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Iraq Economic News and Points to Ponder Friday Evening 1-19-24

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Al-Sudani: We Will Not Hesitate To Take All Necessary Measures To Protect Our Sovereignty

Friday 19, January 2024 14:02 | Political Number of readings: 431  Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed that: “No party, whether external or internal, can take away the rights of the Iraqi government and its role in extending its security.”

He said in an interview with Blue Mberg Agency, published by the official agency: “Our position is clear and we will not hesitate to take all necessary measures to protect our sovereignty.”

He added: “So far, there is no problem regarding the production and export of Iraqi oil,” noting that “events are continuing in this sensitive site, which constitutes more than 30% of the world’s energy supplies.”

The Prime Minister explained: “The current conditions are worrying for both exporters and importers,” warning that “prolonging the war in Gaza and the West Bank will lead to expanding the circle of conflict, and this is what happened.”

He continued: “We do not have a problem with the Turkish side. They have shown willingness, but there is a problem with the oil producing companies in the Kurdistan region,” explaining that “the dispute between Baghdad and Erbil revolves around the problem of the cost of producing a barrel.”

Al-Sudani pointed out: “Iraq is an active member of OPEC. We make decisions in OPEC through discussions and understandings, and our plan is to rely on what gas we have, whether that is associated with oil or natural gas.”

He went on to say: “We plan within 3-5 years to provide for our gas needs and reach a stage where we do not burn gas. We have allocated $4 billion for gas imports, and once we reach self-sufficiency, this amount will be allocated to other projects.”

Al-Sudani In Davos: Ending The International Coalition’s Mission Is Necessary For The Security And Stability Of Iraq

Prime Minister Muhammad Shiaa Al-Sudani announced that ending the international coalition’s mission is necessary for the security and stability of Iraq, and he indicated setting a goal to reduce dependence on oil revenues from 95 percent to 80 percent.

The Prime Minister said, during a dialogue session within the work of the Davos Economic Forum held in Switzerland, that the Iraqi people emerged victorious over the adversities that faced the country over the past years, stressing that the discourse of the political forces today is national and there is competition in providing services to citizens.

He added that the energy sector has not invested in an adequate manner. It is true, and the government has turned to important strategic projects, including the development road and the petrochemical sector, to diversify sources of income. He pointed out that one of the challenges facing Iraq is not conveying an accurate picture of the situation.

He continued: We have appreciation and respect for the international position and its standing with us against ISIS, stressing that “the readiness The armed forces are a stabilizing factor for the situation in Iraq, and for this reason we have begun to implement the government’s commitment to arrange a dialogue regarding the end of the international coalition’s mission in the country.

He stressed, saying: “After the attacks on the Iraqi headquarters, we will enter into dialogue to arrange a schedule for the end of the international coalition’s missions in Iraq,” adding:

“This is an official popular demand and we are serious about this matter, and the end of the international coalition’s missions is a necessity for the security and stability of Iraq and the continuation of good relations between Iraq and the coalition countries.”

Sudanese: We Are Proceeding With Financial And Banking Reform Steps

Posted On 01-19-2024 By Sotaliraq  01/18/2024   Prime Minister Muhammad Shiaa Al-Sudani said that Iraq is proceeding with financial and banking reform steps, while the World Bank announced its support for the government’s measures in the field of modernizing and developing the banking sector, especially with regard to implementing the electronic payment system.

On the sidelines of his participation in the Davos Economic Forum, Al-Sudani met with the President of the World Bank Group, Ajay Banga, and discussed with him the cooperation relations between Iraq and the World Bank, in various economic fields, which contribute to supporting the government’s efforts and strategic plans towards more investment and development opportunities in Iraq.

The meeting also witnessed, according to a statement by the Prime Minister’s Office, a review of the measures and steps taken by the government and the Central Bank of Iraq, in terms of financial and banking reform. The projects financed by the International Finance Corporation (IFC) were also discussed, most notably the project to rehabilitate and develop Baghdad International Airport.

