Iraq continues its efforts to gain membership in the World Trade Organization
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The Ministry of Commerce confirmed the government's aspiration to join the World Trade Organization, especially after the Saudi representative in the organization, Saqr Al-Muqbel, was named to manage Iraq's accession file, noting that his recent visit to Baghdad contributed to addressing a number of important files.
The ministry’s official spokesman, Muhammad Hanoun, said, “Iraq has joined as an observer in the World Trade Organization since 2004, and until 2023 this accession faced many problems and challenges, the most recent of which is the failure to pay dues to join the observer organization. However, after the announcement of the government program by Prime Minister Muhammad Shia Sudanese began working again on the possibility of Iraq joining this organization, as two sessions took place and a dialogue was held with the organization by the Iraqi negotiating team headed by the Minister of Trade, Atheer Al-Ghurairi, which included all the relevant Iraqi ministries and bodies.
Hanoun added, “The World Trade Organization assigned the Saudi representative to the organization, Saqr Al-Muqbel, to manage the file of Iraq’s accession, and he came to Baghdad on an important visit and met with the Iraqi negotiating team, and many issues were addressed, the most important of which were the files of goods and services, as well as the legislation that the Iraqi economic reform team in the Prime Minister’s Office would carry out.” By addressing it within the frameworks and legislation within which the World Trade Organization operates.”
He continued, "Joining will achieve many things for Iraq, most notably that it will support the file of Iraqi goods and facilitate their entry into global markets, and secondly, the harmonization of Iraqi laws and regulations with international laws and regulations," pointing out that "Iraq has today become a major economic player on the world level and needs to harmonize Iraqi laws with international laws." .
He stressed, “Minister of Trade Atheer Al-Ghurairi attended the third session of the World Trade Organization, which was held in the Emirate of Dubai in the UAE, and met with the Assistant Director-General of the organization. We believe that the meeting will achieve progress in achieving the government’s aspirations regarding accession in an accelerated manner,” appreciating “the Saudi efforts in overcoming many special obstacles.” Iraq's accession to the World Trade Organization.
Bloomberg: Conflict and fragility in Iraq prevent it from joining the World Trade Organization
Bloomberg revealed the reasons for Iraq's refusal to join the World Trade Organization.
The agency said in a report, “Libya, Lebanon, Sudan, and Iraq are among the countries trying to join the World Trade Organization, but due to conflict and fragility, this hinders their accession.”
Arab States in Turmoil Are Struggling to Join the WTO
Two tiny countries are celebrating the end of their long journeys to join the World Trade Organization. But for nations still too unstable to clear the club’s bar for membership, there’s a more somber reality outside the international trading system.
Economic and political turmoil make it difficult for some nations in the Middle East to meet the requirements to move through the WTO’s accession process, according to Ngozi Okonjo-Iweala, the organization’s director-general.
“When there is more stability in some of the countries, they’ll be able to work faster,” Okonjo-Iweala said earlier this week in Abu Dhabi, where the 13th WTO ministerial conference is supposed to wrap up on Thursday.
The island nations of Comoros and Timor-Leste were welcomed into the WTO earlier this week, bringing total membership to 166. Comoros had been going through the application process since 2007, Timor-Leste since 2016.
While some states in the Mideast may have started negotiations to try to join the Geneva-based referee for trade rules and multilateral negotiations, ongoing domestic setbacks are stalling those efforts, the DG lamented.
From a war between Hamas and Israel to a breakdown in the economic ecosystem in several nations including Lebanon and potentially Egypt, to a civil war in Sudan — the Arab world is arguably going through one of its toughest patches.
The spillover effect of the war has affected different industries in neighboring countries including Egypt, Lebanon, Jordan and Syria.
Libya, Lebanon, Sudan and Iraq among others are trying to come into the WTO, Okonjo-Iweala said, but because of “the conflict and the fragility, that sometimes holds back the progress,” she said.
“The accession of countries in the Arab region is very important,” she said. Still, in order to become a member, “you have to negotiate agreements, market-access agreements with most of the members, and it takes time to be able to agree with them on these things.”
Trade confirms the processing of files within efforts to join the World Trade Organization
Today, Friday, the Ministry of Commerce confirmed the government’s aspiration to join the World Trade Organization, especially after the Saudi representative in the organization, Saqr Al-Muqbel, was named to manage Iraq’s accession file, noting that his recent visit to Baghdad contributed to addressing a number of important files.
The ministry’s official spokesman, Muhammad Hanoun, told the Iraqi News Agency (INA): “Iraq joined as an observer in the World Trade Organization from 2004, and until 2023, this accession faced many problems and challenges, the most recent of which was the failure to pay dues to join the observer organization, but after the announcement Regarding the government program of Prime Minister Muhammad Shiaa Al-Sudani, work began again on the possibility of Iraq joining this organization, as two sessions took place and a dialogue was held with the organization by the Iraqi negotiating team headed by the Minister of Commerce, Atheer Al-Ghurairi, which included all the relevant Iraqi ministries and bodies.
Hanoun added, “The World Trade Organization assigned the Saudi representative to the organization, Saqr Al-Muqbel, to manage the file of Iraq’s accession, and he came to Baghdad on an important visit and met with the Iraqi negotiating team, and many issues were addressed, the most important of which were the files of goods and services, as well as the legislation that the Iraqi economic reform team in the Prime Minister’s Office would carry out.” By addressing it within the frameworks and legislation within which the World Trade Organization operates.”
He continued, "Joining will achieve many things for Iraq, most notably that it will support the file of Iraqi goods and facilitate their entry into global markets, and secondly, the harmonization of Iraqi laws and regulations with international laws and regulations," pointing out that "Iraq has today become a major economic player on the world level and needs to harmonize Iraqi laws with international laws." .
