Prime Minister's Advisor: We will see the dollar fall on the black market soon
The political advisor to the Prime Minister, Fadi Al-Shammari, confirmed today, Saturday, that the demand for the official dollar has increased, while he expected it to decrease on the black market in the coming period.
the video for this blog post is below here:
Al-Shammari said in a press statement received by Al-Maalouma, that “the classification of financial institutions in Iraq according to World Bank reports is positive, and the Central Bank’s classification is A++ and exceeds the Emirati classification.”
He added, "Iraq wants to join the international banking system, and on this basis the government has taken positive measures in this regard."
He confirmed, "The increasing percentage of merchants joining the platform rose from 28% to 78%," noting that "the demand for the official dollar has increased, and we will witness its decline on the black market in the coming period."
He pointed out that Iraq agreed “with the US Treasury on a road map that includes a third party represented by an international consulting company to audit the procedures of the sanctioned banks, and its decisions are binding on the US Treasury.”
An expert talks about the "biggest barrier" and the positives of merging Iraqi and Arab banks
Today, Saturday (April 27, 2024), Professor of International Economics, Nawar Al-Saadi, revealed the benefit of merging the Iraqi banking sector with its Arab counterpart, and how this approach could contribute to lifting US sanctions on some Iraqi banks.
Al-Saadi told "Baghdad Today", "In light of the current economic conditions, the idea of merging the Iraqi banking sector with its Arab counterpart comes as a positive step in order to strengthen the Iraqi economy and enhance economic cooperation in the region, as this merger can achieve several benefits, including enhancing stability." Finance by providing advanced methods and mechanisms for managing funds and exchanging financial information between Iraqi and Arab banks.
He added, "In addition to enhancing financing capacity, merging the Iraqi banking sector with the Arab sector contributes to increasing the financing capacity of Iraqi institutions and companies, enhances economic growth and contributes to developing infrastructure and creating job opportunities. But the most positive thing is expanding the scope of financial services because the Iraqi banking sector It lacks advanced services, but if the integration takes place with the Arab banking sector, Iraqi banks can expand the scope of financial services available to citizens and companies, which will enhance access to financial services and inevitably contribute to enhancing economic development.”
He continued, "The Arab banking sector's involvement with the Iraqi sector could be considered a risk for Arab banks, given the legal and financial challenges imposed by international sanctions on Iraqi banks. However, these challenges can be addressed through cooperation with international financial authorities such as the US Federal Reserve to take measures." necessary to ease the restrictions imposed.
The professor of international economics stressed that "in general, achieving banking integration between Iraq and the Arab world requires joint cooperation and mutual efforts to overcome challenges and obstacles, in order to enhance economic stability and promote sustainable development in the region."
The head of the Iraqi Private Banks Association, Wadih Al-Handal, confirmed yesterday, Friday, that Iraq is witnessing a clear targeting by depriving half of the banks from dealing in dollars, describing it as a “danger indicator” at the economic level.
Al-Handal said, in his speech during the Arab Economic Security Forum, which was organized by the Union of Arab Banks in Beirut and followed by “Baghdad Today,” that “the forum is being held in complex circumstances and geopolitical changes taking place in the region, and the Arab banking sector has begun to be affected, starting with the State of Iraq,” adding. “Iraq is still facing major challenges, at various economic levels, including depriving the Iraqi private banking sector of using the dollar, which has exceeded half the number of banks operating inside the country, which is a very dangerous indicator, despite the efforts of Iraqi governmental and private institutions to comply with laws against money laundering and terrorist financing.” Local and international.
He explained, "For the first time we are witnessing a clear targeting of the sector, which has begun to affect banking services within the country, undermine citizen confidence, and hinder the expansion of financial inclusion," stressing that "these challenges facing the banking sector reaffirm the role of the Union of Arab Banks." International organizations and Arab banks play a prominent role in coordinating positions and confronting dangers together.”
Al-Handal pointed out that "this meeting represents an opportunity for cooperation and agreement on a work roadmap for the future, as targeting the Iraqi banking sector will not stop within its borders, and may expand at any moment to other countries in light of the regional turmoil."
He continued, "The Association of Private Banks is working with the Iraqi government, the Central Bank, and some local and international institutions, to save the banking sector, and return banks deprived of dealing in dollars to their activities, but this is not enough, but rather requires continuing cooperation with the Arab and foreign banking sector, because the stage of integrating the sector Iraqi banking with its Arab counterpart must begin quickly, and we are taking great steps in this direction, especially since Prime Minister Muhammad Shia al-Sudani held dialogues in Washington with the American President and other government officials, who announced in a joint statement the possibility of a group of Iraqi banks returning to dealing in dollars and supporting... The private banking sector.
During his speech, Al-Handal appreciated the efforts of the Iraqi government and the Central Bank of Iraq to create deeper understandings with international banks, the Federal Reserve, and the US Treasury to expand the integration of the Iraqi banking sector into the global financial system, in addition to supporting the Iraqi dinar, which led to a gradual rise in its value, pointing out that “Iraq is witnessing... “There has been a great development in the transition to electronic government and the adoption of electronic payment, and this is what leads to the growth of the digital economy, especially since there is a trend within the country to increase the number of electronic banks, to keep pace with technological development and increase performance.”
Al-Ghais: Emissions must be reduced instead of calling for stopping the use of oil
The strong pace at which global energy demand is growing means that alternatives cannot replace oil, says the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC). Haitham Al-Ghais.
Al-Ghais added in an article published by the Mees website that instead of calling for stopping the use of oil, the focus should be on reducing emissions.
