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6ly410

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  1. Iraq and Kuwait discuss reducing the causes of regional and international conflicts https://almasalah.com/ar/news/214336/العراق-والكويت-يبحثان-الحد-من-أسباب-الصراعات-الإقليمية-والدولية Baghdad / Obelisk: The Prime Minister, Mustafa Al-Kazemi, discussed with the Prime Minister of the State of Kuwait, Sabah Al-Sabah, Saturday, August 28, 2021, reducing the causes of regional and international conflicts. Al-Kazemi's office said in a statement, that the latter met the Prime Minister of the State of Kuwait, Sheikh Sabah Khaled Al-Sabah, on the sidelines of the Baghdad Conference for Cooperation and Partnership, which started its work today, where they discussed ways to strengthen relations and joint cooperation, in light of the principles of partnership and bilateral coordination, towards issues of concern. and strengthening bilateral positions that consolidate the security and stability of the region. During the meeting, Al-Kazemi stressed Iraq's keenness to strengthen the participants, reduce the causes of regional and international conflicts, direct joint efforts towards solving outstanding problems, and moving the region towards sustainable development. For his part, Al-Sabah praised Iraq's role in strengthening the pillars of international and regional stability, stressing the keenness of the State of Kuwait to strengthen joint work, leading to achieving economic integration and reducing sources of tension and instability in the region.
  2. Jordan's King Abdullah II: A strong Iraq represents a pillar for regional economic integration https://shafaq.com/en/Iraq-News/Jordan-s-King-Abdullah-II-A-strong-Iraq-represents-a-pillar-for-regional-economic-integration 2021-08-28 06:55 Shafaq News/ Jordan's King Abdullah II bin Al Hussein praised on Saturday Iraq's role in "building bridges of dialogue at the regional and international levels." The Jordanian King said in a speech during the launch of the Baghdad Conference for Cooperation and Partnership, "Our meeting in this conference is evidence of Iraq's central role in promoting regional and international dialogue by adopting a policy of balance and openness." King Abdullah indicated that Iraq has been working to consolidate the state of the constitution and the law. Therefore, "there is a priority, which is to support Iraq in these efforts." He added, "We support the Iraqi government's efforts to combat extremism and terrorism, in addition to its efforts to rebuild and enhance the unity and stability of Iraq...A strong Iraq represents a pillar for regional economic integration and creates an environment for cooperation among the region's countries." King Abdullah continued, "This conference is being held in critical developments, including food security and the Coronavirus pandemic," stressing the necessity to find a platform of cooperation and partnership to overcome them. and "the door must be opened to achieving economic, political and social integration
  3. Iraqi Finance Minister "Supports Floating Exchange Rate" for Dinar 27th August 2021 in Iraq Banking & Finance News By John Lee. Iraq's Deputy Prime Minister and Finance Minister has reportedly said that he supports a floating exchange rate for the Iraqi currency, the dinar. Shafaq quotes Ali Allawi (pictured) as telling a press conference on Thursday that the Central Bank of Iraq (CBI) intervenes occasionally to keep the dinar in the range of plus or minus 5 percent, adding: "The exchange rate is not sacred as it was before. Fixing the rate leads to the accumulation of economic problems and explosion later. https://www.iraq-businessnews.com/2021/08/27/iraqi-finance-minister-supports-floating-exchange-rate-for-dinar/
  4. ERBIL (Kurdistan 24) – The Iraqi government announced on Thursday that it no longer needs to borrow certain funds from international financial organizations, but instead requested help in retrieving billions of dollars "smuggled" out of the Middle Eastern nation in recent years. "We do not need loans from the International Monetary Fund (IMF) now and we no longer need the nearly 4 billion dollars for economic reform, after the improvement of the financial situation," said Finance Minister Ali Abdul Amir Allawi in a press conference held at his ministry in Baghdad He added, "Currently there are three available ways for obtaining loans from the Fund. First, the coronavirus loans we did not need, the economic reform loans we did need, and the loans to cover large financial deficits of countries we also did not need." Allawi instead advocated for international assistance in seizing and retrieving money from the nation's coffers that has been smuggled abroad which the minister said amounts to "between $150 billion and $200 billion, only five percent of which is money taken from the former regime." The official provided few details regarding the funds in question or practical plans for how the international assistance would be provided. "The longer this money remains abroad, the more it dwindles. We need cooperation from countries and international courts to recover it, and this task is very complicated and not easily completed." He explained, "We have begun moving on this and talking with several offices to retrieve the money. We started with funds now in neighboring countries, some of which has evaporated, like when the Central Bank of Lebanon told us about the disappearance of 20 billion dollars." In January, Allawi confirmed that Baghdad was in talks with the IMF to obtain a $6 billion loan. At the time, an IMF representative said, "The Iraqi authorities have requested emergency assistance under the Rapid Financing Instrument, in a long-term arrangement, to support the planned economic reforms." The IMF Rapid Financing Instrument provides rapid financial assistance and is available to all member countries facing an urgent balance of payments.
