Iraq Economic News and Points to Ponder Thursday Afternoon 1-18-24
Tlm724 Administrator Bondlady’s Corner
The International Monetary Fund Praises The Iraqi Steps In The Field Of The Financial And Banking System
Political | 01/18/2024 Mawazine News – Baghdad Prime Minister Muhammad Shiaa Al-Sudani confirmed, on Thursday, that the government’s plans in the field of economic and financial reform are the gateway and basis for all reforms, while the International Monetary Fund praised the Iraqi steps in the field of the financial and banking system.
A statement from the Prime Minister’s media office received by Mawazine News stated that “Al-Sudani received in Davos the Director General of the International Monetary Fund, Kristalina Georgieva, on the sidelines of his Excellency’s participation in the Davos Economic Forum held in Switzerland.” He added that “during the meeting, relations were discussed.” Financial cooperation between Iraq and the International Monetary Fund, within the framework of supporting the development path in Iraq.
Al-Sudani pointed out that “the government’s plans in the field of economic and financial reform, as a gateway and basis for all the reforms that the government plans in all vital sectors.”
Georgieva welcomed Iraq’s accession to a non-financial program to support economic reforms, as meetings with the Fund 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 her understanding of Iraq’s specificity and the challenges it faces. “He faces her.” https://www.mawazin.net/Details.aspx?jimare=240628
The Dollar Continues To Decline Against The Dinar On The Baghdad Stock Exchange
Time: 01/18/2024 Read: 2,249 times {Economic: Al-Furat News} The price of the dollar fell against the Iraqi dinar, today, Thursday, in Baghdad markets. The prices were as follows..
The selling price was 152,750 Iraqi dinars Purchasing prices reached 150,750 dinars per 100 dollars LINK
Revealing The Size Of Iraq’s External Debt Until 2028
Time: 01/18/2024 07:46:26 Read: 2,353 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, suggested that Iraq’s external debt until the year 2028 would not exceed the $21 billion barrier, noting that “the accumulation of debt came as a result of the national economy being exposed to two shocks.”
Saleh said in a press statement that “the external debt that must be repaid until the year 2028 does not exceed, in my estimation, the $21 billion barrier,” noting that “the repayment mechanism is subject to the actual current or ongoing allocations allocated in the federal general budget on an annual basis to repay the debt dues.”
The government advisor stressed that “Iraq’s credit record, or credit worthiness, stands at a high degree of sobriety and reliability, which is why international credit rating companies have placed Iraq at rank B of the stable category throughout the last ten years, due to its high financial credit and commitment to paying service dues.” his debts on an ongoing basis.
During a previous press statement, Saleh calculated the size of the country’s internal debt, while confirming that the Iraqi economy had been exposed to “two shocks.”
Saleh said: “The internal public debt in Iraq is estimated at approximately 55 billion dollars,” indicating that “the accumulation of this debt came as a result of two shocks to which the country’s economy was exposed between the years 2014 – 2021.”
He added, “The first shock was financial-security, following the country’s exposure to the threat of ISIS terrorist gangs, in addition to the war in which Iraq won against ISIS terrorism, which at that time required financing the budget deficit, due to the growing military expenditures and the sharp decline in oil prices.”
Saleh pointed out that “the second shock, which was financial-health, resulted from the Corona pandemic crisis and the decline in oil price revenues at the same time due to the sharp cycle of oil assets and the loss of a barrel of oil in both shocks of approximately 40% of its estimated revenues as revenues for the general budget,” noting that this This prompted the financial authority in Iraq to borrow from the government banking market, mostly by issuing treasury bonds or annual treasury transfers bearing an average interest of about 3%.
The advisor noted that “the internal public debt was traded exclusively within the government financial system without the intervention of the banking market.” Except in a very limited manner, meaning that internal debt, with its tools represented by bonds and treasury transfers, is traded at a rate of 95% exclusively within government financial agencies.” LINK
Al-Rafidain Announces The Launch Of Work On The Project To Implement The System To Combat Money Laundering And Terrorist Financing
Economy News – Baghdad On Thursday, Rafidain Bank announced the launch of work on a project to implement the anti-money laundering and terrorist financing system.
A statement from the bank, seen by Al-Iqtisad News, stated that “work on the project to implement the anti-money laundering and terrorist financing system (AML) and the electronic reporting system (Go AmL) was launched based on the requirements of the Central Bank of Iraq and the Anti-Money Laundering and Counter-Terrorist Financing Office and in compliance with the recommendations of an organized group.” Financial Action (FATF).
He stressed, “The work began as of today, Thursday, and will continue until all international and local financial requirements are met,” explaining that “the goal of this project is to advance banking work and shift toward digital systems in financial transactions in line with the government’s steps to accelerate economic and financial reforms in the country.” .
He added, “The bank has agreed with the company (Capital Bay Solutions Limited), which is contracted to implement the project, to finance the International Smart Card Company, the strategic partner of the bank,” noting that “the project completion period is within 6 months and will continue until the goals and international standards for eliminating fraudulent operations are achieved.” Money laundering and terrorist financing.
He added, “The project provides an increase in the effectiveness of the bank’s compliance system and maintains the conduct of banking operations to be more secure and to apply the highest level of compliance standards approved by the Central Bank of Iraq.”
