Iraq Economic News Highlights and Points to Ponder Friday AM 10-20-23


Iraq Economic News Highlights and Points to Ponder Friday AM 10-20-23

How Did The Regional Government Participate In The “Dollar Speculation” Crisis In Iraq?

Economy |Baghdad today – Kurdistan   Kurdish economist Farman Hussein confirmed today, Thursday (October 19, 2023), that the Kurdistan Regional Government bears part of the crisis of the instability of the dollar exchange rate.

Hussein said in an interview with “Baghdad Today” that, “In addition to the central bank and official institutions in Iraq, the regional government is also a partner in the dollar crisis.”

He added, “The Kurdistan government cannot control the black market and the smuggling of hard currency through border crossings and airports in Kurdistan, and through unlicensed companies, and this matter has further complicated the crisis.”

Earlier today, Kurdistan Customs Director Samal Abdul Rahman revealed that strict measures had been taken to prevent the smuggling of dollars and hard currency from the region.

Abdul Rahman told Baghdad Today, “The decision to collect fees in Iraqi dinars at border crossings is an important decision aimed at preserving the hard currency and also strengthening the Iraqi dinar.”

He added, “This measure is very important, and a good step aimed at strengthening the dinar, and the measures taken by the Customs Directorate at all ports and airports are deterrent measures for the purpose of preventing smuggling.”

Last Monday, the Kurdistan Regional Government decided to collect taxes and fees at border crossings in Iraqi dinars, instead of the US dollar.

The Department of Media and Information stated in a statement, “Based on a decision issued by the Kurdistan Region Council of Ministers, customs duties and taxes at border crossings and customs points will be collected in Iraqi dinars instead of dollars,” indicating that “any party that does not adhere to this decision will be subject to punishment.”

She stressed that “all ministries and relevant authorities will be bound by this decision, and in the event of any violation occurring at one of the border crossings or customs points, the violator will be subject to punishment.”

Experts point out that some of these cash sales allocated to travelers leak into the black market and are purchased by merchants to finance their trade with countries banned from the dollar, led by Iran, from which Iraq’s annual import volume amounts to approximately 10 billion dollars.

Others warned of the repercussions of some banks not handing over dollars to “travelers,” while stressing that the continuation of the matter would lead to an increase in demand for the dollar in the parallel market and thus an increase in the exchange rate.

Many private banks and exchange companies are accused of being involved in smuggling the dollar, leaking it to the black market, and seizing large quantities of currency auction sales. The accusations also targeted the National Bank of Iraq (Jordan) of seizing 70% of the Central Bank’s daily dollar sales. LINK

Two Months Until The End Of The Year, And Kurdistan Received Only 48% Of Its Budget.. What Is The Secret? – Urgent

Economy |Baghdad today – Erbil   Although there are only two months left until the end of the fiscal year, the Kurdistan region has received only 48% of its share of the budget so far from the total money sent from Baghdad, in addition to the revenues from the border crossings in the region.

A member of the Kurdistan Democratic Party, Wafa Muhammad Karim, confirmed today, Thursday (October 19, 2023), that the region’s share of the financial budget for 2023 is 16 trillion and 400 billion dinars.

Karim said in an interview with “Baghdad Today” that, “Until now, even though there are only two months left until the end of the current year, Baghdad and the revenues of the border crossings in Kurdistan, the total amount it has sent to the region has not exceeded 8 and a half trillion.”

He added, “There is a great blame from the regional government on the federal government for not fulfilling its obligations towards the people of the region, the most important of which is the issue of employee salaries. There are parties obstructing the process of disbursing salaries for political reasons.”

But the root of the dispute is that the region’s share is calculated from “actual spending” and not according to the numbers stated in the budget. Although the budget amounts to 199 trillion dinars, until the end of last July, the Iraqi state’s expenditures amounted to only 54 trillion dinars. This means that during 9 In months, it would have reached 69 trillion dinars, and if Kurdistan’s share of 12.6% is calculated, then the region’s share of actual spending would be exactly 8 trillion Iraqi dinars.  LINK

Deputy: America Bears The Burden Of Corruption And Strife In Iraq

Posted On2023-10-20 By Sotaliraq   Representative Waad Al-Qaddo accused the United States of America of stirring up strife and supporting the corrupt in Iraq.

Al-Qaddo said, “America did not come to Iraq after 2003 to liberate it, but rather to plunder its resources, stir up strife, and spread corruption in its governmental institutions,” noting that “America bears the brunt of the people’s woes over the course of 20 years.”

He added, “America’s goal revolves around three points: weakening its security and civil institutions and plundering its resources, in addition to the fact that corruption is the evil seed that hinders any country’s progress forward, regardless of its resources.”

He pointed out that “America relied on planting corrupt people in state institutions after 2003, especially in security institutions, but the situation has changed and there are government efforts that have taken important dimensions in exposing corruption networks and bringing them to justice.”

