Iraq Economic News and Points to Ponder Late Tuesday Evening 4-23-24

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Iraq Economic News and Points to Ponder Late Tuesday Evening 4-23-24

The US Treasury Praises The Actions Of The Government And The Central Bank In The Washington Meetings

Economy News – Baghdad  Samir Al-Nusairi    During the visit of the Prime Minister to Washington and his meeting, in the presence of the Governor of the Central Bank, with the US Treasury delegation, and the negotiations that took place regarding the financial and banking reform strategy implemented by the government and the Central Bank, the American side emphasized its praise of the reform measures and steps,

which resulted in organizing foreign trade financing and complying with international standards in 2023 and the past months of 2024, and to bridge part of the gap between the official price and the price equivalent to the dinar exchange rate against the US dollar.

This refutes the criticisms, allegations and media exaggerations of some satellite channels by insulting the Central Bank and the banking sector and pointing out some violations in the issue of controlling the monetary dollar, which were addressed at the time of the beginning of the application of the electronic platform.

What is important and what must be confirmed now is that 100% of the external transfers that were made were in accordance with the relationship What is new between our banks and international correspondent banks, in accordance with the instructions and mechanisms of the electronic platform, are sound and transparent transfers in accordance with international standards, and that the window for selling foreign currency is an economic indicator that achieves one of the objectives of monetary policy.

“Accusing the Central Bank and banks of wasting foreign currency without evidence proving the existence of suspicions of corruption, money laundering, or currency smuggling, and the proposition that says selling currency is a waste of public money is a description that has nothing to do with the economic process.”

It must be noted that “the process of the currency sale window began to be implemented by the Central Bank on 10/4/2004 in implementation of Article 28 of the Central Bank Law No. 56 of 2004, which allows the Central Bank to buy and sell foreign currency, and this process has continued to meet the needs of the Ministry of Finance for currency.”

The local government, for the purposes of the operating budget, purchased the dinar from the public for the purpose of controlling liquidity levels, which is known as the monetary sterilization process on the one hand, and to recycle the dinar and resell it to the Ministry of Finance for the purposes of paying salaries and wages, securing government expenditures, as well as meeting and covering imports, and maintaining the stability of the exchange rate targeted by the Central Bank.

“The foreign currency selling window is considered one of the largest open market operations in controlling local liquidity levels and putting the cash surplus on its proper paths. It is a good economic indicator and achieves one of the goals of monetary policy, and this is consistent with the multi-dimensional functions that the Central Bank of Iraq performs, as it is concerned with financial stability.”

It manages the payments system, manages foreign reserves, licenses and monitors banks and financial institutions, and sets preventive controls, in addition to other tasks related to monetary issuance and publishing economic data, indicators and forecasts.”

“The basic tasks carried out by the central bank are to manage monetary policy, which aims to control inflation, stimulate the economy, balance the balance of payments, and achieve monetary stability.”

274 views 04/23/2024 – https://economy-news.net/content.php?id=42722

Central Bank Sales Today Exceed $282 Million

Tuesday 23 April 2024 | Economical Number of readings: 195  Baghdad / NINA / The Central Bank of Iraq announced, today, Tuesday, its total sales of foreign currency through the electronic window.

The total amounts of transfers abroad (remittances, credits) amounted to $257,194,465, while the total amount of cash sales amounted to $25,430,000, and the total amount of sales amounted to $282,624,465.

The cash selling price was 1,305 dinars per dollar, while the bond credits, international settlements for the electronic card, and foreign transfers were 1,310 dinars per dollar. /End 11

https://ninanews.com/Website/News/Details?key=1122610

“Al-Eqtisad News” Publishes The Full Decisions Of The Council Of Ministers Session

Economy News – Baghdad  Al-Eqtisad News publishes the full decisions of the sixteenth Cabinet session held on Tuesday, the most prominent of which was raising the acceptance rate of top graduates of technical institutes at universities to 20%.

The Prime Minister’s media office said in a statement, seen by Al-Iqtisad News, that “Prime Minister Muhammad Shiaa Al-Sudani chaired the sixteenth regular session of the Council of Ministers, in which the general conditions in the country were discussed, a number of important files were discussed, and topics were discussed.” listed on the agenda and take decisions and recommendations thereon.”

