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Butterfly The International Monetary Fund Warns Of An Economic Collapse
Economic Last Update 12/03/2021 | 9:55 AM International Monetary Fund Managing Director Kristalina Georgieva warned Thursday that poor countries could face economic collapse unless the world’s richest countries agree to step up debt relief efforts. About 60 percent of low-income countries are already debt-burdened or at high risk, compared to less than half in 2015.
Georgieva and Bazar Bashioglu warned that “challenges are escalating for many of these countries,” and said, “We may witness an economic collapse in some countries unless the G20 creditors agree to accelerate debt restructuring and suspend its service while negotiating the restructuring.”
The Group of 20 major economies launched the Debt Service Suspension Initiative in Spring 2020, which aims to temporarily freeze payments for low-income countries, many of which already faced heavy debt burdens prior to the outbreak of the COVID-19 pandemic. However, this initiative will expire by the end of the year.
Very slow progress has been marred by another G-20 plan, the Common Debt Management Framework, which aims to reduce the overall debt burden of poor countries.
“Recent experiences of Chad, Ethiopia and Zambia show that the joint framework for debt handling must be improved beyond the debt service suspension initiative,” Georgieva and Bazar Bashioglu wrote, acknowledging that the joint framework has yet to deliver on its promises.
The reasons for this were many, as coordination between the Paris Club and other creditors as well as various government institutions and agencies within the creditor countries slowed down the decision-making process.
“It is also critical that private creditors implement debt relief on similar terms,” Georgieva and Pazar Bashioglu wrote. https://almaalomah.me/2021/12/03/568381/
butterfly Democrat: We Do Not Interfere In Choosing The Shiite House Of The Prime Minister
Politician Last Update 12/03/2021 | 5:38 PM
The Kurdistan Democratic Party confirmed, on Friday, that it did not interfere in choosing the Shiite house for the position of prime minister.
The leader of the Kurdistan Democratic Party, Shirwan Al-Dobardani, said in a radio statement, which was followed by “The Information”, that “the choice will be left to the three components, and we will not interfere with the selection of the Shiite house for the position of prime minister.”
Al-Dobardani indicated that “the formation of the government without political consensus, because the issue described it as difficult, believing that things are moving towards political consensus while respecting the election results.” https://almaalomah.me/2021/12/03/568450/
butterfly Al-Maliki Chairs A Meeting Of The Rule Of Law And Calls For The Speedy Formation Of A “Consensual Government”
Politician Last Update 12/02/2021 | 6:28 PM The leader of the State of Law coalition, Nuri al-Maliki, called on Thursday to expedite the formation of a strong consensus government, during the next stage.
Al-Maliki’s office said, in a statement that the agency received a copy of it, that “Nuri al-Maliki chaired an expanded meeting today of the Parliamentary State of Law bloc,” adding, “During the meeting, the developments in the political and security situation were discussed and discussed, as well as the repercussions of questioning the results of the elections.”
Al-Maliki stressed “the importance of uniting efforts and communicating with the rest of the political forces within Parliament in order to overcome the current crises,” stressing “the need to address the repercussions of the election results crisis in accordance with legal frameworks, fairness of the objectors, and speeding up the formation of a consensual government capable of meeting the requirements of the Iraqi people with services and job opportunities.” .
The head of the State of Law coalition called on the coalition’s deputies to “work hard, adhere to national principles, communicate with the masses, and submit proposals for laws that support Iraqis’ needs for services,” stressing that “Iraq and its people deserve work and sacrifice for progress and prosperity.” https://almaalomah.me/2021/12/02/568307/
butterfly Trade Bank of Iraq joins IBBC 3rd December 2021 The Trade Bank of Iraq (TBI) has re-joined the Iraq Britain Business Council (IBBC).
