Iraqi News Highlights and Points to Ponder Friday AM 12-8-23


Iraqi News Highlights and Points to Ponder Friday AM 12-8-23

A Deputy Reveals The Loss Of 35 Trillion Dinars And Determines The Extent Of Smuggling

Special Sumeria  2023-12-07 | Source: Alsumaria News  1,377 views  Today, Thursday, a member of the Parliamentary Finance Committee, MP Muhammad Al-Nouri, revealed the loss of 35 trillion Iraqi dinars in print, while noting that the volume of smuggling reached 60-70% and cannot be controlled.

Al-Nouri said during his speech to the program (Openly), broadcast by Al-Sumaria satellite channel, that “more than 35 trillion printed Iraqi dinars do not exist inside Iraq, knowing that there are only two neighboring countries that deal with Iraq in dinars, and more than 3 months ago, 4 trillion Iraqi dinars were entered from the category of Iraqi dinars.” The (50),” pointing out that “Finance and the Central Bank raised the issue of bonds to control the issue of the Iraqi dinar, and they only collected one trillion.”

He added, “The control of the parties and the existing quotas within the financial system is what established the failure of the Iraqi economy, and there is no country so far that relies on paper accounts, and there are no final accounts in banks, no electronic automation, and more than 73 private banks except Iraq,” noting that “the system “The financial system must be independent in order to achieve economic balance within the country.”

He continued, “Government banks are shackled by the Ministry of Finance and the Prime Minister,” noting that “the Central Bank is a failure and does not aim for real management, and the control of some parties over its decisions affected the price of the dollar, and its biggest mistake was pricing the dollar in the budget at 132 thousand compared to 100 dollars because Iraq lost more than 9 trillion, and the difference between it and the market became high.”

Al-Nouri noted that “the American Federal Reserve is responsible for monetary policy in Iraq and does not give money except with American approval, and whoever imagines that Iraq is in economic control is dreaming.”

He pointed out that “Iraq has become a source of narcotic drugs under the framework government, and the volume of smuggling has reached 60-70%, and more than 20 outlets in northern Iraq are not controlled, and the import of (cigarettes, gold, mobile phones, and alcohol) does not benefit Iraq because of this matter,” indicating that ” The volume of dollars actually sold inside Iraq does not cover the country’s needs due to smuggling, and these operations must be limited by controlling open ports and some ports controlled by parties.”

He pointed out that “the loss of the Iraqi dinar caused a lot of damage and as a result many small projects and construction advances stopped,” stressing that “the Iraqi economy is completely linked to the United States and we were receiving 3 payments of the dollar now only one, and the US Federal Reserve sanctions caused an explosion in the exchange rate.” He deals with us according to the missiles that fall on the  Ain al-Assad base and the embassy.”

Al-Nouri continued, “The government has no solutions and no bold decision to manage the crisis. The Central Bank must open the horizon to the rest of the banks and merchants and deal with the countries from which Iraq imports their currency, such as Iran, Turkey, China and others, and move away from absolute dependence on the dollar.”

Regarding the government electronic transformation, a member of the Finance Committee confirmed that “the government does not have a database through which it can transform to the electronic system,” explaining that it “failed to control the ports because they are outside the borders of the state and under the control of some neighboring countries and armed factions.”  LINK

Baghdad Is A Cash Cow…And The Regional Government Steals The Camel With What It Carries

Today 19:59  Information/Exclusive:  The suffering of Kurdish employees continues as the regional government, which is controlled by the Barzani family, enjoys the good things of the southern governorates, amid a sharp rise in poverty rates as a result of; The Kurdistan government is stubborn in releasing employee salaries and not explaining the main reasons for this crisis, despite the continued seizure of oil export revenues and border crossings.

Otherwise, the central government in Baghdad decided to send money to the region, in clear violation of the law, in order to solve the crisis of employees’ salaries, whose voices reached the capital in massive demonstrations demanding their financial entitlements, which the Kurdistan government seized, according to observers.

*Continuing violations.

Speaking about this file, Member of the House of Representatives, Jassim Al-Moussawi, accuses the Kurdistan Region of not adhering to the decisions and controls of the central government so far, while he stressed that the salaries crisis is a defect within the Kurdistan government and Baghdad has no relationship with it.

Al-Moussawi said in an interview with the Maalouma Agency, “The crisis is not new today, but has been present for ten years until now,” noting that, “With the full money being sent to the region during the last period, we noticed the continuation of the crisis of employees not receiving their salaries.”

He continues, “The Kurdistan government bears responsibility for not finding appropriate solutions to the crisis despite its continuation for many years,” pointing out that “the salaries crisis is a defect within the regional government and the Baghdad government has nothing to do with it.”

He explains that “one of the reasons for the crisis is the failure to give salaries at the correct timing to employees,” adding that “the Kurdistan region continues to not adhere to the decisions and controls of the central government until now.”

