Tuesday, January 30, 2024
Empowering the Iraqi Economy: Growth Through Strategic Investments and Banking Excellence, 30 JAN
Empowering the Iraqi Economy: Growth Through Strategic Investments and Banking Excellence
Economy News – Baghdad
Cihan University – Duhok held the “Third Annual Economic Forum”, in the presence of Zerfan Abdul Mohsen Asaad, President of the University, and a number of experts, economists, bank managers and academic figures.
The forum was held on the hall of the Research Center, under the theme “Empowering the Iraqi Economy: Growth through Strategic Investments and Banking Excellence.”
The first session began at 11 a.m., which lasted for two hours, was administered by Ahmed Al-Saffar, an academic and a member of the former Iraqi parliament.
The first speaker was Abdul Hussein Al-Anbaki, head of the Economic Advisory Office of the Iraqi Prime Minister, who began his talk about the challenges facing development in Iraq.
Al-Anbaki stressed “the need to address the structural imbalances in the economy, noting that the goals associated with Article (25), which aims to reform the economy through the diversification of sources and support for the private sector have not been achieved.”
Al-Anbaki referred to “the history of the Reconstruction Council and the impact of changes in its allocations on its effectiveness,” proposing the establishment of an independent popular development fund to finance government and private projects with soft loans. He concluded with recommendations for pre-economic administrative reform, a review of the management of oil revenues, the amendment of the exchange rate of the Iraqi dinar, the cancellation of the currency auction, and the legislation of the Public-Private Partnership Law.”
The second speaker, Haval Siddiq Ismail, representative of the Minister of Investment of the Kurdistan Region, and Director General of the Investment Authority in Duhok, who “provided a comprehensive analysis of the investment situation in the region. Provide details of investment projects and sectors that are successful in attracting investment, focusing on challenges, opportunities and government policies that encourage investors. Dr. Hval also highlighted regulatory and bureaucratic hurdles, and provided a realistic assessment of potential difficulties and opportunities. In the end, he provided details about the potential opportunities and government policies pursued by the KRG to facilitate a thriving investment environment.”
The second session began at 1 p.m. and also lasted for two hours, where it was managed by Nawar Al-Saadi, a professor of international economics and director of the research center at Ceyhan University.
The second session began with the speech of Mohammed Al-Najjar, Advisor to the Iraqi Prime Minister for Investment, and Executive Director of the Iraq Fund for Development.
In his speech, Al-Najjar highlighted “the Iraq Fund for Development, which was newly established as an independent body under the Prime Minister. Al-Najjar spoke about the Fund’s role in promoting change and diversification of the Iraqi economy. The fund aims to attract domestic and international investors to participate in the implementation of various projects.”
One notable example discussed by Al-Najjar was “the ongoing project to build 1,950 schools across Iraq. These projects will be delivered to private sector investors and to the Iraqi investor exclusively, with guarantees such as the return of capital after five years. This approach not only encourages domestic investment, but also ensures the effective participation of the private sector in the reconstruction process of Iraq.”
The fund’s strategy focuses on “different stages of investors, from domestic to foreign investors. Emphasizes the involvement of local stakeholders to promote local ownership in development projects, with a focus on delivering projects to the private sector to ensure a return on capital after a certain period.”
Regarding the second speaker, Ahmed Tabaqli, Chief Strategist at the Iraq Fund at the Aswa Development Fund,
He talked about “strategies to attract investments to the Iraq Stock Exchange. Which featured the market a strong performance, with the AFC fund up 110.4% in 2023, making it one of the best in the world.”
Tabaqli explained this performance “by developing new measures by the Central Bank of Iraq, which has accelerated dependence on banking services and promoted growth in the non-oil economy. The market has also been affected by the country’s relative stability, which has created a more stable economic environment and attracted the attention of international investors.”
Tabaqaly also pointed to the role of the market in supporting the development of an effective economy by providing capital for companies, and believes that the development of the Iraq Stock Exchange contributes to enhancing GDP and economic stability in the region.
Then many interactive questions, discussions and inputs were asked by the attendees, and in the end of the forum came out with a set of proposals and recommendations that will be submitted to the concerned authorities.
