KTFA – More News, Rumors and Opinions Monday Afternoon 10-16-2023


Clare:  The Kurdistan Government announces the adoption of the Iraqi dinar instead of the dollar in customs duties


The Kurdistan Regional Government announced, on Monday, the adoption of the Iraqi dinar in customs duties instead of the US dollar. 

The Regional Government’s Media and Information Department said, in a statement received by Shafaq News Agency, “The Kurdistan Regional Council of Ministers decided, in accordance with a document, to adopt the Iraqi dinar at all border crossings to receive customs duties.” 

The statement added, “All ministries are obligated to implement the decision, and in the event of a violation, legal measures will be taken.”    LINK

Clare:  The Minister of Finance participates in the annual meetings of the International Monetary Fund and the World Bank held in the Kingdom of Morocco


The Minister of Finance, Taif Sami Muhammad, participated in the annual meetings of the International Monetary Fund and the World Bank in the Kingdom of Morocco (Marrakesh) for the period from 11-14 October 2023.

A statement from the ministry stated that the minister attended the opening session of the International Monetary Fund and the World Bank, which thanked the King of Morocco for hosting the annual meetings for the year 2023. The support of the Bank and the International Monetary Fund was presented to all developing countries in the world in their economic projects, whether financing projects or capacity-building projects to reach the advancement of economies. These countries.  

On the sidelines of the annual meetings, a meeting was held with a number of finance ministers and governors, including the Libyan Minister of Finance, to discuss the issue of Libyan debts owed to Iraq and the issue of the members and presidency of the Board of Directors of the Arab Bank for Development in Africa, since Iraq is a shareholder in this bank, and the Somali Minister of Finance, where Somalia’s debts owed to Iraq were discussed. He thanked Iraq for its supportive position, and the requirements for scheduling this debt were discussed.

The Minister also held a meeting with the Executive Director of the International Monetary Fund, Dr. Mahmoud Mohieddin, where the priorities of the technical assistance provided by the Fund to Iraq were discussed, including entering into the reform program, technical assistance provided to customs and taxes, restructuring the Rafidain and Rasheed banks, and providing the technical support required to complete it.

The Minister touched on the measures taken by the Ministry of Finance in implementing the unified treasury account and the extent of progress that contributes to its implementation. The possibility of providing Iraq with experts and consultants to contribute to implementing the electronic payment system, reforming the banking system, and continuing to provide technical support in implementing the unified treasury account was discussed.

Minister Taif and her accompanying delegation also participated in the climate conference, which discussed the issue of confronting the challenges and risks of climate change and supporting opportunities for sustainability, and the extent of the impact of climate change on the region and the world as a whole.

The Minister met with the Administrative and Technical Affairs Department at the International Monetary Fund, and the meeting included a discussion of the technical support provided by MITAK, which are the training and technical support units at the International Monetary Fund that contribute to providing support in the areas of financial management, taxes, customs, and the unified treasury account.

The Minister thanked the Department of Administrative and Technical Affairs for its efforts in supporting Iraq, especially the Ministry of Finance and its departments in the field of training employees on customs and tax automation projects, and praised the efforts made in implementing the unified treasury account, which is one of the topics that falls within the sphere of government concern.

Help was also discussed in providing consultants in the field of the electronic system (POS) to remove the obstacles that may appear during the implementation of the electronic collection, revenue and expenditure system.

The Minister discussed the issue of contributing to helping Iraq by preparing a consultant or expert well-versed in implementing the program budget and performance in the Budget Department. She also discussed the issue of funds that were included in the budget law, including the Development Fund, the Poverty Fund, the Basra Fund, and the Dhi Qar Fund, as well as the councils that the Prime Minister was interested in, including (youth councils and councils). Development) and support its projects as they are strategic projects that serve the country.

She touched on the issue of technical assistance from the International Monetary Fund, where she explained that there are serious steps included within the program, as the Ministry of Finance is working to coordinate with the ministries represented by the Ministry of Electricity to activate electronic collection and the Ministry of Labor and Social Affairs to expand inclusion in the social protection network and reconsider the inclusion of the eligible, and the same is true for The Ministry of Commerce, the National Retirement Authority, government banks, and the Budget Department. In addition to the structuring of banks and the steps taken by the Ministry in this regard.

The Minister met with Jihad Azour, Director of North Africa and East Asia at the International Monetary Fund, and discussed the implementation of the 2024 budget, the extent of progress in implementing this budget, how the deficit was addressed in the budget law, and the future outlook for the 2024-2025 budget, in addition to government measures to pressure spending, control the deficit, and increase… Revenues, especially non-oil revenues.

The Minister also met with the International Finance Corporation (IFC) team, and the issue of supporting private sector projects in Iraq was discussed, especially the Baghdad International Airport project, renewable energy projects, and strategic projects included in the government program, as well as the paragraph of partnership between the public and private sectors, which was mentioned for the first time in the budget law for the year 2023.

The Minister and the delegation accompanying her concluded their meetings by meeting with Farid Belhaj, Vice President of the World Bank. The World Bank projects financed by loans and the problems and obstacles facing their implementation were discussed. They proposed holding a joint meeting with planning, the World Bank and the sectoral ministries benefiting from the projects to find solutions to them. The issue of opening accounts was also discussed. For ministries to benefit from projects funded by grants provided by the World Bank, as well as to discuss the IFMIS project.

The Minister explained the extent of the need for this important project, which will contribute to facilitating and simplifying procedures for financial management. The latest developments were also discussed, and they also explained that the World Bank will continue to provide technical support to the Ministry for the purpose of implementing this project.   LINK 


Courtesy of Dinar Guru

Militia Man  Article: “…Representative have agreed on the importance of passing this law [HCL] because it guarantees the fair distribution of wealth to all Iraqis…”  That’s everybody in parliament, that’s everybody, so I think there isn’t going to be anybody that would miss that voteSo why haven’t they done itThey have to value that.  That’s what we’re waiting for to see if they have a new valuation for that based off the new international exchange rate…

Frank26  Article:  “Erbil: Withdrawing the dollar via ATM machines stopped by a decision of the Central Bank”  [Boots on the ground update]  SUPERGIRL’S REPORT [From last week]  Quote “We are committed to the Central Bank’s decision issued 3 months ago, which prevents banks from granting dollars via ATM machines, and we have observed a commitment from other banks.”

IQD meeting in North Africa international finances

Nader:  10—16-2023