Sources: Iraq looks forward to withdrawal of international coalition forces starting in September

Four Iraqi sources reported that Iraq wants the US-led military coalition forces to begin withdrawing starting next September, and to officially end the coalition’s work by September 2025, with the possibility of some US forces remaining in a newly negotiated advisory capacity.

Reuters quoted Iraqi sources and American officials as saying that the Iraqi position is being discussed with American officials in Washington this week at a security summit, and that there is no official agreement to end the alliance or any timetable associated with it yet.

The two sides are meeting in Washington this week to determine how to transition the U.S.-led coalition’s mission based on the threat posed by the Islamic State group, State Department spokesman Matthew Miller said in a briefing, adding that he had no further details.

US-led forces invaded Iraq in 2003, toppling former President Saddam Hussein, then withdrew in 2011, only to return in 2014 to fight ISIS at the head of the coalition.

Shafaq.com

Mustafa Sand indicates violations in the allocations of Al-Sudani’s office: He used the emergency budget in his favor

Member of the Parliamentary Finance Committee, Mustafa Sand, pointed out, on Tuesday, violations in the allocations of the office of Prime Minister Mohammed Shia al-Sudani within the 2024 budget tables.

Sand told Shafaq News Agency, “We noticed that the allocations for the Prime Minister’s Office have more than one aspect. The first aspect is the increase in allocations and the transfer of allocations in other sections for the purpose of reducing the form in front of the tables, especially the funds, the development fund, and others.”

The second violation, according to Sand, “is in spending, especially in the emergency budget,” adding, “We have a report from the Financial Control Bureau that proves about 80% of the violations in the mechanisms for spending the emergency budget.”

Sand criticised “spending three billion dinars on renovating the guest house”, pointing out that “the allocations for the Red Crescent, camps and some projects have a political and electoral aspect”.

He pointed out that “the emergency budget is for emergency events such as fires, floods and disasters, but what happened was additional spending for the Prime Minister’s Office in full view of all political blocs.”

Sand added, “The financial expenditure for the emergency budget last year reached 150 billion dinars, while this year it did not exceed 50 billion dinars.”

He explained that “the disbursement rate in the Development Fund was 1% in 2023, and the government punished the governorates that disbursed 30%.”

Shafaq.com

Parliamentary Integrity: We will investigate the changes made to the budget tables

The Parliamentary Integrity Committee announced, on Monday, its intention to investigate the changes that occurred in the budget tables, noting that the challenge to the budget tables before the Federal Court is still pending.

Committee member Hadi Al-Salami told Al-Maalouma Agency, “Parliament opened an investigation into the loss of 15 trillion dinars after tampering with the budget tables.”

He added, “The House of Representatives approved the 2024 general budget schedules without any change, noting that the budget will be returned again for the purpose of ratification by the Presidency of the Republic.”

He added, “The major responsibility lies with the supervisory authorities to uncover the circumstances of the changes that occurred in the budget tables.”

Almaalomah.me

Al-Mandlawi: The current legislative session will witness the enactment of important laws

The expanded meeting of the heads of parliamentary blocs and committees, headed by Acting Speaker of Parliament Mohsen Al-Mandalawi, agreed today, Monday, to expedite the resolution of the issue of electing a new Speaker of Parliament and to set a timetable for approving important laws.

Al-Mandlawi’s media office stated in a statement received by Al-Maalouma Agency that “Al-Mandlawi chaired an expanded meeting of the heads of parliamentary blocs and committees, to develop a legislative map and activate the oversight role of the council during the current new term.”

He added, “The meeting discussed the projects and laws submitted by the government, and it was agreed with the heads of the blocs and committees to set a timetable for approving important laws that meet the needs of various segments of society.”

Al-Mandlawi said, “The past period witnessed voting on a number of laws, including those that have been suspended for years,” indicating that “the current session will witness the enactment of important laws.”

He called for “expediting the resolution of the issue of electing a Speaker of the Council in a way that contributes to the stability and activation of the performance of the legislative institution.”

He discussed with the heads of parliamentary blocs and committees “mechanisms to enhance the oversight role and the work plan for the current legislative session,” directing all committees to “submit oversight reports on the performance of ministries, agencies and entities not affiliated with a ministry, in addition to quarterly reports to the relevant committees on the implementation of budget schedules and the application of the government program.”

Almaalomah.me

US-Iraq Joint Security Dialogue Launched in Washington

The US Ambassador to Baghdad, Alina Romanowski, announced the start of the joint security dialogue between the United States of America and Iraq in Washington, today, Monday.

Romanowski said on her account on the “X” platform, “Security officials from the United States and Iraq will discuss the future of the international coalition mission and strengthening security cooperation between our two countries.”

