Al-Sudani discusses with the Arab Monetary Fund steps to join the international financial system

The Prime Minister, Mr. Muhammad Shia’a Al-Sudani, discussed with the Director General of the Arab Monetary Fund, Abdul Rahman Al-Hamidi Sunday, Iraq’s steps in joining the international financial system.

A statement by Al-Sudani’s office stated that the latter “received the Director General of the Arab Monetary Fund, Dr. Abdul Rahman Al-Hamidi.”

During the meeting, they discussed mechanisms for joint cooperation in the field of supporting financial and banking policies and building human capacities, and discussed Iraq’s steps to engage in the international financial system, and the most prominent procedures and reforms that the government is taking in the field of the banking and financial sector, in a way that contributes to enhancing economic development in Iraq.

Burathanews.com

“Ain al-Assad” with an American vision… inexhaustible oil reserves and borders full of minerals

Information / Anbar… A high-ranking official source in the Anbar local government revealed, on Monday, the secrets of the American presence at Ain Al-Asad Air Base, west of Anbar.

The source said in a statement to Al-Maalouma Agency that “America insists that its forces remain inside the Ain Al-Assad Air Base in Al-Baghdadi district in the Hit district, west of Anbar, although the areas surrounding the base building are desert areas that do not have any importance as they are far from city centers. However, the matter is not as described, but rather It differs completely on the content and planning of America for these areas, which are sites of a strategic dimension.

The source added, “The American forces took the Ain al-Assad base, not randomly, as some imagine, but rather it came with an extensive study supervised by experts specialized in various fields, and they eventually concluded that these areas fall asleep on a lake of oil and gas fields, which allows America to extend its influence over those areas in a manner.” Undeclared and the acquisition of oil, gas, minerals and other wealth does not cross the minds of many political and clan figures.

He pointed out that “the step of increasing the number of US forces at Ain Al-Assad base is not for combat reasons, as some imagine, but comes for economic motives,” stressing that “the US forces will remain at Ain Al-Assad base for a long time, and that what is rumored about the withdrawal of these forces during the coming period is due to fantasy.”

Almaalomah.me

An oil agreement paves the way for announcing a comprehensive budget in the coming days

Information/Baghdad… A member of the Kurdistan Democratic Party, Wafaa Muhammad Karim, revealed today, Monday, that there is a presence to deliver Kurdistan’s oil to Baghdad to proceed with an oil agreement within the terms of the 2023 budget, while he indicated that there are more than 30 illegal outlets for oil smuggling in the region.

Karim said in a televised interview, followed by the information agency, that “the delegation of the Kurdistan region, for the first time, participated in writing the draft general financial budget in coordination with the federal government in Baghdad.”

He added, “The salaries of employees in Kurdistan will be paid from the 14% share of the budget for the region for the year 2023.”

Karim pointed out that “more than 30 illegal outlets are used by the owners of al-Qaqjaq to smuggle oil in the Kurdistan region.”

Yesterday, Sunday, the representative of the State of Law coalition, Ahmed Al-Watifi, confirmed in a statement to Al-Maalouma that the governments of Baghdad and Erbil have reached an integrated road map to resolve the crises, indicating that parliamentary consensus exists and is awaiting the budget to be passed.

Almaalomah.me

Finance directed to increase the number of outlets selling dollars at the official rate

Information / Baghdad… Finance Minister Taif Sami directed, on Monday, to increase the number of outlets selling dollars to citizens at the official rate.

Sami said, in a statement received by Al-Maaloumah, that “projects to modernize banking systems must be completed and advanced methods adopted to raise the level of services for the two banks, especially with regard to point-of-sale systems and the facilities that the Ministry of Finance is working to provide within the framework of generalizing the new experience as one of the pillars.” fundamentals of modern banking systems.

And she emphasized “to secure all the requirements for completing the stages of the comprehensive banking system project in agreement with the executing company (Ernst & Young) in terms of securing databases and servers, in addition to agreeing on a contract for maintenance, operation, training and all procedures to ensure the success of the project,” noting “the importance of completing the conditions for adopting the system Modernizing the IFMIS public financial management with the two banks, which in turn will provide a secure and integrated information environment for financial management operations in a way that allows safe transmission of information between ministries, government departments, banks and financial institutions.

