The Ministry of Foreign Affairs announced, today, Saturday (August 31, 2024), the selection of Iraq to chair the Group of 77 and China ( G77 ) at the United Nations for the year 2025, after the Asia-Pacific Group meeting held to discuss Iraq’s nomination for this position.

The ministry said in a statement received by “Baghdad Today”, that “the Chargé d’Affairs of the Permanent Mission of the Republic of Iraq to the United Nations in New York, Abbas Kazim Obaid, delivered a speech in which he affirmed Iraq’s vision for its role during its presidency of the group, highlighting the main axes of work and stressing Iraq’s commitment to the basic principles of the group, especially with regard to supporting the goals and aspirations of developing countries in achieving economic, technological, and social development.

Obaid stressed that “Iraq will work to provide all the elements of success for this presidency, which is the first for Iraq since the establishment of the group, as Iraq was one of the founding countries 60 years ago.

The statement added, “At the end of the meeting, the resolution was unanimously adopted to support the Republic of Iraq to assume the presidency of the Group of 77 and China ( G77 ), as the member states offered congratulations to Iraq and expressed their readiness to support it in its tasks during this important presidency. In another speech, the Chargé d’Affaires expressed his gratitude for the support and endorsement of the Asia-Pacific Group and its confidence in entrusting this responsibility to Iraq, stressing his readiness to work and cooperate with the member states to achieve common goals.

It is worth noting that the Group of 77 and China is the largest group of countries in the United Nations, with 134 member countries

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Tishwash:  Parliamentary Committee Holds Kurdistan Responsible for Obstructing the Approval of the Oil and Gas Law

Member of the Parliamentary Oil and Gas Committee, Alaa Al-Haidari, strongly criticized the Kurdistan Regional Government, holding it responsible for obstructing the approval of the Oil and Gas Law.

Al-Haidari said in an interview followed by “Al-Eqtisad News” that “there is difficulty in passing the law due to the lack of a political agreement and the regional government’s failure to implement the concluded agreements.”

Al-Haidari pointed out that “several meetings were held in the presence of officials in the Ministry of Oil and government advisors, with the aim of reaching an agreement on the law, but those efforts have not borne fruit so far.”

He added, “The Oil and Gas Law is one of the laws that has been stalled in the House of Representatives, as it has remained on the shelves for more than five parliamentary sessions.”

Al-Haidari explained that “the government program included voting on the law in the House of Representatives, and if approved, it will contribute to ending the controversy between the region and the center, and provide fair direction for wealth within the framework of the constitution.”

Al-Haidari concluded his statement by stressing that “the approval of the law will ensure the fair regulation of oil exports and oil and non-oil revenues, which will spare the country further problems and obstacles between the region and the center.”  link

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Cutebwoy:  CBI launches new phase of international transfers

The Iraqi Central Bank (CBI) delegation in New York has announced the commencement of a new phase in international transfer operations, involving 13 Iraqi banks.

 According to a statement by the bank, this initiative is aimed at diversifying currencies and facilitating global transfers. The statement highlighted that this development follows an agreement on mechanisms to regulate these transactions, which will now include the use of the Euro, Chinese Yuan, Indian Rupee, and UAE Dirham.

The delegation also outlined the role of the international auditing firm E&Y, which will review these transfer operations to ensure compliance with international standards. This move reflects CBI’s commitment to maintaining high levels of transparency and security in all foreign transfer operations, thereby bolstering confidence in Iraq’s financial system.

This initiative is part of the Central Bank’s ongoing efforts to support economic growth and expand international cooperation with global markets, as per the statement.

A knowledgeable source revealed on Thursday that CBI is currently conducting an unannounced visit to the United States to discuss developments in Iraq’s banking sector.

According to the source, a delegation led by Central Bank Governor Ali Al-Alaq and several general managers has been in the US since August 26 to discuss recent banking developments and the restrictions on the use of the dollar imposed on many private Iraqi banks.

The discussions also touched on the potential cancellation of the platform early next year, which would shift reliance on correspondent banks, further restricting Iraqi private banks and potentially favoring Jordanian banks with American correspondents.

The source added that CBI is close to signing a contract with the consulting firm Oliver Wyman to conduct a study on reforming Iraq’s banking sector, which will serve as a roadmap for future reforms.

Meanwhile, some economists have expressed surprise at the lack of public disclosure regarding the visit, particularly given its significance during this critical period.

Mot: …….. Here We Goooooo 

Mot:  . Get Ready!!! — Sooooon!!!