Douglas Silliman reveals the secrets of the Iraqi delegation's visit to Washington and makes recommendations regarding the dollar

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Foreign Minister: Our meetings with US Treasury officials were positive and above expectations

Iraqi News Agency

Foreign Minister: Our meetings with US Treasury officials were positive and above expectations

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The talks with Washington have nothing to do with the value of the dinar. Everyone is waiting for "nothing will happen"

Baghdad Today

The talks with Washington have nothing to do with the value of the dinar. Everyone is waiting for "nothing will happen"

•  26 minutes ago
•  

Baghdad Today-Baghdad

The visit of the Iraqi delegation to Washington is receiving great attention and anticipation at the level of popular, economic and political circles in the country, amid aspirations for the results of this visit and the understandings it will lead to related to financial policy and "dollar" transactions in Iraq.

After the US Federal Reserve imposed measures on dollar transfers leaving Iraq, many began to look forward to the need for understanding with the American side, especially after the deterioration of the value of the Iraqi dinar and its arrival to record levels in the parallel markets.

Foreign Minister Fouad Hussein led an economic and banking delegation to Washington since Thursday to discuss "sensitive and important" files, amid counting on the possibility of a rebound of the dinar on the back of this visit.

In a press conference held yesterday between Iraqi Foreign Minister Fuad Hussein and his US counterpart Antony Blinken, Hussein stressed "continuing to work together on the basis of building our economy," while Blinken said: "We are working to strengthen the Iraqi economy and reintegrate it into the region, and this comes within the framework of the Strategic Framework Agreement, which links the two countries," adding, "Now we are focusing very intensively on the economic dimension of that agreement."

Mueen al-Kadhimi, a member of the parliamentary finance committee, expressed hope that the dialogue would lead to concrete understandings, especially since Iraq will make pledges to transparency of its financial transfers.

The Iraqi delegation is supposed to present a set of solutions on preventing currency smuggling, as well as explain government procedures and the procedures of the Central Bank of Iraq on reducing money laundering and currency smuggling, and will work to find solutions that lift some of the emphasis on Iraq in its trade and foreign dealings.

 

But according to observers, it is illogical for Iraq to act and demand that Washington "ease control measures", because this means recognition by Iraq to give it an additional opportunity to open the door to "smuggling" and reduce the monitoring of "illegal" money transfers.

Accordingly, the most likely negotiation process with the U.S. side is to find an alternative way to pay the "governmental" financial obligations of countries such as Iran, Russia, and others, rather than to ease the controls imposed on banks, currency traders, remittance holders, and currency smuggling.

As for the rise in dollar prices, it is linked to the continued continuous demand for dollars in parallel markets, which Washington has no authority over, but rather the responsibility of the Iraqi authorities, according to observers.

 

[Hotcurl]

1 hour ago, Pitcher said:

So many meetings and nothing really gets done.  Iraq is in DC begging for money imo.  

 

Yep, it sure looks like a lot of photo ops, vaguely worded press releases and more mutual bloviation. 

 

"where's the beef " ? 

 

Just sayin' ...............

 

Semper Fi 

[6ly410]

Foreign Minister: Our meetings with US Treasury officials were positive and above expectations

Political 

• Today, 20:43

[6ly410]

 

Foreign Minister: We have seen support from US officials for the policy of the Central Bank of Iraq

Posted 7 seconds ago

 

News Source /Iraqi News Agency (INA)

Foreign Minister: We have seen from US officials support for the policy of the Central Bank of Iraq - Iraq News (iraqakhbar-com.translate.goog)

 

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Foreign Minister from Washington: Our meetings with US Treasury officials were positive and above expectations

Friday 10, February 2023 20:51 |PoliticalViews: 76

Foreign Minister from Washington: Our meetings with US Treasury officials were positive and above expectations (ninanews-com.translate.goog)

Baghdad /Nina/ Foreign Minister Fuad Hussein announced from Washington that our meetings with US Treasury officials were positive and above expectations./End9

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A new position from the US Treasury on Iraq

2023.02.10 - 21:02

A new position from the US Treasury on Iraq (nasnews.com)

 

Baghdad - Nas  

The US Treasury Department discussed with the Iraqi delegation on Friday the economic challenges facing the country, including corruption, energy dependence and exchange rate issues.  

