Iraqi News Articles for Early Jan 14 22 The US ambassador to Baghdad: No 'veto' on the 'Chinese agreement'
These are the articles I discussed on the My FX Buddies Blog:
Iraq and the World Bank discuss participation in development and economic projects to achieve economic growth
Iraq and the World Bank discussed participation in development and economic projects in cooperation with the Iraqi government to achieve economic growth.
A statement by the Ministry of Foreign Affairs stated that the Head of the Department of International Organizations and Conferences, Abbas Kazem Obaid, met at the Ministry's headquarters, the Special Representative of the World Bank in Iraq, Ramzi Numan. Economic growth.
The Head of the Organizations Department stressed the importance of studies and consultations provided by the World Bank, as well as capacity-building and technical cooperation to achieve sustainable development goals, especially with regard to environmental rehabilitation projects, reconstruction of liberated cities, and economic reform.
According to the statement, the two sides stressed the importance of strengthening means of cooperation and coordination between Iraq and the World Bank, providing the necessary assistance and overcoming the obstacles facing its work in Iraq
International Development Bank opens a branch in the UAE
The International Development Bank announced that it had obtained a license from the UAE Central Bank to open a branch in Dubai.
The bank said in a press statement, "The International Development Bank obtained a license from the UAE Central Bank to open a regional branch in the Emirate of Dubai and under the umbrella of the Central Bank of Iraq, which is the first private bank in the United Arab Emirates to be a center and a starting point for strengthening joint cooperation between the two countries and stimulating financial and trade exchange." To serve the Iraqi economy in its public and private sectors.
This is like 2 days old someone sent it to me but it is directly from their site
Gulf War: The United Nations Committee Announces Payment of Final Reparations to Kuwait
Thus, Baghdad has completed compensation payments and paid more than 629 million dollars for the losses resulting from Iraq's invasion of Kuwait in 1990, and its occupation of it for a period of seven months.
In a statement, the Compensation Committee said: "Today, the United Nations Compensation Committee provided the Government of the State of Kuwait with an amount of $629,324,488 to pay the Committee's remaining claim with an unpaid compensation balance."
With this amount, all claimants who were awarded compensation by the Commission will now have received the full amount of their compensation.
Over the past 30 years, Iraq has paid Kuwait $50 billion in war reparations. However, in light of the financial difficulties due to the pandemic, and the drop in oil prices, Baghdad demanded to postpone the payment of the remaining two billion dollars.
In total, the commission has paid $52.4 billion in damages to more than 1.5 million claimants worldwide. The UN Compensation Commission related to the Gulf War had received about 2.7 million claims and completed its review of all claims in 2005.
An extraordinary session on the occasion of the end of its work
As the commission approaches its conclusion, a special meeting of the Board of Directors will be held on February 9 to celebrate the full payment of all compensation awarded by the commission and the expiration of its mandate.
The successful claims were paid from the UN Compensation Commission Fund, which received a percentage of the proceeds from sales of Iraqi oil and petroleum products exports.
This percentage has been established pursuant to various Security Council resolutions and Governing Council decisions of the Committee and was recently set at 3 per cent by Governing Council decision 276 (2017).
The Commission was established in 1991 as a subsidiary organ of the UN Security Council, in accordance with Security Council Resolutions 687 (1991) and 692 (1991) to process claims and pay compensation for losses and damages incurred by individuals, companies, governments and international organizations as a direct result of Iraq's invasion and occupation of Kuwait (from 2 August / August 1990 to March 2, 1991).
The Central Bank issues recommendations to private banks
Today, Friday, the Central Bank confirmed that it will not place any interest on the housing loan initiative with very low interest for project loans, and reveals its recommendations for private banks.
The Deputy Governor of the Central Bank, Ihsan Shamran Al-Yasiri, said in a statement I followed (the Iraqi Media News Agency / INA) that "the Central Bank encourages many banks to reduce interests, and to expand them to provide banking services and include all beneficiaries."
He added, "The Central Bank urges banks to reduce the gap between the benefits of borrowing and lending," noting that "some banks grant interest with high loans and few benefits to depositors, and this depends on the extent of the risks and the feasibility of borrowing. A comparison is made between accepting the deposit, because the bank cannot grant returns. It is high for investors, because he may have borrowed money and seeks to achieve between the interest he achieves for the customer and the cost of the money he obtained in order to lend it.”
He explained, "All of these things do not apply to the initiative of the Central Bank, because the initiative is for housing loans and they are without interest, but with a single administrative commission," explaining that "loans on other projects, whether agricultural, industrial or commercial, have very low and diminishing interests.
