IMF: Iraq's New Economic Ambitions.

[Luigi1]

Here's some articles of Dinarian interests...

Between IMF Recommendations & Baghdad's Ambitions -  Iraq Plans A New Economy.

Treat as rumors.  Not verified.  Your opine.

 

 

 

Tishwash:   Iraq Ssigns An Agreement With The US Company HKN To Increase Oil Production In Tthe Hamrin Field.

ARTICLE:  The Iraqi Ministry of Oil announced on Tuesday the signing of an agreement in principle between the North Oil Company & the American company HKN to develop the Hamrin oil field.

 

Deputy PM for Energy Affairs & Minister of Oil Hayan Abdul-Ghani affirmed the ministry's commitment to cooperating with reputable American, Western & other int'l companies to develop oil fields, optimize gas investment & maximize production capacity in support of the nat'l economy.

 

This came during his patronage & attendance of the signing ceremony of the agreement to invest & develop the Hamrin field.

 

Abdul Ghani said that the ministry seeks to raise the field’s production rates to 60 thousand barrels per day, in addition to investing (45-50) cubic meters of associated gas to supply power generation stations with fuel, noting that the Hamrin field is one of the producing fields & the current production rates are (20-25) thousand barrels per day, despite the economic & security challenges.

 

He pointed out Iraq's aspirations for joint cooperation with reputable American companies, explaining that there are numerous negotiations for investment in the oil, gas & energy sectors.

 

The signing ceremony was attended by the Ministry's Undersecretaries, the Chargé d'Affaires of the US Embassy, the PM's Advisor & a number of Directors General at the Ministry's HQ.

 

US Chargé d'Affaires Stephen Fagin said, "We are pleased to be attending the signing ceremony today at the Iraqi Ministry of Oil. We are also pleased that an American company is investing in Iraq & we would like to see more business with Iraq."

 

For his part, the Director General of the North Oil Company, Amer Khalil, said that the agreement signed would serve as a basis for signing a development contract later, noting that the contract aims to develop all oil wells in the field & qualify personnel & contributes to securing gas fuel to operate power plants & employ Iraqi workers.

 

In turn, HKN Vice President Matthew Zeiss said: "We are very proud to be working and cooperating with the Ministry of Oil. Our goal is to develop the Hamrin field to its full potential, utilize Iraqi capabilities to operate & operate at 80% capacity, and develop the local community in the operating area."

 

Tishwash:    Between IMF Recommendations & Baghdad's Ambitions - Iraq Plans A New Economy.

PM's advisor, Mazhar Mohammed Saleh, confirmed on Monday that the government's reform policy has not deviated from the recommendations of the IMF, while explaining that the government seeks to transform the rentier economy into a diversified, productive economy.

 

“Despite the significant financial exposure to oil revenues, which has made the financing of public spending, especially investment, dependent on oil price fluctuations & the oil asset cycle, as well as the pressure of employment in the government sector, which has absorbed the state’s resources without creating parallel productivity in the real economy, these are facts that put pressure on the growth paths of the rentier economy.

However, it can be said that Iraq possesses promising economic components if they are employed within a realistic & gradual development vision,” Saleh said in a statement to the official media, followed by “Al-Mutalaa”.

He added, "Strengthening the non-oil sector requires a real shift from a rentier economy to a diversified productive economy, something the current government is seeking to achieve within the framework of its government program.

 

The reform policy currently being adopted by the government has not departed from the recommendations of the IMF, which are repeated in most of its meetings, official gatherings & reports."

 

He pointed out that the government program approved by the Council of Representatives in October 2022 serves as a guide & vision that has been implemented in the work of the Iraqi reform government.

 

This has been embodied in the transformations in the country's economic policy, despite the heavy social & economic legacy accumulated over the past years, such as stalled projects, thousands of employment contracts with the government that lead to permanent employment & the poverty alleviation program, which required reaching two million families in the social welfare budget.

 

He explained that: “The government has paved its way with the non-oil economy in an exceptional way since it announced that it is a government of services, as it began implementing dozens of service infrastructure projects that were suspended, including starting to build one million housing units & hundreds of school buildings, hospitals, bridges, roads, electricity & water networks & announcing a partnership program, especially in the industrial and energy fields, with the private sector, by granting the private sector sovereign guarantees to interact in technologically advanced industrial investment, without neglecting the agricultural support policy that provided sufficient security from the production of grain crops.

 

This is what indicated the decline in unemployment to 13 percent after it was 17 percent, in addition to the high stability in the general price level, which did not exceed 3 percent.”

 

He continued, "The government is proceeding with banking structural reforms without interruption, in addition to its successes in bringing Iraq into the digital age by improving digital payment systems & the progress achieved in the gas sector & its exploitation within the development of the energy sector & natural resources, all of which constitute key factors for sustainable economic growth, which reflects the stability of Iraq's credit rating, with the adoption of the Development Path Strategy as a program to achieve the goals of generating a leading economic sector in development outside the oil sector, to shape the coming economic future in sustainable development in our country without interruption."

 

 

 

 

[Luigi1]

Tuesday afternoon with MZ...a MZ bank story...everybody loves a bank story...

 

 

Some highlights by PDK-Not verbatim.

THREAD:   A MZ Bank Story.  Everybody Loves A Bank Story.

Member: Good Terrific Tuesday morning.

Member: Happy Halfway Through 2025 ~ 6 months gone, what will we do with the rest of this year?

Member: Please please, pretty please Mark - tell us some outstanding news. I really need something positive in my life right now.

MZ: A friend of the podcast has a friend that is in charge of software rollouts at one of the biggest banks in America. One of the top three banks. They had to work nonstop at updating software ever since Trump & the US struck the Iranian nuclear facilities. They were not working on it until that happened.

