Biden extends the state of national emergency in Iraq for an additional year
Today, Monday (May 20, 2024), US President Joe Biden announced the extension of the national emergency in Iraq for an additional year.
Biden said in a letter addressed to the US Congress and published by the White House, “The obstacles to the orderly reconstruction of Iraq, restoring and maintaining peace and security, and developing political, administrative, and economic institutions in Iraq still constitute an extraordinary threat to the national security and foreign policy of Iraq and to the United States as well.”
The video for this blogpost is below here:
He explained, "Therefore, the state of national emergency for the stability of Iraq will continue in effect after May 22, 2024 for an additional year."
It is noteworthy that Resolution 13303 regarding Iraq was issued in 2003 during the era of former US President George W. Bush.
The decision means that the American President has the right to issue orders related to international trade, and everything related to any threat to American national security, which is what former President George W. Bush relied on, who issued on May 22 - following the invasion of Iraq in 2003 - Order No. 13303 regarding declaring a state of... National emergency in the United States.
Al-Sudani: The government is working to open the Iraqi economy to fruitful partnerships
Prime Minister Muhammad Shiaa Al-Sudani announced on Monday that his government has pledged to change the status of the Iraqi economy towards openness to fruitful partnerships and diversity in resources. He stressed that the government faces chronic challenges such as unemployment, services, corruption and poverty, while promoting economic reform in all its forms.
The Prime Minister noted that after only a year and a half of work, the extrapolated figures of the economy have begun to show a positive upward trend, heralding further growth and development.
He stressed that the basic infrastructure is witnessing a strong push towards true renaissance, as the country overcomes obstacles day after day that seemed difficult or even impossible in recent years.
He pointed out that these steps come within a comprehensive policy adopted by the government, supported by the House of Representatives, to address all issues that affect the life of citizens and meet their ambitions. He explained that the government started from this diagnosis to achieve possible goals.
The Prime Minister stressed that the government faced difficulties and challenges in all targeted sectors, but its belief in the ability of the Iraqi people and their commitment to the reconstruction and development of the country knows no bounds.
He explained that vital sectors such as health, electricity, public services, civil infrastructure, the banking system, government administration, fighting poverty, energy exploitation, gas investment, confronting climate change, and providing food, housing, and education, have all become items in the contract linking the citizen and the government.
The Prime Minister stressed that these achievements are a pillar of the continuation of the democratic choice, and the main reason that drives citizens to participate in elections as a constitutional means of choosing governance and decision-making.
He stressed that the government has set its sights on changing the philosophy of state administration and developing the method of implementing its tasks, stressing that this will be a correct approach to exploiting wealth and establishing a social basis for good governance.
Notice on the Continuation of the National Emergency With Respect to the Stabilization of Iraq
On May 22, 2003, by Executive Order 13303, the President declared a national emergency pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) to deal with the unusual and extraordinary threat to the national security and foreign policy of the United States posed by obstacles to the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq.
The obstacles to the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq continue to pose an unusual and extraordinary threat to the national security and foreign policy of the United States. For this reason, the national emergency declared in Executive Order 13303, as modified in scope and relied upon for additional steps taken in Executive Order 13290 of March 20, 2003, Executive Order 13315 of August 28, 2003, Executive Order 13350 of July 29, 2004, Executive Order 13364 of November 29, 2004, Executive Order 13438 of July 17, 2007, and Executive Order 13668 of May 27, 2014, must continue in effect beyond May 22, 2024. Therefore, in accordance with section 202(d) of the National Emergencies Act (50 U.S.C. 1622(d)), I am continuing for 1 year the national emergency with respect to the stabilization of Iraq declared in Executive Order 13303.
This notice shall be published in the Federal Register and transmitted to the Congress.
JOSEPH R. BIDEN JR.
THE WHITE HOUSE,
May 20, 2024.
Al-Sudani: The government is working to open the Iraqi economy to fruitful partnerships
Prime Minister Muhammad Shiaa Al-Sudani announced on Monday that his government has pledged to change the status of the Iraqi economy towards openness to fruitful partnerships and diversity in resources. He stressed that the government faces chronic challenges such as unemployment, services, corruption and poverty, while promoting economic reform in all its forms.
