Reconstructing Iraq: The role of banks in financing the future
Banks play a crucial role in financing reconstruction, by providing the loans and credit facilities necessary to finance construction and infrastructure projects.
The Iraqi Deposit Insurance Company played an important role in enhancing the confidence of investors and depositors in the Iraqi banking system, which made it easier for banks to obtain the necessary financing for reconstruction. It is estimated that Iraqi banks have provided loans worth more than $10 billion to finance reconstruction projects in recent years.
Germany's experience after World War II is an inspiring example of how banks can play a crucial role in the country's reconstruction. The KfW German Development Bank has contributed to financing many vital projects in Germany, such as rebuilding industrial and residential infrastructure, and providing financing for small and medium-sized companies.
Commenting on the Sudanese position... Washington expresses its concern about targeting its commercial interests in Iraq
The American Chamber of Commerce expressed its concern for employees of companies and restaurants carrying American trademarks in Iraq.
Chamber Vice President Steve Lutz said, “We are concerned about those employees and companies,” noting that “what is regrettable is that targeting these companies is targeting Iraq and its residents, and those who work in those companies are Iraqis who receive their salaries from there and support their families.”
He added, "The attacks harm the Chamber of Commerce, and we are not happy about that," noting that "this is not a good way at all to express protest against major issues."
The Vice President of the Chamber praised the position of the Iraqi Prime Minister, saying: “We are happy to see people like the Sudanese Prime Minister expressing their concern and not supporting these (attacks).”
He pointed out that "companies have a good understanding and know that this is a temporary matter," noting that "many investments in various sectors were not affected by the attacks."
An armed faction does not rule out resuming operations against American forces if Baghdad fails to remove them
The Sayyid al-Shuhada Brigades, one of the most prominent Iraqi armed factions, did not rule out, today, Saturday, the resumption of military operations against American forces in the event that the federal government’s negotiations to remove them from the country fail, stressing that the armed factions opposed to the foreign military presence in Iraq have set a deadline for the government regarding withdrawal. United States forces.
The Brigades’ spokesman, Kazem al-Fartousi, told Shafaq News Agency, “The presence of American forces in Iraq - which are occupying forces - is categorically rejected, and it is not a temporary rejection, or dependent on a specific time and circumstance, and working to remove those forces through factional operations and others has its own circumstances.” "It has its own privacy."
He stated, “The resistance factions gave an opportunity to the Iraqi government, Prime Minister Muhammad Shia al-Sudani, and the Iraqi Military and Technical Negotiating Committee to remove the American forces according to a specific agreement and an announced timetable,” adding that “the factions hope that there will be an agreement that leads to a positive result in removing the occupying forces while preserving Iraq's foreign relations with countries are in accordance with the principle of reciprocity and in a manner that respects Iraqi sovereignty."
Al-Fartusi added, "There is no specific date for the opportunity given to the Iraqi government by the armed factions, but if the negotiations fail, there will be a return to military action against the Americans by the factions," stressing, "We are still following and monitoring the results of those negotiations directly and continuously." ".
The spokesman for the Sayyid al-Shuhada Brigades continued, "We are still waiting for the results of the negotiations to be officially announced, even though these negotiations require time and the Iraqi government is the one who schedules the duration of the negotiation period and announces the results."
Al-Fartusi concluded his speech by saying, “When the government announces that nothing has been reached with the American side regarding withdrawal, here the factions will have a say and a position, and that is why we are still waiting for what the government will announce during the next stage.”
At the beginning of this year, the Iraqi Ministry of Foreign Affairs announced the success of the negotiations with America and the agreement to form a “supreme military committee” to formulate a specific and clear timetable that determines the duration of the presence of international coalition advisors in Iraq.
On Wednesday, June 5, an informed political source revealed a 40-day deadline granted by Iraqi armed factions to Prime Minister Muhammad Shiaa al-Sudani to resolve the issue of removing American forces from the country, threatening that otherwise they would resume their attacks against American military forces.
In early February, attacks by armed groups on American forces in Iraq and Syria stopped, after a drone attack killed three American soldiers in Jordan. In response, the United States carried out air strikes on sites in Iraq and Syria.
In the midst of the new developments, an informed political source explained to Shafaq News Agency, “A number of armed factions have given Sudanese and his government a deadline until the middle of next July to resolve the issue of removing American forces from the country.”
The source added, "The factions required setting a declared and binding timetable to resolve this file. Otherwise, military operations will resume against American targets and interests in Iraq and the region."
On January 30, 2024, the Iraqi Hezbollah Brigades announced the cessation of its operations against American forces in order “not to embarrass the Iraqi government,” recommending its fighters to “temporarily passive defense.”
Iraqi armed factions launched periodic attacks on American bases in Iraq and Syria, starting in late October 2023, against the backdrop of the Gaza War.
The local government in Mosul calls for allowing exchange companies in Nineveh to enter the dollar selling window
The local government in Nineveh announced that it will approach the Central Bank of Iraq and the Prime Minister's Office in order to allow banking companies in Nineveh to enter the currency selling window.
Abdul Qadir al-Dakhil, Governor of Nineveh, said in a statement to the National Iraqi News Agency ( NINA ) that he "met with a number of owners of banking companies, and that it is unreasonable for Nineveh to remain alone without banking companies, indicating that this affects the economic situation in the province."
For his part, the head of the The Association of Banks in Nineveh Abdullah Khalil said in a statement to Nina that “Nineveh is still denied entry to the dollar selling window despite taking all the measures and instructions imposed by the Central Bank.”
He explained that “Nineveh’s entry into the window will give the people the right to obtain the dollar at the Central Bank’s price similar to that.” In the rest of the governorates.
Will the governorates recalculate their calculations in the upcoming budgets?
Despite the House of Representatives' vote on the 2024 budget, the fever of criticism is still present, due to the injustice that befell the central and southern governorates, especially the governorates that are Iraq's food basket and source of livelihood.
Last Monday, June 3, the Iraqi Parliament voted on the budget schedules for the current year 2024.
The hours before the vote witnessed controversy within the Parliamentary Finance Committee, as votes were taken twice on the budget tables due to disagreements.
And earlier; Members confirmed that the committee voted on the federal budget schedules for the year 2024 without making changes to them, indicating the allocation of two trillion dinars for transfer between the exchange doors.
One of the most unjust governorates is Basra Governorate, which is considered the largest funder of the country’s budget, as many projects there will be canceled due to their allocations that do not fit the size of its status.
The head of the Basra Governorate Council, Khalaf Al-Badran, confirmed that the funds allocated to the governorate in the 2024 budget are insufficient to complete the planned projects.
Al-Badran said in a press statement, “Many of these projects will be canceled due to insufficient allocation to the governorate within the budget.”
Al-Badran considered that "the central government (oppressed) Basra with these allocations."
