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Oil announces the transfer of a copy of the oil and gas law to the Council of Ministers for approval


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The European Union and the World Bank issue a joint statement on the economy of Iraq ... and an urgent request

 
The European Union and the World Bank issue a joint statement on the economy of Iraq ... and an urgent request
 
 
03/09/2021 23:38:03
 
 
The joint statement stated, “Following the launch of the Iraqi Economic Contact Group (IECG) on October 22, 2020 in London, the Government of Iraq met with its international partners in the Director-level Economic Contact Group on March 2, 2021 to conduct an assessment of the reform steps recently taken, in order to start identifying Align international support, and map the way forward towards holding a high-level contact group meeting in late spring of 2021.'  
 
He explained, "The Iraqi economy has faced multiple shocks that have led to a severe recession and high poverty rates, and that structural obstacles that have accumulated for decades limit the availability of financial reserves to mitigate the social and economic impact on Iraq's most vulnerable citizens and its commercial projects.
As a result, engaging in reforms is the fastest way."
To reverse the course of the situation."

The statement added, "Indeed, the long-term success of Iraq is crucial to the stability of the entire region; but the Iraqi economic model based on oil is facing an increasing challenge from a young and growing population that needs to diversify job opportunities, and from an irreversible global trend towards decarbonization and access to a green economy."  
 
He continued, "The Iraqi government has taken commendable steps to address immediate and long-term financial and economic challenges by initiating a frank discussion about the requirements for structural reform to address financial imbalances, address critical infrastructure gaps and direct the Iraqi economy towards sustainable and comprehensive development, including gender equality."  
 
"As partners and friends of Iraq, we have indicated our appreciation for the steps taken recently to move from analysis to implementation, as evidenced by the Cabinet's approval of the implementation plan for the White Paper, including the governance structure to achieve this goal," the statement indicated."  

He called for "expediting the adoption of a reform-oriented Iraqi national budget, given the need for it to provide the necessary means and tools to ensure that Iraq can continue on its reform path towards stability. 
 
At the same time, we have been informed of the additional work needed to implement reforms. There is an economic and social cost to delay." In taking action." 
 
"Therefore, it will be necessary now to start urgent implementation based on the identified priorities.  
 
The reform agenda must be an integral part of a broad and open dialogue between the government of Iraq, its parliament and its citizens, in order to ensure that the future of Iraq is formulated in a comprehensive manner," the statement concluded.
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Governmental Adviser: Al-Kazemi's initiative will be a platform for national dialogue


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10th March, 2021
 

A member of the government advisory team, Hussein Allawi, confirmed, on Wednesday, that the Prime Minister’s initiative will be a platform for national dialogue.

Hussein Allawi, a member of the government advisory team, said, according to the official agency, that "Prime Minister Mustafa Al-Kazemi's call for national dialogue is very important to revitalize the political process and support the design and construction of the Iraqi state in accordance with the values of the new democratic system and in loyalty to the blood of Iraqis." 

He added, "The call was highly welcomed by the national components, the national and societal forces, and the Iraqi public opinion.

 Several statements and a number of political statements that will come in the coming hours, give positive indications about the strength of the initiative's momentum."

He explained, "The initiative is a great opportunity and a platform for dialogue at political, social and youth levels, for the forces of popular protest and the Kurdish people's forces for a dialogue between the center and the region, stressing that the national dialogue is a process of pushing Iraq towards a new political contract for social harmony."

He pointed out that "the initiative will be a platform for a national dialogue that combines the vision of the executive authority that the President of the Republic will promote as a sponsor of the constitution and supportive of the Prime Minister's initiative and he will work on it with the political forces to produce the new political contract for Iraq in the field of the image of the Iraqi state, the public policy approach, the new economic approach, and the treatment and dismantling of a puzzle."

Corruption, poverty and unemployment in the body of the state."

He continued: “Also strengthening the emergence of new societal forces in light of the new election law (the 83 multiple districts) that aims to reach representatives who represent the local community,” noting that “the file of community relations and enhancing and preserving the value of diversity will be one of the main outputs that will be discussed. In addition to placing weapons outside the state apparatus, and ways to build dialogue with private groups."

And he indicated that "the file of foreign relations in light of the references of the Christian-Islamic dialogue that was built and constructed by the blessed visit of Pope Francis to Iraq, in addition to the Iraqi-American strategic dialogue in light of the reference to the Strategic Framework Agreement, and Iraq's approach to the dimensions of the state and the safety of society and the national economy from conflict damage." "The American - Iranian is in Iraq and Iraq is neutralizing it."

