Iraq begins a process of financial reform to protect the economy

Iraq begins a process of financial reform to protect the economy

No photo description available.Baghdad – The Iraqi government announced today, Saturday, the start of a financial reform process that will strengthen and protect the Iraqi economy.

Finance Minister Ali Allawi said in a video clip published by the ministry today, Saturday, on Twitter: “We started with reforms. We have started the process of automation, and reforms related to the currency and the exchange rate, as part of measures aimed at strengthening the Iraqi economy.”

In a new government promise, he added, the citizen will see an improvement in light of the results that will happen, in improving the performance of the state and employees, especially in the operations of citizens.

And he added that the state will transform from a state that complicates and obstructs, to a state that helps and serves, and all this will be done through the process of modernizing devices through responsible and efficient policies.

It is noteworthy that a strong popular opposition is facing the state’s policy of raising the exchange rate of the dollar against the Iraqi dinar by 148 dinars per 100 dollars.

Petra.gov.jo

 

Posted in Uncategorized | Comments Off on Iraq begins a process of financial reform to protect the economy

BGG ~ We buy Dinar!!

BGG ~ We buy (and sell) Dinar. If you would like to sell Dinar – please call me directly, leave a voice mail, send a text (615-509-6256), an e-mail (bgg@ozarkisp.net) or Facebook message me for a current quote and details.

Posted in Uncategorized | Comments Off on BGG ~ We buy Dinar!!

Joint Statement by the Government of Iraq and the Kingdom of Saudi Arabia

Joint Statement by the Government of Iraq and the Kingdom of Saudi Arabia

The following statement was issued by the Government of the Republic of Iraq and the Kingdom of Saudi Arabia:

Based on the fraternal and historical ties between the Republic of Iraq and Kingdom of Saudi Arabia and their peoples, and a desire to develop relations on solid foundations, foremost among which are Arab and Islamic brotherhood, the spirit of good neighbourliness and common interests, and in response to an invitation from the Custodian of the Two Holy Mosques King Salman bin Abdulazizz Al Saud, Mustafa Al-Kadhimi, Prime Minister of Iraq, visited the Kingdom of Saudi Arabia on 31 March 2021.
Talks were held between Prime Minister Kadhimi and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Crown Prince, Deputy Prime Minister and Minister of Defence, which dealt with the prospects for bilateral cooperation between the two brotherly countries and ways to enhance relations in all fields.

Views were also exchanged on issues of concern to the two countries, on regional and international affairs to support and strengthen security and stability in the region and world.

The two sides praised the results of the virtual meeting that took place between the Prime Minister of Iraq and the Custodian of the Two Holy Mosques on 25 March 2021, and the two sides emphasized the importance of the issues discussed especially with regard to strengthening relations between Iraq and Saudi Arabia, and enhancing the work of the Iraqi-Saudi Coordination Council.

They stressed their determination to reinforce cooperation and coordination between the two countries in a way that serves common interests in political, security, military, commercial, investment and tourism fields.

They praised the achievements of the Iraqi-Saudi Coordination Council and urged their relevant ministries and government bodies to follow up the implementation of the various agreements and memoranda of understanding signed between the two countries to strengthen relations, address common challenges and build on the positive results of previous mutual visits between officials of the two countries.

They also stressed the importance of continuing cooperation and coordination in facing the threats of extremism and terrorism, which are a threat to the region and the world, through sharing expertise and experiences between the security bodies of the two countries, increased cooperation to secure the Iraq-Saudi border and to continue supporting the efforts of Iraq in cooperation with the international coalition to confront the remnants of the Daesh terrorist organisation.

The two sides agreed on the following:

1. Establishing a $3 billion joint Iraqi-Saudi fund, as a contribution from the Kingdom of Saudi Arabia to promote investment in the economy of the Republic of Iraq, for the benefit of the Saudi and Iraqi economies, with participation of the private sector in both countries.

2. Cooperation in the fields of energy and renewable energy and implementing the Iraqi-Saudi Coordination Council’s joint action plan to continue cooperation in the oil sector, within the scope of work of the Organization of Petroleum Exporting Countries (OPEC) and commitment to the OPEC+ agreement to ensure the stability of the global oil market.

3. Completion of the GCCI electrical interconnection project due to its importance for both countries.

4. Enhancing coordination in mutual diplomatic support within the framework of multilateral diplomacy.

5. Enhancing investment opportunities for Saudi companies and inviting them to expand their activities and reconstruction efforts in Iraq.

The Republic of Iraq appreciated the participation, pledges and contributions of the Kingdom of Saudi Arabia in the Kuwait Conference for the Reconstruction of Iraq, which was held on 12-14 February 2018. Iraq also appreciated the support of Saudi Arabia to help combat the Coronavirus pandemic.

Iraq also commended the announcement by Crown Prince Mohammed bin Salman Al Saud on the Saudi Green Initiative and the Green Middle East Initiative to protect the environment and reduce carbon emissions, and Iraq will work with the Kingdom of Saudi Arabia to support the goals of these initiatives.