As for Dhi Qar, the representative of Dhi Qar Governorate, Ola Odeh, commented today, Saturday, on the governorate’s share of the federal general budget for the current year 2024.
Odeh told Al-Maalouma, “The financial allocations allocated to Dhi Qar Governorate within the 2024 budget are not sufficient to improve its dilapidated service situation, pointing out that the governorate needs larger budgets and broader projects.”
She indicated that Dhi Qar Governorate’s share of the budget included the Dhi Qar Reconstruction Fund at 346 billion dinars, in addition to 143 billion dinars from the regional development share.
According to Al-Sudani, the revenues of the 2024 budget are estimated at “144 trillion and 336 billion dinars, while expenditures amount to 210 trillion and 936 billion dinars, while the deficit is 63 trillion and 599 billion dinars.”
This injustice will certainly make the southern governorates reconsider their calculations in the upcoming budgets, especially after they felt the extent of discrimination in treatment between them and the Kurdistan region.
Parliamentary Services: The government has completed 65% of its program, and the next stage will include new projects
The Parliamentary Services Committee confirmed today, Saturday, that the current government has completed 65% of its service program, pointing out that the next stage will include the entry into force of new projects.
Baqir Al-Saadi, a member of the Parliamentary Services Committee, told Al-Furat News Agency, “The current government has completed 65% of its service program, as service and housing projects have been started, the completion rate of which has reached approximately 20%.”
He added, "The next stage will include the entry into force of new projects from the 2004 and 2025 plans, and reconstruction will begin as soon as possible, in addition to allocating financial sums in the budget, which amounted to 2 trillion dinars, in addition to the amounts allocated from the Food Security Law, which reached the share of projects in the southern governorates." 27 trillion dinars.
He stressed, "The current budget is large and specializes in the service aspect."
Israel announces the release of 4 hostages during a special operation in Gaza
The Israeli army announced today, Saturday, that it was able to rescue four hostages in the Gaza Strip, who were being held by Hamas in the Nuseirat camp.
He said in a joint statement with the Shin Bet and the Israeli police, “In a complex operation carried out by the Israeli army, the Shin Bet and the Israeli police, four Israeli hostages were rescued this morning (Saturday), Noa Argamani (25 years old), Almog Meir (21 years old), and Andrei Kozlov ( 27 years old) and Shlomi Ziv (40 years old), who were kidnapped by Hamas and brought to the Gaza Strip from the Hanuva party on October 7.”
According to the statement, the abductees were rescued by Shin Bet fighters and the Israeli army from two different locations during the operation in the heart of the Nuseirat camp.
He explained that the hostages' health condition was normal and they were referred for further medical examinations at the Tel Hashomer Sheba Medical Center.
For its part, the Hebrew Channel 13 said that the political echelon in Israel agreed last Thursday to carry out the operation to free the hostages this morning, and the mission was carried out successfully.
For his part, Minister of the War Council, Benny Gantz, postponed a press conference during which he was scheduled to announce his withdrawal from the government, after the Israeli army announced the liberation of 4 detainees from the Nuseirat camp in the Gaza Strip, according to Hebrew media.
Yedioth Ahronoth newspaper said, "The head of the State Camp, Minister Benny Gantz, postponed the statement that was scheduled for tonight, following the rescue of the four kidnapped persons in the special operation of the security forces in the Nuseirat camp in the central Gaza Strip."
A source reveals the reasons for the intense security deployment in Baghdad
An informed security source said on Saturday that the security deployment taking place in the streets of the capital, Baghdad, will continue until after Eid al-Adha as part of measures he said were to “impose the prestige of the state,” after threats and attacks targeted foreign commercial agencies, restaurants, and alcoholic beverage stores. A press statement said, “After Eid al-Adha, the situation will be evaluated by the higher authorities, as threats continue against foreign commercial agencies and restaurants, as well as stores that sell alcoholic beverages.”
Regarding the details of the security deployment, the source said, “The evening hours will have more traffic as a result of the increase in fraud.” “Controls and direct inspections in vital areas such as Karrada, Jadriya, Palestine Street, Zayouna, and Al-Mansour.”
He also pointed out the presence of a security deployment in the Bismaya residential complex due to the presence of “one foreign company inside the complex and a second outside it, and orders were issued to provide protection for them.”
A delegation from Kurdistan will arrive in Baghdad soon to resolve the issue of salaries for security forces in the region
Wafa Muhammad Karim, a leader in the Kurdistan Democratic Party, said today, Saturday, that a delegation from the Kurdistan region will arrive in Baghdad soon to resolve the issue of security forces’ salaries.
Karim told {Al-Furat News} agency, “The region is waiting for the salaries of the month of May for its employees, but there is a problem with the salaries of the security lists, as the region sends the salaries through quotas and not by the three or four names that the center demands.”
He added, "A delegation from the region's Finance Committee will visit Baghdad to resolve this matter. There is no problem regarding the salaries of regular employees, but there is a problem regarding security salaries."
He pointed out, "The process of localizing salaries is slow and salaries remain continuous monthly and salaries are not stopped during the localization process," expecting that "there is procrastination regarding the salaries of the security authorities and that there will be political interventions to resolve the matter."
and then they did arrive
A delegation of the Kurdistan government and oil companies arrives in Baghdad to discuss the export of the region's oil
Today, Saturday, a delegation of the Kurdistan Regional Government and oil companies arrived in Baghdad on an official visit at the invitation of the Iraqi Ministry of Oil.
Omid Sabah, Chief of Staff of the Presidency of the Region’s Council of Ministers, said in a statement received by Shafaq News Agency: "The purpose of the Kurdistan Regional Government delegation's visit to Baghdad and their meeting with the Iraqi Ministry of Oil is to continue talks between the Regional Government and the Iraqi government and to develop a solution mechanism to resume the export of the Region's oil."
The Kurdistan Regional Council of Ministers issued a decision on Wednesday, June 5, for a delegation from the regional government and oil companies to visit the federal capital, Baghdad, to discuss finding a mechanism to overcome all obstacles that hinder the resumption of oil exports.
Kurdistan Finance announces sending the fourth list of names of KRG employees to TBI Bank
The Ministry of Finance and Economy of the Kurdistan Regional Government (KRG) announced on Saturday, June 8, 2024, the sending of the fourth list of names of the KRG employees to the (TBI) Bank.
The ministry said in a statement, a copy of which was received by Kurdistan 24, that "within the framework of the process of localizing the salaries of the employees of the Kurdistan Regional Government through the (My Account) project, last Thursday, for the fourth week in a row, a fourth list of the names of employees, including information for 539 employees from all ministries of the Kurdistan Regional Government, was sent to the Iraqi Trade Bank (TBI)."