*Clear and scandalous takeover!

For his part, political analyst Sabah Al-Ukaili wonders about the legal and constitutional basis on which the government continues to send money to the Kurdistan government, while he stressed that despite sending money to the region, the crisis of non-delivery of employee salaries continues until now.

Al-Ugaili said in an interview with the Maalouma Agency, “There are many unresolved financial problems with the regional government,” noting that “Kurdistan has not committed to implementing the budget provisions and the new government’s controls regarding controlling oil revenues and border crossings.”

He continues, “Continuing to send money to the region without reaching final solutions to the financial problems between the two parties is a great risk to the government,” pointing out that “sending money in light of the region’s non-compliance with government controls is another violation of the provisions of the general budget.”

He added, “Despite the numerous meetings, the data indicate a lack of transparency in the negotiations with the region,” adding that “despite sending money to the region, the crisis of non-delivery of employee salaries continues until now.”

It should be noted that the Kurdistan government continues to refrain from performing its duties by refraining from handing over the salaries of the region’s employees under the pretext of not sending them from the central government, while it still continues to illegally seize oil export funds, as well as revenues from border crossings, and despite the government sending The federal government received more than 2 trillion Iraqi dinars in payments in the previous period. Ended/25/Y  LINK

Iraq.. Online Food Delivery Will Generate $845 Million In 2023

Economy  2023-12-08 | 714 views  Al-Sumaria News – Economy  The online food delivery market in Iraq is expected to achieve revenues of 845 million US dollars during 2023.

According to the statistics website Statista, with an estimated annual growth rate of 19.40%, the market size is expected to reach more than 2 billion US dollars by 2028, that is, five years from now.

The statistic indicates that “in the grocery delivery market, it is expected to witness…IraqRevenue growth of 26.2% in 2024, and market size to reach US$825.90 million by 2023.

Compared to other countries, China is expected to generate the highest revenues in the online food delivery market, reaching US$395.90 billion in 2023.

The statistics show that the user penetration rate in the grocery delivery market is expected to reach 13.2% in 2023, and despite the challenges facing the country, online food delivery services inIraqIt is quickly gaining popularity and becoming a convenient choice for consumers.  LINK

With A New Decision.. How Will Iraq Lose 6% Of Its Oil Exports?

Economy  2023-12-08 | 2,403 views  Alsumaria News – Economy  Figures and statistics related to the voluntary reduction of oil reveal that the Iraqi reduction of oil was the largest among all OPEC+ countries.

The total reductions agreed upon by the OPEC Plus coalition amounted to 2.2 million barrels per day, but 1.3 million barrels per day was in fact an extension of previous reductions by Saudi Arabia and Russia, and the new reduction did not exceed 900 thousand barrels per day, and the reduction wasIraqIt is the largest with 210 thousand throws per day.

It is expected that this reduction will have a negative impact on the shareIraqThe new production capacity has become only 4 million barrels, and this reduction may have a negative impact on the volume of oil exports and thus the volume of oil revenues, especially in light of the significant decline in global oil prices.

Among the 1.3 million barrels per day that OPEC+ decided to reduce until the end of this year wasIraqAt that time, he reduced 210,000 barrels per day, but with new cuts increasing by 900,000 barrels per day, he decidedIraqAn additional reduction of 210 thousand barrels per day as well, bringing the total reduction to more than 420 thousand barrels per day.

And while he repeatsIraqMore than 700 thousand barrels per day in the refineries, he will only have 3.3 million barrels per day left to export, which is a smaller amount than the number fixed in the budget of 3.5 million barrels per day, which indicates the possibility of losing.IraqMore than 6% of its oil exports.

The new voluntary reduction will continue until the end of the first quarter of next year, that is, until the end of March of next year 2024.  LINK

Provoking Points to Ponder on Exaggeration:

Never speak by superlatives; for in so doing you will be likely to wound either truth or prudence — Exaggeration is neither thoughtful, wise, nor safe — It is a proof of the weakness of the understanding, or the want of discernment of him that utters it, so that even when he speaks the truth, he soon finds it is received with partial, or even utter unbelief — Hume 

 There is a sort of harmless liars, frequently to be met with in company, who deal much in the marvelous — Their usual intention is to please and entertain: but as men are most delighted with what they conceive to be truth, these people mistake the means of pleasing, and incur universal blame — Hume

The habit of exaggeration becomes, in time, a slavish necessity, and they who practice it pass their lives in a kind of mental telescope through whose magnifying medium they look upon themselves and everything around them — J B Owen 

Perfectly truthful men of vivid imagination and great force of sentiment often feel so warmly, and express themselves so strongly, as to give what they say a disagreeable air of exaggeration and almost falsehood — J F Boyes