The statement added, “At the beginning of the session, Prime Minister Muhammad Shiaa Al-Sudani reviewed the results of his official visit to the United States this month, which produced results that are in the interest of Iraq in terms of economy, politics, security, and regional stability, and in the interest of building bilateral strategic relations, in addition to the signing of a number of Memorandums of understanding and partnership between the Iraqi public and private sectors on the one hand, and between major leading American companies and financial and banking institutions on the other hand.”

He explained, “Al-Sudani reviewed the visit of the Turkish President to Baghdad yesterday, which witnessed the signing of the bilateral strategic framework agreement, and the signing of 26 joint memorandums of understanding for various institutions between the two countries, which will be reflected in the economic and development partnership, in addition to the quadripartite understanding that included Iraq, Turkey, Qatar, and the UAE.

Regarding the development road project, the investment opportunities it holds, and entering into a new phase of security and economic understandings and in the field of water management and water shares in the Tigris and Euphrates rivers, all of which will push relations forward.”

Al-Sudani directed, according to the statement, “the ministers to follow up on the implementation of the memorandums of understanding, and to provide the utmost efforts in order to achieve the highest levels of mutual benefit, for all sectors and activities covered by the memorandums of understanding, in addition to assigning the committees concerned with securing the requirements for success and good implementation of the agreements and understandings signed with the United States and Turkey.”

During the session, the Council of Ministers followed up on service projects, infrastructure projects, and lagging projects, and took a number of decisions related to spare orders and implementation, as follows:

1- Increasing the amount of reserve for the project (construction of the Abu Ghar-Tel al-Lahm quarries road with a length of 45 km) within the project (construction of the Abu Ghar-Tal al-Lahm quarries road) included in the investment budget tables of the Ministry of Construction, Housing, Municipalities and Public Works/ among the priority projects related to the implementation of the Council’s decision. Ministers (301 in 2021).

2- Increasing the total cost of the project (study, design and implementation of an integrated concrete water project with a capacity of 1000 m3/hour, with transmission lines to the Umm Qasr district).

3- Increasing the total cost and reserve amount for the project (reconstruction of Al-Fayhaa Bridge in Basra).

4- Increasing the total cost and reserve amount for the project (Fallujah Third Bridge and its approaches in Anbar Governorate).

5- Increasing the total cost and the amount of reserve for the project (constructing the Juwaiba-Al-Hamidiyah (Al-Mamoun) Bridge).

6- Increasing the total cost and the amount of reserve for the project (completion of the rehabilitation and expansion of Karbala Children’s Hospital/second phase).

7-Developing a project (supervision and control for the establishment of Shatrah General Hospital with a capacity of 200 beds and furnishing), within the total cost of the project.

8- Increasing the amount of reserve for the project (constructing the second corridor of the Batira – Al-Fajr – Al-Budair road, with a length of (163) km, the first phase within Maysan Governorate, with a length of (72) km, increasing the total cost of the project, and creating a project called (the two concrete Sababat bridges).

9- Creating a project called (removing optical cable conflicts for the Sababat Bridges).

10- Increasing the total cost and the amount of reserve for the project (establishing the Palace of Justice in Najaf Al-Ashraf).

He continued, “In order to make room for outstanding students of institutes to complete university studies, the recommendation of the Ministerial Council for Human Development (24011 B) for the year 2024 was approved regarding increasing the acceptance rate of top students who graduate from technical institutes from (10%) to (20%).”

For admission exclusively to universities, and to the corresponding or nearby specializations, in order to allow students who are graduates of the institutes to apply to complete their initial university studies.”

He continued, “The Council decided to exclude the backup network project, and the project to rehabilitate and develop the paths of the national optical cable network, from the contracting methods stipulated in the Contract Implementation Instructions No. 2 of 2014, for the purposes of the national mobile phone license, in order to meet the increasing requirements of state institutions for digital transformation projects and secure the needs of… Mobile companies, state institutions, and citizens benefit from the increased Internet capacity, fiber optic projects (FTTH), an alternative to copper landlines, and international transit projects for Iraq.”

He pointed out that “the Council approved the recommendation of the Ministerial Council for the Economy (24131 Q), which included approval of the request of the Ministry of Oil, regarding the issue of converting gas compressors from temporary to permanent customs entry for the benefit of the Basra Gas Company, and the General Authority of Customs transferring gas compressors with (14) compressors from A temporary customs entry to a permanent one,

for the benefit of the Basra Gas Company, provided that it is among its assets (the share of the South Oil Company (51%) in accordance with Council of Ministers Resolution (446 of 2012), and payment of the resulting expenses, in accordance with the law, and borne by the Basra Gas Company.” .

