A Fistful of Dinars: Demystifying Iraq's Dollar Auction
By Ahmed Tabaqchali, Chief Strategist of Asia Frontier Capital (AFC) Iraq Fund, for the London School of Economics (LSE) Middle East Centre.
The video for this blog post is below here:
A fistful of Dinars: demystifying Iraq's dollar auction
The Central Bank of Iraq's (CBI) dollar auction has been a continuous source of controversies and conspiracy theories. The main accusations facing it include: the siphoning of dollars to Iran, money laundering, and currency smuggling.
Missing from this melee is an understanding of the economy's key structural imbalances: mainly that the Iraqi economy is wholly dependent on oil export revenues, and demand for goods and services is met through imports handled by a largely informal private sector.
Consequently, the government's oil revenues are the economy's major source of dollars, and the private sector depends on the auction as a significant source of dollars to pay for these imports. As such, it is the inherent imbalances in the economy's structure that led to contradictory and unsustainable compromises within the functioning of the auction, and not unsubstantiated conspiracies.
This piece aims to demystify the role and the functioning of the auction. It does so through reviewing:
- the oil and dollar lifecycle within Iraqi economy;
- the private sector's dollar supply-demand dynamics; and,
- the causes of the currency's upheavals in November 2022, and their aftermath.
It concludes that the measures undertaken in response to the upheavals have helped resolve most of the compromises that bedevilled the dollar auction in the past.
However, lasting change requires addressing the economy's structural imbalances head-on through implementing fundamental economic reforms centred around redefining the oversized role of the government in the economy and society.
Click here to read the full article.
Iraq’s prime minister on building a stronger relationship with the United States
readjusting the value of the dinar due to the current uh
circumstances in the market or do you see it to stay the
same
Answer: this policy actually is dictated by the central bank and uh the
government abides by what the bank decides, right now I believe we are
in the best status that we could be in and we have actually had an
assessment which has given lot much trust higher trust at a higher level
from different uh Global parties. so we started reforms when it comes to
the banking sector and when we spoke about that
before but this is going to actually raise the level of or the value of
the Iraqi dinar and there is actually a policy that is a consistent policy
that the central bank is using when it
comes to Investments and how they invest the money for you know our own
reserves here in Iraq of course there are so many different topics that we could speak about and
From Washington.. Al-Sudani: Terrorism has been defeated in Iraq thanks to the sacrifices and blood of its people
Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Thursday, that terrorism targeted all Iraqis without excluding religion, race or ethnicity, while pointing out that it was the blood of the victims that triumphed in the end .
Al-Sudani’s media office said in a statement, received by Mail, that “Al-Sudani received, on the sidelines of his official visit to the United States of America, the family of American citizen Kayla Mueller, who was kidnapped by ISIS terrorist gangs in the Syrian city of Aleppo in 2013 while working in the field of providing humanitarian relief.” "And she was killed in 2015. "
The statement added, "The victim's family delivered a letter to the Prime Minister that included an appeal to the Iraqi government to help them conduct an investigation through which their daughter's remains could be found and returned to her homeland in the United States, given that Iraq today has great experience in the field of combating terrorism, and knowledge of the terrorist groups and remnants involved." Within ISIS gangs .”
According to the statement, Al-Sudani expressed his “deep sympathy with the victim’s family,” stressing that “the competent security services will initiate the investigation to obtain any information that will enable us to identify the victim’s remains .”
The Prime Minister stressed that "terrorism has targeted all Iraqis without excluding religion, race or ethnicity, and that the blood of the victims wins in the end, as terrorism has been defeated in Iraq with the sacrifices and blood made by its people ."
Al-Sudani to the American media: The stage is witnessing an important turning point in Iraq’s relationship with the United States
The Prime Minister, Mr. Muhammad Shiaa Al-Sudani, confirmed that his current visit to the United States comes to establish the paths of bilateral relations between Iraq and the United States, in a sensitive and delicate circumstance, in addition to the dangerous escalation the region is witnessing that threatens the expansion of the circle of conflict and war.
This came in a meeting held by His Excellency in the American capital, Washington, with a number of representatives and correspondents of American and Western media and news networks.
Mr. Al-Sudani stated that the stage is witnessing an important turning point in Iraq’s relationship with the United States, which has focused, for years, on security and military cooperation, stressing that this visit witnessed the laying of the correct foundations for the transition to comprehensive relations in all sectors and economic, political and cultural aspects, in addition to the security aspects within the framework of Bilateral cooperation.
His Excellency pointed out that Iraq confirmed its commitment to the outcomes of the Supreme Military Committee concerned with ending the mission of the international coalition in Iraq after 10 years. Iraq today is different from what it was in 2014, and that ISIS gangs no longer represent a threat to Iraq, and it is natural to work to reconsider the coalition and its continuation.
The Prime Minister explained that the second track in joint work with the United States was represented by the first meeting of the Supreme Coordination Committee of the Strategic Framework Agreement, which dealt with the files of energy, investment, transportation, education, and the challenges of climate change, indicating that the government raised the slogan of Iraq first, and that the sustainable interest requires building partnerships. Its existence is not limited to governments or administrations, but rather extends to the mutual interests of the two friendly peoples.
