Tishwash: The International Development Bank announces its joining the “Bani” platform
The International Development Bank announced that it has joined the Bani platform for clearing and settling Arab payments.
The bank said in a statement seen by “Al-Eqtisad News”, “with unremitting and promising efforts and on the occasion of launching and operating the” Buna Buna “platform for clearing and settling Arab payments owned by the Arab Monetary Fund and starting to implement the business of sending and receiving money in various currencies and after the platform’s success in conducting financial transfers in every From Egypt, the United Arab Emirates and Jordan, as a first stage. ”
The statement added that “the International Development Bank, as the first Iraqi bank to start its work on this platform, which will allow its customers to send money between Arab countries and in all currencies and to the various markets of the Arab region and abroad with very low commissions, which will include more than 120 Arab banks to its network with the aim of expanding the list of Arab and international currencies.” “.
The bank stressed that “work is underway to introduce the Iraqi dinar currency on this platform soon to encourage the use of Arab currencies in financial and investment transactions in accordance with international standards and after the International Development Bank fulfills all operating requirements, which reflects the bright image of Iraqi banks and their competition with Arab banks in applying all modern banking standards.” And her signature of the sharing agreement link
Tishwash: The International Monetary Fund reveals Iraq’s submission of a request for “emergency” financial aid
The International Monetary Fund announced that it had received an emergency aid request from Iraq, indicating that talks are ongoing between the two parties in this regard.
“The Iraqi authorities have requested emergency assistance under the Rapid Financing Tool, in a long-term arrangement, to support the planned economic reforms,” the fund said in a statement.
He added, “Discussions are under way regarding the authorities’ request for emergency assistance.”
Earlier, the Iraqi Finance Minister, Ali Allawi, told Bloomberg that Iraq was in talks with the Fund to obtain a $ 6 billion loan.
He indicated that his country may request an additional $ 4 billion in low-cost loans through another program linked to government reforms. link
Denton: I see iraq wanting to borrow money again I thought that no one would loan them any until they changed the value of their currency
Pearle: denton I saw where they want to borrow money again. It was disturbing.
Alf: why does this sound like a shell game?
CaliforniaSugar: No. I believe that the budget will be passed nect week. Then tbe ball is in the hands of the CBI and rate will change in our favor soon there after. I do not believe that rate will come out at $3. Closer to $1. Because Iraq must grow its economy and the rate will increase alongside the economy.
MontanaCoach: The in country rate and the international rate are two different things. In order to become economically viable the rate must be similar to the 3 plus dollars mentioned or their trade and contracts would be of no value to them to grow and become acceptable in the world market.
Rogue: they are not getting ready… they have been ready !!!! and all we can do , is what we have been doing ; staying positive and being ready also. cheers mate
Tishwash: An alert from an economist: Iraq will lose 3 quarters of its hard currency holdings within 3 years in this case
The specialist in economic affairs, Ali Jabbar Al-Freji, warned that Iraq would lose 75% of its hard currency holdings as negative consequences for the borrowing policy.
Al-Freiji said in a press statement that “the monetary reserve from the foreign currency of Iraq will drop to 14.3 billion dollars in 2024, if the government continues to borrow.”
He added that “the Bloomberg International Economic Agency issued an annual report indicating that the Iraqi economy suffers from many disturbances, accompanied by financial mismanagement, according to the readings of the International Monetary Fund and the World Bank.”
He pointed out that “the Iraqi governments, if they continued with the same approach and manner of managing the country’s capabilities and wealth and continuing to borrow, the rate of Iraqi foreign exchange reserves would drop from 53.4 billion dollars to 14.3 billion dollars in 2024.”
Al-Freiji called on the government to pay attention to this issue, reduce external borrowing, restore the country’s strategic plans for the coming years, and maximize the state’s non-oil financial resources.
Tishwash: After a “positive” meeting with the Finance Committee, the Kurdistan delegation moves towards the blocks to pass the region’s share of the budget
A member of the Parliamentary Finance Committee, Sherwan Mirza, confirmed, Monday (January 25, 2021), that the Kurdistan Regional Government delegation met yesterday with members of the Parliamentary Finance Committee and discussed many files related to the budget.
Mirza said in an interview with (Baghdad Today), “The meeting held yesterday by the Kurdistan Regional Government delegation visiting Baghdad and members of the Parliamentary Finance Committee, was conducted in a positive atmosphere.”
He continued, “The committee asked a set of questions, related to the sections of spending and financial revenues for the regional government, and the number of employees and the sections of spending in the region’s share of the budget.
He added, “The meetings between the Kurdish delegation and the Finance Committee will continue for an additional two days, to answer the inquiries that the members of the Finance Committee have.”
He explained, “The regional government is responding effectively to the course of the meetings in Baghdad, in order to try to persuade the members of the Finance Committee to vote on the region’s share, since the budget and the region’s share came out of the government’s hands and became the hands of the parliament, and therefore the most important thing for Arbil to convince the Finance Committee and then the heads of the blocks.” Parliament. ”
Yesterday, Sunday (January 24, 2021), a high-ranking Kurdish delegation arrived in the capital, Baghdad, to embark on a new round for the 2021 budget.
The source said in an interview with (Baghdad Today), that “a high-ranking delegation from the Kurdistan Regional Government arrived in the capital, Baghdad, for a new round of talks in order to secure the region’s share in the federal financial budget for 2021.”
He added, “The delegation includes: Minister of Finance Awat Sheikh Janab, Minister of Planning Dara Rashid, Minister of the Region Khaled Shawani, and Chief of the Cabinet of Ministers of the Region Omid Sabah.” link