200,000 dinars for every $100."
Al-Tamimi pointed out, “Our expectations for the dollar exchange rate in Ramadan indicate a continuation of the slow decline to below 150,000 dinars per 100 dollars, but we are in a situation where crises or surprises could occur that change the course of the exchange rate within hours, but in all cases the decline is The dominant feature of the parallel market.
The Parliamentary Finance Committee confirmed on Wednesday (March 6, 2024) that the dollar is controlled by the relevant government agencies, calling for not taking into account the rumors of losing and corrupt parties.
Committee member Moin Al-Kazemi told “Baghdad Today” that “there are some politically losing parties and personalities who have major suspicions of corruption, working to continue spreading rumors that the government is not in control of the dollar market and the Iraqi dinar is declining, for the purpose of political influence as well as influencing the market".
Al-Kadhimi added, "The government is currently in complete control of the dollar in all its transactions, and there is real and serious work to strengthen the Iraqi dinar," stressing that "everyone is required not to take into account the rumors of losing and corrupt parties, as they do not want economic stability, to achieve their suspicious agendas."
Why is the strategic partnership between the United States and Iraq important to the Iraqi people?
Ramadan Kareem. I hope this opinion piece provides some ideas to consider during this month of reflection with family and friends. With the recent launch of the work of the US-Iraqi Supreme Military Committee, US and Iraqi leaders are conducting negotiations regarding the transition of the work of the international coalition, and specifically the US military presence, which has always supported the Iraqi partners in defeating ISIS. As Iraqis from across its diverse society watch this important transition closely, many wonder what it means for our overall strategic relationship. Some even wonder why it is important to continue our partnership at all.
I realize that not all Iraqis view our relationship in the same way, and that differing opinions about your country's path is normal and even an indication of a mature democracy. For this reason, the current moment provides a golden opportunity to reflect on the kind of long-term strategic relationship you want to build with the United States. The risks of answering this question are great, not only for US-Iraqi relations, but also for Iraq's relations with the world.
As the United States Ambassador to Iraq, I am honored to work daily with the Iraqi people and their representatives to present the United States’ position on the strategic partnership. Within the historic 2008 US-Iraq Strategic Framework Agreement that guides our relationship, I see how much Iraq will benefit from our enduring strategic partnership, because I already see the benefits our strong relationship has brought to Iraqis.
This is what I see.
We are committed to Iraq's security, stability, and sovereignty, as we stood shoulder to shoulder with Iraqi partners to liberate Iraq from the scourge of ISIS. As we mark the tenth anniversary of ISIS and the fifth anniversary of its defeat, we must be clear about the threat this group continues to pose to Iraq, from both Iraq and Syria. We want the Iraqi Security Forces to have the capabilities necessary to confront future threats, which is why, since 2012, the US Congress has allocated more than $3.5 billion to build the capabilities of the Iraqi Security Forces. The United States provides Iraq with vital sustained support, world-class equipment such as F-16 fighter jets and M-1 Abrams battle tanks, and professional training that enhances the capabilities of the Iraqi Security Forces to be representative of all diverse segments of Iraqi society, accountable to the sovereign Iraqi government, and capable of To defend Iraq and its role in achieving stability in the Middle East.
But we need much more than just a security relationship. We need economic, cultural, educational and people-to-people relationships that build a modern Iraq that is stable, secure, sovereign, prosperous and connected to the world.
The United States remains the largest donor and supporter of Iraq. Over the past 20 years, USAID Iraq has provided more than $11 billion in development assistance to develop local communities. This support has helped Iraqis launch hundreds of new projects, create thousands of jobs, and build 150 schools, 25 health care clinics, and 130 water facilities. Since 2014, the United States has provided more than $3.6 billion to support vulnerable communities of displaced Iraqis and refugees and provide them with health care, medicine, safe drinking water, and better sanitation services. And just since 2017, we've invested $157 million in Iraqi-led projects to help provide safe water to more than 12 million Iraqis.
Thousands of Iraqis benefit from our cultural and educational exchange programs. Since the start of our high school and college exchange programs 17 years ago, more than 5,000 young Iraqis have traveled to the United States and returned to do great things for Iraq. In 2024, an additional 400 Iraqis will visit the United States through our exchange programs, including the prestigious Fulbright Program, the Iraqi Young Leaders Exchange Program, and the International Visitor Leadership Program. In Iraq, we also provide other programs including English language instruction, teacher training, and empowerment opportunities for job seekers, startups, and climate advocates. Our programs provide various other initiatives for women and girls to develop their skills, including obtaining certificates in the technology sector from Google and Microsoft. Our Embassy in Baghdad and our Consulate General in Erbil issue thousands of visas annually to support the travel of Iraqis, reunite with their families, attend universities, conduct research, establish business relationships, receive medical treatment, or simply enjoy visiting the United States. Our presence makes these connections possible.
Trade between the United States and Iraq means American farmers produce food that feeds Iraqi families. American energy companies provide advanced technology to electric grids to help locate and even avoid blackouts, increase the efficiency of electric turbines while installing new generating capacity, and capture combusted natural gas for use in domestic energy production. American pharmaceutical companies are providing high-quality vaccines to Iraqis to combat the disease, while other American companies are investing in Iraqi hospitals and clinics by supplying life-saving medical equipment and modern neonatal technology to care for the youngest Iraqis. We have supported the Central Bank of Iraq in increasing the number of commercial correspondent banking relationships for Iraq, which is a tremendous achievement for Iraq in normalizing global trade relations and conducting its trade safely using the US dollar. The total deposits held in Iraqi commercial banks have increased by approximately 40 percent over the past two years, which indicates increasing consumer confidence in Iraqi banking institutions as we work together to increase transparency, eradicate corruption and theft, and link the Iraqi banking sector to the competitive global economy.
It is certain that other countries are knocking on Iraq's door and announcing alternatives to what the United States and our partners are offering. But as US Ambassador to Iraq, I don't see any of them doing as much for the Iraqi people as the United States does every day. None of them can offer Iraq a true and equal partnership that links Iraq to the world and enhances Iraq's prosperity. We are working to build bridges between the people of the United States and Iraq that will last for many generations.