Allawi stressed, "The main point of dialogue on which the prime minister relies in his initiative is the logic of the state in front of the state's legacy, which has come the historical moment to address and confront it effectively through the forces of the political process, the requirements of society and the demands of the social components for coexistence."

Creating a new concept of Iraqi national security based on the theory of the country's shared security among its Iraqi social components. He went on to say: "The design of the national dialogue needs effective steps by the political, societal and youth forces and political actors through creating content, defining the path and preparing the Iraqi society to move in the social space from the path of liquidity to the path of steadfastness and solidifying the stage of the country's political transition."
 

He pointed out that "Iraq faces a great opportunity to extend the policy table instead of clash and unproductive political competition, which stopped the movement of economic interaction and the ability to attract foreign investment," stressing "the need to build on the initiative of political dialogue to end the problems of the country and Iraqis and work to transfer them to a better life."

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A deputy talks about "consensus" to pass the budget next Monday

 

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11:56 - 10/03/2021

 


MP Mansour Al-Baiji confirmed, on Wednesday, that the country's general budget will pass by a majority inside the parliament, indicating that there is unanimity among MPs to pass it after it has settled and amended all its paragraphs except for the region’s share that has not yet been settled.
 
He continued, "The regional government must obey the law and the constitution, as is the case in other provinces, and hand over all its revenues to the central government, but do not procrastinate on that because our Kurdish people are the one who is affected and they must realize well that the regional government is the reason." 

 

Al-Baiji stressed, "the application of justice between all governorates and the region because it is not possible or reasonable to hand over a share to the Kurdistan Regional Government, and it does not hand over to the federal government anything.
 

Therefore if the regional government wants its share of the budget, it must hand over its revenues in full, otherwise we will not vote on its share in the current year’s budget." As happened with the law on borrowing.

Al-Baiji said in a statement that the information received, a copy of it, that “the Kurdistan Regional Government does not want to reach a solution to settle the region’s share of the budget, and it is stalling throughout the previous period and the budget approval has been delayed to this day because of the region. Therefore, more than 150 parliamentary signatures were collected in order to present the budget to be passed.

He added that “after the consensus that occurred among the representatives on the incompatibility at the expense of our governorates with the general budget of the country, as it used to happen previously with the regional government, signatures were collected to present the budget law at the nearest session in order for it to be passed because it was too late and this delay cannot continue because the only affected children the Iraqi people are all”.

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The House of Representatives intends to pass the 2021 budget by majority in Monday's session  LINK

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Al-Fateh: There is no need for supplementary budgets, and a change is possible in the original budget

 
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18:59 - 10/03/2021
 
 

Al-Fateh Alliance confirmed, on Wednesday, its refusal to prepare a supplementary budget to be attached to the original budget to avoid changing exchange rates.

A member of the coalition, Mithaq Al-Hamdi, said, in a statement to Al-Maalouma agency, that “there is no need to develop a new, complementary or original, second budget for the country,” indicating that “Parliament can change the current budget before sending it to vote in the upcoming parliament session.”

Al-Hamidi noted that "the current budget is in the hands of the House of Representatives and ready to vote and talk about a new budget that may enter the country in political differences and sterile controversies that cannot be resolved."

And she added, "Just thinking about preparing a new, complementary budget for the country to avoid the problems of different exchange rates is totally untrue and will disrupt the country's interests more than it is disrupted."

She indicated that "many state departments have disrupted services and business due to the delay in finalizing the amendment of the current budget and sending it to Parliament for a vote on it, and thus the supplementary budget will increase the delay and may worsen things a lot."

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Al-Kazemi puts the building blocks of a sovereign wealth fund to ensure the future of generations after the completion of Kuwait's compensation

 

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9th March, 2021


The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed, on Tuesday 2 March 2021, positive proposals for the establishment of a sovereign wealth fund in which funds equivalent to their deductions are deposited for the current compensation for the Kuwait war, in line with the reform white paper, indicating in another aspect that the price difference a barrel of oil in the budget goes to fill the deficit, and the government does not need to borrow, indicating that the development of a supplementary budget remains according to the government's need.

Salih told Al-Masalla: We have positive ideas and proposals for the establishment of an Iraqi sovereign wealth fund, in which amounts equivalent to the compensation of the Kuwait war are deposited after the payment of these compensation is completed in the coming months, and it is managed along the lines of the generational funds, which is considered a sovereign investment resource for Iraq, and in line with The white paper launched by the government to strengthen and reform the structure of the Iraqi economy.

