Maintaining the exchange rate... Parliamentary Finance determines the variables of the 2024 budget
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Today, Wednesday, the Parliamentary Finance Committee confirmed that the exchange rates of the dollar and a barrel of oil will be maintained in the budget for the current year 2024.
Committee member, MP Hussein Moanis, said in a statement to Al-Maalouma, “The government kept calculating the price of a barrel of oil, the quantity of oil exported, and the dollar exchange rate stipulated in the tripartite budget in the current year’s 2024 Without budget change.”
He added, "The Parliamentary Finance Committee has not yet received the changes that will occur to some tables in the current year's budget in order to study them and then submit them to a vote in the House of Representatives."
Muanis pointed out that “the changes that will occur in the current year’s budget will be made in the schedules without any change in their items,” noting that “the change in the schedules relates to added imports as well as spending.”
The House of Representatives approved, on Monday, June 12, 2023, after long deliberations between the government and parliament members that extended for months, the financial budget law for the three years 2023, 2024, and 2025, as the budget approved more expenditures and Investments as a direct result of the increase in oil revenues, which constitute 90% of the country's revenues.
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The House of Representatives discusses the latest requirements for Iraq’s accession to the World Trade Organization
Tuesday, the Parliamentary Economy, Industry and Trade Committee discussed with the Permanent Representative to the World Trade Organization the requirements for Iraq to join the World Trade Organization.
The media office of the Chairman of the Parliamentary Committee, Representative Ahmed Salim Al-Kinani, said in a statement that the committee hosted the Permanent Representative of the Kingdom of Saudi Arabia to the World Trade Organization, His Excellency Ambassador Saqr Al-Muqbel, the Commercial Attaché at the Saudi Embassy, the Director General of Relations in the Iraqi Ministry of Commerce, Mr. Riyad Al-Hashemi, and the Assistant Director General of Foreign Relations in the Ministry. Trade, indicating that the committee discussed with the Saudi delegation the requirements for Iraq’s accession to the World Trade Organization, most notably the approval of the intellectual property law, which is one of the conditions for joining the organization.
The Chairman of the Parliamentary Committee, Representative Ahmed Salim Al-Kanani, confirmed that Iraq has been striving hard since 2006 to join the World Trade Organization in order to raise the level of the economy in the country and make it within international standards, pointing out that Iraq has completed all the requirements for joining the World Trade Organization in 2023, and only legislation remains. Intellectual property law in order for Iraq to take its membership in the global organization and transform trade for exports and imports within internationally approved standards and quality conditions.
Riyadh renews its support for Baghdad's accession to the World Trade Organization and reveals free facilities in Arar
The Saudi commercial attaché in Baghdad, Faisal bin Abdulaziz Al-Hammad, renewed on Tuesday his country’s support for Iraq’s accession to the World Trade Organization, noting the provision of free facilities provided by Saudi Arabia in the trade exchange arena at the Arar port.
Al-Hammad said in a statement received by Mawazine News: “The Kingdom welcomes and supports Iraqi industries in Saudi markets and provides free facilities in the trade exchange arena at the Arar border port,” indicating “its endeavor to file Iraq’s accession to the World Trade Organization.”
He added, "Soon the Kingdom will organize an exhibition for Iraqi industries in cooperation with the Iraqi Ministry of Trade."
Al-Hamid called on Iraqi businessmen to “visit Saudi factories and see the quality of products and choose what suits them for the Iraqi markets,” stressing that “the Kingdom welcomes Iraqi businessmen to visit the Kingdom and meet with Saudi companies to discuss purchasing products and re-exporting from the Kingdom to Iraqi markets.”
He continued, “ Saudi products top the confidence and satisfaction of the Iraqi consumer, and this is what distinguishes us,” pointing out that “Saudi products conform to international specifications and standards.” The
Saudi commercial attaché thanked the Iraqi government for their cooperation in resolving the challenges that help raise the value of trade exchange between the two brotherly countries.At the Davos Forum... international condemnations of the Iranian bombing of Erbil
Jordanian Prime Minister Bisher Al-Khasawneh and Finnish Foreign Minister Elena Valtonen condemned, on Tuesday, the Iranian bombing that targeted civilian homes in the city of Erbil, the capital of the Kurdistan Region, while Qatari Prime Minister Mohammed bin Abdul Rahman Al Thani announced that a delegation of investors and business owners The Qataris will visit the region soon.
The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, said in statements received by Shafaq News Agency, that he met on the sidelines of the Davos Economic Forum in Switzerland with “the Prime Minister of the Hashemite Kingdom of Jordan, Bisher Al-Khasawneh, who conveyed during the meeting the greetings of the Jordanian King, King Abdullah II. In another context, We agreed to condemn the missile attacks that targeted Erbil, which constitute a blatant violation and assault on Iraqi sovereignty.
He added, "We also discussed ways to strengthen relations between the Kurdistan Region and the Hashemite Kingdom of Jordan, especially in the areas of investment and trade exchange."
Barzani also met with Finnish Foreign Minister Elina Valtonen. The meeting witnessed a condemnation of the missile attacks on Erbil, and a discussion of ways to strengthen bilateral relations, especially in the fields of investment and technology.
The Prime Minister of the Regional Government also met with the Prime Minister and Minister of Foreign Affairs of Qatar, Sheikh Mohammed bin Abdul Rahman Al Thani. “During the meeting, we discussed the latest developments in the general situation in Iraq and the region, and we stressed the strengthening of bilateral relations, especially in the investment field, and the arrival of Qatari investors to... The Kurdistan Region, where a delegation of Qatari investors and business owners is scheduled to visit the Kurdistan Region.
After that, the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, held a meeting with a delegation from the Kingdom of Bahrain, headed by the Minister of Finance and Economy, Sheikh Salman bin Khalifa Al Khalifa, on the sidelines of the World Economic Forum in the Swiss city of Davos.
During the meeting, the delegation, on behalf of the King of Bahrain, Hamad bin Isa Al Khalifa, condemned the missile attacks on Erbil, and also conveyed to the Prime Minister his country’s sympathy and condolences to the families of the victims.
Then, Barzani met with the Saudi Minister of Investment, Khalid Al-Falih, on the sidelines of the Davos Forum, and the Saudi minister expressed his condolences and solidarity with the Kurdistan Region, stressing that the Kingdom supports ending the attacks, tensions and conflicts. He also indicated that a large Saudi trade delegation will visit Iraq and the Kurdistan Region soon. .
Al-Sudani confirms Iraq's lack of digital health and economy
Prime Minister Muhammad Shiaa Al-Sudani stressed, on Tuesday, Iraq’s need for support in the field of health, economy and the digital banking sector, indicating a government trend towards employing artificial intelligence in the agricultural and water sector.
The Sudanese media office stated in a statement received by Shafaq News Agency, that the latter met with the Secretary-General of the Digital Cooperation Organization, Dima Al-Yahya, on the sidelines of his participation in the Davos Economic Forum held in Switzerland, and during the meeting he stressed that the government would introduce the necessary technical skills for artificial intelligence into the school curricula, from In order to qualify the Iraqi workforce to compete globally in the future labor market.
He pointed to government plans aimed at employing artificial intelligence in the field of water and agriculture, and Iraq's need for support in the field of digital health, the field of transformation towards the digital economy, and the banking sector, as well as in the field of training.
For her part, Dima Al-Yahya expressed her interaction with Mr. Sudanese’s proposal, and extended an invitation to Iraq to join the Digital Cooperation Organization.
Oil discussions between Sudanese and the head of HKN Energy
Prime Minister Muhammad Shiaa Al-Sudani said that Iraq is open to all forms of cooperation with international companies, and stressed his government’s intention to “continue developing the investment environment.”
Al-Sudani spoke during a meeting with the President of HKN Energy Oil Company, Ross Perot Jr., on the sidelines of his participation in the Davos Economic Forum.
According to a statement published by Al-Sudani’s office, “The meeting witnessed discussion of all oil projects and the opportunities available for partnership and development in this field.”
The statement said, "During the meeting, Al-Sudani reviewed the government's plans to develop the oil sector, expand gas investment, and the upcoming licensing rounds."
Al-Sudani pointed out, according to the statement, “Iraq’s openness to all forms of cooperation with international companies that possess modern technology,” stressing “the determination to continue working to develop the Iraqi investment environment.”
We will respond directly to any attack.” Al-Sudani agrees on a date to meet the American President
Prime Minister Muhammad Shiaa Al-Sudani agreed on Tuesday to set a date to meet with US President Joe Biden in the United States, and while he affirmed his rejection of any action that would violate Iraq’s sovereignty, he indicated that he would be met with a “direct response.”
This came during a meeting between Al-Sudani and US National Security Advisor Jake Sullivan, on the sidelines of the 54th Davos Economic Forum in Switzerland, according to a statement received by Shafaq News Agency.