Al-Sudani pointed out “the importance of World Bank reports reflecting, realistically, the new government’s policies that were implemented in the economic and banking sectors and supporting the private sector, which aim to diversify the economy, increase its growth, and achieve financial stability, in light of the challenges facing the region and the world.”

For his part, Banga praised the government’s measures in the field of modernizing and developing the banking sector, stressing his support for those measures, especially with regard to the implementation of the electronic payment system.

The Prime Minister also met in Davos with Khaled Hoballah, the regional CEO of JP Morgan for the Middle East and North Africa.

The meeting witnessed the discussion of prospects for cooperation in the financial fields, and opening accounts for Iraqi banks, as well as the possibility of the bank participating in the government’s efforts to adopt electronic payment applications in the Iraqi markets.

They also discussed coordinating technical efforts between the Central Bank of Iraq and J.P. Morgan in establishing Ideas related to trading central bank digital currencies.

Al-Sudani pointed to “Iraq’s aspiration towards the bank’s cooperation with the Iraq Fund for Development, and the financing it targets to finance private sector projects in Iraq,” stressing that “Iraq is proceeding with financial and banking reform steps, in a way that helps develop this vital sector.”

For his part, Hoballah expressed JPMorgan’s readiness to enhance cooperation with Iraq as a government, with the Central Bank of Iraq, and the Iraqi banking sector, confirming the bank’s intention, as a first stage, to open accounts for three private Iraqi banks.

The Prime Minister, Muhammad Shiaa Al-Sudani, met in Davos with the Secretary-General of the North Atlantic Treaty Organization (NATO), Jens Stoltenberg, and during the meeting, they discussed the prospects for cooperation between Iraq and the alliance and ways to strengthen the partnership in the security field, exchange information, track terrorist networks, and reveal their sources of funding.

The meeting also touched on the file of ending the presence of the international coalition forces in Iraq, which the government included in its ministerial curriculum, after the development achieved by the Iraqi forces in terms of preparation and full readiness, and the importance of agreeing on executive steps to arrange the end of its mission through bilateral dialogues, ensuring a smooth transition of its duties. .

The Prime Minister appreciated “the efforts of the NATO countries and their support for Iraq, through military operations in the war against ISIS terrorist gangs, and in the field of providing advice and training to the Iraqi security forces.”

Al-Sudani added, “Iraq does not mind cooperating with the countries of the international coalition in the field of armament, training, and equipment, within the framework of bilateral relations that bring together Iraq and the countries of this coalition.”  LINK

The Central Bank Of Iraq Plans To Cancel The “Electronic Platform” For External Transfers

Friday 19, January 2024 11:52 | Economical Number of readings: 550  Baghdad / NINA / The Central Bank of Iraq revealed plans to cancel the “electronic platform” for external transfers at the end of the current year 2024, as it issued a list of new directives to banks licensed to regulate transfers./End 5

Oil Prices Rise And Brent Is Approaching $80

Friday 19, January 2024 08:48 | Economical Number of readings: 570  Baghdad / NINA / Oil prices rose at settlement, with the International Energy Agency’s expectations matching with OPEC regarding strong growth in global demand for oil.

Brent crude futures rose $1.22, equivalent to 1.6%, recording $79.10 per barrel upon settlement, and US West Texas Intermediate crude futures rose $1.52, or 2%, to $74.08.

The US Energy Information Administration reported a larger-than-expected decline in crude oil inventories, amounting to 2.5 million barrels in the week ending January 12.

The International Energy Agency’s monthly report stated that it expects oil demand to grow by 1.24 million barrels per day in 2024, an increase of 180,000 barrels per day over its previous expectations./ End To


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From their errors and mistakes, the wise and good learn wisdom for the future.  – Plutarch

By becoming more unhappy, we sometimes learn how to be less so.  – Madame Swetchine

Every experience, however bitter, has its lesson, and to focus one’s attention on the lesson helps one overcome the bitterness.  – Edward Howard Griggs

A good scare is worth more to a man than good advice.  – Edgar Watson Howe

It is from the level of calamities … that we learn impressive and useful lessons.  – William Makepeace Thackeray

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