The bilateral agreements signed by the two sides included:

…an agreement to avoid double taxation, an agreement to cooperate in the fields of economic diversification and private sector development, a cooperation agreement between the Saudi Contractors Authority and the Iraqi Contractors Union to support the reconstruction of Iraq, and an agreement for financing Saudi exports to Iraq.

Two memoranda of understanding were also signed between the Iraqi Media Network and the Saudi Broadcasting Authority, and between the King Abdulaziz Foundation for Research and Archives and the Iraqi National Library and Archive.

On regional issues, the two sides agreed to intensify cooperation and coordination on the issues of concern in regional and international affairs and to deescalate tensions to support and strengthen the security and stability of the region. The two sides stressed the importance of security and stability in the region, and urged all neighbouring countries to adhere to the spirit of good neighbourliness and non-interference in the domestic affairs of countries. Prime Minister Kadhimi affirmed his support for the initiative of the Kingdom of Saudi Arabia to end the Yemen crisis.

Prime Minister Kadhimi expressed his thanks and appreciation to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saudi, to His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz, the Deputy Prime Minister and Minister of Defence, and to the Government of Saudi Arabia for their warm reception of the Iraqi delegation and their hospitality.

Gds.gov.iq

Posted in Uncategorized | Comments Off on Joint Statement by the Government of Iraq and the Kingdom of Saudi Arabia

A deputy calls for an emergency session and sends a warning to the governor of the Central Bank

A deputy calls for an emergency session and sends a warning to the governor of the Central Bank

نائب يدعو لعقد جلسة طارئة ويوجه تحذيرا الى محافظ البنك المركزيMP for the Badr Parliamentary Bloc Uday Shaalan Abu Al-Joun called the Presidency of the House of Representatives to set an urgent date for an emergency session in the presence of the Governor of the Central Bank to find out the repercussions of high market prices due to the insistence not to reduce the exchange rate, warning against interrogating the governor The Central Bank, as a prelude to his dismissal, in case it sticks to its positions that are not in the interest of Iraq and its people.

Abu Al-Jun said in an interview with Alsumaria News, “The Al-Fateh Alliance in general and the Badr Bloc, especially when it participated in the voting session on the budget, despite its reservations on many of its articles, especially with regard to the exchange rate of the dollar against the dinar, it was a matter of paying the greatest damage in order not to say that we obstruct Passing the budget that the Iraqi people have been waiting for so long.

Abu Al-Joun added, “Today, after the budget has passed, this matter does not mean that the exchange rate has become a thing of the past and will not be reduced. Rather, we will work continuously to pressure the executive authority and the Central Bank to reduce it and take immediate measures to address the economic crisis and the rise in prices in the market,” pointing out that “” And within the first steps, the Presidency of the House of Representatives is required to hold an emergency session as soon as possible in the presence of the governor of the Central Bank devoted to discussing the exchange rate and the reasons for the central bank’s insistence not to reduce it.

Alsumaria.tv

Posted in Uncategorized | Comments Off on A deputy calls for an emergency session and sends a warning to the governor of the Central Bank

An official source in the Central Bank: The currency auction has been suspended for 5 days due to banks’ failure to buy

An official source in the Central Bank: The currency auction has been suspended for 5 days due to banks’ failure to buy

No photo description available.Baghdad today – Baghdad: An informed source said, today, that the auction to sell the currency at the Central Bank has been suspended for a week due to the failure of banks to submit their requests to buy the currency.

The source stated in an interview with (Baghdad Today), that “the auction of selling the currency has stopped since Wednesday 3/31/2021, due to the failure of banks to buy the currency from the auction, fearing that the budget will be approved in a timely manner and its impact on the exchange rate.”

He added, “The banks have enough reserves for trading for a number of days without buying from the auction selling the currency and a number of banks have submitted a request to buy the currency from the auction, but the auction will resume on next Sunday, that is, the beginning of the new week.”

On the other hand, a source in the Central Bank said, “A number of banks submitted their requests on Sunday and Monday to the Central Bank to buy the currency from the auction.”

He added in an interview with (Baghdad Today), that “the submission to obtain the currency from the auction takes place a week ago,” indicating that “the work returned naturally in the auction and the banks did not submit last week, due to speculation about returning the old exchange rate and approving the budget.”

Baghdadtoday.news

Posted in Uncategorized | Comments Off on An official source in the Central Bank: The currency auction has been suspended for 5 days due to banks’ failure to buy

Iraq uses the international community to recover its smuggled money

Iraq uses the international community to recover its smuggled money

May be an image of one or more people and text that says 'AFP'Today, the Iraq program discussed several axes, including the Al-Kazemi Gulf tour and efforts to restore bridges of confidence. Iraq is seeking the help of the international community to recover its smuggled funds.

Radiosawa.com

Posted in Uncategorized | Comments Off on Iraq uses the international community to recover its smuggled money

Central Bank Governor: Iraq is implementing its reform plans

Central Bank Governor: Iraq is implementing its reform plans

محافظ البنك المركزي: العراق ماض بتنفيذ خططه الإصلاحيةGovernor of the Central Bank, Mustafa Ghaleb Makhaif, confirmed, on Thursday, that Iraq is implementing it’s reform plans.