When I talk to young Iraqis who represent the future of change in this country, they tell me they want reliable services, better education, greater job opportunities, a better life, and more opportunities. Knowing all we can achieve together through a strong strategic partnership between the United States and Iraq, we can be a part of making their dreams a reality.
• United States Ambassador to Iraq
here is another comprehensive history and this was just the beginning...
iraqis in the midst of exchange rate fluctuations: Why do we need the dollar?
Most Iraqis have been trying for a long time to find out why the Iraqi dinar collapsed against the US dollar, while many of them wondered about Iraq’s need for this currency, which has come to control all economic transactions in the country, creating markets that control the exchange rate.
Although Iraq is moving to end the phenomenon of dollarization by preventing dealing in foreign currency in the local market, many citizens complain that their lives have been affected by the dollar and its fluctuation, wondering why it is linked to their economic life to such a large degree.
Citizen Qahtan Raad (43 years old) explains that “trade has become completely and closely linked to the dollar and its exchange rate in the local market.” He stressed, "We as consumers have been suffering for years due to fluctuations in the hard currency exchange rate in the country."
Raad added to (Al-Mada), “Employees’ salaries are in Iraqi dinars, while consumer goods are in US dollars, and this makes us wonder, what is the reason for the existence of this currency that eats away at the bones of Iraq year after year to control its economy?”
the beginning
Economist Duraid Shaker Al-Anazi says, “The pound sterling was the prevailing currency before World War II, and Britain was the leader and its fleet was plowing the seas. The pound sterling had an undisputed and acceptable global economic power. However, World War II, and after the trillions of losses that the world endured as a result of this war, It is a war of civilized countries, in which approximately 70 million citizens were killed, in addition to millions of homes and factories destroyed. It included the entire European continent, along with Great Britain as a Commonwealth country, and even included China and Japan. One of the distant countries that the war did not reach was the United States of America. As it was not the site of war in both the First and Second World Wars, Britain emerged as exhausted as Europe, and the Soviet Union represented an economic power, but it was not effective.
America's opportunity
Duraid added in his interview with (Al Mada), that “Europe began to move towards the Soviet Union, the most recent of which were Greece and Italy, so the US Secretary of State was forced to propose a Marshall Plan to support countries that seemed to have taken a direction to be with the Soviet Union, and they met and revived a new currency, which is the dollar, to become A prevailing currency, next to which is the pound sterling, which was prevalent for decades, and although we rely on the dollar now due to international pressures and global measurements, the pound sterling at that time was pegged with the currency of every country. Until the time of our exit with the July 14 revolution, the Iraqi dinar was collapsing much more than the collapse of the sterling pound because it Directly linked to it, the dollar occupied first place in the world and policies began to manipulate the economy, finance, and loans. Global organizations such as the World Bank and the International Monetary Fund were established, and these organizations relied on the dollar in the process of lending, financing, investment, and other economic names. Pointing out, “This process gave the dollar politicians in the dark basements unlimited economic power with which they relied on high rates of conspiracy operations, as the dollar did not leave a respectable paper currency, and this issue shaped foreign and internal economic policies with countries.”
Dollar float
The economist continues, “The dollar went through its biggest crisis when the dollar was floated by Johnson & Johnson, as through the dollar you could buy gold from the world’s banks.” He added, “French President Charles de Gaulle at the time requested an amount of one billion dollars by exchanging it for gold. At that time, there was an undeclared war between America and France over the leadership and leadership of NATO, so upon request there was a process of floating the dollar, and this was a devastating blow to the dollar currency, as it "It began to fluctuate and collapse significantly, in addition to the repercussions on the global economy."
Al-Enezi continues, “After this collapse, the currencies of the world, the global economy, and economic diversification began to increase, and exchange became common and through local currencies and the currencies of neighboring countries, and China and India became active at that time, which are considered the two largest productive and consuming countries, but their currencies at that time were not strong, and at the end of the eighties, the dollar began to weaken.” Its weight in the market was a result of the Soviet alliance with China and Japan, and now, with the same continuity, the euro appeared to us, fighting the dollar and reducing its value, so that the world turned towards the American currency again. But now, the strongest confrontation in the role is the (BRICS) group, which is about to create a currency to replace the dollar, but this The group is currently meeting for the purpose of issuing this currency.” He stressed, “The dollar is a currency that must be needed for a long time because the global economy and monetary institutions have not found an alternative to it, as they control interest rates and inflation. The strangest thing is that the United States of America is the most indebted country in the world, but the economic power of the dollar still prevails until now.” .
The dollar prevails
While the economic expert, Nabil Al-Marsoumi, discussed the plan for foreign transfers using a basket of currencies and its impact on addressing the dollar crisis in Iraq, during a post on his Facebook page, which Al-Mada viewed; He said: “In the context of researching new measures to control the large discrepancy in the exchange rate of the dollar against the dinar between the official and parallel markets, the Central Bank of Iraq announced the opening of transfer channels in various currencies, including the Emirati dirham, the Turkish lira, the Indian rupee, and the euro for the purpose of facilitating and accelerating financial transactions.” In theory, it will reduce import costs and protect exchange rates inside Iraq from the risks of fluctuation,” indicating that “there is caution that this mechanism will leave its effects on the Iraqi economy, which will face the risk of rising prices of foreign goods and commodities directly linked to the rise and fall in global dollar prices, as this decision He will face the challenges of the lack of Chinese currency and other currencies in Iraqi banks, which means that the goods that Iraq will buy from China and other countries will be calculated in their currency, but their value will be paid in dollars, because Iraqi banks do not have enough foreign currencies to settle their commercial transactions. The Central Bank has previously decided Dealing directly in trade exchanges with China in the Chinese yuan instead of the dollar.
Currency basket
Al-Marsoumi continued: “Although Iraq began diversifying its cash reserves six years ago, the dollar prevails because oil revenues are in dollars, and it only has a few of the currencies mentioned, as Iraq today is trying to restore the value of the dinar through a strategy that is now being followed by other official banks in the Middle East.” .