TBI were original founding members of IBBC and we are delighted to say they are now back in full participation mode, with President Dr Salem Chalabi taking a lead role at the recent IBBC Autumn conference Dubai. At the conference Dr Chalabi announced some key strategic changes to the bank’s strategy and delivery.
TBI have significant plans to evolve their operations not only in terms of extending branches to overseas locations, but also within Iraq, to enable corporate online banking and wider use of cross-border electronic payments, and the development of strategic partners for investment within and beyond Iraq. Key areas include investment in infrastructure and renewable energy.
Christophe Michels, MD of IBBC said:
“We are really delighted to see the return of TBI to IBBC and know that our members in Iraq and internationally will welcome a modern Iraqi bank capable of cross-border and online banking in particular.
“We also recognise the importance of TBI as founder members of IBBC and the elevation of Dr Chalabi as CEO, with whom we foresee a productive and supportive engagement with IBBC and expanding the private sector in Iraq.” (Source: IBBC)
butterfly Now that is good news.
butterfly Korea gives Additional $3m to Stabilization in Iraq 3rd December 2021 The Republic of Korea has contributed an additional US$ 3 million to UNDP’s flagship programme the Funding Facility for Stabilization (FFS), which has been implementing critical initiatives to stabilize areas liberated from the Islamic State of Iraq and the Levant (ISIL).
This is Korea’s seventh contribution to the FFS since 2015, bringing its total contribution to US$27 million. With this additional funding, UNDP will be able to support more essential services such as housing, and the rehabilitation of critical infrastructure in the sectors of electricity, water and education ensuring the delivery of basic services to return communities.
“The impact of our collective stabilization efforts with generous support from the FFS from key partners such as the Republic of Korea are clearly visible across Iraq. Schools are reopening, clean water is reaching homes, roads are connecting people, and homes are rehabilitated,” says UNDP Resident Representative Zena Ali Ahmad.
“However, critical stabilization needs remain as 1 million people are still internally displaced, including the hardest-to-return populations. The Republic of Korea’s contribution comes at a critical period for Iraq, as the international community looks to safeguard the hard-won stabilization gains and prevent ISIL’s resurgence,” she adds.
“I am very pleased that the Republic of Korea has provided contributions to FFS for seven consecutive years since its launch in 2015. I hope this year’s contribution can help facilitate the implementation of UNDP’s stabilization programme to provide returnees and local communities with housing and public infrastructure rehabilitation and livelihood opportunities,” says Jang Kyung-Wook (pictured), Ambassador of the Republic of Korea to Iraq.
butterfly “We appreciate the hard work of UNDP and its partners to rebuild the lives of internally displaced persons and returnees in areas liberated from ISIL, and we hope to further strengthen our long-standing partnership with UNDP and make joint efforts toward achieving stabilization in Iraq,” adds Jang Khyung-Wook.
At the request of the Government of Iraq, UNDP established the FFS in June 2015 to facilitate the return of displaced Iraqis, lay the groundwork for reconstruction and recovery, and safeguard against the resurgence of violence and extremism. The mandate was extended to 2023 due to the scale of urgent remaining stabilization needs and the request from partners to continue our interventions.
In 2021, the FFS is placing greater emphasis on utilizing an integrated approach that includes promoting sustainable livelihood and employment opportunities by rehabilitating supportive infrastructure for productive sectors, such as agriculture and small industries. (Source: UN)
butterfly Shiite leaders gather in Baghdad to break political deadlock
In order to break the political deadlock resulting from Iraq’s recent elections, Shiite leaders gathered to find a solution to forming the next government. https://www.al-monitor.com/originals/2021/12/shiite-leaders-gather-baghdad-break-political-deadlock
butterfly Archaeologists make new discoveries in ancient Iraqi cities
Foreign missions continue their survey and excavation operations in the central and southern regions of Iraq, while also training native Iraqis in the latest standards of professional archaeology. https://www.al-monitor.com/originals/2021/12/archaeologists-make-new-discoveries-ancient-iraqi-cities
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