He stressed, “Minister of Trade Atheer Al-Ghurairi attended the third session of the World Trade Organization, which was held in the Emirate of Dubai in the UAE, and met with the Assistant Director-General of the organization. We believe that the meeting will achieve progress in achieving the government’s aspirations regarding accession in an accelerated manner,” appreciating “the Saudi efforts in overcoming many special obstacles.” Iraq's accession to the World Trade Organization.
Parliamentary Finance calls on banks to open branches outside Iraq
The head of the Parliamentary Finance Committee, Atwan Al-Atwani, presented eight proposals to develop banking services for Iraqi banks, while calling on banks to open branches outside Iraq and finance investment opportunities.
Al-Atwani said, during the “Finance and Banking Services” conference, which was attended by the “Al-Iqtisad News” correspondent, “We must turn to the banking sector, to address the problems of the Iraqi economy, by financing productive projects and using financial tools to finance the budget deficit.”
Al-Atwani stressed the need for banks to finance investment opportunities, which contributes to the growth of the economy and turns them into indispensable institutions.
The Chairman of the Parliamentary Finance Committee warned that Iraqi banks have a long history and a prominent position, but they were subjected to the wrong policies of the previous regime, which led to their curtailment.
Al-Atwani proposed 8 points for developing banking work, which are:
1- Providing banking institutions with efficient financial and technical staff, and ensuring the development and qualification of their tools and capabilities by involving them in training courses outside Iraq on modern methods of banking, and completing banking transactions using modern methods.
2- Equipping banks and banks with modern, advanced systems in all financial fields and activities and introducing the ATM service to all banks.
3- Establish quality measurement centers in all banks and activate their role by receiving development ideas and visions while honoring those with ideas that prove successful in practical fields.
4- Opening horizons for cooperation and coordination between Arab and international banks and institutions; For the purpose of benefiting from the experiences of those financial institutions that preceded us in development in order to achieve a qualitative shift in Iraqi banks and reduce the time factor to ensure that we join the ranks of the advanced in the banking industry.
5- Encouraging scientific studies and research aimed at developing outstanding performance in our financial institutions, and ensuring the translation of those studies and research from a theoretical reality into a tangible practical reality that reflects positively on the economic level.
6- Study the possibility of opening new branches of local banks outside Iraq for the purpose of expanding the circle of banking activity, providing the best services and attracting more customers to these banks.
7- Approving the basic principles for using interest, to ensure an increase in deposits, ensuring that the process is safe from counterfeiting and addressing issues related to money laundering.
8- It is necessary to point out the efforts of the legislative and executive authorities at the present time in developing the financial system and banking institutions through their efforts to complete and approve the relevant laws, which have reached the final stages, which are:
A - The draft Securities and Commodities Law, which seeks to regulate financial markets and control trading operations in a way that enhances the economic process.
B- The draft law on the Center for Banking Studies, which aims to scientifically develop banking work and raise the level of professional performance of the banking system.
T- The draft Islamic investment sukuk law, which aims to create and diversify investment tools in the Iraqi financial market.
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The Central Bank announces the start of establishing the National Company for Electronic Payment Systems
Today, Wednesday, the Central Bank announced the start of establishing the National Company for Electronic Payment Systems, while confirming the increase in the volume of deposits in the banking sector to 131 trillion dinars and the volume of foreign reserves to 148 trillion dinars.
Deputy Governor of the Central Bank, Ammar Khalaf, said in his speech during the opening of the eighth annual exhibition and conference for finance and banking services in Iraq, attended by the correspondent of the Iraqi News Agency (INA): “There were many challenges that Iraq experienced last year, and the Central Bank faced them with high responsibility, as it was able, through tools The various monetary policy and the right decisions help achieve its goals set forth in its law, as well as achieving the general level of prices through a decrease in the inflation rate, as since the beginning of 2023 the inflation rate has reached 7.5 percent and decreased at the end of the year 2023 to 4 percent.”
He pointed out, “activating monetary policy tools and raising the price from 4 percent to 7.5 percent, in addition to issuing various financial tools, including bank transfers and Islamic certificates of deposit instruments, which were considered an investment opportunity for Islamic and commercial banks operating in Iraq, in addition to using monetary policy tools.” Various, including raising the mandatory reserve ratio from 15 percent to 18 percent,” indicating that “these tools are intended to manage excess liquidity in the Iraqi economy.”
He pointed out that "last year witnessed clear growth in most monetary changes, including an increase in the volume of deposits in the banking sector from 129 trillion in 2022 to 131 trillion in 2023, as well as an increase in private sector deposits in the banking system from 54 trillion dinars to 55 and a half trillion dinars, as well as An increase in the volume of credit in the banking sector from 60 trillion to 69 trillion in 2023, in addition to an increase in credit to the private sector from 35 to 40 trillion dinars, in addition to an increase in the volume of foreign reserves from 140 to 148 trillion dinars.
He continued, "The efforts led by the Central Bank of Iraq in cooperation with the government, especially with regard to expanding the use of electronic payment tools, as there was a clear rise and growth in electronic payment tools in Iraq, as the number of POS points of sale increased from 10,000 devices in the year 2022." To more than 20 thousand devices in the year 2023, the number of ATM machines also increased from 2,223 devices in the year 2022 to about 3 thousand devices in the year 2023, and the number of electronic cards of various types reached about 16 million cards in the year 2022 and 18 million cards in the year 2023. Noting that "the past year witnessed great cooperation between the government and the Central Bank, especially with regard to enhancing confidence in the national currency through various decisions issued by the Council of Ministers and the Central Bank."