Saleh indicated that only an amount of less than $ 2.5 billion of the $ 52 billion out of $ 52 billion remains of the Kuwait war compensation until the moment, as 3% of the proceeds of every barrel of Iraqi crude oil exported is still being deducted, through a mechanism and a bank account that is handled by the Reserve Bank. Federal Council in New York, according to subsequent Security Council Resolution 1483 in May 2003.

He pointed out that the deductions are currently paid by the United Nations Compensation Fund {UNCC}, expecting that all the remaining compensation will end within a year or a little more, depending on the evolution of oil prices and the proceeds of the exported Iraqi oil barrel.

It is noteworthy that the United Nations Compensation Committee was formed in 1991, the same year in which the US-led coalition removed the Iraqi forces from Kuwait, and mandated the commission to pay $ 52.4 billion (46.8 billion euros) to Kuwaiti individuals, companies, government agencies and other organizations that suffered losses. Because of the Saddam regime's invasion of Kuwait, the compensation money comes from a tax levied on sales of Iraqi oil and its products.

The economic advisor to the Prime Minister said that the budget was built on a deficit, meaning that the expenditures are more, and there can be borrowing, but the difference in the price of a barrel of oil today is filling the deficit, so there is no need for borrowing, that is, the surplus replaces borrowings.

He added that this difference in the price of a barrel of oil closes the budget deficit, and the government may not need to borrow, noting that this does not mean that there is no final borrowing, but the difference is compensated, and there may be a surplus, and this depends on the stability of oil prices. And on the existence of a complementary budget, Saleh indicated that creating a supplementary budget is not necessary, but it remains according to the government's need and the extent of the revenue strength, and does it have important projects that are deferred that need a supplementary budget.

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17 hours ago, Laid Back said:

Go new fiscal year

Go RV


:o 

 

:D  :D  :D 

 

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An economist calls for a speedy end to the disputes and preparation for the international turnout
 

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18:25 - 09/03/2021

 

On Tuesday, a researcher in economic affairs, Yahya Al-Haddad, called on the political forces to resolve differences, end conflicts over gains, and move towards urgent elections in preparation for the international turnout on Iraq.

Al-Haddad said, in a statement to the information agency, that “the Pope’s visit to the holy city of Najaf in particular is a recognition of the great role that the reference plays in the security and political axis,” indicating that “it is a victory for the humanitarian role of the Shiite authority in Iraq in particular and the Arab world over Public face”. 

 

He noted that "Iraq, after this historic visit of Pope Francis, needs to be fully prepared and open new horizons of political orientations as it is on a new date of international interaction with Iraq in all files,

 

especially the economic file."

 


He explained,

"The political forces must settle their accounts and put the interest of Iraq above all considerations,

because the next stage will witness a boom for investments in Iraq, 

and this process needs political security before considering any step,

which depends on the size of the responsibility that the leaders of Iraq bear at this stage."

 

And he stated, “It is necessary to end all of the early elections and to speed up their conduct because they are a dangerous weapon that threatens every investment process in Iraq,”

explaining that “the large investments of countries in Iraq do not look at public interests as much as they are concerned with the security of the region in which they operate and the extent of the decision’s ability Politician to tame that security.

 

He pointed out that 

"Iraq is fertile land,

and the visit of the Pope,

as the biggest leader of the Christian community,

stimulated international business companies

and began to talk in the media about large investments

that will be presented to the new Iraqi government."

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1 hour ago, DinarThug said:

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Political agreement to pass the oil and gas law

 

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9th March, 2021


The MP from the Sadiqoun Parliamentary Bloc, Fadel Al-Fatlawi, revealed today, Tuesday, a political agreement to pass the oil and gas law.

Al-Fatlawi said in a statement that "the political blocs are heading towards passing the oil and gas law after completing the laws of the Federal Supreme Court and the federal budget for 2021," pointing out that "the law may be presented inside the parliament during the next week."

He added that "the law is of great importance in solving the outstanding problems between Baghdad and Erbil and the oil-producing provinces," noting that "passing it will achieve justice in the distribution of wealth and the revival of poor areas."

He continued, "The law enjoys great political support system" rel="">support in Parliament, and there is a serious intention to settle it and pass it during the current legislative term." 

#######

Disclosure of a political agreement to pass the oil and gas law  LINK

 

 

Please....oh please.....Dear Father in Heaven PLEASE....let it be so.

