Bondlady’s Corner

Iraqi News Highlights Monday Afternoon 2-10-23

Tlm724 Administrator Bondlady’s Corner

The Coordination Framework Reveals The Results Of Washington’s Dollar Negotiations And Awaits US Measures

Posted On 2023-02-13 By Sotaliraq   Today, Monday, the coordination framework that brings together the Shiite political forces revealed the results of the Iraqi negotiations in Washington regarding the dollar crisis.   Iraq, the second largest producer in OPEC, was under pressure from the United States to limit the flow of money to neighboring Iran, as the Federal Reserve Board in New York last November imposed stricter restrictions on dollar transactions by Iraqi commercial banks.

These measures contributed to a dollar shortage, led to a decline in the dinar and fueled inflation, prompting Prime Minister Muhammad Shia al-Sudani to replace the central bank governor, Mustafa Ghaleb Makhaif.

After that, the Iraqi Foreign Ministry, Fouad Hussein, along with the Acting Central Bank Governor, Ali Al-Alaq, visited Washington to discuss issues, including the newly applied standards for transfers in US dollars.

The leader in the framework, Hassan Fadam, said, “The Iraqi negotiations in Washington that are currently taking place are very positive after communicating with some members of the negotiating delegation, pointing out that the US Federal Reserve and the US Treasury, as well as the US State Department, support the stability of Iraq and its market.”

And between Fadaam, “We are currently awaiting practical measures on the ground to support this stability in a real and realistic way by the United States of America, just as the measures that the US federal government previously requested to implement, which are from the period of Mustafa Al-Kazemi’s government, are in the interest of Iraq, before they are in the interest of Washington.” Iraq also benefits from linking the central bank and remittances to the global system, and this matter reveals where the dollar goes in any transfer, and the exchange of the dollar is actually for those who import real materials to Iraq and prevent the great waste that occurs in the currency auction.

He added, “The implementation of these measures takes time, especially since the Al-Kazemi government fell short in completing these procedures, and the current government is working to implement these procedures quickly and is responding to the demands of the US Federal Reserve and the US Treasury and is working to organize the Central Bank of Iraq well and monitor the funds that come out of it.” Iraq, where are you going?

The Iraqi markets have recently witnessed a deterioration in the price of the dollar against the dinar, exceeding the threshold of one thousand and 700 dinars, after America activated a package of decisions related to financial transactions, to tighten its grip on currency smuggling, which prompted the Iraqi government to take a series of successive measures and discussions with Washington to contain the crisis.

The government decisions concluded with decreasing the value of the US dollar against the dinar, and adopting the price (one thousand and 300 dinars against the dollar) in the draft federal budget law 2023, but this step may lead to new inflation that hits the economy that relies on selling oil to finance its budgets.

For Iraq, adopting stricter regulatory measures means more transparency, and tackling money laundering.   LINK

Taif Sami: The Ministry Of Finance Is In The Process Of Finalizing The Federal Budget For The Current Year

Monday, February 13, 2023 3:16 PM  Baghdad / National News Center  The Iraqi Minister of Finance, Taif Sami, confirmed today, Monday, that the ministry is in the process of finalizing the federal budget for the current year.

During her participation in the work of the Financial Sustainability Forum held in the UAE, the Minister of Finance said, “The Iraqi government is adopting an ambitious program at the economic and financial level, whose positive indicators have appeared on the life of society and the institutional structure of the state to achieve financial sustainability.”

She added, “The problem of the high price of the dollar was remedied by governmental and popular will to enhance the value of the Iraqi dinar,” noting that “the Ministry of Finance is in the process of finalizing work on the federal budget for the year 2023.”

And Taif Sami continued, “The ministry sought to pass the food security, development and financial hedging law at an amount of (25) trillion dinars in order to alleviate poverty, achieve financial stability and continue to provide services to citizens,” adding that “the Iraqi government has faced the Corona epidemic by taking several immediate measures.” To limit its spread through national, mobilizing, health and social policies that focused on marginalized social groups and facilitated access to health services and social care, which added these immediate and precautionary measures to heavy financial burdens on public funds.

She explained during the forum, that “the Iraqi economy suffers from chronic structural problems, as the spring character is still mostly on it, and its recovery depends on oil prices in the global market, which puts the government and its economic and financial institutions on alert to overcome challenges and crises.”

