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Due to US support, Iraq's non-oil GDP grows twice as fast as the population Investigations and reports +A -A Baghdad - INA In clear and tangible steps, the Iraqi government has begun implementing economic reforms by diversifying sources of income and reducing dependence on oil. Recent economic data showed an annual growth of 6% in non-oil GDP, highlighting the efforts made in the fields of industry, agriculture and the digital economy, which led to the creation of a suitable investment environment. On the sidelines of the UN General Assembly meetings, the recent meeting between Prime Minister Mohammed Shia al-Sudani and US Deputy Treasury Secretary Wally Adeyemo reflects Iraq’s commitment to strengthening its banking system and improving financial transparency. The financial advisor to the Prime Minister, Mudhar Muhammad Salih, told the Iraqi News Agency (INA): "The economic growth of the non-oil GDP, which reached 6% annually, is a positive indicator of the development of economic welfare, as it exceeds twice the population growth rate." He pointed out "the importance of economic diversification, especially in the fields of the digital economy and the communications sector, and the role of the investment renaissance in infrastructure, in addition to the successes in the agricultural sector, which achieved self-sufficiency in grain production, citing the government's decisions to support the manufacturing industry." He explained that "launching sovereign guarantees for the private industrial sector to provide external financing directly linked to providing production lines in modern technologies from specific countries in the world will undoubtedly cover the technological renaissance in five groups of important value-added manufacturing industries that are undertaken by the private industrial sector with high leadership and state support." He added, "At the forefront of the industrial policy are the products which are linked to the country's physical infrastructure and the general social capital such as roads, bridges, housing, etc., in addition to the pharmaceutical industry, petrochemical industries and their products linked to agricultural activity, in addition to the crude oil refining industries and achieving self-sufficiency in petroleum derivatives." He pointed out that "the country will be self-sufficient in the national production of many derivatives, including gasoline, within the next twenty months, in addition to zeroing out the burning of associated gas and converting it into products linked as clean fuel in power generation stations, in addition to other industrial uses." He added, "The joint renaissance in construction, housing, industries, digital services, communications, transportation, distribution and agriculture sectors all represented a driving economic force crowned by material and human investments that indicated the high growth in non-oil national income." He pointed out that "the manifestations of this economic driving force took two basic directions in the economic life of Iraq, the first: the combination of the economic investment and production vision between the state and the private sector in maximizing the national product, and the other is the birth of a production and investment climate led by the construction and digital services sectors, within the options of sustainable economic development and its priorities, which were considered at the forefront of the factors that led to the increase in growth rates in the gross domestic product outside the oil sector." He added, "The strategy contributed to driving the wheel of growth in the manufacturing industries supported by easy government policies, which led to confronting unemployment and maximizing economic growth," indicating that "the sectoral renaissance, following the priorities of the government program, required, first, the implementation of important institutional reforms in the main economic sectors, starting with reforming the financial sector (tax, customs, and banking) and introducing them into digital life and strengthening governance in them to raise their production efficiency and maximize levels of efficient work and financial resources." He added, "Reforming the public finance sector and banking financing are two matters that accompany Iraq's strategic vision for the next ten years (the path of development), in which the country will move to a new renaissance in a proactive manner that will be crowned by the birth of the economic and industrial cities movements and by a national, regional and international partnership that will make the Iraqi economy make its way strongly." While the financial and economic expert, Qusay Safwan Abdul Halim, believes that “Al-Sudani’s government is serious about the issue of economic diversification by increasing the ability of Iraqi banks to enter into strategic projects,” noting that “there are no less than 20 billion dollars that are supposed to be financed for related development projects.” He pointed out, in a statement to (INA), that "Iraqi banks have