Negotiations between Baghdad and Washington resumed last February, with the adoption of a deliberate and gradual reduction, leading to the end of the mission of the international coalition forces to combat ISIS, according to official Iraqi statements, to be followed by two other rounds in March and April.

There are about 2,500 American soldiers in Iraq, as part of the international coalition led by Washington since September 2014. The soldiers are distributed across three main sites in Iraq: Ain al-Assad base in Anbar, Harir base in Erbil, and Camp Victoria adjacent to Baghdad International Airport. In addition to the American forces, there are French, Australian, and British forces operating within the coalition forces, and others within NATO in Iraq.

Shafaq.com

Finance Minister: Iraq has great economic potential

Finance Minister Taif Sami confirmed Sunday, July 21, 2024, that Iraq has “great economic potential.”

A statement from the ministry said that Sami “received today a delegation from the US Embassy to discuss ways to enhance economic and financial cooperation between the two countries, in addition to discussing a number of issues of common interest.”

She stressed the “Iraqi government’s keenness to strengthen its relations with the United States in various fields, including the economic and financial fields.”

She pointed out that “Iraq has great economic potential, and that the Iraqi government is working to create a favorable investment environment to attract foreign investments.”

For his part, the US embassy delegation stressed “the United States’ readiness to support Iraq in its efforts to achieve economic development, expressing their welcome for cooperation with Iraq in various fields, including the financial and business sector,” according to the statement.

The two sides discussed “the challenges facing the Iraqi economy, ways to enhance American investment in Iraq, and cooperation in the field of combating money laundering and terrorist financing.”

Burathanews.com

Parliamentary Integrity Committee responds to manipulation of budget tables: We have not received any official letter

The Parliamentary Integrity Committee said that it had not received any official letter or letter regarding the news of tampering with the federal budget tables for the year 2024.

Committee member Hadi Al-Salami told {Euphrates News} that: “So far, the House of Representatives has not received any official letter or letter from the relevant executive authorities regarding the issue of manipulation or a problem in the budget tables for the year 2024.”

He pointed out that “if the issue is proven, the Iraqi judiciary is present to provide evidence and proof to the competent courts so that the judiciary can have its say on this matter.”

Al-Salami confirmed that “so far, there is nothing official for the House of Representatives and everything that has been circulated in the media, and we have not seen any priorities, and therefore this matter remains in doubt unless there is evidence and proof on the subject.” An informed source told {Euphrates News} that a group of representatives are planning to approach the Federal Integrity Commission to conduct a comprehensive investigation into the manipulation of the budget tables and refer it to the judiciary.

Alforatnews.iq

Iraq participates in UNCTAD meetings to join the World Trade Organization

Al-Maalouma / Baghdad – The Ministry of Trade announced today, Saturday, its participation in the technical meetings of the United Nations Conference on Trade and Development (UNCTAD) in Istanbul, regarding the accession of Arab countries to the World Trade Organization.

The ministry stated, in a statement received by Al-Maalouma Agency, that it “participated in the technical meetings organized by UNCTAD in Istanbul, which will last for two days, to discuss the experiences of Arab countries in joining the World Trade Organization.”

The Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, said, according to the statement, that “the meetings discussed the outcomes of the thirteenth ministerial conference of the World Trade Organization, the process of Arab countries’ accession to the organization, and how Iraq can benefit from these experiences in its process of joining. The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed.”

He stressed that “Iraq’s participation in these technical meetings enhances the experience of the Iraqi negotiating team and pushes it to move forward, and in an accelerated manner, towards achieving full accession to the World Trade Organization, as the exchange of knowledge and experiences gained from these meetings will have a significant positive impact on improving Iraq’s negotiating capabilities and achieving its economic goals.”

The statement indicated that “this participation is part of the ongoing efforts made by the Ministry of Trade to strengthen Iraq’s international economic relations and take advantage of the available opportunities to enhance economic and commercial development in the country.”

Almaalomah.me

Proposed measures to address the rise of the dollar

The high exchange rate of the dollar against the Iraqi dinar poses a major economic challenge in Iraq, as it leads to a decline in the value of the Iraqi dinar and an increase in prices, which negatively affects citizens’ purchasing power and the stability of the national economy.

To address this situation, a set of proposed solutions and measures can be adopted that contribute to stabilizing the exchange rate and strengthening the economy, namely:

Reform of the financial and banking system:

A. Improving the management of foreign reserves:

The Iraqi government must improve the management of foreign reserves to ensure sustainable availability of foreign exchange. This can be achieved by enhancing oil and non-oil exports and increasing the state’s foreign exchange revenues.

B. Enhancing transparency in banking operations:

Enhancing transparency in local banking operations, especially with regard to buying and selling foreign currencies, which helps reduce illegal speculation and monopoly.