He explained, "There is less use of foreign currency in daily transactions, in contrast, there is increased reliance on the national currency for local transactions, in addition to the existence of cooperation in the issue of restructuring government banks and developing private banking institutions to build sound and solid banking institutions."
He stressed, “The Central Bank of Iraq is focusing on the importance of enhancing adherence to compliance standards for all financial institutions in accordance with local and international standards,” pointing out that “external transfer operations witnessed great discipline during the past year and a high response from all banks to facilitate trade financing operations and various external transfers.” Especially after the issuance of external transfer controls at the beginning of last year.”
He added, "The Central Bank of Iraq was able to strengthen its banking relations with a large number of Arab and foreign financial and banking institutions to open wider areas and ensure a high flow of external transfers, especially the use of different channels for external transfers in different currencies other than the dollar or next to the US dollar."
He pointed out, “The Central Bank sought to strengthen the banks by increasing the capital of all banks from 250 to 400 billion dinars,” noting that “One of the most important projects launched by the Central Bank last year, and work on which is still underway this year, is the establishment of Riyada Bank, which He will be specialized in providing financing for small and medium enterprises, as well as preparing a national strategy for bank lending due to the importance of the depth and development of the Iraqi financial economy and the importance of the role of financing in enhancing production and investment opportunities in Iraq, in addition to strengthening the role of non-banking financial institutions that support financial and banking stability in Iraq, by strengthening The role of the Deposit Guarantee Company as well as the Loan Guarantee Company, in addition to starting to establish the National Company for Electronic Payment Systems, which will hopefully have a major role in organizing electronic payment operations in Iraq.”
very similar but a little different
Parliamentary Finance presents 7 proposals to develop the Iraqi banking system
The Finance Committee in the House of Representatives announced today, Wednesday, that three laws are close to their final stages of legislation to develop the financial system and banking institutions in Iraq, while it presented 7 proposals to develop the Iraqi banking system.
The head of the committee, Atwan Al-Atwani, said during the annual conference on finance and banking services, which was held on the grounds of the Baghdad International Fair, that “the conference is an important opportunity to discuss files and issues at a high level of importance, and to establish future financial and economic partnerships between Iraqi banks and companies with their counterparts in neighboring countries and the world.” "
He added, "The banking system is one of the most important tools for the economic growth process of any country, given its effective role in achieving stability in the financial system in general and achieving growth in particular, by financing productive projects as a link between investors and depositors."
He continued, "And also by transferring money from people who own it and do not have an opportunity to people who need it and have investment opportunities, thus contributing effectively to raising the level of economic activity, achieving economic growth, and alleviating and addressing economic problems, until banks have become indispensable institutions." than in any economic system.
He pointed out, "The Iraqi economy suffers from many problems, so it is necessary to turn to the banking sector, to achieve economic growth for productive projects in the private sector, in order to alleviate and address economic problems, especially the problem of the financial deficit in the budget, through the use of financial tools in order to Achieving economic and social goals.
He stated, “Local public and private banks have a long history and a prominent position, but unfortunately, during the era of the former regime, these financial institutions were subjected to a decline in their capabilities, due to wrong policies that negatively affected the level of their services, and their interruption from the progress of the global banking industry.”
He went on to say: “Wars and sieges are the peg on which the exterminated regime hung its mistakes for the purpose of justifying them, which placed our local banks in complete isolation from openness and cooperation with Arab and foreign banks.”
Al-Atwani explained, “The goal we are seeking today is how we can achieve a qualitative leap in developing our banking services, in order to ensure that we catch up with developed countries in this field,” pointing out that “this mission requires a high national effort from our relevant institutions, by... The relevant authorities are open to foreign banking developments.”
Al-Atwani presented a number of development proposals, which are:
First: Providing the banking institution with competent financial and technical staff and ensuring the development of its skills and capabilities by involving it in training courses outside Iraq and training it on modern methods of banking and completing banking transactions using modern methods, while training them on the use of advanced technical devices.
Second: Equipping banks and banks with modern, advanced devices in all fields and financial activities, and introducing the automated teller machine service in all branches in a way that ensures easy and easy exchange for all clear account holders.
Third: Establishing quality measurement centers in all banks and activating their role in receiving development ideas and opinions, while honoring the owners of those ideas that are proven in practical fields and whose results are reflected positively in developing the performance of banks, with the aim of evaluating innovators and urging them to present other creative ideas that achieve comprehensive advancement in all sectors. Banks and refineries.
Fourth: Opening horizons for cooperation and coordination between Arab and international banks and banks, for the purpose of benefiting from the experiences of those financial institutions that preceded us in development, achieving qualitative shifts in the performance of our banks and reducing the time factor to ensure that we join the advanced ranks of the regional and international banking industry.
Fifth: Encouraging scientific studies and research aimed at developing outstanding performance in our financial institutions and ensuring that these recommendations, studies and research are transformed from their theoretical reality into a tangible practical reality that reflects positively on commercial and future economic developments.
Sixth: Studying the possibility of opening branches of Iraqi local banks, for the purpose of expanding the circle of banking activity, providing the best services, and attracting more customers from banks as a means of attracting capital.
Seventh: Approving the basic principles for using interest to ensure an increase in deposits, as well as ensuring that the process is safe from counterfeiting, and addressing issues related to money laundering in order to preserve the value of the national currency and the country’s economic interests.
He pointed to “the efforts of the executive and legislative authorities at the present time in developing the financial system and banking institutions through their efforts to implement and legislate the relevant laws, which have reached their final stages, which are first: the draft securities and commodities law, which seeks to regulate the work of financial and commodity markets and control securities trading operations.” Cash and commodities in a way that enhances economic activity, strengthens the investment environment, and encourages the process of capital formation.”
