Iraqi Army Aviation receives 7 American Bell 505 aircraft

The Iraqi Army Aviation Command announced, on Tuesday, the receipt of 7 Bell 505 aircraft from the American side.

A statement by the Iraqi Ministry of Defense received by Shafaq News Agency stated that “this came within the contracts prepared in advance for the purpose of keeping pace with the development taking place in the field of training, and in the presence of the representative of the Commander-in-Chief of the Armed Forces, the Commander of the Air Force, a number of senior officers of the Ministry of Defense, the American military attaché, and a representative of Bell Company.”

The Commander of the Army Aviation, Major General Pilot Mohammed Abdul Karim Awfi, confirmed, according to the statement, that “this batch will have a significant and clear impact in updating and improving the training system with modern aircraft, in addition to preparing competent pilots capable of protecting the skies of Iraq from any aggression, as well as carrying out duties with high efficiency and ability.”

The US military attaché, General Beer, pointed out that “the delivery of these aircraft is a first-of-its-kind step to enhance the capabilities and potential of the leadership and train pilots according to ambitious, modern and advanced plans in this field.”

The Ministry of Defense pointed out that “receiving this batch of aircraft represents an important step and a new qualitative addition to the basic training of the Iraqi Army Air Force.”

The Bell 505 Jet Ranger X is a light utility helicopter produced in the United States by Bell Helicopter. Its first flight was on November 10, 2014. The price of one aircraft is $1.07 million.

Shafaq.com

Iraq agrees with Siemens to build five new stations to boost electricity grid

The spokesman for the Iraqi Ministry of Electricity, Ahmed Musa, said on Tuesday that the ministry agreed with the German company “Siemens” to develop a technical map to develop the electric transmission sector.

Musa told Shafaq News Agency, “Among the steps agreed upon with Siemens is the establishment of five stations in a number of governorates, including the capital, Baghdad.”

Musa explained that “these stations will provide a total capacity of up to 7,500 megawatts, as each station will have a capacity of 1,500 megawatts,” stressing that “work is underway to develop the transportation sector in Iraq to achieve higher reliability in the connection and disposal of the energy produced.”

He added that “the network and 400 stations form the lines linking the governorates, which enhances the quality of the networks, prevents transportation accidents, and secures the supply of distribution networks.”

He pointed out that “the agreement with the German company Siemens includes specific financial allocations and that the contracts are ready to establish the five stations,” indicating that “these stations will be part of the ministry’s plan for the next three years, and will be transformer stations responsible for discharging the energy produced and feeding the electricity grid through transmission lines.”

Yesterday, Monday, Iraqi Prime Minister Mohammed Shia Al-Sudani launched the executive works on the expansion projects of the Al-Haidariyah and Al-Najaf gas-fired power plants, with a combined cycle, with a total capacity of 495 MW, as well as the 400-kilowatt transformer station project, in cooperation with the German company Siemens.

Shafaq.com

Iraqi Dinar / US Dollar auction results for today 7-29-2024

Results of the foreign currency selling window for Monday 07/29/2024

Advertisement No. (5170)

The amount:

Total amounts of transfers abroad (transfers, credits)
257,128,473

Total cash withdrawals
12,000,000

Total total sales
269,128,473

Note that: The selling price of documentary credits and international settlements for electronic cards is ( 1310 ) dinars per dollar.

The selling price for transfer amounts abroad is ( 1310 ) dinars per dollar.
The cash selling price is ( 1305 ) dinars per dollar.

cbi.iq/currency_auction

Iraq stores gold and expects it to rise in the next two months

Economic expert, Abdul Rahman Al-Shaikhli, expects Iraq’s gold reserves to rise over the next two months.

Al-Mashhadani told {Euphrates News} that: “Owning gold is considered part of the investment portfolio that countries seek, and Iraq has been storing gold and increasing its reserves for many years, especially with expectations of its rise during the next two months, and this means that the rise in gold prices is continuing and is part of the countries’ investments.”

He explained that “maintaining dollar reserves or investing in treasury bonds does not achieve profits commensurate with the size of the profits achieved from the increase in gold prices, although Iraq increased its reserves by two and a half tons of gold.”
Al-Mashhadani pointed out that “these are not large numbers that enhance citizen confidence and diversify investments, and this is the policy of a group of countries and banks, not just Iraq.”

Data from the International Monetary Fund showed an increase in gold reserves in Iraq and Qatar.

The data indicated that Iraq increased its gold holdings by 2,644 tons to 148,305 tons in May 2024.

The data showed that Qatar raised its gold stock by 3,112 tons to 106,423 tons in June 2024, according to Reuters.

Alforatnews.iq

Iraq’s oil reserves are in excess of the classification

Oil expert Hamza Al Jawahiri revealed, today, Monday, the quantities of unclassified oil reserves in Iraq.