The Secretary-General of OPEC indicated that a report published by The Economist newspaper highlights some worrying trends, represented by articles or topics that increasingly use terms such as “the end of oil,” while at the same time downplaying or omitting key details related to current and future demand for oil .
The Secretary-General of OPEC said that although the main goal of the Paris Agreement on climate change is to reduce emissions - and not to choose energy sources - “but it seems that this matter has been forgotten,” as he put it.
He added that speeches calling for reducing demand for hydrocarbons have replaced the main goal of the Paris Agreement, without considering the impacts on energy security, social and economic challenges, or reducing energy poverty.
Al-Ghais explained that this type of terminology forgets that oil is still an irreplaceable element in promoting global prosperity and maintaining energy security.
He said: Ed Conway was not exaggerating in The Material World - one of The Economist's best books of 2023 - when he stated that the age of oil "saved humanity from much of the drudgery of manual labor, increased incomes around the world, and helped people live for a while." Longer, save the chemicals we make the fertilizer that keeps half the planet alive.”
“It is sometimes easy to forget how important oil is in our daily lives, but without it we would not have gasoline, heating oil, jet fuel, syringes, soap, computers, car tires, contact lenses, prosthetics, and many types of medicines,” according to Al-Ghais.
The Secretary-General of OPEC indicated that the end of oil is “not in sight,” explaining that oil constitutes nearly a third of the global energy mix today, and global demand for oil continues to rise.
Last year, global demand for oil witnessed growth by about 2.5 million barrels per day, and OPEC and many agencies expect significant growth in the coming years as well, according to Al-Ghais.
He added that the use of such terms, despite all evidence to the contrary, becomes more dangerous due to their potential to support energy policies that “fuel chaos in the energy sector.”
Al-Ghais wondered: What if investments in the sector decreased as a result, but the demand for oil continued to rise, as we are witnessing today?
Al-Ghais said that suggesting that oil demand may peak by 2030, or that it may decline by more than 25 percent during the same time frame as some accounts suggest, ignores what all other energy sources can actually provide on any time scale. Especially since the year 2030 will come in less than 6 years,” he said.
The Secretary-General of OPEC indicated that stopping investment in the oil sector may have a very harmful effect on energy security, as OPEC research indicates that such a step may cause a deficit exceeding 16 million barrels per day by 2030, in light of supply expectations. And the current demand for oil.
He said: “The simple but crucial truth that is sometimes left out of these narratives is that the world needs more energy, as all energy sources will be needed simply to meet increasing population growth and urbanization. By 2030 alone.”
He stated in his article that more than half a billion people are expected to move to cities around the world as the global economy continues to expand, “and this is equivalent to about 50 new cities the size of London,” as he put it.
The Secretary-General of the Organization of Petroleum Exporting Countries noted that narratives calling for stopping the use of oil ignore the harsh reality of energy poverty, even though about 700 million people do not have access to electricity, and 2.3 billion people lack access to clean cooking solutions.
He asked: “Doesn’t all populations deserve standards of living similar to those enjoyed by the developed world? Is it acceptable that global efforts to achieve Goal 7 of the Sustainable Development Goals on clean and affordable energy are falling short?”
“The reality is that many alternatives cannot replace oil at the necessary level, or are unaffordable in many areas,” he said.
He said the world has invested more than $9.5 trillion in the “energy transition” over the past two decades, “yet wind and solar still provide only just under 4 percent of global energy.”
Furthermore, significant challenges remain regarding electricity grids and the capacity to manufacture batteries and critical minerals,” he added.
Al Ghais explained that while ensuring that people can access the products and services they need to live comfortably, the world must also take serious measures to reduce emissions.
“To this end, the oil industry is developing and investing in technologies such as carbon capture and storage, clean hydrogen, and direct air capture. It is also working to improve operational efficiency.”
He added that the oil sector has shown that it can reduce emissions from oil production, after about 50 major oil and gas producers agreed at the Conference of the Parties (COP28) to reduce methane emissions to nearly zero by 2030.
“Maybe the next time we drive our children to school, or sit in the hospital, or stare at wind turbines, let us recognize the critical role that oil continues to play even as there are calls for its untimely demise,” Al-Ghais said.
He added: “At the end of the day, the Paris Agreement is not about reducing demand for oil; it is about reducing emissions. It is time for all narratives to accurately reflect this reality.”
Al-Awadi: The World Economic Forum in Saudi Arabia is equal in importance to the Davos Forum
Government spokesman Bassem Al-Awadi explained that the World Economic Forum in Saudi Arabia is equivalent in importance to the Davos Forum in Switzerland, while stressing the importance of Prime Minister Muhammad Shiaa Al-Sudani’s expected participation in the World Economic Forum, which will be held on 28-29 in the Saudi capital, Riyadh.
Al-Awadi said in a press statement followed by Iraq Observer: “The Prime Minister’s visit to Saudi Arabia will be to attend the special meeting of the World Economic Forum that will be hosted by Riyadh, which is one of the largest forums and is equal in importance to the Davos Forum in Switzerland. The first title of this conference is international cooperation, growth and the energy sector from For development.”
He added, “More than a thousand important and influential figures will attend the forum held in Saudi Arabia, including a president, a leader, a political decision-maker, heads of major economic companies, thinkers and opinion makers in the governmental and private sectors around the world.”
