Al-Sudani: The Electronic Circulation Of Funds Can Address The Problems Of The Exchange Rate, 20 AUGUST

 Al-Sudani: The Electronic Circulation Of Funds Can Address The Problems Of The Exchange Rate

2023-08-20 Shafaq News/ The Prime Minister, Muhammad Shia'a Al-Sudani, inaugurated today, Sunday, the National Data Center in the General Secretariat of the Council of Ministers.

A statement issued by the media office of Al-Sudani stated that the latter was briefed on the stages of completing the first phase of the center, using smart screens, and models that embody the stages of installing the national cloud facility, as well as with regard to digital transformation, including the program for canceling a transaction (breast health).

The statement added that Al-Sudani continued the work of the one-stop-shop to provide electronic services, which currently amount to 299 services, which bears the name (Electronic Ur Gate). Electronic tracking of citizens' communications through the guidance service, and the actual use of the vehicle fine platform electronically, as an example of one of the portal's services.

Al-Sudani also indicated that the media should be informed of these services. In order to raise awareness and educate, indicating that this project will support the government's program in combating financial and administrative corruption, which is a serious challenge to all development, reconstruction and service projects.

The Prime Minister urged the importance of these steps being broader and more comprehensive, appreciating all the efforts made to complete this project.

Al-Sudani met with international experts who represent the entities supporting the project, namely the United Nations Development Programme, the World Bank, the Center for Digital Services in Britain (GDS), the World Food Programme, the International Cooperation Development Agency, the Canadian Foreign Affairs Foundation and IMMAP, and listened to a brief presentation on the digital transformation roadmap. mass in Iraq.

He also chaired a meeting of the advisory team of the e-Government Committee, during which he stressed the importance of collecting data in a way that facilitates the provision of service to the citizen, handling poverty and ration card files, and working to reduce time.

The statement quoted Al-Sudani as saying that: electronic trading of funds can address exchange rate problems, remedy differences, and address many other problems that serve the citizen as an ultimate goal, stressing the government's readiness to prepare all financial requirements or in terms of decisions and procedures accompanying digital transformation.   LINK

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Al-Sudani: Electronic Money Circulation Will Solve The Problems Of The Exchange Rate

Today  Information/Baghdad.. Prime Minister Muhammad Shia' al-Sudani affirmed today, Sunday, that the National Data Center will support the government's program in combating financial and administrative corruption, while pointing out that electronic trading of funds can address exchange rate problems.

The media office of the Prime Minister stated, in a statement received by Al-Maalouma Agency, that “Al-Sudani inaugurated the National Data Center in the General Secretariat of the Council of Ministers, where he was briefed on the stages of completing the first phase of the center, using smart screens, and models that embody the stages of installing the national cloud facility.  As well as with regard to digital transformation, including the program to cancel the (breast health) transaction.

The statement added, "Al-Sudani also continued the work of the single window to provide electronic services, which currently amounts to 299 services, which bears the name (Electronic Ur Gate).

He reviewed the digital transformation map and the International Training Center, where a real simulation of one of the transactions of the notary writers' departments was presented.

And reviewing the electronic system for tracking citizens' communications through the guidance service, and the actual use of the vehicle fine platform electronically, as an example of one of the portal's services.

The Prime Minister stressed "the need for the media to see these services in order to raise awareness and educate," noting that "this project will support the government's program in combating financial and administrative corruption, which is a serious challenge to all development, reconstruction and services projects."

He stressed "the importance of these steps being broader and more comprehensive," appreciating all "the efforts made to complete this project."

The statement stated, "The Prime Minister met with international experts who represent the agencies supporting the project, which are the United Nations Development Program, the World Bank, the Center for Digital Services in Britain (GDS), the World Food Program, the International Development Agency for International Cooperation, the Canadian Foreign Affairs Foundation and the IMMAP organization, and listened to a brief presentation." A roadmap for comprehensive digital transformation in Iraq.

He pointed out that "the Prime Minister chaired a meeting of the advisory team of the e-government committee, during which he stressed the importance of collecting data in a way that facilitates the provision of service to the citizen, handling poverty and ration card files, and working to reduce time."

He pointed out that "the electronic circulation of funds, through which it is possible to address the problems of the exchange rate, remedy the differences, and address many other problems that serve the citizen as an ultimate goal."

He stressed, "The government's readiness to prepare all financial requirements or in terms of decisions and procedures accompanying digital transformation." LINK

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY & FRANK26, 20 AUGUST

 Frank26 Question "If the rate goes to .75 or if it goes to 1 to 1 will that be enough income for the people of Iraq?"

  IMO any increase in the dinar value is added income and necessary for the Iraqi citizens.  They're not trying to get rich...

