The Securities Commission signs an agreement with the World Bank
link my favorite article today
Today, Wednesday, the Iraqi Securities Commission announced the signing of an environmental, social and corporate governance guide agreement with the International Finance Corporation (IFC), affiliated with the World Bank.
the video for this My FX Buddies blogpost is below here:
The Authority stated, in a statement received by Al-Youm Al-Akhbariya, “We continue our efforts aimed at incorporating good international practices in developing the performance and effectiveness of the Iraq Stock Exchange and other activities related to securities.”
She added, "The goal of the agreement is to enhance and develop the investment environment in Iraq by improving environmental, social, and governance regulations and frameworks to comply with international standards, enhancing the ability to implement and supervise their implementation in Iraq, and contributing to increasing investment attractiveness in the Iraqi stock market environment."
She continued: "To achieve this goal, there will be coordination with the Iraq Stock Exchange through the supervision of the Iraqi Securities Commission to develop an environmental, social and corporate governance guide to support improving the performance of listed companies, and put Iraq on the path towards a strong and sustainable economy."
She stated, "The agreement included a mechanism for arriving at a mandatory guide to apply to companies listed on the Iraq Stock Exchange."
On this occasion, the Chairman of the Authority, Faisal Al-Haims, said, “Preparing a social, environmental, and corporate governance guide through a partnership with the International Finance Corporation improves the Iraqi investment environment by adopting international standards that develop the current investment environment in the Iraqi Stock Exchange.”
He pointed out that "following the environmental, social and corporate governance framework makes companies listed on the Iraqi Stock Exchange more transparent, better performing, and more attractive to foreign investments."
He stressed that "the topic of environmental, social and corporate governance will be one of the axes of the national strategy for investment awareness and supporting the investment culture that the Authority is working to achieve and will be announced on October 1 of this year."
For his part, Aftab Ahmed, IFC Regional Director for the Middle East, Pakistan and Afghanistan, said: “We are excited to partner with the Iraqi Securities Commission in this important initiative that aims to help companies and banks mitigate the risks of environmental, social and governance practices, and improve performance over the long term.” Long term in a sustainable manner, in addition to attracting investment and contributing to the sustainable growth of the stock market in Iraq.”
According to the Authority’s statement, “The process of preparing the guide will include workshops and meetings with relevant parties such as listed companies and brokerage firms.”
The Authority affirmed its endeavor, as the regulating and monitoring body for securities activity and related activities and financial services, to increase the contribution of this sector to the gross domestic product and to provide an investment environment that protects the rights of investors and other stakeholders.
look at the bolded sentence
Economists call for enhancing non-oil revenues
Specialists in economic affairs called for the necessity of working to enhance non-oil revenues and reduce dependence on oil in a manner consistent with economic reforms.
The specialist in economic affairs, Dr. Ahmed Al-Rawi, explained to “Al-Sabah” that “oil is affected by variables as it is one of the strategic commodities, regardless of supply and demand, and the factors affecting oil prices can be identified, including political, economic, and factors resulting from conflicts and security disturbances. Because of its international and strategic importance, oil is considered a causal commodity.” For economic activity or even influencing political decisions that may lead to changing the positions of many countries towards rising prices. Regarding public budgets, Al-Rawi believes that “it has become necessary to take practical measures regarding reconsidering public budgets away from rentier expectations and raising all forms of unnecessary public expenditures.”
Activating non-oil revenue systems, such as the system of taxes and public fees, and revitalizing economic sectors so that the budget becomes capable of providing job opportunities for the young workforce and diversifying incomes, as well as developing oil production in proportion to spare capacity. The expert called for achieving stability in the growth of the general budget by adopting a rate that is compatible with the annual growth rate of the gross domestic product and not making the development of the budget linked to oil revenues.
For her part, the Dean of the Faculty of Business Economics at Al-Nahrain University, Dr. Nagham Hussein, explained in a statement to “Al-Sabah” that “not The stability of oil revenues generates complications in financial policy in the short and long term, and they are linked to a number of fundamental issues, including the relative importance of the oil sector in the national economy. Prices fluctuate, so the focus must first be on the long term and attention to the fair distribution of resources and burdens.”