Economist: The Current Year's Budget May Recognize 135 Trillion Dinars
The economic affairs specialist, Muhammad Ali al-Moussawi, explained that the current year's budget may be approved at an amount of 135 trillion dinars, pointing out that the dollar exchange rate needs to be modified according to what the next government sees.
Al-Moussawi told "Information", "The budget may be approved in the amount of 135 trillion dinars, but the dollar exchange rate may be subject to the policy of the next government and what it desires, at a time when total public spending reaches 130 trillion dinars."
He added that "the price of a barrel of oil, and according to what has been achieved from revenues and a rise in prices, may be put in the budget by more than 60 dollars per barrel, as this is appropriate in light of the developments in prices and the increase in production decided by OPEC."
And he indicated that "the adjustment of the dollar exchange rate has become an urgent need, as this requires a move from the next government, and the support of some ministries in order to reduce the suffering of the poor classes, especially since the opportunity is ripe for that."
Legal: The Indirect Effect Of The State Order Is To Stop The Constitutional Timings
The legal expert, Habib Al-Quraishi, confirmed, on Friday, that the issuance of the state order means that the court stops all procedures until the plaintiff’s lawsuit is resolved, noting that if the Federal Court cancels the course of the first parliament session, new constitutional timings will be made.
Al-Quraishi said in a televised interview, followed by "Al-Maalouma", that "the state order is to stop the court from all procedures until the plaintiff's case is resolved, and that the indirect effects of the state order is to stop the constitutional timings."
He added, "The state order is determined by the end of the original lawsuit calling for the cancellation of the first session, and the Federal Court said that the state order will not affect the constitutional timings, which is surprising."
He pointed out that “issuing the state order is legal, but the justification of the Federal Court was strange, and that the issue of ending the procedures for the first session of Parliament is not possible.
Sino-US agreement on oil stocks
The Chinese New Year begins on the first Tuesday of February 2022, according to the Chinese lunar calendar.
The US Energy Information Administration said that US crude oil stocks fell more than expected last week to their lowest level since October 2018, but gasoline stocks jumped due to weak demand.
Crude stocks fell 4.6 million barrels in the week ending January 7 to 413.3 million barrels.
Expectations are being raised in the markets that Washington may move soon to curb prices, which are still above $80 a barrel.
Bombings target party headquarters in Baghdad
Explosions rocked party headquarters in Baghdad, at dawn on Friday, resulting in material damage, but no casualties, according to Al-Hurra TV sources.
An explosion, "the nature of which is unknown," took place in the Adhamiya area of Baghdad, according to the correspondent of Al-Hurra channel.
The explosion targeted the headquarters of the Progress Party headed by the newly elected Speaker of Parliament, Muhammad al-Halbousi.
It is headed by the newly elected Speaker of Parliament, Muhammad al-Halbousi.
Sources revealed that the damage caused by the explosion was "material" and that no casualties were recorded.
The security forces closed the entrances to the city of Adhamiya after the explosion and spread in a number of its streets.
Local media revealed a second explosion targeting the headquarters of the "Azm" coalition led by Khamis al-Khanjar, in the Yarmouk area.
The information indicates that the headquarters was targeted with a "remote drone", causing damage to the building of the "Azm" headquarters.
On Thursday, the Iraqi Security Media Cell announced that a girl and a woman were wounded, after a number of missiles fell on the Green Zone in the center of the capital, Baghdad.
The Green Zone, which includes the headquarters of many embassies, was subjected to missile attacks “launched from the Dora area, south of the capital,” according to the cell’s statement.
The cell said in its statement: "In a cowardly terrorist act, the innocent residents of the Green Zone in Baghdad and the headquarters of diplomatic missions that the Iraqi security forces bear the responsibility of protecting were attacked by a number of missiles launched from the Dora area, south of the capital, which led to the injury of a girl and a woman."
In recent months, dozens of missile attacks or booby-trapped drones have targeted US forces and US interests in Iraq. These attacks are not claimed, but the United States attributes them to pro-Iranian factions.
These bombings come while Iraq is still experiencing the repercussions of the early elections on the tenth of October, and witnessed chapters of violence following the announcement of its results.
In the recent parliamentary elections, the "Al-Fateh" coalition representing the crowd, an alliance of Shiite factions loyal to Iran that has become affiliated with the official forces, denounced the electoral fraud, after it won 17 seats out of 329 seats in Parliament, compared to 48 seats in the previous elections.
