Al-Sudani returns to Baghdad after concluding his visit in Washington
they tweeted this
The Prime Minister returns to the capital, Baghdad, after concluding his official visit to the United States of America.
just some of what he did while he was there
the video for this blogpost is below:
The Prime Minister’s Media Office said in a statement received by the Iraqi News Agency (INA): “Prime Minister Muhammad Shia al-Sudani returned to the capital, Baghdad, after concluding his official visit to the United States of America, which included holding a series of meetings, discussions, seminars, dialogue sessions, and other events, which are As follows:
■ Meeting with US President Joseph Biden
■ Receiving Secretary of State Anthony Blinken
■ Visiting the Pentagon headquarters and meeting with Secretary of Defense Lloyd Austin
■ Receiving Czech Prime Minister Peter Fiala
■ Receiving US Secretary of Homeland Security Alejandro Mayorkas
■ Receiving US Treasury Under Secretary Wally Adeyemo
■ Sponsoring the signing of 18 Memorandum of understanding in energy, economy, oil sector development and pharmaceutical industry
■ Receiving a number of members of the House of Representatives from the Republican and Democratic parties
■ Receiving the head of the Democratic Caucus in the US House of Representatives, Seth Molten
■ Receiving Democratic US Senator Tim Kaine
■ Receiving US Senator Lindsey Graham
■ Receiving a number of former US ambassadors who served in Iraq
■ Receiving the Chairman of the US Wheat Council, Vince Peterson
■ Receiving a delegation from JPMorgan Bank
■ Receiving the President of GE Vernova Energy Technology Company, Scott Strazik
■ Receiving a delegation from the American company (Stellar Energy)
■ Receiving the delegation of the American company (General Dynamics)
■ Receiving the delegation of the American company (Baker Hughes)
■ Receiving the delegation of the company (Lockheed Martin), which is responsible for manufacturing the F16 aircraft
■ Receiving the president of the American company (Hanwell) Ken West
■ Receiving the president of KBR Sustainable Technology Solutions Ji Ibrahim in Houston
■ Meeting with a number of major American companies specialized in the field of oil and gas in the city of Houston in a workshop
■ Meeting with an elite group of Iraqi businessmen in the American state of Michigan
■ Receiving a delegation from the Baker Institute for Energy Studies and Research in Houston
■ Meeting with representatives of research centers Specializing in Iraq and the region in Washington
■ A dialogue at the Atlantic Council Foundation in the American capital, Washington
■ A dialogue symposium at John Hopkins University in Washington
■ A meeting with a group of the Iraqi community in the American capital, Washington
■ A meeting with the Iraqi community in the American city of Houston
■ A meeting with a large crowd of the Iraqi community in Islamic Forum in Michigan, USA
■ Meeting with a group of the Iraqi community at the Chaldean-Iraqi Center in Michigan, USA
■ Receiving an artifact dating back to the Sumerian civilization (2900-3000 years BC) from the Metropolitan Museum in New York
■ Receiving the family of American citizen Kayla Mueller, who was kidnapped by ISIS gangs Terrorist terrorist in the Syrian city of Aleppo in 2013, and was liquidated in 2015
■ A meeting with representatives and correspondents of a number of Western media outlets in Washington
■ An interview with the American news network (CNN)
■ An interview with the American newspaper The Washington Post
■ A press interview with Al-Monitor
■ An interview with The Wall Street Journal
■ A television interview with the American channel PBS
■ A visit to the Iraqi embassy in Washington, and a meeting with its employees.
Today, Saturday (April 20, 2024), Prime Minister Muhammad Shiaa Al-Sudani returned to the capital, Baghdad, after concluding his official visit to the United States of America.
Al-Sudani's office said in a statement received by "Baghdad Today", that "Prime Minister Muhammad Shia al-Sudani returned to the capital, Baghdad, after concluding his official visit to the United States of America, which included holding a series of meetings, discussions, seminars, dialogue sessions, and other events, which included meeting with US President Joseph Biden, receiving Secretary of State Anthony Blinken, visiting the Pentagon headquarters, meeting with Secretary of Defense Lloyd Austin, Czech Prime Minister Peter Fiala, US Secretary of Homeland Security Alejandro Mayorkas, and US Secretary of the Treasury Wally Adeyemo.
The statement added, "It also included sponsoring the signing of 18 memorandums of understanding in energy, economics, development of the oil sector and the pharmaceutical industry, and receiving a number of members of the House of Representatives from the Republican and Democratic parties, the head of the Democratic Caucus in the US House of Representatives, Seth Molten, and a member of the US Senate, Democratic Senator Tim Kaine, and a member of the US Senate." Senator Lindsey Graham, a number of former US ambassadors who served in Iraq, and Vince Peterson, Chairman of the US Wheat Council.
He continued, "The JP Morgan delegation also received the head of GE Vernova for energy technology, Scott Strazek, the delegation of the American company Stellar Energy, the delegation of the American company General Dynamics, the delegation of the American company Baker Hughes, and the delegation of Lockheed Martin, which is responsible for manufacturing... ( F16 ) aircraft , the President of the American company (Hanwell), Mr. Ken West, and the President of KBR Sustainable Technology Solutions, Mr. Jay Ibrahim, in Houston, and a meeting with a number of major American companies specialized in the field of oil and gas in the city of Houston in a workshop and a meeting with an elite group of Iraqi businessmen in the state. Michigan, USA, and a delegation from the Baker Institute for Energy Studies and Research in Houston, a meeting with representatives of research centers specialized in Iraq and the region in Washington, a dialogue at the Atlantic Council Foundation in the American capital, Washington, a dialogue symposium at Johns Hopkins University in Washington, a meeting with a group of the Iraqi community in the American capital, Washington, and a meeting with the Iraqi community in The American city of Houston and a meeting with a large crowd of the Iraqi community at the Islamic Forum in the American state of Michigan. A meeting with a group of the Iraqi community in the Iraqi Chaldean Center in the American state of Michigan.
The statement explained, "Al-Sudani received an artifact dating back to the Sumerian civilization (2900-3000 years BC) from the Metropolitan Museum in New York. He received the family of American citizen Kayla Mueller, who was kidnapped by ISIS terrorist gangs in the Syrian city of Aleppo in 2013, and was liquidated in 2015. He met with representatives of the And correspondents of a number of Western media outlets in Washington. He conducted an interview with the American news network CNN, a press interview with the Al-Monitor website, an interview with the American newspaper The Washington Post, an interview with the Wall Street Journal, and a television interview with the American channel PBS, in addition to a visit to the Iraqi embassy in Washington. And meeting the workers there.”
The Governor of the Central Bank of Iraq speaks to Al-Hurra about restructuring the country's banks
The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed in an interview with Al-Hurra TV that Iraq has begun the process of “restructuring Iraqi banks” and has a broad plan to “reform the banks” by attracting strategic partners to modernize the Iraqi government banking system.
Al-Alaq confirmed that “investigations are continuing regarding the work of the violating Iraqi banks,” noting the formation of a committee with the US Treasury Department and the Federal Reserve “to correct the violations of the sanctioned banks.”
The full interview will be broadcast as part of the Iraqi program, on the Al-Hurra Iraq channel, Sunday, at 11:00 pm Baghdad time.
Al-Alaq pointed out that “an American company has been assigned to audit the work of these banks,” and its results will be presented to the Iraqi government and the American side to take a decision on it.
In late 2022, the Iraqi banking sector adopted the SWIFT electronic transfer system with the aim of providing better control over the use of the dollar, ensuring compliance with US sanctions on Tehran, and also in order to limit the prosperity of the informal economy.
The financial standards that were adopted encouraged the emergence of a parallel market for currencies, attracting those seeking to obtain the dollar outside official channels.
The governor expressed his support for fair competition between private and government banks to diversify revenue sources, but he explained that citizens prefer to deal with government banks.
Al-Alaq stated that the Iraqi government delegation visiting Washington agreed to discuss the file of Iraqi banks punished by the US Treasury and deprived of dealing in dollars in Iraq, adding that the visit indicates his country’s connection to the United States financially and economically.
To ensure compliance with American standards regarding money laundering and sanctions on Iran, about 20 Iraqi banks were prevented from making dollar transfers, but they still operate in Iraq using the dinar.
The banking sector in Iraq has adopted an electronic platform, the aim of which is to monitor the uses of the dollar and tighten control over a thriving informal economy, while tax evasion attracts some importers and traders.
Al-Alaq spoke about Iraqi funds in the Federal Reserve, pointing out that Iraq invests its money from inside and outside the United States, noting that Baghdad’s financial relationship with Washington is “close” and characterized by “continuous coordination and understanding,” stressing Iraq’s openness and compliance with the rules of financial institutions in the world.
The governor stressed that the Central Bank closely monitors suspicious financial fraud operations and always warns against them, and pointed out that there are precise steps to prevent citizens from falling victim to financial fraud.