He added, “In the field of energy, the Council approved the signing of a memorandum of understanding for associated gas to generate electric power between the Ministry of Electricity and Siemens Energy. It also approved the inclusion of the projects required to be implemented by the Ministries (Planning and Finance) in accordance with the aforementioned memorandum of understanding and the availability of the necessary allocations and funding.”

The Council voted to grant the Ministry of Electricity the necessary powers to proceed with implementation, as an exception to the contracting methods stipulated in the Instructions for Implementing Government Contracts (2 of 2014), in a way that ensures speedy completion and achieving the desired goal of signing the aforementioned memorandum of understanding.

He pointed out that, “In the same vein, the Council canceled Cabinet Resolution No. (308 of 2019), which included financing the Ministry of Electricity with the necessary allocations to establish a secondary station (400) KV, and financing three (132) KV stations with lines, provided that they are of Outside the Ministry’s budget.

The statement confirmed, “The Council approved the draft law to cancel the (defunct) Revolutionary Command Council’s Decision No. (103) on January 27, 1988, which was reviewed by the State Council, and approved referring the draft law to the House of Representatives based on the provisions of the Constitution, as the aforementioned decision had He merged the Department of Relations and the Department of Planning into one department, and abolished administrative formations in the Ministry of Justice.

He also abolished the Department of Estate Affairs in the Directorate for the Welfare of Minors, abolished its jurisdiction to release estates in accordance with the Law for the Care of Minors, and entrusted the release of estates to the personal status courts.

He stated that “the draft law for the first amendment to the Martyrs Foundation Law No. 2 of 2016 was approved, which was reviewed by the State Council and referred to the House of Representatives, based on the provisions of the Constitution, taking into consideration the observations that were presented at the Council of Ministers meeting.”

He continued, “The Council of Ministers granted the Deputy Prime Minister and Minister of Planning the authority to negotiate and sign a memorandum of understanding between the Ministry of Planning in the Republic of Iraq and the United Nations Population Fund (UNFPA), based on the Treaty Contracting Law (35 of 2015), and the Ministry of Foreign Affairs prepared the necessary authorization document.”

On behalf of the Government of the Republic of Iraq, the Deputy Prime Minister and Minister of Planning, in accordance with the approved contexts, and submitting it to the General Secretariat of the Council of Ministers in order to obtain the signature of the Prime Minister.

The Council decided, according to the statement, “It was decided to authorize the Minister of Justice to negotiate and sign two draft cooperation agreements between the Government of the Republic of Iraq and the Government of the Republic of Italy, and between the Government of the Republic of Iraq and the Government of the Republic of Uzbekistan, in the field of transferring those sentenced to custodial sentences, based on the provisions of the Constitution, and to prepare a Ministry Foreign Ministry:

The necessary authorization document on behalf of the Government of the Republic of Iraq for the Minister of Justice, in accordance with the approved contexts, and submitting it to the General Secretariat of the Council of Ministers to obtain the signature of the Prime Minister.

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Provoking Points To Ponder on Failures and Mistakes

We will be victorious if we have not forgotten how to learn.- Rosa Luxemburg

It is the true nature of mankind to learn from mistakes, not from example.- Fred Hoyle

The psychotherapist learns little or nothing from his successes. They mainly confirm him in his mistakes, while his failures, on the other hand, are priceless experiences in that they not only open up the way to a deeper truth, but force him to change his views and methods.- Carl Jung

Failure … is, in a sense, the highway to success, inasmuch as every discovery of what is false leads us to seek earnestly after what is true, and every fresh experience points out some form of error which we shall afterward carefully avoid.- John Keats

We need to teach a highly educated person that it is not a disgrace to fail and that he must analyze every failure to find its cause. He must learn how to fail intelligently, for failing is one of the greatest arts of the world.- Charles F. Kettering

When a man is pushed, tormented, defeated, he has a chance to learn something; he has been put on his wits; on his manhood; he has gained the facts; learned his ignorance; is cured of the insanity of conceit; has got moderation and real skill.- Ralph Waldo Emerson

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