ABOUT THE NEWSLETTER:
June 25 2024
Hi Everyone,
I have some interesting news for you today.
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Going on over 10 years now, I have taken my own time to research and document findings about the revaluation and reinstatement of the Iraqi dinar. At this time more than ever I do not need to be doing this. I do it out of charity and love with understanding that all of us do NOT have the time to go do our own research. We are busy with our jobs, our daily lives and raising our children. So, I try to help out. But remember I too am very busy in my daily life too. I am no different, yet I take the time out each day to complete the task of research and composing my newsletter for you. This Newsletter will not survive without your ongoing support. There are more than 20,000 followers and readers on my blog. Why do the same handful only help out? Do the rest not want or care about the news I bring?
I feel we have been in a critical period of the currency reform program since January of last year 2023. Now we are in a “vital” period. Like a game of chess, we are now in a waiting mode for the Central Bank to make their next move and rollout the second-rate change in-country to just over a dollar, that we were told is coming. Since they told us they now control the parallel “black” market, and that negotiations were successful in lifting sanctions on many Iraqi banks.
Did you happen to miss the last couple Newsletters? Click here to go to Mnt Goat Archives.
Proverbs 18:16
A gift opens the way and ushers the giver into the presence of the great.
You can see the entire Mnt Goat Newsletter Blog HERE. There is much more amazing news and RV information than just the bi-weekly newsletter.
As you might remember each month, I started compiling a list of the newest events we have witnessed during a period of time. I wanted to continue this effort also for the month of June. So, below is this list of major achievements for Iraq in the Pillars of Financial Reform as in the White Paper and regaining their nation sovereignty.
We have chalked up yet twenty two (22) more major events in Iraq just for this period of late May and June alone so far. Are you listening? Are you taking note? Have we EVER seen such amazing progress towards the reform efforts? If you want to take a look at the entire list of events, please click on the LINK HERE to get to this blog page. It all started here.
More news….
AFTER THE EID JUMP… A SPECIALIST PREDICTS THE DOLLAR EXCHANGE RATES IN IRAQ
Economic expert Sirwan Abdel Rahman confirmed today, Friday (June 21, 2024), that the measures of the government and the central bank will contribute to reducing the price of the dollar again.
Abdul Rahman said in an interview with “Baghdad Today”, “The Central Bank’s measures reduced the chances of speculators and currency traders who wanted to exploit the crisis and raise the price of the dollar to more than 200 thousand dinars.”
He added, “The current price of the dollar is 145 thousand dinars, and if the Central Bank’s measures continue, especially in the issue of emphasizing the transfer of dollars except to those entitled to them, the price will fall in the parallel market and stabilize in the coming weeks at 140 thousand dinars.”
More news….
DOZENS OF IRAQI COMPANIES PARTICIPATE IN AN INVESTMENT SUMMIT IN AMERICA
The US Ambassador to Baghdad, Alina Romanowski, announced on Sunday that more than 30 Iraqi companies will participate in a summit related to investment projects in the United States available to foreign companies.
Today, Romanowski wrote in a blog on the “X-Twitter” platform, “Best wishes to the 33 Iraqi companies heading to the SelectUSA Investment Summit in Washington, D.C., next week.”
She added, “The investment process is through linking Iraqi companies with American companies and resources to help them develop their businesses.”
(Mnt Goat – Remember when in the past years I said – What is the US waiting for? Why have they not yet invested the US companies in Iraq? There is billions to make over there. – Well the spigot had to be opened first and now its opened. The spigot analogy means that the sanctions are over, war reparations paid and now they can do business easily with the rest of the world. But as you know with Iraq nothing happens overnight and so it took a year and a half to open the spigot but now it’s opened up wide.)
More news….
STATUS OF THE RV
I wanted to come on today and discuss a conversation I had with my CBI contact on Saturday. Since I could not arrange a call on Wednesday, as planned, the conversation was extra-long and enlightening. I want to share this conversation with you today. Also I want to share a couple main points today in the progress of the economic reforms in Iraq and their impact. I will anticipate a few questions many of you might be thinking while I go through the news.
So, what did my CBI contact tell me?
To sum up what my CBI contact told me was for investors from the west to relax and not follow every little (or big) event as a target to get the reinstatement of the Iraqi dinar. They watch and read what these conference calls say on the effort of informing people and it simply is not all true. Also we talked about June and so we are well into June already and still no Project to Delete the Zeros. I did not dare ask when it would happen after the lecture I just received …lol..lol..lol.. 😊 Shame, shame on me. My friend and contact does not like it when I ask questions that I should already know the answers to.
