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1 hour ago, DinarThug said:

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A roadmap to drive the Iraqi economy forward

1_1.jpg

 

22nd June, 2018


Resounding Victory

At the height of its reach, Daesh occupied almost 40% of Iraq’s territory. A tragedy for the communities they enslaved and also for Iraq’s economy: the area occupied produced 80 thousand barrels of crude oil in 2014. The December 2017 liberation of Iraq was therefore a significant release for both people and economy.

Iraq’s economy has proved extraordinarily resilient. It has weathered serious crises, and still suffers from real structural issues within the production and financial sectors, the result of a myriad causes including the lack of strategic economic policymaking and national resources drained by military operations.

Despite the heavy burden of military liberation, the Government of Iraq remains committed to resurrecting the economy, and quickly: overcoming challenges such as the cost of basic services and civil servant salaries. To get back on track it must deal with the gap in investments which must be financed through internal or external sources, all while developing a competitive and attractive investment environment.

A Revitalized Vision

In August 2015, Iraqi PM Dr. Haider Al Abadi proposed a series of reforms centered around government efficiency and anti-corruption. Alongside ongoing oil revenues, local economic reform measures that cut down on non-vital public expenditure and raise collection rates from sources such as customs, duties and other sources of public revenue, this pathway should have a substantial and measurable impact on the fiscal budget and domestic resources available.

The Government of Iraq also implemented a number of reforms aimed at increasing Iraq’s competitiveness on the investments and ease-of-doing-business index, through removing barriers and cutting down on red tape facing local and international investors. These reforms now allow entrepreneurs and investors to start up their operations in a much shorter time while streamlining the government record-keeping and tax accounting.

A New Dawn for Iraq

Fiscal reform policy effect can be seen in several sectors, and an increased stream of non-oil revenues is now apparent. A total of 2,219 and 2323 new private sector companies were registered in 2016 and 2017 respectively; the Iraqi securities exchange also witnessed an increased trading volume that grew from ID 516 bn to ID 900 bn in the same period.

The World Bank confirms that Iraq has been successful in implementing structural reforms in local regulation, helping to facilitate new businesses, supported by better access to credit and financing facilities.

“The Government of Iraq has launched a fundamental economic reform agenda based on the framework of its 2014-2018 Government Programme which put institutional economic reform and private sector development at the forefront of its priorities,” said Saruj Kumar Jaha, Regional Director for the Middle East at the World Bank.

The government has also strengthened the credit information infrastructure with the launch of a credit information bureau managed by the Iraqi Central Bank. As of January 2017, this includes five-year histories of 234,967 individual and 4,877 commercial loans.

The government has also succeeded in enhancing the country’s investment ecosystem and positioning, ratifying the following economic and investment agreements:

In 2015, Iraq joined The International Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention), one of the key instruments of international law that protect and promote foreign investment. In 2017, Iraq ratified the United Nations Convention on Transparency in Treaty-based Investor-State Arbitration (the Mauritius Convention on Transparency). In 2018, Iraq ratified the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards.

A Bright and Productive Future

Held in Kuwait, Iraq reconstruction conference which was on 12 -14 February 2018. To support system" rel="">support to the country following Daesh’s territorial defeat in 2017. The conference, which took drew participants from 76 countries and regional and international organizations, 51 development funds and financial institutions, and 107 local, regional and international nongovernmental organizations, as well as 1,850 private sector representatives .

Investment Opportunities Symposium was held in April 2018. The Symposium demonstrated huge local and international investment appetite throughout all of Iraq’s different provinces and promoted new economic models for Iraq such as Public-Private-Partnerships. PPPs should create excellent opportunities for the country, combining support system" rel="">support from public authorities, businesses and civil society. Nine MoUs were successfully agreed, including:

Central Markets Rehabilitation – Al Mustansiriyayah, Al Adl, Al Amal, Al Salihiyya, and Al Shaab. Total project cost: $250m, awarded to Daeco of the UK. Al Muftiyya Project in Basra – Residential, Commercial and Leisure Development. Total project cost $234m, awarded to Daeco of the UK. Soda Complex and Table Salt Production Plant in Al Muthanna. Total project cost: $80m, awarded to Al Ghaith of the UAE. 3 MoUs with Kuwaiti investment group Jawad Bukhamseen to develop hotels and commercial centers in Al Kadhimiyyah, Kerbalaa, and Samarraa. A 5-star hotel and commercial center in Baghdad. The Satellite E-Government Project. Development of the Baghdad Industrial City. Expansion and development of Al Andalus Specialist Hospital in Baghdad. Establishment of a branch of an international specialized university in Baghdad over 25,000 square meters, awarded to Al Hawadi Group of the UAE.