He continued, “Therefore, this is a great opportunity for the Prime Minister to hold important, high-level meetings with world leaders and idea and policy makers in which Iraq’s current image, stability, and openness to investment and great investment opportunities in the country will be clarified. We are a country moving toward stability and need to know ourselves during The Prime Minister’s visits, which he spoke about in Washington, showed the true picture of Iraq in response to the blurry picture that some media outlets are trying to spread.”
He pointed out, “There is confusion about the Iraqi situation, and many believe that Iraq is unstable and the situation is chaotic, and this is contrary to reality. The true position must be clarified and correct relations with the outside must be built. Officials of brotherly and friendly countries are invited to visit Iraq to get to know its situation closely and in the true form that actually exists.” We tell them to visit Iraq from south to north and see the truth of the situation for yourselves and make sure that Iraq is stable and its doors are open to investment.”
Al-Awadi pointed out that “Iraq needs investments; To exploit its wealth, as well as to develop the industrial and agricultural sectors, to move from a rentier economy to a market economy, support the private sector, and provide more jobs in the private sector. During the Prime Minister’s visit to Washington, there was a delegation of businessmen in support of this trend.”
Regarding the relations between Baghdad and Riyadh, Al-Awadi explained, “Iraqi-Saudi relations are in continuous development and growth, and there was a leap last year under the government of Prime Minister Muhammad Shia’ al-Sudani, as trade exchange between the two countries jumped between one billion to one billion five hundred million dollars last year.” In the years before that, it was limited to $300 million or half a billion dollars.”
He stated, “We consider this leap in relations and cooperation a beginning, and the government is keen to expand commercial cooperation and other sectors to broader extents.”
Twinning between Ankawa and Sterlink Heights begins
The Mayor of Ankawa, Rami Nouri Chiaws, indicated on Saturday, April 27, 2024, his meeting with the Mayor of Stirling Heights in the US state of Michigan, to start twinning procedures between the two cities.
According to the mayor of Ankawa, the aim of their meetings is to begin the procedures for twinning the two cities, Ankawa and Sterling Heights, which are inhabited by the majority of the Chaldean community.
The meeting was also attended by a representative of the Kurdistan Regional Government, a representative of the Kurdistan Democratic Party and the Chaldean Community Foundation in America.
The head of the Chaldean American Chamber of Commerce, Martin Mena, said a few days ago that there are attempts to announce twinning between the Ankawa district in Erbil and the city of Stirling Heights in the US state of Michigan.
Speaking to Kurdistan 24, he confirmed that "the mayor of Ankawa is scheduled to visit the United States on April 26."
The remarks of the President of the Chaldean American Chamber of Commerce came on the sidelines of a meeting held between the delegations of the Kurdistan Regional Government and the Iraqi government in Washington, DC, with American business leaders and major companies.
"We previously met with Prime Minister Masrour Barzani in the United States, and we will meet with Iraqi Prime Minister Mohammed Shia al-Sudani, and our goal is to attract American investors to Kurdistan and Iraq," he said.
What is important for Baghdad and Erbil "is that these components are the main gateway to the West, through which investments and opportunities can flow to the Kurdistan Region and Iraq," he said.
In September this year, our trade delegation will visit Erbil and Baghdad, and everything is moving in the right direction now.
He continued: If we can solve the problems of the Kurdistan regions outside the administration of the Kurdistan Region and the problems between Erbil and Baghdad, there are many investors who want to invest in Iraq and Kurdistan.
The U.S.-Iraq Higher Coordination Committee is part of the Iraqi Prime Minister's delegation, and the meetings were attended by the KRG's representative in the United States. The US secretary of state said the meeting focused on five main topics, one of which was investment.
Al-Karaawi: America is trying to restrict Iraq
The head of the organizing body of the popular movement for the Belt and Road, today, Saturday, accused the United States of America of restricting Iraq and creating a state of economic instability within it.
Al-Karaawi told Al-Maalouma, “America is working with great plans against Iraq, noting that there are many politicians inside Iraq who are subject to its dictates.”
He added, "America has made the Iraqi economy unstable and is exploiting the circumstances to impose restrictions on Iraq."
He continued, "America dominates broad economic sectors, especially in the field of oil, gas and the dollar, and interferes in the issue of electricity and armament."
Economic prospects from America to Türkiye
What is the economic horizon between the visits of an Iraqi summit to the United States and a Turkish summit to Iraq, at similar timings and with a difference in location and to and from?
Last week witnessed the visit of a high-level delegation led by the Prime Minister to the United States of America, while a high-level Turkish delegation led by the Turkish President visited Iraq following the end of the visit of the Iraqi delegation. It is also a mere coincidence in timing.
What is important for specialists on this page is to read and analyze the economic horizon behind these two important visits.
In this article, I will focus on the economic aspect that specifically targets the private sector, highlighting its importance and presenting it in the various offers on economic cooperation arrangements between America and Iraq on the one hand and between Turkey and Iraq on the one hand.
Five years ago, specifically in the year 2019, I wrote an article titled Investment Ambassadors. The Prime Minister at that time accompanied 70 businessmen on his visit to Saudi Arabia. I called them “Investment Ambassadors,” and it was a truly remarkable initiative.
No one had implemented it before this date, with a number of those included in the delegation diagnosing that they may not necessarily represent a real private sector.
This recollection brings back the memory of how much we here in Al-Sabah Economy issued calls to include in official delegations real businessmen working in the investment and development sector.
Today, the Iraqi delegation to the United States has included an elite group of businessmen, but the difference between the two stages is that meetings took place this time between Iraqi businessmen and American companies, as well as a meeting between the Prime Minister and expatriate Iraqi businessmen in the diaspora. In this regard, I note that an article was issued to me last year. It was titled (Dear President, where are you among the expatriates?) and the response came with active participation.