In this regard, I was told that the effort to roll out the new ATMs should be an indication of the progress with the project and not to worry as the committee is working closely with the banks to track the ATMs, their locations and to have sufficient supplies of the lower denominations available to load the machines when they distribute them to the banks when ready.
But the majority of the government run banks DO NOT yet even have the newer notes as the CBI just does not hand out FREE money to people, especially worthless notes (at this time). In order for the banks to receive the notes they will have to exchange the 3 zero notes for them. This exchange will happen when and only when the CBI is ready to begin the process of the swap out. This has NOT yet begun. This effort has to be a well calibrated and coordinated event.
I was also reminded once again that June marks a pivotal point as the CBI is moving now into a third phase of their strategic plan. It is a calibrated plan not some random happening of events where the CBI is in a panic mode or reactionary mode all the time. I was told that the dollar prices are coming down as predicted after the EID holiday. Soon they will be inline with the reform plan which is within limits to the “official CBI rate”. This new phase of the plan will run from June to 2026.
Again, I was told that NO insider, backdoor, international trading or otherwise was being conducted on the Iraqi dinar. If you hear rumors of otherwise it is all lies. Investors can come to the ISX and purchased Iraqi dinar at the “official CBI rate”. There is not yet the availability to trade on FOREX or any of the other foreign exchanges. There is still a benchmark on FOREX displaying the ISX rate and a link back to the ISX. Again, this rate may vary by slight fluctuations from the official CBI rate because of some minor responsiveness by some investors and their demand for it. The ISX dinar does float already but is still solely pegged to the dollar. Investors really can’t do much with the dinar at this time as in the west there are still US Treasury sanctions effective on the currency.
I then asked how the rate of the dinar would be determined in the future and if there is another system to be used to determine the rate of the dinar based on all of its newer resources and economic changes. I was then told that “you know and I know that the rate of the dinar is now being artificially suppressed” and that it is the “global order” that is holding the CBI back. I was told that Iraq is in a much better situation now prior to the 1990 embargo and so why not have an international rate again with at least a rate equivalent to the late 1980’s prior to the invasion. Also, it was pointed out that all the UN sanctions are now lifted from Iraq and so why has the US Treasury not also yet lifted their sanctions too on the dinar? So, you see, she said, it is all a political game being played. She said she would leave this game up to the board of directors at the Central Bank as she is just part of a team doing her job. I then thanked her for her opinion in this matter.
She said that her committee was directed to be ready in June and did plan in June to begin the project to delete the zeros but the Central Bank as not yet received the assurances needed in writing from the US Treasury that they would support us fully all the way through the process. To me this meant to conduct the project to delete the zeros, swap out the notes and then onward to the reinstatement of the dinar. I was assured I was correct in my thinking. I already knew this as this was all in the Dr Shabibi plan anyway. This was just a confirmation that they are still closely following this part of the plan anyway. My feeling after this conversation was not negative but it was not so positive either since the US is still holding back and not fully supporting the financial reforms and the events that were supposed to happen at the end of the second phase of the reform process.
So as investors where do we stand with the RV?
Based on this information from my Saturday call to Iraq, I will summarize it for you. We are still waiting for the US to give assurances. The project to delete the zeros was scheduled for June and we will still have a week remaining in June. This is all I know and can tell everyone at this point. But don’t go off too excited and forget all the other information my contact just told us either. You must put everything into its proper perspective.
Will this be held up until January 2025?
I can’t say and how should I know for certain. This is not a fair question as I do not control the process. You might also be thinking if we have to wait until the end of 2026 as their new phase, the 3rd phase of their strategic plan of reforms is now kicking in. You can go read the full article too in the Articles Section of today’s Newsletter. But I will tell you that I was told last month that for us to see the RV, there was only two phases and that they were completing the 2nd phase in June. So go figure… What would you now think? Do I have to spell it all out for you again?
What else is in the news?
So, let’s talk about this strategic plan of the CBI for the economic and financial reform. In the recent news, and I quote from the article – “Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, confirmed that the Central Bank’s third strategy has drawn up a road map and programs with clear goals and initiatives for a periodof three yearsin a special, complex, and risk-filled economic and financial situation”
This Central Bank’s third strategy is for the years (2024-2026), which began in June. They say thisnew part of the overall strategy has drawn up a road map and programs with clear objectives and initiatives for a period of three years (but really its’ only two and half years). I am almost certain the CBI will come out with a further explanation and details of the phase 3 in the coming days. Stay tuned.
What else is in the news?