His Excellency answered the questions posed by representatives of the American and Western media at the meeting, which concern a number of files, most notably the files of the relationship with the United States and the prospects for cooperation with it, the government’s vision for the future and nature of this relationship, and Iraq’s relations with its neighbors, in addition to files related to developments in events in the region. .
•••••
Al-Sudani discusses with a delegation from the Baker Institute for Energy Studies and Research 4 important files
A statement from his office, a copy of which {Al-Furat News} received, stated: “During the meeting, cooperation mechanisms were discussed in the field of preparing studies, training, human development, qualifying cadres, and participating in preparing studies related to the oil market.”
Al-Sudani pointed out, “The government’s plans to work on expanding the petrochemical industry through several projects, and to develop a plan to convert 40% of the exported oil into oil derivatives,” stressing, “Iraq’s aspiration to increase and develop its oil exports, in a way that achieves balance and preserves the interests of producers and consumers.”
For its part, the Baker Institute delegation expressed its readiness to cooperate with Iraq in the field of training leaders in the field of energy, and providing seats in graduate studies for Iraqi students in energy technology specializations. They also expressed their readiness to contribute to developing a comprehensive strategy for the Iraqi energy sector.
Al-Sudani reveals an intention to establish Al-Faw refinery with a capacity of 300 thousand barrels per day
Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani revealed that the government is heading to agree with a Chinese company to establish the Al-Faw refinery with a capacity of 300 thousand barrels per day.
The Prime Minister’s media office said in a statement, seen by Al-Iqtisad News, that “Al-Sudani met with major American companies specialized in the field of oil and gas, within a round table held by the Arab-American Bilateral Chamber of Commerce in Houston, Texas, as part of his official visit.” To the United States of America.
The statement added, “Al-Sudani reviewed the government’s program and its goals towards optimal investment in oil and gas, its future vision, a review of the most prominent strategic projects being implemented in Iraq, as well as investment opportunities for specific projects, and the promotion of the fifth complementary and sixth round, which includes 30 oil and gas fields and a gas exploration patch.” In Anbar, Nineveh, Diwaniyah, Najaf and Samawah.
Al-Sudani announced, according to the statement, “the extension of applications for the fifth and sixth round supplements by two weeks to give the opportunity for companies wishing to apply, stressing that Iraq is witnessing a stable security situation throughout, calling on American companies to engage in partnerships with the Iraqi private sector, which receives the attention and support of the government.” Pointing to the comprehensive development Iraq is witnessing in all sectors.
Al-Sudani said during his speech at the round table meeting, “We came up with a vision for the shape of the relationship with the United States, after the understandings and the meeting with President Biden, that it be based on partnership and openness in all fields,” indicating that “our vision is based on mutual interests, and will be strongly present through... Joint work, especially the presence of companies and investment in opportunities in Iraq.”
He added, "Iraq is of great importance in the energy market in terms of production and reserves, and the difficult circumstances and previous challenges prevented it from reaching the stage of optimal investment of wealth."
He pointed out that "we are recently approaching self-sufficiency in the oil derivatives that we imported during previous years."
He stressed that "our government began with a new idea of exploiting wealth, by increasing production capacity, investing in associated gas, and going into manufacturing industries in petrochemicals and fertilizers," pointing out that "we have developed a plan to convert 40% of our exports into oil derivatives."
Al-Sudani continued by saying during his speech, “Importing gas costs us $4 billion annually, while we burn the equivalent of 1,300 million standard cubic feet, with its negative effects on the environment.”
He continued, "Our plan is to stop burning gas through the important contract with Total, which is a strategic step, and we encourage Honeywell and all companies to implement these contracts."
He explained: “We are working on implementing a 1,000 MW solar power plant, in addition to a water injection project for wells.”
Regarding the fifth round, Al-Sudani said: “It includes projects implemented by the Emirati company (Al-Hilal) and a Chinese company, in addition to the national effort, and we plan to reach 2,400 million standard cubic feet during this specific period.”
He pointed out, "We are presenting specific projects, including projects attached to the fifth and sixth rounds, and we will extend the period to 15 days, to provide the opportunity to apply for the rounds," explaining that "the sixth round includes patches and fields rich in free natural gas."
The Prime Minister continued, "We began presenting (integrated projects), including oil extraction, associated gas investment, and the establishment of a power station, refinery, and petrochemical industries."
He explained, "Opportunities for integrated projects are presented in the Dima fields in Maysan, Ibn Omar in Basra, the Amara and Al-Kumait fields in Maysan, and exploration blocks in Dhi Qar."
Al-Sudani stressed, “We have opportunities to establish complexes for petrochemicals and fertilizers, in Karbala, the FAO petrochemical complex, and the Nebras project, after (Shell) apologized due to a new approach taken by the company to focus on gas projects,” noting that “there are plans related to multiple export outlets.” “Our need for flexibility in exporting requires relying on additional ports.”
He continued: "We developed an idea to establish a petrochemical and refinery complex in Ain Sukhna, Egypt, according to understandings, and now we have begun implementing the first phase (Basra - Haditha), which will serve us with flexibility in transporting exports, and could be in an economic model that brings together 3 countries, for this important and vital project."
