TNT – “Tidbits From TNT” Wednesday Morning 11-6-2024

Tishwash:  Iraq increases its gold holdings and ranks third in the Arab world

The World Gold Council announced today, Wednesday, that Iraq has increased its gold holdings to more than 152.5 tons.

According to the latest table published by the Council for November 2024, “Iraq ranked 29th out of 100 countries listed in the table with the largest gold reserves,” indicating that “Iraq ranked third in the Arab world after Saudi Arabia and Lebanon.”

He added, “Iraq increased its gold holdings to 152.6 tons, after it had held 152.5 tons, which represents 11.5% of its remaining reserves.”

The Council also pointed out that “the United States of America tops the list of countries with the largest gold holdings in the world, with 8,133.5 thousand tons, followed by Germany with 3,351.5 thousand tons, then Italy with 2,814 thousand tons, while Bosnia and Herzegovina came in last with 1.5 thousand tons.”  link

Tishwash:  Prime Minister: We congratulate President-elect Donald Trump and Vice President James David on the success of the electoral process

Prime Minister Mohammed Shia al-Sudani congratulated President-elect Donald Trump, his Vice President James David Vance, and the American people on the success of the electoral process, while affirming Iraq’s firm commitment to strengthening bilateral relations with the United States.

The Prime Minister said in a tweet on the “X” platform, which was followed by the Iraqi News Agency (INA): “We congratulate President-elect Donald Trump, his Vice President James David Vance, and the American people on the success of the electoral process.”

The Prime Minister affirmed “Iraq’s firm commitment to strengthening bilateral relations with the United States on the basis of mutual respect and common interests.”

He added: “We look forward to this new phase being the beginning of deepening cooperation between our two countries in various fields, which will contribute to achieving sustainable development and benefit the two friendly peoples.” 

President of the Republic Congratulating Trump: I hope your administration will work to enhance stability in the region  link

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Tishwash:  British Ambassador Meets Finance Minister: Discussing Economic Reform

British Ambassador to Iraq Stephen Hitch met with Finance Minister Taif Sami on Tuesday to discuss economic reform in Iraq and shared ambitions for economic diversification and the promotion of a strong and resilient Iraqi economy.  link

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ICC creates Iraq Arbitration Cmte to Boost Foreign Investment

The International Chamber of Commerce (ICC) in Iraq has reportedly established a local arbitration committee, aimed at minimizing financial losses from external arbitration and attracting foreign investors.

Mohsen Al-Humaidawi [Mohsin Al Hamed], Head of ICC Iraq, told the state-run Iraqi News Agency (INA) that the new committee, announced at the International Trade and Arbitration Forum in Baghdad, is backed by the Iraqi government and Prime Minister Mohammed Shia Al-Sudani.

He highlighted the collaborative efforts with the Iraqi Federation of Chambers of Commerce and the Ministry of Trade to obtain the ICC license, adding that the initiative is expected to increase investor confidence in Iraq’s legal framework and strengthen international economic relations.

The ICC opened a local branch in Iraq in July.  link

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Tishwash:  Baghdad approves amendment to the three-year budget law to compensate the Kurdistan Regional Government

The Iraqi Council of Ministers approved, on Tuesday, the proposal to amend Article (12/Second/C) of the Triennial Budget Law No. (13 of 2023).

The amendment included, according to a statement received by Shafaq News Agency, that “the Federal Ministry of Finance shall compensate the Kurdistan Regional Government of Iraq from sovereign expenses for production and transportation costs, for the quantities of oil produced in the region that are received by the State Oil Marketing Company (SOMO), or the Federal Ministry of Oil in accordance with paragraphs (a) and (b) of this clause

Provided that the fair estimated costs of production and transportation are calculated for each field separately, by a specialized international technical consulting body, determined by the Federal Ministry of Oil in agreement with the Ministry of Natural Resources in the region, within (60) days of the entry into force of this law, and in the event of failure to agree within the aforementioned period, the Federal Council of Ministers shall determine the aforementioned consulting body.”

The statement continued, “The consultant mentioned in the previous paragraph shall submit the estimated cost of production and transportation to the Federal Ministries of Oil and Finance, and the Kurdistan Regional Government of Iraq, and it shall be approved for the purposes of this law. The calculation of the aforementioned compensation shall be based on the aforementioned cost per barrel multiplied by the number of barrels received in accordance with paragraphs (a) and (b) of this clause, and the Federal Ministry of Finance shall undertake to pay the amounts to the Regional Government.”

The statement also referred to “immediately commencement of the delivery of oil produced in the region to the State Oil Marketing Organization (SOMO), or the Federal Ministry of Oil in accordance with paragraphs (a) and (b) of this clause, and the costs of production and transportation shall be compensated by the Federal Ministry of Finance as advances, at a rate of (16) dollars per barrel, to be settled later after the completion of the aforementioned specialized technical consultant, and retroactively from the date of commencement of delivery pursuant to this amendment.”  link