So, months and months ago we learned from the World Trade Organization (WTO) that Iraq had fulfilled all its obligations under the process for full accession. They then told us it was held up because they needed the Investment Law from Iraq, meaning they need the law passed in parliament, so we all thought at the time. But new information in today’s news tells us this is not the case. What they really need is the existing Investment Law to be amended and they tell us today what was wrong in the old version.
What the WTO needs is for the Iraqi Investment Law to be inline with the WTO Investment Law. I will quote from today’s article”
“It is noteworthy that the Parliamentary Investment Committee justified its effort to amend some investment laws in order to attract foreign investments and capital because some paragraphs of the laws related to investment conflict with sustainable development in Iraq, including the Investment Law, the Companies Law, and others.”
What does all this mean?
It means that for the Iraqi Investment Law their law was not inline with the “sustainable development” goals of the global order. Oh.. but Iraq is telling us that the law is good for Iraq and is in line to attract foreign investors and the much needed capital to rebuild the economy and cities. Is that not the goal of it? But the WTO under the UN says the “woke” policies of the far leftist are more important.
Remember that the WTO is part of the United Nations (UN). So go figure what is going on here. I don’t want to be conspiracy theorists but if the shoe fits wear it. Go back and read the UN Agenda 2021, and 2030. Folks its all there in black and white. This is why Iraq can’t yet fully be part of the WTO. They have not yet toted the line of these global policies. Remember this sustainably language is all predicated on the false narrative that we can do something about the changes of the planet, but they are natural and will happen no matter what we do. We are not necessarily the cause. In other words the cause and effect relationship of society to the planet is not like they are telling you. Don’t mix having a cleaner, more livable planet with their goals. They go much deeper and it gets sinister real fast in the way they are using it to CONTROL us. They are using their “climate change” narrative to bring about controls that favor their narratives of how society should move ahead, regardless of the financial, economic and political burdens and consequences that country must bear. Folks this is not just guidelines but strict enforcement as they use what the countries now need to survive to bribe them into conformity. So, this Investment Law with Iraq is a perfect example and these warped global bullsh*t strikes again. But what else is in store for Iraq that we don’t know about? What other Globalist hoops are they jumping through to get to the reinstatement? Can you see why we are not getting the currency reform that is much needed for Iraq?
Can you see now what my contact in the CBI was telling me in my call to her on Saturday in the application for the WTO vs Iraq? Now you know the entire TRUTH of why the WTO accension is held up. Now you can see just one example that was exposed or how the UN is trying to mold and control Iraq. Oh… but if Iraq wants to benefit from the trade policies of the WTO they MUST conform to these other woke policies too and that is all there is to it. Is this national sovereignty? Is this freedom or conforming to some woke World Government? So you tell me the New World Government does not exist?
Q & A
Question from wciappetta:
Concerning OFAC sanctions are still on the currency and have not yet been lifted, why is Citibank allowed currently to buy and sell IQD? Fair question.
Answer from Mnt Goat:
Guten Tag wciappetta. Yes, your question is a fair question but only if you are a newbie to my blog. I have covered this question many times already. But to help you understand let me say why can’t the banks sell dinar if the internet licensed brokers are selling it? What makes the internet dealers any more special than the banks? In this regard they are not.
The banks are special when they sell the dinar or other currencies in trading such as buying and selling. But this is in dealings with the US Treasury that these internet dealers do not have this kind of relationship since the do not have a “banking” license.
The banks do take a higher risk from the US Treasury if they do so in selling the dinar now. Remember that when ISIS invaded Iraq most banks simply refused to sell the dinar at risk of funding ISIS. Then in 2017 when the war with ISIS in Iraq was over, they once again sold it.
If they are selling the dinar now, they are doing it under a US Treasury license just like the internet brokers. No difference. The relationship with the US Treasury with the IQD is suspended until the OFAC sanctions are lifted. Get it? This is the key point.
Why not sell the dinar if there is money to be made on the spread. But this selling it today is much different than bypassing sanctions on a currency. Try to sell back your dinar to the banks and you will see a much difference picture. OFAC sanctions do not allow the banks to then take the dinar currency they bought from you (if they did buy it) and then sell it back to the US Treasury under normal banking relationships with the US Treasury.
So, under these OFAC sanctions why would a bank want to buy back any dinar since if they did, it would be only be to sell it right back to more customers like you so it is risky and they would limit their quantities. There is nothing else they could do with it due to the OFAC sanctions are in place.
So , you see the OFAC sanctions are more for in dealings with foreign countries vs a US bank. But to deal with a foreign entity the bank, the US bank would then be laundering money. Get it? To sell to you they know you in their banking relationship and can identify you.