They're trying to eat and pay their bills.  T

hey will see value in their currency...Social Security...retirement checks...HCL.  that alone is four different incomes they will be having very soon.

Frank26   [Iraq boots-on-the-ground report]   

FIREFLY: TV saying with the funding of the budget we are going to see a major decrease in the dollar exchange rate.  

FRANK:  They cannot touch the dollar exchange rate.  Only the US Treasury can touch that exchange rate.  

So what are they talking about?  They're talking about adding value to their currency which will decrease the value of the American dollar in their country.  That's what they're talking about. 

Chihoud: Washington has lost all its cards in Iraq and is working to undermine security in the region, 20 AUGUST

 Chihoud: Washington has lost all its cards in Iraq and is working to undermine security in the region

8-19-2023

Chihoud - Washington has lost all its cards in Iraq and is working to undermine security in the regionInformation/Baghdad..

The representative of the State of Law Coalition, Muhammad al-Sayhoud, described, on Saturday, the recent US moves on the Syrian-Iraqi border as empty and aimed at showing Washington’s false control over the region.

The Zionists said in a statement to Al-Maalouma that “what is happening on the border strip between Iraq and Syria aims to stir up public opinion and show false control over the region.”

He added, “The power of the United States has lost all its cards in the region, especially with the announcement of the Saudi-Iranian rapprochement and the end of Washington’s hegemony in the Gulf.”

Al-Saihoud pointed out, “The American public opinion is very upset with the loss of control over the region and the tendency of most countries to conclude commercial deals away from Washington.”

And the social media platforms have recently witnessed a great momentum for transmitting videos of the deployment of US forces and doubling the convoys.

almaalomah.me

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The World Bank: Iraq's economy is 'fragile' with +$152 Billion debt

Shafaq News / The World Bank has stated that Iraq's economy is fragile, and the country's debt has risen to $152 billion, highlighting that the Central Bank of Iraq's (CBI) auctions have diverted hard currency to the parallel market, leading to a decline in the value of the Iraqi dinar against the dollar.

In its 'Renewed Pressures: Iraq's Recovery at Risk' reporte, the World Bank stated that "Iraq's economy is grappling with a recession in non-oil GDP, industries, and agriculture, coupled with rising inflation rates. The country lacks comprehensive structural reforms under its current government to bolster its economy beyond oil."

"The annual budget approved by the government authorities witnesses a significant increase in public expenditures by 59% compared to the previous year, constituting 74.3% of total expenditure. This will result in a substantial fiscal deficit of IQD 51.6 trillion (approximately $39.7 billion), representing 14.3% of general imports, more than half of the recent record reserves accumulated following the oil price surge."

Regarding CBI's policies in devaluing the local currency, the World Bank indicated that "the devaluation of the Iraqi dinar has led to overall and core inflation increase due to excessive reliance on imports amid weak domestic production, a gap exposed by the government's policies, further jeopardizing the country's fragile economy."

According to the World Bank, "Iraq's lack of income diversification due to successive chaotic government policies has led to a contraction of the local GDP by 1.1% in 2023, coupled with an increase in the country's public debt reaching 58.3%, up from 53.8% the previous year, totaling $152 billion, a $10 billion increase. The external debt amounts to $50 billion, while the internal debt is $102 billion. This means that the government authorities borrowed about $60 billion internally over the past three years, at an average rate of $15 billion annually, with annual interest on domestic debt amounting to 16% to 17% of the debt volume."

The bank also highlighted that "the economic prospects for Iraq's future remain subject to significant risks due to excessive reliance on oil, making it vulnerable to oil market shocks and global demand fluctuations, as evident from recent oil price declines. Additionally, driving fragility are key economic challenges like rampant corruption, inadequate service provision and infrastructure development, and security risks."

The World Bank further added, "The persistence of these policies by the government authorities will lead the country's budget to favor political parties that have hindered the wheel of development, causing significant imbalances despite two decades of claims that the war has ended.'

https://shafaq.com/en/Economy/The-World-Bank-Iraq-s-economy-is-fragile-with-152-Billion-debt

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"RV UPDATE" BY MILITIAMAN, 19 AUGUST

 MilitiaMan (KTFA)

Alaq out of the blue [In an article] Quote “from 5 to 6 cents the cost of the Iraqi currency edition per paper.”

  He just happens to throw in how much it costs to print a note.  Whether it’s the small category notes or large notes, he’s saying it is 5 to 6 cents…They’re not printing any more triple zero notes from what they said…

You have to pay attention to what they’re saying and then realize they talk outside both sides of their mouth.  So you have to be very careful of what’s being said and then you have to understand who’s saying it…

If Sudani is talking about it, you got to give that that credit.  If his advisors…saying it, give it some credibility.  If it’s a parliamentary Finance Committee be careful.  If it’s the Finance Committee and it’s directly from Sammy I would listen to that just as I would listen to Alaq because they’re the top.