The meeting witnessed confirmation of the start of the work of the bilateral committee to review the presence of the international coalition in Iraq, which was agreed upon during the visit of Iraqi Defense Minister Thabet Al-Abbasi to the United States in August of last year, and discussion of formulating a timetable for ending the coalition’s mission and moving to bilateral relations. Inclusive with coalition countries.
The meeting touched on US President Joe Biden’s invitation to the Iraqi Prime Minister to visit the United States of America, and it was agreed to set a specific date between the two presidents’ teams.
During the meeting, Al-Sudani stressed his rejection of any action that would violate Iraq’s sovereignty and a direct response, especially the recent American attack that took place in Baghdad, stressing at the same time the government’s keenness to confront any attacks targeting the bases that house international coalition advisors.
The Prime Minister referred to the turmoil that the region is witnessing due to the continuation of the “aggressive war on Gaza,” stressing that stabilizing the region and attempts to limit the expansion of the conflict “begin with stopping the war of genocide that targets the Palestinian people and violates international law.” He also stressed the necessity of working on all matters. This guarantees the Palestinians’ right to live in dignity on their land.
Al-Sudani and the President of the European Bank for Reconstruction discuss developing the private sector and implementing reforms in Iraq
Prime Minister Muhammad Shiaa Al-Sudani met with the President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud Basso, on the sidelines of his participation in the Davos Economic Forum.
During the meeting, according to a statement from the Prime Minister’s Office, a copy of which {Al-Furat News} received, “ways were discussed to enhance constructive cooperation between Iraq and the European Bank, in a way that contributes to supporting the government’s development plans, which aim to develop the private sector, and in implementing financial and banking reforms; For comprehensive economic reform.
The meeting witnessed a discussion of the possibility of the European Bank for Reconstruction and Development developing its work plan in Iraq in coordination with the Ministry of Planning. To ensure the mobilization of the necessary resources according to the government’s priorities, and in a way that serves the stability of public finances, as well as examining opportunities for the Bank to support the establishment of initiatives to qualify unemployed youth, develop their skills and qualify them to engage in the labor market.
For her part, Basu expressed a serious desire to cooperate with Iraq in the field of clean and renewable energy, and to support the private sector.
It is noteworthy that Iraq joined the European Bank for Reconstruction and Development in November of last year.
Iraq receives an official invitation to join the Digital Cooperation Organization
Today, Tuesday, Iraq received an invitation to join the Digital Cooperation Organization. During her meeting with Prime Minister Muhammad Shiaa Al-Sudani, the Secretary-General of the Digital Cooperation Organization, Dima Al-Yahya, invited “Iraq to join the Digital Cooperation Organization.”
they were so happy they tweeted about this too
Government of Iraq - الحكومة العراقية@IraqiGovtIraq has received an official invitation to join the Digital Cooperation Organization
Thailand is looking to invest in Karbala
The delegation of the Thai embassy in Amman discussed, on Tuesday evening, with the head of the Karbala Governorate Chamber of Commerce, Zaman Sahib Abdul Awad, investment in the governorate.
The head of the chamber said in a statement to Al-Mustaqla: “The Thai embassy delegation discussed ways to strengthen trade relations between the two countries, and the mechanism for investing and developing these relations.”
He called for “encouraging companies to participate in many projects that benefit the perpetrators, and to gain experience, by attending annual conferences and exhibitions, as well as providing all facilities to obtain an entry visa to Thailand.”
Sudanese: We are open to all forms of cooperation with international companies
Prime Minister, Muhammad Shiaa Al-Sudani, confirmed on Tuesday that Iraq is open to all forms of cooperation with international companies to develop the oil sector and expand gas investment.
The Prime Minister's media office stated, in a statement seen by Al-Iqtisad News, that "Al-Sudani received, on the sidelines of his participation in the Davos Economic Forum, the head of the HKN Energy oil company, Ross Perot Jr."
The statement added, "The meeting witnessed discussion of all oil projects and the opportunities available for partnership and development in this field, as the Prime Minister reviewed the government's plans to develop the oil sector, expand gas investment, and the upcoming licensing rounds."
Al-Sudani pointed out, according to the statement, “Iraq’s openness to all forms of cooperation with international companies that possess modern technology,” stressing “the determination to continue working to develop the Iraqi investment environment.”
Yesterday, Monday, Prime Minister Muhammad Shiaa Al-Sudani arrived in Switzerland to participate in the 54th edition of the Davos Economic Forum.
The Davos Forum will be held this year under the slogan “Rebuilding Confidence,” and will discuss several political issues, most notably the war on Gaza, and economic, climate, and health issues that constitute major challenges facing the world today.
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Central Bank: We addressed all the problems facing the electronic payment system
The Central Bank revealed that it is addressing the problems facing the electronic payment system, in coordination with financial institutions, indicating at the same time that the system is moving towards stability.
The Director General of the Information Technology and Payments Department at the bank, Adnan Asaad, told Al-Sabah: “The year 2023 witnessed the most important breakthrough in the field of electronic payment, and the Iraqi government seriously supports the efforts being made in detailing the development of electronic payment,” noting that “follow-up is continuing from Before parliamentary and governmental bodies to advance the reality of electronic payment.
Asaad expressed his great optimism in the year 2024, as it will be the year of achieving great achievements in the field of electronic payment, stressing that the crisis that has befallen the country due to the poor use of cards and electronic payment tools has left a negative impact, but thanks to the measures taken in cooperation with international financial institutions, many issues have been addressed. Of the problems and that the electronic payment system has tended to stabilize.”
For his part, Member of Parliament Hussein Arab stressed the necessity of activating the role of the private sector and making it a basis for the process of economic advancement, which requires the presence of advanced financial services that rise to global standards, pointing out that the world has come a long way in digital transformation and we must keep pace with the developments that the world is witnessing in this field. the important.
As for the Executive Director of the Association of Private Banks in Iraq, Ali Tariq, he stressed the continuation of efforts to enhance the culture of electronic payment, which represents a governmental and legislative direction for the next stage.
He pointed out that the Association of Banks and Large Financial Institutions is working to spread the culture of electronic payment because it realizes the importance of digital transformation and providing quality services to all segments of society, especially since Iraq is a market that requires great efforts due to the large volume of transactions.
As for the Investment Director at the International Smart Card Company, Ahmed Kazem, he explained the importance of digital transformation and that it should be coupled with the launch of advanced electronic payment products that maintain money paths with high transparency.
He stressed that government support for the digital transformation process facilitates many operations and makes services rise to global standards in providing advanced products that suit the growing Iraqi labor market.
The founder of the (Electronic Payment Culture in Iraq) platform, Nabil Al-Najjar, stressed that Iraq cannot move away from the global financial system, especially since it is an important axis in the global economic arena, which requires us to work to keep pace with the global developments that the world is witnessing in the financial sector, which represents the axis. Most important in the process of economic development.
He stressed that the country is moving in the right direction in the field of digital transformation, and the most important thing in this axis is the citizen’s interaction with electronic services, the spread of which is expanding in an acceptable manner.
Economic reform and the future of youth
In her bold and direct question to the Prime Minister about the future of youth and job opportunities, a young Iraqi woman attracted the attention of millions and the interest of economic affairs specialists when the response came from the President: Without economic reform, we cannot meet the demands of the unemployed, their entitlements, and their rights to the state and society.What reform is this man talking about?
Real economic reform cannot be achieved without investing energy (human investment), and this matter has requirements that the state combined with its executive and legislative powers must achieve.
A few days ago, the Council of Ministers approved a draft economic reform law in the hope that it will be reviewed and scrutinized by the highest legal authorities in the country and returned to the Council to be submitted and approved with legislation by Parliament to be effective.
Perhaps there are solid foundations for achieving real economic reform, foremost of which is untangling the overlapping laws related to the nature of the clear economic approach that must be followed.
Many of the laws in force now are inconsistent in terms of the economic approach that is supposed to be implemented, including remnants of the old totalitarian regime laws and others from the modern free regime laws that were legislated in accordance with the constitution.
These intersections allow officials the freedom to choose a law that takes into account their interests, or let us say that takes into account the level of their orientations, and this particular issue hinders the achievement of the reform that is intended to be achieved according to the free approach (market economy). To be honest, and without hesitation, I say that these intersections have contributed greatly to the deepening and extension of corruption, because some Officials either have little knowledge and are subject to many wrong decisions that conflict with modern laws, especially if they are not specialists with little experience, or they are weak-minded and their personal interests take precedence over the interests of the country’s economy. Here, it is required to review the administrative performance evaluations of officials from the highest levels to the lowest and choose the competencies to replace them. This procedure is the second foundation of economic reform.
Here it must be pointed out that the economic approach followed in accordance with what was approved by the Constitution (market economy) and any measure that hinders the role required of the private sector to perform is considered an obstacle to the desired reform.
Returning to the beginning, what is required now is to speed up the ratification of the law as we begin a new year in which we hope for good with an economic and political breakthrough to stabilize the country’s economy. These are the beginnings of social stability, one of the most important features of which is the creation of job opportunities for young energies.