From a civilian standpoint you don’t know or see how the entire banking system works. Banks transfer foreign currencies all the time to the US Treasury and can transfer to foreign countries too under the SWIFT system and the Central Banking system, Right now, until OFAC is lifted, the US Treasury will not deal in the dinars the SWIFT system also from the US banks will not deal in dinars. Is this why, under the currency auctions in Iraq they were forced to deal in US dollars only? Two reasons:
1.no large investment firms want to purchases large quantities of a sanctioned currency. Not only is it illegal it also goes against their financial managers professional license.
2.Since #1 is true who the hell wants the dinar outside of Iraq under these circ*mstances so for the country of Iraq to buy outside imports how would they pay for them? This is why they must still use the dollar.
So how do the banks get their dinar?
They purchase it just like the internet dealers purchase and they do not go through their normal channels such as they do with normal foreign currency and the US Treasury channels.
Right now having large quantities of any foreign currency is risky business for any bank since any foreign currency is volatile to global changes. So, the banks order it for you from the US Treasury Central Banking system on demand. They can not do this today.
You have to also understand that much of the OFAC sanctions are more logistical than anything else as I just described. Most of the time if you abuse it is giving a slap on the hand and fines if you don’t adhere to them unless you are dealing in large quantities with foreign entities and this is called then money laundering since sanctions are in place.
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What can we investors do to help the RV situation?
We must now buckle down and pray and pray like never before for the success of Al-Sudani and his agreements with Washington are implemented. You do want the RV don’t you? Pray for Iraq and also the U.S. in that there are strong enough representatives in Congress and the Senate who will stand up and continue to fight to uphold the US Constitution and keep fighting this Washington corruption. Pray that that God’s Hand will intervene and save our great country. Remember you can say the Rosary daily or use the prayers and links I provided from the Auxilium Christianorum for your prayers. Folks your prayers so far ARE WORKING and God has heard your cries. Just look at all the progress made just since December 2022 when Iraq announced they were finally entirely out of Chapter VII. And now the spigot is wide open the final issues preventing the reinstatement are being dealt with one by one. Can you see it too. I am trying my best to help you see it. We don’t’ need this foolishness of this everyday / any day garbage intel. You think this is all just coincidental? God’s Hand is at work here. He has given Iraq his anointed leader Al-Sundani to help in this work. Even I have to sit back in amazement of what he has accomplished so far. Pray for him and all his success. It is June already and this month is proving to be a very significant month again.
Their words not mine…..No Rumors, No Hype, No Opinions ,,,,,
Just the FACTS!
PROPHET JULIE GREEN: Prophetic wordshappening right now!
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BRACE YOURSELF FOR WHAT’S COMING IN 2024
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JOE BIDEN’S TITLE IX CHANGES GOT REJECTED
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DESPERATE PEOPLE TAKE DESPERATE MEASURES TO STAY IN POWER: DEMOCRATS TAKE DESPERATE MEASURES TO TRY TO STAY IN POWER
STAYING IN POWER IS NECESSAY TO KEEP ON TRACK WITH THE GLOBAL NEW WORLD ORDER IMPLEMENTATION. THEY MUST HAVE THE U.S. TO SUCCEED IN THEIR GLOBAL POWER GRAB AND CONTROL.
Just take a step back and remember. Look at what Obama did then in a very short period what Biden has accomplished. Is this how you want to live? Is this a picture of what is to come under a global new world order?
Be sure to watch this one before the democrats censor it and take it down.
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VICTOR DAVIS HANSON: THIS IS THE MOST DANGEROUS TIME IN OUR LIFETIME
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Please try to remember to pray each and every day. The rosaries for me is my way to pray and has had a significant impact on my life. It has meant many miracles for me and my family. It can for you too, and the Blessed Immaculate Mary asks that we pray “faithfully” each day. You can also pick your own personal prayers, as the rosary is just my choice and I just wanted to share it with you.
We all know something has gone terribly wrong with our nation. A supernatural battle is taking place to determine the fate of America. In justtwelve minutes a dayyou help bring forth a divine intervention to save our country using this book. With Lent beginning tomorrow on Ash Wednesday let us not forget to fast, meditate and pray for the salvation of America. There is an organization that is taking on this endeavor through helpful prayer guidance. This is what I plan to do. How about you?
Anyonecan join the hundreds of thousands already involved in this rapidly-growing prayer movement. It’s easy to get started:
Pray the Daily Prayers To Save Our Country
Order the official prayer book, read or listen online, or print them out. Just click on the prayer book below.
A National Prayer Movement
for God’s Help
ADVISOR TO THE ASSOCIATION OF BANKS: THE CENTRAL BANK’S THIRD STRATEGY IS A NEW METHODOLOGY FOR FINANCIAL AND BANKING REFORM
Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, confirmed that the Central Bank’s third strategy has drawn up a road map and programs with clear goals and initiatives for a periodof three yearsin a special, complex, and risk-filled economic and financial situation.