Regarding the government's economic priority, Al-Alaq said that reducing foreign debt is the first goal of his government, as it was able to reduce debt to reach $9 billion. While the internal debt constitutes a value of 70 trillion Iraqi dinars, he also explained that the central bank was able to reduce the inflation rate from 7.5 percent to about 3.8 percent despite what he described as challenges.
Al-Alaq stressed that "the Iraqi government is focusing on the economy, services and infrastructure," stressing the need for Iraq to arrange its financial policies in a manner consistent with international financial standards to diversify sources of income.
The Central Bank of Iraq announced in a statement that it had decided, as of January, “to limit all commercial and other transactions to the Iraqi dinar instead of the dollar” inside the country.
While the dollar can be naturally withdrawn in cash from previously existing deposits in hard currency, starting in 2024, it will become necessary to withdraw every money transfer from abroad in dinars exclusively and according to the official exchange rate.
Al-Allaq heads the Iraqi delegation participating in the 2024 spring meetings of the International Monetary Fund and the World Bank Group, which will be held in Washington, D.C., until April 20.
Regarding Iraq's relationship with the World Bank and the International Monetary Fund, the governor confirmed that it is strong - as Iraq needs their efforts, coordination and consultation, revealing that Iraq is addressing the International Monetary Fund for the purpose of cooperation and providing technical support, indicating that the Fund welcomes this cooperation.
He said that a delegation from the International Monetary Fund will visit Iraq soon to start this program.
The Central Bank of Information: US restrictions on Iraqi banks will be lifted soon
The Central Bank of Iraq announced today, Saturday, the imminent lifting of US restrictions on some Iraqi banks.
Member of the Board of Directors of the Central Bank, Ahmed Barihi, told Al-Maalouma, “The discussions held by Prime Minister Muhammad Shiaa Al-Sudani in Washington with the American financial and banking authorities were successful.”
He added, "The American side promised to lift banking restrictions on some Iraqi banks and end work on the platform at the end of this year. This matter will make the central bank return to the currency selling window as it was before."
He added, "The results of the discussions between the Sudanese and the Governor of the Central Bank, Ali Al-Alaq, with the American side were good, in which it was agreed that the Central Bank would return to the currency selling window as it was before."
He explained, "If we return to buying and selling the dollar, conditions will improve greatly, and currencies will be traded, which will facilitate trade and banking relations and reflect positively on the market directly," stressing, "The American side was understanding of what the Iraqi delegation proposed and promised to lift work on the platform and lift all restrictions on banks at the end." This year."
Prime Minister Muhammad Shiaa Al-Sudani is at the head of a high-ranking Iraqi delegation in America, to finalize the security and economic files with the American side, including the currency file.
The Ministry of Finance specifies steps that must be taken before canceling the currency selling window in Iraq
The Parliamentary Finance Committee confirmed, on Saturday, that the Central Bank of Iraq had taken a decision to cancel the currency sale window, indicating the necessity of taking steps prior to implementing this decision.
Member of the Parliamentary Finance Committee, Hussein Moanis, told Shafaq News Agency, “There is a decision issued by the Central Bank to cancel the window for buying and selling foreign currency in the year 2024, but it did not specify the exact time to start the decision.”
He explained that "canceling the currency selling window is linked to the reliance of private banks on correspondence with international banks and the method of currency conversion."
This comes after the Central Bank of Iraq gave up its status as a “correspondent” and granted it to several foreign banks, a step with unclear definitions and results, and some observers have warned against it.
In November 2023, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the start of importing dollars into the country through Iraqi bank accounts abroad.
Munis asserts that "this step must be preceded by an increase in the classification of Iraqi banks, and this is what qualifies them to deal with international banks, but the real problem that we face is that Iraqi banks do not have a correspondent and are not accredited outside the country."
The member of Parliamentary Finance pointed out that “the government and the Central Bank are seeking to strengthen and increase the classification of private banks,” indicating “an intention by the banks to engage in correspondence and external transfers.”
Iraq proposes to provide a technical support program from the International Monetary Fund to provide its financial sector with expertise
Minister of Finance, Taif Sami, discussed with the International Monetary Fund Iraq’s proposal to provide a technical support program from the International Monetary Fund to provide its financial sector with expertise.
A statement by the Media Office of the Ministry of Finance, received by the Iraqi News Agency (INA) today, Saturday, stated, “Minister of Finance, Taif Sami, participated in the annual spring meetings of the Bank Group and the International Monetary Fund, held in Washington, to discuss global economic challenges, economic development, financial stability, and other related issues.” In addition to plenary sessions, seminars and side consultations.
The statement added, "The Minister of Finance began her participation in the ministerial meeting chaired by the Director General of the International Monetary Fund, Kristalina Gore Gueva, and in the presence of the finance ministers and state governors of the International Monetary Fund, whose discussions focused on identifying strategies for preserving the macroeconomy and managing debt sustainability, in addition to focusing on... To exchange visions and experiences with regard to economic reforms, enhancing the performance of institutions, climate change, and supporting environmentally friendly projects.”
The statement pointed out that "the members of the Fund called for supporting the people of Gaza and standing by them, and the need was raised for countries to implement reforms in order to strengthen their fundamentals, including by strengthening institutions. In addition to this, countries can seize potential economic opportunities in light of shifting trade patterns, by reducing... From long-imposed trade barriers, diversifying products and markets, and improving infrastructure.”He continued, "The agenda of the Iraqi delegation included participation in the meeting held with the Executive Director of the International Monetary Fund, Dr. Mahmoud Mohieldin, during which the possibility of enhancing Iraq's entry into special support programs to improve the performance of the financial sector in Iraq was highlighted, and sharing updates between the two sides by activating areas... Partnership with the Fund.
The statement confirmed that "the Minister of Finance held a coordination meeting with the head of the International Monetary Fund mission in Iraq, Jean Keum," noting that "the meeting dealt with discussions about the growth prospects of the Iraqi economy through the government reform program aimed at enhancing the growth of the oil and non-oil sectors, in addition to improvement efforts." Of the main infrastructure, such as the Al-Faw port project, energy, agriculture, industry, transportation projects, and other projects with sustainable development dimensions.”
He stated that “Sami held a meeting with Jihad Azour, Director of the Fund’s Middle East and Asia Department, where the meeting discussed a group of economic issues and the most prominent financial policy expectations, most notably Iraq’s proposal to provide a technical support program (non-financial) from the Fund, through which the financial sector of Iraq could be provided.” With expertise and specialists in the same field.”
For his part, the regional representative stressed the Fund's commitment "to support all financial, banking and monetary reform programs adopted by the Iraqi government."
He explained, “It should be noted that these annual meetings bring together central bank governors, finance and development ministers, private sector managers, representatives of civil organizations, and academics to discuss issues of global importance, including the global economic vision, poverty eradication, economic development, and aid effectiveness,” noting that “this The event features workshops, regional briefings, press conferences and other events focused on the global economy, international development and the global financial system.”
Calls to exploit Erdogan's visit to Iraq... and a specialist sends a message to the government - urgent
Today, Saturday (April 20, 2024), economic affairs expert Alaa Glob Al-Fahd sent a message to the Iraqi government to benefit from the visit of Turkish President Recep Tayyip Erdogan to Iraq next Monday.
Al-Fahd told "Baghdad Today", "There is a very large volume of trade between Iraq and Turkey, and there is a Turkish need for Iraq, and this matter must be exploited by the Iraqi negotiator."
He pointed out that "the positive aspects and sources of strength must be exploited in order to benefit from this negotiation to be in the interest of Iraq and to resolve the outstanding issues, most notably the country's water share and the impact of this on agriculture."
He explained that "Iraq is currently characterized by the presence of investment advantages and development projects that Turkish companies want to obtain, the most prominent of which is the development road project and the benefits of this road, especially for the Turkish side."
He stressed, "This visit must be used to resolve the outstanding issues," indicating that "talk and negotiation must be from a standpoint of strength and not the weak negotiator who always accepts what the other party dictates to him, who speaks from a standpoint of strength."
He added, "The main axis of this visit is an economic axis, and exchanging interests with Turkish companies to work in Iraq," expecting that "there will be joint investment projects that could be in the interest of Iraq, especially Turkey, which will work to turn loss into profit and achieve its gains from this visit." ".
For his part, Prime Minister Muhammad Shiaa Al-Sudani described, yesterday, Friday (April 19, 2024), the visit of Turkish President Recep Tayyip Erdogan scheduled to Iraq next Monday as “not fleeting . ”
Al-Sudani said in a statement received by Baghdad Al-Youm, “The Turkish President will visit Iraq next Monday, and his visit is not a passing visit . ”
He added, "For the first time, we find there is a real desire between Iraq and Turkey to go to solutions and not transfer files . "
Al-Sudani explained, "We will not allow Iraqi territory to be a starting point for attacks on Turkey, and we will not allow a direct response without coordination . "
He stressed that "the development road will connect the East with Europe through the port of Al-Faw," noting that "we will discuss with the Turkish president the status of treatments for the water issue."
