Al-Sudani: The Iraqi government is following a new approach aimed at activating the private sector

Shafaq News / Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Saturday, that his government is following a new approach in its program aimed at activating the private sector in Iraq and achieving equality between it and the public sector in rights and social security.

This came during his meeting today with a number of young graduates from Dhi Qar Governorate, as part of his sovereignty’s communication with the youth, following up on their demands and listening to their vision, according to a statement issued by the Iraqi government.

At the beginning of the meeting, Al-Sudani touched on the fact that Dhi Qar possesses the elements of economic advancement, human resources and investment opportunities that go beyond its borders, stressing that the government guarantees the right to peaceful demonstration and the protection of demonstrators on the path of communicating demands and publicizing rights, in a way that does not negatively affect the work of projects and civil services.

He pointed out that the government is following a new approach in its program aimed at activating the private sector, to create more basic job opportunities in the continuation of economic development and advancement and efforts to attract investments, as well as working towards achieving equality with the public sector in rights, social security, distribution of residential lands, and others.

The Iraqi Prime Minister asked the young graduates to present their vision and demands, and propose solutions, especially with regard to comments regarding youth employment offices. In order to contribute to supporting the stability of the governorate and creating sustainable and productive development, attracting employment requests and cooperating in meeting them between public and private sector institutions and investment projects.

Al-Sudani directed the provision of a special program from the “Riyada” initiative to care and support youth, allocated to Dhi Qar Governorate, in proportion to the population ratios. In order to grant loans to emerging, small and medium enterprises, as well as directing government banks to grant operational loans, and giving priority to young people, graduates, qualified people, and certificate holders.

Shafaq.com

Tracy Jacobson: I will advance American interests and fight militia influence in Iraq

Shafaq News / Tracy Jacobson, US President Joe Biden’s nominee for the position of US Ambassador to Iraq, gave her opening remarks before the Senate Committee on Foreign Relations. In her speech, Jacobson expressed her gratitude to President Biden and the Secretary of State for their confidence in her nomination for this vital position.

Jacobson, who has more than 30 years of experience in the State Department, confirmed that she will work closely with the committee to advance American interests in Iraq.

“If confirmed, my top priorities will be protecting American citizens and strengthening our bilateral partnership to support our shared strategies and interests,” she said.

She pointed to her previous experience as US Ambassador to Turkmenistan, Tajikistan, and Kosovo, as well as as Chargé d’Affairs at the US Embassy in Ethiopia, stressing that these experiences made her more qualified to promote US interests in Iraq.

Regarding security, Jacobson stressed the importance of enhancing the stability, security and sovereignty of Iraq, noting that ISIS still poses a threat in the region.

She added: “Our army provides vital support to the Iraqi Security Forces and Peshmerga in the Kurdistan Region. Ten years after our forces returned to Iraq to fight ISIS, it is time for our army to move into a new role. I will ensure that any transition from Operation Inherent Resolve to a bilateral security arrangement is directed towards Defeating ISIS and ensuring Iraq’s security.”

Jacobson also stressed the importance of Iraq strengthening its relations with its neighbors, noting the positive steps taken by the Sudanese Prime Minister in this direction.

Jacobson pointed out that the presence of economic development, and a government capable of providing services to its people, reduces the attraction of terrorism and also reduces the influence of militias allied with Iran, which pose a great danger to the future of the country.

She said, “Iran is a malicious actor in Iraq and destabilizes the region. We realize that the main threat to Iraq is the militias allied with Iran.”

Jacobson also confirmed that she would continue to support Treasury measures to modernize the Iraqi banking system, and stressed that she would not “allow Iran to use the gas supplied to operate the stations as a weapon against Iraq.”

On the other hand, Jacobson warned of “Iran’s evil intentions and its continued role in disturbing the security situation in the region,” stressing that “the Iranian-backed militias pose a great threat to the stability of Iraq, and that they will work with all available political means to confront this threat and limit Iranian influence.”

In the context of supporting Iraq, Jacobson announced her commitment to strengthening vital sectors such as energy and banking, with the aim of achieving Iraq’s independence, protecting it from external interference, and linking it to the global system to achieve sustainable development and enhance economic stability.

It should be noted that this opening speech comes prior to the vote on Jacobson’s appointment as US Ambassador to Iraq, which represents a new strategic step in US foreign policy towards the Middle East.

Jacobson concluded her speech by emphasizing her commitment to protecting American interests and working for the stability and security of Iraq if her appointment is confirmed.

On January 26, 2024, US President Joe Biden announced his intention to nominate Tracy Ann Jacobson for the position of Ambassador Extraordinary and Plenipotentiary of the United States of America to the Republic of Iraq, replacing Elena Romanski.

Shafaq.com

The state of law talks about the possibility of changing the candidates for the presidency of Parliament

Information / Baghdad… The leader of the State of Law coalition, Haider Al-Lami, confirmed today, Friday, the possibility of changing the candidates for the presidency of Parliament.

Al-Lami told Al-Maalouma Agency, “The Shiites and Kurds asked the Sunnis to agree on one candidate for the presidency of the House of Representatives.”