What is important is that what resulted from this visit and meetings was that preliminary agreements and partnerships were signed in which the private sector had the lion’s share for the first time, and here lies the remarkable economic horizon from the visit, while emphasizing that it is more important to transform these agreements into actual implementation on the ground because what matters is the results, so we will follow the results. Later, we will see and judge whether the visit achieved its (economic) goals. This is the purpose of the page and my specialty as an independent person interested in economic affairs.
As for the visit of the Turkish delegation to Iraq, at a close timing, it indicates the same economic horizon targeted behind the visit, especially with regard to partnerships and the implementation of economic projects by giving a role to the Iraqi private sector. The conclusion and impression that came out of the two visits is that this government tried to correct the path of construction, reconstruction and development by opening up to All countries of the world. But the question remains: Will we be able to exploit the opportunities of this economic horizon so that we can say that Iraq is the center of attraction for the world’s economies so that we can follow, monitor and see?
Will our wishes come true? We just have to be optimistic and hold on to hope.
BUDGET
Al-Atwani: We hope that the 2024 budget will arrive next week
The Parliamentary Finance Committee expected, today, Saturday, that the 2024 budget tables will arrive in Parliament next week.
A statement by the committee, received by the “Al-Ma’louma” Agency, stated that “The Parliamentary Finance Committee, headed by Atwan Al-Atwani, and in the presence of its members, hosted the Minister of Communications, Hiam Al-Yasiri, to discuss ways to advance the reality of the communications sector in Iraq and raise the level of services provided to citizens, because of this having a direct impact on economic development.” .
The statement added, "The meeting discussed the most prominent problems facing the ministry's work and the possibility of providing it with the necessary support in order to implement the provisions of the government program related to the communications sector."
Al-Atwani stressed, “the necessity of advancing the communications sector and developing electronic services,” stressing, “the Parliamentary Finance Committee’s keenness to review what has been implemented, as stipulated in Paragraph 17 of the Federal Budget Law (2023-2025), regarding increasing communications revenues and improving the quality of services.” He added, “We rely a lot on the Ministry of Communications, to be the second financial resource for the state after oil.”
Al-Atwani stressed, “The necessity of digital transformation in all sectors, including customs and ports, and this requires securing and improving Internet service, continuously and without interruption, in a manner that is consistent with the government’s endeavor to automate these sectors and undermine the outlets for corruption.”
He warned, "The hosting also comes to identify the ministry's needs, in preparation for including them in the 2024 budget schedules, the schedules of which are expected to reach the Finance Committee next week."
He pledged, "to adopt the demands and proposals put forward by the Minister before the Finance Committee, including providing the necessary financial allocations to develop communications infrastructure, ensuring the expansion of port gates in light of the increasing demand for this service, in addition to purchasing advanced devices to block websites targeting Iraqi society, as well as Giving the Ministry the authority to collect fees for commercial advertisements on social media sites and prosecute violators.
The Chairman of the Finance Committee stressed, "The necessity of completing the steps to transform Iraq into a global market for transferring Internet capacities by attracting customers, after the submarine cable service entered the commercial operation phase, which brings significant revenues to the state."
Sudanese Advisor: The 2024 budget has entered into force... and there is no need to send its schedules to Parliament - urgent
Today, Sunday (April 28, 2024), the financial and economic advisor to the Prime Minister, Mazhar Muhammad Saleh, commented on the implementation of the 2024 budget without its schedules being approved by Parliament.
Saleh said, to “Baghdad Today,” that “the experience of the tripartite public budgets approved under the Federal General Budget Law No. 13 of 2023 (the tripartite budget) has become a binding law to be applied regularly and in an annual hierarchy without interruption and in accordance with public finance applications in implementing the details of the general budget itself.” In both its operational and investment aspects, and because the application of the three-year budget experience as a medium-term financial plan has been approved in our country for the first time, in accordance with a text contained in the amended Federal Financial Management Law No. 6 of 2019.”
He stated that “the general budget for the year 2024 has become obligatory to implement since the country entered its new fiscal year and in accordance with the laws and financial and economic data contained in the texts of Law No. 13 of 2023 mentioned above, including operational expenses and investment expenses for current and new investment projects, as long as they occur.” Within the general budget constants No. 13 above.
Saleh stressed, “The text stated in the Tripartite Budget Law that the executive authority submits tables related to expenditures, revenues, and the estimated deficit for the current fiscal year 2024 is a constitutional and supervisory context and falls within the duties of the legislative authority. Based on the above, working with the constants of the Federal General Budget Law ( The tripartite budget does not conflict with the progress in implementing the requirements of the national development program, especially in implementing new projects whose allocations are approved within the law, and that this executive mechanism is the basis on which the tripartite budget philosophy was based, which provided legal flexibility in advancing the wheels of economic development projects without time delays and loss of time opportunities. Therefore, presenting the expenditure and revenue schedules for the fiscal year 2024 is a context undertaken by the legislative authority within its constitutional oversight duties to ensure the progress of implementation of the federal tripartite budget law.”
and then.......
The Sudanese advisor denies a statement attributed to him about the 2024 budget tables
weird angle
Mazhar Muhammad Salih, advisor to the Prime Minister Muhammad Shiaa al-Sudani for financial and economic affairs, denied a circulated statement attributed to him that indicated the adoption of the budget schedules without the need for approval by the House of Representatives.