The ministry added that "within the framework of the agreement concluded between the Ministry of Finance and Economy in the Kurdistan Regional Government and the Iraqi Trade Bank (TBI), the regional government will continue to prepare lists of the names of employees who chose this bank to receive their salaries from among the eight banks participating in the (Hesabi) project, and according to the process approved by the Central Bank of Iraq, where new lists of names will be prepared and sent to the bank weekly."
She pointed out that "the ministry has so far sent 4 lists, which include information and data on employees, bringing the total number of names sent to the Iraqi Trade Bank (TBI) to three thousand and 917 employees in the Kurdistan Regional Government, where the (TBI) Bank delivered the first package of bank cards to the team specialized in the project (My Account), and included the cards of (368) employees. "
"We hope that the Iraqi Trade Bank (TBI) will start opening bank accounts and handing over cards to employees and payrollers in the Kurdistan Region as soon as possible," the ministry said.
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These are from today IRAQI NEWS SUNDAY JUNE 9 24
Iraq bids farewell to the list of “high-risk countries”
Observers and specialists in political affairs expressed their optimism about Iraq’s exit from the list of “high-risk countries” that was officially announced by the International Task Force (FATF) last week, noting that the international declaration represents an important step in the correct path that the Sudanese government is taking in achieving reforms. Financial and economic along with political stability.
Political affairs analyst, Qasim Balshan Al-Tamimi, told “Al-Sabah”: “Iraq’s exit from (the follow-up area) and from the list of (high-risk countries), according to the announcement of the International Task Force (FATF), is a very important step,” noting that “the announcement The International Bank came as a result of the reforms carried out by the Central Bank of Iraq, as well as the procedures and reforms of the Office of Combating Money Laundering and the Financing of Terrorism.”
He added, "Iraq's exit from the list also comes as a result of the legislation of the Anti-Money Laundering Law No. 39 of 2015, and also the establishment of the Anti-Money Laundering Council," and explained that "Under the announcement of the International Working Group, Iraq has become outside the monitoring and follow-up process, and this means that it has regained the confidence of the group." "By restoring this confidence, Iraq can play a major and pivotal role in the region and in the world, and this step would also make Iraq a destination and a source of interest for major international development and investment companies." The International Financial Action Task Force (FATF) officially announced Iraq’s exit from the follow-up area, due to the significant progress achieved by the Central Bank of Iraq and the Anti-Money Laundering and Combating the Financing of Terrorism Office in improving and addressing deficiencies and in fulfilling all its obligations towards the recommendations of the Financial Action Task Force and addressing the requirements of the strategy to combat money laundering and financing of terrorism. Terrorism, and thus Iraq is no longer subject to monitoring and follow-up by the international Financial Action Task Force (FATF).
For his part, the political analyst, Ali Al-Baidar, stated in an interview with “Al-Sabah” that “Iraq’s exit from the list of the most corrupt countries is evidence that the Sudanese government is not a government of services - as it is referred to - but rather a reform government that has achieved many political and governmental aspects and prevented "A lot of cases of corruption." He noted that "Iraq's exit from the list confirms the important steps that the government has worked on, and from here we can look at the deep vision with which the authority dealt with and the method of implementing its service programs in a reform manner, many of which were directed towards preventing corruption, such as activating electronic automation, and there is also awareness Socially, it contributed to rejecting cases of rampant corruption in recent years.” He explained that "the fingerprints that Al-Sudani placed on the wheel of reform were reflected positively on the projects and the clarity of vision for many matters related to services and reform. It also appears that Prime Minister Muhammad Shia Al-Sudani laid the foundation for basic visions and ideas that are reflected in the lives of Iraqis, including creating a culture of transparency and integrity, and this The matter affects Iraq's reputation positively, and also affects international support and the creation of an investment environment in Iraq to attract companies, and these are the first fruits of reform that Sudanese reaped as a result of the positive repercussions of his government program.”
The Prime Minister sponsors an international agreement to finance the private sector
Prime Minister Muhammad Shia Al-Sudani opened yesterday, Wednesday, the work of the second specialized workshop to support the private industrial construction sector. During the workshop, he sponsored the signing of a cooperation agreement between the Trade Bank of Iraq (TBI) and the German Export Credit Corporation, to finance private sector development projects within the sovereign guarantees initiative. Governmental.
A statement from the Prime Minister’s Media Office stated, “During the opening of the workshop, under the patronage and presence of the Prime Minister, a cooperation agreement was signed between the Trade Bank of Iraq (TBI) and the German Export Credit Corporation, to finance private sector development projects, within the government’s sovereign guarantees initiative, and a letter of authorization was also signed.” To finance the project to establish a plate glass factory in Najaf Governorate in the amount of 110 million euros, between the Iraqi Trade Bank and the German banks (Commars Bank) and (Aka Bank).
Al-Sudani pointed to "government support for the industrial sector, and removing the problems and obstacles that obstruct this vital sector, which represents a fundamental driver of the economy, and helps address the problem of unemployment by providing job opportunities."
He added, "Support for the Ministry of Industry and industrialists and all the decisions required by the Council of Ministers are on their way to implementation," stressing that "there are 8 projects that are on their way to implementation in light of the provision of sovereign guarantees to support the private sector."
He continued, "Sovereign guarantees provided financial support from German, Italian, and Japanese financial institutions, amounting to 200 million dollars, and there are understandings with the French side amounting to 1 billion euros, for the construction of industrial projects within the private sector."
The Prime Minister stressed, "The housing and construction sector in general is progressing, and this requires construction materials extensively," pointing out that "the available factories for various construction materials only cover a quarter of the need according to the projects that will be initiated, especially residential city projects."
In appreciation of the Prime Minister’s position in support of industrialists, which resulted in a package of decisions taken by the Council of Ministers (yesterday, Tuesday), the Federation of Industries decided that June 4 would be National Industry Day.
Prime Minister Muhammad Shiaa Al-Sudani also chaired a special meeting to follow up on the development and rehabilitation of Baghdad International Airport. On the other hand, in a phone call yesterday, Wednesday, the Prime Minister discussed with Syrian President Bashar al-Assad bilateral relations and the importance of raising the level of fruitful partnership between the two countries.
The call dealt with "security coordination between the two countries in confronting the dangers of the remnants of terrorism and other security challenges, and emphasizing the importance of raising the level of fruitful partnership for the service and development of the two brotherly peoples."
During the call, they discussed "the latest developments in the situation in the region, the ongoing war in Gaza and the continuation of the Zionist aggression, which requires a unified Arab, Islamic and international position, in order to end the suffering of the Palestinian people."
In addition, the Prime Minister received the Director of the Arab World Institute in Paris, the well-known Iraqi poet and diplomat Shawqi Abdel Amir, and during the meeting, Iraqi and Arab cultural affairs and areas of cooperation between Iraq and the Institute Foundation were reviewed. The Prime Minister stressed “the importance of introducing Iraqi culture and heritage in European and international circles.
this part was on social media
Economist Nabil Al-Marsoumi {to Al-Furat News}:
🔹We do not expect that the instructions for the 2024 budget schedules will take time to implement, especially since they went to the Iraqi facts, and once published, the Ministry of Finance will issue its instructions and the funds will be released.