  

  

According to a statement by the Treasury received by NAS (February 10, 2023), "US Deputy Secretary of the Treasury Wali Ademo met with Iraqi Deputy Prime Minister and Foreign Minister Fuad Hussein and Governor of the Central Bank of Iraq Ali Al-Alaq to discuss the economic situation in Iraq and the government's plans to reform the economic and financial sector, and mutual commitment to measures to combat money laundering and terrorist financing."  

  

According to the statement, "the Deputy Foreign Minister and Deputy Prime Minister reaffirmed the continued importance of the bilateral economic relationship between the United States and Iraq and shared their goal of strengthening the Iraqi economy."  

  

The two sides also discussed "the economic challenges faced by Iraq including corruption, energy dependence and exchange rate issues."  

  

  

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Al-Alaq from Washington: Our reform packages will reflect positively on Iraq's trade and economy

•  Time : 2023/02/10 21:33:30
•  
• Al-Alaq from Washington: Our reform packages will reflect positively on Iraq's trade and economy - Al-Furat News (alforatnews.iq)

 

The Governor of the Central Bank of Iraq meets the Executive Director of the International Monetary Fund

The Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail, met with the Executive Director of the International Monetary Fund, Dr. Mahmoud Mohieldin, on the sidelines of his visit to Washington, DC.
During the meeting, they discussed aspects of bilateral cooperation to serve the interest of the Iraqi economy and monetary policy, as well as ways to develop the Iraqi banking sector.
For his part, His Excellency the Governor said that the Central Bank of Iraq has taken a package of measures to reform the Iraqi banking sector and develop its work in line with international standards, which will reflect positively on Iraq's international trade and the national economy.
He added that the Central Bank continues its measures in combating money laundering and terrorist financing, by taking a set of decisions that support these measures, which reflected positively on Iraq's ratings in this field.
In turn, the Executive Director of the International Monetary Fund, Dr. Mahmoud Mohieldin, confirmed that the International Monetary Fund continues to provide technical support to the Central Bank of Iraq in various fields.
It is noteworthy that His Excellency the Governor of the Central Bank is currently visiting Washington as part of an official government delegation, in order to start official talks with the US Federal Reserve.

 

 

[6ly410]

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Foreign Minister: Our meetings with US Treasury officials were positive and above expectations / expanded

Friday 10, February 2023 21:35 |PoliticalViews: 34

Foreign Minister: Our meetings with US Treasury officials were positive and above expectations / expanded (ninanews-com.translate.goog)

Bagdad (Nina) - Foreign Minister Fuad Hussein said on Friday that meetings with US Treasury officials were positive and above expectations. "Our meetings with US Treasury officials have been positive and above expectations, as well as with Secretary of State Antony Blinken and US Special Envoy for Climate John Kerry have been positive," he said in a televised statement.

Hussein added, "We talked about the files of the economy, oil, energy, banks and currency, and we learned support from US officials for the policy of the Iraqi government and the Central Bank of Iraq." / End9
 

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Al-Alaq: The Central Bank has taken a package of measures to reform the banking sector

 

•  Today, 21:35

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Al-Alaq: The Central Bank has taken a package of measures to reform the banking sector

Noor AS3 minutes ago

 Less than a minute

Al-Alaq: The Central Bank has taken a package of measures to reform the banking sector – Al-Oula News Agency (awla.news)

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[6ly410]

The Governor of the Central Bank of Iraq discusses joint cooperation in Washington with the Executive Director of the International Monetary Fund

Friday 10 February 2023 21:46 | EconomicalNumber of readings: 2

The Governor of the Central Bank of Iraq discusses in Washington with the Executive Director of the International Monetary Fund joint cooperation (ninanews-com.translate.goog)

Baghdad /Nina/ The Governor of the Central Bank of Iraq Ali Mohsen Ismail met with the Executive Director of the International Monetary Fund Dr. Mahmoud Mohieldin, on the sidelines of his visit to Washington, DC. During the meeting, they discussed aspects of bilateral cooperation to serve the interest of the Iraqi economy and monetary policy, as well as ways to develop the Iraqi banking sector, according to a statement by the bank.

