Ernst & Young reveals the completion rate of the Rafidain Bank restructuring project
The committee for this project included officials from the Iraqi Ministry of Finance, the Central Bank of Iraq, the Prime Minister’s Advisor, and the Head of the World Bank Mission in Iraq, in addition to members of Ernst & Young as an expert auditor and consultant in the restructuring process.
The World Bank's Regional Director in Iraq, Emmanuel Salinas, explained the reality of work on this project, in which he presented the opportunities available within the banking work environment in Iraq and the mechanism for developing the restructuring plan in its operational and financial aspects.
While Firas Kilani, an expert in the restructuring project from Ernst & Young, explained that the project has made great progress since its inception in September 2024 and has currently reached 74%, and the next phase of the scope of work will be completed at the end of this month, moving to an advanced stage in this project.
The Governor of the Central Bank confirmed that the support of the Iraqi Prime Minister in this regard has positively accelerated the progress of the project, to reach important stages in the restructuring and development process at Rafidain Bank.
CBI Governor: The Rafidain Bank restructuring project advanced more quickly thanks to the Prime Minister's backing
The Governor of the Central Bank, Ali Mohsen Al-Alaq, said on Thursday that thanks to the Prime Minister Mohamed Shia Al-Sudani's backing, the progress in the restructuring project of Rafidain Bank has been accelerated.
The bank's media office said in a statement obtained by the Iraqi News Agency (INA), that "the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, chaired an expanded meeting to discuss the restructuring project of Rafidain Bank," pointing out that "the committee for this project included officials in the Ministry of Finance and the Central Bank, the adviser to the Prime Minister and the head of the World Bank mission in Iraq, as well as members of Ernst & Young as an expert auditor and consultant in the restructuring process."
The statement added that "the World Bank Country Manager in Iraq, Emmanuel Salinas, explained the reality of work on this project, in which he presented the opportunities available within the banking environment in Iraq and the mechanism for developing the restructuring plan in its operational and financial aspects."
Feras Kilani, an expert in the structuring project from Ernst & Young, explained that "the project has progressed very significantly since it began in September of 2024 and has currently reached 74%, and the next phase of the scope of work will be completed by the end of this month, and move to an advanced stage in this project."
The Governor stressed that "the support of the Prime Minister in this aspect positively accelerated the progress of the project, to reach important stages in the process of structuring and development in Rafidain Bank."
MP reveals the reason for the secrecy of the parliament session... and Al-Sudani wants to change 6 ministers
Israel may bomb our forces outside the borders"
Member of Parliament Haitham Al-Fahd revealed, on Wednesday, December 4, 2024, what Prime Minister Mohammed Shia Al-Sudani said during his hosting in the House of Representatives, regarding the ministerial changes and the reason for turning them into secret, suggesting that Israel would bomb Iraqi forces if they crossed the border.
Al-Fahd said in an interview with the “Al-Thamena” program, which was followed by “Al-Jabal”, that “Al-Sudani performed well in his position”, but “Al-Sudani fell into many pitfalls and there are several observations”, stressing that “Al-Sudani must seek the help of new advisors”.
Al-Fahd explained that "the session hosting Al-Sudani was calm, without quarrels or chaos," stressing that "turning the session into a closed session was not due to the confidentiality of military information," and that "turning the session into a closed session was due to concern about the presence of opposing voices."
He added: "We were not able to ask questions to Al-Sudani during the hosting," and "we had previously collected signatures repeatedly to host Al-Sudani, but he did not come," indicating that "any representative who collects signatures and does not complete the journey must apologize."
He pointed out that "Al-Sudani informed us of his desire to change 6 ministers," but "Al-Sudani threw the ball of the ministerial reshuffle into the court of the leaders," explaining that "some representatives embarrassed us because of the ministerial reshuffle."
Al-Fahd said, "The party leaders are cooking the dish, but we don't taste anything of it."
Regarding the security file, the MP added: “The security leaders gave reassurances to the Iraqi street,” stressing that “the situation in Iraq now is not like it was in 2014.”
Al-Fahd pointed out that "Israel's movements pushed everyone to unify the Iraqi discourse," noting that "if our forces crossed the border, we might face Israeli bombing."
He continued: "The Syrian regime can be supported with money or oil, for example, but Syria should not be supported with fighters... Our lives are precious," but he said that "there is no concern about the movements of the factions if they cross into Syria."