🔹The 2024 budget tables contain clear weaknesses that could drown the country in debt, and the deficit gap in them is large. It will require the issuance of new cash in the amount of 20 trillion dinars and the deduction of transfers to the Central Bank.
🔹 Its negative impact could have been reduced if investment allocations had been released from the suspended trust amounts, which were supposed to be released regardless of the schedules.
🔹I expect that the flow of money into the governorates will begin and the completion of investment projects will begin, provided that the insurance amounts are released, because the financial allocations to the governorates are insufficient and not commensurate with the needs of the governorates.
this is the article
Today, Saturday, the economic expert, Nabil Al-Marsoumi, identified the weak points and the deficit gap in the 2024 budget.Al-Marsoumi said {to Al-Furat News} that: “We do not expect that the instructions for the 2024 budget schedules will take time to implement, especially since they went to the Iraqi facts, and once published, the Ministry of Finance will issue its instructions and the funds will be released.”
He added, "The 2024 budget tables contain clear weaknesses that could drown the country in debt, and the deficit gap in them is large. It will require the issuance of new cash in the amount of 20 trillion dinars and the deduction of transfers to the Central Bank."
Al-Marusmi continued, "Its negative impact could have been reduced if investment allocations had been released from the suspended deposit amounts, which were supposed to be released regardless of the schedules."
The economic expert expected that "the flow of funds into the governorates will begin and the completion of investment projects will begin, provided that the insurance amounts are released because the financial allocations to the governorates are insufficient and not commensurate with the needs of the governorates."
On June 3, the House of Representatives voted to approve the schedules of the Federal General Budget Law 2024 after making amendments to a number of expenditure schedules and financial allocations for the development of the governorates.
The total financial budget amounted to 211.9 trillion dinars, equivalent to more than 153 billion dollars, an increase of 7% over the current year’s budget, and employee salaries, including 62 trillion dinars, a significant difference from last year, which amounted to about 59 trillion dinars.
The general revenues of the Iraqi state, according to the budget, amount to about 145 trillion dinars, which means recording a deficit of 66 trillion. The government says it will reduce the difference in the deficit from high oil prices.
One of the most prominent amendments to the current budget that was subject to scrutiny in Parliament’s Finance Committee is granting the government the authority to transfer funds between ministries, as well as various investment amounts for service and infrastructure projects throughout the country’s cities.
It became clear that the cost of public operating spending in the country had increased, as total employee salaries rose from 59.2 to 63.4 trillion dinars, an increase of 4.2 trillion dinars, and the costs of government care and subsidies increased from 24.5 to 26.9 trillion dinars, an increase of 2.4 trillion dinars.
Six controversial laws await the House of Representatives in its new legislative term
The House of Representatives is awaiting six controversial laws to be voted on during the next legislative term.
Member of the House of Representatives, Dhia al-Hindi, said in a press statement, “The first session of Parliament during the next legislative term will witness the selection of a Speaker of the House of Representatives, and it is likely that the position will be given to the candidate Salem Al-Issawi, “as he is the most acceptable,” as he put it.
Al-Hindi added, “There is a parliamentary agreement to pass six important and controversial laws during the next legislative term, which are {Intelligence, Protection of Diversity, the Iraqi Minority Rights Law, Freedom of Expression, Information Crimes, and the Right to Access to Information Law}.”
Al-Hindi explained that “the divisions that occurred in The Taqaddum Party has created a kind of breakthrough in resolving this position within the Sunni component,” indicating that “changing the bylaws of Parliament will not happen because of disagreements in the Presidency, despite the intention to change it, but for other reasons and some other important paragraphs.”Al-Hindi ruled out holding early elections, pointing out that the current parliamentary session will complete its full term.
Will Iraq’s Prime Minister Sudani Visit China?
The Iraqi prime minister, Mohammed Shia al-Sudani, has been invited to Beijing, but it appears that the Iraqi side is reluctant. Why?
he relationship between Iraq and China is based on more than just oil, despite the fact that the fossil fuel is often seen as its cornerstone. Over 200 projects worth an estimated $5 billion are planned to be implemented under bilateral agreements between China and Iraq, according to local Iraqi media. The head of the Iraqi-Chinese Business Council, Haider al-Rubaie, suggested to the Chinese ambassador that he invite Sudani to visit China to discuss future collaborative projects between the two countries.
According to a source close to the prime minister, in fact, the invitation is on the table and is currently being evaluated.
One would think the decision should be straightforward. Currently, China and Iraq are experiencing their best period of bilateral relations. More and more Arab leaders are visiting Beijing, including for the recent China-Arab States Cooperation Forum, and all the previous Iraqi prime ministers(except Mustafa al-Kadhimi) have visited China, including Nuri al-Maliki, Haider al-Abadi, and Adil Abdul-Mahdi. The latter was the last top Iraqi official to visit Beijing and meet Xi Jinping in the Great Hall of the People during his trip in September 2019.
Abdul-Mahdi’s visit and what followed have created a particular narrative and popular view regarding the China-Iraq relationship. The trip was the largest to date, as he was accompanied by a large delegation of ministers and governors from every province in the country. On his return, however, the 2019 Tishreen protest movement emerged. One of the demonstrators’ wishes was for the prime minister to resign. Less than a month after the unrest began, Abdul-Mahdi was forced out of office.
This was enough to create space for conspiracy theories to flourish. According to rumors, it was the China-Iraq deal that resulted in Abdul-Mahdi’s toppling. This conspiracy theory became a dogma, not only among ordinary people but also among the elites.
Kazem Al-Sayadi, an independent MP, is one of many to claim that Abdul-Mahdi was toppled in part because of the deal. I have personally heard similar statements repeated without skepticism by other Iraqi MPs, let alone ordinary people. As a matter of fact, Abdul-Mahdi himself thinks that the Tishreen protests were an attempt by the United States and Israel to undermine Iraq as it started to break away, even a little, from U.S. control.
Such beliefs and widespread dogma reflect the complex background of the China-Iraq and Iraq-U.S. relationships.
While Iraq’s prime minister has yet to commit to a China trip, Sudani visited Houston, Texas on April 19, accompanied by Minister of Oil Hayyan Abdul Ghani, Minister of Planning Dr. Muhammad Ali Tamim, and a group of prominent businessmen from Iraq. The Bilateral Chamber, a business community, hosted them, and the prime minister took part in a roundtable discussion with American energy, infrastructure, and real estate companies as well as academic institutions. Throughout the trip, Sudani stressed Iraq’s dedication to forming strategic partnerships in order to change its energy environment by adopting sustainability and efficiency.