  5. ERBIL — Iraq's Minister of Finance Ali Allawi said on Thursday that his country does not need any loans from the International Monetary Fund (IMF) currently, despite a previous statement by the minister saying that talks had restarted with the IMF for new loans. Speaking to reporters, the Iraqi Finance Minister pointed out that Baghdad, "at the moment", does not need loans from the IMF, reminding that "we needed four billion for the financial reform after the improvement of the financial situation." "Funds could be obtained from the IMF via several routes: the first is Coronavirus, but we did not need it. The second is the financial reform funds, which we needed. The third is sought to cover the massive financial deficits, but we did not need it as well," he added, according to Shafaq News. Earlier on 7th August, Allawi pointed out that Iraq has brought back the talks to the table with the IMF for a $4 billion loan after a halt of such efforts earlier in the year. Iraq started to face an economic crisis after the emergence of the coronavirus and after the oil prices began to fall down dramatically. It started talks with the IMF on loans, but the discussions were halted after the economic situation improved slightly with higher prices of oil. "I don’t think we’ll reach an agreement with IMF before the end of this year," Allawi told reporters in Baghdad at the time.
  6. Japan announces its support for Al-Kazemi's white paper and attends the Baghdad conference as an observer 2021-08-21 10:07 Shafaq News/ On Saturday, Iraqi Prime Minister Mustafa Al-Kazemi invited Japan to attend the Baghdad conference to be held at the end of this month as an observer, while the Japanese Foreign Minister expressed On his country's readiness to support the implementation of the "white paper" for economic reform in Iraq. Al-Kazemi's media office said in a statement received by Shafaq News Agency, that the latter received today, the Japanese Foreign Minister, Mr. Toshimitsu Motegi and his accompanying delegation, indicating that the two sides discussed ways to strengthen bilateral cooperation, intensify economic exchange, and joint coordination between the two countries. The Prime Minister stressed, according to the statement, during the meeting the importance of the Japanese experience from an Iraqi perspective, and the relentless effort to benefit from it, stressing that the Iraqi arena has become open to Japanese investments in various fields, especially the fields of energy, oil, electricity, and alternative and renewable energies. Al-Kazemi expressed his appreciation for the role played by Japan on regional issues, and praised the projects funded by Japan, in the areas liberated from terrorist gangs of ISIS through the path of establishing security and sustainable development in them. The Prime Minister reiterated to the visiting delegation the invitation of Japan to attend, as an observer, the Baghdad Conference for Cooperation and Partnership, which Iraq will host at the end of this month. For his part, the Japanese Foreign Minister, Mr. Toshimitsu Motegi, praised the Iraqi initiatives, which received a positive response at the regional and international levels, and considered them a pillar of consolidating security and stability in the region, and efforts to calm it down. He expressed Japan's support for the government's economic reform program represented by the White Paper programs, and reiterated Japan's readiness to support the implementation of the White Paper, through the Economic Communication Group formed in late 2020. The Japanese delegation confirmed that its country is continuing to provide aid and cooperation programs with Iraq in the field of combating terrorism, combating extremism, and confronting the Corona pandemic. https://shafaq.com/ar/سیاسة/اليابان-تعلن-دعمها-لورقة-الكاظمي-البيضا-وتحضر-م-تمر-بغداد-بصفة-مراقب
  7. Monetary policy challenges and monetary stability opportunities (analytical study) https://economy-news.net/content.php?id=26064 Samir Al-Nusairi* an introduction Monetary policy applications face great challenges for many reasons related to the effects and repercussions of the economic reality that Iraq has experienced since 2003 and is still going on and during the previous years and since the issuance of the Central Bank Law No. To achieve monetary stability, especially during the economic, financial and security crises that Iraq experienced due to the instability of oil prices, which is the main resource for the general budget, the outbreak of the Corona pandemic and the war on terrorism, and the Central Bank is still making clear efforts on this path. The central bank during its course of the previous years and is still continuing in the same pace and approach to achieve the goal of monetary stability.I reviewed the Central Bank’s procedures since the issuance of a law in 2004 and reviewed some of the selected studies and research that it previously issued and documented its procedures, policies and programs in the applications of monetary policy and linking all of this to the economic reality through coexistence, follow-up and monitoring. The Central Bank of Iraq .. Jobs and the path of achievements (1) The Central Bank of Iraq is a solid, sovereign, economic and financial institution founded in 1947 of the last century. It is specialized in drawing up the paths and policies of monetary policy applications, supervision and control of the banking sector, and is considered the financial advisor to the government. And the Central Bank of Iraq had a key role in managing the economic process in Iraq after the change in 2003 according to its new law 56 of 2004 and through its management of monetary policy and the achievement of its objectives. Building the introductions to the transition from the philosophy and strategies of the central economic system in managing the economy to the philosophy, strategies and mechanisms of a market economy.The most important feature of this stage is the empiricism and the practice of economic policies and jurisprudence that depend mainly on the application of market economy mechanisms without relying on the basic economic pillars of this transition. The unstable security clearly contributed to the dispersion of applications in economic and financial policies and the different visions and strategies to reach the specific central goals, in addition to the shortcomings in some articles of the legislative environment of the economic laws in force and issued in 2004 that regulate the economic process, which led to a disturbance in the application. Achievement Walk (1) However, the Central Bank of Iraq and the banking sector have taken great