These exciting new initaitives correspond to Iraq’s 5-year plan for 2018-2022. The five-year plan seeks to restructure the economy, putting good governance and multi sector reform at its heart, focussed on the recovery of provinces most affected by internal displacement and difficult security conditions.

The development of Iraq’s investment environment will also enable the development of various sectors and create more than two million new jobs and more integration with regional economies and the global community, paving the way to a bright future.

Great article Thug - thanks.

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:o 

 

thumb image

 

:D  :D  :D 

 

10 hours ago, DinarThug said:

:o 

 

thumb image

 

:D  :D  :D 

 

 
 

LINK

International Islamic Bank
No automatic alt text available.

 

23rd June, 2018

 

And our card became in Iraqi dinars

Our offers died resist 

Get A Master Card Card worth
10000 JD Iraqi 
And live the experience of modernity in electronic payment..
New Mastercard card submitted by
Islamic International Bank
And the currency of Iraqi dinar

We are going to take the road and nwfrlk time
One of the most important card advantages 
The Official discharge rate is approved in case of purchase without the card currency.
- the drainage commission between currencies is reduced.
The Card Works with the protection system on purchase from the internet (3 D secure).
- Free Refill.
- free monthly detection.
- free text messages when making a financial movement and contain the remaining balance in the card.
- free text messages when the card is refill and activated.

You can get it now by visiting a branch of the Islamic International Bank
Or visit one of our agents deployed in all governorates of Iraq.
Customer Service 6070.

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1 hour ago, DinarThug said:

:o 

 

thumb image

 

:D  :D  :D 

 

 

 
 

LINK

International Islamic Bank
No automatic alt text available.

 

23rd June, 2018

 

And our card became in Iraqi dinars

Our offers died resist 

Get A Master Card Card worth
10000 JD Iraqi 
And live the experience of modernity in electronic payment..
New Mastercard card submitted by
Islamic International Bank
And the currency of Iraqi dinar

We are going to take the road and nwfrlk time
One of the most important card advantages 
The Official discharge rate is approved in case of purchase without the card currency.
- the drainage commission between currencies is reduced.
The Card Works with the protection system on purchase from the internet (3 D secure).
- Free Refill.
- free monthly detection.
- free text messages when making a financial movement and contain the remaining balance in the card.
- free text messages when the card is refill and activated.

You can get it now by visiting a branch of the Islamic International Bank
Or visit one of our agents deployed in all governorates of Iraq.
Customer Service 6070.

I have a question... what is JD Dinar? I was wondering if it is the Jordanian Dinar which is 1 - 1.41 USD. The symbol is actually JOD but trying to figure out why anyone would want to carry around a card worth only 10 bucks that you have to prepay. 

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21 minutes ago, juliebug said:

What is JD Iraqi???

 

An Iraqi Completely Plowed On Jack Daniels While Attempting To ‘Float’ At The Current Worthless Rate ...

 

 

 

 

Next Question ...

 

:D  :D  :D 

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13 minutes ago, DinarThug said:

 

An Iraqi Completely Plowed On Jack Daniels While Attempting To ‘Float’ At The Current Worthless Rate ...

 

 

 

 

Next Question ...

 

:D  :D  :D 

Why doesn't Mr Thug have his own blue couch???

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Laid Back

  • Om sai Ram
  • Laid Back
17 minutes ago, Mxmann said:

Why doesn't Mr Thug have his own blue couch???

 

Or At Least A Blue Hammock To Be Sippin’ Blue Hawaiian Mai Tai’s Like Our ‘Slightly’ Drowsy Hero - Hammock Boy ! :cheesehead:

 

:D  :D  :D 

 

Edited by DinarThug
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16 hours ago, ChuckFinley said:

That is the two that stuck out to me too. Show me 1 to 1. 