Al-Jawahiri told {Euphrates News} that: “The oil companies operating in Iraq are developing the fields primarily and there are always increases in production from the fields that are being developed,” noting that “Iraq is committed to its share within OPEC countries and cannot export quantities larger than those allocated.”

He added, “Iraq now has more than one million barrels of oil in excess of the classification and it is kept in the wells and cannot be produced because the quantity of production and manufacturing is limited.”

Al-Jawahiri explained that “the companies produce the oil and deliver it to Iraq and they are the ones who dispose of the quantities they sell.”
Iraq aims to increase its oil reserves to 160 billion barrels, which coincides with its efforts to raise crude production to 8 million barrels per day by 2027, in addition to achieving self-sufficiency in gas, according to data obtained by the Energy Research Unit (based in Washington).

Iraq’s oil reserves are the fifth largest in the world, accounting for 8% of the total global crude reserves, and represent approximately 12% of OPEC reserves, and 17% of proven reserves in the Middle East.

According to the latest estimates issued by Oil & Gas Journal, Iraq’s proven oil reserves amounted to about 145.019 billion barrels by the end of 2023.

Oil Minister Hayan Abdul Ghani expressed his hope that the country’s oil reserves would exceed 160 billion barrels, during the launch of two new licensing rounds to invest in 29 fields, in addition to exploration blocks for oil and gas.

Abdul Ghani confirmed that the government will support the winning companies and provide them with the necessary facilities.

Iraq, a founding member of OPEC, announced its commitment, like other countries, to reduce voluntary production to support prices affected by economic uncertainty.

Alforatnews.iq

Latest developments in the budget.. Al-Sudani enters the line of “manipulation” and accuses 3 representatives

Prime Minister Mohammed Shia Al-Sudani informed the House of Representatives to investigate the manipulation of budget tables.

Secretary-General of the Generations Gathering, Mohammed Al-Sayhoud, said during his hosting on the {Free Talk} program broadcast on Al-Furat satellite channel this evening, that: “Three representatives are accused of tampering with the budget tables after the vote and signed by the presidency of the House of Representatives.”

He added, “The government is the one who revealed the issue of tampering with the budget tables and the difference is around 3 and a half trillion dinars, and Al-Sudani informed the House of Representatives to form a committee to investigate the tampering.”
Al-Sayhoud noted, “Waiting for the report of the investigation committee, and legally confidence will be withdrawn from them if it is proven that they tampered with the tables.”
The parliamentary finance committee had revealed different budget tables before and after its approval, with a difference of 15 trillion dinars.

Committee member Moeen Al-Kazemi told {Al-Furat News} that the budget tables that arrived from the Council of Ministers and were approved inside the parliament are the same as the government tables; therefore, the letter that we received from the Council of Ministers states that the tables that were referred after the vote have a big difference and discrepancy in some sections, reaching 15 trillion dinars.

He added that the spending budget amounts to 211 trillion dinars; But the tables signed by the parliament presidency and sent to the cabinet read 226 trillion dinars.
Al-Kadhimi explained that the prime minister’s office sent the table signed by the parliament presidency, which included:

– An increase in the amount of the ration card by 5 trillion dinars.
– An increase in oil revenues by 5 trillion dinars.
– A reduction in fees by 5 trillion dinars.
– In addition to financial increases for the Ministry of Electricity and some governorates.

Alforatnews.iq

Parliamentary Integrity Committee threatens to hold the Governor of the Central Bank of Iraq accountable: Transparency is absent in the dollar auction

The Parliamentary Integrity Committee accused, on Monday, the Central Bank of Iraq of not being transparent regarding the dollar auction, and not providing data on the destinations where hard currency is spent, stressing that it will hold the bank’s governor, Ali Al-Alaq, accountable.

Committee member Hadi Al-Salami told Shafaq News Agency, “There is a lack of transparency in the dollar auction, and the daily bulletin is not disclosed to know where the dollar goes and is sold through the auction. The bulletin is still secret, and only the amount of dollars sold is announced, and we do not know where this amount goes.”

He pointed out that “there is a parliamentary movement to hold the Central Bank Governor, Ali Al-Alaq, accountable, and the first step is to direct an oral parliamentary question, and we are waiting for his presence inside the parliament dome for the purpose of holding him accountable.”

He added, “There is an effort by some representatives to question the Governor of the Central Bank, Ali Al-Alaq, due to the failure, especially in the issue of controlling the dollar exchange rate, which is still significantly higher in the parallel market than the official price.”

Al-Salami stressed that “some blocs and parties refuse to question the governor of the Central Bank, as there is political protection for him, despite the failure in tasks and work, and there are indicators and observations in the work of the Central Bank, especially the currency auction.”

A number of representatives revealed that there is a parliamentary effort to question the Central Bank of Iraq, stressing that the dollar auction costs Iraq trillions of dinars and threatens the economy.

Legal Committee member Raed Al-Maliki said in a statement received by Shafaq News Agency on July 9, “The continued failure of the Central Bank and the government to achieve stability of the dinar and reduce the gap between the two prices has led to the waste of huge sums of money and exacerbated the suffering of citizens.”