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2 hours ago, DinarThug said:

"Iraq, after this historic visit of Pope Francis, needs to be fully prepared and open new horizons of political orientations as it is on a new date of international interaction with Iraq in all files, especially the economic file."

 

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How has the Pope’s visit reflected on the image of Iraq abroad ... A promising Finnish response

 
How has the Pope’s visit reflected on the image of Iraq abroad ... A promising Finnish response
 
 
03/10/2021 17:20:45
 
 
During a call from its Foreign Minister to the Iraqi Foreign Minister, Benefits of Hussein, Finland confirmed the positive reflection of the Pope's visit on the image of Iraq abroad.

In a statement, the Euphrates News Agency received a copy of it today, the ministry stated that “Foreign Minister Fouad Hussein received a phone call from Becca Hapisto, Minister of Foreign Affairs of Finland, and congratulated him on the success of the visit of His Holiness, Pope Francis to Iraq, and indicated the positive impact of this visit on the image of Iraq. Abroad, especially the image of establishing security in the cities visited by His Holiness.

 

The statement added, "The two ministers discussed bilateral relations and joint cooperation in various economic and diplomatic fields, in addition to discussing the political, security and regional situation." 
 

And he added, "They touched on the Helsinki Forum, which brings together leaders and politicians of the region", to be held during the coming months, sending an official invitation to Minister Fuad Hussein to participate in it, and for his part, the Minister thanked his Finnish colleague for contacting the invitation.

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Just now, DinarThug said:

How has the Pope’s visit reflected on the image of Iraq abroad ... A promising Finnish response

How has the Pope’s visit reflected on the image of Iraq abroad ... A promising Finnish response
 


And So The Big Takeaway Is That The Pope Wound Up With A Happy Finnish ! :o 

 

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:D  :D  :D 

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In the professional soldiers’ world a “ speedy end “ is a bullet:lol:

 

Pretty sure that’s not what they are calling for here. However, if’n they don’t get their poop in a group sharpish like; natives might be going on the warpath and somebody might receive said bullet with their name & address on it.

I don’t think for one minute the citizens would refuse to entertain the idea of repeating the October demonstrations. 
I would like to believe with Kazemi’s leadership they’ve turned the page & we’ll finally be getting off this roller coaster.  :bagofmoney:

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Al-Sheikhly: Amendments were made to the budget in the corridors of Parliament, the Finance Committee, and the members do not know
 

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18:33 - 09/03/2021

 

The economic expert, Abd al-Rahman al-Sheikhly, confirmed, on Tuesday, the 85% amendments made to the budget by Parliament that did not affect the life of the citizen, indicating that there are things that took place in the corridors of the House of Representatives, the Finance Committee and members of Parliament that they do not know about.

Al-Sheikhly said to "the information" that "Parliament has made amendments to the draft budget law and reached more than 85%, according to what the Finance Committee stated."

He added that "these amendments did not affect matters of concern to the citizen, including social welfare allocations, ration card allocations, and dollar exchange rates," indicating that "secret agreements and amendments are taking place in the dark corridors and in the financial committee that even the committee members are not aware of according to deals prepared for that."

He explained that "the most important paragraph in the budget that the parliament overlooked is the ration card allocations," noting that "the budget came with allocations for the ration card twice as it was brought by previous budgets. The council did not ask the government where the allocations of previous years were, and the citizen did not receive any of the card items."

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A member of the Parliamentary Economic and Investment Committee, MP Mazen Al-Faili, confirmed that the parliament could reject the provision of raising the exchange rate in the budget, while specifying a method that he said would put the government before the option to amend it.
"The exchange rate of the dollar, if it is rejected by most of the political blocs in the House of Representatives, will return the budget to the government in order to adjust the exchange rate and it will be forced," Al-Faily said in a televised interview.
He added, "There is no justification for raising the dollar’s exchange rate with the rise in oil prices to $ 70."

And a member of the Parliamentary Finance Committee, Jamal Cougar confirmed, on Sunday (07 March 2021), that the political movement is still continuing within the House of Representatives, with the presence of parliamentary signatures submitted to the Parliament in order to restore the exchange rate of the dollar against the dinar or reduce the current price.

LINK

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Disclosure of the time limit to reduce the price of the dollar

 

10 hours ago

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News source / NRTV

 

Financial expert Mahmoud Dagher announced, on Wednesday, that it was not possible to make a new adjustment in the exchange rate of the dollar against the Iraqi dinar after only 3 months, just because of the high oil prices, stressing that everyone knows about the fluctuation of the oil market and its failure to stop at a certain level.