Parliamentary Committee: The investment law will see the light soon
Member of the Investment and Development Committee, Muhammad Al-Zayadi, confirmed today, Tuesday, that the next legislative term will witness amendments to the investment law.
Al-Ziyadi said in a statement to the Maalouma Agency, “The investment problem is complex and is borne by the government because it did not provide financial liquidity to the citizen to buy most of these housing units, in addition to not announcing the prices of most of these cities.”
He called on "the government and the Central Bank to put pressure on private banks, which have reached 37 banks and so far are not involved in building infrastructure."
He stated that "the launch of large residential complex projects has become more frustrating than joyful for the citizen because the ordinary citizen does not benefit from them," pointing out that "the Iraqi citizen will have qualified and respectable housing if things go according to plan "
It is noteworthy that the capital, Baghdad, is witnessing a boiling in the prices of residential units due to the lack of follow-up and the increase in the population, as most real estate prices have reached astronomical numbers.
Al-Sudani returns to the capital, Baghdad
Prime Minister Muhammad Shiaa Al-Sudani returned this Tuesday evening to the capital, Baghdad, after participating in the “Emergency Humanitarian Response in Gaza” conference hosted by Jordan.
According to a statement from his office, which {Al-Furat News} received a copy of, it said: “The visit included the following:
- Delivering a speech that included Iraq’s positions, its vision of the crisis, and the necessity of stopping the aggression.
- Meeting with Jordanian King Abdullah II bin Al Hussein.
- Meeting with Spanish Prime Minister Pedro Sanchez.
- Meeting with US Secretary of State Anthony Blinken.
- Meeting with British Minister of State for Foreign Affairs Tariq Ahmed.
- Meeting with the President of the International Federation of Red Cross and Red Crescent Societies, Kate Forbes.
The World Bank expects Iraq's economy to grow in 2025
The World Bank expects the economy of the Middle East and North Africa region to grow by 2.8% in 2024 and 4.2% in 2025, due to the gradual increase in oil production and improved activity since the last quarter of 2024.
Expectations for 2024 are lower compared to what was expected in January, and this reflects the impact of extending oil production cuts on the ongoing conflict in the region, according to what the bank stated in its latest issue of the Global Economic Prospects report.
In Saudi Arabia, non-oil activities are expected to support growth rates in 2024, and the gradual resumption of oil activity is expected to lead to increased growth in 2025, according to the report.
In non-GCC oil exporting countries, the expected recovery in the oil sector in 2025 will help boost growth in Algeria and Iraq.
As for oil importing countries, the growth rate is expected to increase in 2024 to 2.9% and then to 4% annually in 2025-2026.
In Egypt, the growth rate is expected to increase due to investment growth, which was partially stimulated by the major deal concluded with the Emirates (Ras El Hekma), according to the report.
Growth is expected to remain stable in Jordan, although tourism-related activities will suffer in the short term.
In Tunisia, growth is expected to rebound, but activity in Djibouti and Morocco is expected to decline in 2024.
The economy of the West Bank and Gaza Strip is supposed to contract by at least another 6.5%, with the possibility of a contraction of up to 9.4%, in 2024.
In Syria and Yemen, the prospects appear not promising and shrouded in uncertainty due to the ongoing conflict, incidents of violence and internal unrest, and tensions in the Red Sea.
The Federal Court informs Parliament of the lawsuit challenging the approval of the general budget schedules
The Federal Court informed the House of Representatives that it had officially received a lawsuit challenging the decision to approve the 2024 general budget schedules, and demanded that Parliament respond to the original case within 15 days.