The minister indicated that “the Iraqi government, headed by Prime Minister Muhammad Shia’a al-Sudani, adopted an ambitious program at the economic and financial level, and over a period of several months, its positive indicators appeared on the life of society and the institutional structure of the state to achieve financial sustainability.”

She pointed out that “the government is about to complete the federal budget for the year 2023, move towards comprehensive economic reforms in the Iraqi economy, and develop a clear strategy to diversify its economy, raise its revenues, and push development forward.”

And the Minister of Finance pointed out that “the challenges that the world faces from the effects of climate change, which have become more dramatic and their repercussions on peoples, which makes it imperative for Arab countries to increase financing, cooperation and investment that help mitigate the effects of climate change.”

It is noteworthy that the forum is organized by the Arab Monetary Fund in cooperation with the International Monetary Fund, with the participation of Arab ministries of finance, governors of central banks and Arab monetary institutions, as well as a number of heads and senior officials and experts from international and regional financial institutions.

The Most Important Requirements For Obtaining Dollars From The Rafidain And Rashid Banks And The Iraqi Trade Bank

Today, Monday, Baghdad International Airport announced the most important requirements for obtaining dollars for travelers from bank outlets at the airport.

And a statement from Baghdad Airport stated, “The Baghdad International Airport administration would like to indicate to Iraqi travelers that the most important requirements are obtaining dollars from the outlets of the Rafidain Bank, the Rasheed Bank and the Iraqi Trade Bank at the airport in light of the instructions issued by the Central Bank of Iraq:

1- An original passport and a copy of a valid passport. ”

2- Travel ticket (travel ticket)

3- Airplane boarding ticket

He added, “It is required that the date of travel be on the same day as the application for obtaining the amount in dollars from the bank outlets at the airport.”

Planning Discussed With The German Development Bank A Project To Promote The Development Of Small And Medium Enterprises In Iraq

Monday 13 February 2023 15:39 | Economical Number of readings: 186

Baghdad / NINA /- Today, the Ministry of Planning held a coordination meeting with representatives of the German Development Bank (KFW). To discuss the possibilities of supporting the private sector through the project (promoting the development of small and medium enterprises in Iraq), funded by a grant from the German Development Bank.

The Director General of the Economic Policies Department, Sabah Jundi Mansour, said that this meeting is part of a series of meetings aimed at supporting the government’s efforts in providing an appropriate environment for the development of the private sector, especially the small and medium industries sector.

He added: “The meeting discussed the needs of this sector in the areas of financing and guarantee to reduce risks in supporting the work of these institutions in the field of access to financing, as well as developing the capabilities of these institutions and entrepreneurs.”

The meeting was attended by a number of representatives of the private sector. In addition to a number of members of the Department of Economic and Financial Policies./ End 7

The Head Of The Border Crossings Authority Presides Over A Meeting With The Kurdistan Regional Government Delegation To Close The Unofficial Crossings And Unify The Customs Tariff

Monday 13 February 2023 18:43 | political Number of readings: 111   Baghdad / NINA / – The head of the Border Crossings Authority, Major General Omar Al-Waeli, chaired a meeting with the delegation of the Kurdistan Regional Government to discuss the paragraphs of the ministerial program related to the border crossings.

The Commission’s statement stated that, based on the ministerial program, a meeting was held at the headquarters of the Border Crossings Authority, which included representatives of the federal government, the head of the Crossings Authority, the Director of the Customs Police, the Director of the Legal Department and Customs Affairs in the General Authority for Customs, and a representative of the Joint Operations Command, who was met by representatives of the regional government, each of Dr. Jutiar Adel, a member of the region’s negotiating delegation, Dr. Sami Jalal, advisor to the region’s interior minister, and Abdul Qadir Abdullah, assistant director general of the region’s General Authority for Customs.

The statement indicated that the paragraphs related to the work of the border crossings were discussed, as the delegation of the region demanded obtaining the approval of the federal government on the official recognition of a number of border crossings in the region.

He added that it was agreed to close all unofficial outlets and crossings through the formation of a joint committee whose task is to close all those outlets and crossings along the border strip between the region and neighboring countries.

He pointed out that it was agreed to unify tariffs, residence and customs procedures through a joint committee that would complete its work within a month.

The statement confirmed that the implementation of the outputs and recommendations of the Diwaniya Committee No. 62 of 2023 concerned with the re-evaluation of Cabinet Resolution 13 of 2019 was confirmed.

He explained that it was agreed to open official electronic channels for communication via mail and direct correspondence between the work of the Federal Customs and the border crossings in the region./ End 9


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