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Iraqi PM welcomes federal budget law amendment, calls for immediate implementation Al-Sudani also urged both the Kurdistan Regional Government (KRG) and the Federal Ministry of Oil to immediately begin implementing the revised provisions of the budget. 1 hour ago https://www.kurdistan24.net/en/story/822797/iraqi- Iraqi Prime Minister Mohammed Shia al-Sudani. (Photo: INA) IraqMohammed Shia al-Sudanifederal budget law amendment ERBIL (Kurdistan24) – Iraqi Prime Minister Mohammed Shia al-Sudani has welcomed the parliament’s approval of amendments to the federal budget law, describing it as a responsible and constructive step, according to an official statement published by the Iraqi News Agency (INA) on Sunday. Al-Sudani also urged both the Kurdistan Regional Government (KRG) and the Federal Ministry of Oil to immediately begin implementing the revised provisions of the budget. Iraqi government spokesperson Basm al-Awadi emphasized that the parliament’s vote on the amendments, which align with the text proposed by the Council of Ministers, marks a significant milestone in ensuring political stability and strengthening cooperation between the executive and legislative branches. "This decision reflects the high level of cooperation between the government and parliament, reinforcing a shared commitment to accelerating development, reconstruction, and reform efforts," al-Awadi stated. He further stressed that the government remains dedicated to addressing challenges with a strong sense of responsibility, prioritizing Iraq’s supreme national interests. Call for Immediate Action on Oil and Resources Following the amendment's passage, al-Sudani called on the Kurdistan Regional Government and the Federal Ministry of Oil to swiftly implement the revised provisions, ensuring the optimal utilization of the country's natural resources, particularly its oil wealth. "Let this resource serve as a pillar of stability and a driving force for further achievements in national development programs that meet the needs of our people," he concluded. The budget amendment is expected to play a key role in fostering greater economic cooperation between the Iraqi federal government and the Kurdistan Region, addressing longstanding disputes over oil revenues and resource management. on Sunday, the Iraqi Parliament approved a key amendment to the federal budget law. This crucial step will allow oil exports from the Kurdistan Region to resume.

It states Iraq’s oil exports are set to play a pivotal role in national development. PM Sudani also calls for immediate action to implement the budget amendment, ensuring Iraq’s natural resources serve the people’s interests.

In response to this amendment, Al-Sudani called on "both the Kurdistan Regional Government, with its competent institutions, and the Federal Ministry of Oil, to start and immediately work on this amendment, in order to optimize the investment of our natural resources, and in particular the oil wealth, and let this wealth be a factor in strengthening stability, and to further complete plans and programs that meet the needs of our noble people."

The Central Bank of Iraq announces the suspension of work on the electronic platform PM:04:31:01/01/2025viewshttps://www.nrttv.com/ar/detail3/39570 The Central Bank of Iraq announced on Wednesday the suspension of the work of the electronic platform mechanism related to the sale of dollars, with the continuation of the mechanism of granting dollars to travelers at airports, and the bank confirmed that financing for foreign trade will continue through correspondent banks according to mechanisms in line with international standards. The deputy governor of the Central Bank, Ammar Khalaf, said in a statement to the official agency, followed by NRT Arabia, that "the work of the electronic platform for foreign transfers has been suspended, but the financing of foreign trade continues through correspondent banks according to various mechanisms, in accordance with what is in force in the countries of the world." He pointed out that "the dollar continues to be granted to travelers at airports according to the approved mechanism, which is the best in limiting the dollar to the passenger." With regard to external transfers, the Central Bank announced a great achievement in this area, pointing to its continued application of modern methods of managing monetary policy in Iraq. The statement issued by the bank said: "The bank has succeeded in moving from transfers through the electronic platform to the operations of Iraqi banks through their foreign correspondent banks, which was achieved entirely in the last week of 2024." The statement added that "this transition came through multiple stages and represents a radical transformation in line with the best international standards, which contributes to achieving a stable and secure financial system." He explained that "the new transfers are committed to the separation of the responsibilities of the central bank and the role of commercial banks, and the processes of strengthening the balances of Iraqi banks in their correspondent banks in US dollars will continue, in addition to a group of other currencies such as the Indian rupee, the Chinese yuan, the euro, the UAE dirham, the Saudi riyal, and the Jordanian dinar." The statement pointed out that this achievement enhances the efficiency and safety of external transfer operations, and puts Iraq on a new path in its regional and international financial relations, which contributes to enhancing investment opportunities. The bank stressed that this achievement was achieved thanks to a series of technical measures and the great support of the Iraqi government, with the Central Bank's commitment to apply modern methods to ensure financial stability. The bank also expressed its thanks and appreciation to all those who contributed to this achievement, including the Central Bank cadres, the banking sector in Iraq and international partners. The bank explained that it will continue to support Iraqi banks that are working to enhance their performance in the areas of governance, compliance and anti-money laundering, which will contribute to enhancing the confidence of international and regional banks in the Iraqi banking system.