The United States is attempting to gain influence over the Iraqi energy market by focusing on two key ideas: self-sufficiency and mo
dernization. Iraq intends to accomplish these objectives by 2030. Major U.S. corporations – including, among many others, Baker Hughes, GE Vernova, Honeywell, Weatherford, Worley, KBR, SLB, and Total – were invited by Sudani to invent in Iraq. In particular, he invited the U.S. companies to bid during the sixth licensing round for Iraqi gas and oil fields during the Huston meeting. The meetings sparked a renewed sense of enthusiasm and unity among the Iraqi business delegation, according to Aida Araissi, founder and CEO of the Bilateral Chamber. It did not last long, though.
A month later, on May 11, the Iraqi government organized fifth and sixth rounds oil bidding, encompassing 29 projects. Of those, just 13 were awarded, with 10 of them going to Chinese companies such as Zhongman Petroleum and Natural Gas Group, UEG, and Geo-Jade. No U.S. company won a bid.
Ironically, in Houston, Sudani highlighted “investment opportunities and promoted the fifth supplementary and sixth licensing rounds, which include 30 oil and gas fields and an exploratory gas block in Anbar, Nineveh, Diwaniyah, Najaf, and Samawah.” Despite the personal invitation, no U.S. company was able to win any contracts.
The winner was China.
The tide seems to have fully turned against U.S. companies, despite Sudani’s recent outreach. Recently, there have been protests against U.S. corporations in Iraq; they began in Baghdad and have now extended to Basra.
Neither China nor the United States are openly commenting on the competitive dynamics between them in Iraq. In my encounters and interviews with U.S. diplomats and observers, it became clear that Washington is concerned with China’s influence in the high technology and telecommunications sectors rather than oil. However, despite the concern, the U.S. was unable to stop the expansion of China in Iraqi telecommunications and surveillance.
Only recently, Asiacell, the biggest telecommunications company in Iraq, with more than 15 million subscribers, signed a new “groundbreaking partnership” with the Chinese firm Huawei, which has been heavily sanctioned by the United States. Asiacell is alone; all other telecommunications companies in Iraq are fully dependent on Huawei technology and maintenance. As an informed source told me, the Korak company is currently replacing Ericsson with Huawei.
Given China’s booming commercial ties with Iraq, it might be expected that the exchange of bilateral visits will be more frequent. However, that is not the case, especially when it comes to the top leaders. Sudani has only had one meeting with Xi Jinping thus far, in Riyadh in 2022. The reluctance of Iraqi prime ministers since Abdul-Mahdi to visit China, even while continuing Chinese projects in the country, is a puzzle.
This puzzle makes looking for an answer to the question of “will Sudani visit Beijing” rather complicated. Although he has been invited and that the Iraqi business sector is in favor of his visit, Sudani may be reluctant to go.
It is widely known domestically that Sudani intends to run for office, as a head of a political list, in the upcoming 2025 general election. The primary cause of his predicament is likely trying to decide whether or not the trip to China would help him win the election; especially considering that Nuri al-Maliki, one of the most influential political leaders in Iraq and the Shia community, is against him. After his visit to Washington, Sudani is aware, according to a person I spoke with, that the United States is not satisfied with the overall state of the China-Iraq relationship, particularly in the fields of gas and high-tech. He may not want to risk backlash at a sensitive time for him politically.
Under the present circumstances, it is difficult to see Sudani traveling to Beijing. He may want to allow foreign businesses to operate in Iraq, ranging from China to the United States, but as the results of the most recent oil auction showed, it is hard to accommodate them all.
This was in Iraq but look at all that Chinese writing
Sudanese announces an increase in gas production to the level of 3,100 million standard cubic feet per day
Prime Minister Muhammad Shiaa Al-Sudani announced today, Saturday, that gas production has risen to the level of 3,100 million standard cubic feet per day.
Al-Sudani’s office said in a statement received by Mail, “Prime Minister Muhammad Shia’ al-Sudani opened the associated gas processing project in the Halfaya field in Maysan Governorate, which it arrived on Saturday morning, with a production capacity of 300 million standard cubic feet/day, and it will contribute to stopping... Burn gas and maintain a clean environment.”
Al-Sudani stressed, according to the statement, that “this qualitative project comes within the efforts to increase the benefit from oil and gas wealth, which began in 2019, and witnessed intensive follow-up to activate and complete it, to be achieved today on the path of economic reform and optimal investment, in order to stop the burning of associated gas and the waste it entails.” "It has an impact on the environment and health."
He stated that "gas will contribute directly to the operation of electrical stations and stop imports and the hard currency it depletes annually, as gas production has realistically increased from 2972 million standard cubic feet per day in (2022) to the level of 3100 million standard cubic feet per day. Currently, what is being invested Of it, it does not exceed 1,800 mqmqm.”
The Prime Minister confirmed that “the investment rate for associated gas has increased from 50% to 61%, and that efforts and plans are continuing to invest all the gas produced, and the goal is to reach a (zero) rate of burned gas, by the year 2028.”
The statement added, "The project, which was completed within the contracts for oil licensing rounds, consists of two units, each with a capacity of 150 million standard cubic feet. It desalinates and dries the gas and separates its basic components to obtain dry gas products, which are used to supply the national grid to operate the two Amara stations." The government and Maysan Electric Investment Company, to generate more than (1200) megawatts, according to the available capabilities and energies.
He pointed out that “the production of liquid gas, to cover the needs of Maysan Governorate, with an initial capacity of (1,100) tons per day, at the beginning of operation, reaching 2,200 tons per day, for home use or cars, and transferring the surplus quantities to other governorates, and also producing gas condensates with a production capacity of up to To (20) thousand barrels per day, which is mixed with the crude oil produced to improve its specifications, and the project also produces sulfur as a by-product of the treatment operations.”
These are dated today
Political: The immaturity of the Baghdad and Washington agreements prompted America to extend the presence of its forces
olitical analyst Ibrahim Al-Sarraj believed that the immaturity of the agreements between Iraq and America was behind the US administration’s move towards extending the state of emergency for the presence of its forces inside Iraq.
Al-Sarraj told Al-Maalouma, “Biden renewed the state of emergency for the presence of his military forces inside Iraq, and he based this extension on the outcomes of his meeting with Prime Minister Muhammad Shiaa Al-Sudani during his recent visit to Washington.”
He added, "The government's talk about scheduling the withdrawal of foreign forces from Iraqi territory never culminated and did not reach the level of an official agreement with the American administration."
Baghdad and Erbil are reaching the final stages of resolving the issue of salaries and budget
The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, revealed today, Sunday, that the final stage of resolving the issue of salaries and budget has been reached in a radical way.
This came in a speech on the sidelines of the opening ceremony of the Eagle Post Center, which specializes in postal and delivery affairs in the city of Erbil, the capital.
