Bondlady’s Corner – Iraq Economic News and Points to Ponder Monday Evening 4-15-24


Iraq Economic News and Points to Ponder Monday Evening 4-15-24

Tlm724 Administrator Bondlady’s Corner

Al-Sudani From Washington: The Development Road And Al-Faw Port Projects Will Create A New Iraq

Money  and business  Economy News – Baghdad  Prime Minister Muhammad Shiaa Al-Sudani announced today, Monday, work on a study to establish a department for expatriate affairs. While he indicated that the signing of contracts with Total, the fifth round, and the national effort will enable Iraq to achieve gas self-sufficiency, he stressed that the Development Road and Al-Faw Port projects will create a new Iraq.

The Prime Minister’s Media Office stated, in a statement received by Al-Iqtisad News, that “Al-Sudani met with the Iraqi community in Washington and other American states, on the sidelines of his official visit to the United States of America.”

He continued, “The Prime Minister expressed his pride and appreciation for the Iraqi communities in the United States and the rest of the world,” stressing that “Iraq is for all Iraqis, and the country needs the expertise, experiences, opportunities, and initiatives of Iraqi figures in America.”

He pointed out, “Working on a study to establish a department for expatriate affairs, in order to achieve effective communication with Iraqi communities in the world, as the government is looking for competencies away from quotas.”

He added, “Our visit to the United States is important to clarify our vision about the shape of the relationship with America,” noting that “America granted Iraq preferences in customs exemption and a memorandum was signed with financing institutions worth 5 billion dollars, all of which are not activated within the strategic framework agreement.”

He explained, “Iraq today is different from what it was in 2014, because ISIS no longer poses a threat to Iraq,” pointing out that “we want to move to bilateral relations with the countries of the international coalition after the victory over ISIS, similar to the countries of the region, including security relations.” .

He stated that “the first meeting of the founding committee stipulated in the framework agreement will be held, and there will be periodic meetings of this committee,” stressing that “Iraq is witnessing today an unprecedented recovery, stability, security, real development, and tangible services in all parts of Iraq.”

The Prime Minister stated, “The government’s first step was to reform oversight institutions, and our measures in combating corruption are professional and not vindictive, as we recovered a lot of money and those wanted in corruption cases who hold other nationalities, and some of the wanted persons voluntarily surrendered themselves to the judiciary.”

He pointed out, “The signing of contracts with Total, the fifth round, and the national effort will enable Iraq to achieve gas self-sufficiency within 3-5 years, in addition to starting projects related to refineries,” explaining that “2024 will be the last year for importing oil derivatives.”

He noted, “Iran is a neighboring country with which we have common interests, and America is a strategic ally and our relationship with it is important, as the relationship with Iran and the United States is an advantage for Iraq, and can be used to reduce tension, and this is what happened in all crises in the region.”

He pointed out, “The US Treasury recorded observations on the work of banks in previous years, and not during the current government that adopted the electronic platform.”

He pointed out, “The industrial and agricultural sectors were activated, and idle factories were operated, such as fertilizer, iron and steel production factories,” stressing that “the basis of economic advancement is the belief in the role of the private sector, which was supported by the government.”

He stated that “the development road and Al-Faw port projects will create a new Iraq,” pointing out that “the development road is the least expensive and fastest project for transporting goods, and its first principles will be signed during the Turkish president’s visit soon.”

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His Advisor: Sudanese Attention Will Focus On The Economy During His Meeting With The American President

Economy |  04/15/2024  Mawazine News – Baghdad,  the financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Saleh, confirmed that Iraq is linked with the United States through cohesive ties and foundations, the principles of which were outlined in the strategic framework agreement signed between the two countries in 2008 and ratified by the Iraqi Parliament.

Saleh stated, in an interview followed by Mawazine News, that attention will be focused on providing a climate of promising opportunities through which major companies in the United States can contribute to major strategic development projects in Iraq, whether in the path of development or otherwise, especially in the fields of renewable energy, gas, and technology.

Digital and basic federal projects in the areas of transportation, communications, agriculture, investment in natural resources and important aspects of the manufacturing industry.

According to the advisor, this is in addition to benefiting from higher education opportunities, obtaining academic seats in American universities, and accepting scholarships in fields that serve development and economic progress in Iraq.