The Prime Minister noted that after only a year and a half of work, the extrapolated figures of the economy have begun to show a positive upward trend, heralding further growth and development.
He stressed that the basic infrastructure is witnessing a strong push towards true renaissance, as the country overcomes obstacles day after day that seemed difficult or even impossible in recent years.
He pointed out that these steps come within a comprehensive policy adopted by the government, supported by the House of Representatives, to address all issues that affect the life of citizens and meet their ambitions. He explained that the government started from this diagnosis to achieve possible goals.
The Prime Minister stressed that the government faced difficulties and challenges in all targeted sectors, but its belief in the ability of the Iraqi people and their commitment to the reconstruction and development of the country knows no bounds.
He explained that vital sectors such as health, electricity, public services, civil infrastructure, the banking system, government administration, fighting poverty, energy exploitation, gas investment, confronting climate change, and providing food, housing, and education, have all become items in the contract linking the citizen and the government.
The Prime Minister stressed that these achievements are a pillar of the continuation of the democratic choice, and the main reason that drives citizens to participate in elections as a constitutional means of choosing governance and decision-making.
He stressed that the government has set its sights on changing the philosophy of state administration and developing the method of implementing its tasks, stressing that this will be a correct approach to exploiting wealth and establishing a social basis for good governance.
Jenny from the UN gives her last briefing
Iraq: Progress on the rise despite challenges - Security Council Briefing | United Nations
The impact of the death of Iranian President Ebrahim Raisi on the Iranian currency
The Iranian currency witnessed a major collapse following the killing of Iranian President Ebrahim Raisi and Foreign Minister Hossein Amir Abdollahian. The currency fell by more than 8 percent as of last night, reflecting the profound impact of political events on the Iranian economy.
On Sunday, as news of the fate of Iranian President Ebrahim Raisi spread after his plane crashed in East Azerbaijan Province, the dollar exchange rate witnessed a noticeable increase against the Iranian riyal in the unofficial market. The price of the dollar rose from the level of 57 thousand riyals per dollar to more than 62 thousand riyals in Monday morning trading.
This increase came after the official death of President Ebrahim Raisi and the Minister of Foreign Affairs was officially confirmed on Monday morning, as their helicopter crashed in the East Azerbaijan region, northern Iran. As a result, the Iranian currency exchange rate reached 60.6 thousand tomans against the US dollar, knowing that the Iranian toman is equal to 10 riyals.
The Iranian rial had witnessed a slight recovery against the dollar after a period of increasing tensions with Israel, as the dollar exchange rate reached about 70 thousand riyals per dollar. With the decline in tensions, the dollar exchange rate began to gradually decline, reaching 57 thousand riyals in parallel market trading on Sunday morning.
It is worth noting that the Iranian government has set an official exchange rate for the dollar at 42,000 rials to one dollar since 2018. However, the rial is suffering from great pressure due to high inflation sparked by the ongoing US sanctions. These sanctions, imposed during the administration of former US President Donald Trump, reduced sales of some of Iran's main exports, especially oil and its products.
This incident comes at a time when the Iranian economy is suffering from major challenges, as political fluctuations make it more difficult to predict the future of the currency and stabilize the economy. This rapid decline in the value of the Iranian rial reflects the fragility of the economic situation and the great pressures that the country faces in light of the sanctions and political turmoil.
Iraq completes the first stage of structuring the banking sector
The Central Bank of Iraq revealed that it has completed the first phase of the banking sector restructuring plan.
A statement by the Central Bank of Iraq said, “Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received a delegation from the World Bank headed by the Regional Director for Equitable Growth, Finance, and Institutions for the Middle East and North Africa, Nader Muhammad.”
During the meeting, they "discussed strengthening bilateral relations between the Central Bank of Iraq and the World Bank, especially the restructuring of government banks, launching the Riyada Bank project and its economic and social importance, and discussing the experiences of neighboring countries in confronting climate change and its impact on the national and regional economy."
The meeting discussed "small and medium enterprises and their support by the Central Bank, developing the financial and banking sectors, non-banking financial institutions, financial markets and the insurance sector, as well as benefiting from the World Bank's experiences in digital transformation, financial inclusion, and digital banks."
