CandyKisses: 8 countries preparing to abandon the dollar
Economy News – Follow-up
Egyptian media reported a major shift by countries including Russia, China, India, Brazil, Iran, Indonesia, Egypt and Turkey towards abandoning the dollar.
According to Sada al-Balad, the Egyptian state is reducing dependence on the US dollar as a major currency for imports and exchanging local currencies with international trading partners, such as Russia, China, India and Turkey.
According to the latest statistics of the Chinese embassy on the volume of investments between Egypt and China, the volume of Chinese investments in Egypt increased from $ 500 million to $ 1 billion and $ 500 million, where the rate of increase exceeded 100% during the past ten years, and the volume of trade exchange between China and Egypt increased from $ 10 billion to $ 20 billion in the same period.
In this regard, economist Ahmed Moati said that the world has alerted to the existence of a crisis because of the United States of America and because of the dollar, so it abandoned it in trade exchange between countries.
In remarks to Sada Al-Balad, Moati pointed out that there have been attempts led by Russia and China for some time to overthrow the role of the US dollar in global trade, and the reason is due to the desire of the two countries to weaken the hegemony of the United States on the world.
He continued: “In the coming period, we will see countries relying on other currencies instead of the US dollar.
He explained that what is happening from the solidarity of countries side by side is a concern for the dollar, especially if the BRICS countries agree to such bilateral agreements regarding intra-regional trade.
It is worth noting that the BRICS Group has begun to abandon the dollar in global business dealings.
There are international agreements between many countries to start trade exchange in the local currencies of those countries, as China and Brazil agreed to exchange local currencies for them instead of using the dollar, and the volume of trade exchange between the two countries is 150 billion dollars.
90 percent of trade exchange between Russia and China is conducted in rubles and yuan, amounting to more than $260 billion, in addition to agreeing with a number of their trading partners worldwide on trade exchange in the local currencies of these countries.
Russia and Iran also agreed to develop a gold-backed cryptocurrency as an alternative to the dollar, as well as another agreement between Russia and India to abandon the dollar in intra-regional trade, not to mention that the Russian ruble has become the main currency within the CIS countries.
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CandyKisses: Iraqi PM meets 57 Businesses at meeting in Davos
Prime Minister Mohammed Shia Al-Sudani has attended a working meeting on the sidelines of the Davos Economic Forum in Switzerland, involving the heads and representatives of 57 global companies specializing in energy, oil, gas, and various economic sectors.
During the meeting, he discussed the government’s plans for development and economic reform, highlighting significant progress made. He also emphasized substantial investment opportunities, industrial city projects, the Grand Faw Port project, and the Development Road project, along with integrated oil field projects.
Prime Minister Al-Sudani pointed out solar and renewable energy projects undertaken with Chinese and Emirati companies, confirming the government’s broad focus on gas investment and expanding investment opportunities in this promising sector. Additionally, he mentioned housing projects that have started and others planned across all Iraqi provinces.
Highlighting the importance of banking reforms implemented by the Central Bank of Iraq, he stressed the ongoing efforts to comply with international financial and banking system standards by engaging with international banks.
In terms of reinforcing stability and security in Iraq, Prime Minister Al-Sudani emphasized that the stability of the region relies heavily on Iraq’s stability. Any attempt to destabilize the internal situation in Iraq or jeopardize its security would negatively impact regional and international security in the Middle East.
The meeting was attended by the Ministers of Foreign Affairs and Oil, the Governor of the Central Bank of Iraq, and several advisers to the Prime Minister.
Iraqi PM meets 57 Businesses at meeting in Davos
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CandyKisses: IMF welcomes Iraq’s accession to a program that supports economic reforms
Economy News – Baghdad
The Managing Director of the International Monetary Fund (IMF) welcomed on Thursday Iraq’s accession to a non-financing program to support economic reforms, during her meeting with Prime Minister Mohamed Shia Al-Sudani to meet in Davos.
The Prime Minister’s Information Office said in a statement received by “Economy News” that “Sudan met with the Managing Director of the International Monetary Fund, Kristalina Georgieva, on the sidelines of his participation in the Davos Economic Forum held in Switzerland.”
During the meeting, they discussed the financial cooperation relations between Iraq and the International Monetary Fund, within the framework of supporting the development path in Iraq.
Al-Sudani pointed to “the government’s plans in the field of economic and financial reform, as a gateway and basis for all reforms planned by the government in all vital sectors.
Georgieva welcomed Iraq’s accession to a non-financing program to support economic reforms, as meetings with the IMF begin next month to implement this program.