Regarding the development path linked to Al-Faw Port, he said that “it will be a vital project, and we are coordinating with the Turkish side regarding it, and Al-Faw Port will enter service at the end of 2025, and it is one of the largest ports in the region,” noting that “we agreed with Abu Dhabi Ports on a partnership to operate Al-Faw Port, and currently We are continuing to complete the details of the contracts.”
He explained, "There is a large economic city and a new residential city attached to Al-Faw Port, which includes projects for all related industries."
At the conclusion of his speech, the Prime Minister revealed that he had signed a contract to establish the Al-Faw refinery with a capacity of 300 thousand barrels per day with a Chinese company.
From Texas.. Al-Sudani details energy projects and talks about a new idea in exploiting wealth
On Thursday, the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, detailed the energy projects to be implemented in the country, while indicating that his government had adopted a new idea in exploiting wealth.
This came during the Prime Minister’s meeting with major American companies specialized in the field of oil and gas, within a round table held by the Arab-American Bilateral Chamber of Commerce in Houston, Texas, as part of his official visit to the United States, according to a statement received by Shafaq News Agency.
Al-Sudani reviewed the government’s program and its goals towards optimal investment of oil and gas, and its future vision, and touched on the most prominent strategic projects being implemented in Iraq, as well as investment opportunities for specific projects, and the promotion of the fifth complementary and sixth round, which includes 30 oil and gas fields and gas exploration blocks in Anbar, Nineveh, and Diwaniyah. Najaf and Muthanna.
The Iraqi Prime Minister announced that the application for the fifth and sixth round supplements would be extended by two weeks. To give the opportunity to companies wishing to apply, stressing that “Iraq is witnessing a stable security situation throughout.”
Al-Sudani called on American companies to engage in partnerships with the Iraqi private sector, which receives the attention and support of the government, pointing to the comprehensive development Iraq is witnessing in all sectors.
He continued: “We came up with a vision for the shape of the relationship with the United States, after the understandings and the meeting with President Biden, that it be based on partnership and openness in all fields... Our vision is based on mutual interests, and will be strongly present through joint work, especially the presence of companies and investment in opportunities in Iraq.” .
He pointed out that "Iraq is of great importance in the energy market in terms of production and reserves, and the difficult circumstances and previous challenges prevented it from reaching the stage of optimal investment of wealth."
He added: “We have recently been approaching self-sufficiency in the petroleum derivatives that we imported during previous years,” adding: “Our government has begun with a new idea of exploiting wealth, by increasing production capacity, investing in associated gas, and going into manufacturing industries in petrochemicals and fertilizers.”
Al-Sudani confirmed that a plan has been drawn up to convert 40% of Iraq’s exports into oil derivatives, pointing out that “importing gas costs the government annually $4 billion, while what it burns is equivalent to 1,300 million standard cubic feet, with its negative effects on the environment.” .
He noted that his government is working on “implementing a solar energy station with a capacity of 1,000 MW, in addition to a project to inject water into wells,” noting that “the fifth round includes projects implemented by the Emirati company (Al-Hilal) and a Chinese company, in addition to the national effort, and it is planned to reach 2,400 One million standard cubic feet during this specific period.
Al-Sudani added: “We are presenting specific projects, including projects attached to the fifth and sixth rounds, and we will extend the period to 15 days, to provide the opportunity to apply for the rounds,” noting that “the sixth round includes patches and fields rich in free natural gas.”
The Iraqi Prime Minister stated that his government has begun presenting “integrated projects,” including oil extraction, associated gas investment, and the establishment of a power station, a refinery, and petrochemical industries,” explaining that “opportunities for integrated projects are presented in fields; Dima in Maysan, Ibn Omar in Basra, the Amara and Al-Kumait fields in Maysan, and exploration plots in Dhi Qar.”
He pointed out that "there are opportunities to establish petrochemical and fertilizer complexes in Karbala, the FAO petrochemical complex, and the Nebras project, after Shell apologized due to a new trend taken by the company in focusing on gas projects."
Al-Sudani concluded by saying: “We developed an idea to establish a complex for petrochemicals and refineries in Ain Sukhna, Egypt, according to understandings, and now we have begun implementing the first phase (Basra - Haditha), which will serve us with the flexibility of transporting exports, and it could be in an economic model that brings together 3 countries, for this important project.” And the vital.”
2 about the CBI meetings
Central Bank: Forming an Iraqi-American committee to address violations of violating banks
Al-Alaq said in a press statement, "Washington praised Iraq's measures in resolving 80% of the financial transfers file," noting that "the Treasury Department and the Federal Reserve praised Iraq's measures in the financial transfers file."
He pointed out that "an international company has developed a road map to develop bank departments and improve their work technically."
Al-Alaq noted that "the atmosphere of dialogues and discussions in Washington is very positive, and we have begun to enter into the details of the program plan and procedures that will be present soon through a delegation that will visit Iraq."
this one is long but full of details
Al-Alaq: Forming a committee with the Ministry of Treasury and the Federal Bank to address and correct the violations of the sanctioned banks
INA Central Bank Governor, Ali Al-Alaq, today, Thursday, revealed the agreement, during Prime Minister Muhammad Shia Al-Sudani’s current visit to Washington, with the Ministry of Treasury and the Federal Bank to form a committee to address and correct the violations of the sanctioned banks, while he stressed the praise of both parties for the Central Bank’s measures to get rid of the system. The old financial transfer file, 80% of which was settled, indicated that there was American and international optimism regarding the government’s measures in the economic and investment files, pointing out at the same time that an international company had developed a road map to develop bank departments and improve their work technically.