MZ: So they have been non stop updating software at this world leading bank. They are being told its because Iran will retaliate by taking out our banking infrastructure. That is the cover. They did not even get the 4th of July off due to updating equipment & software & hardware. Isn’t that interesting?

MZ: Z It could also be a cover or key time for putting in the QFS ect.

MZ: I received this one a few days ago but since I am inundated with so many emails I missed it. I really regret missing this one.

MZ: “I walked into a “regional” bank & asked the teller if this location had a De La Rue machine. She quickly passed me on to the bank manager. The manager scooted me into her office & closed the door. She asked why I would be needing one & I said I would be participating in the upcoming currency exchanges & wondering if your tellers were trained?

MZ: She said they were getting a DLR machine for this location but only herself & her back up manager would be facilitating exchanges. She never asked what currencies I had. I never offered that info. She did say when the time comes either myself or my assistant could travel to me to take care of my transactions. I turned down that offer saying I wanted to be treated like everyone else.

MZ: A couple weeks went by & I popped into a teller window to do my normal banking. I asked if the bank manager was in & was told that she was at lunch. As I was leaving the teller told me the bank manager was coming out to speak with you. She explained that all the tellers had been told to let them know if I came in looking for them.

MZ: The bank manager arrived & I was red faced at having made her leave her plate to answer a insignificant question. No matter how I try they will not treat me like everyone else. This is a true testimony that even some tier 3 regional banks are aware of the upcoming reset & will be taking part in the exchanges.

MZ: Thank you for sharing those. I did filter out some things to protect individuals & businesses.

Member: Mark are you able to share if your bond contacts have received their funds now that ISO 20022 is activated?

MZ: I do have some key bond folks who has anticipated great movement last weekend with the new systems. They have meetings today. So by the next podcast I should know how those meetings went. I am hopeful the message I get is “we have money”

MZ: From Iraq: “My relationship with Barzani is good & our disagreement is legal. We tried to convince Sadr to return to the elections” There has been a lot of infighting to try to force Kurdistan into cooperation.

MZ: “ When will Sadr turn the tables. A new equation threatens the dominance of the framework in 2025 elections” Sadr controls votes here. He is also pushing Barzani to get the Kurdish issues knocked out.

MZ: “To enhance Electronic payment: Government meeting to activate Appel-pay in Iraq” This went exceptionally well & there is a follow up meeting in 2 weeks. Iraq is going electronic & requires payment systems. Probably 80% of the currency sits under mattresses ect in Iraq. When more citizens embrace this & puts money in the banks it will unleash its potential. You need to put water in the pool before going swimming. There is great progress.

MZ: “Sudanese advisor reveals the most important pillars of the revival of the “Treasure” of Iraq” Sound economic policy. I love this one. Foreign investment is important to Iraq.

Member: Mike Bara believes VND may be only 0.47 & also we may be taxed?

Member: I always thought the worst case was going to be .47 cents for dong. Love it to be higher though.

Member: So Trump & the Admin in recent weeks have been in the headlines regarding deals with (Iraq, Indonesia, Vietnam) & this would pander to the RV you would think?

Member: I just got a notification that Trump signed a trade deal with indonesia. The rupiah is one of the currencies that is rumored to revalue. quite a coincidence.

MZ: Its crazy that these are some of the first deals Trump signed. Love it.

Member: So much wrong news & mis information. I am worried.  I'm not going to believe when it really happens!

Member: Hoping the 800 numbers are coming this week. What do you think Mark?

MZ: I do not know the timing but I feel very good about this month.

Member: Charlie Ward, had said RV would occur on a Thursday. This Thursday is the 17th.

Member: Mark, great job on Jon Dowling yesterday.   

Member: Everyone enjoy your day. See you tomorrow AM.

Mod:  JUST SO YOU KNOW. THERE IS NO PODCAST TONIGHT. SO SWEET DREAMS TO YOU!

 

[cranman]

That bank story makes it sound like we are really close to our dreams coming true.

 

Thank you! 

[Luigi1]

Here's another article related to the above...Iraq warms up to Iran...

 

Edu Matrix:   Iraq Warms Up To Iran.

ARTICLE:  The US has issued a serious warning to Iraq: stop the illegal smuggling of Iranian oil or face harsh consequences.

 

The U.S. may freeze over *$350 million* in Iraqi oil revenue & impose sanctions on Iraq’s main oil company, **SOMO**.  This comes as U.S. officials uncover a secret network involving Iranian crude, foreign oil tankers & companies across **Turkey, the UAE & Hong Kong**—all allegedly tied to Iran’s **Revolutionary Guard Quds Force**.

 

But that's not all.  The U.S. is also sounding the alarm about **Iranian-backed militias operating inside Iraq**, accusing them of fueling violence & instability.

 

The pressure is building fast, with Washington demanding that Iraq rein in these armed groups before tensions spiral out of control.

 

PM Sudani just met with U.S. officials in Baghdad as the world watches closely.

 

Will Iraq choose the U.S. or Iran?

 

 This is more than just oil—this is about power, politics & peace in the Middle East.

 

 Don’t miss the full breakdown of this geopolitical showdown.

[cranman]

3 hours ago, cranman said:

That bank story makes it sound like we are really close to our dreams coming true.

 

Thank you! 

Thanks for the up vote, but it was supposed to be sarcastic. Lol

[Longtimelurker]

48 minutes ago, cranman said:

Thanks for the up vote, but it was supposed to be sarcastic. Lol

 

I was thinking "cranman has been around long enough to know better about markz" 😂

[yendor]

4 hours ago, cranman said:

Thanks for the up vote, but it was supposed to be sarcastic. Lol

 

Come to think about it, it appears that ALL of the posts here are said sarcastically lol or not. 

 

Oh well,  SOON !