He explained, "This strategy includes relying on a basket of currencies, as the authorities seek to provide other foreign currencies for commercial transactions in addition to the US dollar. It is known that many countries have begun taking the same steps that the Central Bank of Iraq is taking, and others have already begun implementing them, as Saudi Arabia issued a decision that includes obtaining... On the Chinese yuan instead of the dollar in exchange for oil sold to China, while Egypt decided to replace guarantee bonds with the yuan instead of the dollar, before Israel followed suit, which also announced the use of the Chinese yuan alongside the Canadian and Australian dollars as a direct alternative to the US dollar.
He continued, "As long as oil is priced in dollars and as long as oil exports dominate Iraqi exports in light of the almost complete disappearance of non-oil exports, it becomes impossible for Iraq to liberate itself from the US dollar, as Iraq ultimately needs the dollar to obtain other currencies, and therefore Iraq's reliance on... “It will not change anything about the yuan and other currencies to finance its foreign trade with China and other countries, and it will remain captive to the dollar.”
He pointed out that "it is uncertain whether adopting a basket of currencies in commercial transactions between Iraq and certain other countries will help overcome the risks of the exchange rate problem, which means that the issue is related to controlling dollar smuggling more than other measures that will save the country's national economy." And avoid any serious financial repercussions.
It is noteworthy that the Central Bank of Iraq decided, in December of the year 2020, to adjust the exchange rate of the US dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance reached 1,450 dinars, while its selling price to banks was 1,460 dinars per dollar, while the selling price to the citizen was 1470 dinars per dollar.
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The head of the Tax Authority announces the shift of tax payment to electronic
The head of the General Tax Authority, Ali Waad Allawi, announced today, Monday, the move towards electronic transformation despite all the obstacles, while threatening those who object to the transformation with strict measures.
The head of the authority, Ali Waad Allawi, told the Iraqi News Agency (INA): “The authority is continuing towards electronic transformation, but the infrastructure is weak, the legacy is heavy, and the resistance to change by those in the authority is great,” indicating that “this resistance will force us to take measures.” "Including removing them outside the authority and transferring them upon request to the relevant authorities."
Allawi added: “The second step: We have information security, which is important, and we have all taxpayers, and data must be preserved, which requires time and effort,” adding: “We have an advanced step towards digital work, including amending laws and preparing recommendations and requirements for digital transformation, but We are waiting to choose a suitable company with a good reputation, which has delayed us.”
He pointed out that "tax payment has become electronic, in addition to work within the authority electronically, but we admit that our steps are timid because we need financial support, strong resistance to change, and support from the Minister of Finance and the Prime Minister. Although there is support, we need greater support." Pointing out, “We are continuing despite all the obstacles.”
Planning: We have taken measures to support contractors in Iraq and facilitate their work
The Ministry of Planning announced, on Monday, that it had taken several measures to provide facilities to contractors, stressing that the electronic portal facilitated contractors’ work and “shortened” time.
The Ministry’s spokesman, Abdul Zahra Al-Hindawi, said in a statement reported by the official news agency, and seen by Al-Eqtisad News, that “the Ministry has taken several measures to provide facilities to contractors, including facilitating obtaining the identity of the classification of contractors and contracting companies in Iraq, where submission is through The electronic portal adopted by the Ministry approximately two years ago.
Al-Hindawi added, “All requests and transactions from contractors and contracting companies are submitted through the electronic portal, and are received by the Contractors Classification Section in the Legal Department, and measures are taken in accordance with this request.”
He continued, "This process shortened a lot of time and effort, as the classification identity was completed within 6 months and perhaps more during previous years, but now the process takes several days, which facilitated the work of contractors in entering contracting companies and implementing projects."
He stressed that "efforts are continuing to establish more facilities and procedures for the work of contractors and companies," noting that "the contracting sector represents an important pillar of development in Iraq, whether at the level of ministries or governorates," adding that "this comes within the framework of granting the private sector more funding." Support and facilities to enable it and achieve partnership with the public sector.”
Will the decisions of the Federal Court affect the form of the oil and gas law? .. A foreign report reveals
A report by the American energy news website, Oil Price, indicated that discussions are still ongoing between the federal government in Baghdad and the Kurdistan Regional Government about drafting a draft oil and gas law at a time between the Federal Court’s decision that Baghdad should be responsible for marketing, and this may have some impact on companies’ contracts. International oil companies operating in the region.
The economic expert, Simon Watkins, mentions in his report that a series of legal decisions issued by the Federal Supreme Court on February 21 show the broad outlines on which the oil and gas law that the Baghdad government is working on will be built, which will likely bring about a change in the mechanisms of exporting oil from the fields of the Kurdistan region. The same applies to the working conditions of Western oil companies operating there.
The economic expert, Watkins, points out that the Federal Court recommended that the regional government hand over the export mechanisms and financial resources to the central government through the State Oil Marketing Company (SOMO), and even if there is another mechanism for export, the financial returns will be transferred to the central government and in return, The central federal government is responsible and obligated to pay the salaries of public sector employees in the region.
The expert points out that this context will be different from the previous payment budget for oil revenues agreed upon between the regional government and the central government of Baghdad, which dates back to November 2014. The agreement stipulated that the regional government would export no less than 550 thousand barrels per day of the oil produced. From its fields through the oil marketing company SOMO. In return, Baghdad allocates 17% of the federal budget.
This agreement was later canceled through an understanding reached between the regional government and the new federal government that was formed in the August 2018 elections and was established in the 2019 budget law. This requires that the federal government transfer sufficient amounts of budget amounts to pay the salaries of the region’s employees in addition to financial compensation. Another in exchange for the regional government handing over the export of no less than 250 thousand barrels per day through the oil marketing company SOMO. This agreement was also marred by some implementation failures.
The report notes that, according to the regional government, it has the authority, through Articles 112 and 115 of the Constitution, to manage oil and gas extraction operations from fields in the region that were not in production in 2005, the year that was written in the Constitution and voted on in a referendum. In addition, the territorial government insists that Paragraph 115 states that it has the authority and authorization to sell oil and gas and receive resources for what is exported. The regional government also highlights that the Constitution provides it with priority, in the event of a dispute, to refer to the law of the region and governorates. However, the central government and SOMO Oil Marketing Company insist that Article 111 of the Constitution stipulates that oil and gas are public wealth for all the people in the region and governorates.