Al-Alaq told Iraqi News and was followed by the Iraqi News Agency (INA): “The issue of the US Treasury Department’s sanctions on Iraqi banks was discussed during the visit of Prime Minister Muhammad Shia al-Sudani to Washington by the Prime Minister and his accompanying delegation, and following the initial meetings that took place, an expanded meeting was held.” "With the US Treasury and the Federal Reserve Bank in order to translate the intentions and initial approvals, develop a road map for dealing with this issue, and determine the required procedures."
He added, "The issue was discussed in detail and we agreed to form a team of the three parties (the Central Bank of Iraq, the US Department of the Treasury, and the US Federal Bank), and we are reviewing reports from various audit sources to determine the nature of each violation committed by the banks and determine the corrective action required to be The banks are in good and proper condition.”
He continued, "Therefore, we will begin this plan through joint work to reach final results related to a report regarding the status of each of the banks that have been sanctioned," noting that "the atmosphere of dialogues and discussions is very positive."
He stated, “It is very clear, in light of the ongoing relationship with the Ministry of the Treasury and the Federal Bank and reviewing developments related to the measures taken, that there was great praise for Iraq’s measures, and the Undersecretary of the Ministry of the Treasury confirmed during his meeting with the Prime Minister that what the Central Bank did in the framework of financial transfers during the period The completion of 80% of transferring these transfers directly from the old system of correspondent banks deserves to be celebrated, and this gives an important indication that there are steps taking place steadily, and they expect that we will end the traditional method of transferring through the Central Bank and the Federal Bank and that the relationship will be direct between Local banks and correspondent banks by the end of the current year, which represent the remaining 20%.”
He pointed out, “There is a positive outlook and praise from everyone, both inside and outside the United States, for the government’s measures related to the economic file, and optimism about achieving an economic and investment renaissance that advances several sectors, including infrastructure and services provided to citizens, and the financial and banking sector is part of this process, and as it expands, its role expands.” We have seen interest from international financial institutions and banks in holding meetings with us to follow up on existing conditions with the aim of expanding their activity and operations because there is a great opportunity for the scope of work to expand and the entry of these institutions into Iraq.
Al-Alaq confirmed, “On the basis of this, we held continuous meetings with important international banks that expressed their desire and willingness to work, cooperate and coordinate within the framework of financial relations with Iraq.”
He explained, "The financial and banking reform plan adopted by the government attracted the attention of international institutions, especially since it initially included government banks, which constitute 80% of the Iraqi banking sector, as questions were raised about this plan, which aims to transfer it to the level of international banks."
He stated that “there is a plan that has been drawn up and an international company is drawing a road map and the procedures applied, and there are initial approvals and signals from some important banks in the region to enter as a strategic partner because we need to develop bank departments and significantly raise their technical and artistic level in order to gain global acceptance and make their way correctly, as the Most government banks do not have channels with international banks and international institutions, and this must be addressed, and this plan receives the attention and follow-up of the Prime Minister because it requires the will of the government.”
The Governor of the Central Bank continued, “For necessities related to Iraq having an ongoing relationship with the International Monetary Fund within a specific program for the purpose of giving positive signals to global financial institutions, given that the International Monetary Fund is more like an auditor of countries’ economies, we submitted a letter at the end of last month to the Fund’s management of Iraq’s desire to Entering a non-financing program, meaning that we do not need to borrow, but within the framework of coordination, technical and advisory support, and entering into a plan that is in keeping with and harmonious with the government’s plan for economic reform, and we received an answer from the Director General of the Fund, which was very welcoming of entering into this program.”
He concluded by saying: "In light of this, and in these meetings, we have begun to enter into the details of the program plan and procedures that will be present soon through a delegation that will visit Iraq.
the are from today
Al-Sudani meets a number of members of the Iraqi community in the American city of Houston
Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani met with a number of members of the Iraqi community in the city of Houston, Texas, USA, where he learned about their conditions and listened to their proposals and proposals, all of which serve the service of their country.
The Prime Minister indicated, in his speech, the government’s keenness to communicate with members of the Iraqi community everywhere, stressing the need for their capabilities and competencies in all fields, and announcing the imminent creation of a department for expatriates linked to the Office of the Prime Minister, for the purpose of following up on the conditions and requirements raised by members of the Council of Ministers. Iraqi communities.
He stated that Iraq today has regained its health, and is proceeding with confidence in the development taking place in the right direction, especially after the victory of the Iraqis through their brotherhood and cohesion over ISIS terrorism, a battle that united all segments of the Iraqi people and moved the country towards stability and development.
Al-Sudani stressed that Iraq today is embarking on the field of reconstruction, development, and completion of infrastructure, an image that may not reach the entire outside world, in addition to the economic and social renaissance that the country is witnessing.