And Sami directed to “increase the number of outlets selling US dollars to citizens at the official rate fixed by the Central Bank, through branches spread in Baghdad and the provinces, to ensure smooth access to foreign currency and reduce the momentum and delays resulting therefrom.”

Almaalomah.me

The Central Bank is discussing with “Visa” the expansion of the use of digital technologies in the banking sector

Information / Baghdad… The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, discussed, on Monday, with the regional head of the global “Visa” company, Andrew Tory, the expansion of the use of digitization in the banking sector.

According to a statement by the Central Bank, received by Al-Maalouma, “the meeting discussed the support provided by Visa to regulate the market and increase the acceptance of electronic collection, in support of the government’s directions and the decisions it took in activating electronic payment through the use of technology provided by the company, as well as improving special regulations and instructions.” digital financial services.

Ismail stressed, “The Central Bank of Iraq is supportive in its steps to expand the use of the latest digital technologies in the banking sector and to enhance financial inclusion in Iraq.”

He added, “The Central Bank of Iraq seeks to make a quantum leap in the field of financial technology in the Iraqi banking sector by keeping pace with the latest international technologies.”

Almaalomah.me

Central Bank obliges all banks to work on the electronic platform to obtain dollars

Shafaq News / The Central Bank of Iraq obliged, on Sunday, to directives to licensed banks, exchange companies, and mediation companies to buy and sell foreign currency, to apply through the electronic platform to obtain their determined share of the foreign currency, the “dollar”.

According to a document issued by the Iraqi Central Bank, seen by Shafaq News Agency; It stated, “The electronic platform for the cash sale of foreign currency (FITR) must be approved, as of Monday, corresponding to 20/2/2023.”

The document added that “the bank or company that does not use the aforementioned platform will be denied access to its weekly share of cash (dollars).”

Shafaq.com

Al-Sudani’s advisor: Iraq has maintained a stable credit rating over the last 8 years

Baghdad – Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Monday, that Iraq has maintained a stable credit rating during the last eight years, indicating that Iraq has a rating that includes countries, the majority of which are emerging economies.

Salih said, “The credit rating of Iraq has been adopted since 2015 in our country, which led to a reduction in the cost of external borrowing by 50%, when Iraq issued the European bond called (the Euphrates), which Iraq borrowed at the time from the international capital market by about one billion dollars, in circulation.” Currently on European secondary markets.

He pointed out, “There is a (Tigris) bond guaranteed by the United States government in the amount of one billion dollars as well, as well as a European bond for Iraq under the name (Iraq / 2028), which is related to the settlement of foreign private sector debts according to the settlement of the Paris Club agreement, with an issue amount of about $ 2.7 billion.” .

In an interview with the official news agency, Salih said, “The credit rating of Iraq depends in general, and for the aforementioned bonds, on important macroeconomic criteria primarily to achieve what is called (the creditworthiness of Iraq) and the ability of the economy to pay its debt services and external obligations without significant failure.” .

He added, “The economic capabilities are determined by the two issues of deficit or surplus in the current account of the balance of payments and the deficit or surplus in the general budget at the very least, in addition to the role of foreign reserves and their efficiency as an indicator in covering outstanding debts and their short-term services.”

He stressed, “Iraq has maintained, over the past eight years, a stable credit rating. Its indicators are issued by more than one of the international credit rating agencies, such as (Clubl Fitch) and others, on a semi-annual basis, which indicates the great capabilities of Iraq to fulfill its external obligations towards creditors and others around the world.” .

He pointed out, “The classification that Iraq enjoys today, which is in the B-level range, places Iraq among an important international group of no less than 60 countries in the world, most of which are emerging market countries and emerging economies.”

Mawazin.net

Al-Fateh: Washington is trying to isolate Iraq externally by fabricating a dollar crisis

Information /Baghdad… The representative of the Al-Fateh Alliance, Karim Al-Muhammadawi, accused the US of working to isolate Iraq regionally and internationally by fabricating the dollar crisis.

Al-Muhammadawi said in a statement to Al-Maalouma, “Washington is working to obstruct any agreement between the new Iraqi government headed by Muhammad Shia’ al-Sudani with the countries of the region that have a prominent role in the international arena.”

He added, “The US administration does not allow Iraq to open up to countries such as China, Russia and Iran to preserve its economic interests in the fields of oil, energy and security.”