He added: "Al-Fahd: The Prime Minister described the leaks as the 'lie of the century'... How is that?", stressing that "the leaks are a case before the judiciary that cannot be denied."
Regarding the financial and economic file, he said that "Al-Sudani sent messages not to increase next year's budget," and that "next year's budget is unfair and we have reservations about it," explaining that "some ministers are (zeroing) and spending from their own pockets," and there is "a weakness in financial liquidity and the price of oil is worrying."
The MP added: "The government has been manipulating the budget file," and "Al-Mandlawi is innocent of the issue of manipulating the budget," suggesting "establishing a company to manage Kurdistan's oil and linking it to the ministry."
Concerning Kurdistan.. Al-Iqtisad News publishes the text of the amendment to an “important paragraph” in the 2025 budget (documents)
Al-Eqtisad News Agency publishes an amendment to a paragraph of the General Budget Law, which concerns the oil of the Kurdistan Region.
According to documents obtained by “Al-Eqtisad News”, “the amendment of Article (C) of Clause (Second) of Article (12) of the General Budget Law is represented by:
Article 1 - The text of Paragraph (c) of Clause (Second) of Article 12 of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2025 - 2025) No. 13 of 2023 shall be cancelled and replaced by the following:
C - 1. The Federal Ministry of Finance shall compensate the Kurdistan Regional Government from sovereign expenses for the costs of production and transportation of the quantities of oil produced in the region that are received by the State Oil Marketing Company (SOMO) or the Federal Ministry of Oil in accordance with paragraphs (a, b) of this clause, provided that the fair estimated costs of production and transportation for each field separately are calculated by a specialized international technical consulting body determined by the Federal Ministry of Oil in agreement with the Ministry of Natural Resources in the region, within a period of (60) sixty days from the date of entry into force of this law. In the event of failure to reach an agreement within the aforementioned period, the Federal Council of Ministers shall determine the aforementioned consulting body.
The technical advisory body shall submit the estimated cost of production and transportation to the federal Ministries of Finance and Oil and the Kurdistan Regional Government, and it shall be approved for the purposes of this law. The compensation stipulated in (1) of this paragraph shall be calculated based on the aforementioned cost per barrel multiplied by the number of barrels received in accordance with paragraphs (a, b) of this clause. The federal Ministry of Finance shall pay the amounts to the Kurdistan Regional Government immediately proceeding with the delivery of the oil produced in the region to the State Oil Marketing Company (SOMO) or the federal Ministry of Oil in accordance with paragraphs (a, b) of this clause. The costs of production and transportation shall be compensated by the federal Ministry of Finance as advances, at a rate of (16) sixteen dollars per barrel, to be settled later after the specialized technical advisory body stipulated in (1) of this paragraph completes its work and retroactively from the date of commencement of delivery pursuant to this amendment.
She pointed out that "the purpose of appointing a specialized international technical advisory body to calculate the fair estimated costs of producing and transporting oil produced in the Kurdistan Region and for each field separately, preserving national wealth, enhancing actual federal revenues, and enabling the State Oil Marketing Company (SOMO) to make optimal use of export outlets and diversify them, was enacted by this law."
Below are the documents:
The Governor of the Central Bank chairs a meeting of the Rafidain Bank Restructuring Project Committee
Bulgaria seeks investment in Karbala
The Chargé d'Affairs of the Bulgarian Embassy in Iraq, Mr. Nikola Draganov, discussed investment in the holy Karbala Governorate, and called on Karbala merchants to participate in the annual exhibitions held in Bulgaria.
Draganov said in a statement to (Al-Mustaqilla) on the sidelines of his visit to Karbala and his meeting with the head of the Chamber of Commerce in the province, Zaman Sahib, “We discussed developing bilateral relations between the two countries, and emphasizing the participation of Bulgarian companies in investment projects within the province.”
He added, "We stressed the activation of trade exchange agreements, which contributes to increasing cooperation between the two countries in all economic sectors."
For his part, the head of the Karbala Chamber of Commerce, Zaman Sahib, said in a statement to (Al-Mustaqilla) after his meeting with Draganov, today, Wednesday, “We discussed ‘joint cooperation in the private sectors and reviewing investment opportunities.’”
He pointed out that "the Chamber directed the need to facilitate the procedures for obtaining an entry visa to Bulgaria for traders, so that they can attend exhibitions and conferences, as well as get to know the most prominent companies, and gain experience in the field of work in the private sector.