The report states that Russian and Chinese oil companies operate in oil and gas fields in southern and northern Iraq in the Kurdistan region, in addition to Western oil companies.
On August 3 of last year, the new federal government under the authority of Prime Minister, Muhammad Shia al-Sudani, stated that the new unified oil law would govern the mechanisms of oil and gas production and investment in both federal Iraq and the Kurdistan region and would contribute to being a strong factor for unifying Iraq.
The Iraqi Oil Minister, Hayyan Abdul Ghani, had confirmed during his participation in the Al-Rafidain Forum in Baghdad last week that discussions on the oil and gas project would be held with the Kurdistan region.
Minister Abdul Ghani said, "We held more than one meeting to discuss this issue in Erbil and Baghdad to prepare a draft of the oil and gas law according to the federal government's agenda."
The minister added that a draft of the law had previously been prepared, but officials in the region asked to discuss the draft with all its provisions. The review of many of the basic provisions had been completed, but the discussions stopped due to the occurrence of several incidents.
Abdul Ghani said that the Ministry of Oil held discussions with the Kurdistan region to prepare a draft oil and gas law, and a draft was prepared for this purpose and submitted to the federal government in accordance with the country’s constitution.
Iraq’s ruling coalition may call for early elections
link from Jerusalem Post
A poll by the nongovernmental Iraq Statistics Organization found Prime Minister Mohammed Shia’ Al Sudani to have an approval rate of 51%, the highest of any Iraqi official.
Iraq’s ruling coalition plans to call for early elections in an attempt to overthrow Prime Minister Mohammed Shia’ Al Sudani.
Al Sudani belongs to the Coordination Framework, an alliance of Shiite parties loyal to Iran. But after assuming the premiership, Al Sudani changed his approach toward the parties and came to disagree with many of their political positions.
A leader in the Islamic Dawa Party, which Al Sudani led until stepping down in 2019, told The Media Line that Coordination Framework parties have been meeting for about five months and plan to call for elections in 2024 or early 2025.
“The plan is to attack the prime minister, belittle his achievements, bring him down popularly, and create more political and economic problems, after which the Iraqi street will go out in demonstrations demanding the overthrow of the government, and then call for early elections, and not nominate Al Sudani again, or grant him any position,” the source, who asked to remain anonymous, said.
The source noted that two previous Iraqi prime ministers had lost their positions after the Iraqi public turned against them.
Party fears creation of new political party
“The party fears that Al Sudani may announce the formation of a new political party or alliance, run in the upcoming elections, and become the ruling political majority in Iraq,” the source added.
The dispute between the Coordination Framework and Al Sudani relates to the prime minister’s approval of US Federal Reserve policies to prevent currency smuggling. These measures reduced the circulation of US dollars in Iraq and increased the price of the dollar.
Al Sudani also implemented several policies that have boosted his popularity. He increased government salaries and wages for retirees, launched major development projects in the capital and several Iraqi governorates, and announced plans to improve infrastructure and expand the nation’s road network.
According to official statistics, Al Sudani also significantly reduced unemployment. In addition, he passed a social security law for workers in the private sector and announced a plan to build 1,000 schools and more than a million residential units.
Since mid-2023, at least 10 countries, including some in the Gulf Cooperation Council, have announced new investments in Iraq. The exchange rate of the dollar in the parallel market has also stabilized since November 2023.
A September 2023 opinion poll by the Government Advisory Board found that Al Sudani enjoys a 78% approval rate. Another poll by the nongovernmental Iraq Statistics Organization found him to have an approval rate of 51%, the highest of any Iraqi official.
Al Sudani has spurned many political allies and opponents. He did not support former Speaker of Parliament Mohamed al-Halbousi and worked for his removal. He also removed most of the leaders of the Popular Mobilization Forces—a group of Iranian-backed militias—from government positions.
The Iraqi government is currently weighing the question of changing the currency so that the official cost of a US dollar will be 1.32 Iraqi dinars instead of 1,320 dinars. Implementing such a decision is likely to significantly increase Al Sudani’s popularity.
Abbas al-Musawi, adviser to the former Prime Minister Nouri al-Maliki, said in statements to Iraqi media that Al Sudani’s achievements are achievements “for everyone,” while also saying that Al Sudani will not be reelected as prime minister.
“We are not afraid of Al Sudani. We have our audience, and it is a stable audience,” al-Musawi said.
Al Sudani has faced heavy criticism on Iraqi television
Jaafar Al-Khudairi, a member of the National Wisdom Movement, one of the Shiite parties within the ruling Coordination Framework, told The Media Line, “The Dawa Party is trying to state that only its cadres are capable of running the state, but this is not true.”
He said that the parliament is discussing a new law regarding elections and that new elections might be called after that law’s passage.
Karar Sahib, director of the Iraqi Media Observatory, told The Media Line that Al Sudani has faced constant criticism on Iraqi television.
“There are channels affiliated with the Shiite religious parties, which were the most offensive, as they only showed the negative aspects of the decisions, and tried to exaggerate them,” he said.
He said that consistencies across different channels suggest that there may be a single writer behind the criticism.
Sahib defended Al Sudani’s achievements. “Iraq is now making an unprecedented renaissance,” he said. “It is true that the situation is still below ambition, but it is much better than before.”
Muhammad Al-Bouflah, a former professor of political science at the University of Baghdad, told The Media Line that the current political climate is a result of Al Sudani’s attempt to fracture the coalition.
He also said that the Coordination Framework will succeed in holding early elections only if Shiite cleric Muqtada al-Sadr comes out in favor of the plan.
“I do not think that Muqtada al-Sadr will return to trusting the Coordination Framework after they removed him from the political process, and therefore the prime minister will continue to complete his term as president,” he said.
Former Member of Parliament Shaiban Al-Kilani told The Media Line that the disputes have to do with the different parties’ attempts to vie for power.
“The disputes are only over shares of the cake,” he said, “and are not disputes over the popularity of the current prime minister.”
TODAY THU MAR 14 24
Parliamentary Finance: We look forward to coordinating with the Central Bank to increase the value of the dinar and control the market
The Governor of the Central Bank, Ali Al-Alaq, pointed out today, Thursday, the establishment of basic rules in order to monitor the remittance process and analyze monetary operations.