The Governor said that the Central Bank of Iraq has taken a package of measures to reform the Iraqi banking sector, and develop its work in line with international standards, which will reflect positively on Iraq's international trade and the national economy.
He added that the Central Bank continues its measures in combating money laundering and terrorist financing, by taking a set of decisions that support these measures, which reflected positively on Iraq's ratings in this field.
In turn, the Executive Director of the International Monetary Fund confirmed that the International Monetary Fund continues to provide technical support to the Central Bank of Iraq in various fields.

It is noteworthy that the Governor of the Central Bank is currently visiting Washington as part of an official government delegation, in order to start official talks with the US Federal Reserve./End9

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Analysis of the US position towards the Iraqi dollar: long talks need

2023.02.10 - 21:36

Analysis of the US position towards the Iraqi dollar: long talks need (nasnews.com)

 

  

Baghdad - Nas  

The head of the Center for Political Thinking, Ihsan Al-Shammari, on Friday, presented a vision towards the US position on Iraq regarding the dollar crisis.  

  

  

Al-Shammari wrote in a brief post, which was followed by NAS (February 10, 2023): "It needs (long) talks."  

  

Earlier, the US Treasury Department discussed with the Iraqi delegation on Friday the economic challenges facing the country, including corruption, energy dependence and exchange rate issues.  

  

According to a statement by the Treasury received by NAS (February 10, 2023), "US Deputy Secretary of the Treasury Wali Ademo met with Iraqi Deputy Prime Minister and Foreign Minister Fuad Hussein and Governor of the Central Bank of Iraq Ali Al-Alaq to discuss the economic situation in Iraq and the government's plans to reform the economic and financial sector, and mutual commitment to measures to combat money laundering and terrorist financing."   

  

According to the statement, "the Deputy Foreign Minister and Deputy Prime Minister reaffirmed the continued importance of the bilateral economic relationship between the United States and Iraq and shared their goal of strengthening the Iraqi economy."   

  

The two sides also discussed "the economic challenges faced by Iraq including corruption, energy dependence and exchange rate issues."   

  

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Al-Alaq: The Central Bank has taken a package of measures to reform the banking sector

 economy 

•  Today, 21:35

 

Baghdad – Central
Bank Governor Ali Mohsen Ismail Al-Alaq said on Friday that the Central Bank has taken a package of measures to reform the Iraqi banking sector and develop its work in line with international standards.

A statement by the bank received by the Iraqi News Agency (INA) said: "The Governor of the Central Bank of Iraq, Ali Mohsen Ismail Al-Alaq, met with the Executive Director of the International Monetary Fund, Mahmoud Mohieldin, on the sidelines of his visit to Washington, DC."
The statement added that "during the meeting, they discussed aspects of bilateral cooperation to serve the interest of the Iraqi economy and monetary policy, as well as ways to develop the Iraqi banking sector."
According to the statement, Al-Alaq stressed that "the Central Bank of Iraq has taken a package of measures to reform the Iraqi banking sector, and develop its work in line with international standards, which will reflect positively on Iraq's international trade and the national economy."
He added that "the Central Bank continues its measures in combating money laundering and terrorist financing, by taking a set of decisions that support those measures, which reflected positively on Iraq's ratings in this field."
In turn, the Executive Director of the International Monetary Fund, Mahmoud Mohieldin, that "the International Monetary Fund continues to provide technical support to the Central Bank of Iraq in various fields."
The statement concluded that "the governor of the Central Bank, is currently visiting Washington as part of an official government delegation, to start official talks with the US Federal Reserve."

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The Governor of the Central Bank and the Director of the International Monetary Fund discuss the development of the Iraqi banking sector

The Governor of the Central Bank and the Director of the International Monetary Fund discuss the development of the Iraqi banking sector - Shafaq News

2023-02-10 11:47

 

 

Shafaq News / The Governor of the Central Bank discussed Iraqi, Ali Al-Alaq, and IMF Executive Director Mahmoud Mohieldin, Cooperation The bilateral in the interest of the country's economy, monetary policy, and ways to develop the sector Iraqi banker.

 

 

This came during a meeting between Al-Alaq and Mohiuddin, in Washington, on the sidelines of his visit to the US capital, according to a statement received by Shafaq News.

It is noteworthy that the Governor of the Central Bank, visiting Currently, Washington is part of an official government delegation, headed by Iraqi Foreign Minister Fuad Hussein, for Official talks with the US Federal Reserve begin.