Iran is looking for dollars in Iraq
The deterioration of the economic situation in Iran due to international sanctions imposed on it for years, pushed Tehran to turn to Iraq to compensate for the losses it suffered, especially after groups close to it reached decision-making centers in Baghdad after 2003.
Director of the Baghdad Center for Economic Development, Ali Mahdi, told Alhurra that Tehran has flooded the Iraqi markets with its “cheap products” in order to obtain hard currency, which is in short supply due to the international sanctions imposed on it.
The economic crisis in Iran began with a series of sanctions imposed by Washington , against the backdrop of the American hostage case held at the US embassy in Tehran, after the Iranian revolution in 1979.
Strategic expert Mohammed Al-Moussawi says that these sanctions, imposed under Order 12170, have frozen Iranian assets worth $12 billion, and that the eight-year war with Iraq in the 1980s cost it losses estimated at $400 billion.
Sanctions have been imposed on Iran for the past 40 years, due to its nuclear program and its support for groups classified as terrorists. The latest sanctions were imposed by the European Union this November, due to its support for Russia in the war against Ukraine.
Ali Mahdi said that Iran's continuation of its nuclear project "increased the sanctions and destroyed its economic sector," forcing it to search for new ways to obtain hard currency, and it found a means to achieve this goal in Iraq.
While the economic expert, Abdul Rahman Al-Mashhadani, pointed out that Iran's inclusion on the FATF blacklist since 2019 has kept Iran in its economic isolation and neutralized its trade freedom in the region.
He explained that the countries included in this list are those that suffer from shortcomings in the field of combating money laundering and terrorist financing, which makes it difficult to deal with them economically.
According to Al-Mashhadani, this economic deterioration resulted in the collapse of the Iranian currency (the Toman), which reached its lowest levels, with its exchange rate reaching about (8) million Tomans per dollar, which led to financial inflation as a result of the continuous increase in the prices of goods and services.
The deterioration of Iran's economy, Al-Mashhadani added, had other internal consequences, including high unemployment and poverty rates, which negatively affected the standard of living of citizens there.
Economist Kaveh Abdul Aziz, head of the Consumer Protection Association, believes that the economic deterioration in Iran has caused an increase in corruption rates. “According to the Transparency International indicators for the year 2023, Iran ranked 149 out of 180 countries with a score of 24, which is the lowest level for Iran recorded in the last ten years.”
Iraq pays the price for Iran's "circumvention" of sanctions
Iran has used devious methods to get rid of the consequences of international sanctions, according to Kawa Abdul Aziz, who added to Alhurra that among these methods is “establishing numerous fictitious entities and companies in Iraq, which were involved in withdrawing large amounts of dollars through some banks that deal with the Central Bank of Iraq and transferring them to Iran.”
Abdul Aziz pointed out that this matter prompted the United States in 2023 to impose sanctions on some Iraqi banks and pressure the Central Bank to tighten its procedures.
For his part, Ali Mahdi said that Iran has increased its non-oil exports to Iraq during these years, so that the trade volume between the two countries has exceeded, for example, 10 billion dollars.
In September 2024, the Iraqi ambassador to Tehran, Naseer Abdul Mohsen, spoke about the increasing volume of trade exchange between Iraq and Iran, “exceeding 10 billion dollars, expecting this number to rise to 20 billion by the end of this year.”
This large exchange, Mahdi added, created problems for Iraq, because Iran “does not accept sales in Iraqi and Iranian currencies, but rather wants them in dollars,” explaining that “this matter prompted traders to resort to the black market to secure hard currency.”
Economic expert, Abdulrahman Al-Mashhadani, explained to Al-Hurra website that providing hard currency to Iranians from Iraq has pushed traders to take illegal methods such as “smuggling operations,” especially with the presence of about 20 crossings between Iraq and Iran, some of which are not subject to government oversight, according to him.
Currency smuggling, a member of the House of Representatives, Soran Omar, told Alhurra, is a problem that Iraq suffers from and that takes place through unofficial outlets, “despite the efforts made by the authorities to control this phenomenon.”
Economic expert Safwan Qusay pointed out that Iraq's non-affiliation with the World Trade Organization (WTO) made it an easy target for Iranian companies, which flooded the Iraqi markets with their products. He explained that affiliation with this organization "will enable Iraq to defend its local production and stand up to countries that want to flood the markets with their goods."
