Iraqi News Highlights Sunday Afternoon 4-16-23
Tlm724 Administrator Bondlady’s Corner
The Central Bank Is Discussing With The International Monetary Fund The Need For Iraq To Develop A Technical Program
Economy| 08:57 – 04/16/2023 Baghdad – Mawazine News, Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, discussed today, Sunday, with the head of the International Monetary Fund, Kristalina Georgieva, the need for Iraq to develop a technical program with the fund. The bank said in a statement, a copy of which Mawazine News received, that “the governor of Iraq at the International Monetary Fund and the governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met on the sidelines of the fund’s annual meetings in Washington, Kristalina Georgieva, head of the International Monetary Fund.”
He added, “Al-Alaq discussed Iraq’s need to develop a technical program with the fund that takes into account the country’s security and economic conditions, especially the exceptional challenges that cost it dearly at various levels.”
For her part, Kristalina expressed “understanding of the situation in Iraq and the circumstances it went through, and supported the governor’s proposal of the need for a program with the Fund to serve as a proven reference for economic policies between the two parties.”
The statement added, “The governor met later with the Executive Director of the International Monetary Fund, Mahmoud Mohieldin, and the two sides discussed issues of financial stability in Iraq.”
Mohieddin expressed, according to the statement, “the Fund’s interest in providing the necessary support to Iraq in issues of economic reform in order to achieve a gradual increase in its non-oil imports.”
The statement continued, “The two parties discussed the necessity of signing an agreement between Iraq and the Fund, whose framework and content will be determined during the visit of the International Monetary Fund team delegation to Baghdad.”
And he added, “The visit, which is scheduled to take place next month, aims to organize the steps of economic reform and financial performance programs, and the aspects in which Iraq requests technical and advisory support.”
And he indicated that “the Fund’s experts stressed to the Iraqi delegation the importance of Iraq embarking on economic reforms in times of financial abundance, as oil revenues provide the possibility of support and flexibility for this program, especially those related to supporting the poorest segments and building financial buffers to counter fluctuations in global oil prices.” Ended 29 / m 99
Central Bank Sales Rise To More Than 174 Million Dollars
Economy| 11:38 – 04/16/2023 Baghdad – Mawazine News The Central Bank’s sales of foreign currency increased in an auction today, Sunday, recording more than 174 million dollars. https://www.mawazin.net/Details.aspx?jimare=224706
The Central Bank Is Developing A Joint Plan To Monitor Money Laundering Operations
Economy| 01:28 – 04/16/2023 Baghdad – Mawazine News Today, Sunday, the Central Bank of Iraq clarified its procedures regarding its recent decisions to monitor money laundering operations, while indicating the development of a joint plan with the Ministry of Justice to be implemented in stages to prevent affecting the real estate market.
The Director General of the Bank’s Investments Department, Muhammad Yunus, told the official news agency, “The Anti-Money Laundering and Terrorism Financing Council indicated that the real estate sector is the most dangerous in Iraq, because of this sector’s attractive features for money laundering, and as a result, the Central Bank took measures commensurate with With these risks, which made this sector an unsafe haven for the proceeds of crime.
Younes indicated, “Developing treatments in cooperation with the Ministry of Justice and the Office of Combating Money Laundering and Terrorism Financing in the Iraqi Bank and Center, within an integrated plan, implemented in successive stages, to prevent affecting supply and demand for those real estate, and paid using banking services and enhancing financial inclusion in Iraq.” It guarantees the rights of both parties to receive and deliver money.
And he continued by saying: “To monitor these procedures, the real estate registration staff and the relevant authorities have been trained through workshops, to monitor money laundering and terrorist financing, and these procedures include, as an initial stage, that the real estate be specified at 500 million dinars, the purpose of which is for the bank to take the necessary measures.”
At this ceiling, after which it will come down gradually, to ensure that it does not affect the real estate market, and we believe that these measures are a catalyst for reducing money laundering operations.
A Proposal To List Oil, Gold And Foreign Companies In The Iraqi Stock Exchange
Economy| 12:12 – 04/16/2023 Baghdad – Mawazine News, Chairman of the Association of Investors of the Iraq Stock Exchange, Alaa Al-Moussawi, said, on Sunday, that the market’s management is making great efforts in training its members and listed companies in order to create a “free, honest, effective, competitive and transparent market.”
Al-Moussawi explained, “The recent past periods witnessed a significant technological development in the market’s performance, which contributed to organizing and simplifying securities transactions in a fair, effective and regular manner, including the clearing and settlement processes for these transactions, and now there are great efforts being made to switch to direct electronic trading (on line) which is now in its experimental stages.
Al-Moussawi expressed his support for the idea ofattracting government companies to be included in the Iraqi Stock Exchange, which leads to the development of these companies by providing the necessary financial liquidity for them, and the establishment of new production lines and modern factories belonging to the company, as well as providing an opportunity for the scientific and professional competencies present in the private sector in order to Participate with the public sector in developing companies to serve the national economy.
And Al-Moussawi believed that, “with the aim of increasing the number of shareholders and capital to invest in the market, incentives and privileges should be granted to companies to encourage them to be listed, as well as oblige foreign investment companies operating in Iraq to be listed in the Iraqi Stock Exchange,” suggesting at the same time, “the establishment of a market for commodity trading.” And there will be trading in oil and gold.
Al-Moussawi also urged the need to “create a safe environment in order to attract foreign capital, and work to raise the level of investment awareness in securities among individual and corporate investors, as well as providing transparency and disclosure and providing the investor with all the necessary information that he needs when making his investment decision.” And issuing the necessary instructions and procedures in order to protect the capital and the rights of investors. Ended 29/N33
Saleh: Exiting The List Of The Most Indebted To (International Monetary) Raises The Creditworthiness Of Iraq
Economy| 10:02 – 04/16/2023 Baghdad – Mawazine News The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, considered that Iraq’s exit from the list of countries most indebted to the International Monetary Fund is an attractive element for investment, as it greatly raises the creditworthiness of Iraq.
Saleh said, “Iraq’s exit from the list of countries most indebted to the International Monetary Fund raises the creditworthiness of Iraq significantly in the list of the most worthy countries,” adding that “this is an attractive element for investment on the one hand, and on the other hand, all international contracting that takes place in Iraq It reduces the risks of affecting project costs, in addition to positive repercussions on all external business costs associated with the Iraqi economy.
He noted that “Iraq, since the (Paris Club) agreement signed on 11/21/2004 by former Finance Minister Adel Abdul-Mahdi at the time, got rid of 100 billion dollars of its debt, i.e. 80% was reduced, and the volume of debt was about 130 billion dollars.
According to the agreement, 100 billion dollars were deducted from it, as I mentioned above, and the remainder was scheduled for 20 years, with a grace period of six years,” according to the official newspaper.
The advisor to the Prime Minister for Financial Affairs confirmed that “Iraq is committed to fulfilling its debts, whether to companies or creditor countries, and there is great cooperation between the Ministry of Finance and the Central Bank of Iraq in paying the installments with their benefits and on time, and since 2009 Iraq began paying the interests, and in 2011 it began paying the installments with their benefits.” .
A report issued by the International Monetary Fund last week indicated that there are 19 countries with debts exceeding one billion US dollars (not including Iraq), out of the total number of creditor countries from the United Nations Economic Foundation, which is 94 countries. Ended 29/N33
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