TNT – “Tidbits From TNT” Tuesday Morning 4-2-2024

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CandyKisses:  Parliamentary Finance: The budget tables are still with the government and 20 days to approve them in Parliament

{Economic: Euphrates News} A member of the parliamentary finance committee, Jamal Kojar, expected that the schedules will take 20 days in parliament after they arrive from the government for approval.

In a press statement, Koger stated that “the 2024 budget tables have not reached the House of Representatives so far because they are still on the cabinet table.”

He added that “a tripartite budget has been approved, and we have given the authority to the government to spend the 2023 budget, while the 2024 and 2025 budgets must be reviewed by parliament because some projects ended last year, so they must be removed from the 2024 and 2025 budgets,” stressing that “the schedules are not fixed because oil prices and financial resources fluctuate, and the number of employees and retirees is increasing.”

Koger added that “any law must go through three stages until it is approved, the first stage begins in the concerned committee, the second is public discussions in the council, and the third is voting,” noting that “there is no approval or amendment to any law before it passes through the three stages.”

Koger concluded by saying that “the general budget law takes (20-40) days,” predicting that “schedules will take shorter.”

A few days ago, the Council of Ministers received the budget tables from the Ministry of Finance, and work began on them to sign them and send them later to the House of Representatives.

Tishwash:  Baghdad-Washington dialogue: Will the US withdrawal file from Iraq be resolved?

A new round of dialogue is being held between Baghdad and Washington, the fourth since last February, to discuss the issue of the American withdrawal from Iraq and ending the role of the international coalition to fight ISIS. This tour comes ahead of the visit of Iraqi Prime Minister Muhammad Shia al-Sudani to the White House.

Challenges:

This round of dialogue faces many challenges, the most important of which are:

The lack of a clear consensus on the feasibility of withdrawal:  Iraqi views on withdrawal differ, between those who see the necessity of the withdrawal of all American forces, and those who see the importance of some of them remaining to support the Iraqi forces in the fight against terrorism.

The position of the American administration:  The American administration did not announce a clear position on withdrawal, while the statements of its officials indicate their desire to redraw the coalition’s tasks or for the forces to remain for additional years.

Pressure from armed factions:  Some Iraqi armed factions continue their attacks against American forces, demanding their complete withdrawal from the country.

Discussions:

The discussions between Baghdad and Washington address many points, the most important of which are:

Evaluating the international coalition’s mission:  The fourth round evaluates the need for the international coalition’s presence in Iraq.

Setting a timetable for withdrawal:  Baghdad is demanding that a clear timetable be set for US withdrawal.

Determining the nature of American support for Iraq:  The tour discusses the nature of the support that the international coalition will provide to Iraq after its withdrawal.

The issue of the withdrawal of US forces from Iraq remains complex, and requires further dialogue and negotiation between Baghdad and Washington.   link

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CandyKisses:  The Central Bank reveals the reason for depositing Iraqi oil money in America

Baghdad – Iraq Today:

The Central Bank of Iraq revealed the legal basis for depositing oil revenues in the US Federal Reserve.

According to documents issued by the Central Bank, “the legal basis for depositing oil revenues at the Federal Reserve Bank of New York in the IRAQ2 alternative account to the DFI account is the expiration of the extension of the US President’s Executive Order No. 13303 issued in March 2003, which granted immunity over Iraqi funds deposited in the then DFI Iraq Development Account, and the end of the United Nations protection over Iraq’s funds that were granted to it under the UN Security Council Resolution No. 1483 of 2003 after the issuance of UN Resolution 1956 at the end of 2010.”

The documents added, “Accordingly, the IRAQ2 account was opened, which is used to deposit the funds of Iraqi crude oil exports and is transferred to the account of the Central Bank of Iraq with the Federal Reserve Bank within a period of 24 hours from the receipt of these amounts to ensure that they are not exposed to the claims of creditors as they are funds belonging to the Iraqi government derived from the export of crude oil, and this mechanism has been organized through a (memorandum of understanding) signed between the Iraqi Ministry of Finance and the Central Bank of Iraq on 2/6/2014 for the purpose of organizing the work of the alternative IRAQ2 account. for the account of the Development Fund for Iraq and that this memorandum is the legal basis for the establishment of the said account.”

“The immunity granted under these two documents covers sovereign funds only and does not include funds used for commercial purposes.”

The documents explained, “With regard to the answer to the third paragraph, foreign reserves may be deposited with several external parties, central banks and financial institutions, and not only based in the Federal Reserve Bank, and that interest rates vary according to the investment segment, the duration of the investment and the institution with which the investment is made, in addition to that the carrier company is Orient Company, which is contracted with this bank to transport dollar shipments from the Federal Reserve Bank to Baghdad International Airport and with a security amount of (414,000) US dollars (four hundred and fourteen thousand dollars). US per shipment, and transportation fees of (216,310) US dollars (two hundred and sixteen thousand three hundred and ten US dollars) Department of Parliamentary Affairs, Parliamentary Oversight Section.

 She added that “it is not possible to transfer the revenues of the sale of oil to the interior because of the impossibility of carrying out financial operations for Iraq if the money is at home, and closing our account with the Federal Reserve Bank can expose Iraq to the risk of international claims, in addition to the inability to settle our payments in US dollars without an account in the Federal Reserve Bank or another US commercial bank.”