ANALYSIS OF IRAQ NEWS: Parliamentary Finance Committee discusses with US Embassy the financial and banking system and the lack of dollars in the market BY DINAR REVALUATION , 15 AUGUST

  Parliamentary Finance Committee discusses with US Embassy the financial and banking system and the lack of dollars in the market

The Parliamentary Finance Committee confirmed, today, Tuesday, discussing the financial and banking system and the lack of the dollar in the Iraqi market with a delegation from the US Embassy in Baghdad.

A statement by the Parliament's media department received by / Today's News / stated that "the head of the Parliamentary Finance Committee, Atwan Al-Atwani, received at the committee headquarters, in the presence of Representative Khalil Al-Dawski, today, Wednesday, a delegation from the US Embassy in Baghdad, Minister Counselor for Economic and Trade Affairs Julie Jules, Deputy Counselor for Economic and Trade Affairs Angel Fintling, Macroeconomic Officer, Economic and Financial Section Michael Pinnell, and Economic Assistant/Economic Section, to discuss the financial and banking system in the country, Ammar Al-Ammar."

The statement continued, "The meeting discussed the financial and economic situation in the country and the repercussions of the parallel market issue and its negative impact on the government economically, in addition to the lack of the dollar currency in the market, and the sanctions imposed on some banks, as well as the issue of the electronic platform for exporting the currency."

The head of the committee stressed "the importance of high coordination between the two sides in order to solve the pending financial problems, in addition to the importance of transparent dealing to benefit from the capabilities, and not resorting to dealing in another currency," noting "the need to create an atmosphere of understanding and invest in building bilateral relations on this basis. "

Al-Atwani stressed "the committee's keenness to commit to combating financial corruption and confronting money laundering, as they are the basis for building societies, in addition to coordination in order to make correct decisions in this regard."

For her part, the Minister Advisor for Economic and Trade Affairs said that "there is a real opportunity for cooperation and reform of the economic and financial system between the two sides," stressing "working together to find appropriate solutions to all problems for the stability of Iraq as a basic ally of the United States."

The statement noted "providing clarification on the three-year general budget and plans for banking regulation and reform of the spending process, and how to finance projects, in addition to the importance of supporting the private sector and involving it with the public sector, which confirms the importance of investing the revenues achieved and the possibility of providing the service."
According to the statement, Al-Atwani pointed out the "ambition to legislate a law on partnership between the public and private sectors and involve the private sector in the market, in addition to working to amend the tax law and shift from the paper system to the electronic system."  link

ANALYSIS

The Parliamentary Finance Committee in Iraq held a meeting with a delegation from the US Embassy in Baghdad to discuss the challenges facing the country’s financial and banking systems. The meeting, which included key figures like Julie Jules, Angel Fintling, Michael Pinnell, and Ammar Al-Ammar, focused on several critical issues:

1. Dollar Shortage: One of the major topics was the shortage of dollars in the Iraqi market, which has created significant economic challenges.

2. Parallel Market: The committee discussed the negative effects of the parallel market on the economy, particularly its impact on the government.

3. Sanctions on Banks: The sanctions imposed on some Iraqi banks were another area of concern.

4. Electronic Currency Platform: The implementation of an electronic platform for currency exchange was also reviewed.

The head of the Parliamentary Finance Committee, Atwan Al-Atwani, emphasized the need for close cooperation between Iraq and the US to address these financial issues. He stressed the importance of transparency and the benefits of bilateral relations to solve these problems.

The Minister Counselor for Economic and Trade Affairs, Julie Jules, acknowledged the potential for cooperation and reform, highlighting the opportunity to work together on solutions that support Iraq’s stability.

The discussion also touched on the three-year general budget, plans for banking regulation, and the financing of projects. Al-Atwani expressed a commitment to combating financial corruption and money laundering, which he sees as foundational to societal development. Additionally, there was a focus on involving the private sector more actively in the economy and modernizing the tax system.