Al-Nusairi said, in an interview from Makkah Al-Mukarramah, exclusively for “Al-Iqtisad News,” that “the Central Bank’s third strategy for the years (2024-2026), which derived its main and subsidiary objectives from the general economic policies of the state and its strategy for financial and banking reform that the government adopted in the government curriculum and from Central Bank Law No. 56 of 2004, and the new strategy has drawn up a road map and programs with clear objectives and initiatives for a period of three years in a special and complex economic and financial circ*mstance full of risks and challenges at the level of internal and external economic and financial relations.”
He pointed out, “What concerns us as specialists in economic, financial, and banking affairs is what are the new mechanisms and policies that the Central Bank has adopted in its monetary policy and banking reform? According to the approach of the fundamental change desired for the national economy, in which the banking sector constitutes the first and basic link and the implementer of monetary policy applications.”
Al-Nusairi explained that “the Central Bank’s third strategy set the basic goals at 7 goals, the sub-goals at80 goals, and 75 initiatives to achieve the basic and subsidiary goals and charted the way for banking and financial reform in accordance with the following strategic goals: –
1- Supporting and enhancing monetary stability.
2- Promoting digital transformation and activating electronic payment.” Strengthening cybersecurity in the Central Bank and the banking sector.
3- Promoting financial inclusion.
4- Maintaining a sound financial system that guarantees the rights of its customers.
5- Developing the organizational structure and developing human resources capabilities in the central bank.
6- Strengthening the position of the central bank locally and internationally.
7- Strengthening the compliance of the banking sector Non-banking institutions in line with international standards.
He added, “These strategic objectives have been defined as programs and policies to achieve the primary and subsidiary objectives and their most prominent initiatives in achieving the first strategic objective, which is the national lending strategy, which will restructure banking financing in Iraq and the initiative to leave the electronic platform and adopt correspondent banks in Iraq.”
External transfers and the objectives emphasize protecting the financial system, enhancing financial inclusion, managing monetary and financial stability, developing control and supervision, developing regulation in the banking sector, completing the development of the organizational structure in the central bank in accordance with the frameworks and techniques adopted in international central banks, raising the capabilities of human resources, developing banking operations, and strengthening bank relations. internal and external, and to represent him locally and internationally.”
Al-Nusairi concluded, “By analyzing the mechanisms and action points to achieve the above goals, we note that the strategy identified the planning team, the implementation team, the implementation mechanisms, and responsibility. It also identified clear priorities for achieving reform.
Certainly, these priorities were diagnosed in light of the challenges facing the monetary policy and the banking sector, the implementation steps, and the results achieved by the strategy.”
The first is for the years 2016-2020 and the second strategy is for the years 2021-2023 and the stifling economic and financial challenges that Iraq has suffered over the past years.
Work through this strategy is to clearly identify opportunities to overcome the challenges for this and for the purpose of implementing the banking reform methodology according to what was stated in the strategy and according to an insight into the priorities and challenges thatThe Iraqi banking sector is suffering from it.
The Central Bank made exceptional efforts during this year and last year, completing the first phase of it and began implementing the second phase.
Many of the primary and secondary objectives were achieved, and it is trying to complete the achievement of all the objectives in the second half of 2024 and the years 2025 and 2026 of the plan that has been proven to have been prepared and planned. It has identified advanced steps on the path tosystematic implementation of the desired financial and banking reform in Iraq.
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AMERICA’S CONTINUED VIOLATION OF IRAQ’S AUTONOMY…WHAT IS ITS PURPOSE?
The American administration, through its military forces present in Iraq and the countries of the region, continues to violate the country’s autonomy by attacking the headquarters and leaders of the Popular Mobilization Forces, targeting from time to time the camps, points, and stations located on the Iraqi-Syrian border strip.
This attack is intended to show off and use the logic of force to establish the American presence on Iraqi soil, despite the fact that Parliament said its word rejecting the presence of any American military forces on Iraqi soil.
Although the Islamic Resistance stopped its operation on American sites inside Iraq in order to provide the government with an opportunity to negotiate the removal of the occupation forces from the country, the American forces targeted the Popular Mobilization Forces again near the Iraqi-Syrian border, as a result of which the Mujahid in the Mobilization Forces, Abdullah, was martyred. Razzaq Al-Safi, this matter may be an implementation of the statements and messages of the candidate for the position of US Ambassador to Baghdad, Tracy Ann Jacobson, which incited the targeting of the resistance and the Popular Mobilization Forces and escalation in Iraq.