He continued, "The second project is the Banking Studies Center Law, which aims to scientifically develop banking work and raise the level of technical and professional performance in the banking system. The third project is the Islamic Investment Sukuk Law, which aims to create and diversify investment tools in the Iraqi financial market." “And enabling Islamic banks and Islamic financial companies to contribute to the development of economic projects.”
CBI reveals a rise in deposits and bank credit
The Central Bank of Iraq (CBI) unveiled that the deposits in the banking sector surged to over 180 trillion dinars.
Speaking at the Iraqi Finance Expo, held in Baghdad from February 28 to March 1, in the sponsorship of the Finance Committee in the Iraqi Parliament and CBI, Deputy Governor Amar Hamad highlighted the bank's successful management of challenges, resulting in significant milestones in Iraq's financial sector.
Hamad stated, "CBI has responsibly faced all challenges and achieved its set goals in its law, primarily aimed at achieving stability in the general price level by reducing the inflation rate from 7% at the beginning of 2023 to 4% by the end of last year, activating various monetary policy tools, including issuing various financial instruments such as bank transfers and Islamic deposit certificates."
"These securities and Islamic Certificates of Deposit are considered investment opportunities for Islamic and commercial banks operating in Iraq, using various monetary policy tools, including raising the reserve ratio from 15% to 18%. All these tools aimed at managing surplus liquidity in the Iraqi economy," he added.
Hamad further mentioned, "There has been a noticeable growth in most monetary changes last year. For example, the volume of deposits in the banking sector increased from 129 trillion dinars last year to 131 trillion dinars, as well as an increase in private sector deposits in the banking system from 54 trillion dinars to 55 trillion dinars."
"The volume of credit in the banking sector increased from 60 trillion to 69 trillion dinars in 2023, and the completion rate for the private sector increased from 35 trillion dinars to 40 trillion dinars, in addition to the increase in foreign cash reserves from 140 trillion dinars to 148 trillion dinars."
Hamad emphasized, "Last year witnessed significant cooperation between the government and CBI, especially in enhancing confidence in the national currency through various decisions issued by the Cabinet and CBI. There is a noticeable decrease in the use of foreign currency in daily transactions, accompanied by an increase in reliance on the national currency in local transactions."
He continued, "Efforts led by CBI in collaboration with the government, especially regarding the use of electronic payment tools, have resulted in significant growth and development in Iraq. For example, POS terminals increased from 10,000 devices in 2023 to more than 20,000, and ATMs increased from 2,223 devices to about 3,000 devices. As for different cards, their number increased from 15 million cards to 18 million cards."
Moreover, Hamad noted that "last year witnessed significant discipline in external transfer operations, with a high response from all banks to facilitate foreign trade financing operations and various external transfers, especially after the issuance of external transfer regulations at the beginning of 2023. CBI also strengthened its banking relations with a large number of Arab and foreign financial and banking institutions to open wider channels to ensure smooth external transfers, especially using various channels for external transfers in currencies other than the US dollar."
"CBI seeks to strengthen banks by increasing their capital from 250 billion dinars to 400 billion dinars by the end of 2024. One of the most important projects launched by CBI last year and ongoing this year is the establishment of the Entrepreneurial Bank, which specializes in providing financing for small and medium-sized projects and preparing a national banking strategy. This aims at the importance of financial depth in the Iraqi economy and the role of financing in enhancing production and investment opportunities in Iraq."
Hamad stressed that "this also aims to enhance the role of non-bank financial institutions supporting financial and banking stability in Iraq by strengthening the role of the Deposit Guarantee Company, the Loan Guarantee Company, in addition to initiating the establishment of the National Company for Electronic Payment Systems. We believe this company will play a significant role in regulating electronic payment operations in Iraq."
Parliamentary insistence on legislating investment, oil and gas laws
Member of the Economy and Investment Committee, MP Muhammad Al-Ziyadi, confirmed on Wednesday that the committee has begun discussing amendments to the National Investment Law for approval during the current semester, indicating that there is parliamentary insistence to approve the oil and gas law.
Al-Ziyadi told Al-Maalouma, “The Economy and Investment Committee has begun making amendments to the National Investment Law, suggesting that the amendments will be completed next week before submitting it to the Presidency of the Council for approval.”
He added that “the Federal Court’s decision regarding the region’s oil prompted the political forces to move to approve the law.” “Oil and gas.”
It is noteworthy that the Federal Supreme Court, in its session held last Wednesday, obligated the Kurdistan Regional Government to hand over all oil and non-oil revenues to Baghdad.
Al-Rasheed Bank launches the deposit and transfer service on electronic cards
Today, Wednesday, Al Rasheed Bank announced the launch of the deposit and transfer service on electronic cards.
A statement from the bank, received by the Iraqi News Agency (INA), stated that, “In line with the government’s directives and in implementation of the government program, Al-Rasheed Bank announces the launch of the deposit and transfer service via the electronic payment card from (Nakheel).”
He added, "All Rasheed Bank card holders, including bank employees, state departments, security forces, and retirees, can make
deposits and withdrawals using the electronic card," specifying "a number of its branches to receive all those wishing to make deposits."
An urgent parliamentary call regarding the 2024 budget
Today, Wednesday, a member of the Parliamentary Oil and Energy Committee, Ola Odeh Al-Nashi, called on the government headed by Muhammad Shiaa Al-Sudani to expedite sending the federal general budget for the current year 2024.
Al-Nashi said in an interview with Al-Maalouma, “There are many government projects assigned to the governorates that require accelerating their financial coverage in order to raise the ceiling for work and complete them within the specified timetable.”