He described the House of Representatives session, in which votes were placed on the candidates for the presidency of the House, as a “farce.”

He explained, “The alignments that created the presidential crisis were the reason for the continuation of the struggle over this position,” noting, “The situation remaining as it is will leave Parliament without a president until the end of the current parliamentary session.”

Almaalomah.me

Iraqi Dinar / US Dollar auction results for today 6-13-2024

Results of the foreign currency selling window for Thursday 6/13/2024

Advertisement No. (5146)

The amount:

Total amounts of transfers abroad (transfers, credits)
261,164,109

Total cash withdrawals
15,580,000

Total total sales
276,744,109

Note that: The selling price of documentary credits and international settlements for electronic cards is ( 1310 ) dinars per dollar.

The selling price for transfer amounts abroad is ( 1310 ) dinars per dollar.
The cash selling price is ( 1305 ) dinars per dollar.

cbi.iq/currency_auction

Adding 25 billion barrels of oil to the national reserve

Information/Baghdad… The Petroleum Exploration Company in the Ministry of Oil added a reserve estimated at 25 billion barrels of oil to national production.

The company’s general manager, Osama Raouf Hussein, told the official newspaper, “This addition will support the Iraqi economy and the Ministry of Oil’s plans for development and production operations, indicating the existence of an integrated five-year plan for seismic survey operations and the exploratory drilling project, which is part of the government program.”

Hussein added, “The company will drill and implement 3 exploratory wells during the current year, noting that there are ongoing negotiations to sign contracts for two- and three-dimensional seismic surveys, through contracts with international companies that were selected in the supplement to the fifth complementary and sixth licensing rounds.”

Almaalomah.me

Iraq raises its gold possessions to more than 145 tons

Shafaq News / The World Gold Council announced on Thursday that Iraq has increased its gold holdings to reach more than 145 tons of global gold reserves.

According to the latest table issued by the Council for the month of June, viewed by Shafaq News Agency, the volume of Iraq’s gold possessions reached 145.7 tons, compared to 142.6 tons during the month of May.

The Council explained that Iraq dropped in rank to reach 31st place globally out of 100 countries listed in the table with the largest gold reserves, and this amount represents 9.8% of the rest of its other reserves.

The Council indicated that the United States of America has the largest possession of gold in the world with 8,133.5 thousand tons, followed by Germany with 3,352.9 thousand tons, then Italy with 2,451.8 thousand tons, while Suriname came at the bottom of the list with 1.2 thousand tons.

It is noteworthy that the World Gold Council is based in the United Kingdom, and includes members of the largest gold mining companies in the world, and has extensive experience and deep knowledge of the factors affecting the gold market.

Shafaq.com

Moscow stops trading in “dollars and euros” on its stock exchange

The Moscow Stock Exchange announced the cessation of trading in the dollar and euro currencies as of June 13, stressing that there will be no trading in financial instruments with settlements in these currencies in the stock and financial markets.

The stock exchange said in a statement: “Regarding trading in the Moscow Stock Exchange markets: In connection with the introduction of restrictive measures by the United States against the Moscow Stock Exchange Group, as of June 13, 2024, trading in the Moscow Stock Exchange markets will be carried out in accordance with current regulations: on the foreign exchange market and the Moscow Stock Exchange market. Precious metals, trading is carried out according to all instruments, except currency pairs with the US dollar and the euro.

The statement added: “In the stock and money markets, and the unified derivative financial instruments market, trading takes place on all instruments, except for instruments that have settlements in US dollars and euros; in the derivatives market, trades are conducted as usual.”

The Central Bank of the Russian Federation explained that companies and citizens can continue to buy and sell the US dollar and the euro through Russian banks, stressing that all funds in dollars and euros in the accounts and deposits of citizens and companies will remain safe, and transactions will continue to be conducted in the market outside the stock exchange.

The United States imposed sanctions on Russian financial infrastructure, including the Moscow Stock Exchange, the National Clearing Center, the National Settlement Depository, the Russian National Reinsurance Corporation and the Sogaz insurance company.

“A number of organizations have been included in the sanctions list against Russia, which is referred to as the Russian Financial Infrastructure,” the US Treasury Department said in a statement.

Burathanews.com

“Unusual”… A government advisor proposes the idea of ​​establishing a sovereign wealth fund

The economic and financial advisor to the Prime Minister, Mazhar Muhammad Saleh, proposed an “unusual” idea to establish a sovereign wealth fund.

Saleh said {to Al-Furat News} that: “The SWF sovereign wealth funds, which Kuwait started with the Generations Fund since the 1950s, were followed by surplus countries exporting raw materials in general and oil in particular, on the basis of diversifying the investment of those financial surpluses in financial and real investment opportunities in major economies.” Outside their countries through a fund called the Sovereign Wealth Fund (SWF) whose function is to manage the investment of surpluses in financial and real assets outside their countries, and the reason is due to an issue called “weak absorption capacity.”

