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Mnt Goat News Letter "CAN IRAQ REBUILD ITS ECONOMY?" 5/13/19 DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

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Mnt Goat News Letter "CAN IRAQ REBUILD ITS ECONOMY?" 5/13/19

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Post by RamblerNash on Mon May 13, 2019 7:04 pm

CAN IRAQ REBUILD ITS ECONOMY?

Dear Loved Ones:

I wanted to come to you today to present these interesting videos about Iraq. The first video, on our video set of today, is of a very recent news interview with the newly appointed oil minister for Iraq. I think this short interview is very positive for us and our investment. Take a look.

The second video is taken from the Kurdistan region. Yes, I know its in Arabic but the point is for you to see the land and the cities being built and not so much to hear the wording.

Both videos have some really good positive news for the country of Iraq and thus our long-term investment in the dinar. But much of the best part of the story is still a few years away. We know Iraq sets a target for January of each year to reach for the reinstatement of their currency. Targets are just that and so we wait and see what happens next January of 2020. If you are reading the articles in my May 13, 2019 newsletter you can get a really good idea of why Iraq keeps postponing the reinstatement process.

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IRAQ'S OIL MINISTER DISCUSSES PLANS TO STRENGTHEN ITS OIL INDUSTRY, DIVERSIFY ITS ECONOMY AND ATTRACT FOREIGN INVESTORS

May 11, 2019

Iraq is looking to strengthen its economy after decades of war, sanctions, sectarian division and the rise of the Islamic State of Iraq and the Levant (ISIL or ISIS). It has achieved some progress in recent years thanks to its oil industry; Iraq is the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) and oil provides roughly 85 percent of the government's revenue.

As the country enters a period of relative calm, Iraq's oil minister, Thamer Ghadhban, says the government is working to expand its oil industries and improve infrastructure, which includes building more refineries and investing in southern gas fields and export routes.

It is also looking to increase production in nationally controlled oil fields while continuing to work with international companies.

"We have now contracts with at least 10 major international oil companies," he told Al Jazeera. "And if we move forward with them to the plateaus that they have committed themselves to, there will be at least a two million barrel per day increase on top of what we are now."

But as Iraq expands its oil industry, it also hopes to rely less on it. According to Ghadhban, the government plans to diversify its economy, invest in the private sector and attract more foreign investors.

For him, it is important that Iraq is less oil-dependent.
"It is an unhealthy situation, we don't like it, I don't like it personally. We've been trying to break this situation and keep away from total dependence on oil but it is not an easy task," he says, explaining that a country that has faced devastating wars, years of sanctions, and the presence of ISIL has had little time to develop its economy.

The government also plans to become more self-reliant in resources such as electricity and gas. Regional politics and US sanctions against Iran, one of its major partners, are impacting its economy.
But making Iraq more business-friendly comes with its own challenges. A slow bureaucracy and corruption hamper the country, which ranks 168th out of 180 countries on Transparency International's corruption perceptions index.

"We make sure that all the procedures and all the requirements for engaging with contractors are to be clean and to be away from corruption," Ghadhban says. "I verbally inform all contractors when they come and see me whether they are ... IOCs [international oil companies] or Iraqi private sector or Arab investors, that you don't have to deal with corrupt people whether within the ministry or outside."

Ghadhban believes the world will depend on oil for years to come but says Iraq is still planning for a time when it can no longer rely on it.

"Definitely we have to think about this seriously because it's not only us, this is also the future generation of Iraq we have to care about and there are now, of course, talks within the government to not only diversify the economy but also to think seriously about a sovereign fund and also bring in with time other sources of energy," he says.

"As an example, we are now seriously taking measures about the renewable [energy], especially the solar power to provide electricity within the term of this government."

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Mnt Goat comments below:

We know that 80% of Iraq’s economy is dependent on imports from Iran. Two of these major imports are electricity and refined oil products.

OIL
In the coming years Iraq has plans to be gas and oil (refined gasoline and diesel fuel) independent from Iran and other suppliers. The oil ministers says Iraq is trying to break away from the dependence on Iran for the supply of these items. He also says this effort includes building more refineries within Iraq and investing in Iraq’s potential southern gas fields and export routes. Also Iraq plans to build a major oil pipeline to Jordan and other pipelines to export oil. Says largest reserves of oil are in the south not in the Kurdistan region as some believe. He emphasizes the Kirkuk oil reserves. Remember Kirkuk is one of the disputed areas in Iraq as Kurdistan wants to also control the oil there. The goal is eventually 400,000 barrels per day.

ELECTRICITY
We know that the German firm, Siemens and the American firm, General Electric both have major contracts with Iraq to bring up the war torn electric grid. Also part of this work is to convert the fuel necessary to run the electric plans to gas. The same natural gas that is today burned off as part of the oil drilling and retrieving process.

AGRICULTURE
We also know that Iraq is working hard at being independent on agricultural products. In 2018 Iraq had the first year in many decades (even including Saddam Hussein’s time) of high agriculture production. In fact, in 2018, Iraq was actually even able to export agricultural products to neighboring countries.

Reconstruction
We can see in this second video of the today’s set that in Kurdistan region that they are moving ahead with the continuation of the construction of the high-rise buildings. When I was in Iraq in 2008, years after the 2003 war, there were many these tall buildings that were bubble-wrapped with these construction cranes hanging on them. They looked as though they put the construction on hold for the war. It was kind of spooky with no one around as it looked like it was all deserted.

Today they are moving ahead with these projects once again building housing units and buildings for businesses. Many of these buildings from 2008 are not completed and occupied already. Many more are being constructed.

So you can see by this video that Kurdistan is not some backward area in the desert. It is a civilized sector of Iraq that is moving ahead into this new century of modernization very quickly.

How can they continue with a currency worth just an 8th of a penny?

Auf Wiedersehen
Much love to ya all,
Mnt Goat

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Mnt Goat News Letter "CAN IRAQ REBUILD ITS ECONOMY?" 5/13/19 Empty Re: Mnt Goat News Letter "CAN IRAQ REBUILD ITS ECONOMY?" 5/13/19

Post by in the know on Mon May 13, 2019 9:04 pm

is iraq beefing up their economy or the corrupt politicans wallet

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Post by Jayzze on Tue May 14, 2019 11:38 am

if you get rid of the iranian influence as well as m and alak you might have a chance to rebuild the economy. ask yourself this why have so many countries pledged money but most have not given it yet?
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