development steps towards moving from banking activity to real and developmental activity, especially during recent years. Since the issuance of laws regulating banking work in 2004, great achievements have been made in the field of: * Reducing the hyperinflation that Iraq was suffering from and bringing it to good rates, amounting to less than 2 percent, as indicated by data and financial indicators.. * And that the Central Bank of Iraq was able to maintain for several years the exchange rate of the Iraqi dinar against the US dollar in a balanced manner, despite the fluctuation and variation upwards And down according to the difficult economic conditions and the financial and economic crises due to the drop in oil prices, the war on terrorism and the speculations that occur in the markets. * Issuing instructions, controls, memoranda, and regulatory and guiding regulations that are consistent with international standards and requirements of compliance regulations and rules, combating money laundering and terrorist financing, and issuing a law regulating this in 2015 and liquidating 700 notes diagnosed by the Financial Action Group (FATF), which moved Iraq from the gray area to the regular follow-up Every two years * Controlling the violations that occur by reviewing, evaluating and classifying banks for the purposes of comprehensive evaluation according to the (camels) system and for the purposes of the foreign currency sale window, with the aim of controlling the movement of foreign currency and limiting its disposal other than the specific economic goals of monetary policy applications. As dealing with the sale of foreign currency is one of the largest open market operations in controlling the levels of local liquidity and putting the cash surplus in its proper tracks, which is a good economic indicator that the exchange rate will be stable despite the difficult economic conditions that Iraq went through after 2014. * The Central Bank of Iraq was able to maintain a good foreign cash reserve despite the conditions of economic stagnation, yet it formed a safe cover for the Iraqi dinar and to cover trade within a period of more than six months, which is an internationally approved standard rate. * He clearly contributed to covering the deficit in public budgets according to what was planned by re-discounting treasury bonds issued by the Ministry of Finance and issuing international treasury bonds, in addition to the praise of the Bank and the International Monetary Fund for the economic and financial reform programs adopted by the Central Bank in accordance with its five-year strategy. * Forming a joint committee between it and the finance department to coordinate between the fiscal and monetary policies, and many coordination measures were achieved because of this. In Baghdad and abroad, it is well in line with oil prices and developments on the local and regional arena. * The calculated and bold economic and financial measures carried out by the Central Bank and its successful experience in providing continuous support to the Iraqi economy, in addition to its initiative to revitalize the economic cycle, launch and follow-up the implementation of its multiple initiatives to finance small, medium, housing and investment projects in the housing, agriculture, industry and services sectors, support banks’ liquidity and achieve two economic and social goals at the same time . * Taking other important measures by establishing the Deposit Insurance Company, which has begun its tasks for the purpose of restoring confidence in the banking sector and increasing the savings rate for the monetary mass in banks at the expense of the hoarding ratio. * All of this was accompanied by structural and structural developmental developments in all the specialized and qualitative departments of the bank, focusing on total quality management, institutional development, adoption of international standards, risk management, banking awareness, technical developments in payment systems, electronic payment and information technology, which contributed to the transition of the Central Bank’s work policies and procedures to an advanced stage on the Steps to achieve monetary stability. Therefore, the Central Bank of Iraq is responsible for the monetary policy in Iraq and its applications, and for the developmental role that it must play as a solid sovereign institution in drawing up and implementing monetary policy in conditions of intertwined plans and policies. But then monetary policy had clear features, directions, and strategies. The functions of the Central Bank of Iraq are to achieve the above objectives as follows: First - Formulation and implementation of monetary policy, including the exchange rate policy. Maintaining and managing all foreign reserves. Secondly, managing the government's gold reserves. Third - Issuing and managing the Iraqi currency. Fourth - Monitor and enhance the safety and efficiency of payment systems. Fifth - Issuing licenses or licenses for banks, regulating and controlling banks as specified in Banking Law No. 94 of 2004. monetary policy tools The most important monetary policy tools that have been achieved during the past years can be identified as follows: First: the relative stability of the exchange rate rates The current structure of exchange rate stability, despite the rise and fall to the current rates several times during the past three years, has given the Iraqi economy an opportunity to rebuild and grow its relative, although prices have not fully stabilized, and the matter is partly due to instability The nature of the security and political conditions, the drop in global oil prices, and the weakness of economic planning. Second: Tight monetary policy The strict monetary policy adopted by the Central Bank of Iraq within the framework of its strategy aimed at achieving the goal of stability, and its release of freedom of external transfer according to the principles and controls that have been modified several times, but the monetary trading market has not been fully controlled due to speculation in the parallel market and the weakness of The mechanisms and policies adopted in activating and stimulating the macro economy and the loss of coordination between the relevant economic circles and agencies. Third: Reducing the inflationary phenomenon The gradual decline in the inflationary phenomenon reflects the positive effects of the policy of the Central Bank of Iraq in strengthening the exchange rate of the Iraqi dinar, which has had strong effects on the stability of the prices of exchangeable goods, as this policy led to a reduction in annual inflation rates during the years 