She also praised “the steps taken by the government in the field of the financial and banking system, and improving the business and investment environment,” expressing “understanding of the specificity of Iraq and the challenges it faces.”
Fuze: The primary Economic Program for economic development of a country is Artcle 8 compliance. This article states Iraq has ascended to this mysterious program, to begin implementation next month!!!!! Not without a REER (reel effective exchange rate) you won’t!!!
This is huge News!!!!
Tishwash: The Chinese government holds a special conference on the Iraqi development road
The Chinese government intends to hold a special conference on the Iraqi development road project, according to what was announced by its ambassador in Baghdad, Cui Wei.
This came during his meeting with the Minister of Transport, Razzaq Muhaibas Al-Saadawi, today in the ministry building, to discuss ways of joint cooperation between the two countries.
The minister said in a statement to the ministry’s media office, “We look forward to strengthening the partnership with China, which represents a friendly country to the government and people of Iraq. We also believe in the scientific and technological progress that Beijing possesses, and we want to benefit from Chinese experiences in various fields of transportation.”
Al-Saadawi stressed that the Ministry’s doors are open to all reputable Chinese companies to benefit from investment opportunities in railway and port projects along the development path.
The statement indicated that the two sides agreed during the meeting to hold a meeting between the competent Iraqi and Chinese authorities, to prepare a precise study that includes identifying all technical aspects related to the development path.
In turn, the ambassador revealed his country’s government’s desire to participate in the project, after reviewing its full details and economic feasibility.
He noted that the embassy had previously sent its economic advisor to the General Company for Iraqi Railways to learn about the details of the project, as the Beijing government has a serious desire to participate in the project.
The ambassador revealed his country’s government’s intention to hold a special conference on the path to development, and to officially authorize the Chinese National Development and Reform Commission to communicate with the Iraqi Ministry of Transport regarding the project.
He said that Beijing’s participation in the path of development will reflect positively on the Iraqi side, indicating that the People’s Republic of China wants its relationship with Iraq to be more effective.
The Chinese ambassador invited the Minister of Transport to visit Beijing to enhance joint cooperation between the two countries in the fields of transport.
It is noteworthy that many Arab, regional and European countries have expressed their willingness to participate in the Iraqi development road project at the level of construction and investment, as it constitutes an important link between the continents of Asia and Europe.
The value of the development road project is estimated at $17 billion to connect the “Great Port of Al-Faw” for goods on the southern Iraqi coast to the border with Turkey by extending a railway and road network.
The development road aims to link the port of Al-Faw in southern Iraq, which is rich in oil, with Turkey, turning the country into a transit center by shortening travel time between Asia and Europe in an attempt to compete with the Suez Canal.
The Iraqi government envisions high-speed trains transporting goods and passengers at speeds of up to 300 kilometers per hour, in addition to extending lines to local industrial and energy centers, which could include oil and gas pipelines.
According to the plans, the main transportation roads will be linked to the main port of Al-Faw on the shores of the Gulf through modernizing and building more than 1.2 thousand kilometers of railways and highways linking Iraq to neighboring countries. link
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Tishwash: Iraq and South Africa discuss bilateral relations and ways to develop them, especially in the fields of economy and trade
Today, Thursday, an Iraqi delegation held a technical meeting with the Turkish side in Ankara to discuss the latest developments in the development road project.
A statement from the Ministry of Transport, received by “Earth News”, stated that the delegation reviewed before the Turkish side the details of work on the project, which is directly supervised by the Prime Minister, Engineer Muhammad Shiaa Al-Sudani, and closely followed by the Minister of Transport, Mr. Razzaq Muhaibas Al-Saadawi, stressing that the meeting discussed the latest developments. Development road, in the presence of the Italian consulting company.
The statement added that the discussions focused on strengthening cooperation between the two countries, to implement this project, and the meeting also discussed the connection point between the two countries in the Fish Khabour region, addressing the final technical comments on this topic, and enhancing technical cooperation and exchanging experiences between the two sides.
The statement continued that the attendees confirmed the continuation of technical meetings on an ongoing basis until the stage of implementation and completion, so that the year 2024 will be the year of continuous achievement, as His Excellency the Prime Minister, Engineer Muhammad Shiaa Al-Sudani, called it.
It is noteworthy that the Ministry of Transport announced that the governorates of Najaf and Dhi Qar, along with Diwaniyah and Muthanna, are nearing completion of the requirements and observations on the rail and land paths of the development road, noting that the soil investigation process has reached 1,000 km, while the initial designs have reached 600 km for the railway and 300 km for the highway. link