However, although we are not aware of its contents, this law suggests that there is a glimmer of hope for correcting the paths of the economic approach.
Iraq faces creditors and claimants of {personal rights}
Parliament is pushing the government towards an open and long judicial confrontation with creditors and those claiming the personal right to recover their money, which may include Iraq’s balances in the United States.
A member of the Finance Committee in Parliament, MP Hussein Mu’nis, said “Al-Sabah”: “Restrictions were imposed by the United States of America on Iraqi funds abroad following the invasion of Kuwait in 1990 and over a period of three decades,” noting that “despite Iraq’s exit from the chapter Seventh to Sixth of the United Nations Charter, which allows it to obtain its frozen funds abroad, Washington still imposes immunity on those funds in its federal banks, and uses the excuse of the existence of Iraqi creditors that can sue Baghdad to recover its debts.
Mu'nis explained that his committee "addressed more than one party to find out the identity of Iraq's creditors, but this issue has been shrouded in mystery until now, and it is not completely clear to those concerned with the economic situation in the country," indicating that "such topics bear the logic of profit and loss, not to mention that such These cases are considered a personal right and there is no statute of limitations, which requires Iraq to confront these lawsuits to prove the United States of America’s claim of the existence of these parties. "Not thereof."
The representative in the Finance Committee suggested “scheduling the debts, if they exist, because there is damage that may be caused to Iraq as a result of the American custodianship of its funds on the political, security, and even social levels,” calling on the government to “confront these challenges, if true, because the damage that is being caused to Iraq as a result of the American custodianship is not Less damage is caused by the emergence of new creditors who win lawsuits "against him."
Mu'nis pointed out that "Parliament addressed the competent authorities regarding this matter and no clear answers came, for fear of the presence of other additional lawsuits that might be filed against Iraq. However, Iraq can only confront the creditors and address the issue with knowledge of the size of the debts and the size of the profit and loss, if true," noting that Iraq "has settled all its previous debts in the Paris Club and Kuwait, so there is no point in delaying this file more than necessary and resolving this problem as quickly as possible since it has become an element that affects the sovereignty of Iraq." Iraq".
Central Bank: 2024 is the year of achieving great achievements in electronic payment
The Central Bank of Iraq revealed that it is addressing the problems facing the electronic payment system, in coordination with financial institutions, indicating at the same time that the system is moving towards stability.The Director General of the Information Technology and Payments Department at the bank, Adnan Asaad, said in a press statement, “The year 2023 witnessed the most important breakthrough in the field of electronic payment, and the Iraqi government seriously supports the efforts being made in detailing the development of electronic payment,” noting that “follow-up is ongoing by Parliamentary and governmental bodies to advance the reality of electronic payment.
Asaad expressed his great optimism in the year 2024, as it will be the year of achieving great achievements in the field of electronic payment, stressing that the crisis that has befallen the country due to the poor use of cards and electronic payment tools has left a negative impact, but thanks to the measures taken in cooperation with international financial institutions, many issues have been addressed. Of the problems and that the electronic payment system has tended to stabilize.”
For his part, Member of Parliament Hussein Arab stressed the necessity of activating the role of the private sector and making it a basis for the process of economic advancement, which requires the presence of advanced financial services that rise to global standards, pointing out that the world has come a long way in digital transformation and we must keep pace with the developments that the world is witnessing in this field. the important.
Al-Sudani discusses with the Secretary-General of NATO security and military cooperation
Prime Minister Muhammad Shiaa Al-Sudani met today, Wednesday, with the Secretary-General of the North Atlantic Treaty Organization (NATO), Mr. Jens Stoltenberg, on the sidelines of his Excellency’s participation in the 54th session of the Davos Economic Forum.
During the meeting, according to a statement from his media office, “Earth News” reported, “the prospects for cooperation between Iraq and NATO were discussed, and ways to strengthen partnership in the security field, exchange information, track terrorist networks, and reveal their sources of funding.”
Al-Sudani praised “the efforts of the NATO countries and their support for Iraq, through military operations in the war against ISIS terrorist gangs, and in the field of providing advice and training to the Iraqi security forces.”
The meeting touched on “the file of ending the presence of the international coalition forces in Iraq, which the government included in its ministerial curriculum, after the development achieved by the Iraqi forces at the level of preparation and full readiness, and the importance of agreeing on executive steps to arrange the end of its mission through holding bilateral dialogues, in a way that ensures a smooth transition of its duties.” “.
In this regard, Al-Sudani stressed that “Iraq does not mind cooperating with the countries of the international coalition in the field of armament, training, and equipment, within the framework of bilateral relations that bring together Iraq and the countries of this coalition.”
For his part, Stoltenberg praised the government’s efforts and measures to support the performance of the security forces in pursuing the remnants of terrorism and enhancing security and stability, stressing the alliance’s aspiration towards more joint cooperation in several security fields.
The World Bank supports the electronic payment system in Iraq
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The World Bank expressed its support for the Iraqi government’s measures regarding the development of the banking sector, especially the electronic defense system that was recently adopted in the country.
This came during a meeting between Prime Minister Muhammad Shiaa Al-Sudani, on the sidelines of his participation in the Davos Economic Forum, with the President of the World Bank Group, Ajay Banga, as the federal government announced in a statement today, Wednesday.
The statement stated that the meeting discussed cooperation relations between Iraq and the World Bank, in various economic fields, which contribute to supporting the government’s efforts and strategic plans, towards more investment and development opportunities in Iraq.
According to the statement, the meeting also witnessed a review of the measures and steps taken by the government and the Central Bank of Iraq in terms of financial and banking reform. The projects financed by the International Finance Corporation (IFC) were also discussed, most notably the project to rehabilitate and develop Baghdad International Airport.
The statement added that the Prime Minister stressed the importance of World Bank reports reflecting, realistically, the new government’s policies implemented in the economic and banking sectors and supporting the private sector, which aim to diversify the economy, increase its growth, and achieve financial stability, in light of the challenges facing the region and the world.
For his part, Banga praised the government's measures in the field of modernizing and developing the banking sector, stressing his support for those measures, especially with regard to the implementation of the electronic payment system, according to the statement.
The Iraqi government seeks to activate the electronic payment service, adopt modern automation systems, and end cash dealing.
Accordingly, the Petroleum Products Distribution Company, affiliated with the Iraqi Ministry of Oil, has set the end of next March as a deadline for cash transactions at government and private fuel filling stations.
On January 7, the Prime Minister, Muhammad Shiaa Al-Sudani, directed that citizens be spared additional financial burdens resulting from commissions, during a meeting devoted to following up on the financial and economic transition to electronic payment, points of sale, and financial trading using electronic cards (POS).
Al-Sudani confirmed, according to a statement issued by his media office, that the goal is to facilitate dealing and facilitate payment in all fields, while ensuring the highest levels of security.
Most markets and fuel filling stations lack POS devices, despite the Council of Ministers’ directives to implement the electronic payment system in state institutions, the private sector, commercial centers, stores, markets, and other entertainment facilities.
Citizens still lack the provision of POS devices, and there are demands from the Central Bank, banks, and electronic payment companies to provide POS points of sale and make them accessible to citizens for use with electronic cards in shopping and paying instead of cash.
The Central Bank of Iraq announced, at the beginning of last June, that Cabinet Resolution No. (23044) for the year 2023 had entered into force, which was to increase the number of electronic payment devices (POS) in government institutions and the private sector to enhance the culture of electronic payment and collection, and reduce the use of paper money in Collection and commercial transactions.
It is noteworthy that the Board of Directors of the Central Bank of Iraq decided, on December 13, to establish the “National Company for Electronic Payment Systems” throughout the country, indicating that the company represents a qualitative development in the structure of the country’s financial infrastructure.
According to the Iraqi Central Bank statement, this step comes in conjunction with the rapid growth in electronic financial services and products and the rise in the number of users in accordance with the framework of the government program to support and adopt advanced electronic payment systems.
Al-Sudani stresses to the President of the World Bank the need to support the government’s efforts and plans in investment and development
Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani stressed the need for the World Bank to support the Iraqi government’s efforts and plans for investment and development.
A statement by Al-Sudani’s information office stated, “Prime Minister Muhammad Shia’ Al-Sudani met, on the sidelines of his participation in the Davos Economic Forum, with the President of the World Bank Group, Ajay Banga,” explaining that “the meeting discussed cooperation relations between Iraq and the World Bank, in various economic fields, which... “It contributes to supporting the government’s efforts and strategic plans towards more investment and development opportunities in Iraq.”
Al-Sudani added, according to the statement, that “the meeting also witnessed a review of the measures and steps taken by the government and the Central Bank of Iraq, in terms of financial and banking reform, and the projects financed by the International Finance Corporation (IFC) were also discussed, most notably the Baghdad Airport rehabilitation and development project.” International".