Al-Alaq said during the meeting that "the bank The Central Bank of Iraq has taken a package of measures to reform the Iraqi banking sector, and develop Its work in line with international standards, which will reflect positively on international trade for Iraq and the national economy."

"The central bank continues Its measures in combating money laundering and terrorist financing, by taking a set of Resolutions that support these measures, which reflected positively on Iraq's classifications in this field".

In turn, Mohieldin confirmed that "the Fund The International Monetary Fund continues to provide technical support to the Central Bank of Iraq in various fields."

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Central Bank Governor: We have taken a package of measures to reform the Iraqi banking sector

Economy | Today, 21:50 | 

    

The Governor of the Central Bank and the Director of the International Monetary Fund discuss the development of the Iraqi banking sector - Shafaq News

Baghdad Today-Baghdad

The Governor of the Central Bank Ali Mohsen Ismail confirmed on Thursday during his meeting with the Executive Director of the International Monetary Fund, that the bank has taken measures to reform the banking sector within international standards and combat money laundering and terrorist financing, while the Director of International Monetary Fund confirmed the provision of technical support to the Central Bank of Iraq.

The Central Bank said in a statement received by "Baghdad Today" that Governor Ali Mohsen Ismail met with the Executive Director of the International Monetary Fund, Mahmoud Mohiuddin, on the sidelines of his visit to Washington, DC.

According to the statement, during the meeting, they discussed aspects of bilateral cooperation to serve the interest of the Iraqi economy and monetary policy, as well as ways to develop the Iraqi banking sector.

For his part, Ismail said that "the Central Bank of Iraq has taken a package of measures to reform the Iraqi banking sector and develop its work in line with international standards, which will reflect positively on Iraq's international trade and the national economy."

He added that "the Central Bank continues its measures in combating money laundering and terrorist financing, by taking a set of decisions that support these measures, which reflected positively on Iraq's ratings in this area."

In turn, IMF Executive Director Mahmoud Mohieldin confirmed that "the IMF continues to provide technical support to the Central Bank of Iraq in various fields."

It is noteworthy that "His Excellency the Governor of the Central Bank, is currently visiting Washington as part of an official government delegation, in order to start official talks with the US Federal Bank."

 

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International Monetary Fund: We continue to support the Central Bank of Iraq

International Monetary Fund: We continue to support the Central Bank of Iraq | Economy | Dijlah Satellite Channel

 

 

 - 10-02-2023 09:45 PM - Views: 939

The Governor of the Central Bank of Iraq met with the Executive Director of the International Monetary Fund, who confirmed that the Fund continues to support the Central Bank of Iraq.

 

The Central Bank of Iraq said in a statement, "The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, met with the Executive Director of the International Monetary Fund, Dr. Mahmoud Mohieldin, on the sidelines of his visit to Washington, DC.
During the meeting, they discussed aspects of bilateral cooperation to serve the interest of the Iraqi economy and monetary policy, as well as ways to develop the Iraqi banking sector.

 

"The Central Bank of Iraq has taken a package of measures to reform the Iraqi banking sector and develop its work in line with international standards, which will reflect positively on Iraq's international trade and the national economy," al-Alaq said.

"The Central Bank continues its measures in combating money laundering and terrorist financing by taking a set of decisions that support these measures, which reflected positively on Iraq's ratings in this area," he said.

In turn, the Executive Director of the International Monetary Fund, Dr. Mahmoud Mohieldin, confirmed that "the International Monetary Fund continues to provide technical support to the Central Bank of Iraq in various fields."

 

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Newspapers are following the discussions of the Iraqi delegation in Washington and the expected budget deficit

Saturday 11 February 2023 01:01 | JournalismNumber of readings: 63

Newspapers follow the talks of the Iraqi delegation in Washington and the expected budget deficit (ninanews-com.translate.goog)

Baghdad /Nina/ Newspapers published in Baghdad on Saturday, the eleventh of February, the talks of the Iraqi delegation in Washington and the expected deficit in the next budget. On the talks of the Iraqi delegation in Washington, the newspaper / Al-Zaman / said: “Foreign Minister Fuad Hussein disclosed the content of the discussions of the Iraqi delegation, which has been visiting Washington for two days to discuss how to deal with financial transfers to some countries subject to US sanctions."