2018-2019. It requires the Central Bank of Iraq to adopt a policy aimed at reducing inflation and addressing its trends and causes after changing the new exchange rate for subjective and objective reasons, which were embodied in its new measures and initiatives to revitalize the economic cycle and stimulate the economy, although the other concerned sectors and ministries did not show cooperation and coordination with the Central Bank in implementing what was done. Agreement on it before changing the exchange rate, which was clearly indicated by the Central Bank statement in December / 2020, which announced the new exchange rate for the dinar to the Ministry of Finance, banks and the public (attached to the study). In a manner that provides broader monetary stability in a way that accelerates the balance and stability of the financial market and overall stability in the country. Fourth: Controlling and managing liquidity levels. Based on the rules of economic stability, monetary policy works by analyzing the money supply in its narrow and broad sense, the situation of liquidity, and determining the money supply and its components in the broad concept (cash liquidity). Hence, the lack of control over the liquidity rates at their minimum and upper limits and within the criteria specified by the Central Bank of Iraq. Fifth: Stimulating banks to head towards the market. In implementation of the approved monetary policy and in a manner that serves to expand the scope of credit and achieve the goals of economic development, the bank has used this tool with the intention of controlling the cash liquidity through the banks’ orientation towards the market and contributing to achieving economic stability by granting cash credit to finance the economic sectors in agriculture, industry, services, trade and housing, but the conditions of Iraq's economic, security and political failure to give a key role to the private banking sector has led to the weakness of the private sector's leadership in the market. Monetary policy, monetary stability, independence and foreign currency window Monetary policy was and still constitutes a fundamental theme in the economic process in the country. It is a reflection of the state's general performance and the extent of its seriousness in avoiding difficulties, dilemmas and crises and making it consistent with the set goals. In light of the economic changes after 2003, the need arose for radical reform of the Central Bank and a new law was issued, which confirmed its independence and established its primary role in protecting the country's resources. His tasks were identified as facing money laundering and attempts to finance terrorism, which stand at the forefront of the challenges facing the Central Bank of Iraq. Also, ensuring the safety of monetary operations through the foreign currency sale window is also essential to the bank's performance and to establish the principles and rules of legitimate dealing in a sound atmosphere of control and supervision. As well as maintaining the independence of the bank and enabling it to perform its mission without government interference and making it an effective institution and a guarantor of the interests of society as a whole. In addition to its control over the stability of the exchange rate and the management of the money supply. The process of selling foreign currency needs a deep understanding in light of the major accusations against the bank without evidence to prove the existence of suspicions of corruption, money laundering or currency smuggling. And the proposition that says that selling currency is a waste of public money, this description is not relevant to economic science and that there are many countries practicing this process and it is one of the main functions of central banks in the world. The Central Bank of Iraq exercises multi-dimensional functions. It is concerned with financial stability, managing the payments system, managing foreign reserves, licensing and monitoring banks and financial institutions, and setting preventive controls, in addition to other tasks related to cash issuance and the dissemination of data, indicators and economic forecasts. Among the main tasks carried out by the Central Bank is the management of monetary policy, which aims to control inflation, stimulate the economy, make full use of it, balance the balance of payments and achieve monetary stability. The achievement of monetary policy goals depends mainly on the independence of the central bank, and the independence here is in the ability of the central bank to control and control the size of the monetary mass, and despite what is stipulated in the laws of central banks in most countries of the world, this independence from a realistic and practical point of view is subject to other influences and challenges , to varying degrees affect that independence. Monetary stability represents the starting point towards economic stability, and this requires monetary stability, which is the ability of the monetary authority to achieve price stability at target levels. Challenges and Opportunities (2) Monetary policy faces (many challenges, the most important of which are: First - the rentier economy, which leads to rentier behavior, in which resources are wasted through consumer spending, waste, slack, inefficiency and an increase in rentier spending with the inflexibility and lack of diversity of the local production system, import increases, import increases, and foreign currency conversion into dinars increases in favor of The government by the central bank, which constitutes amplifying pressure and pressure on the balance of payments Second - Fiscal Policy: The nature of public revenues (dollars at 95%) and it constitutes the monetary basis of the Central Bank, and government spending is the determinant of the expansion of the money supply, and here the phenomenon emerges Which represents a challenge to monetary policy, including: 1- Covering local expenditures from local revenues does not exceed 5%, which leads to the replacement of the foreign currency (derived from oil revenues) with the local currency (the dinar) through the Central Bank, which affects the money supply broadly. 2- It weakens the flexibility of expenditures and revenues, which are often governed by wills and political influences that cause expenditures that are difficult to reduce, such as salaries, subsidies, and others. Instead of adjusting expenditures according to revenues or increasing non-oil revenues. 