Iraq Economic News and Points to Ponder Friday 4-19-2024
An Economic Expert Explains The Reason For The Scarcity Of The Dinar And Reveals A “Big Mistake”
Time: 04/19/2024 Read: 2,808 times {Economic: Al-Furat News} An economic expert explained the reason for the scarcity of the dinar in local markets.
Bassem Jamil Antoine told Al-Furat News Agency, “The scarcity of the dinar is due to the reasons people hoard it and use it for work and trading instead of the dollar and investing it.”
He added, “A process of dollarization of society was carried out, and this is a big mistake, until the public went towards buying property and real estate, and the dinar decreased from the street.”
Antoine continued, “There can be reassurance from citizens if the sanctioned banks are restored and dealt with correctly, and stability will return again.” LINK
Parliament Finance Advises Raising Exchange Rates Again… What About Oil Revenues?
Money and business Economy News – Baghdad Member of the Parliamentary Finance Committee, Adnan Al-Zarfi, stressed today, Friday, the necessity of suspending the dollar exchange rates in Iraqi markets, while indicating that America is pressuring Iraq to reform the banking system.
Al-Zarfi said, in an interview followed by Al-Iqtisad News, that “the exchange rate of the dollar against the Iraqi dinar must be more than 1,500 dinars in order to create real economic development,” indicating that “the current exchange rate allows for the weakening of the local industry.”
He added, “The revenues from Iraqi oil exports go to the US Federal Bank in two accounts,” pointing out that “the US Federal Bank noticed that there were different numbers for Iraq’s imports from customs and the central bank, which led to a change in the trade financing mechanism.”
The member of the Finance Committee added, “Failure to pay taxes and customs duties is one of the most important indicators Americans have about the economy.”
Al-Zorfi stated, “The Al-Kadhimi government neglected to establish the dollar platform despite America’s demand to do so,” noting that “America is pressuring Iraq to reform the banking system, and within 5 years we will eliminate monetary dealing.”
414 views Added 04/19/2024 https://economy-news.net/content.php?id=42617
American Immunity Over Iraqi Funds… How Did It Begin And What Does It Mean?
Time: 04/18/2024 Read: 5,161 times {International: Al-Furat News} On May 22, 2003, former US President George W. Bush issued an executive order to protect the Development Fund for Iraq, in which the proceeds of oil sales were deposited, with the aim of protecting it from any legal prosecution.
After more than two decades, successive US administrations are still renewing this presidential executive order and other orders related to Iraq and aiming to protect its funds.
The current US President, Joe Biden, signed the decree extending the state of national emergency related to the situation in Iraq for another year, which stated: “There are still obstacles to the orderly reconstruction of Iraq, restoring and maintaining peace and security in the country, and developing political, administrative, and economic institutions in Iraq.”
The statement added that these obstacles “pose an extraordinary threat to the national security and foreign policy of Iraq and the United States of America as well. Therefore, (Joe Biden) has decided that it is necessary to continue the state of national emergency declared under Executive Order 13303 regarding the stability of Iraq.”
What is Executive Order 13303?
The Executive Order is intended to protect the Development Fund for Iraq and certain other properties in which Iraq has an interest.
According to what was stated in the text of the executive order, then US President George W. Bush saw that there was a threat to seize or take other judicial measures against the Development Fund for Iraq and Iraqi oil and petroleum products and the revenues arising from them.
The executive order also stated that this situation “poses an extraordinary threat to the national security and foreign policy of the United States, and therefore a national emergency has been declared to address this threat.”
The order states that any seizure, judgment, decree or other judicial proceeding against the Development Fund for Iraq or Iraqi oil and petroleum products and the proceeds and obligations relating to their sale or marketing shall be null and void.
The Executive Order prohibits all US citizens and residents of the United States, as well as any entity organized under US laws, from filing lawsuits against Iraqi funds.
According to the US National Emergency Law, failure to renew the executive order within a period of 90 days from the date of the previous renewal means that it will become invalid.
Development Fund for Iraq
The Development Fund for Iraq was established after 2003, and before that, money from Iraqi oil sales was placed in an account managed by the United Nations within what is known as the Oil-for-Food Program.
In the mid-nineties of the last century, the UN Security Council resolution related to oil for food was issued and stipulated the sale of a portion of Iraqi oil in exchange for the purchase of medicines and food during the era of Saddam Hussein’s regime, which suffered international sanctions as a result of its invasion of Kuwait in 1990.
This situation continued until 2003, when a new Security Council resolution was issued under which most of the economic sanctions were abolished, provided that issues related to the invasion of Kuwait were resolved, such as compensation, prisoners, and others. LINK
Al-Sudani: My Visit To Washington Is To Start A New Page In Relations Between Iraq And America
Friday 19, April 2024 22:11 | Political Number of readings: 188
Baghdad / NINA / The Prime Minister, Muhammad Shiaa Al-Sudani, said today, Friday, that his visit to the capital of the United States, Washington, came to start a new page in relations between Iraq and America.