Go $1:1:twothumbs:

5 hours ago, DinarThug said:

Laid Back

  • Om sai Ram
  • Laid Back

 

Or At Least A Blue Hammock To Be Sippin’ Blue Hawaiian Mai Tai’s Like Our ‘Slightly’ Drowsy Hero - Hammock Boy ! :cheesehead:

 

:D  :D  :D 

 

Clown, talking about hammock. just got a blue one, hand made in South America..... Time for some Mai Tai's and Hawaiian Sativa.

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7 hours ago, juliebug said:

What is JD Iraqi???

 

image.jpeg.e4b38b818edf4b1b8d944d0c8b27e6a4.jpeg
The Jordanian dinar (Arabic: دينار‎; code: JOD; unofficially abbreviated as JD) has been the currency of Jordan since 1950. The Jordanian dinar is also widely used alongside the Israeli shekel in the West Bank. The dinar is divided into 10 dirham, 100 qirsh (also called piastres) or 1000 fulus.
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1 minute ago, Carrello said:

 

image.jpeg.e4b38b818edf4b1b8d944d0c8b27e6a4.jpeg
The Jordanian dinar (Arabic: دينار‎; code: JOD; unofficially abbreviated as JD) has been the currency of Jordan since 1950. The Jordanian dinar is also widely used alongside the Israeli shekel in the West Bank. The dinar is divided into 10 dirham, 100 qirsh (also called piastres) or 1000 fulus.

Thank you Carrello..I was just trying to figure out what the article was talking about concerning JD Iraqi. Since earlier I went on the International Islamic Bank website. The Mastercard pictured on page 1 of  this thread appears to be an International Business Mastercard issued in USD's. The cost for the card is $15.00 for 3 years. The minimum balance is $10 USD and the maximum is $10,000 USD. They have a Travel Mastercard, International Mastercard, Internet Mastercard  and a Gift Card. Aparenty they can load the card with IQD and is converted into USD's. http://www.imtb.iq/services/بطاقة-رجال-الأعمال/  I was hoping in some weird a$$ way the JD Iraqi in goofy translation was giving a hint as to what the rate might be. Maybe I am wrong and there is an International IQD card, but it looks like it is strictly for business owners. 

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Strategic objectives of economic diversification (3)
   

Hamed Abdul Hussain Khudair Jubouri / Al-Furat Center for Development and Strategic Studies

 

The economic and social objectives that economic diversification seeks to achieve are addressed in previous articles (1) and (2). The strategic objectives that will make the country's economy more robust and prudent in dealing with international policies in most areas, especially now known as globalization, will be addressed.

In the absence of diversification and the continuation of unilateralism, dependence on one resource or very limited resources, especially if it is rentier, will make the economy of the country an economy that is not economically independent and is exposed to crises in the international economy. To achieve economic independence and to respond to crises in the international economy, which can be briefly explained as follows:

1. Economic independence

Achieving economic independence and self-reliance in meeting diverse domestic needs is crucial for developing countries to end the state of economic dependency, which means "developing countries are devoted to the export of raw materials to meet the needs of developed economies".

The persistence of the state of economic dependence is the reason for the depletion of economic resources of these countries, through unequal relations, under an international division underdeveloped, which kept them in an enviable state of backwardness compared to the levels of development reached by the developed countries and kept them exporting raw materials and some products Agricultural products at low prices and imported miscellaneous manufactured materials at continuously rising prices [ii].

Most developing countries seek economic dependence and economic independence, even if they gain political independence after the Second World War, because achieving political independence is the first step towards achieving economic independence. Otherwise, what is the benefit of political independence without achieving economic independence? A country without economic independence is subject to the decisions and policies of that world and its dominant powers. As a result of the loss of its economic independence, the country loses all the elements of its sovereignty, even if it enjoys political independence.

The continuity of monopolization of the economy, ie, its restriction on the export of raw materials and certain agricultural products, can not meet the requirements of achieving economic independence, because the unilateral economy places the country in the category of economic dependence because it is not satisfying its varied needs and is satisfied by imports from other countries.

Since economic diversification leads the country out of economic dependence and goes towards economic independence, it can satisfy its diverse needs by establishing and developing the diversified productive base. It does not go to the developed countries except to the extent necessary or at least it can achieve the equality of economic relations

With developed countries, and therefore economic independence was one of the objectives of economic diversification.