Independent politician Aed Al-Hilali said on Sunday that America is targeting the Popular Mobilization Forces and the resistance factions in order to reduce pressure on the Zionist entity.
Al-Hilali told Al-Maalouma Agency, “America felt defeated by the war it was waging with the Zionist entity against Palestine, and this caused it to become confused, which prompted it to target the Popular Mobilization Forces and the resistance to ease the pressure “
He added, “America today is living in its worst condition, which is what prompts the candidate for the position of new American ambassador to Baghdad, Tracy Ann Jacobson, to issue statements and hint at what the coming days will bring if she takes over the position.”
For his part, political analyst Qasim Balshan confirmed today, Sunday, that America is targeting the Popular Mobilization Forces and security services in various regions with the aim of establishing its military presence in Iraq and the region, pointing to the importance of the government’s move to end the American presence in Iraq.
Balshan told Al-Maalouma, “America is trying to send messages to prove that it has power in the region, and through that it seeks to establish its presence and target the Popular Mobilization Forces and its national leaders.”
He added, “There is an urgent need for a decision from the federal government to end the American military presence on Iraqi soil, due to the repeated targeting of the Popular Mobilization Forces headquarters and security leaders in various regions of the country.”
He stated, “The American side repeatedly targets the Popular Mobilization Forces, as they are the largest effective national force against the American presence inside Iraq, which requires the executive authority to intervene to prevent any targeting of the Mobilization Forces’ headquarters.”
(Just remember two things when it comes to America leaving Iraq:
1.The Mobilization Forces they talk about are leftover Iranian guard forces that come into Iraq to fight ISIS and refuse to leave;
2.Iran would love to see American forces leave Iraq as they are already staged with the Mobilization Forces to fill the gap once they leave. This article alone tells it all, as it was composed by Iranian backed politicians. Ye, they have infiltrated the govt of Iraq.
Iraq must find a way to get Iran out of their politics and these forces out of their country. They certainly will not do it without the help of American forces.)
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MILITARILY… AL-SUDANI TALKS ABOUT THE STAGE AFTER THE END OF THE INTERNATIONAL COALITION’S MISSIONS IN IRAQ
The Prime Minister and Commander-in-Chief of the Armed Forces, Muhammad Shiaa Al-Sudani, confirmed on Saturday the continued strengthening of air defense and air surveillance capabilities within the phase of ending the international coalition’s mission in Iraq.
This came in a speech he delivered during the opening of the new Air Defense Command operations center.
A statement issued by his media office stated that, on the sidelines of the opening of the center, Al-Sudani listened to a detailed briefing about the center presented by the Air Defense Commander, in which he confirmed that the new center was equipped with a modern system of high-detection radars, as part of the Air Defense Command’s efforts to develop the infrastructure for surveillance and security. The safety of the Iraqi airspace, and he stressed the government’s continued support and strengthening of command and control capabilities over the Iraqi airspace, protecting it from violations and raising the level of immediate response.
Al-Sudani praised the efforts of the leaders and officers who participated in completing and operating this center, which was established in cooperation with the French company Thales, which specializes in defense equipment, on the path of plans to develop the armament of our various types of armed forces, as the government allocated approximately 5 trillion dinars for these goals, of which 3 trillion in Budget 2024, and within the project to enhance weapons capabilities.
The Commander-in-Chief of the Armed Forces explained that the goal of preserving the security and sovereignty of Iraq over its land, airspace, and waters is a main axis within the goals of the government program in the field of defense and confronting security challenges, especially in the period after the end of the international coalition’s missions.
He also indicated the continuation of efforts to pursue all forms of terrorist threats or breaches, and to build detection and early warning capabilities, especially in the field of low detection, and with the development of air defense levels and technologies in neighboring countries and the region, in addition to emphasis on developing the use of interceptors from the latest specialized aircraft to confront all possibilities of breach. Or aggression.
At the beginning of this year, the Iraqi Ministry of Foreign Affairs announced the success of the negotiations with America and the agreement to form a “supreme military committee” to formulate a specific and clear timetable that determines the duration of the presence of international coalition advisors in Iraq.
On Wednesday, June 5, an informed political source revealed a 40-day deadline granted by Iraqi armed factions to Prime Minister Muhammad Shiaa al-Sudani to resolve the issue of removing American forces from the country, threatening that otherwise they would resume their attacks against American military forces.
In early February, attacks by armed groups on American forces in Iraq and Syria stopped, after a drone attack killed three American soldiers in Jordan. In response, the United States carried out air strikes on sites in Iraq and Syria.