The media department of the House of Representatives stated in a statement received by {Al-Furat News}, “The Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, met with the Governor of the Central Bank, Ali Al-Alaq, to discuss monetary policy, the banking system in the country, and ways to increase the value of the Iraqi dinar.”
Al-Atwani stressed, “at the beginning of the hosting session, which was held at the committee’s headquarters, the importance of following up on the economic file and monetary policy, based on the supervisory side, and finding appropriate solutions to the obstacles facing the work of the Central Bank.”
The Finance Committee also expressed its aspiration to coordinate with the Central Bank in order to increase the value of the Iraqi dinar, control the market in order to alleviate the burdens of citizens, and address the deficit.
For his part, the Governor of the Central Bank reviewed the economic and monetary aspects, pointing out the establishment of basic rules in order to monitor the remittance process and analyze monetary operations.
Al-Alaq praised "the role played by the Finance Committee in following up on the country's financial and economic movement."
The committee discussed with the Governor of the Central Bank the approved international standards, future plans to improve the status of banks, the possibility of expanding relations with international banks, drawing up the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank law.
Central Bank Governor: Establishing basic rules to monitor the remittance process
The Governor of the Central Bank, Ali Al-Alaq, pointed out today, Thursday, the establishment of basic rules in order to monitor the remittance process and analyze monetary operations.
The media department of the House of Representatives stated in a statement received by {Al-Furat News}, “The Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, met with the Governor of the Central Bank, Ali Al-Alaq, to discuss monetary policy, the banking system in the country, and ways to increase the value of the Iraqi dinar.”
Al-Atwani stressed, “at the beginning of the hosting session, which was held at the committee’s headquarters, the importance of following up on the economic file and monetary policy, based on the supervisory side, and finding appropriate solutions to the obstacles facing the work of the Central Bank.”
The Finance Committee also expressed its aspiration to coordinate with the Central Bank in order to increase the value of the Iraqi dinar, control the market in order to alleviate the burdens of citizens, and address the deficit.
For his part, the Governor of the Central Bank reviewed the economic and monetary aspects, pointing out the establishment of basic rules in order to monitor the remittance process and analyze monetary operations.
Al-Alaq praised "the role played by the Finance Committee in following up on the country's financial and economic movement."
The committee discussed with the Governor of the Central Bank the approved international standards, future plans to improve the status of banks, the possibility of expanding relations with international banks, drawing up the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank law.
Among them concerns the dinar... the outcomes of Parliament’s finance meeting with the Central Bank
Today, Thursday, the Parliamentary Finance Committee expressed its aspiration to coordinate with the Central Bank to increase the value of the dinar and control the market.
The Media Department of the House of Representatives stated in a statement received by Al-Eqtisad News, “The Finance Committee met under the chairmanship of Atwan Al-Atwani, in the presence of its members, with the Governor of the Central Bank, Ali Al-Alaq, to discuss monetary policy, the banking system in the country, and ways to increase the value of the Iraqi dinar.”
At the beginning of the hosting, which was held at the committee’s headquarters, the Chairman of the Committee stressed “the importance of following up on the economic file and monetary policy, based on the supervisory aspect, and finding appropriate solutions to the obstacles facing the work of the Central Bank.”
The Finance Committee expressed its "aspiration to coordinate with the Central Bank in order to increase the value of the Iraqi dinar, and to control the market in order to alleviate the burdens of citizens and address the deficit."
For his part, the Governor of the Central Bank reviewed “the economic and monetary aspect, pointing out” the establishment of basic rules in order to monitor the remittance process and analyze monetary operations, praising “the role played by the Finance Committee in following up on the country’s financial and economic movement.”
The committee discussed with the Governor of the Central Bank the approved international standards, future plans to improve the status of banks, the possibility of expanding relations with international banks, drawing up the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank law.
Iraqi lawmakers to discuss monetary policies, banking system with CBI
Iraq's Parliamentary Finance Committee met with the Central Bank of Iraq on Thursday to discuss monetary policy, the banking system, and ways to increase the value of the Iraqi dinar.
The meeting was held at the headquarters of the Finance Committee and was chaired by Atwan al-Atwani. Central Bank Governor Ali al-Alaq also attended the meeting.
In his opening remarks, al-Atwani laid emphasis on monitoring the economic and monetary policies in the country and "finding appropriate solutions to the obstacles facing the work of the Central Bank."
The Finance Committee also expressed hope for coordination with the Central Bank to increase the value of the Iraqi dinar, control the market in order to alleviate the burden on citizens, and address the deficit.
For his part, the Governor of the Central Bank said that establishing basic rules is vital for monitoring the transfer process and analyzing transaction movements.
The statement added that the committee discussed with the Governor of the Central Bank the international standards, the future plans to improve the reality of banks, the possibility of expanding relations with international banks, drawing the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank Law.
Distributing student aid via electronic payment cards
The electronic government communication team, in coordination with a number of local banks, has identified 12 primary schools in Baghdad, so that payments will be made to those requested by them via electronic payment cards.
The team's deputy head, Adnan Al-Arabi, said in an interview with Al-Sabah, followed by Al-Iqtisad News, that the committee for electronic payment for school students, which the team formed pursuant to a court order in coordination with the Ministry of Education, local banks, and private companies, is responsible for setting the mechanisms for implementing the payment campaign. Electronic services for students in schools, indicating that the student segment is very large, as it represents about a quarter of the population.
He pointed out that the campaign will start with primary school students, followed by the rest of the stages, reaching universities and institutes, pointing to the agreement with a number of banks for the purpose of starting to issue electronic payment cards, especially after identifying 12 primary schools in the capital.
In Baghdad.. launching the electronic payment project for students (photos)
The (electronic payment project for students) was launched today, Thursday, at Al-Aqeedah High School for Girls in the capital, Baghdad, under the supervision of the government electronic communication team, and in cooperation with the Central Bank of Iraq and the Ministry of Education.
The head of the team, Ammar Moneim, confirmed in a statement received by Shafaq News Agency that the project comes within the priorities of the government program and an important step towards digital transformation, electronic payment, and gradually getting rid of paper-based cash dealing.