Member of the Legal Committee, Representative Raed Al-Maliki, filed a judicial appeal against the House of Representatives’ decision to approve the general budget schedules./
text of the document below:
God is Most Gracious, Most Merciful
Republic of Iraq, Federal Supreme Court, Lawsuits and Legal Affairs Section
Zamari Sadaq Dadghai Bali Netihadi Issue 166 / Federal / 1275/0000 Date 06/09/2000
The House of Representatives, the General Secretariat of the House of Representatives, the Legal Department, completed a lawsuit petition
good greeting
They requested a notification paper with a copy of the lawsuit petition No. (166 / Federal / 2024)
Filed by the plaintiff, Representative Raed Hamdan Al-Maliki / Member of the Parliamentary Legal Committee)
D. The defendant is Speaker of the House of Representatives/in addition to his position)
I requested that the defendant be notified of this and that the second copy of the notification paper be returned, signed and certified in accordance with the law
With a written response to the lawsuit petition and its documents within a period not exceeding fifteen days from the Federal Supreme Court No. (1)
Bylaws (21 sec. of
Provisions
According
Habit
date
Sell-out and e
the year
with respect
Ali Abdul Malik Khadr
Director General of the Federal Supreme Court
12/20/9
The paper sold for seven
A copy of it is classified as follow-up
Komani Eraq
Who doesn't know what his stars are like?
The Republic of Iraq
It is a pomegranate or a karupari or a predecessor
The General Assembly of Representatives
Legal Affairs Department
Kuwait connects its “Fiber” network to Iraq
the Kuwaiti telecommunications company Zajil, revealed that its “Fiber” network had been delivered to the borders of the two countries with Iraq.
The advisor to the company’s board of directors, Engineer Walid Saleh Al-Qallaf, told “Al-Sabah”: “The company is currently working on connecting from Kuwait to Al-Faw directly,” indicating “the operation of the Safwan port, which will be followed by the operation of the Al-Faw port, so that Iraq will be a major corridor for passing the network, not only in the Gulf.” But for the countries of East Asia, it will be synonymous with the Egyptian corridor.” He added, "The Iraqi corridor needs full encouragement and government support to make it successful, as it is necessary and fundamental to the completion of these projects," noting that "Iraq has become the focus of attention of countries and major international companies due to the incidents that took place in the Red Sea and the fear of the cessation of communications through this corridor."
Al-Qallaf stated that “the incidents that took place in the Red Sea are a warning bell to search for a backup corridor for the Suez Canal, as heading towards Iraq was to be a successful corridor for these projects.”
Iraq and Somalia are discussing cooperation in the field of exchanging experiences, information, issues and common files
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The National Security Advisor, Qasim Al-Araji, met in his office today, Tuesday, with the National Security Advisor of the Republic of Somalia, Hussein Moalim Mahmoud Sheikh Ali, and his accompanying delegation.
The National Security Advisory stated in a statement, “Al-Araji discussed with his Somali counterpart the strengthening of relations between the two countries in all fields, and cooperation in the field of exchanging experiences, information, issues and common files.”
The statement added, "The meeting witnessed an emphasis on continued communication between the two sides and the exchange of views on issues of common interest, including cooperation in the field of combating terrorism and establishing security and stability in the region."
Al-Araji expressed "the appreciation of the Iraqi government and people for the brotherly and friendly countries that work alongside Iraq to achieve the goals of sustainable global security, reiterating that the Sudanese government's program stressed the importance of openness and communication with everyone in a way that serves the interest of Iraq, its people, and the countries and peoples of the region and the world."
U.S. warns citizens against visiting Iraq due to deteriorating security situation
link from Kurdish news
The U.S. Embassy in Baghdad has warned its citizens against visiting Iraq "due to the dangers of kidnappings, terrorist acts, armed clashes and instability."
The US embassy in Baghdad issued a warning, saying it was closely following reports of attacks on US businesses in the Iraqi capital, stressing that it would open an investigation.
The embassy announced a hotline for U.S. citizens in Iraq to report problems and violence they may face inside Baghdad and other cities.
Earlier, an Iraqi security source said the Cambridge Language Institute had been attacked in the al-Orouba area of Diwaniyah province.
The same source confirmed at the time that "the attack was carried out by an unknown person on a motorcycle in possession of a hand grenade, which caused the injury of the institute's guard."
Revealed for the first time... What is the amount of money allocated to Kurdistan in the federal budget?
On Wednesday, the representative of Sulaymaniyah Governorate in the House of Representatives, Nermin Maarouf, revealed the amount of money allocated to the Kurdistan Region from the country’s general budget.
