TNT – “Tidbits From TNT” Friday Morning 7-26-2024

Tishwash:  Pentagon: No US personnel injured in Ain al-Assad base bombing

A spokesman for the US Department of Defense “Pentagon” confirmed today, Friday, that an attack took place in the area near the Ain al-Assad air base in Iraq, but no US military personnel were injured as a result of this attack.

The spokesman said, according to Sputnik Agency: “We can confirm that the strike was carried out in an area outside the base (Ain al-Assad) and there were no damages or injuries.”

He added: “At this time, we do not have information about what shells were launched and how many.” link

Tishwash:  Iraq and the German Development Bank sign an amendment to the loan agreement to finance a number of development projects

The Ministry of Finance and the German Development Bank (KFW) signed, today, Thursday, an amendment to the loan agreement to finance a number of development projects.

The Ministry of Finance said in a statement received by the Iraqi News Agency (INA): “Today, at the headquarters of the Ministry of Finance, an amendment to the agreement to extend financing loans granted by the German Development Bank (KFW) for a number of development projects was signed.”

It added, “The amendment was signed between the Minister of Finance, Taif Sami Muhammad, and the bank’s representative in Iraq.”

The new amendment stipulates – according to the ministry’s statement – extending the disbursement period for projects financed by loans, as follows:
– Extending the loan agreement to rehabilitate the infrastructure to provide electricity in the liberated areas (phase three) in the amount of 140 million euros until 15/1/2027.

– Extending the loan agreement to rehabilitate the infrastructure of roads, bridges, water and sanitation in the amount of 90 million euros until 31/12/2026.  link

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Tishwash:  President of the Republic: Security and stability in Iraq inspire optimism

President of the Republic Abdul Latif Jamal Rashid stressed, today, Thursday, that the security and stability witnessed by Iraq inspires optimism and requires everyone to unite to maintain it, while he appreciated the efforts of the Iraqi embassy cadres in France to facilitate the procedures required for Iraq’s participation in the Paris Olympics.

The media department of the Presidency of the Republic said in a statement received by the Iraqi News Agency (INA): “The President of the Republic visited the Iraqi Embassy in Paris, where he met with Ambassador Wadih Batti and the embassy staff.”

The President of the Republic appreciated – according to the statement – “the efforts of the embassy staff regarding Iraq’s participation in the Paris Olympics and facilitating the required procedures,” stressing “the importance of strengthening them towards serving the Iraqi community residing in France, and strengthening Iraq’s relations with France as an important global vital center.”

The President stressed “the Presidency’s keenness to strengthen Iraq’s foreign relations and build its partnerships at various levels and its steps towards restoring Iraq’s natural role as an influential force and a positive factor in achieving peace and stability.”

The President of the Republic reviewed “the conditions witnessed by Iraq in more than one field,” explaining that “the security and stability witnessed by Iraq inspires optimism and requires everyone to work together to sustain it.” 

The President explained that “many positive steps have been achieved in the human rights file through the Presidency’s cooperation with the relevant authorities, which resulted in the release of 13,000 detainees,” noting that “there are clear laws regulating Iraq’s position on various humanitarian issues.”
For his part, the Ambassador appreciated “the interest of the President of the Republic and his kind directives and comments in order to enhance the role of the embassy in providing the best for the Iraqi community.”   link

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Tishwash:  Al-Nusairi identifies treatments for the fluctuations in the dinar exchange rate and expectations of its return to the equilibrium price in the parallel market

The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, explained today, Thursday, that the stability of the exchange rate in the parallel market will remain in a state of fluctuation until the completion of the stages of financial and banking reform.

Al-Nusairi said, in an interview with “Al-Eqtisad News”, that “the stability of the exchange rate in the parallel market will remain in a state of fluctuation until the completion of the measures currently taken to implement the stages of financial and banking reform specified in Axis Twelve and Articles 1 to 7 and the daily efforts made by the Monetary Authority to complete the regulation of foreign trade financing and strengthen and reform the public and private banking sector

Which focus on compliance with international standards and agreements and ongoing negotiations with the US Treasury and global banks and the completion of the selection of the international auditing company to audit foreign transfers for banks to enhance their balances in foreign currencies that deal in currencies other than the US dollar and the completion of the final agreements with Chinese correspondent banks to start dealing in the Chinese yuan after the temporary suspension of foreign transfers with China, as well as helping private banks find correspondent banks to deal with them after the Central Bank’s decision to cancel the electronic platform inevitably during this year.”

 He added, “The information confirms that there will be a breakthrough very soon by completing the above procedures and finding other correspondent banks to deal in Chinese Yuan, UAE Dirham and Euro. Efforts are also continuing with the US Treasury and the company tasked with auditing foreign transfers of the sanctioned banks in order to lift the restrictions on them by using the US dollar.”

 Al-Nusairi explained: “What also needs to be completed to reform the private banking sector is taking the decision to merge the willing banks as well as the weak and troubled banks in order to reach the real size of banking activity that covers the actual need for economic requirements, and the urgent need to restore work when the electronic platform is cancelled,” stressing that “the important measure that the government is responsible for is to stop illegal imports and cancel unofficial border crossings.”

 He continued: “We must not forget, clearly and precisely, that there is an organized lobby working against achieving monetary stability, led and implemented by multiple parties linked to speculators and corrupt people who have an agenda to weaken the national economy and harm it by fabricating news, statements and short-sighted economic analyses and transforming them from reassuring news for the market and citizens into news that confuses the market and creates panic among citizens, and this is what is actually happening now.”

 Al-Nusairi explained that “the return of stability in the exchange rate to its targeted and balanced rates in the parallel trading market is achieved with the support of the relevant authorities in the government by activating other productive sectors and supporting the procedures of the Central Bank in implementing its plans to reform the financial and banking sector

And draw up clear financial policies in coordination with the monetary authority and its currently approved applications and tools and overcoming the challenges of achieving economic stability, which means achieving stability in the financial and monetary system.

This is not only the duty of the Central Bank alone, but rather it is a basic duty of financial policy and the government’s methodology in managing the economy and activating sources of national income other than oil and supporting, protecting and encouraging local production and generalizing the activation of dealing in the Iraqi dinar in all internal monetary trading activities and expanding the use of electronic payment methods whenever possible.”

He concluded his speech by saying: “My expectations are that the exchange rate will return to stability after completing the reform, regulatory and negotiation procedures, and this does not take a long time.”  link