The Central Bank said in a statement that Mawazine News received a copy of, that “his governor participated, as a representative of Iraq, in the spring meetings of the International Monetary Fund.” He stressed during a speech delivered at the meeting, “Iraq is implementing it’s reform plans towards fiscal and monetary policy.”

He pointed out, “The Corona pandemic was and still is one of the obstacles facing the Iraqi economy despite the proactive measures that the central bank or the government worked on,” stressing, “the country’s keenness on international and regional openness in a way that serves Iraq’s economic and financial interests.”

Mawazin.net

Posted in Uncategorized | Comments Off on Central Bank Governor: Iraq is implementing its reform plans

The US Embassy welcomes the approval of the budget: We look forward to continuing our partnership

The US Embassy welcomes the approval of the budget: We look forward to continuing our partnership

السفارة الأميركية ترحب بإقرار الموازنة: نتطلع إلى استمرار شراكتناWe are pleased that Iraq has approved the 2021 budget and can now move forward on the path of implementing economic reforms that will lead to greater prosperity and security. The United States looks forward to continuing our partnership with Iraq and the Iraqi people.

The American Embassy

Nasnews.com

Posted in Uncategorized | Comments Off on The US Embassy welcomes the approval of the budget: We look forward to continuing our partnership

Parliament transfers the budget from the dollar to the dinar to overcome the dispute

Parliament transfers the budget from the dollar to the dinar to overcome the dispute

البرلمان يحول الموازنة من الدولار الى الدينار لتجاوز الخلافThe House of Representatives decided in its meeting held today, Wednesday, to convert the federal budget for 2021 from the dollar to the Iraqi dinar.

A representative source said {for the Euphrates News} that “it was agreed to transfer the budget from the dollar to the Iraqi dinar, in order not to delay its approval and isolate it from the differences of the rise of the dollar.”

He pointed out that “a proposal was made to follow up on the issue of the dollar with the central bank and finance in other sessions without marketing the crisis to the budget after it was agreed to transfer the budget from the dollar to the dinar.”

Alforatnews.com

Posted in Uncategorized | Comments Off on Parliament transfers the budget from the dollar to the dinar to overcome the dispute

Imported ready-made recipes will not cure the Iraqi economic and financial collapse

Imported ready-made recipes will not cure the Iraqi economic and financial collapse

Dr.. Abd Ali Awad – Economic researcher and writer

The Iraqi laboratory has become one of the world’s richest laboratories in the field of political, economic and social experiments. As the various dilemmas accompanying its collapsing consequences still follow him … If silence prevailed on the part of those concerned with the Iraqi economic and financial affairs, we would have said that it is inevitable to bring ready-made prescriptions from abroad and to seek the help of international economic and financial institutions and international scientific research centers, but after 2003, various studies were published. And research to address the Iraqi economy and how to advance it did not find deaf ears.

THE LAST STATEMENT OF the Minister of Finance – Ali ALLAWI – to MAKE THE PRICE OF EVERY 1{00} DOLLARS EQUAL TO 3{00} THOUSAND DINARS, AS IT WAS BEFORE 2003, CONFIRMS that he ADHERES to the directives of the WORLD BANK, on the pretext that the salaries of the employees of the state sector are burdening the budget!

He did not bother with his consultant team to involve the Ministry of Planning to develop an integrated study to transfer the majority of state sector employees to the private sector, which in turn stipulates providing job opportunities by granting loans with the application of the Social Security Law for the employees of that sector. I mentioned several years ago that the national economy, with its private sector, needs an estimate of 50 thousand industrial, agricultural and service production projects, and this huge number of projects can absorb unemployment in its both declared and disguised parts / the redundant state sector employees /.

It seems clear to us that there is a contradiction between Parliament legislation and executive authority agreements that take the nature of deals, so where is the commitment of the Council of Ministers to implement the laws on protecting the national product and protecting the consumer!

The inherited problem in running the state is that the ruler has the absolute right to dispose of state funds, which are the people’s money, unlike what is prevalent in countries with long-standing democracies with their constitutional institutions .. And here we are on the eve of a tripartite meeting between Al-Kazemi, King Abdullah II and President Al-Sisi, and the indications for that meeting It suggests that Iraq should be a consumer market for the goods of those countries in addition to Jordan and Egypt’s insistence on completing the extension of the oil pipeline from Iraq to the port of Aqaba at the expense of Iraq and the beneficiaries of that project are Jordan and Egypt. Iraq is the only one affected ..

Likewise, Egypt’s desire to export its labor to Iraq is as if Iraq suffers from a shortage of internal manpower … Whoever wants to build his country must set his sights on Iraq to infinity.

It is possible to conclude any agreements between Iraq and any other country if those agreements are in the interest of the two countries, but if they are in the interest of the other country and cause harm to Iraq, then there is no need to think about them.

Akhbaar.org

Posted in Uncategorized | Comments Off on Imported ready-made recipes will not cure the Iraqi economic and financial collapse