the opportunity to enter to finance the project to link the port of Faw to the European Union, according to joint arrangements with international companies and also according to guarantees that the federal government can provide because it has placed such guarantees in the three-year budget." He explained that "the Prime Minister is interested in Iraq's entry into the World Trade Organization to protect investors who are looking to meet local demand by increasing production volume, and thus certainly opening up to the Gulf countries will contribute to attracting this money, as well as linking China's economic power with the European Union's economic power by completing the Faw Port and the development road, which is a gateway to strategic economic diversification, especially since Iraq has resources in all sectors that can be invested, starting with the geographical location and ending with resources represented by cement, phosphate, silica and sulfur, in addition to tourist sites, as Iraq has no less than 12,000 tourist sites that could be an attractive investment opportunity." He explained that "the government has shown its priorities in the issue of stopping gas flaring and building on gas industries in terms of petrochemicals, cosmetics and other industries that could give value to Iraqi oil, as well as the issue of stopping the import of petroleum derivatives and entering the world of exporting these derivatives, as all of these are promising projects that could contribute to increasing the ability of the Iraqi economy to diversify." Meanwhile, Mustafa Hantoush, a researcher and specialist in the financial and banking aspect, confirmed that “the most prominent meeting from an economic perspective is the meeting of the Prime Minister with the US Deputy Secretary of the Treasury (Wally Adimo), as this meeting represents the great interest of the Prime Minister in the state of the economy, especially the Iraqi banking system, which represents the basis of economic stability in the country.” In a statement to (INA), he pointed out "the procedures that preceded this meeting, including the Prime Minister's support for the Iraqi banking sector and the directives on the necessity of creating a state of competition and non-monopoly in the banking system, in addition to the agreement of the Central Bank of Iraq less than a month ago in the New York talks to contract with the company (Oliver Wyman) to review and audit the status of the Iraqi banks restricted from the dollar, amounting to (28) banks, and awaiting the signing of the contract with them and the start of work." He added, "The Prime Minister's meeting on this file and other files represents a development in the Iraqi-American financial and banking relations and gives positive indications to the Iraqi market regarding important files such as the dollar, the Iraqi banking system, and other files." In turn, the economic and financial expert, Abdul Rahman Al-Shaikhli, stated that “the US Deputy Secretary of the Treasury’s praise of Iraq’s progress and commitment to international standards to achieve exemplary banking reform is a fact that no one can deny.” He added in an interview with (INA), "There is growth in the sectors that fund the state budget from other than oil revenues, especially since Iraq announced that it will be satisfied with importing many oil products after Iraqi refineries produce those products, and it will also achieve more resources while it was able to control the financial corruption that drains its resources, especially since Iraq is on the threshold of the path of sustainable development and in the right direction for the first time since 2003." In this regard, a government source revealed that "the discussions that took place between Prime Minister Mohammed Shia al-Sudani and US Deputy Secretary of the Treasury Wali Ademo on the sidelines of the UN General Assembly meetings two days ago, and the resulting statements and declarations, clearly reflect the Iraqi government's ongoing efforts in the field of financial and banking reform, as it is a vital and central goal within the program that the government has sought to implement during the past two years." He added in a statement to (INA), "The Iraqi government had previously contracted with the international company Ernst & Young to restructure some government banks, including Rafidain and Rashid Banks, and work on this task began several months ago, while the Central Bank contracted with the international company Oliver Wyman to develop the private banking sector, as the implementation of the contract will begin in the coming period." Regarding the remaining points discussed in the meeting, such as strengthening financial relations with the United States and efforts to combat money laundering and terrorist financing, the source confirmed that “Iraq regularly communicates with countries and international financial organizations to implement compliance standards and systems to combat money laundering and terrorist financing, and it continues its efforts in this field through its continuous cooperation and coordination with both MENAFATF and FATF organizations concerned with combating money laundering and terrorist financing, in addition to Iraq’s conclusion of agreements and memoranda of understanding with other countries to implement the latest standards in this field.” He pointed out the importance of some points mentioned in the US Treasury Department statement following the meeting, including in particular: 1- The commitment shown by the US Treasury Department to support the Central Bank of Iraq as well as the reform plans sought by the Prime Minister in the financial and banking field. 