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Tishwash:
Following the arrival of a new shipment of dollars, an economic expert predicts an improvement in the value of the dinar.
Economic expert Nabil al-Marsoumi confirmed on Saturday the arrival of a new shipment of US dollars in Baghdad, as part of US support related to the upcoming phase and the formation of the new government.
Al-Marsoumi stated in a Facebook post, “Iraq receives approximately one billion dollars monthly, distributed in two cash installments,” noting that “the shipment that arrived yesterday is part of this ongoing financial support.”
He added, “The arrival of this dollar liquidity will contribute to improving the exchange rate of the Iraqi dinar next week.”
Injecting dollars into the markets strengthens monetary stability and reduces fluctuations in the exchange rate against the Iraqi dinar, especially given the recent surge in demand for foreign currency.
The United States has been transferring funds to Baghdad in amounts ranging from $400 million to $500 million at a time for many years, and these payments are linked to Iraqi oil sales.
The United States had suspended dollar shipments to Iraq last April, in what it described as a “temporary” measure.
US President Donald Trump announced yesterday, Friday, that he strongly supports Prime Minister-designate Ali al-Zaidi, and that al-Zaidi won with US assistance. (LINK)
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Al-Danbous: Al-Zaydi’s government will be formed quickly due to two pressure factors.
Former MP Adnan Al-Danbous reveals two factors that pressured the formation of the government of the designated Ali Falih Al-Zaidi.
Al-Danbous told Al-Furat News Agency: “The cabinet will be formed quickly for two main reasons: the first is the governing constitutional deadlines, and the second is the imminent departure of more than 180 MPs to perform the Hajj pilgrimage, which may push for a vote on the cabinet before their departure.”
He added that “the challenges facing the Al-Zaidi government are enormous at the regional, international, security and economic levels,” noting that “Iraq is going through an economic crisis as a result of the decline in oil exports to 10%, in addition to conditions set by the United States regarding sending dollars to Iraq, along with a clear recession in the local markets.”
On the security front, Al-Danbous noted that “the repercussions of the tension between Iran and the United States have cast a shadow over Iraq, increasing the magnitude of the challenges facing the next government.”
He stressed “the need for wisdom, experience, and support from political forces, along with the selection of competent advisors to support the prime minister-designate in managing these complex issues.”
Al-Danbous pointed out that the coordinating framework and political forces will support the prime minister-designate and seek to make his government program a success, indicating that “Al-Zidi’s nomination for prime minister was a big surprise on the political scene and in the Iraqi street.” (LINK)
Nechirvan Barzani visits Baghdad to discuss government formation and relations between the region and the central government.
The President of the Kurdistan Region, Nechirvan Barzani, is heading to Baghdad today, Monday, for a two-day official visit to discuss a number of important political issues with Iraqi leaders .
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According to a statement issued by the Presidency of the Region, which was reviewed by Al-Sa’a Network, “Barzani will hold a series of meetings with senior officials in the federal government, addressing developments in the political process in Iraq, the issue of forming the new government, in addition to relations between Erbil and Baghdad and a number of other issues of common interest .”
Barzani is accompanied by a delegation of prominent figures, including Foreign Minister Fuad Hussein, Chief of Staff of the Presidency Fawzi Hariri, Director of the Office Nouri Othman, in addition to Abdul Hakim Khosrow and Falah Mustafa .
Barzani is scheduled to meet with leaders of the Coordination Framework, as well as hold a meeting with caretaker Prime Minister Mohammed Shia al-Sudani .
He will also hold a meeting with Prime Minister-designate Ali al-Zubaidi, in addition to a meeting with the head of the Wisdom Movement, Ammar al-Hakim, and leaders of the National Political Council, as part of consultations aimed at strengthening political stability in the country. (LINK)
The budget is postponed… The continuation of salaries in the region depends on temporary mechanisms and monthly agreements.
The budget has not yet been finalized, but the mechanism for disbursing salaries to employees of the Kurdistan Region continues according to the current arrangements, which depend on sending monthly data that includes lists of salaries and revenues.
Jamal Kojar, a member of the parliamentary finance committee, announced that the federal government has until next July to send the draft budget law to parliament, stressing that “until the budget law is approved, the salaries of Kurdistan Region employees will continue to be disbursed according to the current mechanism.”
Kujer said: “The Iraqi government can send the draft budget law to parliament as late as June and July without any legal problem arising, even though it should have been sent in October of last year under the Financial Management Law.”
According to the MP, the government could send a draft similar to the “Food Security Law” to Parliament to provide financial liquidity for the implementation of projects, as salaries and necessary expenses are currently secured according to the (1/12) principle of the Financial Management Law.
Regarding the financial entitlements of the Kurdistan Region, Kojer reassured that the process of sending salaries would not stop, adding: “The process of disbursing salaries to employees and recipients in the Kurdistan Region will continue with the same current mechanism until the budget law is approved.”
Currently, the Kurdistan Regional Government is required to send payroll lists, trial balances, and non-oil revenues monthly to Baghdad in order to receive salaries.
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In order to receive salaries from Baghdad, the Kurdistan Regional Government currently has to send monthly payroll lists, trial balances, and non-oil revenues.
At the same time, the Iraqi Ministry of Oil must confirm to the Ministry of Finance in an official letter that oil exports through the Kurdistan Region have stopped, and then the salary funds will be disbursed. (LINK)
Source: Dinar Recaps
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