She added, "The government is required to resolve the 2024 budget file as soon as possible and send it to the House of Representatives for the purpose of voting on it."
Al-Nashi called on the Sudanese government to “expedite sending the 2024 budget schedules for a vote by Parliament to speed up the launch of this year’s projects.”
On June 12, 2023, the House of Representatives approved 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.
A new step by the government to attract foreign investments
Deputy Prime Minister and Minister of Oil, Hayyan Abdul-Ghani Al-Sawad, revealed today, Wednesday (February 28, 2024), the government’s intention to amend the investment law to facilitate the work of companies that wish to enter Iraq.
Al-Sawad said during an interview with “Baghdad Today” that “the government is determined to amend the investment law in Iraq, in a way that ensures the process of attracting companies,” indicating that “there are some observations on the current investment law, and accordingly we proceeded to propose some amendments, and they will be studied to proceed with drafting the amendments.” necessary from the government in preparation for sending the amendments to Parliament for passage.”
The Deputy Prime Minister stated, “Investment in the refinery sector is our most important priority in the Ministry of Oil, and therefore the government seeks to develop all aspects of the country, and one of the most important ways of development is to work to find an investment law that will be attractive to companies to work in Iraq.”
According to specialists in economic affairs, the country’s investment law is one of the best laws that can attract capital and international companies, in addition to being appropriate to the economic reality.
They stressed that the advantages provided by the law were not optimally exploited to bring about broad development or reconstruction moves, and the provisions of the laws were not widely exploited except in the oil field, pointing out that legal legislation alone is not sufficient for the inflow of investment capital into the country.
International Monetary Fund: Iraq is making progress in non-oil GDP growth
The Iraqi delegation, headed by the Minister of Finance, Taif Sami Muhammad, held discussions today, Wednesday, with International Monetary Fund experts within the framework of Article IV consultations, held in the Jordanian capital, Amman, during the period from February 27 to 29.
A statement from the ministry, received by Earth News, stated, “The discussions focus on the reform program for the Iraqi economy and the steps adopted by the Iraqi government towards strengthening financial and banking policy, digital infrastructure, financial inclusion, and public debt issues, in addition to the measures taken to mitigate the repercussions of international conflicts and their effects on the economy.”
He added, “During the consultations, the delegation is also holding discussions related to a road map towards increasing non-oil revenues and enhancing coordination between financial and monetary policies in Iraq, in addition to defining joint work programs that include the IMF providing the necessary technical and advisory support for the economic reform adopted by the Iraqi government in achieving financial and monetary stability.” “And improving the level of financial planning for budgets and the continuity of implementation of important development projects.”
The Fund’s expert mission praised “the government measures to improve the business climate and stimulate the investment environment, noting that “Iraq is making progress in growing non-oil domestic product and strengthening public financial management, pointing to the importance of maintaining economic stability and supporting social protection,” praising “the remarkable progress in Maintaining economic and financial stability, as this is represented by low inflation rates and an improved balance of payments, as well as stimulating economic diversification and creating job opportunities led by the private sector.”
Analysis: The political majority in Iraq rejects the departure of the Americans, and this is why!
In light of the continuing controversy surrounding the removal of American forces from the country and the rising voices of supporters and opponents, with different political visions and reference to the security situation in Iraq, and the need for the presence of these forces at the present time, “Baghdad Today” conveys an analytical vision on the subject.
rejectionist political majority
Political analyst Muhammad Ali Al-Hakim confirms today, Wednesday (February 28, 2024), that “the political majority in Iraq rejects the expulsion of the Americans, explaining the reason for that rejection.”
Al-Hakim told "Baghdad Today", "The position of the Kurdish political forces as well as the Sunnis is clear and declared by refusing to remove the Americans from Iraq for fear of the repercussions of that on the overall situation in Iraq," adding, "This is also the case for some Shiite political forces, and this means that the majority is with The survival of the Americans, not their expulsion.”
He stated that “the political majority’s refusal to expel the Americans comes in order for those political parties to preserve their gains achieved after 2003,” noting that “the session discussing the law on expelling foreign forces a few days ago was the best evidence that the majority is with the Americans remaining, and hence the talk about expelling them.” These forces are nothing but media consumption.”
Fearing for gains
Al-Hakim continued, "We heard this conversation after the assassination of Qassem Soleimani and Abu Mahdi Al-Muhandis, and on the ground nothing was achieved, due to the fear of the influential parties of losing the personal and political gains they had achieved."
Earlier, Parliament held a deliberative session attended by 85 deputies, all from the coordination framework, for the purpose of discussing the removal of American forces. However, the session only led to the submission of signatures to the Parliamentary Legal Committee for the purpose of preparing and legislating a law to remove American forces from Iraq.
The need for the Americans
While the Prime Minister of the Regional Government, Masrour Barzani, also expressed earlier, “the necessity and need of Iraq and the Kurdistan Region for the survival of American forces and the international coalition,” noting that “the region needs more military, economic, and political support from the United States.”
For his part, the leader of the United Party, Khaled Al-Dabouni, confirmed on (February 15, 2024) that the need for the American presence is still required .
Al-Dabouni said in an interview with “Baghdad Today” that “ISIS still poses a real threat to the provinces of Nineveh, Anbar, and Salah al-Din, and we believe that the Iraqi security services, especially in terms of the air, are completely unqualified , ” indicating that “removing American forces from Iraq requires understanding and consensus.” political, and not using means of pressure, blackmail, and trying to betray others - which have proven to be unsuccessful - in managing the political process.”
Will Al-Sudani's visit to Washington resolve the controversy over identifying Iraq's allies?