Saleh said in a statement to the official agency, “The statements attributed to us that talked about there being no need to send the 2024 budget tables to the House of Representatives are baseless.”
Saleh added, "The budget tables will be sent from the government to the House of Representatives," indicating that "the House of Representatives will in turn make amendments without the need for new legislation."
Saleh had previously indicated that the 2024 budget tables focus on investment spending for new projects.
Parliamentary Economy: Parliament will extend the legislative term to approve the budget
The Parliamentary Economy, Industry and Trade Committee revealed that the accumulation of the deficit ratio, projects and cash flow are reasons that led to the delay in sending the budget from the government to the House of Representatives.
The deputy head of the committee, Yasser Al-Husseini, said in an interview followed by Al-Eqtisad News, “The budget is in the corridors of the government and its schedules are still being prepared in the Ministry of Finance and have not yet been voted on in the Council of Ministers and then sent to the House of Representatives for the purpose of reviewing, studying and approving it.” He expressed his "hope that it will not be delayed for long, because the service reality requires speed."
Al-Husseini added that the House of Representatives approved a tripartite budget so that at the beginning of each year there will be a budget ready and prepared for implementation and to shorten the time, as we are about to enter the fifth month of the current year, indicating that if Parliament goes into legislative recess, then there is a problem and we demand that the government quickly send the budget schedules to the House of Representatives. Representatives.
Al-Husseini pointed out that Parliament will extend its legislative term until voting on it is completed if its schedules are sent.
Economist: The bombing of oil fields is a conspiracy against Iraq to intimidate foreign companies
Economic expert Abdul Rahman Al-Mashhadani confirmed that the bombing of oil fields in northern Iraq is a conspiracy to intimidate foreign companies.
Al-Mashhadani said, in a televised interview followed by Mawazine News, “The Kormor field, which was targeted 4 days ago, is considered one of the most important fields that produce gas in the country, as it not only feeds the Erbil and Sulaymaniyah stations, but also feeds stations even in Kirkuk.”
He added, "The Kormor field produces 1,400 megawatts in Kirkuk and Nineveh governorates and is considered one of the most important gas fields in Iraq, noting that it is considered the only field in Iraq that produces gas and sends it to Kirkuk, Nineveh, Sulaymaniyah, Erbil, and Dohuk."
He pointed out that "targeting the oil fields in Iraq is an international conspiracy, especially targeting the Kormor field, to drive away and intimidate foreign companies that want to invest in Iraq."
Economist: The decline in the dollar exchange rate is temporary... and he determines the reason
The economic expert, Salah Nouri, sees the decline in the dollar exchange rate as “temporary” as a result of the statements of the Governor of the Central Bank of Iraq.
Nouri said {to Al-Furat News} that: “The statements of the Governor of the Central Bank of Iraq during his television interview, including {forming a joint committee with the US Department of the Treasury and the Federal Bank to correct violations of previously punished banks in dealing with the dollar} led to banks and merchants anticipating the results of the discussions and led to a decrease in demand for The dollar, as demand decreases, the parallel exchange rate decreases.”
He added, "This decrease is temporary until the results of discussions with American institutions are finalized."
Nouri added, "In any case, the exchange rate in the parallel market remains fluctuating between falling and rising as a result of changing demand by merchants, especially from neighboring countries, and obtaining the dollar from the parallel market and not through the platform."
While the financial and economic advisor to the Prime Minister, Muhammad Mazhar Salih, identified several reasons for the decline of the dollar and its proximity to the official price, including the concerted efforts of economic policy in imposing a climate of stability in the general level of prices, which was indicated by the state of superiority of the official exchange market in financing Iraq’s foreign trade in the face of the decline. The effects of the parallel market and the decline of its illegal activities in a gradual and accelerating manner now.
To view the rest of the details, click here it goes to the other article I posted that is really positive and it's below here
Sudanese advisor reveals the reasons for the decline of the dollar and its proximity to the official price
The financial and economic advisor to the Prime Minister, Muhammad Mazhar Saleh, revealed today, Sunday, the reasons for the dollar’s decline and its proximity to the official price.
Saleh said {to Al-Furat News} that: “The exchange market achieved a decline in dollar prices during the past six weeks with a rate of change in favor of the Iraqi dinar approaching 9%, and that all of these positive developments work in the interest of the strength and stability of the Iraqi dinar and this reflects positively on the general level of prices, which is still... It indicates annual growth that does not exceed 4% and is measured periodically.”
He added, "The efforts of economic policy have truly combined to impose a climate of stability in the general level of prices, which was indicated by the state of superiority of the official exchange market in financing Iraq's foreign trade in the face of the decline in the effects of the parallel market and the decline of its illegal activities in a gradual and accelerating manner now."
Saleh pointed out “a number of factors that contributed to this positive development in the exchange rate of the Iraqi dinar, as at the forefront of those factors comes the increased capabilities of operating banks to comply with external transfer rules and the high percentage of requests requested and executed in foreign currency by the private commercial sector to finance trade.” External transfer accounts for approximately 85% of the total requests from official transfer outlets.
He continued, "It is now being implemented with great speed and efficiency, compared to the previous period, which did not exceed 30% of the total desired demand for foreign currency, which then caused great pressure on the parallel exchange market, which means that the foreign currency window has now begun to meet most of the demands." The base is based on the desired dollar, at an official exchange rate of 1,320 dinars per dollar, with high flexibility and compliance, instead of illegally resorting to financing foreign trade using parallel market methods with high risks.”