It quoted the foreign minister as confirming at a joint press conference with his US counterpart Antony Blinken: "There is American support for Iraq's monetary policy and we expect a breakthrough in the crisis of dollar fluctuations."
Hussein added: "The United States understands the steps that Iraq has taken to achieve economic, financial and monetary reform."
He pointed out that the visit witnessed a series of fruitful meetings with the American side, where important topics were discussed from the Iraqi economy to the fight against ISIS. The energy file, in addition to investment in gas, was part of the delegation's talks, "noting: "Iraq is heading to be a gas country in addition to being an oil country."

The minister explained: "The meetings at the US Treasury Department focused on the field of monetary policy and the banking field, and how to deal with some countries that are subject to US sanctions. US officials have shown their understanding of Iraq's problems and their support for Iraq's monetary policy."
Regarding the gas file, Hussein explained: “The meetings witnessed a discussion about the assistance of American companies to Iraq in this field, and that communication with the World Bank and the IMF continues, as there is a plan for the government to diversify sources of income and diversify the economy to encourage the private sector and other sectors such as agriculture, as well as building the tourism sector.
As for the newspaper / Al-Sabah / which is issued by the Iraqi Media Network, it followed the issue of the next budget and the expected deficit in it.

The newspaper said in this regard: "The government took advantage of the financial relief as a result of oil rent surpluses, so it was an opportunity to appoint and install more than 750,000 new employees at a time when the 2023 budget, which will reach parliament." Soon, he will break many figures in allocations, and the deficit as well.
A member of the Finance Committee, Jamal Kojar, said in an interview with Al-Sabah: “The Financial Management Law does not allow the government to exceed the budget deficit of 3%, which in any case does not exceed 15 trillion dinars, but The truth is that the deficit reached more than 60 trillion dinars before changing the exchange rate, and we expect that at least 10 to 15 trillion dinars will be added to this deficit.
Koger added: "The government has two options, either to compress expenditures and go towards deleting some paragraphs in the executive budget or the operational and investment budget, or to accept the rise in the deficit from 60 trillion to 75 trillion."

"The government should not borrow from local banks that owe it a foundation," he said.
Regarding the internal debt of the government, he said: "These banks are supposed to play the role synonymous with the role of the government, because the latter can create jobs through projects through the investment budget, while banks can create jobs for the private sector." by granting soft loans.”
He explained: "If the government moves towards withdrawing liquidity from these banks, it will burden them with increasing debts and loans and tying the hands of banks to create job opportunities, and thus the pressure will shift to the government, which has tended towards appointment .”

Regarding the price of a barrel of oil, Koger pointed out that "the budget estimates will be about $70 even with the decline in prices, and the government will be forced to withdraw from the bank reserve as happened in previous budgets," pointing out : "The operating budget is six. The investment budget will change if the government chooses to compress expenditures, and some projects may be transferred to a supplementary budget or subsequent budgets in the hope of higher oil prices." / Finished

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Hussein from Washington: The budget is complete and sent to parliament within 3 weeks

•  Time : 2023/02/11 00:01:07
•  
• Hussein from Washington: The budget is completed and sent to parliament within 3 weeks - Al-Furat News (alforatnews.iq)

  

The Minister of Foreign Affairs, Fouad Hussein, announced the date of the government's sending of the draft fiscal budget law for the year 2023 to the House of Representatives.

Hussein said in a press statement on the sidelines of his visit to Washington: "The preparation of the draft budget has been completed, and will be sent to parliament within the next three weeks."
On the relations between Erbil and Baghdad, he pointed out that they are "very good," and the problems between them "we are seeking to find solutions to."
"The oil and gas problem between Erbil and Baghdad is solved through the issuance of the oil and gas law," he said, stressing the need to resolve this issue within six months.
"We cannot rely on oil revenues alone, and we have a plan to pay more attention to gas," Hussein stressed.
To discuss the issue of oil and gas, "a delegation from the Kurdistan Regional Government will visit Baghdad in the near future," the foreign minister said.