3- Government spending did not aim to expand local production capacities, create conditions and support the private sector, and there was no increase in the productivity of public sector companies. Rather, they continued to receive public budget support despite their large and accumulated losses. Third: Financing the public budget deficit: The deficit in the state's general budget represents the biggest challenge to monetary policy, and it is inversely proportional to the independence of the Central Bank when this deficit is financed by the bank's purchase of treasury transfers. The Central Bank has deducted treasury transfers during the period from the end of 2015, until the present time, for the purpose of paying salaries and dues to contractors and farmers. Fourth - The phenomenon of dealing with cash: The monetary mass that is circulated outside the banking sector and its channels represents a large amount exceeding 65 trillion dinars. Fifthly, the weakness of the financial depth. The financial markets (stock and bond markets, capital markets, money markets) are limited, which misses the opportunities for employing local savings, reducing the phenomenon of hoarding and withdrawing liquidity to be used in real sectors. Sixth - Weakness of the banking system: The banking system represents a cornerstone of the economy and the main link in it and an important arm of the Central Bank in achieving monetary stability and an important factor in helping to manage the monetary mass through the tools of the Central Bank that it performs through the banking system through interest rates and mandatory reserves Buying and selling securities and the exchange rate market.. However, this sector suffers from many challenges, including: 1- Limited banking products and services qualitatively and geographically. 2- The dominance of government banks over the sector by more than 80%. 3- Bad debts and credit concentration. 4- Weak institutional governance. 5- Receiving financial shocks due to the decrease in the real sector activity and the failure of the government to pay the dues of contractors, suppliers and others. Seventh - Decrease in domestic investment and increase in foreign savings: Due to the security, political, legislative and regulatory environment conditions, a large proportion of savings go to investment outside Iraq, and with the weakness of foreign currency imports from export sources, all of this leads to the central bank becoming the party that monopolizes the currency supply. The foreign exchange market is completely ie, it is de facto the only source that covers the demand for foreign currency. Eighth - Weak coordination between fiscal and monetary policy: The fiscal and monetary policies constitute the pillars of economic policy, and since fiscal policy plays an important role in managing public expenditures and revenues, which directly affect GDP, money supply, aggregate demand and employment, coordination between it and monetary policy is important without it. Monetary policy is receiving great pressures and challenges, and with the absence of this coordination, monetary policy has been a continuous source of waves of increasing spending, weak domestic revenues and weak investment spending. * Financial advisor and banker of sources (1) Al-Nusairi Samir, the Central Bank of Iraq in the face of the challenges of the economic and financial crisis (2015-2017) (2) Selected studies and research issued by the Central Bank and published on its website. Views 478 Date Added 08/21/2021
  8. Funding the north with the oil of the south is another face of political corruption in Iraq Sunday 16 August 2021 Dr.. Haider Hussein Al Tohme https://annabaa.org/arabic/economicarticles/28130 The oil file has been a pivotal factor in the fluctuation in the stability of relations between Baghdad and the Kurdistan Region for years, and the regional government has used its political relationship with the ruling parties in Baghdad as a pressure card to achieve economic gains and acquire sovereign revenues for the benefit of the Kurdistan Regional Government, as well as raising the region’s share in the federal budget from (12) %) to (17%) in the government of Nuri al-Maliki in a political deal that was passed at the expense of the stricken southern governorates. As for Haider al-Abadi’s government, the scene has changed a lot after the government returned the region’s share to approximately 12% of the federal budget, and obligated the region to hand over oil and sovereign revenues in exchange for releasing the region’s share of the budget. The federal budgets of the Haider al-Abadi government included a binding paragraph that stated: “In the event that any party (the federal government, the Kurdistan Regional Government) does not fulfill its oil and financial obligations agreed upon in the budget, the other party is also not bound by its oil or financial obligations.” Haider al-Abadi's government has committed to the text of this article, despite the Kurds' acquisition of the finance portfolio for a period of time. In 2018, the regional government supported former Prime Minister Adel Abdul-Mahdi with the aim of refinancing the region from the federal budget without oil or financial compensation. Al-Mahdi in financing the region’s share of the federal budget for 2019, despite the text of Article (10/Second/A) which stipulates that the region hand over the agreed share of (250) thousand barrels per day to SOMO, which was not achieved throughout 2019, despite the regional government’s receipt All its share of the federal budget, which amounts to more than (9) trillion dinars, without the delivery of oil and non-oil revenues to the region. At that time, the federal government ignored the text of Article (10/Second/C) in the Federal Budget Law for the year 2019 in force by deducting the amount of damage caused by the Kurdistan Region’s failure to deliver the agreed quantity (250 barrels per day), from the region’s share in the 2019 budget. In addition to the Kurdistan Regional Government’s violation of the text of Article (10/Second/D) in the Federal Budget Law for the year 2019 in force, which obliges the Kurdistan Regional Government, when there is any increase in the exported oil quantities, to deposit the actually earned revenues to the account of the state’s public treasury, and the region’s exports have exceeded (500) thousand barrels per day in 2019, according to the statement of the Federal Oil Ministry. In the middle of the year 2020, after Mustafa Al-Kazemi obtained the support of the Kurds in forming a new government, Al-Kazemi immediately took the initiative in taking power in Iraq in the month of May 2020 to pay an amount of (400) billion dinars to the Kurdistan Regional Government as a goodwill gesture to resume negotiations on the existing differences, despite