Saleh added, "Also, the growing strength of Iraq's foreign reserves, which exceeded 110 billion dollars, and at the same time indicates the high standard of Iraq's commercial efficiency, which exceeds {eighteen months of imports} compared to the global standard of {three months of imports}."
In light of the above, the Sudanese advisor affirmed, saying, “The stability of external transfer operations at this level of growth and improvement will undoubtedly provide sustainability in the state of stability in the exchange market, which will undoubtedly make the parallel exchange market approach the official market.”
Today, Sunday, dollar prices recorded a decline with the closure of the main Kifah and Harthiya stock exchanges in Baghdad, recording 145,200 Iraqi dinars against 100 dollars, while dollar prices recorded this morning 145,700 Iraqi dinars against 100 dollars.
Parliamentary Integrity: Iraq can track money laundering crimes even abroad
The Parliamentary Integrity Committee confirmed today, Sunday (April 28, 2024), that Iraq can track money laundering crimes, through its supervisory bodies, even outside the country.
Committee member Duraid Jamil Ishou told “Baghdad Today” that “Iraq, through its competent oversight bodies in the Integrity Commission as well as its competent security agencies from the Intelligence Service and others, can track all money laundering crimes,” noting that “Iraq has achieved success in this file during the last period".
Ishua stated, “Some of the movements of these agencies in this file are secret to ensure the success of the tracking operations, and there is coordination with the country in which this money is moved, in addition to tracking the fleeing corrupt people in coordination and cooperation with the international police,” noting that “Iraq’s foreign relations are good with all countries.” This contributed to achieving success in pursuing the fleeing corrupt people and recovering Iraq’s smuggled money.”
The Integrity Commission had announced that international arrest warrants had reached 19, and the number of requests for legal assistance related to seizing smuggled funds outside Iraq had reached 17 requests, while smuggled funds and their financial transfers amounting to 400,000 US dollars, 22 real estate, 8 shares in companies, 9 bank accounts, and one wheel were followed. While the value of corruption funds smuggled outside Iraq amounted to 1,400,500 US dollars, and 10 real estate properties in one investigative case, according to the Integrity Report for 2023 activities.
Al-Sudani concludes his visit to Saudi Arabia and returns to Baghdad
I guess one day was all he needed
Prime Minister Mr. Muhammad Shiaa Al-Sudani returns to the capital, Baghdad, after his participation in the World Economic Forum hosted by the Kingdom of Saudi Arabia.
•••••
Prime Minister’s Media Office
April 28, 2024
Al-Sudani arrives in Riyadh to participate in the World Economic Forum
they tweeted this too
Al-Sudani will hold, according to a statement from his office, a copy of which {Al-Furat News} received, “on the sidelines of the forum, which is hosted by the Kingdom of Saudi Arabia under the slogan {International Cooperation, Growth, and Energy for Development,” a series of meetings with a number of leaders of countries, and with heads and representatives of major international companies specialized in The field of energy and digital technology.
The forum aims to support global dialogue and find solutions to common global challenges, and will witness the presence of a number of heads of state, and the broad participation of international experts and thinkers, from the governmental and private sectors, international organizations and academic institutions from 92 countries.
The launch of the World Economic Forum sessions in Riyadh
The sessions of the World Economic Forum began in Riyadh today, Sunday, and will continue for two days.
The open forum, hosted by Riyadh at the Ritz-Carlton Hotel, aims to enhance dialogue between thought leaders on several topics, including environmental challenges, the role of the arts in society, entrepreneurship, artificial intelligence, digital currencies, digital cities, and mental health. The forum will also provide a suitable opportunity for students. Entrepreneurs and young professionals to discuss and explore these important issues.
More than 1,000 participants, including more than 20 foreign ministers from around the world, and key global stakeholders are participating in the special meeting to enhance cooperation in critical areas of development and help bridge the growing gap between developed and emerging markets.
The meeting highlights the threats that recent trends in innovation and economic policy coupled with the lack of investment in human development can pose to global equality and thus hinder efforts to reduce poverty, in addition to the opportunities that can help confront these risks in advanced, emerging and developing economies.
It seeks to find solutions to increase clean energy while ensuring equitable growth at a time when the world faces a potential temperature rise of 2.9 degrees Celsius and significant disparities in access to energy sources.
Carrying with him the "path of development"... What are the most prominent files that the Sudanese will discuss in Riyadh?
Today, Sunday, Iraqi government spokesman Bassem Al-Awadi announced the most prominent files that Prime Minister Muhammad Shiaa Al-Sudani will discuss at the World Economic Forum held in the Saudi capital, Riyadh.
Al-Awadi said in a statement followed by “Al-Eqtisad News” that “he is participating today in the first meeting of the World Economic Forum in the capital, Riyadh,” pointing out that “his participation will be spearheaded by the meeting with a group of leaders of countries, including Saudi Crown Prince Mohammed bin Salman bin Abdulaziz, and the Emir of Kuwait.” ", the Prime Minister of Pakistan, and a group of international companies."
He added, “The Prime Minister carries in his bag the (Development Road) project, as it is the truest expression of the forum’s title (International Cooperation, Growth, and Energy for Development),” explaining that “The Development Road will be a roadmap for cooperation between the East and the West, and a major qualitative development leap in the region.” “It is qualified to be the best method of energy transmission in the future.”
He stressed that "the Prime Minister will also discuss developments in the current regional situation, the Gaza war, and the development of Iraqi-Arab and international relations."
Prime Minister Muhammad Shiaa Al-Sudani arrived in Riyadh to participate in the forum.