He explained that his current visit to the United States comes to establish the foundations of partnership and permanent bilateral relationship between the two countries, in accordance with the sustainable interests of the two peoples, and that the government today has been able to achieve an advanced percentage in the government program, in a way that enhances the citizen’s confidence in the performance of the service and official agencies, strengthens the factors of stability, and pushes development projects and government priorities towards completion, implementation, and achieving the aspirations of citizens.
The Prime Minister stressed that Iraq is a country full of opportunities, and the size of the projects, as certified by international organizations, amounts to 400 billion dollars. At the end of his speech, he praised the Iraqi community in America, which he described as important and qualitative, and we are proud of its contributions and expect it to contribute to the reconstruction and prosperity of Iraq.
An economic expert explains the reason for the scarcity of the dinar and reveals a “big mistake”
Bassem Jamil Antoine told Al-Furat News Agency, “The scarcity of the dinar is due to the reasons people hoard it and use it for work and trading instead of the dollar and investing it.”
He added, "A process of dollarization of society was carried out, and this is a big mistake, until the public went towards buying property and real estate, and the dinar decreased from the street."
Antoine continued, "There can be reassurance from citizens if the sanctioned banks are restored and dealt with correctly, and stability will return again."
Al-Sudani to the Iraqi community in Michigan: The government represents all components and Iraq is regaining its health
The Prime Minister, Mr. Muhammad Shiaa Al-Sudani, met at dawn on Friday with elite members of the Iraqi community during a gathering held at the Islamic Forum in the American state of Michigan, where the meeting hall was crowded with Iraqi families from different sects and components that characterize Iraq.
The Prime Minister, in a conversation with members of the community within the Islamic Forum in the state, expressed a sense of pride and pride in the members of the community who have maintained their national affiliation, and among them are mujahideen who fought the dictatorial regime, as well as competencies who have proven their success in various specializations, which represents a wealth. Human resources needed by the development process in Iraq.
His Excellency explained that the government today represents all components, based on a large political coalition, and the people’s program feels its repercussions through their optimism and satisfaction, which was accompanied by security and political stability. These are factors that pushed us to continue working and providing services, and to move within a new economic and investment policy in addition to basic economic reforms.
The Prime Minister referred to the government’s balanced policy regarding the events in the region and the repercussions of the war in Gaza, the repercussions of which Iraq had previously warned. The government pursued a balanced foreign policy to make Iraq a station for security, in accordance with the principle of intertwined interests and economic partnerships. This is why the Development Road Project came to enhance stability. in Iraq.
His Excellency stressed that Iraq is in the process of recovery and has taken its leading position that attracts work and companies, which represents a guarantee for the stability of the region. Victory over ISIS has been achieved through the sacrifices of its people and the help of the international community and friends under the title of the international coalition, whose justifications for existence have ended today, and work is underway to move the relationship with the coalition countries to Multiple broader stations of security cooperation.
The Prime Minister revealed the content of the meetings with officials and representatives of American companies, which resulted in cooperation with American companies in the investment opportunities presented to them in the field of oil, gas and petrochemicals, stressing the government’s keenness to take care of all the affairs of the people of the community, through its directives to the ambassadors and the Ministry of Foreign Affairs to take care of their interests. And their affairs.
Al-Sudani from America: The justifications for the presence of the international coalition in Iraq ended today
Prime Minister Muhammad Shiaa Al-Sudani considered, on Friday, the justifications for the presence of the international coalition against ISIS, led by the United States, in Iraq “have ended.”
This came in a speech during his meeting with elite members of the Iraqi community during a gathering held at the Islamic Forum in the American state of Michigan at dawn today (Baghdad time).
Al-Sudani said in his speech, “The government today represents all the components, based on a large political coalition, and the people’s program feels its repercussions through their optimism and relief, which was accompanied by security and political stability. These are factors that prompted us to continue working and providing services, and to move within a new economic and investment policy alongside Fundamental economic reforms.
The Prime Minister referred to "the government's balanced policy regarding the events in the region and the repercussions of the war in Gaza, the repercussions of which Iraq had previously warned," adding that "the government pursued a balanced foreign policy to make Iraq a station for security, in accordance with the principle of intertwining interests and economic partnerships. This is why it came." "Development Road Project to enhance stability in Iraq."
Al-Sudani also stressed that “Iraq is in the process of recovery and has taken its leading position that attracts work and companies, which represents a guarantee for the stability of the region, and victory over ISIS has been achieved through the sacrifices of its people and the help of the international community and friends under the title of the international coalition, whose justifications for its existence have ended today,” pointing out that “work is underway.” To move the relationship with the coalition countries to multiple broader stages of security cooperation.”
The Prime Minister revealed the content of the meetings with officials and representatives of American companies, which resulted in cooperation with American companies in the investment opportunities presented to them in the field of oil, gas and petrochemicals.
The Democratic Party: Barzani is eagerly awaiting the results of Al-Sudani’s visit to Washington
The representative of the Kurdistan Democratic Party, Mahma Khalil, confirmed that Nechirvan Barzani is looking at Al-Sudani’s visit to Washington with enthusiasm.