Iraqi Prime Minister Muhammad Shiaa Al-Sudani is scheduled to pay a visit to the White House next April, which is widely viewed as being pivotal in determining the future relationship between Baghdad and Washington.
The Sudanese has many files that he can achieve, even gradually, because the Americans do not always want to achieve what is asked of them with one basket.
Michael Knights, a specialist in military and security affairs for Iraq, Iran, and the Arab Gulf states, said in a report published by the Washington Institute that the Sudanese yearns to achieve his ambition during an official visit to the White House this year. He has enough reasons to appear as a strong person with a positive influence.
Al-Sudani received two direct invitations at separate times, delivered to him by US Ambassador Alina Romonsky and the other by US Secretary of State Blinken, but he postponed them for reasons that may relate to the maturity of the preparation of files that will be discussed there, especially security, economic and other files.
Al-Sudani's visit to Washington is receiving wide attention from observers, who believe that it will be important and detailed because it is linked to a dangerous issue, which is the removal of American forces from Iraq.
Political observer Sabah Al-Ugaili confirmed that the Sudanese visit to Washington will be special and with a distinguished and historic delegation.
Al-Ugaili told Al-Maalouma, “The issues that will be discussed are summed up in defining the bilateral relationship with the United States of America, as well as discussing the scheduling of the withdrawal of the American-led coalition forces.”
He pointed out, "The other file is no less important than the security file and the withdrawal of American forces, the economic file and the request for support for Iraq to exit Chapter 7, which allows Iraq to free its money from the US Federal Reserve and transfer revenues from the sale of oil directly to the Central Bank of Iraq, especially since Iraq has fulfilled all its obligations." This is a very important matter, in addition to discussing the Palestinian file and the Gaza war.”
Al-Ugaili believes that Al-Sudani has important pressure cards during his discussions in Washington with the American administration to change the face of American policy towards Iraq, which are summed up by the fact that Iraq is considered an attractive country for investments.
He pointed out that "the biggest competitor is Russia and China, especially with the Russian-Iraqi rapprochement and its welcoming of the BRICS economic group, as well as the Iraqi-Chinese tendencies to participate in vital and giant projects that may provoke the negotiator."
In addition, former member of the Foreign Relations Committee, Khaled Al-Asadi, confirmed that the Sudanese government’s request to join the BRICS economic group is an extremely important step to organize the relationship with the Russian side politically, economically and security-wise, noting that Russia announced its support for the Iraqi request.
Al-Asadi told Al-Maalouma, “The Iraqi government’s request to join the BRICS economic group is a very important step for the Sudanese government to diversify its relations with various countries of the world, especially Russia and the countries organizing the group.”
He added, "Iraq will actually participate in the group's meetings until it gains full membership after completing the membership requirements procedures, noting that Russia announced its support for the Iraqi request."
The Russian ambassador to Baghdad, Elbrus Kutrashev, confirmed Russia's position in support of Iraq's joining the BRICS economic group, expressing Russia's readiness to generously help Iraq if it joins BRICS, and that Iraq is the one who chooses its partners and no relations are imposed on it.
Al-Sudani visits Washington in a “stormy moment” and wants planes and air defense... 4 analysts
Masrour Barzani's discussions will have an impact
Four Iraqi experts and locals imagine the shape of the expected meeting between Prime Minister Muhammad al-Sudani and US President Joe Biden, and each of them set a hypothetical agenda for the dialogue scheduled in the White House.
Analysts told the 964 Network that the invitation to visit Washington reached Al-Sudani at a complex and stormy stage of his term. Of course, the issue of the armed factions and the dollar crisis in Iraq will be at the top of the issues, but what is noteworthy is that analysts expected an important impact from the visit of the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, which he made to Washington a few days ago.
Therefore, analysts believe that Biden will discuss with Sudanese issues of Kurdistan, such as the region’s oil export file, and the decisions of the Federal Court regarding employee salaries and elections. Some of them also indicated that the Prime Minister will discuss Baghdad’s requests regarding armament and development of the army, especially the air force and air defense.
When?
Al-Sudani waited about a year after assuming responsibility, to receive an invitation to visit the White House, and he received it twice, the first through Secretary of State Anthony Blinken last December when they met in New York during the United Nations meetings, and the second through US Vice President Kamala Harris in early February when they were brought together by the Munich Security Conference. Global.
The visit will come in light of a complex political, security and economic crisis resulting from the escalation of factions against American forces in Iraq, Syria and Jordan.
Sudanese advisors had previously talked about possible dates for the visit, but they said that the matter depends on the “agenda compatibility” of the two parties, and when it suits the agendas in Baghdad and Washington, amid many unrest across the world.
Yassin Aziz, political affairs researcher:
Al-Sudani's expected visit to Washington will come after numerous attempts to secure the invitation, and it was expected that he would receive it shortly after assuming the position in late 2021.
Circumstances did not help the Sudanese to make the visit, and now there are many important files waiting for him in Washington, more complex than his first days as prime minister.
There will be an honorary meeting between Al-Sudani and Biden, and then Al-Sudani will discuss complex files with the American side, including the status of armed factions and weapons outside the control of the state, and scenarios for the American military presence in Iraq.
The Americans will discuss with Sudanese the resumption of oil exports from the Kurdistan region, the overall relationship between his government and the regional government, ending the outstanding issues between the two parties, the possibility of the United States supporting the capabilities of the Peshmerga forces, the investment file in Iraq, and giving American companies priority in this matter.
Muhannad Jawad, political analyst at the Target Center:
Al-Sudani will discuss with Biden several key files, most notably the American presence in Iraq.
The second file that will be on the negotiating table is the procedures of the US Federal Bank and developments in the issue of the dollar sent to Iraq.