He pointed out that the project will include students in all schools, universities and institutes in the future, and will be implemented by several companies specialized in electronic payment approved by the Central Bank of Iraq, stressing that the project
It will expand to include the private sector and all groups and segments of society
While an official source told Shafaq News Agency that the intention to issue the electronic card is to circulate it to universities, institutes, colleges and schools in a step towards electronic transformation and transition.
He added that there is also a project for taxi owners to issue electronic payment cards, and the transaction and collection will be electronic, indicating that there is another government trend towards restaurant owners and obligating them to deal with electronic payment.
Document: The Iraqi Finance Department creates an “audit and control” department, and these are its divisions and objectives
The Iraqi Ministry of Finance decided, on Thursday, to create an “audit and internal control” department, which will be directly affiliated with the minister.
A government source told Shafaq News Agency, “One of the most important tasks of the department is to follow up on expenditures and funds spent in each department of the ministry, in addition to other oversight tasks in each department and complaints and reports of cases of corruption and suspicions.”
Shafaq News Agency obtained a ministerial order signed by the Minister of Finance, Taif Sami, including the creation of the department.
According to the ministerial order, the department consists of 5 departments: (the Oversight Department, the Audit Department, the Complaints Department, the Reports Department, and the Investigations Department).
The order indicates that “the audit and internal control departments in the formations affiliated with the Ministry will be linked to the Audit and Internal Control Department, and no employee may be transferred, placed, or held accountable except with the approval of the director of the department.”
A call from the Article 140 Committee in Basra: Come to El Geneina to receive your dues
From meal 1-21
Today, Wednesday, the Basra Office for Article 140 invited citizens benefiting from Package 1 to Package 21 to come to the office building in Al-Geneina in central Basra for the purpose of receiving the instruments for receiving their entitlements.
Dhikra Al-Taie - Director of Implementation of Article 140 in Basra:
We launched a call to beneficiary citizens to come to the Article 140 Basra office for the purpose of signing written pledges before receiving the instrument of the amount disbursed to them.
There is concern from some citizens about the annual update we conduct on people who have not received the checks, but we conduct it to ensure the rights of everyone.
Updating the information is important in order to ensure that the person has not died, and if he is deceased, his family members must bring a legal certificate to guarantee their full rights, or in the event of divorce, bring a divorce document in order to guarantee the beneficiary or beneficiary.
There is great momentum in the transactions of those included in Article 140, and there are some transactions that have been promoted for 5 years.
An economic expert talks about the "best way" to invest in gold
Economic expert Abdul Hassan Al-Zayadi spoke today, Thursday, about the “optimal way” to invest in gold and benefit from it financially, stressing the necessity of dealing with good quality and guaranteed gold.
Al-Ziyadi added, "The only problem that poses a threat to this issue is keeping gold in homes and private property, and therefore it may be vulnerable to theft."
Al-Ziyadi continued, “The best way to invest and benefit from gold is to buy it when its prices fall and sell it when its prices rise,” stressing “the necessity of buying and selling good quality and guaranteed gold.”
Iraq adopts the "three-dimensional" plan to support 5 sectors in Basra
link 3D printing
Today, Thursday (March 14, 2024), the Parliamentary Services and Reconstruction Committee revealed that Iraq has adopted a “three-dimensional” plan to support 5 important sectors, while noting that Basra Governorate was a model.
Committee member MP Baqir Al-Saadi said in an interview with “Baghdad Today” that “Iraq’s reliance on a rentier economy carries great risks with the repeated fluctuations in the oil sales market, which requires serious and concrete steps to change the compass of its economy and push it to diversify and exploit the components it has in 5 Important sectors are industry, agriculture, tourism, investment and technology, becoming a difficult figure in its annual treasury revenues . ”
He added, "The government has actually begun to adopt the three-dimensional plan, which is to address the causes of the decline in production or activity and seek to formulate a road map that addresses all problems and advances production according to paths that make it desirable, in addition to pushing investments forward and opening doors to companies in multiple sectors while combating corruption and obstacles and creating... International partnerships to transfer technological industries.
Al-Saadi pointed out that “the development path is the most important gateway to reviving the five sectors because it will give the advantage of transportation, openness, and attracting foreign capital in light of the possibility of building free cities and industrial and agricultural complexes that can change the compass of the country’s production file to a different stage . ”
He explained that "reviving important factories in Basra and starting production within a short period is an important step that will have a tangible impact in supporting the national economy."
On (March 9, 2024), member of the Basra Provincial Council, Hassan Shaddad Al-Faris, revealed the details of the meeting between the local government and Prime Minister Muhammad Shiaa Al-Sudani on the sidelines of his visit to the governorate .
Al-Faris told "Baghdad Today", "The Sudanese pledged during the meeting to support the governorate financially to clear lagging projects, as well as establishing new and strategic projects," noting that "the Council asked the Prime Minister to proceed with activating Basra, the economic capital of Iraq, and not to delay this matter any further. " .
Earlier, Prime Minister Muhammad Shiaa Al-Sawani opened the “rolling mill” factory in Basra, indicating that its opening will enable Iraq to reduce the import of iron, preserve foreign currency and provide a national product and new job opportunities.
Washington talks about a “tremendous achievement”: confidence in Iraqi banks is increasing and we are working to “eradicate corruption and theft
The US Ambassador to Baghdad, Elena Romanowski, diagnosed the high level of consumer confidence in Iraqi banks, noting that her country is working jointly to "eradicate corruption and theft," while confirming that Washington represents the largest financial donor and supporter to Iraq for 20 years.
Romanowski said in an article published by the official newspaper “Al-Sabah” in Iraq, and reviewed by “Al-Youm News”: “We are committed to Iraq’s security, stability and sovereignty, as we stood side by side with Iraqi partners to liberate Iraq from the scourge of ISIS. With the tenth anniversary of the emergence of ISIS and the fifth anniversary coming To defeat it, we must be clear about the threat this group continues to pose to Iraq, from both Iraq and Syria.”