Marouf said during a press conference, “The size of the country’s general budget this year amounted to (211) trillion, which is a supplementary budget for last year. It is also more than last year’s budget by about (13) trillion, and it includes a (7%) increase in expenditures.”
She explained that "the current year's budget was a list of expenses and revenues, as it is a supplementary budget because the House of Representatives, for the first time in the history of Iraq, approved the first three-year budget."
Marouf confirmed that “the current year’s budget is devoid of a regional development budget because the amount of money allocated for that, in addition to food security, was large and not all of it was spent, and what was allocated this year is only (5) trillion for the development of the regions. As for the investment budget, it was about (55).” One trillion dinars, while the current budget increased from last year.”
Regarding the region’s share in the budget, Representative Nermin Maarouf confirmed that “the region’s share according to the budget was (12.67%) and amounts to about (20) trillion and (901) billion dinars, while the region’s share of the ruling budget, which is not financial, but rather a share.” The ration card, medicines, etc. are about one trillion (300) billion dinars, and (69) billion have been allocated for the Kurdistan Regional Parliament elections.”
She pointed out that "the region's share of the investment budget amounted to about (5) trillion, and this amount was the subject of controversy among some blocs about its size compared to the size of the investment budget in the rest of Iraq."
Marouf stated, “This amount includes about (2) trillion and (700) billion oil production costs and one trillion (400) billion oil transportation costs. This means that the investment budget did not reach about one trillion, so the region’s share will be about (16) trillion from the budget.” current year.”
Regarding the share of the region’s salaries in the budget, Marouf confirmed, “(11) trillion and (500) million dinars are allocated for employees’ salaries at a rate of (900) billion and (65) million dinars per month. These amounts are sufficient for the current salaries and do not include any variables in employee salaries.”
Iraq signs a memorandum of cooperation with Huawei in the field of information and communications technology
link
Today, Wednesday, the Ministry of Higher Education and Scientific Research signed a memorandum of cooperation with Huawei in the field of information and communications technology, while the Minister of Education, Naeem Al-Aboudi, stressed the need to support students and researchers to obtain high-quality education enhanced by technology.
Al-Aboudi said in his speech after signing the memorandum in the presence of the heads and deans of professional universities, the Ministry of Education in the Kurdistan Region, the Chinese embassy, international organizations and civil society: “This qualitative event embodies a partnership and interest between the competent departments in the Ministry of Higher Education and Scientific Research and Huawei, which has provided important work in The field of information and communications technology in order to achieve in this area the cooperation required to diagnose and implement what the students and youth of Iraq need within the framework of the future of smart education and digital transformation.”
He added, "The tangible achievements that higher education and scientific research institutions have formulated in terms of scientific research and the development of educational systems require direct strengthening of training programs in order to achieve modernization and development responsible for keeping pace with the rapid changes in the digital world," pointing out that "it is necessary to work on establishing a line Embarking on the digitization of education climates, which includes smart classrooms in universities and colleges, and modernizing their paths.”
He stated, "We will establish a context of understanding that paves the way for enhancing smart education methods in our academic institutions, and launch serious steps in the field of developing a comprehensive and integrated system for nurturing talent in the information and communications technology sector," pointing out that "the Ministry of Education is embarking on its responsibilities in supporting students and researchers to obtain education." “High quality, enhanced by technology, and supported by a dynamic, interactive and comprehensive educational development environment through cooperative initiatives and partnerships with major technology institutions in the world.”
He stated, "It is important that we take confident steps towards developing cloud platforms that are not complicated and are compatible with the level of reception among our students, reaching the threshold of ambition by establishing an effective smart campus that makes our desired goals of entering the world of education digitization within reach," pointing out that "this is an important event and what It will be accompanied by the announcement of advanced scientific and technological competitions in which our youth and students in the information and communications technology sector will participate in cooperation with Huawei experts. It will provide the opportunity for teachers and students to receive practical experiences that enhance their technical skills in the fields of cybersecurity, advanced communications networks, data handling, and cloud computing technologies. And artificial intelligence.”