He stressed, "The importance of World Bank reports reflecting, realistically, the new government's policies that were implemented in the economic and banking sectors and supporting the private sector, which aim to diversify the economy, increase its growth, and achieve financial stability, in light of the challenges facing the region and the world."
For his part, the President of the World Bank Group praised "the government's measures in the field of modernizing and developing the banking sector," stressing "his support for those measures, especially with regard to the implementation of the electronic payment system."
Parliament Finance: No appointments in the 2024 budget, and this is the fate of the salary scale law
Today, Wednesday, the Parliamentary Finance Committee revealed the fate of the appointments file in the financial budget law for 2024, while confirming that the salary scale law is not within the jurisdiction of Parliament.The head of the committee, Atwan Al-Atwani, said in a televised interview followed by Al-Eqtisad News, “The budget provisions are clear. It is not permissible to appoint on a daily wage or on a contract, unless the government deems there is a need for appointment in this or that sector.”He added, "Appointments depend exclusively on the government's request, but if no changes are made to the budget items, there are no new appointments."Regarding the salary scale law, Al-Atwani explained that “the salary scale law is a purely government decision,” stressing that “the current year will be a year of follow-up (salary scale).”The Chairman of the Finance Committee stated that “an employee receiving 250,000 dinars as a monthly salary is unacceptable,” pointing out that “the salary scale is not within the jurisdiction of Parliament.”
Al-Sudani confirms that the government is broadly moving towards gas investment and modernizing the banking system
Prime Minister Muhammad Shiaa Al-Sudani confirmed the government's broad intention to invest in gas and expand investment opportunities in this promising sector, as well as developing banking work.
According to a statement from Al-Sudani’s office received by Mawazine News, “Prime Minister Muhammad Shia’ Al-Sudani attended a working meeting in which the heads and representatives of 57 international companies specialized in the fields of energy, oil, gas and various economic fields participated, on the sidelines of his Excellency’s participation in the Davos Economic Forum held in Switzerland.
Al-Sudani reviewed the government’s plans in the field of economic development and reform, which have come a long way, and the great investment opportunities, industrial city projects, the Grand Al-Faw Port, the vital development road project, and integrated oil field projects.
He pointed out the importance of solar and renewable energy projects, which were concluded with Chinese and Emirati companies. He stressed the government's broad orientation towards investing in gas and expanding investment opportunities in this promising sector, as well as the housing projects that were launched and other projects planned in all governorates of Iraq.
He stressed the importance of the banking reforms that were implemented and the Central Bank of Iraq worked on; In order to communicate with international banks to achieve compliance standards for the global financial and banking system.With
regard to strengthening stability and security in Iraq, Al-Sudani stated that the security and stability of the region depend greatly on the stability of Iraq, and that any attempt to destabilize the internal situation in Iraq or undermine its security will lead to harm to security. Regional and international in the Middle East.
Al-Sudani: It is important that World Bank reports realistically reflect the policies of the new government
Prime Minister Muhammad Shiaa Al-Sudani met, on the sidelines of his participation in the Davos Economic Forum, with the President of the World Bank Group {Ajay Banga}.The meeting discussed, according to a statement from the Prime Minister’s Office, a copy of which {Al-Furat News} received, “cooperation relations between Iraq and the World Bank, in various economic fields, which contribute to supporting the government’s efforts and strategic plans, towards more investment and development opportunities in Iraq.”
He added, "The meeting also witnessed a review of the measures and steps taken by the government and the Central Bank of Iraq, at the level of financial and banking reform. The projects financed by the International Finance Corporation (IFC) were also discussed, most notably the project to rehabilitate and develop Baghdad International Airport."
The Prime Minister stressed "the importance of World Bank reports reflecting, realistically, the new government's policies that were implemented in the economic and banking sectors and supporting the private sector, which aim to diversify the economy, increase its growth, and achieve financial stability, in light of the challenges facing the region and the world."
For his part, Banga praised the government's measures in the field of modernizing and developing the banking sector, stressing his support for those measures, especially with regard to the implementation of the electronic payment system.
Parliamentary Finance: The Council of Ministers will send the 2024 budget to Parliament next week
The Parliamentary Finance Committee revealed today, Wednesday, that the Council of Ministers will send the financial budget law for 2024 to the House of Representatives next week. The head of the committee, Atwan Al-Atwani, said in a statement followed by Al-Mutala’, that: “The Council of Ministers will hold a session next week during which it will present the federal budget law for the year 2024 and will set the schedules to be changed in the budget,” pointing out that “the law will be sent to the House of Representatives next week.”
Al-Atwani added, “The budget texts are supposed to include the appointment of 2020 lecturers and standards readers in the Ministry of Electricity,” indicating that “those segments do not cost the state large sums of money during their appointment.” Yesterday, Monday, the Parliamentary Finance Committee announced the resumption of its meetings with the beginning of the new legislative term to discuss a number of topics related to its legislative and oversight work, indicating that it is awaiting the arrival of the General Budget Law for the year 2024 to make the necessary amendments to its schedules.
An expanded meeting was held last Wednesday, headed by the Minister of Planning, Muhammad Ali Tamim, and in the presence of the Minister of Oil, Hayan Abdul Ghani, the Minister of Finance, Taif Sami, and the Minister of Oil and Natural Resources in the Kurdistan Government, Kamal Muhammad, to discuss the mechanisms for preparing the 2024 budget schedules on both sides. Operational and investment, in light of oil prices and the revenues expected to be achieved during this year.Al-Falih discusses expanding the Saudi investment base in Iraqi Kurdistan and cooperation with Oman
The Saudi Minister of Investment, Khalid bin Abdulaziz Al-Falih, held a number of meetings on the sidelines of the World Economic Forum activities in the Swiss city of Davos
Al-Falih said, through his account on the X platform (formerly Twitter), that while he was in Davos as part of the Saudi delegation to attend the World Economic Forum, he met with the Minister of Economy of the Sultanate of Oman, Saeed Al-Saqri, where they discussed ways to enhance economic and investment relations between the Kingdom and sisterly Oman, stressing that it is It witnessed remarkable growth with the support of the leadership of the two countries.
The Minister of Investment added that he also met with Masrour Barzani; Prime Minister of the Kurdistan Regional Government of Iraq, where they reviewed the sectors that Saudi investors can contribute to their development, and ways to expand the Saudi investment base in Iraqi Kurdistan.
Al-Falih also met with the Minister of Investment of the Republic of Honduras, Miguel Medina, and the dialogue revolved around the investment opportunities available in Honduras, and ways to enhance and develop mutual economic and investment relations between the Kingdom and friendly Honduras in a number of sectors of common interest to them.
The Minister of Investment noted that he also met Sonsólis Garcia, Minister of Production, Foreign Trade and Investment of Ecuador, where they discussed investment opportunities available in Ecuador for Saudi investors, and strengthening and diversifying economic and investment relations between our two countries in a number of vital sectors.
After the Sudanese statement that they would leave “quickly”... Will American forces withdraw from Iraq?
A “rapid and orderly exit” of the international coalition forces led by the United States from Iraq, this is what Prime Minister Muhammad Shia al-Sudani recently demanded, amid escalating tensions between those forces and armed Iraqi factions, which raised fears of expanding the scope of the conflict in the Middle East and destabilizing Iraq. .
While voices have been rising inside the country for years calling for the withdrawal of these forces following the attack of last October 7 launched by the Hamas movement on Israel, and the subsequent devastating war launched by Israel in the Gaza Strip, which it says aims to eliminate the movement.
Coalition forces have been subjected to dozens of attacks since then, and American forces responded by carrying out raids against Iraqi armed groups.
Al-Sudani said in an interview with Reuters news agency: “Let us agree on a time frame (for withdrawal) that will be quick so that we do not prolong the presence and the attacks continue,” noting that the only way to avoid a regional escalation is to stop the war in Gaza.
What are the reasons for the presence of these forces in Iraq?
After international forces led by the United States invaded Iraq in 2003 and overthrew its then president Saddam Hussein, those forces withdrew from the country in 2011. But in 2014, after what is known as the Islamic State in Iraq and the Levant (ISIS) took control of the city of Mosul, the second largest city Iraq and its declaration of the “Islamic Caliphate” in the areas over which it was able to extend its influence in Iraq and Syria. The Iraqi government officially asked the United States and the United Nations to help it defeat the organization and protect the lands and people of Iraq, which led to the return of American-led coalition forces to the country, and the beginning of what is known as With Operation Inherent Resolve, which aims to help Iraqi forces defeat the organization's forces and regain the lands they controlled.
The goal of the American forces was to train and advise the Iraqi army. The coalition also provided air cover for the Iraqi security forces, armed factions, and Kurdish Peshmerga forces that fought the organization between 2015-2017, until control was restored over the lands it had seized.