The Iraqi government: A big surprise in Erdogan’s historic visit to Baghdad
The Iraqi government revealed, on Sunday evening, the details of Turkish President Recep Tayyip Erdogan’s visit to the capital, Baghdad, tomorrow, Monday morning, noting that “there is a big surprise” related to the agreements and memorandums of understanding to be signed in various fields.
The government spokesman, Bassem Al-Awadi, told Shafaq News Agency, “The Turkish President’s visit to Baghdad is a historic visit, and this visit will chart a path for Iraqi-Turkish relations that did not exist previously at all. This is not an attempt to exaggerate, but rather it is real, and tomorrow’s visit is Monday.” "I will reveal this matter to everyone."
Al-Awadi added, “The visit will witness the signing of two agreements, in addition to approximately (25) memorandums of understanding, and these will advance the nature of Iraqi-Turkish relations, and there is a big surprise during the visit, especially with regard to the water file, and those agreements and memorandums will focus on security, the economy, and the path to development.” ".
He explained, "Erdogan's visit to Baghdad tomorrow, Monday, is of great importance, especially since it is his first visit in 13 years, and the visit was worked on by various joint committees throughout the past year, in order to arrange the papers in the economic and security files and in the development road project."
The Iraqi government spokesman confirmed, "Tomorrow, Monday, will be an important day in shaping the nature of relations between Baghdad and Ankara, and there will be a surprise and signed agreements that are the first of their kind between the two countries."
Informed sources told Shafaq News Agency that Erdogan will sign about 37 multifaceted memorandums of understanding, the most important of which is the strategic framework memorandum for cooperation between the two countries, from which five committees are divided, as follows: security, water, economic, energy, and transportation.
Erdogan is visiting the capital, Baghdad, after a visit he made in 2011, and the Iraqi-Turkish talks focus on security, military and economic files, in addition to expanding trade cooperation.
Turkey says it is seeking greater cooperation from Baghdad in its war against the Kurdistan Workers' Party, a file that has further strained relations between the two countries due to Turkish military operations in northern Iraq, as well as disputes over oil exports and sharing scarce water supplies.
The dispute over oil exports from the Kurdistan Region is particularly thorny, and the two sides disagree over the resumption of oil exports from a pipeline through Turkey.
After nearly a decade of seeking international arbitration, the Iraqi government won recognition of its right to control oil exports, and Ankara was ordered to pay $1.5 billion in compensation for transporting them without Baghdad's approval. In protest, Ankara closed the export pipeline.
Ankara later began maintenance work on the pipeline, which contributes about 0.5% of global crude oil supplies. The two countries agreed to wait until the pipeline maintenance assessment is completed to resume flows while they continue to engage in a legal battle over the arbitration awards.
PM Al-Sudani visits to Iraqi embassy in Washington
Prime Minister Mohammed Shia Al-Sudani visited the Iraqi Embassy in Washington during his official visit to the United States.
According to his media office, the Prime Minister reviewed the embassy's work and the performance of its staff, praising the efforts made during his official visit to the United States and the excellent organization, particularly commending the Iraqi Ambassador to the United States. He urged the embassy team to exert more effort and prioritize Iraq's service and reputation in every action and step taken.
In his discussion with the Iraqi Embassy team, Prime Minister Al-Sudani emphasized that “the understandings and topics discussed during the visit require diligent follow-up to ensure the success of subsequent actions related to the joint files and memorandums of understanding with the United States. These efforts align with the objectives of the government program and contribute to its achievement.”
The Prime Minister directed the embassy staff, according to their respective roles and expertise, to provide care and attention to the members of the Iraqi community in the United States, ensuring that all possible services and support are offered as needed, as per he statement.
Al-Sudani arrived in Washington on Sunday on an official visit, leading a high-ranking government and parliamentary delegation. It is his first visit to the United States since assuming office in October 2022,
The Prime Minister met with President Joe Biden, Secretary of State Anthony Blinken, the Deputy Secretary of the Treasury Wally Adeyemo, Stellar Energy's CEO Peter Gibson, Czech Prime Minister Peter Fiala, the Iraqi community, and others.
Al-Sudani: We have reached satisfactory solutions with the US Treasury to address the conditions of the sanctioned banks
Prime Minister, Muhammad Shiaa Al-Sudani, announced on Saturday that a satisfactory agreement had been reached with the American side regarding banks that are prohibited from dealing in the dollar currency.
Al-Sudani said in a press conference, seen by Al-Iqtisad News, that “the Iraqi delegation held important meetings with the US Treasury, with which the Iraqi government and the Central Bank are working, to reform the financial banking sector in Iraq and address the observations that occurred in this sector during the time of previous governments.” ".
He added, "The delegation reached satisfactory solutions that address the conditions of banks deprived of dealing in the dollar by forming committees that undertake the task of auditing the observations made on these banks," noting that "if the observations are fundamental, the deprivation procedures will continue, and if they are observations, they can be addressed and carried out." “There will be reforms within these banks under the supervision of the Central Bank, so that the dollar dealings of these banks will be addressed in the future.”
Al-Sudani stressed that "the US Treasury's impression was positive on the performance of the Iraqi financial institutions, whether the central bank or the government banking sector, and it was at the peak of optimism, given the reforms that were achieved during a short period of this government's life."
He pointed out that "80% of financial transactions and transfers today are carried out in accordance with international standards, certified by the US Treasury," indicating that "the government will continue to reform the financial and banking sector, which represents a basic gateway to creating economic development and real reforms."
Iraq officially joins the Singapore Trade Agreement
The United Nations mission, UNAMI, said on Friday that Iraq officially signed the Singapore Agreement on Mediation, which is an “important” step towards developing the resolution of trade disputes in Iraq.
The Singapore Mediation Convention is a standardized and effective framework for international settlement agreements resulting from mediation, which parties conclude to resolve a commercial dispute.
The Singapore Agreement will facilitate international trade by enabling disputing parties to easily enforce and recall settlement agreements across borders.
Companies will benefit from mediation as an additional option to litigation and arbitration in resolving cross-border disputes.
Sudanese Advisor: The next meetings with the American side will be held in Baghdad
The Prime Minister's Advisor for Transport Affairs, Nasser Al-Asadi, confirmed today, Saturday, the formation of joint committees to exchange dialogue points. He indicated that the upcoming meetings with the American side will be held in Baghdad .
Al-Asadi said in a statement to the official media, followed by “Mail,” that “the meetings held in Washington witnessed the activation of the framework agreement between Iraq and the United States, especially in the areas of education, transportation, health, human rights, the role of women, strategic relations between Iraq and the United States, and the relationship of American financing funds with the Central Bank.” Al-Iraqi, indicating that “the meetings were fruitful and we produced important results .”
He added: “Specialized committees have been formed between the United States and Iraq to exchange dialogue points,” pointing out that “the next meetings will be in Baghdad to begin implementing the mechanisms of the agreement concluded in the United States .”
Al-Asadi stated, “All meetings in the United States are successful due to the reaction of other parties and parties,” pointing out that “Iraq announced during the visit great investment opportunities for American companies, and plans were drawn up between Iraqi and American investors .”
He pointed out, "The Iraqi delegation that visited Washington included a team from the private sector, because the government encourages expansion with private sector companies, which will be easier to deal with companies and government instructions ."
Earlier today, Al-Sudani returned to Baghdad after a week-long visit to the United States, during which he held a series of important meetings, the most important of which was his meeting with US President Joe Biden .
Parliament is heading to begin its recess
Parliament will end its second term on the ninth of next May without an extension, entering into a legislative recess that will last for two months, amid expectations of a delay in referring the budget to the Council.
Member of the House of Representatives, Muhammad Jassim Al-Khafaji, said in an interview with “Al-Sabah”: “It is customary to extend the legislative term for one month, and if the budget is not sent, it will not be extended,” adding that “one of the proven observations on the government is that it has not sent the budget schedules until now, which means We do not know any time limits for reviewing, discussing, approving, and returning it to the government and the Ministry of Finance again in preparation for disbursing it to the formations of spending units, which means delay in all aspects of this process.”
He pointed out that "if the budget is sent this week, Parliament will extend its term or agree with the government, and conversely, Parliament will not extend its legislative term," indicating that "the current budget is tripartite, and the justification for its legislation was not to delay or exceed the timings." In turn, MP Nazem Al-Shibli called on Parliament to complete its sessions before going into its legislative recess, and this is the normal thing, adding, in an interview with “Al-Sabah”, that if the budget is not received, we will go into recess. For his part, Member of the House of Representatives, Yasser Al-Husseini, told Al-Sabah that “there is no need to extend the legislative term, unless the budget law arrives, and we support the extension in the event of an emergency.” Al-Husseini explained that "Parliament needs to complete its working hours to study the proposed laws, in addition to the need for more working hours for the purpose of finalizing and resolving the files."