He stated, "It is a matter of importance and interest that we sponsor this cooperation with the international company Huawei, which will undertake to open academies in coordination with Iraqi academic institutions to support our students and stimulate innovation and creative thinking among technical talents," expressing his hope that "this cooperation will have a positive and sustainable impact in the information and communications technology sector." And our educational and academic institutions and contributes to bridging the digital gap, in addition to creating more job opportunities for the outcomes of higher education in the future.”
Under the memorandum, Huawei will establish online training academies within universities and colleges across Iraq, providing access to its advanced curricula and globally recognized certificates.
Through this initiative, Huawei pledged to train 100 professors and 2,000 university students over the next three years.
Within the framework of stimulating innovation and creative thinking for technical talents, the agreement included Huawei organizing annual programs and competitions in Iraq, including the “Huawei ICT Competition,” the “Huawei ICT Innovation Competition,” and the “Seeds for the Future” program, which is considered the program. The most prominent in the world.
These initiatives provide Iraqi students with valuable opportunities to showcase and highlight their skills in the field of information and communications technology, learn about the latest advanced technologies, as well as communicate with their peers who are global talents in the field of information and communications technology.
The new system also gives them the opportunity to travel to training courses at Huawei's headquarters in China, as well as compete in the finals of international competitions.
Huawei presented its presentation towards digital transformation in the field of education. Education has become more personalized and more hybrid than ever before. With new digital paradigms emerging across the board – in classrooms, research labs and administrative offices – intelligence and the cloud are becoming increasingly important, fueled by new innovations in ICT that are completely transforming the education industry.
Digital transformation is vital to transforming the education sector, ensuring accessibility, quality and relevance in the face of technological progress, as Huawei has played an essential role in supporting education digitization initiatives around the world, providing invaluable expertise and resources.
A new budget account inventory... a statement of the size of salaries and the Kurdistan file
The representative of Sulaymaniyah Governorate in the Iraqi Parliament, Nermin Maarouf, revealed on Wednesday the amount of money allocated to the Kurdistan Region from the country’s general budget.
Marouf said during a press conference attended by Shafaq News Agency, “The size of the country’s general budget this year amounted to (211) trillion, which is a supplementary budget for last year. It is also more than last year’s budget by about (13) trillion, and it includes a (7%) increase in expenditures.”
She explained that "the current year's budget was a list of expenses and revenues, as it is a supplementary budget because the Iraqi Council of Representatives, for the first time in the history of Iraq, approved the first three-year budget."
Marouf confirmed that “the current year’s budget is devoid of a regional development budget because the amount of money allocated for that, in addition to food security, was large and not all of it was spent, and what was allocated this year is only (5) trillion for the development of the regions. As for the investment budget, it was about (55).” One trillion dinars, while the current budget increased from last year.”
Regarding the region’s share in the budget, Representative Nermin Maarouf confirmed that “the region’s share according to the budget was (12.67%) and amounts to about (20) trillion and (901) billion dinars, while the region’s share of the ruling budget, which is not financial, but rather a share.” The ration card, medicines, etc. are about one trillion (300) billion dinars, and (69) billion have been allocated for the Kurdistan Regional Parliament elections.”
She pointed out that "the region's share of the investment budget amounted to about (5) trillion, and this amount was the subject of controversy among some blocs about its size compared to the size of the investment budget in the rest of Iraq."
Marouf stated, “This amount includes about (2) trillion and (700) billion oil production costs and one trillion (400) billion oil transportation costs. This means that the investment budget did not reach about one trillion, so the region’s share will be about (16) trillion from the budget.” current year.”
Regarding the share of the region’s salaries in the budget, Marouf confirmed, “(11) trillion and (500) million dinars are allocated for employees’ salaries at a rate of (900) billion and (65) million dinars per month. These amounts are sufficient for the current salaries and do not include any variables in employee salaries.”
Iraqis resort to “gold bullion” instead of money, and the banking system is dying
Today, Wednesday (June 12, 2024), financial affairs expert Mustafa Hantoush revealed the reason why Iraqis are resorting to purchasing gold bullion in abundance during the current period.
Hantoush said in an interview with "Baghdad Today" that "recently, the demand for buying gold bullion has increased significantly by citizens, especially those with large sums of money. They have begun to save that money through these bullion instead of depositing their money in banks."