Masrour Barzani said in his speech: I would like to extend my thanks to the salary recipients in the Kurdistan Region who were patient, supported and steadfast in the face of the conspiracy through which some parties tried to weaken the entity of the Kurdistan Region by requesting the distribution of salaries and the region’s share of the budget among the Kurdistan provinces, addressing them by saying: Your steadfastness has failed this. The plot.
He added, "We are in constant communication with the Prime Minister of the Federal Council, and we have reached the final stage, and I hope that we have been able to solve the issue of salaries and budget radically, and we hope to disburse salaries for the fourth and fifth months to all employees and salary recipients."
The head of the regional government continued, "I hope that the salaries will become news in the media, and that we will be able to put our relationship with the federal government on the right path, and encourage steps for the better."
Association of Private Banks: Iraq witnessed a major revolution and widespread change in electronic payment tools
The Iraqi Private Banks Association confirmed today, Sunday, that Iraq has witnessed a major revolution and a wide change in the level of use of electronic payment tools since 2023, while indicating a significant increase in the size and number of electronic payment operations.
The Executive Director of the Iraqi Private Banks Association, Ali Tariq, told the Iraqi News Agency (INA): “The Iraqi Private Banks Association Foundation and the Iraqi banking sector are fully prepared to cooperate within the directions of the Central Bank of Iraq, which are greatly supported by government directions, especially after the recent visit to the United States.” The American efforts resulted in framing the process of working to solve the problems related to preventing the use of the dollar for a group of Iraqi banks.”
Tariq added, “The role of the Association of Private Banks believes in implementing these trends related to amending work mechanisms, using modern technical tools, and reviewing previous accounts,” stressing that “the Association will be very supportive of these trends.”
He pointed out that "the Association of Private Banks hopes for the return of banks that can meet the above requirements," pointing out that "the issue that occurred on the private banking sector had negative effects," adding that "the general trends and the banks' directions must be to repair the damage that occurred in the stage." previous".
He stressed that "Iraq has witnessed a major revolution and a wide change since the previous year until now in the level of use of electronic payment tools, which the government has approved the adoption of electronic payment in government or private institutions," noting that "Iraq has also witnessed a significant increase in the volume of operations and the number of operations related to electronic payment, In addition to an increase in the number of bank cards, and doubling the number of electronic payment points ( pos ), therefore there is a big change.”
He stressed that "the current year will witness significant and tangible change by the citizen."
Tariq pointed out that "the institution seeks as much as possible to strengthen relations between electronic payment companies and banks on the one hand and between government institutions and the Central Bank of Iraq on the other hand, in addition to educating the community on the continuous use of electronic payment tools."
An American warning against stealing Iraqis’ data
The United States of America announced, on Sunday, its support for Iraq in the field of digital transformation to ensure that national security information and information about citizens are not leaked or stolen to unknown parties, stressing its keenness to cooperate with Baghdad in this field.
The Charge d'Affaires of the US Embassy in Iraq, David Borger, said during a speech at the Iraqi Telecommunications Summit, attended by Shafaq News Agency, that "the links formed at the Iraqi Telecommunications Summit between international private sector companies, local companies, and decision-makers in the Iraqi government, will affect the transformation." Digital in this country,” noting that “the United States is keen to cooperate with Iraq in this field, and looks forward to fruitful discussions during the next two days.”
Borger added, "Technology will play an increasingly important role in addressing challenges such as climate change, food and health security, and inclusive economic growth, which is why the United States has prioritized building capacity and expertise in cyber, digital, and emerging technology issues."
He pointed out that "one of the fundamental matters in Washington's strategy is to make efforts to build digital solidarity, and this means working together to develop and deploy safe, flexible and sustainable technologies to promote comprehensive economic development and build strong and comprehensive innovation economies that can shape an economic and technological future."
“Secure and reliable communications networks will be critical to enabling communities to benefit from the benefits of emerging technologies and communications Mobile networks connect critical infrastructure such as transportation, electrical grids and healthcare facilities,” Borger explained.
The Chargé d'Affaires of the US Embassy in Iraq noted that "the importance of ensuring that these networks are secure and reliable is paramount, and countries and citizens must have the ability to trust that technology, equipment and software will not lead to risks that threaten national security, economic security or Citizens' well-being.
He pointed out, "There are many countries and companies that claim to have inexpensive solutions, but the actual price they will pay is the delivery of national security information and citizens' private information to them."
Borger stressed, “The United States will be committed to working with allies and partners to enhance solid, open, interoperable, secure, and reliable ICT infrastructure and services,” expressing her hope that all attendees at the Global Private Sector Summit, local companies, and decision-makers in the Iraqi government will also realize These are important technological basics.
Borger concluded by saying that “the recent visit of Prime Minister Muhammad Shia Al-Sudani to the United States strengthened the comprehensive relationship between the two countries,” adding: “We hope that this relationship will continue to strengthen the partnership, especially at a time when Iraq is moving towards digital transformation.”
Al-Sudani: The government has provided a safe investment environment and financial and banking facilities that are attractive to experienced companies
Prime Minister Muhammad Shiaa Al-Sudani confirmed that the government has provided a safe investment environment, and financial and banking facilities that are attractive to experienced companies, which opens horizons for continuous cooperation, reflects positively on the local economy, creates job opportunities, and maximizes Iraq’s oil resources, in light of The goal of converting at least 40% of Iraq's oil exports into derivatives and refining products, in addition to gas investment.
A statement from his media office said that today, Sunday, Prime Minister Muhammad Shiaa Al-Sudani, Chairman of the Board of Directors of Al Hilal Companies, Mr. Hamid Jaafar, and his accompanying delegation, indicating that the meeting witnessed a review of the progress of work in the projects undertaken by the company in Iraq, especially the company’s project within the fifth round of licensing. In addition to confirming the government’s vision to expand productive partnerships with companies and regional and international economic groups, in cooperation with the Iraqi private sector, within the government’s platform for economic reform.
For his part, Hamid Jaafar expressed his appreciation for the government’s steps in facilitating all aspects of fruitful work, and the Prime Minister’s directives to remove obstacles and impediments that hinder the work of investment companies, and to prepare everything that would raise levels of cooperation.
After the restaurant raids... a warning about the deterioration of investments in Iraq
Economic affairs expert Nasser Al-Kinani warned today, Sunday (June 9, 2024), of the danger of the deteriorating security situation in Baghdad to the investment file in Iraq.
Al-Kinani told "Baghdad Today", "As it is known, capital is cowardly, and therefore any deterioration in the security situation by attacking companies, restaurants, and other foreign institutions will have major negative repercussions on the investment file, especially after there was a real desire to invest before." Different companies.
He stated that "Iraq has a large and important investment opportunity, but the deterioration of the security situation will reduce that opportunity and prevent it due to the lack of a stable security investment environment, which is more important than any other factors."