Ali Mahdi points to another way Iran has used to earn more US dollars, which is to export gas to Iraq to generate 800 megawatts of electricity. This process has saved a large amount of hard currency, he says, “especially after the United States made an exception for Iraq to pay these amounts to Iran on condition that they are used for humanitarian purposes only.”
Mahdi pointed out that Iran has benefited from the "black market" as another source of securing hard currency, despite the restrictions imposed by the Iraqi government to prevent the smuggling of Iraqi funds.
While Kawa Abdul Aziz stated that Iran exploited the local labor market to obtain hard currency, by supplying Iraq with thousands of Iranian workers through official and unofficial means.
Economic expert Abdul Rahman Al-Mashhadani pointed out that Iran resorted to arms trade to secure hard currency, with armed groups loyal to it in Iraq, Yemen, Syria and Lebanon, adding that it also dealt with Russia, where it "exported drones to Russia," according to him, which provided it with millions of dollars.
Organized" international trade and border control
To reduce the impact of the Iranian economic collapse on the Iraqi reality, economic expert Safwan Qusay confirms to Alhurra website the necessity for Iraq to join the World Trade Organization, "to defend its production and markets" and control the border crossings between it and Iran.
Qusay called on those concerned in Iraq to draw a clear map for imports, with long-term contracts from known sources, indicating that this matter can be used to import specific types of Iranian goods and commodities in a manner that is compatible with the Iraqi market.
Economist Kawa Abdul Aziz believes that Iraq should move towards enhancing local investments and local industry, providing job opportunities for Iraqi citizens and dispensing with foreign labor, in order to preserve hard currency inside Iraq.
The head of the Baghdad Center for Economic Development, Ali Mahdi, believes that the Iraqi authorities must tighten border crossings with Iran, control the long border that unites them, and pursue and hold accountable traders who smuggle hard currency illegally to Iran.
New parliamentary meeting to study draft amendment to the budget law
The Parliamentary Finance Committee held a new meeting to study the draft of the first amendment to the Federal General Budget Law for the fiscal years (2023 - 2024 - 2025) No. (13) of 2023, which will be presented for the second reading "report and discussion" in the House of Representatives session scheduled to be held today, Thursday.
Al-Halbousi affirms support for the Iraqi government in a meeting with the US State Department
Today, Wednesday, the head of the Progress Party, Mohammed al-Halbousi, discussed with the US Assistant Secretary of State for Near Eastern Affairs, Barbara Leaf, bilateral cooperation between the two countries, and the necessity of international action to stop the war in the region.
The media office of the Progress Party said in a statement received by “Al-Jarida” that “Mohammed al-Halbousi, head of the Progress Party, visited the US State Department today, Wednesday, and met with the US Assistant Secretary of State for Near Eastern Affairs, Barbara Leaf.”
According to the statement, the meeting discussed bilateral relations and cooperation between the two friendly countries, the importance of continuing support for Iraq and its stability, and emphasizing support for the Iraqi government in its steps and political support for it to complete its government program.
The meeting also discussed the situation in the sister countries of Gaza and Lebanon, the recent developments in Syria, and the need for international action to stop the war in the region, according to the statement.
Through Baghdad.. Washington addresses Tehran about its bases in Syria - Urgent
An informed source revealed, today, Thursday (December 5, 2024), an angry American message directed to Tehran via Baghdad regarding the security of its bases in Syria.
The source said in an interview with "Baghdad Today", "An American message reached Iraqi mediators in Baghdad directed to Tehran, which included angry points talking about the involvement of Iran's allies in Syria in bombing some of its military bases recently, and that it will not hesitate to respond by all available means."
He added, "The message called on Iran to pressure its allies not to target American bases in Syria and to avoid involvement in the current events, noting that Washington has no connection to the course of events."
He pointed out that "the message focused on the Syrian file in general, noting that it wants to maintain the line of communication with Tehran in all cases, given the many pending files between the two sides."
Yesterday, Wednesday, the US Central Command (CENTCOM) announced the destruction of weapons systems near the Euphrates River in northeastern Syria .
"CENTCOM" stated in a statement seen by "Baghdad Today" that it "destroyed several weapons systems in the vicinity of the military support site, which included 3 multiple rocket launchers mounted on a truck, an armored personnel carrier, and mortar shells."
She continued, "The system posed a clear and imminent threat to US and coalition forces," indicating that "the strike came in self-defense after a multiple rocket launcher mounted on a truck, an armored personnel carrier, and mortar shells were fired at US forces."