Washington maintained about 2,500 soldiers in Iraq, even after ending ISIS’s efforts to establish an Islamic caliphate in 2019. By the end of 2021, American combat operations in Iraq officially ended, and the mission of its forces there became to provide advice and assistance to Iraqi forces to increase their ability to operate independently. As part of its efforts to focus on achieving stability and reconstruction of the areas that were under the control of the organization, while at the same time continuing its raids on the small sites where the organization is still holed up in the west of the country and in areas located across the border with the Kurdistan region.
Iraqi opposition and tensions
The presence of American forces in Iraq has long been opposed by many Iraqi factions.
At the beginning of 2020, the Iraqi Parliament ratified a resolution obligating the government to work to end the presence of any foreign forces on Iraqi soil. This came shortly after the assassination of Qassem Soleimani, commander of the Quds Force of the Iranian Revolutionary Guard, in an American air strike that targeted his vehicle in the vicinity of Baghdad Airport, and also resulted in the killing of Abu Mahdi Al-Muhandis, deputy head of the Iraqi Popular Mobilization Forces, and others.
Several threats were issued by Iraqi armed factions close to Iran to expel the American forces present on Iraqi soil at the Ain al-Assad and Erbil bases. These two bases were subjected to many attacks by Iraqi militants during the era of former Prime Minister Mustafa Al-Kadhimi, but they calmed down during the era of the current Prime Minister Muhammad Shiaa Al-Sudani, the candidate of the Coordination Movement bloc, who took office in late October 2022.
The Iraqi academic and political analyst, Dr. Alaa Mustafa, says, “Withdrawal was among the conditions set for the government of Muhammad Shiaa al-Sudani, and it adopted this issue. In return, the factions granted him a truce that strengthened his position with the American side and made him feel that he held the keys in his hand and controlled those who carried weapons.”
This truce has collapsed since the outbreak of war in Gaza following the October 7 attack.
Since then, American forces in Iraq, the Iraqi Kurdistan region, and Syria have been subjected to more than 100 missile or drone attacks, including a missile attack on the American embassy on December 8.
Washington responded by launching attacks on Iraqi armed factions, including the Popular Mobilization Forces and the Al-Nujaba Movement, which falls under the umbrella of the Mobilization Forces, and whose Secretary-General, Akram Al-Kaabi, is considered one of the most prominent critics of the United States. Al-Kaabi called in the wake of the killing of members of the Popular Mobilization Forces in an American raid last November. To "declare war on America" and remove its forces from Iraq.
What is the Iraqi Al-Nujaba Armed Movement and what is its role?
A day before Prime Minister Shia al-Sudani announced earlier this month the formation of a committee to prepare to end the mission of the US-led international coalition in Iraq, an American raid targeted a prominent leader in the Nujaba Movement, Mushtaq Talib al-Saeedi, nicknamed “Abu Taqwa,” which an official described as An American told CNN that he was a member of an “Iranian proxy group operating in Iraq and Syria,” in reference to Harakat al-Nujaba.
Before his latest announcement, Al-Sudani tried to hold the stick in the middle, as his media office stated that he “renewed to US Secretary of State Anthony Blinken Iraq’s position of rejecting any aggression against Iraqi lands,” but he “at the same time renewed the Iraqi government’s commitment to protecting the international coalition’s advisors present in Iraq.” ".
Alaa Mustafa says that the Iraqi government “was trying to take control of matters, and its speeches had a severe impact on the factions, as some statements described the targeting of the American embassy as a terrorist act, and we did not see this speech even during the era of the government of Mustafa Al-Kadhimi, who was not close to the factions, unlike "Sudanese Shi'ism, which is one of the outcomes of the coordination framework that includes political forces and factions."
He adds, “The intelligence operation, and I stress that it was an intelligence operation that had nothing to do with the coalition forces, but was carried out purely by America, and it is similar to the airport operation (during which Qassem Soleimani was killed), which targeted the leadership of the Nujaba movement, severely embarrassed the government and it was no longer able to demand a renewal of the truce. So, We have no choice now but to conduct negotiations that end with the departure of the coalition forces.”
The presence of forces between American and Iraqi interests
Among the most prominent American interests in keeping its forces in Iraq, according to an article by David Bullock, a fellow at the Bernstein Program at the Washington Institute for Near East Policy published on the center’s website, are maintaining friendly relations with Iraq, countering Iranian influence, and preventing Iran from “exploiting Iraqi oil.” . Bullock adds that the withdrawal of American forces “creates additional threats to Israel’s security,” and that “all Gulf Cooperation Council countries see American forces in Iraq as a basis for the American military units they host on their soil, and a vital factor in their self-defense against Iran.”
Professor Steve Simon, professor of Middle Eastern studies at the University of Washington and former director of the Middle East and North Africa Department at the US National Security Council during the era of President Obama, believes that there are a large number of Iraqi sectors that benefit from the US military presence.
Professor Simon added in statements to the BBC, “There is a material benefit as the United States obtains raw materials from Iraq, and there is a strategic benefit because the American presence prevents the return of ISIS again and achieves a balance with Iran. Many Iraqis do not want to submit to American hegemony, But at the same time, they do not want to submit to Iranian hegemony. The Iraqi army receives high-quality training and equipment from the American side, and therefore it is preferable for the United States to remain. Also, the Iraqi Kurds see that the American presence protects them from Turkey, Iran, and Baghdad, and they also benefit from this aspect. Finance from the American presence.
Regarding whether the withdrawal of American forces is in Iraq’s interest, Dr. Alaa Mustafa says, “From a military standpoint, it is the leadership of the armed forces that decide whether we need it or not, and when they say their frank words, the Iraqi government will abide.”
But at the same time, he warns of the importance of arranging the withdrawal amicably with the American side through negotiation, “so that Iraq is not faced with a package of economic sanctions as a result of its dealings with some countries subject to American sanctions. Also, if the arrival of packages of dollars to Iraq is obstructed, this may cause problems.” "Economic."
It is noteworthy that the United States has excluded Iraq from the sanctions it imposes on Tehran, allowing it to purchase electricity from Iran.
Professor Simon says that the United States will not impose sanctions on Iraq, but “there is a feeling, especially among the resistance factions, that this may happen if the Iraqi forces are forced to leave...the mere presence of this feeling among some Iraqis is sufficient in itself to accept the presence of American forces inside.” Iraq".
Dr. Alaa stresses the importance of the Iraqi negotiator’s focus on resolving all issues, “meaning that if the forces withdraw without addressing the terrorist incubators, especially the Al-Hawl camp [in Syria], which may explode at any moment... it is not easy to be satisfied with the presence of an explosive device behind “Your wall, not to mention the presence of irregular forces on the Syrian side of the border, all of this poses a threat to Iraq’s security.”
While Professor Simon believes that there is no real pressure on the Iraqi government that would push it to demand that Washington withdraw its forces, Dr. Alaa says that “the approaching American elections will, in my opinion, cause a state of embarrassment to the American government and President Biden if these forces are targeted, resulting in casualties among the ranks of the Iraqi government.” The American side, especially in lives. Therefore, they are aware of the seriousness of the situation and now they have no choice but to engage in negotiations that organize this withdrawal. The technical problem is in the time of withdrawal, how long does it take: a year? Two? Three? But if they refuse or procrastinate, they will be faced with an escalation that may It ultimately leads to an agreement.”
He stresses that the Iraqi negotiator must be able to absorb all the variables, “particularly the main variable, which is the approaching American elections. Secondly, the regional crises and the war between Ukraine and Russia, as well as the conflict between Israel and Gaza.”
The third strategic factor is the Ansar Allah Houthi movement and its ability to obstruct the American trade process in Bab al-Mandab. These things are all pressure cards that can be used to reach an agreement that preserves the stability of Iraq.”
Iraq goes to Davos with five axes, and the challenge of restoring confidence imposes itself during the discussions - urgent
Prime Minister Muhammad Shiaa Al-Sudani is participating in the fifty-fourth session of the World Economic Forum in Davos, which is being held for the period from 15 to 19 January, and he carries with him a number of files, the most important of which are the economic and banking reforms that the government has pursued and the resolution of the presence file. Foreigners inside Iraqi territory, especially after the voices calling for their exit rose as a result of the state of tension that accompanied the targeting of the headquarters of the Popular Mobilization Forces and a number of factions, and the targeting of the international coalition bases in Baghdad and Erbil.
An Iraqi vision
Iraqi government spokesman Bassem Al-Awadi explained five priorities for Iraq's participation in the Davos Forum.
Al-Awadi said in press statements that the 54th annual meeting of the Davos Economic Forum is being held against the backdrop of the Gaza and Ukraine wars, the artificial intelligence revolution, the cost of living crisis and the issue of climate change, in an event that lasts five days, pointing out that “it was agreed that the topic of the meeting should be This year for global political and business leaders, celebrities and prominent social activists is about rebuilding trust.
Iraq reforms
Al-Sudani, during his participation in the Global Forum, on Wednesday (January 17, 2024), met with the President of the World Bank Group, Ajay Banga, where he reviewed Iraq’s steps towards financial and banking reform.
