Iraqi News Highlights and Points to Ponder Friday Afternoon 4-19-24


Iraqi News Highlights and Points to Ponder Friday Afternoon 4-19-24

Al-Ardawi: The Sudanese Government Seeks To Liberalize The Iraqi Dinar And Stabilize The Economy

Time: 04/17/2024 20:34:05   Read: 923 times   {Politics: Al-Furat News} The political analyst, Abbas Al-Ardawi, confirmed that the visit of Prime Minister Muhammad Shia Al-Sudani to Washington came to liberalize the Iraqi dinar and stabilize the economy.

A useful summary of important news can be found on the Al-Furat News channel on Telegram. To subscribe, click here

Al-Ardawi said {to Al-Furat News} that: “The visit comes in a very heated situation and everyone is awaiting its outcomes, and the Sudanese carries a large team of economists and investors and carries ideas and projects that move towards consolidating the relationship with the American side and transferring it from the process of guardianship to friendship and opening files and outlets through which the relationship can be framed.” “In a way that allows Iraq to assume its pivotal role in the region.”

He added, “Everyone realizes the importance of Iraq from all aspects and the necessity of it standing on its feet after 20 years of political conflict.”

Al-Ardawi continued, “The Sudanese government seeks to invest and attract investors and is moving seriously towards the path of development and trying to transfer the scope of the problems in the region through conferences it held in the region or that preceded this meeting, and the necessity of moving the region from a stage of conflict to a stage of dialogue.”  Wafaa Al-Fatlawi   LINK

Neno’s Member wciappetta : Here, again, Iraq looking to attract foreign investment connects this investment with liberating the Iraqi Dinar. This means the Iraqi dinar must become internationally accepted and, going back to the original state dept document dated 2001 calls for returning the value to the 3 plus dollar range, they stated this 2 years before they introduced the current currency. The $3 phrase was repeated verbatim by the CBI gov in 2008.  This is what we expect when they return to the FOREX. Soon changes in the exchange rate will occur. Liberate!!!! This what Sudani came for.

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.”

112 views  Added 04/19/2024 – 1:31 PM

Blue Fuel… Iraqi Steps Towards Inexhaustible Wealth For A Century

Baghdad Today – Baghdad  Today, Thursday (April 18, 2024), Representative Mudar Al-Karawi revealed a comprehensive strategy led by the Prime Minister, Muhammad Shiaa Al-Sudani, to push Iraq into what is known as the list of gas producers (blue fuel).

Al-Karawi told “Baghdad Today” that the Sudanese “realized the danger of fluctuations in the energy market and his move to gas as the main focus in operating electricity generation stations and household needs, all the way to vehicles, which makes him a strong competitor to traditional fuel with its markets rising in recent years with exciting rates of activity.”

He added, “An important part of the Sudanese program in Washington is to attract giant companies to invest in the energy file, including gas fields, and to seek to end its burning in oil fields,” pointing out that “the Prime Minister seeks to ensure the transformation of Iraq within years as one of the producers on the (blue fuel) list.” ) Which includes Russia, Qatar and other countries.

He pointed out, “The gas reserves in Iraq through the fields discovered, whether in Anbar, Diyala, and the rest of the governorates, mean that we are facing a wealth whose production can continue for about a century, and exploration operations can add to the discovery of more gas reserves, especially since large areas of the country have not yet been subjected to any Exploration using modern equipment.

It is noteworthy that the Prime Minister, Muhammad Shiaa Al-Sudani, sponsored during his ongoing visit to the United States several memorandums of understanding with American companies in the field of developing associated gas fields and stopping its burning, developing strategic plans for oil fields and associated gas, and treating primary gas and converting it into liquid and associated gas.

Providing equipment to process associated gas in generating electrical power, developing and maintaining oil fields, and stopping gas burning.  LINK

The International Monetary Fund Adjusts Its Expectations For The Development Of The World’s Economies. Here Is Iraq’s Rank

International   04-18-2024 | Source:   Russia Today  1,111 views  Al-Sumaria News – Economy  The International Monetary Fund revised its forecasts for the development of the world’s economies, including the Arab countries, in the years 2024 and 2025, expecting the global economy to record growth of 3.2% in the two aforementioned years.