He pointed out, "The Board of Directors of the Central Bank licensed the Green Bank, which will be the nucleus for renewable energy and sustainable financing initiatives, revealing the Central Bank of Iraq's intention to license a number of digital banks."
Iraq declares one day of public mourning for the death of the Iranian president and his companions
Today, Monday (May 20, 2024), the official government spokesman, Bassem Al-Awadi, announced a one-day public mourning for the passing of Iranian President Ebrahim Raisi and his companions.
Al-Awadi said in a statement received by “Baghdad Today” that “in standing with the Iranian people and their leadership, in these difficult times, and in solidarity with the feelings of sadness and pain, with the passing of the President of the Islamic Republic of Iran, Ebrahim Raisi, and the Minister of Foreign Affairs, Hossein Amir Abdollahian, and their companions, in the painful incident, the government announced Iraqiya: Public mourning throughout Iraq, for one day, tomorrow, Tuesday.
He added: "We ask God Almighty to inspire the families of the victims and the general Iranian people and their leadership with patience and solace."
On Monday morning, the government and Iranian media sources confirmed the death of Iranian President Ebrahim Raisi and his Foreign Minister Amir Abdullahian in a helicopter crash in the northeast of the country, yesterday evening, Sunday.
and here's what they tweeted
The Iraqi government declares one day of general mourning tomorrow, Tuesday, throughout the country for the death of Iranian President Ebrahim Raisi and Foreign Minister Hossein Amir Abdollahian and their entourage.
from IRaq's news
Does "dollar dominance" threaten the global economy?
In the world of an intertwined economy with multiple competing powers, the dominance of the US dollar remains a pivotal issue that raises many questions, at a time when the dollar plays a major role in the international financial system, as it participates in the majority of international transactions and constitutes a large portion of global reserves, and this situation gives the United States power. tremendous economic and political potential, but it comes with increasing challenges and risks.
With the rise in US interest rates and the strengthening of the dollar, pressures have begun to appear on international transactions that rely heavily on the US currency.
These pressures not only affect emerging markets, but may also lead to radical changes in the global financial system. With increasing talk about alternatives to the dollar by members of the BRICS group, for example, there is renewed debate about the future of the dollar’s dominance and whether it will continue in light of the mounting economic and political challenges.
Sovereign debt
In a related context, Joe Yark, head of the global markets department at Cedra Markets, says that the US dollar represents 58 percent of global reserves, and represents 70 to 80 percent of the volume of global trade, in addition to the pricing of oil and basic commodities in the US dollar, which makes it have an impact. Mainly on the global economy.
Yark points out that the steps taken by the US Federal Reserve, whether tightening or easing monetary policy, of course affect global banks, which is evident with regard to raising interest in recent periods to combat inflation. He explains in this context that:
* The US Federal Reserve is playing a positive role at the present time. It is considered a “tempo officer.”
* The huge US debt and the risks resulting from sovereign debt are the only fear.
* The US Federal Reserve’s decisions due to its excessive debt, and the so-called “global debt bubble” which exceeded $315 trillion, negatively affect the global economy.
* Markets are affected by the Federal Reserve’s decisions to raise interest rates, which hampers the economy in these countries (..), which are forced to pay additional costs to purchase goods.
Dollar dominance
From London, economist Anwar Al-Qassim says, “The dominance of the greenback currently appears more fragile than it seems, given the expected changes in the dollar’s exchange rate system and its eroding international standing in favor of multiple international currencies.”
We are witnessing a clear shift. When most Asian countries follow China, along with countries such as Russia and the BRICS countries, the dollar, which currently represents the base currency for about two-thirds of global GDP, may end up losing approximately half of its value.
During 2023, Russia and China transferred more than 90 percent of trade to the yuan and the ruble, which demonstrates the almost complete elimination of the dollar in economic relations between the two countries.
He added: “China is now considered an economic giant, not only in terms of production and exports, but also in terms of the size of its financial sector, which is currently the largest in the world, with the value of its assets amounting to 60 trillion dollars...while the total American debt to the federal government exceeds 34 trillion dollars.” This is a record number that foretells the upcoming economic challenges and the future of the dollar.