According to a statement by Al-Sudani’s office, the meeting discussed cooperation relations between Iraq and the World Bank, in various economic fields, which contribute to supporting the government’s efforts and strategic plans, towards more investment and development opportunities in Iraq, in addition to reviewing the measures and steps taken by the government and the Central Bank of Iraq, on At the level of financial and banking reform, projects financed by the International Finance Corporation ( IFC ) were also discussed, particularly the rehabilitation and development project of Baghdad International Airport.
Foreign presence
In light of Iraq's new position on the presence of international coalition forces in Iraq, and the increasing pace of escalation through the bombing of international coalition headquarters and the American response to faction headquarters in several areas, the Prime Minister's statements came to indicate the importance of agreeing on a time frame (for withdrawal) and for it to be quick so that We will not prolong the presence and the attacks will continue. What he indicated is that the only way to avoid a regional escalation is to stop the war in Gaza. According to this principle, the issue of the presence of these forces was present in the Sudanese meetings as part of his participation in the Davos Forum, where he met the Sudanese on Tuesday (16 January 2024), with US National Security Advisor Jake Sullivan, where the meeting witnessed confirmation of the start of the work of the bilateral committee to review the presence of the international coalition in Iraq, which was agreed upon during the visit of the Minister of Defense to the United States of America in August of last year, and to discuss In formulating a timetable to end the coalition mission and move to comprehensive bilateral relations with the coalition countries.”
In the same context, on the sidelines of his participation in the conference, on Tuesday (January 16, 2024), Al-Sudani reviewed the government’s economic and development plans in a working meeting in which heads and representatives of 57 international companies specialized in the fields of energy, oil and gas, and various economic fields participated.
The Prime Minister presented "the government's plans in the field of development and economic reform, which have come a long way, and the great investment opportunities, industrial city projects, the large Al-Faw port, the vital development road project, and integrated oil field projects."
The climate issue and its challenges will not be absent from the Iraqi discussions during the meetings that the Prime Minister will hold, especially after the Prime Minister directed, on Sunday (December 24, 2023), to appoint an official spokesman to spread environmental and health culture.
Saleh: The 2024 budget has entered into force with all its details
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed that the financial budget law for 2024 has entered into force since the beginning of the current new year.Saleh told {Al-Furat News} agency, “Federal General Budget Law No. 13 of 2023 is effective for three years, and as soon as the country enters the new fiscal year 2024, the budget law becomes effective with all its details, merits, and instructions, and applies in letter and spirit to the current fiscal year, starting from 1/1 until December 31, 2024.”
On June 12, 2023, the House of Representatives voted on the federal general budget law for the Republic of Iraq for the years (2025, 2024, and 2023) in general.
Maintaining the exchange rate... Parliamentary Finance determines the variables of the 2024 budget
link not good
Today, Wednesday, the Parliamentary Finance Committee confirmed that the exchange rates of the dollar and a barrel of oil will be maintained in the budget for the current year 2024.
Committee member, MP Hussein Moanis, said in a statement to Al-Maalouma, “The government kept calculating the price of a barrel of oil, the quantity of oil exported, and the dollar exchange rate stipulated in the tripartite budget in the current year’s 2024 Without budget change.”
He added, "The Parliamentary Finance Committee has not yet received the changes that will occur to some tables in the current year's budget in order to study them and then submit them to a vote in the House of Representatives."
Muanis pointed out that “the changes that will occur in the current year’s budget will be made in the schedules without any change in their items,” noting that “the change in the schedules relates to added imports as well as spending.”
The House of Representatives approved, on Monday, June 12, 2023, after long deliberations between the government and parliament members that extended for months, the financial budget law for the three years 2023, 2024, and 2025, as the budget approved more expenditures and Investments as a direct result of the increase in oil revenues, which constitute 90% of the country's revenues.
The Prime Minister of Iraqi Kurdistan cancels a meeting with the Iranian Foreign Minister
A source reported on Wednesday that the Prime Minister of the Iraqi Kurdistan region, Masrour Barzani, canceled a scheduled meeting with the Iranian Foreign Minister at the World Economic Forum in Davos, Switzerland, in protest against Iranian missile strikes on the city of Erbil, located in the Iraqi Kurdistan region.
Iraq plans to stop the bleeding with “financial intelligence” and a banking expert responds: It will not add anything - urgent
The expert in financial and banking affairs, Saleh Al-Banker, confirmed today, Wednesday (January 17, 2024), that the introduction of financial intelligence will not stop the bleeding of money in Iraq.
The banker told "Baghdad Today", "Iraq has 3 types of border crossings, the most prominent of which is land, and not a small part of the latter is not controlled, especially within the borders of the Kurdistan region," pointing out that "the introduction of financial intelligence will not add anything because the measures currently taken are sufficient." But the problem is in the application.
He added, “The defect in the mechanisms for implementing the Central Bank’s instructions regarding currency smuggling is used by forces and parties to finance themselves and their interests,” pointing out that “smuggling methods are evolving, as are the mechanisms for smuggling drugs and other contraband,” stressing that “it is not with the creation of any institution, but rather the effort.” To enhance the concept of the actual application of all procedures.”
The banker pointed out that “many of the decisions issued regarding controlling borders and preventing currency smuggling are not implemented in reality, and ignorance and backwardness in banking dealing mechanisms are exploited because it constitutes a loophole by influential people in passing their agenda,” stressing that “seriousness and follow-up are what achieve the greatest benefit in Stop the bleeding of money in Iraq.
Since the announcement of raising the value of the Iraqi dinar against the dollar by the Central Bank, local markets have witnessed trading at a rate other than the official price of the dollar, with a difference that sometimes reached 30 points, which necessitated the government and the Central Bank to intervene with measures to limit this phenomenon, but to no avail so far, as... The dollar exchange rate remained high to more than 150 thousand dinars for every 100 dollars in the markets and exchange offices of Baghdad and the provinces.
Saudi Arabia strongly supports Iraq's accession to the World Trade Organization
On Wednesday, the Kingdom of Saudi Arabia expressed its support for Iraq’s accession to the World Trade Organization, especially after the removal of the political obstacles that prevented it.
The Iraqi Ministry of Foreign Affairs stated in a statement today that the Undersecretary for Political Planning Affairs, Ambassador Hisham Al-Alawi, along with Ambassador Saqr Abdullah Al-Muqbel, received the head of the team charged with negotiating Iraq’s accession to the World Trade Organization, and his accompanying delegation, at the Ministry of Foreign Affairs building in Baghdad, in the presence of Hussein Younis, Head of the Economic Department at the Ministry of Foreign Affairs.
The statement quoted the agent as saying during the meeting that: The Iraqi government is interested in openness to international organizations, and has a desire to activate Iraq’s presence in international forums, explaining that the Ministry of Foreign Affairs seeks to enhance regional and international cooperation alongside the relevant ministries in the government.
He pointed out that Iraq has natural and human resources and a specialized workforce in many fields that deserve to be provided with job opportunities, expressing his hope that Iraq’s accession to such organizations will contribute to providing such opportunities by increasing investments in the private sector in light of the current openness and the government’s plans. To develop the economy and develop its various sectors.
For his part, the head of the Saudi delegation confirmed that the Kingdom believes that Iraq is a country that has chosen peace and stability and seeks to achieve economic development, pointing to the importance of Iraq to the Kingdom of Saudi Arabia from an economic standpoint.
The Saudi delegation noted that the Kingdom believes that the political obstacles that prevent Iraq from joining the World Trade Organization have been removed, stressing that the Kingdom’s government supports Iraq’s desire to enter global economic institutions.
An American report reads “conflicting” messages between Al-Sudani and Biden
The American “Atlantic Council” Institute considered that Iraqi Prime Minister Muhammad Shiaa Al-Sudani is sending “conflicting” messages about the withdrawal or stay of American forces in Iraq, warning that relations between Baghdad and Washington are rapidly approaching the dynamics of the era of the administration of former President Donald Trump when he decided Assassination of the Deputy Head of the Popular Mobilization Forces (Abu Mahdi Al-Muhandis) and the Commander of the Quds Force, General Qassem Soleimani.
To begin with, the American report, translated by Shafaq News Agency, considered that after a year of stability and mutual tolerance between Baghdad and Washington, relations between the two countries have entered a turn for the worse during the past two months.
The report recalled that when US President Joe Biden took office in 2021, the general perception was that US policy towards Iraq would be determined through diplomacy, in contrast to the strict approach of the Trump administration, which included the threat of imposing sanctions, confiscating funds, and using force to settle scores on Iraqi soil from Without the approval of Baghdad.
Sudanese and Al-Kazemi
After the report pointed out that former Prime Minister Mustafa Al-Kadhimi was a strong supporter of working closely with all international actors, especially the United States, and that he transformed Iraq into a regional player and a stabilizing factor, it explained that Iraq was successfully able to mediate complex disputes, such as the conflict between... Iran and Saudi Arabia.