Dagher said in a special statement to NRT Arabia, today (10 March 2021), that "the adjustment of the currency rate is exclusively the specialty of the Central Bank of Iraq, and no party, whether legislative, executive, or judicial, has the right to interfere with it in any way."

He added, "The purpose of those claims is to exploit them to obtain electoral votes through statements that affect the street, but they are not issued by a competent authority that realizes the seriousness of the issue and does not know its repercussions on the Iraqi economy."

He explained, “The first change, which is a historic decision, as it was not possible to take such steps for years, and it was inaccurate and without planning and came after a great deal of pressure on the Central Bank of Iraq. The oil market is fluctuating and does not stop at a certain level, and in the event of a new decline in oil prices, what steps can representatives be taken by the representatives demanding to adjust the price?

He described these steps as "ill-considered and would lose confidence in the Iraqi dinar and make it difficult to determine the relationship between wholesalers and retailers because the commercial and investment relations are based on the future, ie the future deal."

Dagher pointed out that "instead of demanding an adjustment of the currency rate, it is better to float it, as happened in Egypt and Sudan, and this also would leave negative effects on people's lives as a result of losing confidence in the Iraqi dinar."

He continued, "The government can take advantage of the global increase in oil prices by repaying the loans it withdrew and reducing Iraq's debt, as the value of external loans reached 27 billion dollars and 62 trillion internal ones."

And he expressed his hope "not to borrow in the manner mentioned in the federal budget for 2021, which the government has presented, as these loans would burden the country and economically shackle it in the future."

With regard to talking about bank reserves, Dagher said, "The position of bank treasury is excellent, contrary to what is rumored about it that it is bad, especially in light of the high oil prices, as revenues have increased and we approached $ 55 billion, which is a suitable reserve to manage the affairs of the country."

More than 130 deputies in Parliament had submitted a request to the Finance Committee to make the exchange rate of the dollar 1,300 dinars, against the backdrop of high oil prices in global markets.

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The increase in oil prices, due to the economic expectations and the decrease in fuel inventories

 

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11th March, 2021

 

Crude oil prices rose, Thursday, as the launch of vaccines boosted the economic outlook and US fuel inventories fell sharply, although the gains were capped by a rise in crude oil inventories after the Texas storm last month

May Brent crude futures rose 57 cents, or 0.84%, to $ 68.50 a barrel by 05:05 GMT, while US West Texas Intermediate crude for April was up 54 cents, or 0.82%, at $ 64.98

The Energy Information Administration said US gasoline inventories fell by 11.9 million barrels in the week ending March 5, to 231.6 million barrels however, crude oil inventories rose by 13.8 million barrels in the week ending March 5 to 498.4 million, as the country's oil industry continued to feel the effects of winter. A mid-February storm halted refining and forced production shutdown in Texas

Meanwhile, the US House of Representatives gave final approval on Wednesday to one of the largest economic stimulus measures in American history, a comprehensive $ 1.9 trillion relief bill from COVID-19 giving President Joe Biden his first major victory in office

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Parliament presidency excludes passing the budget law at a session next week

 

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11th March, 2021

 

On Thursday, the second deputy speaker, Bashir Al-Haddad, ruled out passing the budget bill for 2021, at next week's session

Al-Haddad said in a press interview, that "it is difficult to pass the financial budget in next Monday's session, because the Federal Court law has not yet been approved

Al-Haddad added, "The parliament presidency must set another budget session for the purpose of voting on it

Last Monday, Parliament Speaker Muhammad al-Halbousi directed the inclusion of the budget bill on the agenda of next Monday’s
session, based on a request submitted by Representative Yusef al-Kalabi and signed by 150 deputies.

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And reveal the reason .. The Presidency of Parliament excludes passing the Budget Law at a session next week  LINK

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Masrour Barzani renews the regional government's position on the problems with Baghdad

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11th March, 2021


On Thursday, the Prime Minister of Kurdistan Regional Government, Masrour Barzani renewed his call for a fundamental solution to the differences and outstanding issues between Erbil and Baghdad.

This came in a statement he issued on the occasion of the fifty-first anniversary of the March 11, 1970 agreement.

Barzani said in the statement that, "on this occasion, we stress radically solving our problems with the federal government on the basis of preserving and ensuring the constitutional rights of the people of Kurdistan and laying the foundations and principles of the federal system in Iraq."

 

 

Edited by DinarThug
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