He added during an interview at the Atlantic Council in Washington, “The goal of the visit is to activate the provisions of the strategic framework agreement,” noting, “We implement government policy with a clear vision and the basic principle of foreign policy is Iraq first.”
He pointed out that “Iraq today has regained its health,” pointing out that “Iraq is witnessing a service and economic renaissance.”
He stressed that “the victory over ISIS united the Iraqi people,” explaining, “A series of important meetings were held during our visit to the United States,” adding, “We found a positive atmosphere of understandings during our visit to the United States.”
He pointed out that “there is a great desire among American companies to enter the Iraqi market,” noting: “We indicated during the meeting with the US Treasury the necessity of reviewing the procedures that affected some Iraqi banks.”
He stressed that “the government is determined to develop the economic and financial sectors,” noting that “the unjust war taking place in Gaza exposes the region to great dangers.”
He continued: “We must all work to stop this war immediately,” reiterating his warning against “the consequences of expanding the scope of the crisis.”
He pointed out that “there is a negative picture painted about the situation in Iraq and it contains a kind of exaggeration,” stressing that “the current reality in Iraq is completely different.” https://ninanews.com/Website/News/Details?key=1122004
Al-Sudani: Iraq Is In The Process Of Recovery And Has Taken Its Leading Position That Attracts Work And Companies
Money and business Economy News – Baghdad The Prime Minister confirmed, today, Friday, that Iraq is in the process of recovery and has taken its leading position that attracts work and companies.
The Prime Minister’s Media Office stated, in a statement received by Al-Iqtisad News, that “Al-Sudani met at dawn today, Friday (Baghdad time), with an elite group of members of the Iraqi community during a gathering held at the Islamic Forum in the American state of Michigan, where the meeting hall was crowded with Iraqi families from The various sects and components that characterize Iraq.”
In a conversation with members of the community within the Islamic Forum in the state, the Prime Minister expressed “a feeling of pride and pride in the members of the community who have maintained their national affiliation, and among them are mujahideen who fought the dictatorial regime, as well as competencies who have proven their success in various specializations, which represents human wealth.” “It is needed by the development process in Iraq.”
He explained, “The government today represents all components, based on a large political coalition, and the people’s program feels its repercussions through their optimism and satisfaction, which was accompanied by security and political stability.
These are factors that pushed us to continue working and providing services, and to move within a new economic and investment policy in addition to basic economic reforms.” .
He pointed to “the government’s balanced policy regarding the events in the region and the repercussions of the war in Gaza, the repercussions of which Iraq had previously warned.
The government pursued a balanced foreign policy to make Iraq a station for security, in accordance with the principle of intertwined interests and economic partnerships. This is why the Development Road Project came to enhance stability in Iraq.” .
He stressed that “Iraq is in the process of recovery and has taken its leading position that attracts work and companies, which represents a guarantee for the stability of the region.
Victory over ISIS has been achieved through the sacrifices of its people and the help of the international community and friends under the title of the international coalition, whose justifications for its existence have ended today, and work is underway to move the relationship with the coalition countries to “Multiple broader stages of security cooperation.”
The Prime Minister revealed “the content of the meetings with officials and representatives of American companies, which resulted in cooperation with American companies in the investment opportunities that were presented to them in the field of oil, gas and petrochemicals, stressing the government’s keenness to take care of all the affairs of the people of the community, through its directives to the ambassadors and the Ministry of Foreign Affairs to take care of their interests.” And their affairs.”
Oil Prices Rise After News Of An Israeli Attack On Iran
Economy | 04/19/2024 Mawazine News – Baghdad Oil prices rose in trading today, Friday, with escalating tension in the Gulf region and the Middle East, which raised market fears about global crude supplies.
By 08:20 Moscow time, US West Texas Intermediate crude futures rose by 2.30% to $84.63 per barrel.
While Brent crude futures rose by 2.11% to $88.95 per barrel, and before that, contracts were traded above $90 per barrel, according to Bloomberg data.
Explosions rocked at dawn today near Isfahan Airport and the Hastam Shikari military air base in Iran, while an American official confirmed the start of an Israeli attack on Iran.
https://www.mawazin.net/Details.aspx?jimare=246264
Provoking Points To Ponder on Failures and Mistakes
The fearful are caught as often as the bold.- Helen Keller
Inaction, contrary to its reputation for being a refuge, is neither safe nor comfortable.- Madeleine Kunin
They fail, and they alone, who have not striven.- Thomas Bailey Aldrich
You may be disappointed if you fail, but you are doomed if you don’t try.- Beverly Sills
It takes as much courage to have tried and failed as it does to have tried and succeeded.- Anne Morrow Lindbergh
Failure is something made only by those who fail to dare, not by those who dare to fail.- Louis Binstock
You don’t always win your battles, but it’s good to know you fought.- Marjorie Holmes
http://famousquotesandauthors.com/topics/failures_and_mistakes_quotes.html