During the past two weeks, the capital, Baghdad, and some Iraqi governorates, witnessed approximately 12 attacks on restaurants, facilities, and foreign institutions supporting Gaza, by unknown parties, but they were attributed to “resistance factions,” and their movements were also supported and blessed by some parties within the coordination framework.
The security forces arrested 11 people involved in the attacks and under Article 4 terrorism, while the Ministry of Interior is searching for the rest of the accused.
Iraq participates in the 27th Saint Petersburg International Economic Forum
The Ministry of Foreign Affairs announced, today, Sunday, participation in the 27th Saint Petersburg International Economic Forum.The ministry said in a statement received by the Iraqi News Agency (INA): “A delegation from the Ministry of Foreign Affairs, the Embassy of the Republic of Iraq to the Russian Federation, and a delegation from the Iraqi Kurdistan Regional Government participated in the 27th St. Petersburg International Economic Forum, which was held in the Russian city of St. Petersburg for a period of 5 years.” -2024/6/8”.
She added, "More than 17,000 participants from more than 136 countries attended the forum, including heads of state and government, ministers, government officials, ambassadors, and politicians from 45 countries. Russian President Vladimir Putin also participated in the forum's plenary session."
She continued, "During the meetings, the economic challenges facing the world were discussed and how to find sustainable solutions in light of the current global transformations, and cooperation in the field of international transport was discussed, in addition to discussing cooperation in the field of artificial intelligence and digital technology and finding joint approaches to developing education in line with technological development in the world." the world".
The delegation of Kurdistan and oil companies holds its first meeting in Baghdad
A delegation from the Kurdistan Regional Government and oil companies held its first meetings today, Sunday, with a delegation from the Federal Ministry of Oil in Baghdad to discuss resuming the export of the region’s oil through the “SOMO” company.
The meeting that took place included a delegation from the Kurdistan Regional Government and oil companies with Federal Oil Minister Hayyan Abdul Ghani and officials from the ministry in Baghdad.
The meeting discussed common issues between the Ministries of Natural Resources and the Iraqi Ministry of Oil, the production expenses of oil companies, the process of exporting oil, the cost of oil companies, and the mechanism for resolving the issue.
In this context, the head of the Kurdistan Regional Council of Ministers, Omid Sabah, said in a post on his Facebook page, “The delegation discussed with Oil Minister Hayan Abdul-Ghani and senior officials in the ministry the outstanding issues between the governments of Erbil and Baghdad and issues of common interest.”
He added, "The visit of the delegation of the Kurdistan Regional Government and oil companies to Baghdad, and their meeting with the Federal Ministry of Oil, aims to continue talks between the central government and the region, and to develop a mechanism to resume oil exports from the Kurdistan region."
A delegation from the Kurdistan Regional Government and representatives of oil companies arrived in the federal capital, Baghdad, yesterday evening, Saturday, as part of an official visit at the invitation of the Federal Ministry of Oil.
On May 28, the Federal Ministry of Oil called on the Ministry of Natural Resources in the Kurdistan Region and the international companies operating the fields located in the region to hold a meeting in Baghdad as soon as possible for the purpose of discussing and discussing the issue and reaching an agreement to accelerate the restart of production and resume the export of oil produced through the Turkish port of Ceyhan and according to the proven quantities. In the budget law.
An expert analyzes the current gap in the dollar exchange rate
The economic expert, Nabil Al-Marsoumi, analyzed the reasons for the gap in the dollar exchange rate.Regarding the dollar exchange rates, Al-Marsoumi said {to Al-Furat News} that: “With the release of budget funds and the increase in consumer and investment spending, the monetary supply at home increases, which is reflected in the increase in demand for imports.”Al-Marsoumi added, "The dollar is under pressure, which leads to a widening of the gap between the official and parallel exchange rates."The prices of the US dollar rose against the Iraqi dinar, today, Sunday, in Baghdad markets, with the stock market closed.Sales in money exchange shops in local markets in Baghdad rose to 148,000 dinars, compared to 100 dollars, while purchases reached 146,000 dinars, compared to 100 dollars.
International Monetary Fund mission: We expect growth in the Iraqi economy
The head of the International Monetary Fund mission in Iraq, Dr. Ghazi Shubaikat: There has been growth in the Iraqi economy in light of the reforms adopted by the government, at a time when he stressed that Iraq must work to achieve financial sustainability while having the elements to achieve this goal.
Al-Sabah met with the head of the mission and asked him the following questions:
*What does the Fund expect for the future of the Iraqi economy?
- The Fund expects growth in the Iraqi macroeconomy, in conjunction with the reforms adopted by the government with the aim of creating realistic solutions to all economic problems, and we sensed seriousness from the Iraqi government in the field of achieving economic reforms that strengthen the relationship with the Fund, and this encourages the strengthening of cooperation in a way that serves the Iraqi economy, which is suffering. Chronic problems.
*
How does the Fund support the Iraqi economy and what is the source of support?
The International Monetary Fund supports Iraqi reforms that achieve financial sustainability, keeping Iraq away from any crises affecting the oil market, which Iraq relies on to cover its annual expenses, especially since a country like Iraq needs large revenues to cover the needs of all sectors, and this needs to create Real financial sustainability through reviving the productive and service sectors and bringing the capital cycle into a local context.
*What do you advise regarding reducing unemployment rates?
Iraq must focus on the labor market and create advantages in the private sector equivalent to what it obtains in the public sector, so that employment can be directed to the private sector, which must be activated within limits commensurate with Iraq’s economic capabilities.
*What does the Iraqi labor market need?
It is necessary to work on training and qualifying human resources in all specializations in light of the presence of human wealth that can be employed in a way that serves Iraq, with the need to create skilled labor in all sectors and in a way that is consistent with the government’s reform policy.
*In your opinion, where are the strengths in the economy?
- The private sector represents an economic force that can overcome challenges and gradually advance the national economy. It addresses many problems, especially since Iraq can achieve a diversity of revenues from sectors, some of which are distinguished by achieving sustainable revenues.
*What about the financial sector?
Competitiveness in the financial sector can create a solid financial sector with advanced services and safe and transparent money paths that support the economy and the stages of development it seeks and works to achieve, and reaches the most important goals of financial sustainability.
And almost as if he is responding...
Supporting the private sector as a gateway to providing job opportunities
Experts in the field of finance and business called for supporting the private sector and rehabilitating government factories and laboratories through investment to benefit from them in accommodating large numbers of graduates and job seekers, and to reduce the burden on the government by providing job degrees in the public sector.