In Riyadh... Sudanese discusses digitizing the economy with a specialized international company
Prime Minister Muhammad Shia Al-Sudani received, on Sunday, at his residence in the Saudi capital, Riyadh, the regional president of the German technology company (SAP), Emmanuel Raptopoulos, and his accompanying delegation, on the sidelines of his participation in the World Economic Forum.
A statement from the Prime Minister's Office, received by Al-Maalouma, stated that "the meeting discussed ways of cooperation with SAP, which reviewed its experiences in various parts of the world, as it is the largest in the world in the field of developing large programs that combine government economic visions and information technology."
Al-Sudani stressed, according to the statement, “the possibility of cooperation with the company through a joint work program, which includes benefiting from its services in digitizing the economy, which will help achieve innovation and improve the direction of investments,” indicating the government’s aspiration to also benefit from its services by including this type of software in the curricula of specialized colleges. And in the field of training in the field of enterprise software.
For his part, Raptopoulos expressed "the company's readiness to cooperate with the Iraqi government in the technological fields, which helps it implement its vision and plans towards an economy that keeps pace with technological developments in the world."
Al-Sudani discusses introducing technology to Iraqi agriculture with “Vertical Future”
On the sidelines of the Riyadh Forum
On Sunday, Prime Minister Muhammad Shiaa Al-Sudani discussed with the CEO of Vertical Future, Jimmy Burrows, the possibility of transferring technology to the agricultural sector in Iraq, to confront the challenges of climate change and water scarcity.
A statement from the media office:
The Prime Minister, Mr. Muhammad Shiaa Al-Sudani, received, at his residence in the Saudi capital, Riyadh, today, Sunday, the CEO of Vertical Future, which specializes in agricultural technology and vertical agriculture, Mr. Jimmy Burrows, on the sidelines of his sovereignty’s participation in the World Economic Forum.
Mr. Al-Sudani expressed the desire to cooperate with the international company and transfer technology in the agricultural sector to Iraq, which faces the challenges of climate change and suffers from a large water scarcity that has caused an increase in its areas of desertification, indicating that agriculture constitutes a priority in the government program, and the government has taken several measures and steps. To develop the agricultural sector and introduce modern methods in agriculture and irrigation, in addition to supporting farmers and the private sector concerned with agriculture, which represents one of the pillars of the Iraqi economy.
For his part, the CEO of the company expressed his readiness to be present in Iraq, and to cooperate in the field of supporting Iraqi agriculture with modern technology, and to exploit the land areas available for agriculture and increase its production.
#SpecialMeeting24: What to know about the programme and who's coming
- Leaders are convening from 28-29 April for the World Economic Forum's Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia.
- The meeting is organized around three themes: revitalizing global collaboration; a compact for inclusive growth; and catalyzing action on energy for development.
- From themes and attendees to the key sessions to watch, here's what you need to know about the #SpecialMeeting24.
Robust dialogue is the only way to navigate turbulent times and find a path to a more sustainable, equitable future for the planet and its people.
The IMF's most recent World Economic Outlook reveals some "confidence in a soft landing for the global economy", which is "growing against a backdrop of better-than-expected economic data in many parts of the world". This suggests an opportunity for leaders to find the bright spots: the rise of intelligent economies; the growing agency of middle powers to forge global cooperation; and the momentum for a new compact for global growth – among other priorities.
But the World Bank finds in its Great Reversal report a widening income gap between the world's wealthiest and poorest countries for the first time this century. It behoves all of us to stop this reversal and work towards meeting the United Nations' Sustainable Development Goals (SDGs).
That is why the World Economic Forum is convening a Special Meeting on Global Collaboration, Growth and Energy for Development in Saudi Arabia, to bring together developed and developing markets across industries to find solutions to immediate crises while laying the groundwork to create a more sustainable, resilient world.
Over two days and 50 sessions, more than 1,000 leaders from around the world will meet in a spirit of mutual respect and understanding to address the most urgent challenges posed by the increasingly fragmented geopolitical and economic environment.
By leveraging global cooperation for economic development, promoting a global energy transition that underpins sustainable development, and furthering technological advancement, the goal is to contribute to a more stable and inclusive economic future.
The Special Meeting in numbers
220
Public figures from 60 countries
1,000+
World leaders from all sectors and industries
50
Sessions on the themes of collaboration, growth and energy
10+
International organizations and multilateral development banks
The programme and key sessions to watch
The Opening Plenary – A New Vision For Global Development – will set the tone for the Special Meeting, as the Forum President Børge Brende is joined by the Presidents of Rwanda and Nigeria, Paul Kagame and Bola Ahmed Tinubu; the Prime Minister of Malaysia, Anwar Ibrahim; Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva; and Peter Orszag, CEO of financial services group Lazard, to discuss how to reignite the momentum on development and economic convergence.
Sessions are grouped around the programme's three thematic pillars. Here are some of the key sessions under each theme:
1. A compact for inclusive growth
The current pace of technological innovation and recent economic policy threaten to widen global inequality and reverse progress in the fight against poverty. To address these challenges, the meeting will explore the implications of these transformative trends for innovation, human capital and entrepreneurship. Discussions will highlight key opportunities, which include emerging economic corridors, technology partnerships and the imperative of job-creating growth.
The IMF's Georgieva will join Malaysia's Minister of Investment, Trade and Industry, Tengku Zafrul bin Tengku Abdul Aziz, Mohammed Al-Jadaan, Saudi Arabia's Minister of Finance, and the Forum's Managing Director Saadia Zahidi to discuss how to achieve growth in a sustainable way in the session What Kind of Growth Do We Need?