Gaza and Iran are at the heart of concerns from Baghdad to Washington
The two parties will discuss Iraq's position on the war that has been going on for months in the Gaza Strip. What are its paths and effects on stability in the region?
The Sudanese meeting at the White House will address Iran, its role in the region, and its relationship with Iraq, as it is Washington's greatest concern in the Middle East.
Washington seeks to demarcate Iraq's relationship with Iran according to its interests and policies that serve its interests.
Also important are the armed factions in Iraq and the possibility of stopping the targeting of American forces.
Kazem Al-Haj, political analyst:
The American presence and the nature of the work of foreign forces in Iraq will be at the top of the discussions between Al-Sudani and Biden.
The Iraqi government's position in support of Palestine will be the focus of the conversation between the two presidents.
At the political level, the meeting will discuss the decisions of the Federal Court to restore the relationship between the region and Baghdad, especially after the visit of the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, to America.
Armament, aircraft and air defense!
The investment file and the work of American companies in Iraq will be strongly present in the upcoming meeting.
The issue of arming the Iraqi army with weapons, aircraft, and air defense, and continuing cooperation in this regard, will have a share in the meeting.
Iraq's commitment to the US sanctions imposed on Iran will also be discussed in the meeting.
Issam Al-Faili, academic and political researcher:
The economic file will be present at the energy level and the work of American companies in Iraq, as well as development projects.
Dollar smuggling and how government and private banks in Iraq deal with this issue, amid fear of imposing sanctions on Iraq related to this file.
The American presence in Iraq is a major issue that will be present on the dialogue table between Al-Sudani and Biden during the upcoming meeting.
The discussions will include the issue of the relationship with the region, Masrour Barzani’s recent visit to Washington, and ways to address the chronic disputes between Baghdad and Erbil.
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The International Monetary Fund promises to support digital transformation in Iraq
Today, Thursday, the Iraqi delegation, headed by Finance Minister Taif Sami, concluded its discussions with the Article IV mission of International Monetary Fund experts in Amman.
The Ministry of Finance said in a press statement, “During the discussions, the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing non-oil revenues were reviewed.”
The Iraqi delegation confirmed, according to the statement, that “the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction,” indicating “its intention to continue discussions and consultations during the Fund’s periodic annual meetings.” ".
The Fund’s mission praised “the achievement of good progress in many financial and monetary aspects and in the areas of transparency, control, provision of financial statements and rationalization of expenditures, in addition to the strong return of growth in the non-oil sector during 2023 with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices.” .
The mission noted “the positive developments in the return of trade financing operations to their normal path and the stability of the foreign exchange market following the implementation of anti-money laundering and counter-terrorism financing controls on cross-border payments,” welcoming “government plans aimed at strengthening public financial management, including welcoming “With the steps taken by the government towards establishing a unified treasury account, improving cash flow management and increasing the tax base, as well as reviewing the customs tariff structure and achieving more targeting in social support and care.”
The mission also expressed its optimism about “the level of understanding and progress achieved with the Iraqi government and the coordination steps and joint consultations that will be completed in the near term that will contribute to addressing the financial problems imposed by the circumstances of international conflicts and their accompanying economic impacts,” explaining that “purposeful structural reforms are continuing to stimulate economic diversification.” “Creating job opportunities led by the private sector is a pivotal factor in achieving sustainable and inclusive growth.”
According to the statement, priorities at this level include creating equal opportunities for the private sector by implementing reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing to make efforts to strengthen governance and limit the spread of corruption.
It is noteworthy that Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets the member country and conducts formal consultations with its officials.
Finance concludes Iraq's discussions with the International Monetary Fund expert mission in Amman
Today, Thursday, the Iraqi delegation, headed by Finance Minister Taif Sami, concluded its discussions with the Article IV mission of International Monetary Fund experts in Amman, while the mission affirmed its continued support for the government’s reform steps.
The Ministry of Finance stated in a statement received by the Al-Ma’louma Agency that “during the discussions, the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing non-oil revenues were reviewed.”
The Iraqi delegation confirmed, according to the statement, that “the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction,” indicating “its intention to continue discussions and consultations during the Fund’s periodic annual meetings.” ".
The Fund’s mission praised “the achievement of good progress in many financial and monetary aspects and in the areas of transparency, control, provision of financial statements and rationalization of expenditures, in addition to the strong return of growth in the non-oil sector during 2023 with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices.” .
She pointed to “the positive developments in the return of trade financing operations to their normal path and the stability of the foreign exchange market following the implementation of anti-money laundering and combating the financing of terrorism controls on cross-border payments,” welcoming “government plans aimed at strengthening public financial management, including welcoming steps “The government has taken the initiative to establish a unified treasury account, improve cash flow management and increase the tax base, as well as review the customs tariff structure and achieve more targeting in social support and care.”
The mission also expressed its optimism about “the level of understanding and progress achieved with the Iraqi government and the coordination steps and joint consultations that will be completed in the near term that will contribute to addressing the financial problems imposed by the circumstances of international conflicts and their accompanying economic impacts,” explaining that “purposeful structural reforms are continuing to stimulate economic diversification.” “Creating job opportunities led by the private sector is a pivotal factor in achieving sustainable and inclusive growth.”
According to the statement, priorities at this level include creating equal opportunities for the private sector by implementing reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing to make efforts to strengthen governance and limit the spread of corruption.
It is noteworthy that Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets the member country and conducts formal consultations with its officials.
Biden and his deputy refuse to meet Masrour Barzani at the White House
An American website confirmed that the offices of the US President and Vice President refused to hold face-to-face meetings this week with the Prime Minister of the Iraqi Kurdistan region, Masrour Barzani.