The Governor of the Iraqi Central Bank reveals the amount of the bank’s reserves of dollars and gold
The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the amount of the bank’s reserves of US dollars and gold.
Al-Alaq told the CNBC Arabic website that the Central Bank has a foreign reserve of more than 100 billion dollars, indicating that the bank’s gold reserves amount to more than 130 tons, most of which are located in England.
Speaking about Iraqi foreign trade, Al-Alaq pointed out that the volume of trade with the UAE amounts to 17 billion dollars and is paid in UAE dirhams, pointing out that the First Abu Dhabi Bank is the one responsible for the trade transfers in UAE dirhams.
Al-Alaq reveals the Central Bank’s reserve... in dollars and gold
Al-Alaq said in a press statement, “The Central Bank has a foreign reserve of more than 100 billion dollars.”
He added, "We have gold reserves of more than 130 tons, most of which are located in England."
Al-Alaq pointed out that "the volume of trade with the UAE reaches 17 billion dollars and is paid in UAE dirhams."
Al-Alaq pointed out that “First Abu Dhabi Bank is the one responsible for the commercial transfers in UAE dirhams.”
Parliamentary Committee: Iraq has regained its regional role and influence in the world
A member of the Parliamentary Security and Defense Committee, Muhammad Al-Shammari, confirmed today, Saturday, that Iraq has regained its regional role and influence in the world.
Al-Shammari said in an interview followed by Mawazine News, “We aspire for Iraq to regain its regional and global role, and to exploit this situation to be a mediator between America and Iran to ease tensions.”
Al-Shammari pointed out that "Iraq's restoration of its regional role and influence in the world could be used by the Iraqi government to establish security and stability in the Middle East and in the region in particular."
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"Proposals and Obstacles"... Parliamentary Committee: Legislating the Oil and Gas Law requires the agreement of three parties
"Proposals and Obstacles"... Parliamentary Committee: Legislating the Oil and Gas Law requires the agreement of three parties
The Parliamentary Oil, Gas and Natural Resources Committee confirmed today, Saturday, that approving the draft oil and gas law requires the consensus of three parties, while it referred to proposals regarding its draft.
The Deputy Chairman of the Committee, Adnan Al-Jabri, said in an interview with (Al-Rabaa) that, “The Oil and Gas Law is one of the most important laws that must be enacted during the current session, and the Parliamentary Oil, Gas and Natural Resources Committee worked to activate the draft law or activate the legislative procedures.”
Al-Jabri added, "Legislation procedures need to prepare a draft from the government, to be discussed between the federal government and the Kurdistan Regional Government, in addition to the producing provinces, and then agreed upon and sent to the House of Representatives."
Regarding the obstacles to legislating the law, he pointed out that “the problem is that the draft has been prepared, but so far it has not been agreed upon between the productive governorates on the one hand, the Kurdistan region on the other hand, and the federal government. There are proposals by the productive governorates, proposals from the regional government, and proposals from the federal government.” ".
He continued, "The House of Representatives is waiting for all these parties to agree on a final draft, and when it is sent to the House of Representatives, it will be read first and then subject to discussion and a second reading, after which the law will be enacted. But the most important thing is that the draft comes agreed upon by all components and all Iraqi parties in the Council of Ministers." ".
He explained, "There are representatives of almost all governorates and components in the Council of Ministers, and therefore when the draft is agreed upon, the House of Representatives will not delay in approving the law."
The start of the second phase of the National and Internal Card Project announces the registration of the Iraqi community in Washington
Today, Sunday, the Ministry of Interior announced the start of the second phase of the national card project.
The ministry stated, in a statement received by Al-Rabaa: “On the sidelines of the visit of the Prime Minister and Commander-in-Chief of the Armed Forces, Muhammad Shiaa Al-Sudani, to the United States of America and his visit to the Iraqi embassy in Washington, instructing to provide the best services to the Iraqi community there, and in implementation of the directives of the Minister of Interior, Abdul Amir Al-Shammari, and under direct and field supervision.” By the Director General of Civil Status, Passports and Residence, Major General Nashat Ibrahim Al-Khafaji, the cadres of the Directorate of National Card Affairs in the American capital, Washington, began registering citizens.
She added: "Therefore, the second phase of the national card project, which was announced by the Ministry of Interior on March 30 of this year (as a first step), has begun with the registration of Iraqis residing in this state."
The ministry continued: "It will be followed by registration operations in Iraqi embassies in other countries and in accordance with the plan prepared for this in the service of the public interest and citizens."
another addition
this is the transcript auto generated by youtube of Ali Alaq interview with AlHurra
100 Welcome to a new episode of the Iraqi program. The Iraqi delegation was very large and arrived in Washington carrying many files from the most prominent.
0:08
These files were also the financial reform file, and on this topic today we have a special guest
0:14
And the Governor of the Central Bank of Iraq, Mr. Ali Al-Alaq, all welcome and welcome, Mr. Al-Alaq
0:21
A new episode of the Iraqi program. Welcome. Thank you. God bless. We are in the midst of this visit.
0:26
We followed many files related to the Iraqi delegation, but one of the most prominent of these files is the issue of reform
0:31
The Finance Ministry meant carrying this file on many issues, joint cooperation, and joint sessions in
0:38
Iraq is also in Washington, and even in the Emirates, some sessions were held, let's mean at the beginning, about
0:46
Details of memorandums of understanding and agreements that may have been concluded here in Washington during his visit
0:52
The Iraqi delegation, thank you very much, of course, the current Iraqi government
0:59
It focused greatly on the economic dimension, economic renaissance, and construction expansion
1:08
Infrastructure and services This requires that there be a sector
1:14
An active and effective financial person who can keep up and support
1:20
It organizes and finances, so this file goes hand in hand
1:26
With the government's plan within the framework of economic reform
1:32
In general, and the renaissance that the country is witnessing, including that
1:39
The truth is that Iraq has a financial relationship with the United States of America
1:47
Very large, yes, considering that the oil resources form the basis
1:56
The Iraqi state's budget is made up of oil exports, which is usually the case
2:03
In dollars, this is what is agreed upon globally. Therefore
2:08
The first stop for Iraqi funds is at the Federal Reserve, and then...
2:17
The Central Bank deals with these funds by investing them in
2:24
Multiple areas inside and outside the United States, in central banks in other countries, yes
2:32
There is also diversity in the nature of these reserves
2:38
This means geographical diversity and qualitative diversity in terms of the type of investments, whether they be bonds or gold
2:44
Or deposits or anything else. Yes, Mr. Governor, in reality, many people are asking about these deposits, meaning in American banks, as a result.
2:51
Oil revenues will cause us to pause and ask about these deposits, but regarding what they mean
2:57
A joint statement has been issued containing a commitment
3:02
I mean, what is between Iraq and the United States is related. I mean, there were definitely meetings
3:08
With senior officials on the issue of financial reforms, the issue of reform ensures continuation
3:14
Financial reform in Iraq. What are the most prominent points that have been emphasized regarding this?
3:20
The real issue is that we have a multi-faceted programme
3:28
This framework: The first aspect is harmony or adaptation
3:35
Or adopt international standards in transactions
3:41
Financial and compliance rules, as well as our anti-laundering laws
3:48
Money and terrorist financing: As you know, there is international focus and attention
3:56
They are very important regarding financial transactions being transactions free of any
4:04
Violations, violations, or any suspicious issues
4:11
Therefore, considering that the financial relationship with the United States is broad and large
4:18
The Iraqi financial system, as well as the system in the United States, must be protected from this
4:24
It goes through any money laundering or terrorist financing operations, so there is coordination
4:32
A common understanding has continued throughout the past years
4:37
In order to achieve this goal
4:42
This also ensures that there are broad plans and programs in place
4:49
International consultations and contracts with major offices specialized in this field
4:56
with which the Central Bank is contracted
5:01
Organizing these matters to achieve the great goal
5:08
It gives positive messages to financial institutions all over the world that there are solid rules and there are
5:16
Transparency and compliance with the rules, which facilitates the country’s dealings with the external environment. Yes, it is
5:25
The second is actually related to reforming the banking sector itself, and that involves many details
5:32
Plans are being worked on, starting with state-owned banks
5:39
The government as the rational, the Mesopotamian, the industrial, the agricultural and the real estate
5:46
In fact, these banks constitute 80% of the Iraqi banking sector. Yes
5:52
Due to the circumstances he went through, 80% means the deposits present in this in all respects
5:58
I mean, as the value of assets, including deposits and others, therefore, when
6:04
To think about the reform process, we must start with the largest part
6:10
The agreement was reached in direct coordination with the Prime Minister
6:17
With the government and the Central Bank starting the reform process in these banks, there is a plan
6:25
A major project is now under contract with one of the major companies
6:31
The correct international agreement includes restructuring in these banks. Yes, yes, including restructuring
6:38
There is a broad plan for the merging of some of them, and there is enough space to detail them, but in short, it may mean
6:44
It will be so that the benefit is widespread, meaning we will reach the goal of restructuring perhaps these banks and how
6:50
The results will be beneficial, perhaps to Iraq. Yes, the truth is, there is a great focus on the issue of that
6:59
The structure aims to raise the level of these banks
7:05
By introducing strategic partners to them means local expertise
7:11
Khin mostly means that the experiences in this aspect are accumulated outside Iraq
7:17
Yes, there are clear desires from some international banks
7:24
The big one approved to participate means in this
7:30
The actual banks are still waiting for the study to be presented, including the study of the company in charge of this matter
7:38
Even in light of it, we are trying to attract investors inside Iraq, because it will be her
7:45
In fact, it is like public joint-stock companies that absorb capital from inside Iraq
7:52
Also, what matters to us is having a strategic partner
7:58
To modernize the circuits of these banks in a way that reaches the advanced level as found in
8:07
I mean, the real government banks
8:07
I mean, the government banks actually delayed a lot due to the circumstances that the country went through
8:13
The process must keep pace with the major changes that have occurred
8:19
And the technical and financial developments around the world. Yes, of course, Mr. Governor
8:24
Procedures are limited to a specific time, yes, the truth
8:30
A detailed study of this topic will be presented in the eighth month, meaning the company will finish
8:36
Submit it yes then there will be clarity of the map
8:59
This was also one of the most prominent points that were discussed during this meeting. This is one of the things that was pointed out and the truth of this.