the difficulty The financial situation in the state treasury at the time, and Iraq's loss of two-thirds of its oil revenues due to the collapse of oil prices in global markets. The Ministry of Finance stipulated in Article (2) of the financing letter sent to the region that a final settlement should be reached between the center and the region within a maximum date of (30) days from the date of depositing an amount of (400) billion into the account of the regional government. At the beginning of August of last year, the Ministry of Finance evaluated the results of the conduct of the commissioners between the two parties seriously and clearly, noting that the financial payments sent to the Ministry of Finance of the Kurdistan Region did not reach the beneficiaries, in addition to receiving requests signed by tens of thousands of employees of the region to link their salaries through banking mechanisms to the government. Federal directly. In addition to the Kurdistan Regional Government's refusal to provide the financial revenues obtained from the customs ports, which is in violation of the principle of partnership contained in Article 114 (first) of the Constitution to ensure control over the border crossings in the region. The irony is that the aforementioned Ministry of Finance statement on the progress of negotiations with the Kurdistan Region held the latter responsible for obstructing reaching a fair agreement between the two parties consistent with the constitution and the law, despite the region receiving an amount of (400) billion dinars, but the statement of the Ministry of Finance was met with a letter directed by the General Secretariat of the Council The Ministers obligate the Minister of Finance to disburse the amount of (320) billion dinars to the account of the Kurdistan Regional Government. The aforementioned book reveals a number of manifestations, the most important of which is the submission of the Baghdad government to political pressures at the expense of the national interest, and the continued acquisition of large sums by the Kurdistan Regional Government of the federal budget without a significant return. Despite the repeated reneging of promises and pledges that the Kurds make annually to acquire a share of the federal budget in exchange for promises only, the Federal Budget Law for 2021 was also disappointing after including the same mined texts in the new budget, due to a political deal between the leaders of the blocs and the three presidencies that took place in early January The first 2020. The draft budget for the year 2021 included many items that restore the same biased scene in favor of the North at the expense of the resources and interests of the South, as follows: 1- (Article 11/second) in the 2021 budget did not refer to the mechanism for settling accounts between the center and the region if the latter waived its obligations, and a paragraph (and the accounting settlement between the center and the region is done monthly) should have been added to the text of the aforementioned article, for the purpose of settling accounts on a monthly basis and deduction The amount of damage resulting from the region's non-compliance for one month of the financing due for the following month. 2- The draft budget did not mention the fate of the federal government’s accumulated debts owed by the region due to the latter’s failure to implement its financial obligations, which should add an article obligating the region to pay its debts to Baghdad due to the receipt of huge financial payments free of charge during the past years, the latest of which is the receipt of nearly (10) trillion dollars Dinars in 2019 without delivering a single barrel of oil to the central government, contrary to the text of the 2019 budget law. 3- The following paragraph should have been added at the end of Article (11) regarding the region ((in the event that any party (the federal government, the Kurdistan Regional Government) does not fulfill its oil and financial obligations agreed upon in this budget, the other party is also not bound by its oil or financial obligations. .)) North oil is above the law The National Oil Marketing Company "SOMO", at the end of last July, calculated the total revenues and exports of crude oil during the first half of this year. Somo indicated that the sales of the Kurdistan region, which took place outside the exports of the National Oil Marketing Company, and exported directly by the region, amounted to about (77) million barrels, while its total revenues, if calculated at the export price of a barrel of Kirkuk crude oil by a marketing company, amounted to about (77) million barrels. Oil is about 4.8 million US dollars. Despite the marathon negotiations prior to approving the budget and the agreements it included at the time, which were included in the budget’s strength, stipulating that the region would deliver an amount of (250) thousand barrels per day of oil, and half of the other financial revenues to the federal government, in return for obtaining a percentage of (12.6%). However, the region did not deliver a single barrel of oil to Baghdad, nor did it transfer the values of oil or non-oil revenues to the federal treasury, as stipulated in the agreement. According to members of the Iraqi Council of Representatives, Baghdad agreed to send another financial payment of (200) billion dinars to the Kurdistan Region. After the first payment was sent last month. It is expected that the current government will continue to send monthly payments to the Kurdistan Regional Government without legal cover and in violation of the provisions of the Federal Budget Law, which obliges the region to deliver oil revenues of at least (250) thousand barrels per day, in addition to half of the non-oil revenues generated in the ports of northern Iraq. In return for handing over the region's share in the federal budget. The continuation of the current political approach of the ruling power parties, which is based on the bias of the regional government and the bartering of power and political gains for the wealth and rights of the Iraqi governorates, and the southern ones in particular, is one of the most prominent and heinous files of political corruption in Iraq. The continuation of these practices portends the division of the country’s unity and the possibility of the independence of the southern oil-producing governorates, especially with the weak service reality, the deterioration of infrastructure, and the spread of poverty and deprivation rates in these governorates, in return for the northern governorates enjoying the wealth of the north and south at the same time.