Khalil said, in a televised interview followed by Mawazine News, that “the Sunni and Kurdish partners in the political process have authorized Muhammad Shiaa al-Sudani to negotiate with the American side to advance the economic and security reality in Iraq and strengthen the bilateral relationship between the two countries, stressing that America wanted to host al-Sudani a year ago.” from now on".
He added, "All the political blocs, including the President of the Region, Nechirvan Barzani, only view Al-Sudani's visit to Washington with optimism and success, noting that the success of Muhammad Shia' Al-Sudani is the success of the entire government program and the success of the state administration coalition."
He pointed out that Iraq is considered one of the countries most capable of bringing viewpoints together in the region because of its good relationship with all the countries of the region and its neighboring countries.
From Social Media
Al-Sudani from America: The justifications for the presence of the international coalition in Iraq ended today
Sudanese from Michigan: The government represents all components and is keen to take care of the affairs of all members of the community
Prime Minister Muhammad Shiaa Al-Sudani met with an elite group of members of the Iraqi community at the Islamic Forum in the American state of Michigan.
Al-Sudani expressed his feeling of pride and pride in the members of the community, who have maintained their national affiliation, and among whom are the mujahideen who fought the dictatorial regime,” stressing: “The government today represents all components based on a large political coalition, and a program whose repercussions people feel through their optimism and satisfaction, which was accompanied by stability.” Security and political.”
The Prime Minister stressed the government’s keenness to take care of all the affairs of the community’s members, through its directives to the ambassadors and the Ministry of Foreign Affairs to take care of their interests and affairs.
He pointed to the government’s balanced policy regarding the events in the region and the repercussions of the war in Gaza, the repercussions of which he had previously warned Iraq.
He continued: “The The government pursued a foreign policy characterized by balance to make Iraq a station for security in accordance with the principle of intertwined interests and economic partnerships,” indicating: “Iraq is in the process of recovery, and has taken its leading position that attracts work and companies in a way that represents a guarantee for the stability of the region.”
Al-Sudani: Iraq is in the process of recovery and has taken its leading position that attracts work and companies
The Prime Minister confirmed, today, Friday, that Iraq is in the process of recovery and has taken its leading position that attracts work and companies.
The Prime Minister’s Media Office stated, in a statement received by Al-Iqtisad News, that “Al-Sudani met at dawn today, Friday (Baghdad time), with an elite group of members of the Iraqi community during a gathering held at the Islamic Forum in the American state of Michigan, where the meeting hall was crowded with Iraqi families from The various sects and components that characterize Iraq.”
In a conversation with members of the community inside the Islamic Forum in the state, the Prime Minister expressed “a feeling of pride and pride in the members of the community who have maintained their national affiliation, and among them are mujahideen who fought the dictatorial regime, as well as competencies who have proven their success in various specializations, which represents human wealth.” “It is needed by the development process in Iraq.”
He explained, "The government today represents all components, based on a large political coalition, and the people's program feels its repercussions through their optimism and satisfaction, which was accompanied by security and political stability. These are factors that pushed us to continue working and providing services, and to move within a new economic and investment policy in addition to basic economic reforms." .
He pointed to "the government's balanced policy regarding the events in the region and the repercussions of the war in Gaza, the repercussions of which Iraq had previously warned. The government pursued a balanced foreign policy to make Iraq a station for security, in accordance with the principle of intertwined interests and economic partnerships. This is why the Development Road Project came to enhance stability in Iraq." .
He stressed that "Iraq is in the process of recovery and has taken its leading position that attracts work and companies, which represents a guarantee for the stability of the region. Victory over ISIS has been achieved through the sacrifices of its people and the help of the international community and friends under the title of the international coalition, whose justifications for its existence have ended today, and work is underway to move the relationship with the coalition countries to "Multiple broader stages of security cooperation."
The Prime Minister revealed "the content of the meetings with officials and representatives of American companies, which resulted in cooperation with American companies in the investment opportunities that were presented to them in the field of oil, gas and petrochemicals, stressing the government's keenness to take care of all the affairs of the people of the
community, through its directives to the ambassadors and the Ministry of Foreign Affairs to take care of their interests." And their affairs.”
Sudanese from Michigan: The government represents all components and is keen to take care of the affairs of all members of the community
Prime Minister Muhammad Shiaa Al-Sudani met with an elite group of members of the Iraqi community at the Islamic Forum in the American state of Michigan.
Al-Sudani expressed his feeling of pride and pride in the members of the community, who have maintained their national affiliation, and among whom are the mujahideen who fought the dictatorial regime,” stressing: “The government today represents all components based on a large political coalition, and a program whose repercussions people feel through their optimism and satisfaction, which was accompanied by stability.” Security and political.”
The Prime Minister stressed the government’s keenness to take care of all the affairs of the community’s members, through its directives to the ambassadors and the Ministry of Foreign Affairs to take care of their interests and affairs.
He pointed to the government’s balanced policy regarding the events in the region and the repercussions of the war in Gaza, the repercussions of which he had previously warned Iraq.
He continued: “The The government pursued a foreign policy characterized by balance to make Iraq a station for security in accordance with the principle of intertwined interests and economic partnerships,” indicating: “Iraq is in the process of recovery, and has taken its leading position that attracts work and companies in a way that represents a guarantee for the stability of the region.”