He stresses that while it is not entirely clear that the dollar will be eliminated as the primary means of exchange anytime soon, abolishing “dollarization” has become a strategic option for many countries, led by Moscow and Beijing.
The Central Bank begins the second phase of its banking reform strategy
Samir Al-Nusairi
Signing the contract to develop the Mansuriya gas field in initials... and revealing its details
The Central Oil Company signed a contract with the initials with the coalition of the Chinese companies Gereh and Petro Iraq to develop the Mansouriya gas field.
The Undersecretary for Extraction Affairs, Bassem Muhammad Khudair, said that this contract comes within the efforts of the Ministry of Oil to invest in gas after signing the contract to develop the Okaz gas field, and that the Ministry is working to close the flared gas file and complete the projects under implementation in that, in addition to investing in gas fields and activating tour contracts. The fifth “supplementary” and sixth licenses resulted in the transfer of (13) fields distributed over (10) governorates.
For his part, the Director General of the Central Oil Company, Mr. Muhammad Yassin, confirmed that the first production contract for the development of the Mansouriyah gas field in Diyala Governorate will reach a production of (100) cubic feet within (18) months, and achieve a peak production of (300) cubic feet (million standard cubic feet per day). Within (4-5) years after signing the contract.
Planning discusses with the World Bank ways to enhance cooperation and finance the Development Road Project
Today, Monday, the Ministry of Planning held a meeting with representatives of the World Bank to enhance cooperation and activate partnership in various fields, including the emergency loan and finding financing for the development road project.
The Ministry of Planning stated in a statement, “The meeting, which was chaired by the Undersecretary for Technical Affairs, Maher Hammad Johan, witnessed a discussion of the restructuring of the Social Fund for Development loan and the mechanism for extending it, as well as a discussion of government reform paths, priorities, and government directions in this regard, which included a number of axes, including economic and financial reform, “Restructuring the banking sector and reforming institutions in general.”
She added: “The meeting also discussed the axes of the five-year national development plan for the years (2024-2028), focusing on a number of its main axes and the mechanism of cooperation and coordination with the World Bank in order to work on them to achieve comprehensive and equitable growth, as well as working to intensify efforts to improve performance.” Activating partnership in various fields, while continuing to provide support to the Iraqi government.”
The meeting also included discussing possible options for restructuring for the purpose of providing financing for the Development Road Project due to its importance to the Iraqi government and achieving its development goals, and working to find joint financing for it.
The meeting was attended by the Regional Director for the Middle East at the World Bank, Jean-Christophe, the Regional Director for Equitable Growth, Finance and Institutions for the Middle East and North Africa at the World Bank, Nader Muhammad and their accompanying delegation, the Director General of the Financial and Economic Policies Department, Sabah Jundi Mansour, and a number of employees of the relevant departments in the Ministry.
Al-Maliki offers his condolences for the death of the Iranian President, the Foreign Minister and their companions in their plane crash
Head of the State of Law Coalition, Nouri al-Maliki, today, Monday, condoled the martyrdom of the President of the Iranian Republic, Ibrahim Raisi, and the Minister of Foreign Affairs, Hossein Amir Abdullahian, and their companions, following the crash of their helicopter yesterday, Sunday.
Al-Maliki said in his blog post on the (x) platform, which was followed by the Iraqi News Agency (INA): “I extend to His Eminence the Grand Ayatollah Sayyed Ali Khamenei, the leader of the Islamic Revolution, may his shadow be abundant, and to the brave Iranian people, my sincere condolences and deep sympathy on the martyrdom of the President of the Republic, Ayatollah Sayyid Ibrahim Raisi, Foreign Minister Hossein Amir Abdollahian, and their distinguished comrades, who passed away to the mercy of God Almighty, following the crash of their helicopter yesterday, Sunday.
Al-Maliki added, "This great tragedy hurt us deeply and shook our consciences very deeply. However, we have a good example of patience and endurance with what happened to the People of the House, peace be upon them, in Karbala."
