Iraq announces imminent entry into force of electrical interconnection with Jordan
Baghdad – Iraq Today:
The Ministry of Electricity confirmed that the electrical interconnection with Jordan will enter into force within the next few days.
Ministry spokesman Ahmed Moussa said in a press statement that “the electrical interconnection with the State of Jordan has been completed and the project will enter into force in the next few days, and the supply of electrical energy will take effect.”
Moussa added, “The electrical interconnection will enter its first phase soon, at a rate of 50 megawatts out of 150, and thus gradually enter full service once the first phase is completed.”
He pointed out that “the areas benefiting from the link with Jordan are the areas of wetlands and the western regions.”
Signing a memorandum of understanding to supply Turkmen gas to Iraq
On Friday, the Ministry of Electricity announced the signing of a memorandum of understanding to supply Turkmen gas to Iraq
The media office of the Minister of Electricity, Ziad Ali Fadel, stated in a brief statement that the latter signed in Baghdad a memorandum of understanding with the Turkmenistan Minister of State for Gas Affairs, to supply Turkmen gas to Iraq. link
Macron is expected to visit Baghdad. What are its goals?
Baghdad Today – Follow-up
French President Emmanuel Macron is preparing to make a visit, the third of its kind, to Baghdad since he took office in 2017. According to observers, he will devote it to supporting his country’s investments in Iraq and improving the atmosphere between Baghdad and Kuwait, in preparation for the third Baghdad conference, in which he will participate in addition to the leaders of Gulf countries and neighboring Iraq. After the failure of its preparatory meeting in New York due to the Khor Abdullah case .
Macron’s visit comes amid successive French losses in its positions in Africa, following the coups that the African continent witnessed recently, and in light of doubts about the European country’s ability to consolidate or expand its gains in Iraq, given its differences with the United States of America, which has the greatest influence in Iraq and the region .
Nizar Haider, a political analyst based in Washington, said during an interview, “France has a great interest in Iraq on two levels. The first is bilateral, and includes the fields of energy and security specifically, and the second is at the ocean and regional level through its adoption of the Baghdad Conference project, which will be held in its third edition in The capital, Baghdad, next month .Washington-based political analyst Nizar Haidar said, during an interview.
Haider adds, “On the first level, French investment in Iraq is of great importance, as the contracts of French oil companies, specifically Total, exceeded more than 30 billion dollars, and it is an important investment that contributes to solving many of the economic problems that Paris is currently going through, which caused… It has sustained crises manifested by protests, sit-ins and strikes .”
On Wednesday, Prime Minister Muhammad Shiaa Al-Sudani received the Advisor for Middle East and North Africa Affairs in the Presidency of the French Republic, Patrick Durrell, and during the meeting, the upcoming visit of French President Emmanuel Macron to Iraq was discussed, and the development of bilateral relations between the two countries was discussed, in accordance with the strategic agreement. The comprehensive agreement signed between them, according to an official statement from Al-Sudani’s office .
Foreign Ministry spokesman Ahmed Al-Sahhaf also announced earlier that French Foreign Minister Catherine Colonna will visit Baghdad at the end of this month .
The political analyst confirms that “the French military presence in Iraq is within the framework of the international coalition for the war on terrorism, and it is of great importance to Paris in particular, because it participates in the fighting and not, as the government rumored, that its role is for advice and training, and what revealed the matter was the news of the phone call made by the Sudanese.” With the French President a few weeks ago to offer his condolences over the killing of a French soldier who was participating with the Iraqi forces in a special operation against ISIS .”
Haider explains, “As for the second level, France is currently seeking to heal the rift that occurred recently at the Baghdad conference between Iraq and Kuwait, as a result of the Federal Court’s decision to cancel the treaty regulating navigation in Khor Abdullah, which was signed between them. The decision embarrassed the Iraqi government, especially during the presence of the delegation.” The Iraqi Foreign Ministers, headed by Al-Sudani, were in New York. The foreign ministers of the Baghdad Conference countries were scheduled to hold a preparatory meeting on the sidelines of their presence in New York, but the Gulf Cooperation Council foreign ministers sent a joint letter apologizing for not attending the meeting, which led to its cancellation. What happened prompted France, which is the sponsor of the Baghdad conference, to take urgent political and diplomatic action to improve the atmosphere among the members to ensure that the conference will be held at the time specified for it .”