AI, Productivity, Work: Can We Have it All? brings together Information Ministers from Estonia, Rwanda and Saudi Arabia, Tiit Riisalo, Paula Ingabire and Abdullah AlSwaha, who will be joined by Øyvind Eriksen, President and CEO of Aker ASA and Hiroaki Kitano Executive Deputy President, CTO and CEO of Sony Research to talk about the trade-offs leaders will need to manage as AI develops further.
The closing plenary will revisit the question of Rejuvenating Growth, with insights from Faisal Alibrahim, Saudi Arabia's Minister of Economy and Planning, and Anna Marks, Global Chair, Deloitte.
2. Catalysing action on energy for development
The energy transition is not only urgent for the future of the planet, but to address stark disparities in access and achieve the SDG of affordable, clean energy for all, particularly in developing economies. The meeting will convene cross-sectoral actors to identify financial, technological and policy solutions aimed at scaling up the use of clean energy solutions, while also ensuring equitable growth.
The flagship session, People, Policy, Finance: Realizing an Equitable Energy Transition, will bring together H.R.H. Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Saudi Arabia's Minister of Energy, Saad bin Sherida Al Kaabi, Qatar's Minister of State for Energy Affairs, Kadri Simson, Commissioner for Energy, European Commission, along with Vicki Hollub, President and CEO of Occidental Petroleum Corporation and Darren Woods, Chairman and CEO, ExxonMobil.
3. Revitalizing global collaboration
Ongoing geopolitical tensions in the Middle East, most notably the conflict in Gaza, have implications not only for the region, but the world. The meeting aims to foster dialogue between the Global North and South that can help revitalize international collaboration. It will go beyond just recognizing areas of shared concerns by amplifying humanitarian initiatives and identifying the partnerships and actions that can help to contain the widening ripple effects of geopolitical instability and build a more resilient global economy.
In the session North to South, East to West: Rebuilding Trust, H.H. Prince Faisal bin Farhan Al Saud, Saudi Arabia's Minister of Foreign Affairs, will join Forum President Børge Brende to discuss how the Global North and Global South can revitalize cooperation to open up solutions to today's most critical challenges.
Sigrid Kaag, the United Nations' Senior Humanitarian and Reconstruction Coordinator for Gaza, joins Mohammad Mustafa, Prime Minister of the Palestinian National Authority, and Bisher Hani Al Khasawneh, Prime Minister of Jordan, in a Briefing on the Gaza Crisis, which threatens the stability of the region as a whole.
To answer the question of how the region can build a viable path out of conflict towards cooperation and peace, Egypt's Minister of Foreign Affairs, Sameh Shoukry, joins H.H. Prince Faisal bin Farhan Al Saud, Saudi Arabia's Minister of Foreign Affairs, and Ayman Al Safadi, Deputy Prime Minister and Minister of Foreign Affairs and Expatriates of the Hashemite Kingdom of Jordan.
Attendees at the Special Meeting
More than 220 public figures, from over 60 countries will participate in the Special Meeting which is under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia. Top political leaders taking part include: Mishal Al-Ahmad Al-Jaber Al-Sabah, Emir of Kuwait; Mostafa Kamal Madbouly, Prime Minister of Egypt; Mohammed Shyaa Al Sudani, Prime Minister of Iraq; Bisher Hani Al Khasawneh, Prime Minister of the Hashemite Kingdom of Jordan; Ignazio Cassis, Federal Councillor and Head of the Federal Department of Foreign Affairs of the Swiss Confederation, Anwar Ibrahim, Prime Minister of Malaysia; Bola Ahmed Tinubu, President of Nigeria; Sayyid Theyazin bin Haitham Al Said, Crown Prince of the Sultanate of Oman; Shehbaz Sharif, Prime Minister of Pakistan; Mahmoud Abbas, Palestinian President; Mohammed Bin Abdulrahman Al Thani, Prime Minister and Minister of Foreign Affairs of the State of Qatar; Paul Kagame, President of Rwanda.
As well as Antony Blinken, US Secretary of State; Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy; Stéphane Séjourné, Minister for Europe and Foreign Affairs of France; Annalena Baerbock, Federal Minister of Foreign Affairs of Germany; David Cameron, UK Secretary of State for Foreign, Commonwealth and Development Affairs; Alexandre Silveira, Ministry of Mines and Energy of Brazil; Arifin Tasrif, Minister of Energy and Mineral Resources of Indonesia; Ahn Dukgeun, Minister of Trade, Industry and Energy of Republic of Korea; Kgosientso Ramokgopa, Minister in the Presidency for Electricity of South Africa; Mehmet Şimşek, Minister of Treasury and Finance of Türkiye; Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Prime Minister for Financial and Economic Affairs of the United Arab Emirates. Leaders in international organizations taking part include: Kristalina Georgieva, Managing Director, International Monetary Fund; Sigrid Kaag, United Nations Senior Humanitarian and Reconstruction Coordinator for Gaza; Tedros Adhanom Ghebreyesus, Director-General, World Health Organization.
Leading the dialogue, 15 leaders from government, the private sector and international organizations will co-chair the event. Over half of participants – spanning companies, governmental entities and thought leaders – are from the Global South and emerging economies, with over 80% of heads of state from developing or emerging economies.
Watch live-streamed sessions from the meeting here and join the conversation on social media using hashtag #SpecialMeeting24
No comments:
Post a Comment