He stated that "the reason why citizens resort to buying gold bullion to save their money is as a result of the weakness of the banking system, lack of confidence in this system, and fear for their money due to American sanctions. This is why we see the majority of Iraqis turning towards gold bullion, especially in light of the high prices of the yellow metal and the stability of this price and its lack of fluctuation like the dollar." .
From mid-December 2022 until now, the Iraqi dinar has continued to fall against the US dollar, until it reached the level of 1,610 dinars against one dollar at a time when the official price of the dollar is 1,300 dinars.
With the decline of the national currency and the rise in poverty and unemployment rates, Iraqi gold markets recorded a large demand from customers to buy the yellow metal amid warnings against buying counterfeit ones.
According to data from the specialized website “Bloomberg” , Iraq bought 33.9 tons of gold in the year 2022, while the Turkish Consul General in Erbil Hakan Karaçay revealed that Iraq imported Turkish gold worth $1.5 billion during the year 2021.
Iraq's gold reserves witnessed a noticeable increase during the month of February 2024, as International Monetary Fund data showed that Iraq had increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons.
This increase indicates Iraq's continued strategy to diversify its foreign reserves and enhance financial and monetary stability in the long term.
This step by Iraq comes at a time when the world is witnessing a rise in gold prices, as the price reached its highest level in its history last month above $2,400 per ounce.
Many simultaneous factors are strengthening the record levels of gold, especially in light of the escalation of geopolitical tensions around the world, and in light of the state of “uncertainty” surrounding the global economy, which supports the trend towards the precious metal as a traditional safe haven in the face of market fluctuations and dire scenarios that impose themselves on the market. the scene.
Iraq is among the countries that possess large amounts of gold reserves in the Arab region, as it ranks fourth after the Kingdom of Saudi Arabia, Algeria, and Morocco.
Beijing: Iraq is the third largest Arab trading partner with China
Today, Wednesday, the representative of the Chinese Embassy, the Commercial Counselor of the People's Republic of China in Iraq, Xu Chun, revealed cooperation between the Ministry of Higher Education and Huawei to build the Information Technology Academy, while noting that Iraq is China's third largest trading partner among Arab countries.
During the conference on smart education, in cooperation with Huawei Technology, and attended by the Iraqi News Agency (INA) correspondent, Chun expressed his "happiness to attend the smart education event organized by the Ministry of Higher Education and Scientific Research in Iraq in cooperation with Huawei."
He added, "Iraq is one of the first Arab countries to establish diplomatic relations with China," noting that "the Iraqi government worked to actively manage governance and achieved remarkable results in maintaining social stability, advancing economic reform, and improving infrastructure and public services."
He pointed out that "China is Iraq's largest trading partner and China's third largest trading partner among Arab countries," noting that "the support from the two governments has led to progress in some projects of commercial and social value and a continuous deepening of cooperation in the fields of energy, infrastructure, and others." .
He added, "With the continuous development of information technology and its in-depth application, the demand for digital transformation in Iraq has increased. Since the end of last year, the Iraqi government has given great importance to accelerating the digital transformation process, and there have been a series of developments in the field of electronic passports and other government services."
He continued, "We are pleased to see cooperation between Huawei, the Ministry of Higher Education and Scientific Research, and local universities to build the ICT Academy, which aims to provide online lessons, provide a global exchange and competition platform for teachers and students, encourage students to obtain Huawei's professional and technical certificate, and develop talents." Innovation and technology applied to society and the ICT industry chain.”
He explained, "President of the People's Republic of China, Xi Jinping, stressed in his speech during the opening session of the tenth session of the ministerial meeting of the China-Arab Cooperation Forum, deepening cooperation, following up on the work of the past, paving the way for the future, and accelerating the pace of building the Chinese-Arab community for a common future."
He continued, "The digital age represents the key to accelerating the improvement of the digital infrastructure on a large scale, enhancing the infrastructure of networks, computing and applications in a coordinated manner and linking them with data for continuous economic and social development," expressing his "aspiration for more cooperation with Chinese companies." "To exchange experiences and cooperate with the Iraqi government and companies and actively participate in the digital transformation process in Iraq, in order to continue to advance the strategic partnership relations between China and Iraq to a higher level."