The US Central Command explained that "the US mission in Syria remains unchanged," stressing that "its forces and the international coalition will continue to focus on the lasting defeat of ISIS."
Al-Sudani reveals the non-payment of salaries of Kurdistan employees
Prime Minister Mohammed Shia al-Sudani explained that the delay in paying salaries to employees of the Kurdistan Region is due to the failure to implement the articles and paragraphs of the federal budget law and the delivery of non-oil revenues by the regional government.
Al-Sudani's statement included, in accordance with the invitation of the Kurdistan National Union parliamentary bloc, providing an image of the reason for delaying the salaries of the region's employees, demanding their disbursement.
Member of the Patriotic Union of Kurdistan bloc, Dr. Bryar Rashid, said, “The failure to implement the articles and paragraphs of the federal general budget law and the problem of the non-delivery of non-oil imports and customs and border points by the Kurdistan Regional Government are behind the delay in the salaries of the region’s employees.”
He pointed out in a press statement seen by (Al-Masry) that Al-Sudani explained to the members of the House of Representatives that “what is available is 700 billion dinars, but salaries need 950 billion dinars, and we hope to reach a solution to this problem by amending the budget law and resuming the export of the region’s oil.”
The first reading of the amendment to the budget law was completed, and the second reading of the amendment is expected after it is discussed by the Finance Committee and then voted on.
The oilfield services sector will see more consolidation next year, as US President-elect Donald Trump is expected to ease regulations on the US oil and gas sector, Deloitte said in its Oil and Gas Outlook 2025.
Services deals are expected to pick up after a wave of mega-mergers among oil producers, including Exxon Mobil, Pioneer Natural Resources, ConocoPhillips and Marathon Oil.
Deloitte, the world's largest consulting firm, said smaller oilfield companies may seek suitable acquisitions as their client base consolidates and shrinks, following an expansion in mergers and acquisitions among exploration and production clients.
Buyer interest in drilling rigs increased in 2024, with deals valued at $3.8 billion, the second highest level since 2018.
“We think the new administration could have a positive impact on M&A, and we will see more leeway because M&A has been more difficult to complete in the last few years,” John England, Deloitte’s global oil, gas and chemicals leader, said in an interview.
Despite the ceasefire agreement, the Israeli army blows up homes in southern Lebanon
Russia Today Arabic news network reported on Thursday that the Israeli army blew up a number of houses in southern Lebanon in a new violation of the ceasefire agreement.
The Russian network reported that despite reaching a ceasefire agreement between Lebanon and Israel, Israeli forces continue to violate the agreement in southern Lebanon.
She pointed out that the warplanes launched two raids on the town of Yaroun and the vicinity of the Litani River in southern Lebanon, and the Israeli forces booby-trapped and blew up houses in the town of Yaroun, located in the central sector.
In the same context, Al-Manar TV, affiliated with Hezbollah, published a scene documenting the expansion and penetration of Israeli tanks into the city of Khiam after the ceasefire, areas that Israeli forces were unable to enter during the battles in southern Lebanon.
It is noteworthy that the ceasefire between Israel and Hezbollah went into effect on November 27, after months of major military escalation. The agreement was brokered by the United States and France and aims to calm the situation in southern Lebanon and Israel for an initial period of 60 days.
The agreement includes the withdrawal of Israeli forces from the border areas, and the reduction of Hezbollah's military activities in southern Lebanon.
According to CNN sources, the number of Israeli violations of the ceasefire has reached more than 100, and Hezbollah announced on Monday evening that it had carried out "an initial warning defensive response targeting the Israeli enemy army's Ruwaysat al-Alam site in the occupied Lebanese Kfar Shuba hills," following "the repeated violations initiated by the Israeli enemy of the cessation of hostilities agreement."
Via Baghdad.. Tehran addresses Washington with a brief message regarding the developments in Syria
The source said in an interview with Baghdad Today, "Tehran, it seems, was aware of the existence of major movements to attack Syrian cities, towns and villages by various organizations and the attempt to create changes on the ground in light of preparations funded by the capitals of many countries."
He added, "Iran addressed Washington through Iraqi mediators in Baghdad with a brief message 24 hours after the attack by the Syrian armed factions on the outskirts of Aleppo. The message included that Iran will not abandon its support for Syria, its government and people."