2. Diversification of the economy:

A. Reducing dependence on oil:

Diversifying sources of national income by developing sectors such as agriculture, industry, tourism, and information technology. This reduces total dependence on oil exports and makes the economy more resistant to global fluctuations in oil prices.

B. Support for small and medium enterprises:

Encouraging growth in the SME sector by providing financing and technical support, which enhances the local production base and provides new job opportunities.

3. Monetary and fiscal policies:

A. Interest rate management:

Effective use of monetary policy to adjust interest rates to suit economic conditions, which can help control inflation and support the exchange rate.

B. Improving public debt management:

Reducing dependence on external debt and managing domestic debt effectively to ensure no pressure on the local currency.

4. Combating corruption: Combating corruption in all its forms, especially at customs ports and banks, contributes to enhancing confidence in the Iraqi financial system and helps control foreign currency flows.

5. Encouraging foreign investment: Opening the door to foreign investment in non-oil sectors by improving the investment environment, reducing bureaucracy, and providing incentives to investors. This increases foreign currency inflows and strengthens the local economy.

6. International cooperation: Cooperation with international financial institutions such as the International Monetary Fund and the World Bank to obtain the technical and financial support necessary to implement the required economic reforms.

7. Trade policies:

A. Controlling imports: Developing policies to control the volume of unnecessary imports that drain foreign currency, with a focus on supporting local products.

b. Promoting exports: Encouraging Iraqi products to enter international markets by providing export incentives and improving product quality.

8. Cancelling the dollar auction: This is considered one of the most important measures required by the Central Bank to achieve stability in the exchange rate because its continuation has major effects on the currency market and on the Iraqi economy, the most important of which are:

A. Dollar auction: It is a source of manipulation and speculation, as it is used to make quick profits at the expense of market stability.

B. Corruption and money laundering: There are accusations that the auction is being used as a means of laundering money and transferring it out of the country illegally.

C. Negative impact on the dinar: Relying on the auction as a tool to control the exchange rate can lead to sharp fluctuations in the value of the Iraqi dinar.

The cancellation of the dollar auction will bring many benefits to the Iraqi economy, the most important of which are:

A. Enhancing transparency: Abolishing the auction can reduce corruption and illegal speculation, thus enhancing confidence in the financial system.

b. Monetary policy support: Enables the central bank to use other monetary policy tools more effectively to achieve price and exchange rate stability.

C. Stimulating the local economy: The cancellation may boost demand for the Iraqi dinar and increase confidence in the local economy.

There are potential challenges from the process of cancelling the dollar auction that must be taken into consideration and prepared for, the most important of which are:

Exchange rate volatility: The cancellation of the auction may result in significant fluctuations in the exchange rate in the short term before the market stabilizes.

2. The need for alternative mechanisms: The abolition must be accompanied by the introduction of alternative mechanisms to control the market and prevent currency manipulation.

There are procedures that must accompany the cancellation of the auction, the most important of which are:

A. Strengthening banking supervision: Strengthening supervision of banks and exchange companies to prevent illegal speculation and monopoly.

B. Developing the currency market: Developing the local currency market and making it more transparent and efficient, through which the exchange rate can be determined.

Exchange based on real supply and demand.

3. Great resistance and great political pressure: Because the currency auction is backed by big whales of profiteers and politicians who will exert all kinds of pressure to fight the cancellation process.

C. Supporting foreign reserves: Enhancing foreign reserves by improving exports and attracting foreign investments, which enables the central bank to intervene in the market when necessary.

D. Public awareness: Implement awareness campaigns to explain the importance of this measure and reassure citizens about the stability of the currency and the economy.

In conclusion, the current situation of the Iraqi economy and the inability of the Central Bank to control the exchange rates of the local currency against the dollar necessitates taking these bold measures that will contribute to stabilizing the market, reviving the Iraqi economy and protecting the Iraqi citizen from the negative consequences that he always bears with every rise in the dollar.

Shafaq.com

An economist expects the dollar exchange rate to continue to differ and explains the reason

An economic expert expected the dollar exchange rate to continue to rise and the difference with the official price to remain.

Salah Nouri told Al Furat News Agency, “The rise in the dollar price continues, and there remains a difference between the official price set by the Central Bank and the parallel market price, as long as trade continues with countries that have intersections with the United States of America, and the proceeds of oil sales in dollars are first deposited in the US Federal Reserve.”

He explained that “what is required of the Central Bank is to comply with the financial transfer system according to the international system.” He pointed out that “the reason for the rise in the dollar price in the parallel market is the increase in demand for it by traders and citizens and the lack of supply.”

It is noteworthy that the local stock exchanges in Iraq record the exchange rate of the dollar at 1490 dinars, while it is 1320 dinars in the Central Bank of Iraq.

Alforatnews.iq