He explained, “that is, the weakness of the ability to convert those surplus savings from revenues from exporting natural resources into investments within the state itself due to many internal structural factors (because the surplus saving resources resulting from a surplus in the current accounts of its balance of payments exceed its available capabilities for spending or spending on internal development projects or investment) Those revenues from exports are immediately invested in operations within the economy, noting that those surpluses are capital assets that can be reinvested and generate value-added chains that multiply the national income of their countries many times over.

Saleh added, “Based on the above, sovereign funds have emerged in the world (which today are governed by standard operating rules called the Santiago Principles (which are principles established by the International Monetary Fund to evaluate and govern the work of these funds),” noting that “Iraq (unfortunately) has exhausted Its balance of payments surpluses were consumed by wars and conflicts during the same period, 1980-2003, in which the world’s sovereign wealth funds increased, while during those arduous decades our country turned into a group of “deficit” countries and fell into the trap of foreign debt, specifically since the year 1980 and the escalation of the Iran-Iraq war. “.

He went on to say, “So far, our country is not considered one of the countries of financial surplus, and the reserves of the Central Bank of Iraq supporting the stability of the Iraqi dinar, which currently amount to more than 100 billion dollars, are invested in a very specific portifolio investment portfolio, which is a semi-sovereign wealth fund, and foreign reserves are assets.” Financial instruments are always semi-liquid and do not involve long-term investments, such as shares in factories or real estate, as other sovereign wealth funds do. Rather, reserves are invested in short-term, low-interest financial instruments, such as US Treasury bonds and others with a high credit rating of Aaa, and they tend to be always semi-liquid and low-risk. Through safe investments, but usually with low or fixed returns.

Saleh said, “However, the foreign reserves of central banks are not considered among the sovereign wealth funds (such as the Norwegian, Saudi, Chinese, and other funds currently),” stressing, “We must think from outside the box, as it is said, by establishing a sovereign wealth fund for Iraq.” Although our country is not classified as a group of surplus countries.”

Waad, Iraq is “the ninth country in terms of its natural wealth currently, and it is among the countries in the world that exceed approximately 188 countries, and the natural wealth of the race in the ground is estimated at approximately 16 trillion US dollars,” explaining, “If we exclude oil and gas, it is possible to establish an effectiveness to manage a sovereign wealth fund.” As follows:

A- Establishing an Iraqi government holding company with global partnerships that will help invest these natural resources.

B- The holding company will reinvest the revenues from natural resources (i.e., which are in the possession of the holding company) and direct them to various internal investments, directing their profits towards accumulation. Assets of a *sovereign wealth fund* The holding company undertakes reinvestment activities for the benefit of the internal sovereign wealth fund itself, that is, directing the fund’s returns to reinvest in investment opportunities to diversify the national economy. That is, through (managing an internal sovereign wealth fund for reinvestment, but within the economy itself). An internal sovereign wealth fund).

Saleh concluded by saying, “This is the summary of my idea that I am defending in establishing an Iraqi sovereign wealth fund, but within the national economy, and it is responsible for reinvesting the proceeds of the fund itself in development projects, with two parts, a part that remains for the benefit of the fund itself and a part that goes for the benefit of the national economy within the development program. Also, The method of managing investments through a joint public holding company affiliated with the internal sovereign fund itself is the mechanism used to invest the fund’s resources by diversifying some aspects of the national economy into agriculture, industry, services, and available economic opportunities.”

Alforatnews.iq

Economic: Determining another path to development away from the control of the region

Information / Baghdad… Economic expert Nabil Al-Ali confirmed today, Wednesday, that the negotiations taking place between the federal government, Turkey, and a representative of the Kurdistan region are in order to determine the crossing point to Turkey on the road to development.

Al-Ali told the Maalouma Agency, “The federal government does not control the border crossings in the Kurdistan region, and this is a major knot in the development road project, and a source of concern regarding fears that may occur in the future that affect the project.”

He explained, “The government proposed creating another path, so that the development path would have two paths to limit any future political role.”

He stated, “The two paths are parallel and will be from 25 km to 50 km long. The first will be within the region, and the second will pass through Nineveh Governorate in Sinjar specifically, so that the federal government will be the one controlling the road away from any problems that may occur in the future.”

The Governor of Nineveh, Abdul Qadir al-Dakhil, confirmed in a press statement on Tuesday that negotiations are taking place between the federal government and the Turkish side, in coordination with the Kurdistan region, to determine the entry point of the road from Iraq to Turkey.

Almaalomah.me

Iraqi Dinar / US Dollar auction results for today 6-12-2024

Results of the foreign currency selling window for Wednesday 6/12/2024

Advertisement No. (5145)

The amount:

Total amounts of transfers abroad (transfers, credits)
252,202,188

Total cash withdrawals
23,910,000

Total total sales
280,112,188

Note that: The selling price of documentary credits and international settlements for electronic cards is ( 1310 ) dinars per dollar.

The selling price for transfer amounts abroad is ( 1310 ) dinars per dollar.
The cash selling price is ( 1305 ) dinars per dollar.

cbi.iq/currency_auction