  9. 2021/08/17 17:18 The Central Bank discusses the national strategy for financial inclusion https://almasalah.com/ar/news/213834/البنك-المركزي-يبحث-الاستراتيجية-الوطنية-للشمول-المالي Baghdad / Obelisk: The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mikhaif, discussed, Tuesday, August 17, 2021, the national strategy for financial inclusion. The media office of the Central Bank of Iraq said in a statement that it followed up with "The Obelisk" that the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhif, chaired the meeting of the Supreme Committee for Financial Inclusion in Iraq. He added that the attendees stressed the importance of the committee's role in spreading financial inclusion, its economic and social dimensions and other important aspects. He continued, that the need to draw an integrated vision for financial inclusion was discussed, especially since this topic is of interest to all countries, not only Iraq, especially since its goals are multiple, foremost of which is the inclusion of all segments of society with banking services, which is no longer a secondary issue but a daily necessity. The governor explained, according to the statement, that the Central Bank of Iraq has provided the necessary infrastructure to advance the reality of financial inclusion, foremost of which is the best payment systems in the world, which represent the cornerstone of financial inclusion. The statement continued, that a presentation was presented to prepare the preparation of the national strategy for financial inclusion, which included the most prominent steps and objectives undertaken by the Central Bank of Iraq so far in order to achieve the goal sought by the framework of this committee. For their part, the members of the committee presented their interventions on the importance of the participation of their institutions in this committee and expressed their readiness to provide support as far as promoting financial inclusion is concerned.
  10. Aware / The Central Bank talks about a vision that ensures the inclusion of all segments of society in banking services August 17, 2021 5 Views https://al-iraqinews.com/archives/160658 conscious / follow On Tuesday, the Central Bank of Iraq talked about a vision that ensures the inclusion of all segments of society in banking services. A statement by the bank’s media office, received by (Iraqi Media News Agency / INA), stated that “the governor of the Central Bank of Iraq, Mustafa Ghaleb Makheef, chaired today the meeting of the Supreme Committee for Financial Inclusion in Iraq.” The statement added, "The attendees stressed the importance of the committee's role in spreading financial inclusion, its economic and social dimensions, and other important aspects." He continued, "The need to draw an integrated vision for financial inclusion was discussed, especially since this issue is of interest to all countries, not only in Iraq, especially since its goals are multiple, foremost of which is the inclusion of all segments of society with banking services, which is no longer a secondary issue but a daily necessity." The Governor of the Bank explained, "The Central Bank of Iraq has provided the necessary infrastructure to advance the reality of financial inclusion, foremost of which is the best payment systems in the world, which represent the cornerstone of financial inclusion." The statement said: "After that, a presentation was presented to prepare the preparation of the national strategy for financial inclusion, which included the most prominent steps and goals undertaken by the Central Bank of Iraq so far in order to achieve the goal sought by the framework of this committee." And he indicated, "The members of the committee gave their interventions on the importance of their institutions'
  11. The Central Bank discusses the national strategy for financial inclusion Tue, 17 Aug 2021 4:40 PM Baghdad / National News Center https://nnciraq.com/81104/ Today, Tuesday, the Central Bank discussed the national strategy for financial inclusion, stressing the importance of the committee's role in spreading it and its economic and social dimensions and other important aspects. And the bank’s media stated in a statement received by the “National News Center”, that “the Governor of the Central Bank of Iraq, Mustafa Ghaleb, chaired a meeting of the Supreme Committee for Financial Inclusion in Iraq, and the meeting discussed the need to draw an integrated vision for financial inclusion, especially since this issue is of interest to all countries and not Only in Iraq, especially since its goals are multiple, foremost of which is the inclusion of all segments of society with banking services, which is no longer a secondary issue but a daily necessity, while stressing the importance of the committee’s role in spreading financial inclusion and its economic and social dimensions and other important aspects. Ghalib said during the meeting, according to the statement, that "the Central Bank of Iraq provided the necessary infrastructure to advance the reality of financial inclusion, foremost among which is the best payment systems in the world, which represent the cornerstone of financial inclusion." The statement continued, "The presentation was presented to prepare the preparation of the national strategy for financial inclusion, which included the most prominent steps and goals that the Central Bank of Iraq has undertaken so far in order to achieve the goal sought by the framework of this committee. The members of the committee presented their “interventions on the importance of their institutions’ participation in this committee,” expressing their “willingness to provide support as far as promoting financial inclusion.