 The Fund stated, in its report on the World Economic Outlook, that the forecasts of the basic scenario indicate that the global economy will continue to grow by 3.2% during the years 2024 and 2025, that is, at the same pace as 2023.

With regard to the Arab countries included in the report, the international institution expected that  Saudi Arabia [/url]  would lead the economies. Arab countries in terms of the GDP growth rate in the next year 2025.

The Fund expected that the Saudi economy would grow by 6% in 2025, compared to an expected growth of 2.6% in the current year. The following is a table showing the ranking of the Arab countries mentioned in the report in terms of economic growth rate in 2025, where Iraq came in fourth place: LINK

Al-Sudani’s Statement To Convert 40% Of Iraq’s Exports Into Derivatives.. What Does It Have To Do With Raising The Prices Of The Enhancer?

Baghdad today – Baghdad   Prime Minister Muhammad Shiaa Al-Sudani announced today, Thursday (April 18, 2024), that his government has developed a plan to convert 40% of Iraq’s “crude” oil exports into “derivatives,” in a statement that requires stopping and reading.

According to the economic and statistical section in “Baghdad Al-Youm,” Iraq exports 3.3 million barrels of oil per day, with revenues amounting to more than 250 million dollars per day.

By making 40% of exports oil derivatives, this means that Iraq must export oil derivatives worth $100 million per day.

While the price of a liter of gasoline or kerosene is approximately one dollar per liter globally, this means that Iraq must export at least 50 million liters of gasoline and the same amount of kerosene, which means more than 100 million liters per day.

In contrast, Iraq’s total consumption of gasoline and kerosene amounts to 55 million liters of gasoline and kerosene. This means that Iraq’s total production of petroleum derivatives must reach more than 150 million liters per day in order for it to consume 55 million liters, and export about 100 million liters per day.

But the truth is that Iraq’s current production of gasoline and kerosene in total amounts to less than 50 million liters per day. Accordingly , Iraq requires that it build refineries and increase its production of current oil derivatives by 300%, in order to be able to reach the goal that Al-Sudani talks about, which is that 40% of exports be from oil derivatives.

Iraq produces these current quantities of derivatives by refining less than one million barrels per day. This means that Iraq must refine 3 million barrels of oil per day to reach this quantity of derivatives.

This requires that Iraq’s total oil production be at least 7 million barrels per day, so that it has at its disposal approximately 4 million barrels of oil per day for export along with oil derivatives.

What is the relationship between raising the price of improved gasoline?

Iraq’s consumption of improved gasoline when its price was 850 dinars per liter before 2020 was less than 3 million liters per day, and after the price was reduced in 2020 to 650 dinars per liter, the consumption of improved gasoline in Iraq rose to 5 million liters per day.

With the re-raising of the price of improved gasoline to the previous price, indicators indicate that consumption of improved gasoline will return to decline, as many citizens will return to regular gasoline, and this means that a surplus of improved gasoline will form that the government may plan to export, especially with the entry of new refineries such as a refinery. Karbala, which already produces 7 million liters of improved gasoline.   LINK

Provoking Points To Ponder on Failures and Mistakes:

We have to keep trying things we’re not sure we can pull off. If we just do the things we know we can do … you don’t grow as much. You gotta take those chances on making those big mistakes.- Cybil Shepherd

If you’re not failing, you’re not trying anything.- Woody Allen

If you play it safe in life, you’ve decided that you don’t want to grow anymore.- Shirley Hufstedler

Those who try and fail are much wiser than those who never try for fear of failure.- Andre Bustanoby

A man’s life is interesting primarily when he has failed – I well know. For it’s a sign that he tried to surpass himself.- Georges Clemenceau

To avoid an occasion for our virtues is a worse degree of failure than to push forward pluckily and fall.- Robert Louis Stevenson