Iraq Economic News and Points to Ponder Thursday Afternoon 4-18-24
Tlm724 Administrator Bondlady’s Corner
Parliamentary Finance Calls For “Confining The Dinar In The Hands Of The State”
Politics Parliamentary Finance Iraqi dinar 2024-04-17 05:36 Shafaq News/ The Parliamentary Finance Committee pointed out, on Wednesday, the problem of the lack of cash “Iraqi dinar,” calling for “confining the dinar to the state.”
Committee member Hussein Moanis told Shafaq News Agency,
“The House of Representatives voted on the tripartite budget law and required the government to send the schedules for approval,” indicating that
“the delay in sending the schedules to Parliament did not affect the operational budget.” He pointed out that “there is no specific date for approving the budget schedules in the Council of Ministers and sending them to the House of Representatives,” indicating “a real problem with the lack of cash (the Iraqi dinar).”
He pointed out that “the Parliamentary Finance Committee is working to develop specific methods to process and provide cash and confine it to the state through
adopting the electronic card,
strengthening the work of banks, and
presenting documents to achieve cash abundance in the market.” Mu’nis concluded by saying,
“There is no trust between the banking system and the citizen, and the lack of trust has caused the cash currency (the Iraqi dinar) to be stored in the homes of citizens, which has caused it to be lost and not naturally available in the market.”
A member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, said on March 27, 2024, that the Iraqi government raised the total amount of the budget law from 199 trillion dinars to 228 trillion dinars in the 2024 budget.
While a member of the Parliamentary Finance Committee, Mustafa Al-Karaawi, said in an interview with Shafaq News Agency on February 27, 2024, that Finance Minister Taif Sami informed the members of the committee during her hosting, yesterday, Monday, of the imminent sending of the budget law schedules to the House of Representatives. https://shafaq.com/ar/سیاسة/المالية-النيابية-تدعو-لـ-حصر-الدينار-بيد-الدولة
Prime Minister: It Is Not Possible To Work In Any Development Sector Without Reform Steps For The Banking Sector
Wednesday 17, April 2024 19:34 | Political Number of readings: 381 Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Wednesday, that
it is not possible to work in any development sector without reform steps for the banking sector.
A statement from his media office stated that Al-Sudani received at his residence in the American capital, Washington, this evening, Wednesday, (Baghdad time), the President of JP Morgan Bank, Masha Klovksi, and his accompanying delegation.
During the meeting, according to the statement, the government’s efforts to implement reforms were discussed. Finance and banking, in light of the path it is pursuing towards improving the economic situation and achieving development, in addition to discussing the
government’s measures to develop the government banking sector, through its contracts with major international consulting companies specialized in banking reform, and
encouraging private banks to open accounts with foreign banks to become banks Correspondent, according to a plan aimed at dispensing with the electronic platform at the end of this year.”
Al-Sudani stressed, according to the statement,
that it is not possible to work in any development sector without reform steps for the banking sector, and the
necessity of continuing the dialogue with the US Treasury, the US Federal Reserve, the International Monetary Fund, and other international financial institutions.
For his part, Klovsky praised the efforts of the Iraqi government in Activating, developing and qualifying government and private banks, and their procedures in the field of providing assistance to private Iraqi banks, stressing his support for the activities of the Iraq Fund for Development and its readiness to provide expertise and assistance in the field of training, cooperation and partnership.” /End 2
https://ninanews.com/Website/News/Details?key=1121694
A member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, said on March 27, 2024, that the Iraqi government raised the total amount of the budget law from 199 trillion dinars to 228 trillion dinars in the 2024 budget.
While a member of the Parliamentary Finance Committee, Mustafa Al-Karaawi, said in an interview with Shafaq News Agency on February 27, 2024, that Finance Minister Taif Sami informed the members of the committee during her hosting, yesterday, Monday, of the imminent sending of the budget law schedules to the House of Representatives. https://shafaq.com/ar/سیاسة/المالية-النيابية-تدعو-لـ-حصر-الدينار-بيد-الدولة
Prime Minister: It Is Not Possible To Work In Any Development Sector Without Reform Steps For The Banking Sector
Wednesday 17, April 2024 19:34 | Political Number of readings: 381 Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Wednesday, that
it is not possible to work in any development sector without reform steps for the banking sector.