Iraq suffers from great corruption in its governmental institutions, whether civil or security, which has created major problems over the past years.  LINK

Kuwait Calls On Iraq To Address The Repercussions Of The Ruling Issued By The Federal Court Regarding “Khor Abdullah”

 Posted On2023-10-20 By Sotaliraq   Mishal Al-Ahmad Al-Jaber Al-Sabah, representative of the Emir of the State of Kuwait, called on Iraq today, Friday, to take measures to address the repercussions of the ruling issued by the Federal Supreme Court invalidating the agreement concluded between the two countries regarding the regulation of maritime navigation in “Khor Abdullah.”

This came in a speech he delivered before the first meeting of the leaders of the Gulf Cooperation Council countries and the leaders of the Asian Association (ASEAN), which was held in the Saudi capital, Riyadh.

Al-Sabah said during the speech, “Based on the State of Kuwait’s keenness on good neighborliness, it stresses the need for the Iraqi government to take urgent, decisive measures to address the repercussions of the ruling issued regarding navigation in (Khor Abdullah).”

On September 4, the Federal Supreme Court (the highest judicial authority in Iraq) ruled that the law ratifying the maritime navigation agreement in Khor Abdullah with Kuwait was unconstitutional.

The Kuwaiti Ministry of Foreign Affairs had handed the Iraqi ambassador to Kuwait a memorandum of protest against the Federal Court’s ruling regarding the agreement to regulate navigation in Khor Abdullah.

The agreement to regulate maritime navigation in Khor Abdullah is an international border agreement between Iraq and Kuwait, ratified in Baghdad on November 25, 2013 in implementation of Resolution No. 833 issued by the Security Council in 1993 after several decisions that followed the Iraqi invasion of Kuwait in 1990, and to complete the procedures Demarcating the borders between the two countries, and setting an accurate definition of their coordinates on the basis of the agreement concluded between the two countries after the independence of Kuwait in 1961.

This agreement led to the division of Khor Abdullah between the two countries, which is located in the far north of the Arabian Gulf between the Iraqi Al-Faw Peninsula and both the Kuwaiti islands of Boubyan and Warba, where the navigational corridor located at the meeting point of the navigational canal in Khor Abdullah with the international border was divided between the maritime border point No. 156 and No. 157 heading south to point 162 and then to the beginning of the entrance to the navigation channel at the entrance to Khor Abdullah. It also led to the establishment of new ports.

This agreement sparked great controversy in Iraq, as a group of Iraqi politicians saw that the then Iraqi Prime Minister Nouri al-Maliki and the Iraqi Parliament had ceded part of Khor Abdullah, which is the only shipping lane leading to most Iraqi ports, and that the division came by dividing, not based on Taluk line, i.e. the deepest passage in which maritime navigation is permitted.

While the other team defended the agreement as a continuation of the demarcation of borders based on an international resolution, which in reality led to the establishment of Mubarak Al-Kabeer Port on the western shore of Khor Abdullah on the Kuwaiti island of Boubyan, which is supposed to be connected by railway with Iraq in the future, as it will be one of the… The largest port in the Gulf by its capacity.

It is noteworthy that the Kuwaiti Mubarak Port project itself has also sparked controversy, due to the Kuwaiti government choosing its location on the western bank of Khor Abdullah on Bubiyan Island, the shipping lane leading to Iraqi ports, as voices appeared in Iraq calling for the transfer of this port to the southern shore of the island overlooking The Gulf, instead of the current location, to avoid any future ship congestion in this shipping lane after the completion of the four construction phases of the project.

The Kuwaiti government denied its seizure of any Iraqi lands because of this agreement, and stressed that Kuwait is committed to its maritime borders with Iraq.   LINK

Points to Ponder on The Four Agreements:

If you can implement these 4 things into your daily life  your  life will change — and it will be  more  harmonious —  with less  suffering –  and less  negative  Karma — it would be most helpful if you could  print these out – paste to an index card and carry with you or  place where you can be reminded of them until they are  fully into your conscious mind — just  a kind heartfelt suggestion – your  choice —

The Four Agreements – Don Miguel Ruiz

Agreement 1 – Be impeccable with your word – Speak with integrity. Say only what you mean. Avoid using the word to speak against yourself or to gossip about others. Use the power of your word in the direction of truth and love.

Agreement 2 – Don’t take anything personally – Nothing others do is because of you. What others say and do is a projection of their own reality, their own dream. When you are immune to the opinions and actions of others, you won’t be the victim of needless suffering.

Agreement 3 – Don’t make assumptions – Find the courage to ask questions and to express what you really want. Communicate with others as clearly as you can to avoid misunderstandings, sadness and drama. With just this one agreement, you can completely transform your life.

Agreement 4 – Always do your best – Your best is going to change from moment to moment; it will be different when you are healthy as opposed to sick. Under any circumstance, simply do your best, and you will avoid self-judgment, self-abuse and regret