9:07
It was received with great welcome from all parties
9:13
I mean, not just here in the United States, this has been the reality of the ongoing question
9:20
And the constant questioning by all parties, international institutions and interested parties
9:25
By dealing with Iraq in its view of the issue of government banks and how they can be dealt with
9:32
How can we develop and advance? This is a real international interest in this issue, perhaps ours
9:39
Not an external meeting with international institutions in the world passes without this question being present: What is it?
9:47
It is the future or the plan established to raise the level of government banks as an example
9:55
The major part of the sector is clear, and financial reform does not only include banks
10:01
Government, but also private banks, are certainly also among the plans that have been developed
10:06
Yes, certainly, but as I explained, considering this is the largest part of the banking sector
10:12
There is great focus and interest in this aspect, as for the other aspects, in the following meeting
10:20
You mentioned, Your Honor, that it relates to other issues in the relationship between Iraq and financial institutions
10:29
Existing in the United States, especially what happened with some Iraqi banks
10:37
A decision to deprive her of dealings. I will stop at this issue, Mr. I mean the truth, Mr. Governor of the Bank
10:42
The Iraqi Central Bank, Professor Ali Al-Alaq, but it is clear that there is cooperation and cooperation is not new
10:48
Today, there has been joint cooperation from government to government on the issue of financial reform, but why is this a habit?
10:54
What we hear means a kind of complaint coming from here and there from Iraqi government agencies or parties
11:00
Parliamentarians about, for example, stopping some banks. Should this not be done in cooperation with the Central Bank?
11:06
The Iraqi government and the Iraqi government agencies, of course, we have a close relationship
11:12
You know, this is an almost daily relationship between the Central Bank of Iraq and the Treasury and Reserve
11:19
What happened was that this list appeared with the names of banks
11:30
Initial list of 14 banks Yes, true, no, no
11:37
The issue is not one of sanctions for these banks or their inclusion in the OFAC sanctions list
11:46
But it was only to deprive her of dealing in dollars, oh and constructive
11:53
I mean, perhaps, Mr. Governor, it is a kind of diplomacy in answering, I mean, even on the American side, when we ask it, they say, it is not.
12:00
Sanctions, but in reality it is a kind of suspension of dealing with these banks. Yes, that is why we
12:06
The issue has taken a serious turn, at the level of the central bank and even at the level of its country
12:13
The Prime Minister will discuss the merits of the issue and what the procedures might be
12:21
Futurism This was an essential part of the dialogue that took place, whether it was in the presence of a prime minister
12:28
Ministers here with the treasury or in our meetings
12:34
As a central bank with the Federal Bank and with the Reserve, yes, Mr. Governor of the Central Bank
12:40
Al-Iraqi, Your Honor, I mean, before you start discussing this topic, it does not mean a complaint, perhaps, about this
12:45
The banks certainly mean that the Iraqi government agencies have taken measures and moved to find out
12:51
The nature of this suspension is whether there was a deficiency in these banks that also suspended the Central Bank
12:58
Take decisive action against some parties that may have committed violations, first of all
13:05
Violations certainly exist and can occur, and this is the reality of the work of the Central Bank
13:12
Our fines committee is constantly doing this
13:19
And the sanctions are from a large number of important Central Bank staff, yes, and they are receiving reports
13:26
Inspectors and auditors from the Central Bank of Iraq are based on this in light of the law
13:32
The Central Bank of Iraq, in the Banking Law, and in accordance with the Anti-Money Laundering and Financing Law
13:37
Terrorism imposes penalties and fines on an ongoing basis, but the other side may
13:46
This means that his punishment will be different from the punishment that we impose. We impose according to our laws because
13:51
The law specifies each violation, what is the procedure, and what is the penalty, whether it is a fine or a penalty
13:58
Administrative or other, but perhaps the other party looks at it from another perspective, meaning who
14:06
Where the punishment is, however, we are the truth
14:12
We asked the banks to be audited by a third party so that there would be a neutral opinion on the matter
14:19
There is an audit company that has been selected and is in existence
14:24
In the United States, what has it achieved now, it is still carrying out operations
14:29
The audit and we will look at the outcomes of this audit
14:34
Standing on it might mean months, perhaps
14:41
Yes, the sequence that this company started with, but during this period the issue of suspension continues
14:47
There are any repercussions on the Iraqi economy, some of which may be completed within the audit process
14:52
The coming weeks and some, because it is a large number, will certainly take time. What happened now is, I mean, in
15:00
This visit means something important in that we agreed after a detailed dialogue. Yes, we agreed
15:10
With the Department of the Treasury and the Federal Reserve on the outcomes of these reports
15:18
In addition to other sources that have proven violations or suspicions, and this
15:25
The team sits and discusses the details of these violations at the level of each bank
15:32
Of the banks, yes, and in return, what is the required procedure and what?
15:37
It is the corrective action that these banks must take in order to return to the right path
15:45
I think this development will be important
15:45
I think this development is important. It will be clear and transparent so that every bank knows exactly yes
15:54
We certainly do not know the degree and nature of the violation and the action required of him
16:00
We defend any violation or transgression involving the bank
16:06
The Central Bank shares this matter with them, but what we need is to establish the facts
16:12
First and second, the degree of seriousness of the violation
16:17
The third issue is what corrective action can we oblige the banks to take?
16:25
In order for it to be acceptable and beyond this
16:30
Violations: I think this formula is the formula that was agreed upon, and this is important
16:36
It is as if we have drawn up a road map that we will work on together in this context. Yes, Mr. Governor
16:43
The Central Bank of Iraq means, Your Honor, while continuing the matter, it means investigating this
16:48
The topic, but let me ask before I go to a break, briefly, please, are there any repercussions for this?
16:54
The suspension on the Iraqi economy and the reputation of Iraqi banks, in short, certainly has negative effects, but not to the same extent
17:03
To threaten something means the Iraqi economy, or even if you notice, it means transfer operations
17:11
The external exchange rate and all these operations continue normally, meaning you, as a trader, are...
17:19
For example, when you go to a bank and find it deprived, you will go to another bank that does this
17:24
The process is a non-deprived bank, so the biggest repercussive fact is the state of nothingness it creates
17:32
Stability or fear among those dealing with depositors, whether locally or externally, yes, of course
17:39
Thank you very much, Mr. Governor of the Central Bank of Iraq. Allow us to go to the break, and after the break, we will follow the work of the Central Bank of Iraq.
17:49
Actions and challenges remain
17:55
With us, welcome again, Mr. Governor. We are discussing financial reforms with you again
18:02
We also welcome you, our guest viewers, to the program in Iraqi, where we will talk about procedures and challenges
18:08
Which faces the work of the Central Bank of Iraq, the Central Bank of Iraq recently warned of
18:14
Fake purchases of dollars in which citizens fall victim, some of which are made through websites
18:20
Communication and some of them through different ways. How do you deal with the Central Bank of Iraq?
18:26
Such companies are fictitious, and this is how an expectation is made that concerns the citizens in their true circles. These are phenomena that exist in countries
18:36
Others also now due to technical developments
18:42
And using various means made possible by technical development, the Internet, and online dealing
18:51
Different sites and networks, of course, this is an opportunity for fraud at the same time, which means scam as well
18:59
These operations always exist and occur even in other countries. Yes, we are the truth in
19:06
The Central Bank whenever we find a specific phenomenon or practice taking place
19:13
We have a careful follow-up of these matters, they are reported and lawsuits are filed in the judiciary
19:21
We have many advocates in this field as well
19:26
We always declare that the use of such means is a reality
19:33
To trap others and warn against it at the same time
19:39
This means that we show the correct and sound channels that should be dealt with in everything other than that
19:48
Outside the system means available and safe systems
19:53
It is considered a type of scam
19:59
Of course, the Central Bank follows up, monitors, warns, and raises its claims against many of those who...