For his part, CEO of Huawei Iraq, William Yang, said: “We are keen to employ our global capabilities and expertise to develop and hone the skills of local talent and provide a full range of education digitization solutions designed for Iraq.”
He continued, "The partnership with the Ministry of Higher Education will provide Iraqi students with access to the latest technologies and recognized certificates in this field, instilling and strengthening a culture of innovation and entrepreneurship, as well as promoting the establishment of an effective smart campus by strengthening the basic education network and simplifying cloud platforms." And implementing smart classroom applications.
He added, "Given our confidence in the excellence of Iraqi talent at the regional and global levels, we are convinced that this cooperation will have a positive and sustainable transformative impact on the information and communications technology sector in Iraq, leading to bridging the digital gap, creating more job opportunities, and driving economic and social growth in Iraq." "The country."
He pointed out that “the Huawei ICT Competition, which is held annually, focuses on developing scientific and technological talent by highlighting realistic practices and needs in the technology sector, as well as urging participants to design innovative solutions that contribute to creating social and commercial value using modern technologies.” The “Seeds for the Future” program also provides young talents with training courses and participation in international competitions that enhance the presence of intercultural exchange and the transfer of knowledge and experiences,” pointing out that “the programs include activities for graduates that focus on adopting the use of digital technology, in a way that enhances entrepreneurship and supports paths of development and growth.” Various sectors and industries.
He stressed, "Huawei, as a leading global company in providing infrastructure and smart devices for information and communications technology, is committed to putting its capabilities and expertise to develop the information and communications technology sector in the countries in which it operates, and its business strategy aims to harness technology to advance social and economic sustainability in the long term."
Chambers of Commerce determine the reasons for the rise in the dollar exchange rate and talk about “speculation” - urgent
Today, Wednesday (June 12, 2024), the Chambers of Commerce identified the reasons for the rise in the dollar exchange rate in Iraqi markets and money exchanges, while indicating that the parallel market in Iraq is mobile and not fixed.
The head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, said in an interview with “Baghdad Al-Youm” that, “For 72 hours, the dollar has been witnessing a movement and rise to the top, even if it was slow, but it raised concern that it might be the beginning of a rise through which it would break the barrier of 150,000 dinars for every 100 dollars.”
He added, "The approval of budget schedules and the release of financial financing for projects with the presence of speculation and the promotion of inaccurate information about the conditions of the parallel markets to raise anxiety all pushed the exchange rate to move higher."
Al-Tamimi pointed out that "the parallel market in Iraq is dynamic and there are no constants through which its compass can be determined for the medium term, but the coming days may give clearer indications about the nature of the compass, whether by moving upward or returning to the usual prices at which the dollar has remained for recent months."
In the past two days, the dollar exchange rates recorded an increase against the Iraqi dinar, which is considered the highest compared to the past weeks, in which the dollar prices witnessed a noticeable decline and approached 144 thousand dinars for every 100 dollars, while prices recorded approximately 149 thousand dinars for every 100 US dollars.
Washington: Baghdad is committed to bank reform and we support the Iraqi lending strategy
Today, Wednesday, the United States expressed its support for the Group of Seven and the World Bank for the national strategy for bank lending in Iraq for the period 2024-2029, while confirming that Baghdad is committed to reforming government banks.
The US Embassy in Baghdad said, in a statement received by Al-Youm Al-Akhbariya, “The Iraq Economic Contact Group (G7 and the World Bank) supports the adoption of the national strategy for bank lending in Iraq for the period 2024-2029, which was launched recently.”
The embassy added: "We also commend the Iraqi government's commitment to reforming government banks and encourage continued focus on meaningful reform."
The Prime Minister affirms the government's keenness to develop relations with the Islamic Republic of Iran
link
Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani affirmed the government’s keenness to develop relations with the Islamic Republic of Iran.
The Prime Minister's Media Office said in a statement received by the Iraqi News Agency (INA), that "Prime Minister Muhammad Shia al-Sudani received, today, the Ambassador of the Islamic Republic of Iran to Iraq, Muhammad Kadhim Al Sadiq."