He pointed out that “these conditions resulted in the state incurring trillions of dinars and enriching the corrupt at the expense of the people, as the prices of most goods depend on the parallel price, which is much higher than the official price.”

For his part, MP Majid Shankali called on the Council of Ministers to take decisive and bold decisions related to the financial reality in Iraq.

In a statement received by Shafaq News Agency, Shankali stressed the “necessity that these decisions be preceded by the process of building trust between the citizen and the banking system, which is currently suffering from a significant lack of this trust.”

Shankali called for banning dealing and trading in dollars in buying and selling operations, in a move aimed at enhancing the use of the Iraqi dinar and reducing dependence on foreign currency. He also called for not allowing citizens to hoard amounts exceeding ten thousand dollars or its equivalent outside banks, in order to limit financial evasion and enhance official banking practices.

On July 23, the Central Bank of Iraq’s total sales of US dollars over the past six months amounted to more than $26 billion.

Shafaq News Agency correspondent stated that the Central Bank sold 26 billion, 539 million, 598 thousand, and 281 dollars during the past six months in which the auction was opened, at a monthly rate of 4 billion, 423 million, 266 thousand, and 380 dollars.

Our correspondent pointed out that foreign remittance sales during the past six months amounted to 24 billion, 105 million, 770 thousand, and 121 dollars, an increase of 89% compared to cash sales, which amounted to 2 billion, 565 million, 785 thousand, and 811 dollars.

Shafaq.com

15 trillion dinars raises controversy in the budget

The manipulation of the budget has sparked controversy between the government and the House of Representatives.

Economic expert Salah Nouri told {Euphrates News} that: “It is too early to analyze the amount of {15} trillion dinars, as it is now the subject of controversy over falsification of the budget tables between the House of Representatives and the government.”

Salah added, “Assuming that there is an increase of this amount in the operating budget, it increases the budget deficit, and increasing the deficit is a step towards a liquidity crisis.”
The Parliamentary Finance Committee revealed, yesterday, Wednesday, different budget tables before and after its approval, with a difference of 15 trillion dinars.

Committee member, Moeen Al-Kazemi told {Euphrates News} that the budget tables that arrived from the Council of Ministers and were approved inside the parliament are the same as the government tables; therefore, the letter that we received from the Council of Ministers that the tables that were referred after the vote have a difference and a large difference in some chapters that reach 15 trillion dinars.

He added that the spending budget amounts to 211 trillion dinars; but the tables that were signed by the Parliament Presidency and sent to the Council of Ministers read 226 trillion dinars.

Al-Kazemi explained that the Prime Minister’s Office sent the table signed by the Parliament Presidency, which included:

– An increase in the amount of the ration card by 5 trillion dinars.
– Increase in oil revenues by 5 trillion dinars.
– Reduce fees by 5 trillion dinars.
– In addition to financial increases for the Ministry of Electricity and some governorates.

Alforatnews.iq

MP rules out finalizing oil and gas law in 2024

MP Ali Saadoun ruled out, on Friday, the resolution of the oil and gas law in 2024.

Saadoun said in an interview with Al-Maalouma, “The oil and gas law is one of the important laws that has been postponed for several sessions due to deep political differences, despite its importance in correcting several paths that cast their shadows on the performance of a sector that finances the country’s treasury with about 90% of its revenues.”

He added, “It is unlikely that the oil and gas law will be resolved in 2024 because the differences still exist and reaching agreement on it requires more dialogue, despite the serious desire of many forces to resolve this law.”

He pointed out that “political consensus is necessary to proceed with the approval of many important laws in the country, but it must be in accordance with principles that positively reflect on the public interest.”

It is noteworthy that controversial laws have been suspended for years due to political differences over their content, especially oil and gas.

Almaalomah.me

MP sets goals for “Washington meeting” and confirms: 3 reasons for US withdrawal

On Friday, MP Ali Nehme, a member of the Parliamentary Security Committee, defined the objectives of the Washington meeting.

In an interview with Al-Maalouma, Nima said, “The expanded security meeting by an Iraqi delegation in Washington includes a basic axis, which is agreeing on a mechanism for withdrawing American forces through specific schedules that take into consideration the bases, systems, weapons, and other equipment, and drawing up the relationship with the coalition.”

He added, “The security stability, the capabilities of the Iraqi formations in all their titles, and the success in sustaining the battle against terrorism are compelling reasons that push us to demand the American withdrawal from the country, stressing that talk about the disruption of these negotiations in this direction is incorrect.”

He pointed out that “Iraq’s security capabilities have become strong and capable of facing challenges, and they do not need the presence of any force on the ground, stressing that we have strong faith in all security and military formations in confronting any aggression and defeating it.”

It is reported that the Minister of Defense is conducting negotiations with the American side in order to proceed with setting withdrawal schedules.

Almaalomah.me