Prompt A surprise announcement by the Ministry of Oil of the draft oil and gas law

{Baghdad: Al Furat News} The Minister of Oil, Ihssan Abdul-Jabbar, announced that the meeting of the Opinion Committee in the ministry, which was held on Wednesday, included discussion and review of the final version of the federal oil and gas law.

In a statement, Al-Furat News Agency received a copy of it, Abdul-Jabbar affirmed that “this copy shall be referred to the Council of Ministers for approval after completion of its review by the concerned authorities in the Ministry, and then the Council of Ministers will review this copy, and in turn refer it to the House of Representatives for the sake of Enacting this law. ”

He pointed out, “the ministry’s keenness to approve a law that contributes to the development of the oil and gas industry, and the optimal investment of the national wealth in Iraq in order to support the national economy.”

It is noteworthy that the Ministry of Oil’s sudden announcement of the draft oil and gas law coincides with marathon negotiations between Baghdad and the Kurdistan region regarding the latter’s share in the 2021 budget and the mechanism for managing his oil file.

Alforatnews.com

To the executive branch to the Central Bank of Iraq

Proposing the need to amend the exchange rate of the Iraqi dinar towards the US dollar…

1 – The devaluation of the national currency of the Iraqi dinar in favor of the US dollar and making the exchange rate of the dinar against the US dollar at 1450 is an unfair, ill-considered and urgent exchange rate, which is against the interest of the Iraqi people and economy, and that the first beneficiaries of this are regional and international countries and Arab and foreign companies And the ruling political elite … as the wealth of the Iraqi people is bought cheaply according to the new exchange rate, and this means systematic plundering ((law)) of the wealth of our Iraqi people, at a very low price, and he played in achieving this the failure of the Minister of Finance and the President of the Central Bank of Iraq according to Guidance from the International Monetary Fund and the World Bank.

2 – that the ruling authority today represents and applies an extremist and brutal neoliberal approach according to the directives of the International Monetary Fund and the World Bank, and that today’s exchange rate of 1450 is in the interest of the ruling political elite, in the interest of the leaders of the political parties, blocs and political currents influential today in governance and in cooperation and coordination with the administrative and bureaucratic bourgeoisie, the shadow economy forces, and the mafia-brokers … so they have seized the wealth of the Iraqi people and became millionaires and billionaires, in the American dollar and the Iraqi dinar, and with this stolen money, state institutions will be purchased from factories, large factories, oil and gas, agricultural land, fuel and electricity stations, and other state assets at a very low price and without oversight, and the well-known popular proverb applies (((( He eats without supervision and calculation.

3 – A new exchange rate is required for the Iraqi dinar towards the US dollar, which is one dinar equals one US dollar. This requires deleting the three zeros, for example, the 1000 dinars become Iraqi dinars, and the million dinars (1,000,000) one thousand Iraqi dinars (1000), and according to the new exchange rate 1000 dinars equals 1000 US dollars, and this is in the interest of the Iraqi citizen and economy as a first stage and work in the future to return a new exchange rate Each dinar equals $ 3, as it was previously.

4 – That this can be achieved because Iraq is rich in its natural wealth of oil, gas, gold and phosphates … .. In addition to that, there is a realistic possibility to develop agricultural and industrial production …, that is, to create material production in order not to import, and this will be in the interest of the national economy by not buying goods Food, medicine, and durable goods in hard currency, and then Iraq can export goods and services abroad and obtain hard currency, as well as work to retrieve the stolen money and return it to the Iraqi people, which ranges between 850-trillion dollars. One dollar for one US dollar

5 – The Iraqi people, public and professional organizations, national, progressive and left-wing personalities, and professors of Iraqi universities and institutes, must demand a new exchange rate adjustment in the interest of the national economy

Kitabat.com

BGG ~ We buy (and sell) Dinar. If you would like to sell Dinar – please call me directly, leave a voice mail, send a text (615-509-6256), an e-mail (bgg@ozarkisp.net) or Facebook message me for a current quote and details.

www.TheDinarExchange.com

Pictures … a demonstration in front of the Central Bank of Baghdad demanding the return of the dollar to its previous price

Shafaq News / Dozens of people demonstrated on Wednesday in front of the Central Bank of Iraq building in Al-Rasheed Street in the center of the capital, Baghdad, demanding that the exchange rate be returned to 120 thousand Iraqi dinars for every hundred US dollars.