Iraq entered into a crisis with Kuwait, after the Federal Supreme Court issued a decision declaring the unconstitutionality of the Khor Abdullah Agreement signed between the two countries, which prompted the Gulf Cooperation Council to issue a statement rejecting the decision, and they considered it a “historical fallacy.” To date, the crisis has not been resolved and has remained suspended .
It is noteworthy that the “Baghdad 2” conference was held on December 20, 2022, in the Jordanian capital, Amman, after a first session held in Baghdad in August 2021, on an Iraqi-French initiative, with the participation of Bahrain, Oman, Egypt, Saudi Arabia, the Emirates, Qatar, Turkey, and Iran .
It is noteworthy that Macron said in his statements after the Baghdad II conference: “When the Jordanian king visited me in Paris, I convinced him of the necessity of holding this conference, because it is in the interest of all of us, and Abdullah took a risk in doing so, and we exchanged many phone calls with the Sudanese Prime Minister, and his acceptance of this conference is a victory, We held a meeting in a small setting, without the Turks and Iranians, and we began to draw up lines of action .”
In addition, Ali Fadlallah, a political analyst close to the coordination framework, believes that “France is one of the most important European Union countries interested in the Iraqi file, given that Iraq is an emerging market in all fields of armament and infrastructure, as well as the size of the natural resources present in it. ”
Fadlallah points out that “Iraq was one of the first countries that moved to strengthen its economic and commercial relations with France, especially since the Sudanese visit to Paris, after the formation of his government, was with the intention of French companies entering the Iraqi market forcefully. ”
He continues, “The French President’s visit to Iraq will not be protocol. Rather, it will aim to conclude very important agreements, in addition to holding the Baghdad conference, as France is considered one of the countries supporting him on the security and political levels. ”
At the beginning of this year, Al-Sudani signed the strategic partnership agreement with French President Emmanuel Macron, which was considered the first of its kind between Baghdad and Paris. It includes 4 chapters, 6 sections, 50 articles, and 64 paragraphs. Among the most prominent of its contents are: strengthening cooperation to confront the dangers of terrorist threats and combating extremism. Forming bilateral committees in the fields of defense and security, following up on the implementation of annual plans for bilateral defense cooperation, and strengthening Iraqi military defense capabilities by developing the necessary skills, facilitating the provision of French-made military equipment, and activating the exchange of information and military intelligence between the two parties .
It is noteworthy that Iraq concluded many agreements with America, starting with the Strategic Framework Agreement in 2008, which mostly focused on the security aspect and the presence of American forces in Iraq, and also stipulated that the two parties agree to continue their close cooperation in strengthening and sustaining the military, security and political institutions. And democracy in Iraq, according to what they may agree upon, including cooperation in training, equipping and arming security forces, in order to combat local and international terrorism and outlaw groups, at the request of the Iraqi government .
For his part, political analyst Ghaleb Al-Daami says, “France does not have a good relationship with the United States of America, and this is very clear, and therefore the visit of French President Emmanuel Macron to Iraq will not be effective, without the American administration’s approval and support for the visit. ”
He points out that “France lost many of its economic positions in Africa, and began heading to Iraq, which welcomed it, but this visit will not be effective and have goals and results without America’s support for it,” indicating that “France will not get anything from Iraq and will not be able to “With any of the large and important projects, it sought to do so during the government of Adel Abdul Mahdi and the government of Mustafa Al-Kadhimi, and now it is renewing its efforts, but there is no reliance on this visit, due to American dissatisfaction with it. ”
It is noteworthy that France seeks to take a role in Iraq, on the security and economic levels, and this was greatly embodied during the previous government headed by Mustafa Al-Kadhimi, as French President Emmanuel Macron visited Iraq more than once, in addition to the visit of French Armed Forces Minister Florence Parly to Baghdad .
America rejects Iraq’s request for one billion dollars
Washington rejected Iraq’s request to obtain one billion dollars in cash from the Federal Reserve Bank, under the pretext that it conflicts with their efforts to curb Baghdad’s use of the dollar and stop illicit cash flows to Iran.
The American newspaper “The Wall Street Journal” reported that since the American invasion of Iraq two decades ago, the United States has provided $10 billion or more annually to Baghdad through bi-monthly cargo flights, and the money is derived from the proceeds of Iraqi oil sales deposited with the Federal Reserve Bank.