He explained that what we see today of “positive developments” in the relationship between Iraq and the United States “will turn the page on the past and open a page based on direct economic relations and productive investment opportunities, with a first priority that precedes other priorities, including the establishment of solid banking relations between the two countries that will help them grow and prosper.”

The current banking reform policy in our country will contribute to adding an element of strength to the financing relations between the two friendly countries.

Thus, Counselor Saleh believes that the economic aspect (investment, development, and financing) “will be activated for the first time in this broad form of the strategic framework agreement in order to be consistent with the data and principles of the program.” government in a way that serves the interest of stability and economic prosperity in Iraq.”

Iraq Maintains Its Ranking Of 30th In The World In Terms Of Gold Reserves

Economy |  04/15/2024  Mawazine News – Baghdad  The World Gold Council revealed on Monday that Iraq and 13 Arab countries possess approximately 1,500 tons of global yellow metal reserves.

The council said in a statement, “Iraq, Algeria, Egypt, Lebanon, Saudi Arabia, Libya, Qatar, Kuwait, Jordan, Syria, Morocco, Tunisia, Bahrain, and Yemen, their global reserves of gold amounted to one million and 481 thousand kilograms.”

He added, “Iraq maintained its ranking of 30th globally out of the 100 countries listed in the table with the largest gold reserves, as its gold possessions amounted to 142.6 tons, which represents 8.4% of the rest of its other reserves.”

He pointed out that “the United States of America tops the list with the largest possession of gold in the world with 8,133.5 tons, followed by Germany with 3,352.3 tons, then Italy with 2,451.8 tons, while Yemen ranked 99th with 1.5 tons, followed by Bosnia and Herzegovina with the same amount of 1.5 tons.”

The Council stated that “Iraq announced on June 27, 2022, the purchase of new quantities of gold amounting to approximately 34 tons, an increase of 35% over what it had in possession, while in May it announced the purchase of 2.3 tons of gold.”

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

Oil Declines And Gold Rises Due To Middle East Tensions

Energy  Economy News _ Baghdad  Oil prices fell when Asian markets opened on Monday, with market players cutting risk premiums in the wake of an Iranian attack on Israel late on Saturday.

By 12:56 GMT, Brent crude futures for June delivery fell 24 cents to $90.21 a barrel, and West Texas Intermediate crude futures for May delivery fell 38 cents to $85.28 a barrel.

The Iranian attack, the first from a country in 30 years, raised fears of a broader regional conflict affecting the movement of oil across the Middle East.

Oil prices rose on Friday with anticipation of the Iranian response to the targeting of its consulate, and touched their highest levels since October.

But prices ended the week’s transactions down one percent after the International Energy Agency lowered its forecast for oil demand growth this year.

On a parallel level, gold prices rose on Monday, hovering below a record high level reached in the previous session, as escalating tension in the Middle East enhanced appetite for the precious metal, which is considered a safe haven.

By 00:56 GMT, gold in instant transactions rose 0.3 percent to $2,350.59 per ounce. Gold reached an all-time high of $2,431.29 an ounce on Friday.

US gold futures fell 0.3 percent to $2,366.40 an ounce.

Recent US economic data on the labor market and inflation have once again caused market expectations that the Federal Reserve (the US central bank) will reduce interest rates.

Higher interest rates reduce the attractiveness of holding non-interest-bearing gold.

As for other precious metals, silver rose in spot transactions by 0.4 percent to $27.98 per ounce, and platinum fell by 0.1 percent to $973.05 per ounce. Palladium fell 1 percent to $1,038.99 an ounce.

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Provoking Points To Ponder On Failures and Mistakes

Not all who seem to fail have failed indeed. Not all who fail have therefore worked in vain. There is no failure for the good and brave.- Archbishop Trench

No honest work of man or woman “fails”; it feeds the sum of all human action.- Michelene Wandor

Defeat in doing right is nevertheless victory.- Frederick W. Robertson

The only failure a man ought to fear is failure in cleaving to the purpose he sees to be best.- George Eliot

Sometimes what you want to do has to fail so you won’t.- Margueritte Harmon Bro

There are defeats more triumphant than victories.- Michel de Montaigne

An error gracefully acknowledged is a victory won.- Caroline L. Gascoigne