"RV UPDATE" BY NADER FROM MID EAST, 30 JAN
Nader From The Mid East
Algeria is big and has a lot of assets but they have a lot less than Iraq and their dinar is stronger than Iraqi dinars. If you look a the Tunisian dinars, Tunisia has nothing...and their dinars are 3 to 1 - Three dinars to $1. My point is these people has nothing. They're coming out a revolution. They is a mess. It's completely a mess. They lost a lot. The private sector is a mess and its [their dinar] is still strong. Iraq, this rate is still a punishment rate...They have to revalue. If they revalue they're going to revalue 1 to 1.
We coming out from war. We coming out from the worst thing in our life. We just start to walk...We just start to grow...It almost collapsed but didn't collapse. It maintained itself and maintained himself stable...The only thing that destabilize the economy of Iraq is the war...Iraq is a very strong country...In a couple years Iraq is going to be one of the stronger countries in the world...Iraq is very strong.
Iraq survived the worst thing in their life. We survived 3 or 4 wars in the last 50 years. We survived it and each time we came back and we came back strong. This time we're going to come back very strong...Iraq economy never collapse by himself. Iraq economy always stable unless somebody else disable it for them. Iraq's economy is one of the best economy in the world and it's going to come back to the best economy in the world. The negative things about Iraq will never revalue, it's a scam, that's all bullshit. Iraq's going to come back one day and it's coming to come back soon.
https://dinarevaluation.blogspot.com/2024/01/we-coming-out-from-war-by-nader-from.html
US Treasury Department confirms its commitment to joint work with the Iraqi government, 30 JAN
US Treasury Department confirms its commitment to joint work with the Iraqi government
The U.S. Treasury Department on Tuesday confirmed its commitment to “long-term joint work” with the Iraqi government, a day after it sanctioned an Iraqi bank for “financing terrorism.”
The U.S. Treasury said in a statement that the Undersecretary for Terrorism and Financial Intelligence, Brian E. Nelson visited Baghdad on January 28 and 29 to “continue the work between the two countries on combating illicit financing and strengthening the Iraqi financial system.”
She pointed out that Neslon met during the visit senior government officials, including Prime Minister Mohammed Shia Al-Sudani, the Governor of the Central Bank of Iraq Ali Al-Alaq, the President of the Supreme Judicial Council, Faiq Zidan, and Minister of Transport, Razak Mohibes, to “discuss the recent measures taken by the United States and ways to enhance cooperation between the two countries.”
The US Treasury Secretary also met with representatives of the financial sector, including the Chairman of the Board of Directors of the Iraqi Trade Bank Bilal Al-Hamdani and representatives of privately owned banks to discuss ways in which bilateral efforts can provide “new opportunities for communication between Iraqi banks and the international financial system, which will benefit the Iraqi economy and the Iraqi people, while protecting the international financial system from misuse.”
The U.S. Treasury renewed its commitment to “long-term joint work with the Government of Iraq to strengthen the Iraqi economy and protect the U.S. and Iraqi financial systems from abuse.”
https://www.dijlah.tv/index.php?page=article&id=341798
"RV UPDATE" BY WALKINGSTICK, 30 JAN
Walkingstick
The electronic platform that Aki's bank is doing are being done in all the banks around the world linking up to the CBI. The citizens from here to there, Visa/Mastercard, all these accounts, this is a big deal...This is the door that is opening up for the Iraq dinar to float.
At any time of notice the next step in the monetary reform IMO will be very quickly at a moments notice.
They are now in Davos... Iraq's monetary reform is a hot topic because Iraq's monetary reform is restoring confidence in the Middle East...These conferences are only by invitation only. To see Iraq there and to be the star at the Davos meeting tells us Iraq is no longer with a program rate. It is an impossibility...
Movements before they release the lower denoms and new exchange rate we expected to see this...
December was to have everything ready in place to go. January all these systems are being implemented through the monetary reform education. From private banks like the one Aki [Iraqi bank friend] represents to international markets as of today January 15, 2024 they're all international now.
It's what we expected...there's not more to say...because everything now is in print...
https://dinarevaluation.blogspot.com/2024/01/rv-update-by-walkingstick-17-jan.html
- Mon. 15 Jan. In Dec. Walkingstick: Everything was ready in place to go. During Jan. all systems were being implemented through the monetary reform education. As oftoday 15 Jan. they’re all international – from private banks like the one Aki [Iraqi bank friend] represents to international markets. It’s what we expected. There’s not more to say because everything is in print now.
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