https://x.com/EnglishBasNews/status/1874525069982216436 Iraq Ends Dollar Sales on Electronic Platform ERBIL — The Central Bank of Iraq (CBI) announced the conclusion of dollar sales through its electronic platform, marking a significant step in the modernization of Iraq’s foreign transfer system. In a statement on Wednesday, the bank highlighted the transition to a new platform that facilitates transactions in multiple currencies, including the Indian rupee, Chinese yuan, euro, UAE dirham, Saudi riyal, and Jordanian dinar. “We have succeeded in complying with the program related to foreign transfers through an electronic platform for Iraqi banks operating via their affiliated foreign banks,” the CBI stated. The transition represents the culmination of efforts to modernize the foreign transfer process, which previously relied on a buy-and-sell window for foreign currency. The bank emphasized that this new approach aligns with international standards by separating the central bank’s duties from those of commercial banks. Iraqi banks will continue to see increased balances in foreign currencies, enabling them to better serve their clients and support the country’s economic needs. “This achievement enhances the efficiency and security of foreign transfer operations and brings Iraq in line with global practices,” the statement added. The move is expected to strengthen Iraq’s financial relationships both regionally and internationally, creating new opportunities for investment. The CBI also reaffirmed its commitment to supporting Iraqi banks in improving compliance standards and combating money laundering. It expressed confidence that these efforts would boost the credibility of Iraqi banks on the global stage and contribute to the overall growth of the Iraqi economy. The shift marks a new phase for Iraq’s financial sector, positioning the country to enhance its regional and international economic integration.

Massoud Barzani to a parliamentary delegation: The opportunity exists to legislate the oil and gas law Politics | Today, 19:32 | Massoud Barzani to a parliamentary delegation: the opportunity exists to legislate the oil and gas law » Baghdad News Agency Today (baghdadtoday.news) Baghdad Today - Baghdad The head of the Kurdistan Democratic Party, Massoud Barzani, stressed today, Wednesday (September 25, 2024), that "the opportunity exists to legislate the oil and gas law to regulate the distribution of wealth." Barzani stressed during his meeting with a delegation from the Parliamentary Finance Committee, according to a statement by the parliamentary media department, received by "Baghdad Today", "his desire to resolve differences between the central government and the region, expressing his support for the movement of the Finance Committee in this regard." The meeting discussed, according to the statement, "the overall common situation, and ways to resolve the outstanding issues between the central government and the Kurdistan Regional Government, in a way that establishes a new phase of cooperation, coordination and understanding on the basis of respect for the Iraqi constitution." Al-Atwani reviewed "the files that the delegation of the Finance Committee came to discuss with the Kurdistan Regional Government, foremost of which is the implementation of the provisions of the federal budget law, the oil and national wealth file, the localization of employees' salaries, border crossings, taxes and customs, and other issues related to the financial aspect." He stressed "the Finance Committee's constant endeavor to find understandings leading to radical solutions to the outstanding issues between the federal government and the region," stressing that "the deportation of differences does not solve them, but rather complicates them." Barzani praised the efforts of the Finance Committee "in terms of legislating laws, monitoring performance, and initiating to end disputes".

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Parliamentary committee for "Economy News": The oil and gas law is almost complete, and this is what we hope from Barzani's visit to Baghdad Economic News Agency - Parliamentary Committee for "Economy News": The oil and gas law is almost complete and this is what we hope from Barzani's visit to Baghdad (economy-news.net) Economy News - Baghdad A member of the parliamentary oil and gas committee, Zainab Al-Moussawi, revealed on Thursday, the latest developments in the oil and gas law, while pointing to the impact of Massoud Barzani's visit to Baghdad on the adoption of the law. Al-Musawi said, in an interview with "Economy News": "So far, the draft oil and gas law is almost complete and with a high rate that may reach 90%, but there are some objections by the Kurds on some points, which are summarized in the delivery of oil imports and natural resources exploited and unexploited to Baghdad because Erbil rejects that." She added: "We hope that the visit of Massoud Barzani will be the beginning of resolving the crisis of the law and its legislation after agreeing with the political foundations in Baghdad, which are the coordinating framework, since all political blocs are going towards legislating the oil and gas law that regulates the natural resources in the country." "The oil and gas law contributes to exploiting the largest possible amount of undiscovered oil fields, as well as contributing to achieving self-sufficiency in oil derivatives and optimizing the wasted natural resources, which are valued at hundreds of billions of dollars, which contribute to diversifying the state's financial resources," explained a member of the parliamentary oil committee. Views 168 Added 2024/07/04 - 5:04 PM

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