She added: “We want the Iraqi Security Forces to have the capabilities necessary to confront future threats, and for this reason, since 2012, the US Congress has allocated more than $3.5 billion to build the capabilities of the Iraqi Security Forces. The United States provides Iraq with vital sustained support, and world-class equipment such as aircraft.” F-16 fighter jets and M-1 Abrams battle tanks, and professional training that enhances the capabilities of the Iraqi security forces to be representative of all diverse segments of Iraqi society, accountable to the sovereign Iraqi government, and capable of defending Iraq and its role in achieving stability in the Middle East.”
“But we need much more than just a security relationship,” Romanowski continued. “We need economic, cultural, educational and people-to-people relationships that build a modern Iraq that is stable, secure, sovereign, prosperous and connected to the world.”
She stated, “The United States remains the largest donor and supporter to Iraq. Over the past twenty years, USAID has provided Iraq with more than $11 billion in development assistance to develop local communities. This support has helped Iraqis launch hundreds of new projects and create thousands of jobs.” job opportunities, building 150 schools, 25 health care clinics, and 130 water facilities. Since 2014, the United States has provided more than $3.6 billion to support vulnerable communities of displaced Iraqis and refugees, providing them with health care, medicine, potable water, and better sanitation services. And only since 2017 have we invested $157 million in Iraqi-led projects to help provide safe drinking water to more than 12 million Iraqis.
In a related context, the US Ambassador said: “We have supported the Central Bank of Iraq in increasing the number of commercial correspondent banking relationships for Iraq, which is a tremendous achievement for Iraq in normalizing global trade relations and conducting its trade safely using the US dollar. The total deposits kept in Iraqi commercial banks increased by 40 percent.” "Almost percent over the past two years, which indicates increasing consumer confidence in Iraqi banking institutions as we work together to increase transparency, eradicate corruption and theft, and link the Iraqi banking sector to the competitive global economy."
She added, "Other countries are knocking on Iraq's door and announcing alternatives to what the United States and our partners are offering. But as the United States ambassador to Iraq, I do not see any of them offering the Iraqi people as much as the United States does every day. And none of them can offer Iraq a true equivalent partnership." "And an equal relationship that links Iraq to the world and enhances Iraq's prosperity. We are working to build bridges between the people of the United States and Iraq that will last for many generations."
The New Generation recommends that the Kurdistan government quickly begin localizing employee salaries
On Thursday, the New Generation Parliamentary Bloc recommended that the Kurdistan Regional Government quickly begin settling the salaries of its employees in approved banks.
The head of the New Generation Parliamentary Bloc, Sarwa Abdel Wahed, said in a statement, reported by the official news agency, and seen by Al-Iqtisad News, that “the federal government and the Ministry of Finance are required to coordinate with the Ministry of Finance in the Kurdistan Region to proceed quickly with the localization of the salaries of employees in the Kurdistan Region,” indicating that “ The resettlement process will end the suffering of employees in Kurdistan.”
Abdul Wahed appreciated "the efforts of the federal government to localize the salaries of Kurdistan Region employees," calling on "the Kurdistan Regional Government to begin localizing the salaries of its employees through the banks approved by the federal government and the Central Bank."
The government spokesman, Bassem Al-Awadi, confirmed the continuation of funding the salaries of employees in the Kurdistan region, while indicating that the Federal Ministry of Finance is committed to financing the region regarding paying the salaries of employees in the region for the month of (March), with the importance of coordination with the Ministry of Finance in the region to speed up the process of completing the resettlement procedures. In approved banks.
Iran denies holding talks with America
After an American report talked about secret American-Iranian talks currently taking place to stop the Houthi attacks in the Red Sea, which have been continuing for months, an Iranian source completely denied the matter.
We're not having any conversations!
An Iranian source confirmed on Thursday that Tehran has not held talks with the United States regarding developments in the Red Sea, according to IRNA.
The source added that the exchange of messages and indirect dialogue between Tehran and Washington was limited to lifting sanctions only, and no messages were exchanged regarding developments in the Red Sea.
This came after foreign media reported, quoting an American official, as saying that “indirect talks” took place between the two sides in the Sultanate of Oman last January, after the escalation of tensions in the Middle East, including the Financial Times and CNN.
These developments come as the Houthi group continues its ongoing attacks on commercial ships in the Red Sea, causing the injury of 15 commercial ships amid continuing US-British air strikes on its targets.
The officials said that the indirect negotiations, during which Washington raised concerns about Iran's expanding nuclear program, took place in Amman in January and were the first between the two rivals in ten months, according to the Financial Times, but Tehran today completely denied the matter.
More than 60 attacks
It is noteworthy that the last known talks between the United States and Iran were the so-called indirect talks and were last May.
Since November 19, the Iranian-backed Houthi group has carried out more than 60 attacks with marches and missiles on commercial ships in this internationally important shipping lane, linked to Israel or heading to its ports, in support of the Gaza Strip, which has been witnessing a violent Israeli war since October 7.
These almost daily attacks forced companies to switch to a longer and more expensive route around Africa.
It also fueled fears that the war between Israel and Hamas would destabilize the Middle East.
This prompted the American and British forces to launch joint strikes on several sites in Yemen belonging to the group since January 12, in an attempt to deter it and protect maritime navigation.
A new American exemption for Iran to obtain $10 billion from Iraq
The administration of US President Joe Biden has approved new exemptions for Iraq to pay the amounts to purchase gas from Iran to operate electric power plants.
The American website, the Washington Free Beacon, said that according to a copy of the notification submitted to Congress for this measure, Tehran will be able to obtain more than $10 billion in funds that were frozen due to US sanctions.
The website added: The sanctions exemption mechanism, which raises sharp opposition from the Republican Party in Congress, allows Iraq to transfer financial payments to Iran in exchange for electricity via third countries.
He explained that Republican foreign policy leaders in Congress expressed concerns regarding the exemptions earlier this week, saying that the sanctions should not be lifted on the Iranian regime in light of its support for Hamas and other terrorist organizations that are waging war on Israel and American sites in the region.
He continued that the last exemption from sanctions was granted by the Biden administration in November, and its term was scheduled to expire this month, which put the White House in an awkward position after a growing group of members of Congress from the Republican Party expressed their concern about skipping the sanctions. Penalties.
He stated that the recent exemptions allow Iraq to convert the dinar into the euro, and then transfer payments to accounts of Iranian banks in the Sultanate of Oman.