A statement from his media office stated that Al-Sudani received at his residence in the American capital, Washington, this evening, Wednesday, (Baghdad time), the President of JP Morgan Bank, Masha Klovksi, and his accompanying delegation.
During the meeting, according to the statement, the government’s efforts to implement reforms were discussed. Finance and banking, in light of the path it is pursuing towards improving the economic situation and achieving development, in addition to discussing the
government’s measures to develop the government banking sector, through its contracts with major international consulting companies specialized in banking reform, and
encouraging private banks to open accounts with foreign banks to become banks Correspondent, according to a plan aimed at dispensing with the electronic platform at the end of this year.”
Al-Sudani stressed, according to the statement,
that it is not possible to work in any development sector without reform steps for the banking sector, and the
necessity of continuing the dialogue with the US Treasury, the US Federal Reserve, the International Monetary Fund, and other international financial institutions.
For his part, Klovsky praised the efforts of the Iraqi government in Activating, developing and qualifying government and private banks, and their procedures in the field of providing assistance to private Iraqi banks, stressing his support for the activities of the Iraq Fund for Development and its readiness to provide expertise and assistance in the field of training, cooperation and partnership.” /End 2
https://ninanews.com/Website/News/Details?key=1121694
A statement issued by the Prime Minister’s Media Office, received by the Iraqi News Agency (INA), stated that
“Prime Minister Muhammad Shiaa Al-Sudani met in Washington, on Wednesday evening (Baghdad time), a number of heads and representatives of major American companies, in a session held by the Chamber of Commerce. “American”.
The statement added, “The meeting included a dialogue session with the attendees, where the Prime Minister explained a number of questions that were raised during the meeting, related to the investment environment in Iraq and the facilities provided by the government to the private sector.”
During the meeting, the Prime Minister sponsored “the signing ceremony of a number of memorandums of understanding between the Ministries of Electricity and Oil and the Iraq Fund for Development, with American institutions and companies.
Similar memorandums of understanding were also signed between the Iraqi private sector and American companies in the fields of energy and the pharmaceutical industry.”
The Prime Minister pointed out, during his speech,
“the openness of the investment environment in Iraq to attract reputable international companies, to participate in the economic renaissance and infrastructure projects that Iraq is witnessing, in addition to the package of financial, banking and administrative reforms that the government initiated and a high percentage of which was completed during the year.” And half a year old.”
Al-Sudani said during the signing ceremony of memorandums of understanding with major American companies:
“The outcome of the discussions and understandings with the American side was the necessity of continuing to develop bilateral relations in various economic, social and security sectors.” He added:
“We agreed to
strengthen the relationship,
stimulate the private sector, and
support the work of American companies in Iraq,” stressing that
“Iraq is witnessing remarkable stability despite the challenges in the region, and
we are working to distance it from hotbeds of conflict and escalation.” He explained,
“The government has made important strides in economic reforms and implementing major projects that contribute to solving problems.
We have also presented to Parliament a law that addresses the challenges facing the private sector.” He pointed out,
“According to the US Department of the Treasury, 80% of transfers are in accordance with international standards, and we are working to complete the remaining percentage,” adding,
“We have completed the unified treasury account and the integrated banking system, modernizing collections and customs reforms, and redirecting support in the right direction.” He stressed,
“Our support for the private sector is an approach we are following, and
for the first time we have granted sovereign guarantees to it to support projects,” pointing out,
“The Iraq Fund for Development aims to involve the private sector, and addresses bureaucracy and routine for entering companies.” He pointed out,
“Conducting tax and administrative reforms related to registering company branches, to provide an attractive investment environment,” explaining that
“the volume of exchange between Iraq and the United States does not exceed 10 billion dollars.” He stressed,
“Developing a comprehensive vision for the optimal investment of oil and gas, and the sixth round of licensing related to natural gas fields, is being presented for the first time,” noting that
“there is a plan to reach gas self-sufficiency and stop imports within 3-5 years.” He pointed out
“introducing integrated projects in 6-8 fields throughout the governorates, according to a model for developing oil, using associated gas, and establishing an electrical station and a petrochemical industry in the same location,” explaining that
“Iraq is moving towards establishing a fixed platform to receive liquefied gas for the first time, and
this is an opportunity presented.” In front of American companies and other companies.” He pointed out,
“A contract was signed with KBR to prepare a preliminary study on the fixed platform, for the purpose of receiving and exporting gas in the future.” https://www.ina.iq/207070–.html
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