"RV UPDATE" BY BRUCE. 19 AUGUST

 Bruce (The Big Call)

[via WiserNow]

What is Iraq going to do – when are they going to maybe bring out their new rate,  print it in the gazette – and all of that on Sunday?  We believe the Prime Minister is here. 

 Could he make  the announcement from here or would that new rate and the opening of the budget and the HCl law which has been passed and needs to be implemented and soon…Would that be announced here or would that come out on Sunday or Wednesday?

 We don’t know the answer to that yet…This is looking very solid for next week. Let’s see what happens.

How to Invest in Commodity Stocks, 19 AUGUST

When Is the Right Time to File for Social Security?, 19 AUGUST

Social Security is a government program designed to provide financial support during retirement. As a retirement planner with over 25 years of experience, I understand how important Social Security is for people of retirement age.

Here’s a Way to Save Social Security and Defer RMDs

For many people, Social Security represents a substantial portion of their retirement funds, accounting for over 50% and, in some cases, even 100% of their income. At the same time, it is extremely complex. According to the  IRS website, there are thousands of combinations for how you could take Social Security.

Instead of navigating the daunting complexities of Social Security on your own, I always recommend speaking to a financial professional so that you can make an informed decision. The right approach to Social Security could add up to thousands of dollars over a lifetime.

Factors to consider when deciding when to take Social Security benefits

Age. Individuals can start receiving benefits as early as age 62 or delay until age 70, with the full retirement age (FRA) usually ranging from 66 to 67, depending on the year of birth. Claiming early can give you immediate income, but it will result in permanently reduced benefits and potential tax implications if you’re still working. Claiming at FRA offers the advantage of receiving full benefits without reductions. However, delaying further up to age 70 results in increases in monthly benefits.

Income. Ultimately, when it comes to claiming, if you need the money now, that is the most important consideration. Changes in personal health, employment status or financial situation can alter the decision-making process. Individuals may opt to claim earlier to cover living expenses, even though it may result in lower lifetime benefits.

Life expectancy. Health considerations are essential. The primary advantage to delaying benefits is the significant increase in monthly benefits, which can be advantageous for those expecting to live longer. However, the trade-off is forgoing benefits during the delay period.

Marital status.  Married couples can strategize when and how to claim benefits to help optimize their combined benefits. Age differences between spouses are also an important consideration. For example, even if the higher earner has a lower life expectancy, a couple may decide to delay claiming benefits so that their spouse can have a higher monthly survivor benefit.

The impact of COLA on Social Security benefits

Cost-of-living adjustments (COLAs) are increases in Social Security benefits designed to counteract the effects of inflation  and maintain the purchasing power of retirees’ benefits over time. For example, if an individual’s monthly benefit is $2,500 and there’s a 2% COLA, their benefit for the following year will be $2,550, an increase of $50, which is 2% of $2,500.

Happy Birthday, Social Security: Celebrate by Avoiding These Three Mistakes

COLA affects the overall value of Social Security benefits, especially for those who delay claiming. Delaying benefits will result in a higher base amount that will receive COLA adjustments, leading to increased benefits over time.

Common myths regarding Social Security timing

Claiming benefits early guarantees higher lifetime benefits. While claiming early provides immediate income over a potentially longer period of time, it permanently reduces the monthly benefit amount. Delaying benefits can lead to increased benefits over time for those with longer life expectancies.

There is a “right” time to take Social Security. The idea of a one-size-fits-all answer to the Social Security timing question is unfortunately not possible. Too many factors and unique considerations must be considered for there to be a cut-and-dried answer to find the best time for your specific situation. Everyone’s situation is unique, which is why I recommend meeting with a retirement planner. A retirement plan, created with the help of a professional, could help optimize Social Security claiming strategies and lead to increased retirement income.

Social Security will cover my entire cost of living in retirement. Social Security could cover your expenses in retirement, but for many retirees, Social Security is a base, and they need to take withdrawals from investments to make up for what they need in retirement. However, it is crucial not to go overboard and drain your savings too quickly. A personalized retirement cash flow plan can help estimate what amount of withdrawal from your investments would be good to look at to supplement your Social Security income.

Why Are You Still Working?

Social Security is a vital component of retirement planning, and the decision of when to claim benefits should be made with careful consideration of individual circumstances. By understanding the significance of Social Security, considering COLAs and evaluating various claiming strategies, retirees can make informed choices to maximize their retirement benefits.

https://www.nasdaq.com/articles/when-is-the-right-time-to-file-for-social-security