He also indicated that, as a result, Al-Kadhimi enjoyed a strong relationship with the Biden administration, but Al-Kadhimi’s successor, i.e. the Sudanese, did not enjoy a similar degree of trust during his period as head of the government since its beginning in October 2022.
The report explained that despite his ability to secure a one-year truce between the United States and the Iraqi political and armed factions that reject the American military presence in Iraq, and receiving declared support from the Biden administration, Al-Sudani has not traveled to Washington yet, while the security truce ended after the outbreak of war. The war between Israel and Hamas on October 7, 2023, ruling out that Al-Sudani will be received in the White House soon.
American assassinations
The report said, "It would not be an exaggeration to say that Iraqi-American relations are accelerating as they approach the dynamics recorded under the Trump administration in 2020, when an American drone strike killed Al-Muhandis and Soleimani, which prompted the House of Representatives to issue a resolution calling for the withdrawal of American forces." .
Now, the report says that an American raid on January 4 killed inside Baghdad, the leader of the Popular Mobilization Forces, Mushtaq Jawad Al-Saeedi, coinciding with the anniversary of the assassination of Al-Muhandis and Soleimani.
The report stated that the Iraqi presidency, the Prime Minister’s Office, and the Ministry of Foreign Affairs issued three statements condemning the new raid, describing it as “a violation of sovereignty and a violation of the bilateral agreement regarding the rules of engagement and conditions for the presence of American forces in Iraq,” and the spokesman for the Armed Forces, Major General Yahya Rasoul, described it as “blatant aggression.” ...and an act resembling terrorist activities.”
He also referred to the statement of the Pentagon spokesman when he said, “Those in the country at the invitation of the Iraqi government are stationed there for one reason, which is to support the mission of defeating ISIS. And that when those forces are threatened, just as we do elsewhere in the world, we will reserve the inherent right to Self-defense to protect our forces."
Calming messages
However, the report indicated that the phrase “the inherent right to self-defense” was what created a bilateral crisis every time it was applied in Iraq, adding that the Iraqi government’s reaction was expressed by Al-Sudani when he described the new American raid as a “crime,” pledging to end The presence of international coalition forces through dialogue in the joint bilateral committee.
However, Al-Sudani, despite the many strong statements made in the past few days, sent a soothing message to the United States when he told Reuters that the upcoming talks to negotiate an end to the presence of forces in Iraq do not mean the end of the partnership between Iraq and the international coalition, but rather the beginning. For bilateral relations between Iraq, the United States, and other countries, including security relations.
The report continued that the next few months will reveal whether the Iraqi government intends to adhere to the position announced by Al-Sudani and whether he will submit a formal request to withdraw American forces, or whether his statement, as skeptics claim, was made for the purpose of local consumption.
The report concluded by saying that it is difficult to explain the failure of American officials, who stress that the presence of American forces in Iraq is based on an invitation from the Iraqi government, to see the irony in the collective condemnations of their actions issued by all parties of the Iraqi leadership.
The report continued, saying that at the same time, it is also difficult to explain the reason for the failure of the Iraqi government, which confirms the protection of its “guests” from the American forces from attacks launched by the factions. The government describes them as belonging to the Iraqi security forces, which are supposed to operate according to the powers granted by them. They have a supreme leader.
The American report concluded by saying that the time has come for the governments of Iraq and the United States to review their commitments and fulfill them, instead of mixing partnership with aggression.
A request from the Sudanese behind not meeting the Sami spectrum to host her in Parliament (document)
Minister of Finance, Taif Sami, explained the reason for not meeting her request to host her in the House of Representatives, in order to find out the reasons for not completing the procedures for appointing 31,000 job ranks for first-timers and those with advanced degrees.
According to a letter issued by the Minister’s office to the House of Representatives, seen by Shafaq News Agency, Sami did not accept hosting in the House, due to “the Prime Minister’s directive to complete the detailed schedules required to be prepared regarding the new estimates for the 2024 budget, and to provide the Prime Minister’s advisors with them.”
The Minister of Finance explained, “The issue of launching appointments is not within the authority of the Ministry, but rather within the authority of the Council of Ministers. The matter had previously been presented to the Council to obtain its approval for that, but approval was not obtained regarding it, so it requires waiting for what the Council of Ministers will decide in accordance with the provisions of the Budget Law.”
Meanwhile, the Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, directed to host the Minister of Finance, Taif Sami, next week, to expedite the resolution of the file of the remaining grades, and while he called for coordination between all concerned parties, and the launch of the appointment form and the allocation of funding within close and specific times, he stressed that the rights of dozens Thousands of first-class students and those with advanced degrees will not be lost.
Al-Mandalawi had chaired an expanded meeting with the concerned authorities to find out the reasons for not completing the procedures for appointing 31,000 job positions for first-timers and holders of advanced degrees, approved in the Emergency Support for Food Security Law of 2022, and the Tripartite Budget Law.
The Parliamentary Higher Education and Scientific Research Committee participated in the meeting, in the presence of its Chairman, Muzahim Al-Khayyat, and its members, and a number of representatives, and in the presence of the Chairman of the Financial Supervision Bureau, the Chairman of the Federal Public Service Council, and a number of concerned authorities.
Secrets of the disappearance of billions of money (depositors) in the Warka Bank?!
link I'll space it later
The event is in Iraq, yes, inside our country and not in other countries. The story is real and not inspired by Bollywood movies. The details are that thousands of Iraqi citizens, individuals and companies, deposited their money in a well-known private bank that is officially licensed by the Central Bank of Iraq and has several branches in the provinces and abroad. Iraq, which is the Al-Warka Bank, and their deposits in current and savings accounts in Iraqi dinars or US dollars, some of which represent all that they own in the millions or times that in the tens and hundreds, and during the period of their dealings with this bank, which lasted for years, they did not face any problems in withdrawing or depositing or with regard to completing All credit transactions, overnight, especially in 2010, the bank branches stopped accepting withdrawal requests and said that they were facing some simple matters that would be completed within days. This was without prior notice so that some depositors could withdraw the amounts they needed to put them on hand or to meet urgent requirements. Because they are business owners and families and have obligations towards running their businesses, supporting their families, treating their patients, or other matters, and from that date until today the situation has not changed, as the situation remains as it is, and the depositors’ funds were not allowed to be withdrawn, and nothing changed except the duration of the justifications and excuses, as the excuses were speaking. For a day or days for a solution, then it changed from year to year, so that 14 years have passed since this situation, and depositors did not leave a door without knocking on it to return their money and nothing else. Some of them resorted to filing a grievance with the Central Bank, some resorted to the judiciary by filing lawsuits to recover the money, and others sought help from some executive and legislative officials from Various names and positions in order to lift the injustice against them, and others took to demonstrating and sit-in in front of the gate of the Central Bank, the administration building of the Warka Bank, and even the headquarters of the Council of Ministers to make their voices heard about the injustice that befell them and their disappeared money, and their request was circulated in various media outlets, but it is truly strange and unfortunate that The issue has remained unresolved for 14 years, which has made some wonder about the reasons for remaining silent about this not-so-hidden issue. Is it reasonable for billions of funds to remain unaccounted for in a country with official authorities? What is the secret of the power maintained by the Warka Bank, such that it remains protected without accountability for its management, cancellation of its license, liquidation, or other procedures that are subject to the logic of right and justice in the state of institutions? How does the person responsible for the matter or the concerned party accept withholding people’s money for reasons related to the bank and not for a matter related to the depositors over these years? And if the state agencies or any party, including the bank in question, were a creditor to one of the depositors, would they accept not paying their due money for 14 years? The questions, astonishment, and exclamation marks are many and in the hundreds, but they have not found a solution or an answer. What matters to the depositors is at least the return of their money, even though they deserve compensation for the opportunities they lost and the harm they suffered that requires compensation for the inflation that occurred over those years.