2- The US Treasury statement focused on the 6.0 percent growth in Iraq’s non-oil economy, in light of the efforts made by the Iraqi government to diversify the economy and not rely exclusively on the oil sector. The source stated that "the US Treasury statement reflects the positive view adopted by international bodies, banks, investors, and economic experts regarding the efforts made by the Iraqi government and the Prime Minister in the economic field in general and the financial and banking field in particular." It is noteworthy that Prime Minister Mohammed Shia Al-Sudani met with US Deputy Secretary of the Treasury Wally Adeyemo on the sidelines of the United Nations General Assembly to discuss reforming the Iraqi banking sector, financial relations with the United States, and combating illicit financing. Ademo congratulated the Sudanese Prime Minister on the significant progress made by Iraq in reforming the banking sector, which has expanded Iraq's international financial connectivity and increased financial inclusion, praising the growth of Iraq's non-oil economy by 6.0 percent. Today, 16:59 https://ina.iq/eng/35024-due-to-us-support-iraqs-non-oil-gdp-grows-twice-as-fast-as-the-population.html

Iraq to purchase eight South Korean M-SAM air defense systems worth $2.63 billion. 12 Sep, 2024 - 8:21 Defense News Army 2024 According to Defense Arabic on September 9, 2024, Iraqi Defense Minister Thabet Al-Abbasi announced that the contract for the South Korean Cheongung-II (M-SAM II) air defense missile system has been finalized and will be signed next week. According to Heo Baek-yoon, the contract involves eight batteries of this system, also known as the "Korean Patriot," and is expected to be worth around 3.5 trillion Korean won, or approximately $2.63 billion. This marks another step in expanding South Korea's defense exports in the Middle East, following previous deals with the United Arab Emirates (UAE) and Saudi Arabia. Follow Army Recognition on Google News at this link The KM-SAM is part of a multi-layered defense strategy, targeting both aircraft and ballistic missiles with guidance systems that combine inertial navigation, midcourse updates, and terminal active radar homing. (Picture source: Army Recognition) Al-Abbasi also mentioned new agreements aimed at developing and upgrading the Iraqi army's artillery, including a contract for the French CAESAR 155mm self-propelled howitzer and plans to modernize the M1A1 Abrams tanks. He added that under Prime Minister Mohammed Shia al-Sudani, Iraq's approach to military procurement has shifted, with technical committees enabling flexible payment terms for weapons contracts spread over eight years to minimize the impact on the national budget. Iraq has faced challenges in maintaining its Russian military equipment, such as the Mi-17 helicopters, which are critical for operations against the Islamic State. These helicopters are set to be replaced by 12 Airbus H225M Caracal helicopters. Due to these difficulties, Iraq is considering alternative suppliers, including the United States. However, the U.S. might be reluctant to provide advanced air defense systems, particularly if Iraq insists on the withdrawal of U.S.-led coalition forces. Additionally, there is domestic opposition in Iraq from Iran-backed factions against acquiring U.S. systems, especially if the deal involves air defenses for the autonomous Kurdistan region. Iraq's interest in air defense systems follows its acquisition of medium-range Pantsir-S1 systems from Russia in 2014. In subsequent years, Iraqi officials expressed interest in potentially acquiring advanced S-300 or S-400 long-range missile systems from Russia. However, since the Russian invasion of Ukraine in February 2022, the reliability of Russian weapons and parts supplies has diminished, complicating Iraq's options. Since the Russian invasion of Ukraine in February 2022, the reliability of Russian weapons and parts supplies has diminished, complicating Iraq's options for new air defense systems. (Picture source: Vitaly Kuzmin) Moreover, any significant purchase of Russian military equipment could expose Iraq to potential sanctions under the U.S. Countering America's Adversaries Through Sanctions Act (CAATSA), as happened with Turkey's purchase of S-400 systems. France has already provided Iraq with long-range Thales Ground Master 403 (GM403) air surveillance radars and might be open to selling additional air defense systems. Potential options include French Mistral or Crotale short-range