The source pointed out that "the Iranian message expressed Tehran's position regarding the rapid developments and the progress of several countries in preparing the conditions for attacks by organizations classified globally as terrorist."
Two days ago, Tehran pledged to provide all kinds of support to the Syrian government, and did not rule out sending advisors to Aleppo. Ismail Kowsari, a member of the National Security Committee in the Iranian parliament, said that Iran does not rule out sending Iranian forces to Syria, indicating that this depends on field developments and the decisions of senior officials in the country.
He also considered that the Aleppo attacks aim to cut off the path of Iranian support for Hezbollah, planned by the United States and Israel, during the ceasefire period in Lebanon.
Syrian President Bashar al-Assad stressed, during his reception of Iranian Foreign Minister Abbas Araghchi, yesterday, Sunday, the importance of supporting allies in confronting terrorist attacks supported from abroad to thwart their plans.
For his part, Iranian Foreign Minister Abbas Araghchi confirmed Tehran's readiness to provide all kinds of support to Damascus.
The Syrian News Agency announced that the Syrian army, with the help of the Russian Air Force, eliminated 320 terrorists in Aleppo, Idlib and Hama, and destroyed 63 pieces of military equipment and weapons during the battles in the provinces of Idlib, Hama and Aleppo in joint Syrian-Russian strikes.
This comes as the Syrian army announced the recapture of several towns from the grip of armed groups in Hama province.
For his part, Syrian Health Minister Ahmed Damiriyeh announced the resumption of ambulance work in Aleppo after it had been suspended for the past two days, according to the Syrian News Agency.
Damiriyeh said that the ambulance and emergency system in Aleppo resumed its work after it had been out of service during the past two days as a
result of the terrorist attacks, and it can be requested via the number 110.
CENTCOM repels Houthi attack targeting two US destroyers
The US Central Command (CENTCOM) announced on Monday that it had repelled an armed attack by the Houthis that targeted two US destroyers while they were crossing the Gulf of Aden in southern Yemen in the past two days.
CENTCOM said in a statement via the X platform that the two US Navy destroyers, USS Stockdale and USS Oaken, were able to repel an attack by a group of weapons launched by the Houthis while crossing the Gulf of Aden, from November 30 to December 1.
According to the statement, "the two destroyers were escorting three US-owned and operated commercial vessels flying the US flag."
The Central Command reported that the reckless attacks did not result in injuries or damage to any US civilian or naval vessels.
According to the same statement, "the two destroyers succeeded in intercepting three anti-ship ballistic missiles, three attack drones, and an anti-ship cruise missile, ensuring their safety and that of their crews, as well as civilian (commercial) ships and their crews."
Yesterday, Sunday, the Yemeni Houthi group announced targeting a destroyer and 3 American ships with 16 ballistic and winged missiles and a drone in the Arabian Sea and the Gulf of Aden, according to a televised statement issued by the group's military spokesman, Yahya Saree.
"These actions reflect the continued commitment of U.S. Central Command forces to protect U.S. personnel, regional partners, and international shipping against attacks by the Iranian-backed Houthis," it said.
Al-Alaq receives representatives of the Innovation Center at the Dubai International Financial Center
The Governor of the Central Bank of Iraq, Ali Al-Alaq, discussed on Thursday with representatives of the Innovation Center at the Dubai International Financial Center ways of cooperation in the areas of enhancing innovation and entrepreneurship, and adopting financial technology and artificial intelligence in the Iraqi banking sector.
The media office at the Central Bank said in a statement received by "Al-Eqtisad News" that "the Governor of the Central Bank, Ali Mohsen Al-Alaq, in Baghdad, held a meeting with representatives of the Innovation Center at the Dubai International Financial Center, during which ways of cooperation were discussed in the areas of enhancing innovation and entrepreneurship, and adopting financial technology, artificial intelligence and advanced infrastructure."
The statement added that "the meeting reviewed opportunities to support innovation in banking systems and electronic payment solutions, and provide opportunities for emerging companies in these fields to enter Iraqi, regional and global markets."
He pointed out that "the meeting discussed developing training programs to build Iraqi capabilities to keep pace with global developments, enhance regulatory cooperation and adopt the best standards in the fields of financial technologies and banking technology."
The statement said that the two parties "discussed strengthening partnerships between the financial and banking sector, emerging companies and investors, in addition to interacting with universities and various institutions to support the next generation of Iraqi entrepreneurs, expressing their commitment to developing partnerships in a way that contributes to achieving the vision of the Central Bank of Iraq in building a digital economic system and a comprehensive financial system based on technology and innovation."