In the midst of the new developments, an informed political source explained to Shafaq News Agency, “A number of armed factions have given Sudanese and his government a deadline until the middle of next July to resolve the issue of removing American forces from the country.”
The source added, “The factions required setting a declared and binding timetable to resolve this file. Otherwise, military operations will resume against American targets and interests in Iraq and the region.”
On January 30, 2024, the Iraqi Hezbollah Brigades announced the cessation of its operations against American forces in order “not to embarrass the Iraqi government,” recommending its fighters to “temporarily passive defense.”
Iraqi armed factions launched periodic attacks on American bases in Iraq and Syria, starting in late October 2023, against the backdrop of the Gaza War.
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CHANGES IN THE DIGITAL ECONOMY AND THEIR IMPACT IN IRAQ
Researcher in finance and development affairs and academic Aqeel Jabr Ali Al-Muhammadawi
The beginning of the twenty-first century can be marked by the development of advanced digital technologies, a revolution in the information field, and the acceleration of the processes of economic globalization. Currently, the development of information technology plays an important role in society and the economy.
Individuals and society always seek to meet growing needs in a certain field of activity, while information technology expands the capabilities of all people, organizations and countries.
Information technology has not only changed the patterns of business and consumer behavior in the modern economy, but also laid the foundation for various processes: high-tech production and economic activity, development of financial services, changes in educational concepts and standards, digital transformation.
This infrastructure, formed on the basis of electronic interoperability, has become a new direction of global technology development in which economic activity depends on digital technologies.
The digital economy enhances competition and competitiveness not only within the country, but also at the global level. Therefore, any country, including Iraq, that seeks to compete and build competitive performance standards in the global market must properly exploit the potential of the digital economy and promote digital progress.
Iraq must catch up, accelerate the adoption of digital technologies, and ensure that everyone can access these technical benefits and modern information technology.
At the same time, fulfilling the promise of digital mainstreaming requires balancing risks and opportunities. As the world transitions to digital technology, preventive measures are critical to enhancing trust. Laws must be put in place to protect data, achieve cybersecurity, and create strong institutions to develop and enable robust, interconnected digital systems that can verify identity, transfer payments quickly and securely, and exchange data responsibly.
For Iraq to reap the benefits of technological and technical progress in digitization and artificial intelligence, and participate fully in the global digital economy?
In order to accelerate the pace of engagement in the digital economy community with deliberate and reliable steps, Iraq should adopt the methodology of the digital economy and modern financial digitization. My agencies:
1-Bridging the global digital divide: Despite the rapid spread of new technologies in various parts of the world, 37% of the population, each person, is still deprived of Internet services. In addition, a large percentage of Iraqis are not involved in advanced information technology applications.
2- Preparing for the jobs of the future: Innovation radically changes the nature of work: new jobs are emerging, and other jobs are developing. In order to compete and contribute to raising the level of competitive performance standards of the digital economy, Iraq will have to prioritize education, vocational education and training, and build the digital, technical and technological skills of its workforce.
3- The importance of developing safe and reliable digital systems: With the world’s shift to modern digital technology and technologies, strengthening capabilities in areas such as cybersecurity, data protection, and maintaining the modern digital financial and economic system has become more important than ever before.
4- More funding to provide Internet services and IT applications for all: Providing broadband services for all will require more than $100 billion by 2030, and the public and private sectors cannot do this alone. Governments must undertake bold reforms, and the private sector can reduce costs and risks and increase efficiency, innovation and leadership.
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PARLIAMENT CALLS ON PRIME MINISTER TO TAKE URGENT MEASURES TO SOLVE ELECTRICITY CRISIS
Baghdad – Iraq Today:
The Parliamentary Electricity and Energy Committee called for replacing general managers and branch managers who have been proven to have failed to perform their duties by overcoming the crisis, and who have been in office for long periods.
A statement by the committee said that “in light of the atmosphere that the country is going through from high temperatures above 50 degrees Celsius, and the increase in power outages, the citizen suffers from a real crisis in the lack of energy.” The committee called on the government to reconsider the mechanism for distributing electrical energy, rehabilitate generating units, maintain the dilapidated network, and the need to take urgent measures to address these problems. The committee stressed on “the Ministry of Electricity to assume full responsibility for providing electrical energy to citizens and distributing electricity fairly.”
The committee called on the prime minister and the minister of electricity to “replace general managers and branch managers who have been proven to have failed to perform their duties by overcoming the crisis, and who have been in office for long periods,” in addition, the committee called on the prime minister to “oblige all state departments and the private sector to install and establish a solar energy system at 25% of the consumption of their departments, provided that this is implemented within a period not exceeding three months.”