missiles, which could complement Iraq’s existing systems, or the longer-range SAMP/T system, which can counter ballistic and cruise missiles. Iran has also expressed a willingness to support Iraq's air defense needs and proposed joint air defense drills with allied states. Iran has developed systems like the Bavar-373, which it claims is comparable to the Russian S-400. However, a decision by Iraq to procure Iranian systems could face opposition from the U.S., particularly if Iranian personnel are involved, which could complicate coalition air operations in future conflicts. A decision by Iraq to procure Iranian air defense systems, such as the Bavar-373, could face opposition from the U.S., particularly if Iranian personnel are involved, which could complicate coalition air operations in future conflicts. (Picture source: IMNA News) Previously, on June 2, 2024, it was reported that Iraq had requested to purchase eight batteries of the M-SAM II air and ballistic missile defense system for approximately $2.56 billion. Discussions for this deal began during the visit of Iraq's Defense Minister, Thabet Mohammed Al-Abbasi, to his South Korean counterpart on March 21, 2024, to discuss military cooperation. During this visit, the acquisition of the M-SAM II surface-to-air missile systems was a key topic, and negotiations have since continued towards finalizing a contract. Reports indicate that the Iraqi side expressed interest in the prompt delivery of three M-SAM II batteries, to which South Korea responded by indicating that two batteries could be delivered first. A representative from South Korea's Defense Acquisition Program Administration (DAPA) confirmed that negotiations are in their final stages, with South Korean companies working to complete the remaining details. The KM-SAM (Korean Medium-range Surface-to-Air Missile), also known as Cheolmae-2 or Cheongung, is a South Korean missile defense system developed by the Agency for Defense Development (ADD) in collaboration with Russia's Almaz-Antey and Fakel, incorporating technology from the 9M96 missile used in the Russian S-350E and S-400 systems. Development began in 2001, leading to the completion of Block-I missiles by 2011 and Block-II by 2017, with Block-III set to begin in 2024. Designed to replace the older MIM-23 Hawk batteries in South Korea's missile defense architecture, the KM-SAM is part of a multi-layered defense strategy, targeting both aircraft and ballistic missiles with guidance systems that combine inertial navigation, midcourse updates, and terminal active radar homing. Development of the M-SAM began in 2001, incorporating technology from the 9M96 missile used in the Russian S-350E and S-400 systems. (Picture source: Army Recognition) The KM-SAM has been deployed to intercept a range of aerial threats, including ballistic missiles. The Block-I version, which began deployment in 2016, has an operational range of 40 km and a flight ceiling of 15 km, while the Block-II version, in service since 2021, extends the range to 50 km and the ceiling to 20 km, reaching speeds up to Mach 5. The system can engage up to six targets simultaneously and includes countermeasures against electronic warfare. It was deployed following a series of operational tests, and its deployment near sensitive areas like the maritime border with North Korea highlights its role in South Korea's regional defense strategy. The Republic of Korea Air Force currently operates 19 KM-SAM batteries, with six additional units on order. Internationally, the system has been purchased by Saudi Arabia, which ordered ten Block-II batteries in a deal valued at $3.2 billion, and by the United Arab Emirates, which ordered twelve batteries in a deal worth $3.5 billion. These transactions represent some of the largest defense export deals for South Korea and reflect an increasing interest in the KM-SAM system for air defense capabilities. The United Arab Emirates' acquisition will be partially produced domestically, illustrating collaborative production arrangements. https://www.armyrecognition.com/news/army-news/army-news-2024/iraq-to-purchase-eight-south-korean-m-sam-air-defense-systems-worth-2-63-billion-next-week

It was paradise and we were the Golden State before the leftists took control

Well maybe if the US would pay its debt to Japan they would be OK. $1.1 Trillion would sure help. Fools to lend the US money

Santa Monica and Venice beachs are both sheetholes these days. Relatives always want to visit and i tell them I'll give you directions but no way I'll vist those places. You can smell the urine in the air. West LA just to congested these days. century city still has many hidden oil derricks and lots of homeless like Westwood. Manhattan Beach where I live is still clean and well kept. Portuguese bend in PV is slowly sliding into the ocean. Its been happening since I was a kid so not a lot of sympothy for those living there. Just waiting for Hollywood hills to burn. Its Not even fire season but San Bernadino mountains are on fire. ( makes for good sunsets HAHA )

How many farewell tours will they have?