Kurdish objection to budget law postpones parliament session until next Saturday
On Thursday, the representative of the State of Law bloc, Mohammed Al-Ziyadi, announced the postponement of the parliament session until next Saturday due to the withdrawal of the Kurdish blocs in protest against the federal budget law.
Al-Ziyadi told Shafaq News Agency, "The Council of Representatives postponed its session today until Saturday due to the Kurdish parties' objection to withdrawing the amendment to the general budget law from the Council's agenda."
He explained that "the Kurdish parties withdrew from the session, which caused the quorum to be broken and the session to not be held, and it was postponed until Saturday."
Tomorrow.. The UN Security Council holds a special session on the situation in Iraq
The UN Security Council will hold a special session tomorrow, Friday, on the situation in Iraq, and to review the latest developments in the country.
According to a post by the United Nations Assistance Mission in Iraq (UNAMI) on the X platform, the session will be held at (6:00 pm Baghdad time), and it is expected that the UN Special Representative, Mohammed Al-Hassan, will provide a briefing in the session on developments in Iraq and on UNAMI.
In July 2024, UN Secretary-General António Guterres appointed Mohammed Al-Hassan of the Sultanate of Oman as his new Special Representative for Iraq and Head of the United Nations Assistance Mission for Iraq (UNAMI), replacing Jeanine Hennis-Plasschaert .
Honeywell discusses Development of Iraqi Oil Refineries
Iraq's Deputy Minister of Oil for Refining Affairs, Hamed Younis, reaffirmed Iraq's commitment to collaborating with reputable global companies to advance its refining sector. This aligns with the government's strategic program and directives from Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani.
During a meeting with Honeywell's Middle East Executive Director, James Moshi, and Iraq Country Head, Mohamed Al-Shabout, discussions focused on strengthening cooperation in refinery development. The meeting also reviewed progress on agreements made during Abdul-Ghani's visit to Honeywell in Houston, USA, last September.
The session was attended by senior officials, including the Director General of the Studies and Planning Department, Naseer Aziz Jabar, and the Deputy General Manager of the South Refineries Company (SRC).
In June, the Ministry of Oil signed a memorandum of understanding with Honeywell to develop oil refineries.
(Source: Ministry of Oil)
Warning against the consequences of canceling the dollar selling platform in Iraq.. The green currency is hostage to Jordan and the Gulf States
Financial and economic affairs expert Mustafa Akram Hantoush warned today, Thursday (December 5, 2024), of the consequences of canceling the dollar selling platform to merchants during the next stage, according to what was announced by the Central Bank of Iraq.
Hantoush told Baghdad Today, "The Central Bank of Iraq must know very well that the collapse of the Iraqi banking system and the punishment of (32) Iraqi banks without a clear charge over a period of a year and a half is not normal, and from the perspective of banking work, this may be the first incident in the world of this kind."
He added, "The worst thing is the lack of serious solutions from the Central Bank of Iraq to this situation, but rather the move towards cancelling the (fitr) platform by the end of 2024 and handing over the dollar file to banks affiliated with foreign investors and banks (Jordanian and Gulf), which gives the impression that this matter was planned from the beginning."
He continued, "The failure of the Central Bank of Iraq to find solutions for the Iraqi banking sector will fire the mercy bullet at the entire Iraqi banking system and it will become punished as a whole, which will lay off nearly 100,000 workers in the Iraqi private banking sector in favor of Jordan and the Gulf countries," noting that "in the absence of banking competition, the stability of the exchange rate becomes difficult due to the monopoly of the dollar by certain banks and may lead to new fluctuations in the exchange rate."
Hantoush wondered: "Why is the work of the (Fitr) platform not being extended in coordination with the new US administration? Also, why are Iraqi banks not guaranteed to open an account for themselves in correspondent banks in dollars (Citibank/JP Morgan) as the countries of the region have done?"
He pointed out that "the surprising thing is that, until now, the mechanism for cooperation and auditing with Ernst & Young has not been determined or announced regarding transfers in currencies other than the dollar (euro - yuan - lira - dirham), nor have the results of the agreement and contract with Oliver Wyman regarding the (32) sanctioned banks and what their fate will be have not been announced. This means that the banking situation in Iraq is facing many major crises, and the dollar will be difficult to control in the parallel market."
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