The report quoted the US State Department as confirming that it is not possible for Iran to access these funds unless it seeks to pay for humanitarian goods such as food and medicine. However, critics of the exemptions say that the funds can be used for other purposes, and that these exemptions allow Iran to access... Money to be used to finance its global terrorist operations.
The report confirmed that the US State Department did not confirm the referral of the new exemptions from sanctions to Congress, but it defended the previous exemptions, as a State Department spokesman said, “Since 2018, the exemptions have remained a necessity as Iraq distances itself from Iranian energy imports, which is what “It cannot be achieved overnight.”
The American spokesman added, “Iraq is making progress on its path toward energy self-sufficiency by increasing regional electricity connectivity, seizing natural gas, and developing new local gas resources,” noting that “exemptions remain an important necessity in order to ensure Iraq’s access to electricity and its ability to To pay his debts to Tehran.”
According to the American spokesman, “under these exemptions, “no money was allowed to enter Iran,” adding that “any idea otherwise is wrong and misleading.”
He continued, saying, “These funds, which are held abroad in third countries, “can only be used in transactions to purchase food, agricultural goods, medicines, medical devices, and other transactions that are not subject to sanctions.”
The report quoted the American spokesman as saying that “this money” goes directly to the trusted seller or financial institution in another country. The money never reaches Iran.”
However, the report confirmed that Republicans in Congress said that continuing to use the sanctions exemption system could allow Iran to reuse the money in another way after it was forced to spend it on necessary humanitarian goods.
The report stated that Representative Bill Huizenga and three of his Republican colleagues in the House of Representatives wrote to President Biden earlier this week, saying: “By waiving the implementation of sanctions, the administration is preserving a financial lifeline for the Iranian regime, even as... “It continues to support terrorist groups all over the world.”
According to the four US representatives, Iran has “a history of lying about humanitarian transactions, and there is no reason to believe that they will not try to circumvent these restrictions again.”
The representatives continue in their letter, “These funds are replaceable, and the exemptions and subsequent transfer will free up billions of dollars that Iran can now spend on its terrorist proxies, its nuclear activities, and its army.”
The report quoted former member of the White House National Security Council, Richard Goldberg, who worked on the Iran file, as saying, “The latest version of the exemptions is significantly different from the exemptions issued during the administration of former President Donald Trump,” noting that Biden’s version gives Iran more space. Much in how the money is used.
According to Goldberg, “This is not the same exemption related to Iraqi electricity imports that was issued since 2018,” adding that “this exemption to ease sanctions on Iran allows it to access and use funds to support the budget, including debt payments and import support.”
The report quoted Goldberg as saying, “The fact that the administration will not even inform the American people about the amount of money that Iran has obtained during the past four months, that is, the money that supported the killing of 3 American soldiers and the continuing attacks on the US Navy, must push the US Senate to pass Immediately draft a resolution (No Money for Iranian Terrorism Law) and send it to President Biden’s office,” referring to legislation that will prevent Iran from accessing previously frozen funds.
Revealing a movement to lift US sanctions on Iraqi banks
Today, Thursday, a member of the House of Representatives, Muhammad Al-Sayhoud, revealed a government move to lift the American sanctions imposed on Iraqi banks, while confirming that the work of the Iraqi committees continues on the issue of removing American combat forces from the country.
Al-Sayhoud said in an interview with the Maalouma Agency, “The work of the joint committees is not limited to removing American combat forces only, but will include other aspects,” noting that “the life of the government will not end without removing all foreign forces from the country.”
He continued, “There may be a disagreement in the method of removing these forces and ending the military presence, but the goal is the same and will not be divided,” pointing out that “there are new agreements regarding ending the foreign presence.”
Al-Sayhoud concluded his speech by saying: “The government must be given the opportunity to prove its presence during negotiations with Washington through joint committees,” adding that there is “a government move to lift the American sanctions imposed on Iraqi banks.”
The economic expert, Nasser Al-Kanani, confirmed that the number of Iraqi banks affected by US sanctions has reached 26 banks so far.
In an interview with the Maalouma Agency, a member of the Parliamentary Finance Committee, Moeen Al-Kazemi, criticized “the US Federal Reserve’s sanctions on Iraqi banks in an attempt to undermine the government’s success.”
UN official told NINA: We seek to be a permanent cooperative team with Iraq at the United Nations.
The United Nations Assistance Mission for Iraq (UNAMI) stressed the importance of the (Beit) project towards decent work and affordable housing in Iraq, sponsored by the United Nations Human Settlements Program (Habitat), the International Labor Organization (ILO), and the International Trade Center.
The Deputy Special Representative of the Secretary-General, Resident Coordinator and Humanitarian Coordinator, Ghulam Muhammad Ishaq, said in a statement to the National Iraqi News Agency ( NINA ): “We seek with Iraq to always be a cooperative team within the United Nations system.”
He added: “This project is one of the most important responses to the needs of citizens in Iraq, “housing,” which is a major problem rooted in Iraq. It is a multi-project that covers many sectors and all the multilateral requirements of the challenges facing Iraq. The project is also named with the creative title “House.” The environmental dimension is the most important, that is, the green economy and green housing in response to climate change.”
The UN official stressed: “These experimental projects accomplish only a certain part, and we hope that there will be greater efforts and influence from the Iraqi government to support and expand the scope of these efforts, because the project is for four years and we must think about sustainability for the stage after launching the project and the possibility of expanding its results, as we hope from the program.” Habitat: “Bringing the necessary technology to achieve decent and affordable housing that is compatible with the climatic, economic and social conditions that Iraq is going through.”
He added, "The type and job opportunities are another problem among the basic problems in the country, and we hope that this project will be a cornerstone for the private sector to create greater job opportunities in Iraq, through joint work with the private sector in small and medium enterprises and the expertise of the International Trade Center and the International Labor Organization." Usually, this is a true partnership with the presence of ministries supporting the project, such as housing, labor, planning, environment, and the private sector, which frames the efforts of an influential partnership, whose results it is hoped will be clear on the Iraqi economy and the social situation of Iraqi families.
It is noteworthy that the BEIT project, funded by the European Union, has a duration of 4 years (2023-2027) at a cost of 20 million euros.
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