The reduction in the value of the local currency against the hard currency was reflected in the prices of goods and goods, especially imported ones in Iraq, as they witnessed a remarkable rise, which burdened the shoulders of low-income and poor people.

The protesters held banners calling for the dismissal of Central Bank Governor Mustafa Ghaleb Mekhaif, accusing him of “wanting to starve the people.”

Shafaq News correspondent quoted some of the protesters as saying that “the primary beneficiaries of the exchange rate increase are the banks of the political forces.”

Another sign carried the phrase that “these corrupt banks steal their livelihood and that of their families to feed the whales behind them.”

The Iraqi Central Bank decided at the end of last year to raise the selling price of the dollar to banks and exchange companies to 1460 dinars, from 1182 dinars to the dollar, with the aim of compensating for the decline in oil revenues caused by the deterioration of oil prices.

Iraq relies 90% of its income on oil revenues, and the last time it depreciated the dinar was in December 2015 when it raised the selling price of the dollar to 1182 dinars, compared to 1166 dinars in the past.

The Central Bank launched its decision regarding the new pricing for the sale of the dollar in the auction for the currency on the 20th of last December.

Iraq is under great pressure under the weight of the worst economic crisis it has witnessed since 2003 until now due to the low oil prices and the outbreak of the Corona virus.

Shafaq.com

Minister of Oil: Refer the final version of the oil and gas law to the Council of Ministers for approval

Economie: The Ministry of Oil, Ihsan Abdul-Jabbar, announced, on Wednesday, the completion of the review of the final version of the draft federal oil and gas law and submitting it to the Council of Ministers for a vote on it and submitting it to Parliament, calling for the importance of expediting the passage of the Federal Oil and Gas Law.

Oil Minister Ihsan Abdul-Jabbar Ismail said in a statement that “the meeting of the opinion committee at the Ministry of Oil, which was held on Wednesday February 24, 2021, included discussion and review of the final version of the Federal Oil and Gas Law.

He stressed that this copy will be referred to the Council of Ministers for approval after completion.” Review it by the concerned authorities in the ministry, and then the cabinet will review this copy, and in turn refer it to the parliament for the enactment of this law. ”
Referring to “the ministry’s keenness to pass a law that contributes to the development of the oil and gas industry, and the optimal investment of the national wealth in Iraq in order to support the national economy.”

Dijlah.tv

The Minister of Finance chairs a high-level meeting on the exchange rate of the dollar and the white paper

Baghdad – People: On Wednesday, Finance Minister Ali Abdul-Amir Allawi discussed with the private sector and agents of some ministries the positive effects of changing the exchange rate, as well as the reform white paper procedures.

A statement issued by the media office of the Minister of Finance, which “people” received a copy of (February 24, 2021), stated that “Finance Minister Ali Abdul Amir Allawi chaired an expanded meeting to discuss the objectives achieved by changing the currency exchange rate.”

He added, “During the meeting, a review and discussion of the positive effects of changing the exchange rate of the dinar against the dollar and the impact of that step on re-balancing the Iraqi economic reality burdened with challenges and obstacles and protecting it from the risk of collapse.”

He continued, “The meeting also discussed mechanisms to change the investment environment, support the private sector and support industry and agriculture in line with corrective measures for the course of the national economy.”

He stated, “The meeting discussed the encouraging measures related to the work of the banking sector and its contribution to providing support to various productive sectors, as well as procedures for automating the tax and customs system and simplifying all administrative processes in line with the adoption of the white paper,” indicating that “the minister also heard most of the problems raised by representatives from the sector. Private and industrialist. ”

Allawi stressed, according to the statement, that “the Ministry of Finance has taken several measures in support of the effects of changing the exchange and is continuing to work on translating them effectively to protect the poor classes in conjunction with the approaching vote of the House of Representatives on the draft of the general budget bill.”

The statement indicated, “The meeting was attended by the representatives of the ministries of finance and planning, the advisor to the office of the prime minister, Abdul Hussein Al-Anbaki, the financial advisor to the Ministry of Finance, and a number of general directors, heads of bodies and a group of representatives from the private sector and industrialists.”

Nasnews.com

The Council of Ministers forms a committee to study the consequences of changing the price of the dollar

Baghdad: Al Furat News… The Council of Ministers decided, on Monday, to form a committee to study the consequences of changing the currency exchange rate, and to propose the required solutions as far as investment projects are concerned.