Parliament Finance advises raising exchange rates again... What about oil revenues?
Member of the Parliamentary Finance Committee, Adnan Al-Zarfi, stressed today, Friday, the necessity of suspending the dollar exchange rates in Iraqi markets, while indicating that America is pressuring Iraq to reform the banking system.
Al-Zarfi said, in an interview followed by Al-Iqtisad News, that “the exchange rate of the dollar against the Iraqi dinar must be more than 1,500 dinars in order to create real economic development,” indicating that “the current exchange rate allows for the weakening of the local industry.”
He added, "The revenues from Iraqi oil exports go to the US Federal Bank in two accounts," pointing out that "the US Federal Bank noticed that there were different numbers for Iraq's imports from customs and the central bank, which led to a change in the trade financing mechanism."
The member of the Finance Committee added, “Failure to pay taxes and customs duties is one of the most important indicators Americans have about the economy.”
Al-Zorfi stated, “The Al-Kadhimi government neglected to establish the dollar platform despite America’s demand to do so,” noting that “America is pressuring Iraq to reform the banking system, and within 5 years we will eliminate monetary dealing.”
After reports of the use of Iraqi airspace to attack Iran... Parliament moves in response to a “dangerous” indicator
Today, Friday (April 19, 2024), the Parliamentary Security and Defense Committee commented on the use of Iraqi airspace by Israel to strike Iran, describing it as a “dangerous indicator.”
Committee member Mehdi Taqi said, in a statement to “Baghdad Today,” that “the Zionist entity’s intention to use Iraqi airspace to attack Iran is a dangerous indicator, and there must be movement towards the international and international community to prevent the use of ethnic airspace to attack any country.”
Taqi stressed "the necessity of expediting the purchase of advanced air defense systems to protect Iraq's airspace and prevent violations of sovereignty or threats to Iraqi national security."
Taqi concluded his statements by stressing that "the Security and Defense Committee will work to host officials in the security authorities to discuss the repercussions of the use of Iraqi airspace by the Zionist entity."
Social networking sites had circulated pictures showing the remains of a Zionist missile that was heading to Iran in Wasit Governorate.
According to the social media sites followed by “Baghdad Al-Youmo”, the remains of a Zionist missile that was heading to Iran were found and fell in the Al-Aziziya district in Wasit Governorate.
Local media had quoted a security source as saying, “No targeting was recorded inside Iraq from all sides, but military radars recorded the passage of foreign objects over Iraq’s airspace,” without giving further details.
Meanwhile, Iranian official media reported today, Friday (April 19, 2024), that explosions were heard in the center of the city of Isfahan, and Iran confirmed that there was no missile attack or damage to sensitive facilities.
While American media quoted officials as saying that Israel carried out retaliatory strikes in response to the Iranian attack that targeted it last Saturday, the Israeli army refused to comment on the matter.
The Iranian News Agency (IRNA) said that anti-aircraft defenses were activated in the airspace of a number of the country's provinces, confirming that 3 small drones - known as suicide planes that do not travel long distances - were shot down near the Shikari Army Air Base.
The agency confirmed that the attack did not result in major damage or explosions, while state television reported that no nuclear facilities were affected or nuclear sites were targeted in the city of Isfahan.
Al-Sudani: Iraq is a country full of opportunities, as witnessed by international organizations
Prime Minister, Muhammad Shiaa Al-Sudani, confirmed that Iraq is a country full of opportunities, as witnessed by international organizations.
The Prime Minister's Media Office stated in a statement, "Prime Minister Muhammad Shiaa Al-Sudani met today, Thursday, with a number of members of the Iraqi community in the city of Houston, Texas, USA, where he learned about their conditions and listened to their proposals and proposals, all of which serve the service of their country."
Al-Sudani indicated, according to the statement, “the government’s keenness to communicate with the members of the Iraqi community everywhere,” stressing “the need for their capabilities and competencies in all fields, and announcing the imminent creation of a department for expatriates linked to the Office of the Prime Minister, for the purpose of following up on the conditions and requirements raised by the members of the Iraqi community.” Iraqi communities.
He stated that "Iraq today has regained its health, and is proceeding with confidence in the development taking place in the right direction, especially after the victory of the Iraqis through their brotherhood and cohesion over ISIS terrorism, a battle that united all segments of the Iraqi people and moved the country towards stability and development."
He stressed that "Iraq today is embarking on the field of reconstruction, development, and completion of infrastructure. This is an image that may not fully reach the outside world, in addition to the economic and social renaissance that the country is witnessing."
He explained that "his current visit to the United States comes to establish the foundations of partnership and permanent bilateral relationship between the two countries, in accordance with the sustainable interests of the two peoples, and that the government today has been able to achieve an advanced percentage in the government program, in a way that enhances the citizen's confidence in the performance of the service and official agencies, and strengthens the factors of stability." It pushes development projects and government priorities towards completion, implementation, and fulfillment of citizens’ aspirations.”
The Prime Minister stressed that "Iraq is a country full of opportunities, and the size of projects, as certified by international organizations, amounts to 400 billion dollars. At the end of his speech, he praised the Iraqi community in America, which he described as important and qualitative, and we are proud of its contributions and expect it to contribute to the reconstruction and prosperity of Iraq."