20:05
They take advantage of some sites or some tools available in
20:11
Trapping citizens with everything strange and unannounced means licensed by the bank
20:19
The Central Bank should be cautious about dealing with it by citizens, meaning the Governor of the Bank
20:25
The Iraqi Central Bank, Mr. Ali Al-Alaq, is there an opportunity here, meaning zeroing the internal debts of the Ministry of Finance and increasing its strength?
20:33
The financial position of the Central Bank of Iraq, of course, was the government’s priority
20:41
Regarding reducing the external debt, this means that this is the trend in terms of how much the external debt is now
20:48
The truth is, below, that means, in recent years, there has been a decline in external debt
20:57
The government announced that the external debt is currently around 9 billion EUR, which is of course the lowest in history
21:06
In the past years, because of the constant shooting, I mean
21:11
Iraq actually indicates that it is fully committed to paying foreign debts
21:17
Its entitlements mean that no kind of stumble occurred in this aspect, nine billion to any side
21:23
One for several parties, multiple entities, international entities or entities. Yes, the world means yes or
21:30
The fact is also one of the factors of the decline is the recent review that
21:38
The government made some debts that were not...
21:43
It is used in projects or areas to which loans should also have been directed by the government
21:52
Removing these debts means eliminating them, so this was also one of the reasons for the decline
21:58
The external debt remains the domestic debt. We hope that it is approximately estimated at more than 70 trillion
22:08
70 trillion, yes, yes, the truth is, the government carries out operations for banks
22:16
Local banks, in fact, the largest part is the treasury transfers that are discounted by the Central Bank
22:24
Or, I mean, some of them are related to banks, whether they are government or private banks. Yes, Mr. Governor
22:31
I mean, what is the approach here to manage the reserves of the Central Bank of Iraq?
22:37
There are rules that the central bank uses in its management
22:43
Reserves These rules are internationally agreed rules called guidelines for management
22:51
Reserves: There is a specialized committee headed by the governor
22:56
Compliance with these guidelines has declined and an international audit firm is reviewing it
23:04
Central Bank Reserves Yes, these principles are true
23:11
Guidance is given
23:16
Rules for the use, investment and management of reserves are based on three principles
23:25
Yes, it is a basic principle, and that is why the central bank only deposits its money
23:33
Within financial institutions with a high international rating, the first element is the element of safety
23:41
The second is the element of monetization. This money is easy to facilitate because of a goal or function
23:41
The second is the element of monetization. This money is easy to facilitate because the goal or function of the reserves is
23:48
Responding to the demand for it means whether it is for foreign trade, paying debts, or something else
23:55
Therefore, it cannot be invested in assets that are long-term or difficult
24:02
Liquidating it at the appropriate time, yes and no, the last part or the last criterion is
24:10
Return means return is the last thing because the function of the reserve is to be able to perform it
24:16
His job should be done at the right time and that it should be in safe locations free of dangers as well
24:24
Within risk management is the geographical distribution and diversification of the instruments in which the bank invests
24:30
Central Bank There are agreed upon standard ratios
24:35
As we have shown, the guidelines for the management of reserves are considered to be followed by the central bank
24:43
Meticulously and monitors any deviation that occurs in this aspect. Yes, Mr. Governor, that means there is
24:50
Of course, let me return again to the issue of banks, and perhaps these strict measures that have been taken mean against some Iraqi banks, do they?
24:58
Any measures, meaning here the Central Bank of Iraq and the K2 auditing company, can contribute to the increase
25:04
Restricting some banks from accessing the US dollar is now the reality of the plan
25:11
Topic and map
25:28
The Central Bank is all put together and analyzed, and as I explained, weight is given to its nature
25:36
Violations: Some banks may have violations that can be treated or corrected easily
25:44
Another section may request a number of corrective measures in order to be in the right position. Yes, sir
25:53
Governor, is it possible to restore here the integration between monetary and financial policy in Iraq in order to...
25:59
This means that there should be fairness in creating competition between Iraqi government banks
26:05
In fact, this is a very important point, and we, as a central bank, defend this idea
26:13
I mean, we tried through our presence in the council
26:19
Ministerial for the Economy and also through other channels
26:25
We create a kind of balance in this area in order to be consistent with our constitution because it stipulates that
26:32
There must be legitimate competition, economically and actually
26:38
We were able to achieve important things in this aspect, for example:
26:44
Governmental banks do not examine eligibility and cannot open documentary credits for departments
26:52
Now the truth is that we obtained approval some time ago to carry out this operation, of course
27:00
Within the criteria set by the Central Bank to verify the banks’ ability to carry out the process
27:09
Issuing letters of guarantee to government institutions and the latest directive of the Prime Minister is
27:15
Allowing private banks to receive accounts or deposits from these government institutions
27:23
Important developments in this aspect are to be brought closer
27:28
Competition, and of course there is competition, meaning there is preference
27:35
It is imposed by reality. This means that, for example, the citizen’s dealings with government banks were perhaps more
27:42
Considering that he feels that this is a safer government bank or something else, this of course
27:49
An optional issue and an issue outside the framework of the mighty
27:56
Or does this mean the citizen’s freedom to choose the bank he wants to deal with? Yes
28:02
Indeed, economists and some experts in this field mean the Governor of the Central Bank
28:08
They talk about the truth of the matter from time to time as a result of the presence of debts and as a result of crises.
28:14
Perhaps some crises, whether political or external, are talking about, perhaps there is a shortage
28:19
With the liquidity in the Central Bank of Iraq, the government may have difficulty meeting its domestic obligations
28:28
In fact, this is one of the strangest things we have heard. In fact, I have raised this question in more than one place
28:35
Yes, and I was asking what is meant by the lack of liquidity in the central bank
28:42
What is meant by this means that we definitely do not have a stock of Iraqi currency
28:49
Other than the reality of the central bank, the reality is what it says
28:55
Dollars from the Ministry of Finance to exchange for an Iraqi dinar. This is available at any time
29:03
The times mean that not a single day has passed by the Central Bank that it apologized for...
29:10
Meeting the demand for cash liquidity in exchange for meeting government obligations or meeting obligations
29:16
The government never did this happen, and we are monitoring the stock of the Iraqi dinar and we even have it
29:22
Future predictions of the volume of currency required, and in light of that, we develop a plan
29:29
The required storage, etc. In fact, this started, I don't know where it appears from
29:37
It's a kind of test of the pulse, but let this lead me to the reality of the matter, I mean, the question of how much is the Iraqi monetary issuance up to now?
29:44
What is the issuance policy for the Iraqi dinar? Is issuance really depends on spending?
29:49
The government and the dollar deposited with the central bank because we are acting as an intermediary
29:57
Between the Ministry of Finance and the market, we take the dollar from it, sell it in the market, and get dinars in return
30:05
So that we can supply the Ministry of Finance with the dinar it needs
30:11
According to the dollar that we buy, therefore
30:16
In fact, the issuance depends on the amount of spending
30:22
The government, but the currency issued now is in fact around 100 million, the currency issued in...
30:31
Trading, yes, and as I mentioned, it shows an increase in needs
30:36
And the government's obligations. This is the reality of the central bank's primary role: it monitors
30:43
The liquidity level in the market, yes, if it is seen that this level has risen a lot or
30:50
High rates may cause a type of inflation
30:55
By moving some tools to absorb part of this liquidity, as we are doing now at the present time
31:02
We moved some of our tools to control growth
31:07
This is not normal in the monetary supply, and we issued certificates of deposit and also increased the percentage
31:15
Mandatory reserves from banks until we withdraw an amount of...
31:21
Liquidity: For the first time in all the past years, we have been able to stop growth
31:28
In the volume of circulating liquidity in recent months, this means that the growth has been continuous and rapid
31:38
It creates inflationary pressures on prices
31:43
Therefore, we have actually moved the monetary policy tools to control this rapid growth and for this reason
31:51
The reason is that, as you can see, it decreased, meaning the inflation rate decreased from 7.5% to less than to about
32:00
38% This is considered a truly great achievement and an important success for monetary policy because the Central Bank
32:07
Its primary function in its law and in all the laws of central banks in the world is to maintain...