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Fuad Hussein: The Americans understand Iraq's economic situation, and the meeting with them was fruitful

Posted 7 seconds ago

 

 

 Fouad Hussein: Americans understand Iraq's economic situation and the meeting with them was fruitful - Iraq News (iraqakhbar-com.translate.goog)

news source /Shafak News

2023-02-10T20:02:26.000000Z

 

Shafaq News/ The Iraqi Foreign Minister, Fouad Hussein confirmed on Friday that there is a "clear understanding" on the American side of the steps taken by Iraq to reform the economy and monetary and financial policy.

Hussein said in an interview with the American “Al-Hurra” channel; Intensive meetings that took place with US officials “focused on issues related to the economic situation and energy, including gas investment issues, and the issue of government assistance and US companies in this field.”

The Iraqi Foreign Minister confirmed; He discussed climate change with the US Special Envoy for Climate John Kerry, pointing out that Iraq had proposed various projects and also a draft memorandum of understanding with the United States in this field.

Hussein described the meetings that took place in Washington with US officials as "fruitful and important," and spoke of "clear US support for government policy in the economic field."

He referred to meetings that took place with representatives of the US Treasury, “regarding a set of understandings that we reached in the field of monetary policy, reform in the banking field, and how to deal with some countries subject to US sanctions.”

He said, "There is a clear understanding by the United States of some of the issues we raised, and support for the discussions that took place between the central bank and treasury representatives."

He also stressed that representatives of the Treasury Department "have clearly announced that they understand our problems, and are trying to support the Iraqi monetary policy and the monetary policy of the Central Bank," reassuring that "there is clear support from the Treasury Department for Iraq's current situation."

 

[BETTYBOOP]

Well I did say the budget would be delayed in another post. We are now looking at early March for it to reach parliament.  I will be interested to see what the CBI'S further measures are that they have said will be released mid February.  

[WheresmyRV?]

53 minutes ago, BETTYBOOP said:

Well I did say the budget would be delayed in another post. We are now looking at early March for it to reach parliament.  I will be interested to see what the CBI'S further measures are that they have said will be released mid February.  

More like April or May it's looking. Then Ramadan will come and boom, it's another 30 day recess with them clowns. 

[Shedagal]

24 minutes ago, WheresmyRV? said:

More like April or May it's looking. Then Ramadan will come and boom, it's another 30 day recess with them clowns. 

Ramadan starts March 22nd this year.

[6ly410]

The Foreign Minister confirms from Washington the government's readiness to provide facilities for investment companies in Iraq

Saturday 11 February 2023 08:55 | EconomicalNumber of readings: 284

The Foreign Minister confirms from Washington the government's readiness to provide facilities for investment companies in Iraq (ninanews-com.translate.goog)

Baghdad /Nina/ Foreign Minister, Fuad Hussein, the government's readiness to provide facilities for investment companies in Iraq, while pointing out: "The priorities of the Iraqi government are focused on building the economy, providing services and developing the private sector." In turn, the minister said in his speech during the session that "Iraq is open to foreign companies and provides the necessary facilities for investment in various fields."

He stressed: "The Iraqi government's priorities are focused on building the economy, providing services, developing the private sector, and raising the level of income for the Iraqi citizen," indicating: "The Iraqi economy depends on oil to a large extent. And the risks of dependence on oil through international prices require diversification of sources and resources and investment in Various sectors, focusing on the gas sector and its extraction, and for Iraq to be a self-sufficient and self-reliant country in the energy sector, and in particular in gas and electricity.
The minister reviewed the steps taken to implement the electrical connection with Jordan and the Kingdom of Saudi Arabia. He also indicated the importance of investment in the field of the agricultural sector, which is an important sector that includes great investment opportunities with the presence of basic resources. The tourism sector also represents a great investment opportunity for companies, as Iraq includes many holy shrines and tourist places. Therefore, the development of infrastructure within this sector contains great opportunities for investment.”
He stressed the special nature of this visit of an economic nature to discuss ways to enhance cooperation in the field of energy, trade, and the development of the banking sector, as the American side was keen to cooperate in this aspect and show full support through outcomes of the current meetings.

He stressed, "the Iraqi government's readiness to provide the necessary facilities to attract companies and the private sector to invest in Iraq by creating transparent legal and administrative mechanisms."


He reviewed efforts to combat corruption and legislative procedures for the enactment of the oil and gas law and the development and reform of the existing banking and monetary system.

The statement added: "A group of members of the delegation presented a review of the existing investment opportunities and proposed projects." / End9