According to the Washington Free Beacon website, citing sources and former American officials who sought to hold these meetings, they expressed their concern that Biden and Harris would not give time to meet Barzani.
The website stated, “US Secretary of State Anthony Blinken pressured Masrour Barzani to work more closely with the Iraqi government to calm tensions.”
The website also quoted Michael Knights, an expert on Middle East affairs, close to the Kurdish leadership, residing in Erbil and a personal friend of Kurdistan Democratic Party member Hoshyar Zebari, as saying, “The White House refuses to meet with friends and partners of the United States from Kurdistan, but happily invites the Iraqi Prime Minister to the office.” Al-Baydawi,” adding, “It seems to many as if the United States cannot distinguish between friends and enemies.
The White House issues a position on revenue sharing between Baghdad and Erbil
TODAY, FRIDAY, US NATIONAL SECURITY ADVISOR JAKE SULLIVAN CONFIRMED HIS COUNTRY’S SUPPORT FOR THE SECURITY OF THE IRAQI KURDISTAN REGION, AND THE SHARING OF REVENUES AND BUDGETS WITH BAGHDAD.
Last month, the Iraqi Federal Supreme Court issued a decision requiring the Kurdistan Regional Council of Ministers to hand over all oil and non-oil revenues to the Baghdad government.
The Pentagon publishes the contents of the meeting between Masrour Barzani and Sasha Baker
The US Department of Defense (the Pentagon) announced the content of the meeting that took place between Acting US Deputy Secretary of Defense Sasha Baker and Masrour Barzani, Prime Minister of the Kurdistan Regional Government, in Washington.
Colonel David Herndon, the official spokesman for the US Department of Defense, said about the meeting between the US Deputy Secretary of Defense and the Prime Minister of the Kurdistan Regional Government, “On February 29, 2024, the US Acting Deputy Secretary of Defense, Sasha Baker, met with the Prime Minister of the Kurdistan Government, Masrour Barzani, and his accompanying delegation at the Pentagon.”
During the meeting, Sasha Baker thanked the Kurdistan Regional Government for its condemnation of the recent attacks on American forces in Jordan, in which three American soldiers were killed, stressing that the threats facing the Kurdistan Region from Iran and the armed groups supported by Iran are very serious.
Baker stressed that the United States is committed to the Iraqi people and the Kurdistan Regional Government to maintaining security and stability within the framework of a sovereign Iraq.
The two sides discussed the recent important steps regarding the Peshmerga forces, within the framework of the 2022 Memorandum of Understanding between the Kurdistan Government and the US Department of Defense. The issue of Kurdish unity was also discussed and described as very important and a common goal for the Kurdistan Government and the United States.
US Deputy Secretary of Defense Sasha Baker praised the Peshmerga forces in their fight against the terrorist ISIS, adding that the pressure to eliminate the ISIS threat and prevent its return must continue.
On Sunday, Prime Minister Masrour Barzani arrived in Washington, D.C., with an official invitation, during which he held a series of meetings with senior American officials in the White House, the State Department, and Congress.
The Prime Minister is accompanied by a government delegation consisting of the Minister of Peshmerga, the official of the Foreign Relations Department, and a number of other government officials.
The meetings focused on ways to strengthen relations between the Kurdistan Region and the United States, in addition to discussing the latest developments in Iraq and the region.
On Monday, Masrour Barzani met with US Secretary of State Anthony Blinken, who affirmed his country's commitment to continuing its partnership with the Kurdistan Region.
Blinken pointed out that "the United States has a long-term partnership with the Kurdistan Region, represented by common values, common interests, common sacrifices, and a common history."
Masrour Barzani discusses in the White House the security of Kurdistan and securing his financial entitlements
With the US National Security Advisor
Yesterday, Thursday, during his meeting in Washington with the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, US National Security Advisor Jake Sullivan renewed the White House’s support for a strong Kurdistan, the constitutional rights of its people, and the importance of protecting the security of the Kurdistan Region, securing its financial entitlements, and its share of the budget
A statement by the Kurdistan Region Presidency:
Prime Minister of the Kurdistan Regional Government, Masrour Barzani, met at the White House on the evening of Thursday, February 29, 2024, with US National Security Advisor Jake Sullivan.
At the beginning of the meeting, the US National Security Advisor conveyed the greetings of President Joe Biden to President Barzani and the Prime Minister. He also renewed the White House’s support for a strong Kurdistan and the constitutional rights of its people.
The US National Security Advisor praised the heroism, struggle, and sacrifices of the Peshmerga, especially in confronting ISIS terrorists. He also stressed the importance of protecting the security of the Kurdistan Region, securing its financial entitlements, and its share of the budget.
For his part, the Prime Minister expressed his thanks to the United States for its continued support for the region, reiterating the need to respect the constitutional entity of the Kurdistan Region, in a way that preserves the rights of its components and does not violate them in any way.
The Prime Minister also pointed out the importance of implementing the constitution, including the formation of the Federation Council in Iraq.
In Washington.. Barzani meets the “godfather” of Iraqi banking supervision
The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, met today, Friday (March 1, 2024), with the Under Secretary of the US Treasury for Terrorism and Financial Intelligence, Brian Nelson.
The media office of the Prime Minister of the Regional Government said in a statement, received by “Baghdad Today”, that “Barzani met with Nelson, and the two sides exchanged views on strengthening bilateral relations.”
He added, "The meeting discussed ways to support the reforms implemented by the Kurdistan Regional Government within the framework of the ninth ministerial formation, especially with regard to reforming the financial system and the banking sector, in addition to discussing the (My Account) project and the digital transformation of public services."
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