He pointed out that “this system is an integrated software solution developed by the United Nations Office on Drugs and Crime (UNODC), to be used by Financial Intelligence Units (FIU’s) (including the Office of Combating Money Laundering and Terrorist Financing) for the purpose of collecting and managing data.” analysis, document management, workflow, and other statistical needs.”
It is noteworthy that this program was prepared to receive, process and analyze reports submitted by financial institutions or other entities in accordance with the requirements of local anti-money laundering laws and regulations and international standards.
Views 28 01/18/2024 – 4:33 PM https://economy-news.net/content.php?id=39582
During 2024.. The Iraqi Central Bank Plans To Cancel The “Electronic Platform” For External Transfers
Economy News – Baghdad The Central Bank of Iraq announced today, Thursday, its readiness to cancel the electronic platform for external transfers during the current year.
According to a document issued by the Central Bank, and obtained by Al-Iqtisad News, “Within the framework of the Central Bank of Iraq’s endeavor to enable Iraqi banks to establish and establish solid banking relationships with the global and regional banking sector in order to achieve the sobriety of the Iraqi banking sector and full compliance with international standards and requirements, it plans The Central Bank of Iraq to gradually cancel the electronic platform for external transfers during the year 2024, leading to its complete cancellation by the end of the year and maintaining it for audit and statistical purposes.
The document added: “Iraqi banks must work to be prepared and able to access and deal with correspondent banks, and there are two types of requirements, some of which are basic and must be provided and worked to accomplish as quickly as possible, and some are important and support the banks’ efforts in this field, and will be required.” All banks are required to provide the three basic requirements below in order to assist them in opening accounts with correspondent banks.
Regarding the basic requirements, she stated that “these requirements represent the minimum documents that must be provided for negotiations with correspondent banks, and they reflect the bank’s financial and credit status and level of compliance, and they are:
Bank statement for at least 3 months.
A report on the bank’s financial and credit status issued by an approved authority.
Bank compliance policy.
The Central Bank of Iraq continued: “Banks can obtain more information about other requirements required of correspondent banks by communicating with the Central Bank of Iraq.”
Views 143 01/18/2024 – https://economy-news.net/content.php?id=39574
Al-Sudani: We Are Working To Structure The Energy Sector And Redirect It Correctly
Economy | 01/18/2024 Mawazine News – Baghdad Prime Minister, Muhammad Shiaa Al-Sudani, confirmed on Thursday the work to restructure the energy sector and redirect it correctly.
The Prime Minister said, during a dialogue session within the work of the Davos Economic Forum held in Switzerland, and followed by Mawazine News, that “the Iraqi people emerged victorious over the adversities that the country has faced over the past years,” adding: “We are trying to move with steady steps in the areas of providing job opportunities.” and services.”
He stressed that “the discourse of political forces today is national and there is competition in providing services to citizens,” adding: “Reliance on oil revenues has weakened the economic situation of the state, and we have set a goal to reduce dependence on those revenues from 95 percent to 80 percent.”
He added, “The energy sector has not been invested properly, and the government has turned to important strategic projects, including the development path and the petrochemical sector, to diversify sources of income,” noting that “one of the challenges facing Iraq is not conveying a correct picture of the situation.” https://www.mawazin.net/Details.aspx?jimare=240621
Oil Rises Thanks To OPEC’s Expectations Of Global Demand Growth
Thursday 18, January 2024 09:04 | Economical Number of readings: 383 Baghdad / NINA / Oil prices rose, today, Thursday, with OPEC’s expectations of relatively strong growth in global demand for oil over the next two years.
Brent crude futures rose 28 cents to $78.16 per barrel, and US West Texas Intermediate crude futures rose 34 cents to $72.90.
OPEC said in a monthly report: “Global demand for oil will rise by 1.85 million barrels per day, to 106.21 million barrels per day in 2025.”
For the current year, OPEC expects demand to grow by 2.25 million barrels per day, which is similar to the forecast it issued last month. https://ninanews.com/Website/News/Details?key=1101728
US Defense: We Will Continue To Support Iraq
Political 01/18/2024 Mawazine News – Baghdad The US Department of Defense confirmed today, Thursday, that it will continue to provide support and assistance to Iraq and the Kurdistan region.
US Department of Defense spokesman Pat Ryder said, “The attacks on Erbil were not precise, and that no American headquarters in the city were targeted.”
Regarding the presence of their forces in Iraq, he stressed that “we went to Iraq in 2014 at the invitation of Iraq and we will continue to provide support there.”
https://www.mawazin.net/Details.aspx?jimare=240610
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Provoking Points To Ponder on Adversity:
Who hath not known ill fortune, never knew himself, or his own virtue. – David Mallett
Adversity is the trial of principle. Without it a man hardly knows whether he is honest or not. – Henry Fielding
I think the years I have spent in prison have been the most formative and important in my life because of the discipline, the sensations, but chiefly the opportunity to think clearly, to try to understand things. – Jawaharlal Nehru
We only really face up to ourselves when we are afraid. – Thomas Bernhard
Difficulties are things that show what men are. – Epictetus
http://famousquotesandauthors.com/topics/adversity_quotes.html
Famous Quotes and Authors, Famous Quotations for all Occasions–