32:14
The general level of prices and controlling inflation because if there is a lot of money, however
32:22
A high inflation rate means that there is an impact on the standard of living of citizens, so target this
32:30
The ratio is important for the central bank and is considered a basic measure of policy success
32:37
Yes, the decline in the inflation rate is an important indicator, proof that there is control
32:44
On the monetary mass by the central bank and its success using appropriate tools to control it
32:51
That, Mr. Governor, allow us to go to the break, and after the break, stay with us
32:57
Our viewers will follow the joint measures between Iraq and the United States to combat
33:03
Terrorist financing and money laundering stay
33:09
[Music] With us, welcome again, Mr. Governor of the Central Bank of Iraq, Mr. Ali Al-Alaq, and we renew
33:17
We also welcome you, our viewers, wherever you are. We discuss American endeavors on this station
33:22
The Iraqi government also aims to combat the financing of terrorism and money laundering, but we also have it there as well
33:29
Other questions, Mr. Governor, including Iraq. There were meetings about a fund
33:36
The International Monetary Fund, Iraq also attends these meetings and also has steps on this subject. More information on this
33:43
The issue is certainly as you know, Your Honor, we have it
33:49
We have strong and ongoing relations with the International Monetary Fund and the World Bank
33:59
Regular meetings that take place and now our attendance actually coincides
34:07
For spring meeting meetings with the Prime Minister’s state visit, yes
34:15
In fact, the program with the International Monetary Fund might have been
34:21
There has been a hiatus since approximately 2018
34:28
In entering with the International Monetary Fund into a program that was usual in all previous years
34:35
We have programs with the International Monetary Fund, and this of course does not negate the existence of a consultative relationship
34:42
There is coordination and support from the Fund, and this session discusses pressing issues
34:48
Globally, the pressing issues are Iraqi, but in recent times, we have actually felt that...
34:54
It is necessary to enter into a program with the Fund in order to first send positive messages to the outside world
35:02
Because the International Monetary Fund is considered an auditor on the economies of countries, whether or not they are
35:08
There is a relationship that may not give a positive message. There was a problem, so we had a desire.
35:17
And a determination to enter into a program with the Fund, of course, a non-financial program, meaning because we are not
35:24
It needs funding, but it also needs programs related to coordination, consultation, and support
35:31
Technical by the International Monetary Fund on what issues do you want the most real thing is a program
35:38
It is related to policy coordination, and here we are talking about economic reforms, yes, coordination regarding them
35:45
As long as the government is now focusing on the issue of economic reform, we wanted to enter a fund
35:50
The International Monetary Fund, as a party, supports this reform by requiring there to be a plan for the financial discipline process
35:59
The process of correcting some existing structures means
36:04
In fact, we have a set of themes that we would like to work together to put into context
36:12
It is correct and proper. Therefore, we submitted a letter signed by the Governor of the Central Bank
36:19
The Minister of Finance sent to the Fund by expressing his desire, and of course it was reviewed by the Prime Minister
36:26
The ministers, I mean, supported this approach, yes, and it was sent in
36:33
At the end of last month, we went to the fund and we received the answer
36:39
From the Director General of the International Monetary Fund to welcome this cooperation
36:49
By signing an agreement to enter the program, this was actually part of the discussion that took place in
36:56
Our meetings now are with the International Monetary Fund and we agreed on
37:01
Establishing the necessary steps to enter such a program, and there will be a visit soon by a delegation from
37:09
The International Monetary Fund came to Iraq to understand the details of this program. Let me ask here
37:15
I mean, what are the economic prospects and risks in Iraq according to the expectations of the International Monetary Fund?
37:21
The World Bank actually points out positive aspects
37:26
It has the Fund in the direction of reforms and also in relation to
37:33
In terms of monetary policy, Iraq maintains a high level of foreign reserves
37:41
Reforms related to the issue of combating money laundering and terrorist financing, especially in recent years
37:49
In the past, we worked intensively after Iraq was in the gray zone. We were able to
37:54
In 2018, we will emerge from this classification after great efforts
38:00
Legislating a law and also establishing an office specialized in combating money laundering and terrorist financing, however
38:09
The Fund's observation, as is our observation, is that we need to rearrange the financial situation
38:18
And financial policy in a way that takes into account constructive
38:25
Buffers to confront any potential risks are beautiful due to fluctuations in oil prices, what is the nature of this
38:33
The bumpers are beautiful. This sign, yes, is the truth, reconsidering the structure of state revenues
38:41
Diversifying it and also diversifying the production base in the country by supporting the private sector
38:48
Especially in the industrial, agricultural and other fields, in a manner that is secure
38:54
That is, providing other sources of revenue for the country other than oil other than oil, as well as controlling
39:03
Expenses, especially operating expenses, have become difficult
39:12
To respond in the event of significant declines
39:17
In oil prices, therefore, the truth is within this atmosphere, including some
39:25
Risks: We work within this program and with the government’s directions
39:31
And his Prime Minister is now leading an ongoing process, and there is a
39:31
His Prime Minister is now leading an ongoing process, and there are ongoing meetings for the sake of it
39:39
Achieving this aspect means how we can expand the revenue base and also how
39:47
To control the growth of operating expenses in accordance with a future vision
39:53
Of course, this means this is done, but you talked about what it means to build bumpers in reality
39:59
But did Iraq show greatness in building these bumpers, even just one of these bumpers?
40:05
In fact, we cannot say that our bumper means a large one in this aspect, but there is
40:13
Steps to achieve this approach. I mean, there may not be enough room to mention many related details
40:20
For example, the government moves within the framework of...
40:26
Real revenues are now being reviewed and decisions have been made that will begin to be implemented regarding...
40:35
With crude oil used internally, by refineries, by electricity, and by authorities
40:42
The other means that there will be pricing for this
40:48
In order for oil to be produced, the return will be to the state’s general budget, because oil is all oil
40:55
It is up to the government to the state, so the global prices or the local prices, that is
41:01
Dispose of it must be included in its prices, so the reality of this initial account is now what
41:07
His calculation, which was supported by the Ministry of Oil, means that he can achieve between nine and 10 trillion
41:16
A beautiful year, for example, this is one of the things that...
41:21
It is also being worked on, His Excellency the Prime Minister assuming its presidency
41:27
A committee concerned with the status of loss-making public sector companies
41:34
Which costs the state about 3 trillion annually just to increase its salaries, and this bleeding continues
41:41
2004 to today. Therefore, this bleeding must be stopped and turned into an opportunity to be achieved
41:49
revenues by redressing their conditions and reconsidering the entirety of these companies
41:58
Thus, there is actually a set of procedures that are supposed to build these bumpers, as they say
42:07
But of course, it will take time, which means it will take time, as you explained
42:12
It is an important and necessary beginning. For example, the issue of collecting electricity costs the state annually
42:20
About 13 trillion dinars, while the return does not reach even one trillion dinars. This also drained
42:28
Another means that the resources need to be reorganized and achieved at least a reasonable portion or percentage
42:37
It is reasonable to reduce such things. All of these things actually help in reconsidering the revenue structure
42:45
And the state's expenses are what ensures these buffers
42:50
There are, as you know, many aspects that require reform in the field of taxation and in the field of fees
42:56
The moon and each one of them, in fact, repairing them achieves resources
43:01
It means a lot for the country and avoids risks or crises
43:07
Finance: Yes, Mr. Governor, you know that there are many global challenges, and recently there have been challenges
43:13
Regional security escalation in the region US Treasury Secretary Janet Yellen indicated that
43:18
The latest attack is Iran's response to Israel and its funding of armed groups in a number of countries
43:26
Regional influences on stability in the Middle East and learn about investments
43:31
Economies are always looking for safety, so any kind of influence has a return
43:38
Security on the Iraqi economy, as an example, is known to mean events and incidents
43:44
This type undoubtedly raises a kind of anxiety, fears and uncertainty in the situation
43:53
This means that this is a natural thing, but the view differs or the calculations differ regarding the size of the effect
44:02
Such matters are based on data, meaning each party according to its political data or reading
44:10
Reality gives a certain weight to the size of this effect and therefore who
44:17
It is difficult to have direct clarity in defining what this means
44:23
The impact, but I don't understand what the International Monetary Fund says
44:30
This impact on these events means that economically, as a percentage, it will be very limited. I do not know
44:37
I mean, how are these conclusions built? Surely they have economic data
44:44
And looking at different factors in this, yes, definitely, I mean, maybe, it comes as a result of maybe
44:51
Any country on its own, away from any conflict. Let us return once again. We talked about the issue of laundry
44:56
The first step and also the financing of terrorism. There were joint steps between Iraq and the United States to combat money laundering.
45:03
Also, how far has it reached the financing of terrorism? I mean, from an applied or practical standpoint
45:12
I mean, away from the theoretical framework that governs laws, rules, and...