The General Secretariat of the Council stated in a statement that Al Furat News received a copy of, that “the committee is headed by a representative of the Ministry of Planning, and in its membership, besides the General Secretariat of the Council of Ministers, includes representatives from the ministries (Finance, Construction, Housing, Public Works and Municipalities, and Electricity) as well as the Authority. National Investment, the Central Bank of Iraq and the Iraqi Contractors Association.

She added, “The decision stipulates that the committee submits its recommendations within a month of work to the Council of Ministers.”

Alforatnews.com

Al-Kazemis Financial Adviser – Iraq is on the brink of economic recovery

{Baghdad: Al Furat News} The advisor to the prime minister, Mazhar Muhammad Salih, confirmed that Iraq is on the brink of economic recovery, indicating that the Supreme Committee for Reform has important decisions to advance the public and private sectors.

Saleh said, in a press interview, that “Iraq is on the edges of economic recovery at present in two areas. The first is that there is a tangible agricultural boom that will achieve growth in non-oil GDP in 2021 by more than 4%, which is about one and a half times higher than the population growth.” He added, “The second scope is the boom in the energy demand sector in the world. Oil prices have gradually recovered, which is a positive sign and strengthens the country’s overall financial capacity.”

Saleh stressed “the necessity of dealing with this matter with great caution, by laying a foundation for sustainable development and minimizing economic shocks.”

He pointed out that “the international community supporting Iraq through the International Financial Alliance team that was established months ago expressed its desire to support the firm principles of sustainable growth in the national economy as expressed in the white paper recently approved by the Council of Ministers by establishing a blueprint and an institutional entity (for economic reform), which is considered The support for this developmental sustainability. ”

He added, “The formation of the Supreme Committee for Reform that will have decisive and radical executive decisions to promote productive, investment and operational activity in the public and private sectors will be supported by a large international presence represented by international multilateral financial institutions and the Group of Seven major industrialized countries.”

He pointed out that “the availability of national and international will will be embodied by participation in reconstruction and the establishment of the reform team and the country’s transformation from (crisis economy) to (construction economy and sustainable development), to be the cornerstone of the economic transition for development.”

Alforatnews.com

AL-RAFIDAIN BANK LEAVES THE SEVENTH ITEM

Al-Rafidain Bank announced today, Thursday, that it has withdrawn from Article Seven that was previously imposed on it.

The director of Al-Rafidain Bank, Hussein Ali Al-Zubaidi, revealed in a statement singled out by the “National News Center” “about the fulfillment of the requirements for the exit of the Rafidain Bank from the UN decision of Chapter Seven.

Al-Zubaidi explained that “the exit decision came after fulfilling all the bank’s financial obligations to international financial institutions.”

He favored “his bank obtaining large bank credits after this decision, especially the foreign dealings of state institutions and departments.”

nnciraq.com

Two sources will flood Iraq with money .. Baghdad is on the verge of economic recovery

Yes Iraq: Baghdad… The advisor to the economic ministers, the appearance of Muhammad Saleh, revealed positive indicators of the recovery of the Iraqi economy, while oil prices began to rise rapidly, he spoke of a 4% rise in the growth of the agricultural sector and production in the country.

Saleh explained, “Iraq is on the edges of economic recovery at present in two areas. The first is that there is a tangible agricultural boom that will achieve growth in non-oil GDP in the year 2021 by more than 4%, which is about one and a half times higher than the population growth, and the second range is A boom in the energy demand sector in the world. Oil prices have gradually recovered, which is a positive indicator that strengthens the country’s overall financial capacity.

Saleh stressed “the need to deal with this matter with great caution, by laying a foundation for sustainable development and reducing economic shocks.”

He pointed out that “the international community supporting Iraq through the International Financial Alliance team, which was established months ago, expressed its desire to support the established principles for the sustainability of growth in the national economy, as expressed in the white paper recently approved by the Council of Ministers by establishing a blueprint and an institutional entity (for economic reform), which is considered The support for this developmental sustainability.

He added, “The formation of the Supreme Committee for Reform that will have decisive and radical executive decisions to promote productive, investment and operational activity in the public and private sectors will be supported by a large international presence represented by multilateral international financial institutions and the Group of Seven Major Industrial Countries.” “By participating in the reconstruction and establishment of the reform and transformation team in the country from (crisis economy) to (construction economy and sustainable development), to be the cornerstone of the economic transition for development.”

For his part, the oil expert and economist Nabil Al-Marsoumi wrote that “the third largest oil exporter in the world is on the verge of economic recovery, not because of the implementation of government white paper policies, but because of high oil prices, which is the source of recovery and the source of misery as well !!”

Yesiraq.com