2. Confronting crises

A single economy that relies on a single resource or very limited resources, especially if that resource or resources is rent, is exported abroad and uses its revenues to meet diverse domestic demand. It will be a fragile economy that does not have the most basic elements of resistance to crises in the global economy, Especially in the era of globalization which took the world as a small village by virtue of the information revolution and the communications revolution as well as the international institutions represented by the International Monetary Fund, the World Bank and the High Trade Organization, which calls for liberalization in the movement of capital and the movement of goods and services and hands And others.

An economy that does not increase the efficiency of its production and diversification and is limited to a single resource will become a crisis-prone country because it will exhaust its resources and become a market for the products of developed and diversified economies. This is further exacerbated by the fact that Domestic economy products and their competitiveness Being less efficient than imported products, the continued increase in imports leads to the first aspect is the depletion of resources and reserves of foreign exchange resulting from the export of natural resources.

For example, this resource or very limited resource, such as oil, on which the local economy depends, are uncontrollable and domestically controlled, as they are strategic resources that are internationally controlled outside the State, for reasons that may be political, economic, climatic or otherwise.

Moreover, industrialized countries have imposed protection measures in the world markets on developing countries' exports, which has increased the negative impact of the deterioration of growth rates [iv]. Therefore, as a result of the sudden fluctuation of this resource or resources, this fluctuation will move directly to the local economy to achieve the undesirable effects of unifying the economy and not to build or at least mitigate the effects of these effects, that is, not to build a diversified economy.

Where the increase in the economy's capacity to cope with external crises is achieved through the development and diversification of production and export bases [v], while the lack of diversification of exports increases the vulnerability of the country to negative shocks and macroeconomic instability, [6] The economy is fragile and can not cope with the crises in the global economy.

Thus, a country with economic diversification can avoid or even reduce the impact of economic crises, especially those that occur in the world economy, because the country, which enjoys economic diversification, has a lot of preventive measures that prevent the crisis from moving to the local economy or mitigate its effects.

The work is to achieve these goals through:

1- Building an investment climate that encourages attracting investment by facilitating administrative procedures, tax exemptions, political guarantees and achieving security and political stability.

2. To set these goals as a strategic vision at the top of the priorities of decision-makers and planners and harness all the material, financial and human resources to achieve them.

3 - Addressing the challenges faced by the economy such as corruption and weak infrastructure, for example.

4 - Identify the mechanisms used to achieve economic diversification, such as the private sector and the construction of sovereign funds and others, as these objectives can not be achieved without the mechanisms of economic diversification.

5- The State shall exercise the role of supervising the performance of the economy and practicing its amendment when it requires intervention in order to ensure the economy's progress towards achieving these objectives.

Approved sources //

[1] Omar bin Faihan al-Marzouqi, Economic Dependence in the Arab Countries and their Treatment in the Islamic Economy, First Edition, Al-Rushd Library-Publishers, Saudi Arabia, 2006, p.

[2] - Falih Hassan Khalaf, Arab Oil Revenue and its Use in the Industries of Means of Production, Journal of Oil and Development, Second Issue, Third Year, Shirin II, 1977, p. 85.

[3] - Hamid Abdul Hussain Khudair, The Role of Economic Diversification in Economic Independence, an article published on the website of the Al Furat Center for Development and Strategic Studies, available at:

http://fcdrs.com/economical/998

[iv] - Mehdi Sahar Ghilan Jubouri, The Effects of Monetary Shock on Macroeconomic Variables in Iraq, Al-Furat Journal, Al-Furat Center for Development and Strategic Studies, No. 8, February 2017, p.

[v] - Mustafa Qara, The Global Financial Crisis and the Challenges of Restoring Economic Stability and Achieving Global Growth in Arab Countries, Arab Monetary Fund, January 2013, p.

[6] - Nabil Mohamed Dior et al., Economic Outlook of the Organization of Islamic Cooperation, "Enhancing Productivity and Competitiveness", Organization of Islamic Cooperation, Statistical, Economic, Social and Training Center for Islamic Countries, 2014, p.

Editor Website:2018 - 06 - 23
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