45:18
Likewise, if we want to specify that money laundering and terrorist financing operations are related to an issue
45:24
External conversion and external operations. Now this process has become
45:30
Frankly speaking, it means that all external transfer operations go through channels before they are implemented
45:38
Nice audit to verify the sender and the recipient
45:43
From the point of view, even if the goods are reasonably priced by the exporting party
45:50
The quantities mean there is really tight control regarding the process
45:57
With every transfer from abroad to abroad, this is the reality of a very large amount of operations
46:05
Supervision of money laundering and terrorist financing if banking channels are used
46:11
Taking this money out abroad, but internally, of course, there are procedures
46:17
Details are conducted by the Anti-Money Laundering and Terrorist Financing Office at the Central Bank
46:22
There have been major developments because the issue of money laundering is not related to us as a reporting body
46:31
We receive reports, yes. There are several parties responsible for delivering these reports
46:38
The law mentioned them starting with banks, unions, and federations
46:45
And by the real estate registration departments, taxes, and customs, meaning multiple parties
46:52
It represents a source of reports related to money laundering. We are real
46:58
All of these parties previously had no direction, program, or obligation to follow these matters
47:05
Operations, but we now actually have the Joint Council, which means the Council for Combating GS
47:11
Money and terrorist financing includes most of these parties and sets rules, regulations and controls
47:17
Related to the application of what should be applied in this in this context and it certainly helped a lot
47:23
For example, we have the greatest risks related to the properties we use
47:29
In money laundering, we have set important rules, and now I think the citizen feels them until they lead to
47:37
The decline in real estate prices means that it affected the price because now every real estate sale process goes through
47:44
This means that banks, through registration processes, are transparent and look for sources
47:53
Money and looking for a real record of the values of these real estate contracts, etc., and so on, every link to a solution
48:00
The solution is yes, Mr. Governor. I just want a quick answer, please. This is how much the money is worth
48:05
The smuggled assets are the result of corruption. In fact, I mean, I cannot
48:11
I mean, I will announce a number to the relevant authorities, I mean, whatever
48:17
The Integrity Commission or the Ministry of Finance may be closer to this
48:24
The numbers certainly mean part of them is different
48:30
It is known and the other part is related to specific operations that were recorded by the devices
48:37
The relevant supervisory authority is trying to take action against some countries
48:44
To recover such money, yes, more than $100 billion, deposit Iraq with the bank
48:49
Federal Reserve in New York What does that mean? In short, we do not have such amounts
48:57
The Federal Reserve does not exist, meaning it exists, but to a much lesser extent than this
49:04
Because this means that when we talk about the total reserve that you kindly provided, this is distributed
49:11
In different countries and in different central banks, we keep part of it in reserve
49:19
To meet the requirements for financing foreign trade, as long as it is in dollars, we must have dollars
49:25
On our account, but as I explained, the first stop for receiving the oil dollar is in the reserve
49:33
The Federal Reserve, and after that the fact, the central bank, is in the process of distributing or investing these amounts
49:41
In other central banks and various international financial institutions, these are moving numbers, of course, depending on size
49:48
Yes, Mr. Governor of the Central Bank of Iraq, Mr. Ali Al-Alaq, thank you very much. The truth is, Tamr had a lot of questions.
49:55
We hope that we will certainly have another meeting soon, meaning we will discuss these issues. Thank you and we wish you success in your visit to the states.
50:03
United, thank you and you, our viewers. We have reached the end of a new episode of the Iraqi program
50:09
We say to you, may God protect you
50:14
[music]
******END OF POST PRODUCTION UPDATES******
Sources: An air strike targeted an Iraqi Popular Mobilization Forces site south of Baghdad
BAGHDAD (Reuters) - The Iraqi Popular Mobilization Forces, an official security force, said that its command headquarters at the Kalsu military base, approximately 50 km south of Baghdad, was exposed to a massive explosion late on Friday evening. Two security sources said that the explosion Caused by an air strike.
Two sources at a hospital in the nearby city of Hilla said that a fighter from the Popular Mobilization Forces was killed and six were wounded.
The Popular Mobilization Forces said in a statement that the explosion caused material losses and injuries, adding that a team was conducting an investigation.
The two security sources stated that it is not yet known who carried out the air strike. An American official said that there is no US military activity in Iraq.
Hours earlier, sources said that Israel carried out an attack on Iranian territory on Friday, days after Iran bombed Israel with a barrage of drones and missiles.
The Popular Mobilization Forces were initially a collection of armed factions, many of which were closely linked to Iran. Later, the Iraqi authorities recognized the Popular Mobilization Forces as an official security force.
For months, factions within the Popular Mobilization Forces participated in missile and drone attacks on US forces in Iraq in the midst of the Israeli military campaign in Gaza, but they have stopped the attacks since early February.
The US Army denies carrying out raids on a military base in Iraq
The US Central Command (CENTCOM) denied that its forces carried out a bombing on a military base used by forces affiliated with the Popular Mobilization Forces south of Baghdad.
In a post on the X platform, Centcom described the information claiming that the United States launched air strikes in Iraq on Friday as “incorrect.”
She said, "The United States did not launch air strikes in Iraq on Friday."
We are aware of reports claiming that the United States conducted airstrikes in Iraq today. Those reports are not true. The United States has not conducted air strikes in Iraq today.
A statement by the Popular Mobilization Forces said that an explosion occurred “at a headquarters of the Popular Mobilization Forces in the Kalsu military base in the Al-Mashrou’ district on the highway, north of Babil Governorate,” according to Al-Hurra’s correspondent in Iraq.
He added that an investigation team immediately arrived at the scene, and the explosion caused material losses and injuries.
Two security sources told Reuters that the explosion that occurred at a military base was the result of an air strike of unknown origin.
For his part, the military official said, on condition of anonymity, that “there are equipment stores currently exploding due to the bombing,” adding, “The fire is still consuming some places, and a search is underway for any casualties.”
Iraq.. Confirmation of the killing of a member of the Popular Mobilization Forces and the formation of a committee to examine the causes of the mysterious explosion
The Security Media Cell in Iraq said on Saturday that a member of the Popular Mobilization Forces died in an “explosion and fire” inside a military base in Babil Governorate, adding that 8 other people were injured.
The Security Media Cell statement revealed that a specialized higher technical committee from the Civil Defense and other relevant authorities had been formed to find out the causes of the explosion and fires at the site and surroundings of the accident area.
The statement added: "The Air Defense Command report confirmed, through technical efforts and radar detection, that there was no drone or fighter aircraft in the airspace of Babylon before and during the explosion."
He stressed that more details will be published later once the analysis and investigation process is completed to determine the circumstances of this accident.
Later, Reuters quoted a statement by the Popular Mobilization Forces in which it said that the explosion that occurred in its command center in Camp Kalsu resulted from an “attack,” without providing additional details.
Faras Press Agency quoted security sources as saying that a bombing resulted in a number of casualties, on Friday night, Saturday, at a military base in Iraq that includes Iraqi army forces and members of the Popular Mobilization Forces loyal to Iran, which have been integrated into the Iraqi security forces.
In response to a question from Agence France-Presse, a military official and an official in the Ministry of Interior did not specify who was behind the aerial bombardment of the Kalsu base in Babil Governorate. They also did not specify whether the strike was launched by a drone.
On the other hand, the US military command in the Middle East (Centcom) announced that the United States “did not carry out strikes” in Iraq, on Friday.
Centcom wrote on the X platform, saying: “We are aware of information claiming that the United States carried out air strikes in Iraq today. This information is false.”
In response to a question from Agence France-Presse, the Israeli army said that it “does not comment on information contained in foreign media.”
This development witnessed by Iraq comes in an explosive regional context fueled by the ongoing war in Gaza, while diplomatic efforts continue to avoid the expansion of the conflict.
At dawn on Friday, sounds of explosions were heard near a military base in the Isfahan region in central Iran. The authorities downplayed their impact, without directly accusing Israel of being behind them, while no Israeli comment was issued on the attack.
This occurred less than a week after an unprecedented and direct Iranian attack against Israel.
It should be noted that the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, is still in the United States, where he met with the US President, Joe Biden, earlier this week.
Politician: There is no relationship between the Babylon explosion and Sudanese’s visit to Washington
The researcher in political and security affairs, Kazem Al-Zubaidi, confirmed that there is a relationship between the explosion of the Popular Mobilization Forces camp in Babylon and the visit of Iraqi Prime Minister Muhammad Shiaa Al-Sudani to the United States.
Al-Zubaidi said in an interview followed by Mawazine News, that during his visit to Washington, Al-Sudani “acted like a statesman and not like a prime minister, so he will not achieve any of the goals he set out to achieve, in which he relied on a sustainable partnership with the United States and concluding military deals.”
He was an official . In the Iraqi Ministry of Interior, it was reported that one person was killed and eight others were injured as a result of an explosion at the headquarters of the Popular Mobilization Forces in northern Babil Governorate on Friday night.
The official, who refused to reveal his name, said that the explosion targeted “the armored headquarters of the Popular Mobilization Forces and affected heavy weapons and armored vehicles.”
Al-Zubaidi was considered a terrorist This bombing “is a violation of the declared truce between the United States and the armed factions in Iraq, and Washington received the green light from Sudanese, and therefore it and Israel will have complete freedom to move in Iraq.”
The researcher in political and security affairs noted that “it is certain that the bombing occurred by means of a drone .” But he came back and confirmed that he respects the government’s reports regarding what happened in the Hashd camp in Babylon.”
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