Al-Muhammadawi indicated, “The Washington administration wants Iraq to be subordinate to it by taking decisions that are in line with US foreign policy in the region by pressing towards the economic stranglehold against Baghdad and fabricating the dollar crisis.”

Almaalomah.me

Hussein reveals the purpose of Washington’s visit and points out the differences between buying dollars and the market’s need

Shafaq News / Foreign Minister Fouad Hussein revealed the purpose of the Iraqi delegation from its visit to the US capital, Washington, and while pointing to differences between buying the dollar and the market’s need, he stressed that the Iraqi currency is strong and the reserves exceeded 100 billion dollars.

“The Iraqi delegation that visited Washington consisted of different sectors, and the purpose of the visit to Washington was related to the economic sector,” Hussein said in a press conference attended by Shafaq News Agency.

He explained, “Monetary policy was on the agenda of the Iraqi delegation’s visit to Washington, and we discussed political issues, fighting corruption, and regional relations with the American side.”

Hussein indicated, “The Iraqi currency is strong, and the Iraqi reserves exceeded 100 billion dollars, and the financial liquidity is available.”

And the Iraqi Foreign Minister continued, “With the application of the electronic platform, it became clear that the market’s need differs from the currency that pays.”

He pointed out that “the dollar’s relationship with the dinar is in the right direction, and there will be stability for the currency. It is a matter of time. We noticed this before traveling to Washington, and with the measures taken by the Central Bank and the Prime Minister and the Istanbul meeting before the delegation’s visit to Washington, the dollar stopped climbing.”

Hussein said, “There are unreal bills that were applying to obtain dollars.”

He explained, “The issue of smuggling the dollar is not a cause but a consequence.. Through the electronic system, it is difficult to know who receives the dollar and who is the final beneficiary.”

And he indicated that “the electronic platform will help stop the smuggling of the dollar, and the platform that deals with the dollar must also be placed at airports and border crossings.”

Shafaq.com

After contacting the Minister of Finance.. Al-Mandalawi: The budget law will reach parliament early next week

Shafaq News / First Deputy Speaker of the Parliament, Mohsen Al-Mandalawi, announced today, Monday, that the general budget bill will reach Parliament early next week, while stressing the importance of discussing it to support the poor classes and segments, employees and the food basket.

Al-Mandalawi’s media office said in a statement received by Shafaq News agency, “First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, confirmed that the draft general budget law will reach Parliament early next week, after a phone call he made with Finance Minister Taif Sami.”

Al-Mandalawi stressed “the importance of the budget bill arriving soon to the parliament and starting to discuss its items and make the necessary amendments to it by the Finance Committee, in a way that guarantees the proper application of the government curriculum, especially supporting the poor classes and segments and ensuring the continuity of providing basic materials through the food basket, as well as securing salaries.” Staff and financial allocations required for new appointments.

And the deputy of the Kurdistan Democratic Party parliamentary bloc, Vian Dakhil, revealed today, Monday, the presence of a delegation from the region in Baghdad to discuss Kurdistan’s share of the budget and the oil and gas law, while she indicated that what actually reaches the region does not exceed 5% of its share specified in the budget.

Yesterday, Sunday, the representative of the State of Law bloc, Muhammad Al-Shammari, was subject to the approval of the draft budget law for the current year by resolving the differences and outstanding issues between Erbil and Baghdad, while a delegation from the Kurdistan Regional Government visited last week the capital, Baghdad, and engaged in a round of dialogues with the ministries of finance, planning and oil, to return today. Once again, to resume discussions about the region’s share of the budget, in addition to working on enacting the oil and gas law and other issues.

It is noteworthy that the financial budget for the past year 2022 was not approved by the Council of Ministers and the House of Representatives due to the turmoil that Iraq witnessed after the early elections in October 2021, which escalated to dangerous levels that ended with the events of the Green Zone, with armed confrontations between supporters of the Sadrist movement and the security forces, which claimed lives. Dozens and hundreds injured.

After the end of the crisis, with the agreement of the political blocs to elect the President of the Republic and to grant confidence to the government of Prime Minister Muhammad Shia’a al-Sudani, the latter pledged that he would present the draft federal budget law for the year 2023 as soon as possible.

Shafaq.com