Iraq's inflation rate drops to 4% in 2024 Economyiraqbreakinginflation 2024-09-04 04:54 Share font Shafaq News/ Iraq's economy has shown signs of improvement in 2024, as reflected by the country's decreasing inflation rate, following a period of fluctuations over the past few years, with the government and regulatory bodies taking steps to stabilize the economic environment. The annual inflation rate in Iraq for 2024 has declined to 4%, marking a significant improvement from the 6.042% recorded in the previous year, as reported by the American magazine "Global Finance". In 2020, the inflation rate decreased by 0.574%, but saw an increase in 2021 to 6.042%. However, this was followed by another decrease in 2022 to 4.987%. The inflation rate is a crucial economic indicator that reflects the impact of various activities within the country. It necessitates continuous monitoring and scrutiny by regulatory bodies to ensure the accuracy and reliability of the data, providing a true representation of the economic reality in Iraq. https://shafaq.com/en/Economy/Iraq-s-inflation-rate-drops-to-4-in-2024

Government Advisor: The talks between CBI and US Federal Reserve achieved advanced results Economy +A -A Baghdad-INA The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, confirmed on Wednesday, that the renewed understanding with the US Federal Reserve will allow the Monetary Authority to restore an internal banking market, while indicating that the results of the discussions between the Central Bank of Iraq (CBI) and the Federal are good and in line with the rules of work, and pointed out that they will allow for the implementation of a precise path between Iraqi and international banks. Salih told the Iraqi News Agency (INA): "We note from the statement of the Central Bank of Iraq that there is optimism about the results of the discussions of its delegation with the Federal Reserve in the United States of America in particular and consultation with the parties of the main banking system in the United States, specifically (the large international banks concerned with international banking operations crossing the markets), and that an advanced model of understandings has been achieved at this stage." He added, "This came to confirm the path of steps and banking mechanisms adopted in foreign transfers, especially those related to financing foreign trade for the benefit of the Iraqi market and ensuring a degree of fluidity within the scope of foreign transfer operations and through the effective role that will be played by global correspondent banking entities that enjoy high standards in terms of the strength of compliance, disclosure and governance." He added, correspondent banking entities across the world will undoubtedly be similar to the 13 private commercial banks referred to in the statement of talks issued by the Central Bank of Iraq, which dealt with the results of the talks between the monetary authorities of Iraq and the United States of America." Salih stressed that "this will allow for the implementation of a clear and accurate path in accelerating payment and settlement operations between Iraqi banks and correspondent international banks, as well as the final beneficiary in the trade financing cycle in international trade and exchange areas that Iraq deals with by paying in different reserve currencies," noting that "in addition to the dollar as a payment and settlement currency, other international currencies such as the euro, the pound sterling, and the Chinese yuan will take over the task, down to important stable currencies such as the UAE dirham and the Indian rupee, and that the basis of this coordination with the monetary authorities in the United States comes from the fact that the source of the country's basic reserves before going to diversify with other international currencies is the US dollar itself, which is verified from the oil receipts deposited in the oil dollar currency at the Federal Reserve Bank." He explained that, "Based on the above, such a renewed understanding according to the roadmap will provide the monetary authority in our country with a clear and highly flexible path to rebuild the domestic banking market on solid reform foundations that are consistent with the standard operating rules adopted in international banking, especially in the matter of building foreign banking relations and the safety of moving money through the global financial and banking systems." Today, 12:41 https://ina.iq/eng/34491-government-advisor-the-talks-between-cbi-and-us-federal-reserve-achieved-advanced-results.html

US dollar exchange rate continues to rise in Iraq Amr Salem September 3, 2024 124 2 min A man counting US dollars in a currency exchange shop in Erbil. Photo: Rudaw News Baghdad (IraqiNews.com) – The US dollar exchange rate against the Iraqi dinar rose in the Iraqi capital, Baghdad, and the capital of the Kurdistan region of Iraq, Erbil, on Tuesday with the closure of the two main stock exchanges in the country. The US dollar exchange rate increased with the closure of Baghdad’s Al-Kifah and Al-Harithiya stock exchanges, where it reached 1,495 Iraqi dinars compared to 1,493 Iraqi dinars on Tuesday morning. The exchange rate in currency exchange shops in Baghdad ranged between 1,505 dinars and 1,485 dinars, Shafaq News reported. In Erbil, the US dollar exchange rate also increased, as it ranged between 1,493 dinars and 1,492 Iraqi dinars. The Central Bank of Iraq (CBI) announced in February 2023 that it started applying the new exchange rate of the US dollar, which is 1,300 dinars against one US dollar. The previous official exchange rate was 1,450 dinars to one US dollar, which was being exchanged in the parallel market at a rate of 1,550 dinars. In January 2023, the US dollar exchange rate against the local currency reached 1,610 dinars, while the official exchange rate remained 1,450 dinars per dollar, with a gap between the two exchange rates of more than 10 percent. https://www.iraqinews.com/iraq/us-dollar-exchange-rate-continues-to-rise-in-iraq-3/#google_vignette