A parliamentary committee comments on the results of Sudanese’s visit to Washington
Member of the Parliamentary Investment and Development Committee, Ali Al-Maksousi, confirmed today, Friday (April 19, 2024), that the visit of Prime Minister Muhammad Shia Al-Sudani to Washington “will enhance investment opportunities during the next stage.”
Al-Maksusi told “Baghdad Today” that “Iraq has various investment opportunities, and there is a safe environment for this investment with security and political stability,” noting that “Sudani’s recent visit to Washington will enhance investment opportunities and there will be international companies operating in Iraq, and this "It certainly has great positive results on the overall economic situation."
He stated, "The Iraqi government gives the economic and investment file a great priority, and that is why the Sudanese cared so much about this file during his visit to Washington, and in the next stage, there will be investment opportunities in various sectors, and Iraq will be an arena for international companies."
It is noteworthy that the Prime Minister, Muhammad Shiaa Al-Sudani, began an official visit to the United States since Saturday/Sunday night, during which he met with US President Joe Biden and the most prominent members of his administration. Al-Sudani also sponsored the signing of several memorandums of understanding, the majority of which were in the field of energy and gas investment.
During his meeting with the Iraqi community.. Al-Sudani from Michigan: The justifications for the presence of the international coalition in Iraq ended today (video)
Today, Friday, Prime Minister Muhammad Shiaa Al-Sudani considered the justifications for the presence of the international coalition against ISIS, led by the United States, in Iraq “to have ended.”
The Prime Minister’s Media Office stated, in a statement received by Noon News Agency, that “Prime Minister Muhammad Shiaa Al-Sudani met at dawn today, Friday (Baghdad time), with elite members of the Iraqi community during a gathering held at the Islamic Forum in the American state of Michigan, where the hall was crowded. “Meeting with Iraqi families from different sects and components that characterize Iraq.”
In a conversation with members of the community inside the Islamic Forum in the state, the Prime Minister expressed “a feeling of pride and pride in the members of the community who have maintained their national affiliation, and among them are mujahideen who fought the dictatorial regime, as well as competencies who have proven their success in various specializations, which represents human wealth.” “It is needed by the development process in Iraq.”
He explained, "The government today represents all components, based on a large political coalition, and the people's program feels its repercussions through their optimism and satisfaction, which was accompanied by security and political stability. These are factors that pushed us to continue working and providing services, and to move within a new economic and investment policy in addition to basic economic reforms." .
He pointed to "the government's balanced policy regarding the events in the region and the repercussions of the war in Gaza, the repercussions of which Iraq had previously warned. The government pursued a balanced foreign policy to make Iraq a station for security, in accordance with the principle of intertwined interests and economic partnerships. This is why the Development Road Project came to enhance stability in Iraq." .
He stressed that "Iraq is in the process of recovery and has taken its leading position that attracts work and companies, which represents a guarantee for the stability of the region. Victory over ISIS has been achieved through the sacrifices of its people and the help of the international community and friends under the title of the international coalition, whose justifications for its existence have ended today, and work is underway to move the relationship with the coalition countries to "Multiple broader stages of security cooperation."
The Prime Minister revealed "the content of the meetings with officials and representatives of American companies, which resulted in cooperation with American companies in the investment opportunities that were presented to them in the field of oil, gas and petrochemicals, stressing the government's keenness to take care of all the affairs of the people of the community, through its directives to the ambassadors and the Ministry of Foreign Affairs to take care of their interests." And their affairs.”
Al-Sudani: The government is proceeding with important projects in the pharmaceutical industry and housing
Prime Minister, Muhammad Shiaa Al-Sudani, confirmed today, Friday (April 19, 2024), that “the government is proceeding with important projects in the pharmaceutical industry and housing.”
A statement from the Prime Minister's Office, received by "Baghdad Today", stated that Al-Sudani met with an elite group of Iraqi businessmen residing in the American state of Michigan, as part of his official visit to the United States.
The businessmen reviewed their companies' specializations and businesses, and expressed their willingness to be in Iraq to pursue and participate in the investment opportunities available in various sectors and contribute to building their country.
Al-Sudani stressed, during the meeting, that “Iraq is witnessing today a new reality with regard to the private sector,” explaining “a series of practical steps taken by the government and the facilities it granted to the private sector,” noting, “what has been accomplished at the level of financial and banking reform, which has brought The percentage of contracts that comply with international standards is 80%, according to reports from international institutions.
He touched on "the government's important projects in the field of the pharmaceutical industry and the housing sector," pointing to "the start of establishing new residential cities, which include the construction of tens of thousands of housing units, the job opportunities they provide for young people, and the revitalization of the construction sector and dozens of related professions."
The Prime Minister urged Iraqi businessmen to seize the available investment opportunities and bring production lines to laboratories and factories in various specializations, noting that “Iraq’s budget for the three years included, for the first time, providing sovereign guarantees to the private sector, in addition to establishing the Iraq Development Fund, which He will work with this sector to implement vital and important projects, which will contribute to moving the wheel of the economy and implementing the government’s vision for sustainable development and a strong and prosperous Iraq.”
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