The 14 years that have passed since the depositors cannot be described in lines or pages or even in parts of books and stories. The heartbreak, the soul, and your money deposited in a bank that does not give you a date or find a solution for you cannot be described. It is a heartbreak that is not emotional, but rather associated with hundreds of tragedies, sorrows, and incidents that... I faced the depositors in its actual and real form. A number of depositors died (they or the people closest to them died) because they did not have the cash for treatment and their money was deposited in Warka and the bank did not allow them to withdraw or transfer all or some of it to cover the treatment expenses, and some of the stakeholders and businesses were subjected to legal prosecution and judgments. Because they did not pay their obligations, because their money is in Al-Warka, and whoever issued judgments against them did not consider Al-Warka’s denial of the right of withdrawal an excuse for easing and allowing, and some who had a dream of buying or building a house to shelter themselves and their family, their dreams evaporated and turned into nightmares after they deposited their money to collect the dinar upon the dinar. Of his strength and permissibility, but all that he had saved disappeared in Warka, and what he had hoped for was no longer achievable after purchase and construction prices doubled. Whoever sold his house for 100 million and deposited his money in Warka in 2010 to replace his residence, today he can no longer build less than his previous home due to the inflation that occurred. In prices, and whoever intended to get married and saved money for his wedding and his wedding in Warka is no longer able to marry after he has reached the age of 14, and it is not strange to find in the gatherings held by (victims of Warka) to demand their rights, young people from those present come on behalf of us and say that we are the son or grandson of the deceased. The depositor is so-and-so who died years ago. The children have grown up and the hopes of some of the depositors have turned from happy dreams of housing or investment to a wish to obtain land to be buried in, after those hopes have dissipated and their purchasing value has decreased greatly. It is 14 years. Dear gentlemen and ladies, officials everywhere who They have something to do with resolving the issue and paying attention to it or adopting it from near or far. During these years, governments and parliaments changed, and you did not find a solution to return the money of the people, who are your brothers in the homeland and in citizenship, and we did not hear anyone with an official mandate in the three authorities asking (the Warka administration) where the depositors’ money went. ? Aren't they deposits that must be guaranteed and matched by assets and under the control and supervision of the Central Bank? Whether it was lost, escaped, stolen, or wasted, these are all questions and questions that depositors have the right to ask, but the integrity, financial oversight and other regulatory authorities have not answered them so that they can be announced to the public and inform depositors. Is it just, fair, and reasonable to accept a situation in which people deposit their money in a bank established in accordance with Sharia law? Legal and their deposits remain unknown throughout these years and the bank is 100% Iraqi? Despite all that we have mentioned, the depositors and (their heirs) are still waiting for hope. Even their demonstrations no longer find an answer that heals the wounds. All they receive are futile promises whose solutions go by for years.
In light of what is stated in these lines in brief, because it is a topic that concerns thousands of Iraqis and is not personal, the question that has been going on for 14 years remains: What are the secrets of the disappearance of billions of depositors’ money over these years? Who is the culprit or the negligent, and Warka is not unknown, but rather exists, and its main headquarters is known in the center of Baghdad in the city of Al-Mansour. On December 2, 2023, he obtained the approval of the Registrar of Companies to increase his funds to 250 billion dinars, and he says that he is awaiting the approval of the Central Bank of Iraq to resume his activity again? ! The owners of the case hope for those concerned about the matter to find an urgent solution to it without delay, as prolonging the matter increases the harm and increases the tragedies for people, and delaying its solution is unacceptable according to Sharia, custom, or law. We implore you to God to save their conditions and their lives, as most of them have turned from well-off to “insolvent,” and some call them “poor.” The feeling prevails among some of them that they have been transformed from holders of rights into citizens (begging) for solutions, and there is hope in God, and there is reliance on honorable people and people of conscience to restore rights after years of patience coupled with injustice!! .
JP Morgan Bank announces its readiness to open accounts for three private Iraqi banks
JPMorgan Regional CEO for the Middle East and North Africa, Khaled Hoballah, announced today, Wednesday (January 17, 2024), the bank’s readiness to enhance cooperation with Iraq and open accounts for three private Iraqi banks.
Al-Sudani’s media office stated in a statement received by “Baghdad Al-Youm,” that “Prime Minister Muhammad Shia’ al-Sudani met in Davos with the regional CEO of JP Morgan for the Middle East and North Africa, Khaled Hoballah,” noting that “he witnessed the meeting and discussed "Prospects for cooperation in the financial fields, and opening accounts for Iraqi banks, as well as the possibility of the bank participating in the government's efforts to adopt electronic payment applications in Iraqi markets."
He added, "There was discussion about coordinating technical efforts between the Central Bank of Iraq and JP Morgan Bank in establishing ideas related to trading digital currencies for central banks."
According to the statement, the Prime Minister indicated “Iraq’s aspiration towards the Bank’s cooperation with the Iraq Fund for Development, and the financing it targets to finance private sector projects in Iraq,” stressing that “Iraq is proceeding with financial and banking reform steps, in a way that helps develop this vital sector.”
For his part, Khaled Hoballah expressed “GB Morgan’s readiness to enhance cooperation with Iraq as a government, with the Central Bank of Iraq, and the Iraqi banking sector,” stressing “the bank’s intention, as a first stage, to open accounts for three private Iraqi banks.”
The Prime Minister confirms that Iraq is proceeding with financial and banking reform steps
The Regional CEO of JP Morgan Bank for the Middle East and North Africa, Khaled Hoballah, confirmed today, Wednesday, his intention to open an account for three Iraqi banks, while expressing his willingness to enhance cooperation with Iraq, during his meeting with the Prime Minister, Muhammad Shiaa Al-Sudani, in Davos.The Prime Minister's Media Office stated, in a statement received by Al-Iqtisad News, that "Al-Sudani met in Davos with the regional CEO of JPMorgan for the Middle East and North Africa, Khaled Hoballah."The meeting witnessed "discussing the prospects for cooperation in the financial fields and opening accounts for Iraqi banks, as well as the possibility of the bank participating in the government's efforts to adopt electronic payment applications in Iraqi markets."“There was also discussion about coordinating technical efforts between the Central Bank of Iraq and JPMorgan Bank in establishing ideas related to trading digital currencies for central banks.”The Prime Minister pointed out, "Iraq looks forward to the bank's cooperation with the Iraq Fund for Development, and the financing it targets to finance private sector projects in Iraq," stressing, "Iraq is moving forward with financial and banking reform steps, in a way that helps develop this vital sector."For his part, Khaled Hoballah expressed "GB Morgan's readiness to enhance cooperation with Iraq as a government, with the Central Bank of Iraq, and the Iraqi banking sector," stressing "the bank's intention, as a first stage, to open accounts for three private Iraqi banks."
Al-Sudani discusses trading in digital currencies with JP Morgan Bank
Prime Minister Muhammad Shiaa Al-Sudani and the Regional CEO of JPMorgan Bank discussed on Wednesday coordinating technical efforts with the Central Bank of Iraq in establishing ideas related to trading digital currencies for central banks.
The Prime Minister's media office said, in a statement received by Shafaq News Agency, that the latter "met today, on the sidelines of the Davos Economic Forum in Switzerland, the regional CEO of JPMorgan for the Middle East and North Africa, Khaled Hoballah."
He pointed out that "the meeting witnessed a discussion of the prospects for cooperation in the financial fields, and the opening of accounts for Iraqi banks, as well as the possibility of the bank participating in the government's efforts to adopt electronic payment applications in the Iraqi markets."
He stated, "Discussions took place in coordinating technical efforts between the Central Bank of Iraq and JP Morgan Bank in establishing ideas related to trading digital currencies for central banks."
The Prime Minister indicated, according to the statement, “Iraq’s aspiration towards the Bank’s cooperation with the Iraq Fund for Development, and the financing it targets to finance private sector projects in Iraq, stressing that Iraq is proceeding with financial and banking reform steps, in a way that helps in developing this vital sector.”
For his part, Khaled Hoballah expressed JP Morgan's readiness to "strengthen cooperation with Iraq as a government, with the Central Bank of Iraq, and the Iraqi banking sector," stressing the bank's intention, as a first stage, to "open accounts for three private Iraqi banks."
the Iraq govt tweeted
Learn about the most important points of the meeting between the Prime Minister and the regional CEO of JP Morgan Bank.text for the image above
The most iThe most important points of the meeting between the Prime Minister and the regional CEO of JP Morgan Bank.
Establishing ideas related to trading digital currencies for central banks
Exploring prospects for cooperation in financial fields
Coordinating technical efforts between the Central Bank of Iraq and JPMorgan
JPMorgan's readiness to open the accounts of three private Iraqi banks
Strengthening cooperation with the Iraqi government, the central bank and the banking sector
Looking forward to the Bank’s cooperation with the Iraq Fund for DevelopmentNearly 190,000 civil servants registered to MyAccount: KRG
The first phase of the MyAccount initiative in Erbil province has reached its final phase, and approximately 190,000 civil servants in Erbil province have registered in the program within the last four months, according to a statement released by the Kurdistan Regional Government (KRG) Ministry of Finance and Economy on Monday.
Over 6,000 employees received their bank cards through the MyAccount initiative, and about 3,000 received their salaries through the digital platform last month.
According to the Ministry of Finance and Economy, the initiative is currently being implemented without any problems, and preparations for its alpha launch in Duhok and Sulaimani provinces are nearing completion.
The pilot project will be finalized in 2025 with the goal of integrating all civil servants into the digital payment system.
The government’s Department of Information Technology (DIT) designed, tested, piloted, and implemented a secure application for onboarding KRG employees into the program in line with the Central Bank of Iraq’s Know-Your-Customer (KYC) needs, according to a press release previously shared with Kurdistan 24.
It is believed that there are four banks offering services for the program: Ashur, BBAC, Cihan, and RT.
Erbil currently has about 50 ATMs from five private banks, namely: RT Bank, Cihan Bank, Ashur International Bank, National Bank of Iraq, and BBAC Bank, all of which are synchronized with MyAccount, except for the National Bank of Iraq.
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