  12. Al-Nusairi: The summit of leaders of neighboring countries is an important step for Iraq's return to its desired economic position Samir Al-Nusairi https://economy-news.net/content.php?id=25979 Economy News - Baghdad The economic and banking advisor to the Association of Iraqi Private Banks, Samir Al-Nusairi, confirmed that the Baghdad summit is an important step for Iraq's return to its economic position in the region that has witnessed economic conflicts and wars for years. Al-Nusairi said, in his speech to "Al-Iqtisad News", that "Iraq's invitation to the leaders of the Arab and regional neighboring countries to attend the meetings of the upcoming conference in Baghdad in the coming days is an important step for Iraq's return to its political and economic position in the region that has witnessed regional political and security conflicts and economic wars for several years." And Iraq's attempt to open up to build balanced political, economic and security relations with brotherly and friendly countries, and in particular with the countries of the geographical region, in which the Arab depth of Iraq constitutes the basis and essence . He added that Iraq's invitation to the leaders and the preparation and preparation for the conference on an exceptional basis, whose upcoming convening comes shortly before the legislative elections, is a sure evidence of the new foreign relations strategy adopted by Iraq several years ago. The Iraqi Finance Ministry to set the executive procedures for implementing the memoranda of understanding between the two brotherly countries, as well as the continuation of the successive meetings between the leaders and representatives of the countries of Iraq, Egypt and Jordan, and reaching important agreements on the economic level . Al-Nusairi explained that strengthening balanced Iraqi-Arab and regional relations in all political, security and economic fields, in particular cooperation, communication, strengthening and activating banking relations among them, especially in foreign banking transactions, and stimulating and encouraging investment companies to invest in Iraq will lead to strengthening the financing and investment fields, especially reconstruction projects. liberated cities . Al-Nusairi pointed out that the Iraqi economy is currently going through an important transitional stage, which is the strategy of leaving the crisis stage to the stage of economic stability after the elections and achieving the goal of radical and comprehensive reform and reform in all fields, after achieving a wide participation of the people in it. Especially after the wide international, regional and Arab openness to Iraq and the beginning of building new strategic relations, and that what concerns us here is the future of international economic, financial and banking relations in general and with the countries of the geographical region in particular and some Arab countries with influential economic depth and building bridges of relationship together to serve the opening of promising horizons for communication, exchange of benefits and encouragement Investing in Iraq, developing infrastructure and banking technology, increasing inter-banking transactions, and finding new ways to cooperate with the sober correspondent banks in those countries.. Al-Nusairi hinted that the recent bilateral meetings between the Central Bank of Iraq, Arab and foreign banks and representatives of the World Bank had actually yielded, which helped draw a road map for joint communication and coordination for the purpose of actually directing the implementation of the outlines reached for building and restoring economic and financial relations, as it was agreed to develop and open horizons Extensive cooperation in the economic and banking fields, correcting tracks and overcoming all obstacles that stand in the way of building sound and solid banking relations . Al-Nusairi expected that the conference would come out with important recommendations and decisions that have a clear impact on political, economic and security stability in the region and building balanced sovereign relations between Iraq and neighboring countries that will reflect positively on everyone . Views 261 Date Added 08/15/2021
  13. SULAIMANI — Kurdistan Regional Government (KRG) Representative in Baghdad Faris Isa said on Saturday night (August 14) that the federal Council of Ministers has decided to send 200 billion Iraqi dinar ($137 million) to the Kurdistan Region for this month. Under an agreement with Prime Minister Mustafa al-Kadhimi, the KRG began to receive a monthly stipend of 200 billion dinars per month in July. The agreement, however, does not resolve major budget disagreements between Erbil and Baghdad, which have prevented the implementation of the 2021 Federal Budget Law. KRG officials are keen to note that the stipend is not the Region’s budget share. Isa told NRT that the federal Ministry of Finance, relevant offices, and the KRG representation in Baghdad have been informed of the transfer. He said that the money is expected to be transferred to the Region on August 25, adding that the transfer will continue until the end of this year and is guaranteed. During 2020, the KRG struggled to pay its employees, missing five monthly disbursements entirely and cutting four others by nearly a quarter. Government employees had their pay cut by twenty-one percent during the first six months this year. Workers were paid in full in July for the first time in more than a year. It is unclear whether public servants will receive a full salary in August or beyond. The salary cuts have had a significant effect on the economy of the Kurdistan Region because of the KRG’s role as the Region’s most important employer. (NRT Digital Media)
  14. 08/14/2021 21:42 The region receives 200 billion dinars as part of its share according to the budget law https://almasalah.com/ar/news/213693/الاقليم-يستلم-200-مليار-دينار-ضمن-حصته-بموجب-قانون-الموازنة Baghdad / Obelisk: The Kurdistan Regional Government revealed, on Saturday, August 14, 2021, the issuance of a decision by the federal government to send 200 billion dinars to the region, as part of its share under the 2021 budget. The representative of the Kurdistan government in Baghdad, Faris Issa, said, "The federal government decided to send 200 billion dinars to the Kurdistan government this month, as a government letter was issued to the Federal Ministry of Finance for the purpose of disbursing the amount and transferring it to the region." He added, "The Kurdistan Representation in Baghdad also received the book." Follow the obelisk
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