Finance Committee member Jamal Cougar reported that there were no new appointments in the general budget schedules, stressing the need for “10 years of non-appointment to adjust the balance of expenditures.” Cougar added, in an interview with “Al-Sabah,” that “the job grade tables have not witnessed any change,” indicating that “there is a government policy to reduce operational expenses and reduce government laxity, since Iraq has a high rate of employees according to international standards.” He stated that “global standards It stresses the need for a security man and a public service employee for every thousand citizens, while 25% of the Iraqi people receive salaries from the government,” noting that “Iraq is equal to Canada in the number of people, yet the number of its employees is equivalent to a quarter of Iraq’s employees.” Administrative expert Muhammad Saeed Naji believes that there are solutions to the problem of appointments if the private sector is activated and guarantees are provided to its workers. Naji said, in an interview with “Al-Sabah”: “The problem of government appointments can be addressed by supporting the private sector and granting its workers immediate and future benefits, such as guaranteeing retirement entitlement in exchange for retirement deductions,” calling for preserving the retirement rights of workers in the private sector, and imposing the appointment of a number of Iraqis in the workplace. Offices, laboratories, factories, and foreign private sector companies. He added that one of the solutions is “rehabilitating self-financing government factories and laboratories, and allowing the transfer of employee services from the government sector to the self-financing and private sectors, and not allowing the opposite, limiting expatriate workers, and establishing laboratories and factories in poor countries.” And others that suit their needs and send Iraqi cadres to work in them.”
The European Union mission expresses its readiness to cooperate with the Iraqi banking sector
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received a delegation from the European Union mission headed by His Excellency Ambassador Mr. Thomas Seiler in Baghdad.
His Excellency the Governor discussed the role of the Central Bank of Iraq and its interest in developing the banking sector, and its diligent measures in structuring government banks and addressing problems therein with direct support and follow-up from the Prime Minister.
His Excellency explained that these banks used international auditing companies. Pointing out that the Central Bank is working to establish a “Riyadah Bank” specialized in financing small and medium enterprises, in order to facilitate and develop credit capacity, in consolidating loans, with support and supervision from the Central Bank and financing from private banks, and seeking the expertise of international organizations in this field.
In his speech, His Excellency the Governor focused on the bank’s interest in strengthening and developing electronic payment systems and internal and external electronic financial transfers, and developing supervisory practices in the field of combating money laundering in accordance with international standards.
For his part, Mr. Siler praised the role of the Central Bank of Iraq in the steps it took to develop the banking sector, economic stability, and confront difficulties and challenges.
Expressing the readiness of the European Union to provide support and joint cooperation in developing systems and expertise for the staff of the Central Bank of Iraq and to open areas of cooperation with the Iraqi and European banking sectors through official communication methods between them.Central Bank of Iraq
Media Office,
June 9, 2024
Parliamentarian: America is tampering with the Iraqi economy for the benefit of Jordan
Today, Sunday, the representative of the Al-Fatah Alliance, Muhammad Al-Baldawi, explained the reasons for the United States imposing sanctions on Iraqi banks, while confirming that America is trying to change its financial policy in Iraq.
Al-Baldawi said in a statement to the Al-Ma’louma Agency, “America is trying to tamper with Iraqi money by imposing sanctions on Iraqi banks and introducing Jordanian banks into the Iraqi economic arena,” noting that “attention must be paid to the suspicious role that America is playing in trying to control the banking sector.” "The Iraqi state is a hostage of foreign banks."
He added, "This game goes towards matching the visions of the Jordanian and American authorities," noting that "Jordanian banks grant licenses amid simple procedures without scrutiny."
Al-Baldawi concluded by saying, “The government must work to lift the ban on Iraqi banks in order to revive the economy, especially since the country is going through a major urbanization and investment phase,” stressing “the necessity of getting rid of Jordanian banks because of their American-Jordanian consequences and interests.”
It is noteworthy that America imposed sanctions on 34 Iraqi banks in order to limit the Iraqi economy, and pushed the introduction of Jordanian banks, the number of which reached four, to fully control the Iraqi economy, amid the neglect of the Iraqi government.
and...
An oil field gifted to Jordan.. America overcomes the obstacle facing the Zionist entity
merican maneuvers are trying to lift the weight off Washington’s shoulders and put it on Iraq, by gifting Jordan an oil pipeline extending from Basra to Aqaba with the formula (he will be honored with other people’s money), which means that Iraq will contribute by supporting Jordan, including supporting the Zionist entity, since their interests are one, with American will and Iraqi efforts, out of suspicion. From the government that courting the Americans and achieving their most important goals may serve it well.
It is not the only file with which the Iraqi government is trying to flirt with America, but it is the most important to mention because of the economic consequences that harm Iraq’s most important resource, and also carries consequences for normalization of the Zionist entity, especially since normalization is considered a crime for which the law is accountable. Between the legal and economic uproar, the Iraqis’ fears of the Basra pipeline remain an obstacle. It raises suspicions and accusations.
*Statement of fact
Speaking about this file, Representative Bassem Al-Gharabi confirmed that there are 3 question marks about the Basra-Aqaba oil pipeline project.
Al-Gharabi said in an interview with Al-Maalouma, “Transparency is very important to clarify the facts to the public about strategic projects in Iraq, especially with regard to crude oil and the dangerous rumors about the oil export pipeline project known as the Basra-Aqaba line towards Jordan.”
He continues, "There are three question marks about the economic feasibility, its cost, and who are the beneficiaries of it," calling on "the government to clarify the circumstances of what is happening to remove doubts."
He points out that "clarifying the facts is important to public opinion in order to confirm transparency and demonstrate the economic feasibility of a project that will cost billions of dollars from the treasury if it is actually implemented."
- An oil field gifted to Jordan.. America overcomes the obstacle facing the Zionist entity
*Normalization project
In addition, oil expert Hamza Al-Jawahiri called on the House of Representatives to stop the Basra-Aqaba pipeline project, while stressing that the project is the beginning of normalization with the Zionist entity.
Al-Jawahiri said in a statement to the Maalouma Agency, “All the costs of the project will be borne by Iraq, and after 20 years, ownership of the line and the refinery will return to Jordan,” noting that “the project is a trap for normalization with Israel and will enable it to impose its control over an Iraqi oil field.”
He continues, “The Basra-Aqaba oil pipeline and its ancillary projects cost Iraq $28 billion, including the cost of building the line and an oil refinery to be established in Aqaba, along with a line that goes to Egypt to supply it and the Zionist entity with oil, in addition to building a port in Aqaba for export.”
Al-Jawahiri concludes: “The oil sold to Jordan will be at a price ten dollars less than the world price and the oil sold to Egypt at a discount of 18 dollars,” pointing out that “Egypt will sell oil to the Zionist entity at a discount of eight dollars, leaving it with ten dollars.”
Arab media outlets published a detailed economic report on this project entitled Iraq insists on implementing the “Basra-Aqaba” oil pipeline, despite criticism that concluded that it has no commercial value at all, because the cost of transporting one barrel in it may reach an additional nine dollars. For sixty cents through the ports of Basra.
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