He added, "The meeting discussed joint relations and the prospects for developing and strengthening them in various fields, in a way that ensures the strengthening of vital benefits and interests between the two friendly countries."
The Prime Minister affirmed "the government's keenness to develop relations with the Islamic Republic of Iran and the rest of the regional countries, and to launch comprehensive economic and development projects that result in economic integration that enhances security and stability for all countries of the region."
The Acting Iranian Foreign Minister will visit Iraq tomorrow
The representative of the Kurdistan Regional Government in Iran, Nazem Dabbagh, said, "The Acting Iranian Foreign Minister will arrive on a visit to Baghdad on Thursday, and will visit Erbil and then Sulaymaniyah on Friday."
According to a source at the Iranian embassy in Baghdad, Bagheri will visit Iraq on Thursday as part of his tour in the region, and will meet with the presidents of the republic, ministers, the Supreme Judicial Council, the acting Speaker of the House of Representatives, and the National Security Advisor.
During his visit to the Kurdistan Region, according to Dabbagh, Bagheri will also meet with the head of the Kurdistan Democratic Party, Masoud Barzani, the President of the Kurdistan Region, Nechirvan Barzani, and the Prime Minister of the Kurdistan Regional Government, Masrour Barzani. Then he will go to Sulaymaniyah to meet with the President of the Patriotic Union of Kurdistan, Pavel Talabani.
Ali Bagheri assumed the position of Acting Foreign Minister of Iran following the death of Foreign Minister Hossein Amir Abdollahian in a helicopter crash while he was with President Ebrahim Raisi last May.
This is Ali Bagheri's first visit to Iraq and the Kurdistan region since he assumed office.
Ministry of Justice: Approval of the unified basic document of the Republic of Iraq
The Ministry of Justice announced, today, Wednesday, that the National Committee for Writing International Reports has ratified the unified basic document of the Republic of Iraq.
A statement from the Justice Department, a copy of which {Al-Furat News} received, stated: “This came during the Minister of Justice Khaled Shawani’s chairing a regular meeting of the National Committee for Writing International Reports on Human Rights, which includes representatives of the ministries and institutions concerned with this matter and the relevant official bodies.”
He added, "During the meeting, a discussion took place among the members regarding the combined twenty-sixth and twenty-seventh periodic reports, where observations were reviewed and proposals were presented on the topics contained in the two aforementioned reports."
He added, "In conclusion, the unified basic document of the Republic of Iraq was approved, and the committee decided to make the necessary amendments and continue updating the information in the report on the elimination of all forms of racial discrimination."
Iraq and the United States are discussing efforts to form a joint business council
President of the Federation of Iraqi Chambers, Abdul Razzaq Al-Zuhairi, discussed with US Ambassador Alina Romanski efforts to form a joint business council.
The Union of Iraqi Chambers stated in a statement received by the Iraqi News Agency (INA), that “Abdul Razzaq Al-Zuhairi, President of the Union of Iraqi Chambers, received at the Union’s headquarters in Baghdad, the American Ambassador, Alina Romanski, and the two parties discussed strengthening trade and economic relations, and the intention to form a joint business council.”
Al-Zuhairi stressed, according to the statement, that “our relationship is balanced, with all countries that support Iraq’s approach to developing its economy, and we stand at the same distance from all countries for the good of Iraq.”
The statement indicated that "the two parties reviewed during their meeting the volume of trade exchange between the two countries, and the ambition to increase it to a level befitting the size of the relationship between Iraq and America, and discussed the prospects for cooperation and association with the Iraqi chambers of commerce, in order to expand the field of economic work and develop the work of the chambers of commerce." In a way that enhances the economic partnership and opens the door to cooperation with the public and private sectors, pointing to the import and export sides and moving forward to enhance that.”
For her part, the ambassador stressed the need to overcome all difficulties regarding granting entry visas to investors and businessmen.
The two sides stressed the issue of mutual delegations in a way that meets the level of ambition, expressing their satisfaction with achieving the desire for joint cooperation at the level of commercial and economic work.
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