He stressed, "We are fully confident that Islamic Iran, with your blessed presence and its loyal sons, is able to overcome this ordeal, as it has always faced difficulties in its path, but it emerged stronger, more resolute and determined."
Al-Maliki continued, "I pray to God Almighty that the martyrs will be showered with His abundant mercy, and He will grant them His abode in heaven, and bless your Eminence, the brotherly Muslim Iranian people, and the families of the martyrs with great patience and the grace of seeking reward."
Among them is related to capital...economic questions haunting the work of digital banks
Today, Monday, the economic expert, Mahmoud Dagher, raised several questions about the nature of digital banks in Iraq, while confirming that any bank can adapt its banking system to digital.
Dagher said, in an exclusive interview with Al-Eqtisad News, “The digital bank is ultimately a bank with its banking operations, from cash and in-kind credit to deposits and borrowing, as well as all the activities associated with it, and it is an evolution in the banking system to complete digital operations.”
He added: "As for compliance, combating the financing of terrorism and corruption, and oversight and auditing, they do not differ at all from existing banks. Rather, the responsibilities of the executive management and the Board of Directors continue and are also governed by the laws of the Central Bank, governance, and banks, in addition to the Anti-Money Laundering Law, as well as the instructions of the Central Bank."
The economic expert explained: “Nothing will differ except that operations are conducted through applications, and even these banks have taken steps to establish them, that is, some banks have converted their operations to digital instead of face-to-face,” indicating that “any bank can adapt its banking system to digital in addition to the regular one.”
He pointed out, "Central banks support and encourage this trend, and banks are also seeking to make their digital window wide, especially after the spread of applications and ATMs that withdraw and deposit."
Dagher asked: “Why is the digital bank’s capital less than other banks? And why are there special instructions for the digital bank instead of incentives
Member of the Finance Committee of Al Mada: The 2024 budget schedules need to be resolved during this period
Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, confirmed today, Monday, that the 2024 budget schedules need at least a month to be decided in the House of Representatives.
Al-Kadhimi said in an interview with Al-Mada, “The general financial budget schedules for the year 2024 need at least a month to be decided within the House of Representatives.”
He added, "The government's schedules were delayed for five months despite the availability of data from the Ministries of Finance and Planning, and figures on what was spent during the year 2023 in addition to the requirements."
Al-Kadhimi pointed out, “The Finance Committee has begun working on the budget schedules, and they do not include items or texts that need to be reformulated, but rather their numbers are clear,” noting that “the total budget exceeded 210 trillion dinars.”
Yesterday, Sunday, Prime Minister Muhammad Shiaa Al-Sudani said in a press conference, “The budget for 2024 amounted to 211 trillion dinars, and the salaries of employees for the year 2024 amounted to 62 trillion, while the budget for 2023 amounted to 199 trillion, and the salaries of employees for the year 2023 were 59 trillion.”
According to Al-Sudani, the revenues of the 2024 budget are estimated at “144 trillion and 336 billion dinars, while expenditures amount to 210 trillion and 936 billion dinars, while the deficit is 63 trillion and 599 billion dinars,” noting that “the deficit in all budgets is schematic and not real.”
Al-Sudani explained, “The centrally financed manpower schedules amounted to 4 trillion and 79 trillion dinars, the governing expenditures were 10 trillion and 42 billion, and the investment budget reached 55 trillion dinars.”
He pointed out that "the total investment budget of the governorates and the Regional Development Fund for the 2023 budget amounted to 10 trillion and 633 billion, of which 3 trillion and 300 billion dinars were disbursed, and the remaining 7 trillion and 330 billion are in trust accounts and at the disposal of local governments and available to finance projects."
He continued, "In the governorates' accounts within the food security allocations, there are 11 trillion and 264 billion dinars, and 38% have been disbursed."%, approximately 4 trillion and 2 billion dinars, and the remaining 7 trillion.
He stressed that "the government has a priority to complete the infrastructure and we do not allow the waste of public money, and that there are 1,321 lagging projects that have been activated within the tripartite budget, and completing the projects is a matter for discussion."
He pointed out that "the tripartite budget gave us the space to complete the lagging projects. 120 projects were completed and 471 are under completion."
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