Bondlady’s Corner – Iraq Economic News and Points to Ponder Thursday Afternoon 4-18-24

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 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

Finance Committee: Great Satisfaction With The Results Of The Prime Minister’s Discussions In Washington

 Political    Yesterday, 12:24   Baghdad – INA   The Parliamentary Finance Committee announced today, Wednesday, its great satisfaction with the results of the Prime Minister’s discussions in Washington.

 The head of the Parliamentary Finance Committee, Atwan Al-Atwani, said in a statement received by the Iraqi News Agency (INA):

 “We are following with great satisfaction the results of the discussions of the Iraqi delegation currently visiting Washington, headed by Prime Minister Muhammad Shiaa Al-Sudani.” Al-Atwani affirmed his

 “full support for the positive understandings that resulted from the Sudanese meeting with the American President within the framework of the shift in the relationship between the two countries from the security and military aspects to the areas of development, reconstruction, economy and investment.”  Al-Atwani welcomed

 “the US President’s announcement of the United States’ commitment to supporting Iraq to reform and develop its financial and banking system and paving the way for Iraqi banks licensed to deal directly with approved international correspondent banks, in a way that contributes to linking Iraq to the international economic system.”  Al-Atwani pointed out,

“We are all confident and proud of the Iraqi negotiating delegation,” expressing his hope that “these discussions will be a new beginning to achieve a true partnership between the two countries in various political, security, and economic fields in a way that achieves well-being, prosperity, and stability for our country.”     https://www.ina.iq/207013–.html    

Meetings In The American Chamber Of Commerce Between The Iraqi Private Sector And The American Banking Sector

 Wednesday 17, April 2024 08:06 | Economical     Number of readings: 300   Baghdad ( NINA ) – On the sidelines of the visit of Prime Minister Muhammad Shia al-Sudani to the United States of America, meetings were held in Washington at the American Chamber of Commerce between the Iraqi private sector and the American banking sector to support long-term projects in Iraq.

 This is the first time that the Iraqi government supports the private sector with bonds to qualify it to negotiate with the American side.    https://ninanews.com/Website/News/Details?key=1121546

The Prime Minister Unveils A Law To Address The Challenges Of The Private Sector And The Volume Of Exchange With America

 Political     Today, 09:21  Baghdad – IA   Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani announced the introduction of a law to address the challenges of the private sector, and while

 he indicated that 80% of transfers are proceeding in accordance with international standards, according to the US Treasury Department,

 he confirmed that Iraq is moving for the first time towards establishing a fixed platform to receive liquefied gas.

 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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