American officials said, “Banknotes in the hands of Iraqis have become a lucrative source of illicit dollars that go back to militias and corrupt politicians, as well as to Iran.”
By applying for an additional $1 billion shipment, Iraq says it needs the money to help prop up its faltering currency. A senior Iraqi official explained that “last week, the Central Bank of Iraq submitted an official request that the Treasury Ministry is still studying, after Washington rejected the initial request submitted by Iraq last month.”
According to the newspaper, since last November, Washington has prevented 18 Iraqi banks from dealing in dollars, adopting stricter rules for electronic transfers in dollars from its banks.
Treasury officials told Iraqi central bank governors that sending a large additional shipment conflicts with Washington’s goal of limiting Iraq’s use of US banknotes, Iraqi officials said.
American officials spoke of conclusive evidence that some of the dollars that were arriving in Iraq were smuggled in cash over the years to Iran, as well as to Turkey, Lebanon, Syria and Jordan.
A Treasury Department spokeswoman said regarding the Iraqi request: “The United States continues to support Iraq with dollar banknotes and has not restricted its access to ordinary Iraqis and businesses,” indicating continued work with the Central Bank of Iraq. Link
Source: Dinar Recaps
Zimbabwe gold-backed digital token (ZiG) becomes operational | The Insider (10/5/23)
The Zimbabwe gold-backed digital coin, known as ZiG, became operational today as a means of payment but central bank governor John Mangudya said it was not a currency.
The ZiG is at par with the physical gold coin and will be informed by the international price of gold.
The central bank has enlisted external auditors to validate the availability and adequacy of gold to back the ZiG at any time.
Zimbabwe: End of an ‘Error’ – Market Rejects $50 Mbuya Nehanda Note As Inflation Soars | allAfrica.com (10/6/23)
Vendors and some retailers in Harare are now rejecting the ZW$50, introduced in 2021 by Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya.
The note’s rejection is not surprising as it was now worth less than US$0.10 on both official and black market exchange platforms.
One needed 80 of the ZW$50 notes to equal one US dollar.
Vendors in some of Harare’s high density suburbs and tuckshop operators in and around the capital said it was no longer possible for them to store large wads of the notes hence moves to reject their use.
“We are no longer accepting the Mbuya Nehanda note,” said a vendor in Dzivarasekwa Extension.
“The note is not being accepted in Mbare where we buy our goods for resale and it does not make sense that we use it here.
“It is of no use now, takes a lot of space to keep while being worthless at the same time. Imagine how much of it and where I have to keep it if I want to buy goods which are equivalent to US$100.”
The note was monikered Mbuya Nehanda because of its motif, which is that of the legendary Spirit Medium of Zimbabwe’s First Chimurenga (First Uprising against settler whites) in the 1890s.
The next highest note is the ZW$100, which much like the ZW$50 cannot even buy a lollipop. One needs about five of them to buy a US$0.10 sweet.
According to experts Zimbabwe’s inflation currently stands at 284.94%, the highest in the world, even higher than troubled Venezuela (210%).
Prices of basic goods and services have more than tripled in the past two years, a situation that has been made worse by stagnant wages, especially for government employees.
The RBZ and Zanu PF-led government blame ‘economic sanctions’ and a host of ‘third force’ elements targeting Zimbabwe’s economy.
“There are still supermarkets taking the ZW$50 so those who still have them can use them there not here,” a tuckshop owner told NewZimbabwe.com.
“Everyone prefers the US dollar and despite what is said by the government regards our currency we all know where it stands in terms of value regionally and even locally.”
The RBZ pumped $360 million worth of the denomination at inception, promising to pump more into Zimbabwe’s economy gradually.
President Emmerson Mnangagwa is on record saying Zimbabwe’s local currency is the strongest in the SADC region despite South Africa’s Rand, Botswana’s Pula, Zambia’s Kwacha and Namibian dollar all experiencing notable stability.
Zimbabweans have in the past rejected the ZW$1, ZW$2, ZW$5, ZW$10 and ZW$20 notes due to massive devaluation.
The country has a history of rampant inflation at whose height it used trillion dollar notes that are still public spectacle.
Source: Dinar Recaps
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