The Federal Supreme Court had ratified the election results and had received a lawsuit filed by political forces representing the Popular Mobilization to push for the annulment of the results.
The Sadrist bloc, led by Shiite cleric Muqtada al-Sadr, topped the results, with 73 seats.
On Thursday, the Iraqi Federal Court suspended the work of the newly elected parliament’s presidency, pending a decision on two cases challenging the constitutionality of the first session.
The central bank determines the value of interest on 4 types of loans
Today, Friday, the Central Bank of Iraq clarified the value of interest on 4 types of loans, while revealing its recommendations to banks.
The Deputy Governor of the Central Bank, Ihsan Shamran Al-Yasiri, said that "the Central Bank encourages many banks to reduce interest rates, and to expand them to provide banking services and include all beneficiaries."
He added that "the central bank urges banks to reduce the gap between the benefits of borrowing and lending," noting that "some banks grant interest with high loans and few benefits to depositors, and this depends on the extent of the risks and the extent of the feasibility of borrowing. The comparison is made with accepting the deposit, because the bank cannot grant returns. It is high for investors, because he may have borrowed money and seeks to achieve between the interest he achieves for the customer and the cost of the money he obtained in order to lend it.”
And he indicated that "all these matters do not apply to the initiative of the Central Bank, because the initiative is for housing loans, and they are without interest, but with a single administrative commission," explaining that "loans on other projects, whether agricultural, industrial or commercial, have very low and diminishing interests.
Al-Maliki: Reducing the price of the dollar is our first step, whether we are in the government or the
An informed political source revealed today, Friday, a directive issued by the head of the State of Law coalition, Nuri al-Maliki, to his bloc's deputies to work to reduce the dollar exchange rate.
The source told Earth News, "Al-Maliki confirmed during a meeting of the rule of law to move forward towards reducing the price of the dollar," noting that "Al-Maliki indicated that this step is one of the priorities of our work in the new parliament, whether we are a government or the opposition."
He added that "Al-Maliki stressed the need not to retreat from that, and that he is working with his allies in the coordination framework to pass the decision, because raising the price of the dollar greatly harmed the poor class in society."
Economist: Iraq Has Financial Space At The Present Time
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Friday, that raising Iraq from the list of high risks encourages the entry of capital into the country, while noting that Iraq's financial rating is high and has the ability to pay off debts and confront them.
Saleh told the Iraqi News Agency (INA): "The situation of foreign debt is comfortable and decreasing, and there is a financial space in Iraq at the present time," noting that "what must be paid does not exceed 20 billion dollars, and this has allocations in the budget."
He added that "Iraq's rating is high, and this classification did not come from a vacuum and we have the ability to pay off debts and confront them," noting that "the neo-liberalism in the world liberated the economies of the world, including Iraq, so liberating the economy and financial transfer in the world daily is about 5 trillion dollars, and this The exchanges include problems, economic crimes, money laundering, and others.”
He pointed out that "Iraq was infected with suspicions of money laundering due to the occupation of ISIS, which is a terrorist force and has external financing.
He stressed that "Iraq has proven that it is free of money laundering and has been raised from the list of high risks to natural, and this is a very important matter that gives freedom and liberalism to banks to work in global environments, the ability to immunize, attention and low cost, which encourages the entry of capital into the country without problems, and this is positive for the benefit of Iraq."
this is the other state bank
With modern features... Al-Rafidain intends to launch a credit card
A source in Al-Rafidain told {Euphrates News} that "the bank will soon launch the credit card, with modern features."
He added, "The card will allow the possibility of purchasing from places of sale {pos} and ATMs.
The US ambassador to Baghdad: No 'veto' on the 'Chinese agreement'
On Friday, the US ambassador to Baghdad, Matthew Toler, commented on his country's position on the "Chinese agreement", noting that his country wants to boost Iraq's economic activity.
Toller said in an interview with colleague Ayser Jabbar, followed by "Nas" (January 14, 2022), that "there is no veto on the Chinese agreement, and we do not seek to have a veto in achieving this agreement," adding, "But successive American administrations I have always expressed great concern about the brutal and coercive Chinese economic practices that do not follow international standards of fairness, transparency and credibility."
Toller stressed, "His country hopes to see Iraq's economy diversified and has normal bilateral trade relations of interest in accordance with international standards, and we encourage it, whether regional or international."
He continued, "We hope to proceed with the white paper and implement it fully by the next Iraqi government," noting that "America will deal directly with the government to combat corruption, even though it is a very difficult matter."
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