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PARLIAMENTARY COMMITTEE: AMENDING THE INVESTMENT LAW IN THE NEXT LEGISLATIVE TERM
A member of the Parliamentary Investment Committee announced the committee’s intention to amend the Investment Law.
Muhammad Al-Zayadi told {Al-Furat News} agency, “There is no investment in the country due to the lack of clarity in the investment law, which constitutes a major problem, but after the end of the legislative recess, the committee will work on amending the investment law.”
He added, “The political situation has nothing to do with the law because it is related to the service aspect, and the goal of amending the law is to be at the level of moral investment in the country.”
It is noteworthy that the Parliamentary Investment Committee justified its effort to amend some investment laws in order to attract foreign investments and capital because some paragraphs of the laws related to investment conflict with sustainable development in Iraq, including the Investment Law, the Companies Law, and others.
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AL-MOUSSAWI: ELECTION OF A NEW SPEAKER OF PARLIAMENT WILL ACCELERATE THE LEGISLATION OF THE OIL AND GAS LAW
Member of the Parliamentary Oil Committee, Zainab Al-Moussawi, announced the election of a new Speaker of Parliament who will expedite the legislation of the oil and gas law.
Al-Moussawi told {Al-Furat News} that: “Until now, there are no indications from the Sunni blocs to agree on a candidate for the presidency of the Iraqi parliament, due to the {Sunni-Sunni} differences and the splits that occurred within the Taqadum Party headed by Muhammad al-Halbousi.”
She pointed out that “in the event of a Sunni agreement, the vote will take place immediately after the end of the legislative term holiday, as the Shiite and Sunni political blocs are ready to vote.”
Al-Moussawi confirmed, “The vote of members of Parliament on choosing a new candidate for the presidency of the Council will accelerate the approval of the suspended laws, including the oil and gas law, as the law within the committee is largely mature.”
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KURDISTAN FEDERATION: LEGISLATING THE OIL AND GAS LAW WILL RESOLVE THE DISPUTES BETWEEN BAGHDAD AND ERBIL
The spokesperson for the Patriotic Union of Kurdistan parliamentary bloc, Suzanne Mansour, said on Wednesday that legislating the oil and gas law would be sufficient to resolve the disputes and outstanding issues between Baghdad and Erbil.
Mansour said in an interview with the Maalouma Agency that the oil and gas issue has been stuck between Baghdad and Erbil for many years, noting that “recourse to the constitution lies in legislating the oil and gas law.”
She added, “The draft oil and gas law is still with the government and we are waiting for the law to be enacted in the House of Representatives,” noting that “approving the law would regulate the relationship between Baghdad, Erbil, and the oil-producing provinces.”
She continued, “There is a committee formed by both sides in Baghdad and Erbil to solve all problems, including the oil and gas law.”
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Iraq confirms it has completed the requirements to join WTO
WTO membership promotes transparency and predictability in trade relations
Published:March 05, 2024 08:35Gulf News Report
Iraq has confirmed that it has fulfilled the requirements for joining the World Trade Organization (WTO) after implementing economic reforms and improving the business environment. Iraq submitted its request to join the WTO back in 2004. The Iraqi Minister of Trade, Atheer Al-Ghurairi, affirmed that Iraq has met the necessary conditions for WTO membership following the completion of economic reforms and the enhancement of the investment climate.
The Iraqi Trade Minister made these remarks during his participation in the 13th Ministerial Conference of the WTO held in the UAE capital, Abu Dhabi.
Shwan Ibrahim Taha, an expert in Iraq’s finance and investment affairs, stated, “Iraq’s business sector needs significant reforms and changes to boost its private sector, which still lags behind despite the opportunities and resources available in the country.”
“To comply with WTO rules, Iraq must align its trade policies with international standards. This process not only enhances the efficiency of domestic industries but also attracts foreign investments. Investors have more confidence in transparent and consistent regulatory environments, something Iraq’s SMEs desperately need.”
WTO membership promotes transparency and predictability in trade relations. The organization provides a rules-based system that ensures fair competition. By adhering to established trade norms, countries can resolve disputes through the WTO’s dispute settlement mechanism, ensuring a level playing field for all members.
You can read the Iraq investment law here. LINK
Iraq – Investment Law | Investment Laws Navigator | UNCTAD Investment Policy Hub
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Their words not mine…..No Rumors, No Hype, No Opinions ,,,,,
Just the FACTS!
Disclaimer: All information in this newsletter is not intended for investment decisions / purposes. Mnt Goat is not a financial analyst, planner, banker, attorney or associated in any role with giving out professional investment advice.
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Much love to ya all,
Mnt Goat
