Finance Minister Taif Sami said on Monday that the government is determined to structural reforms related to fiscal and monetary policies and maximizing the role of the private sector in development, during a meeting with the Director of the World Bank’s Financial Management Project Winston Cole and members of his accompanying delegation.
The ministry said in a statement, the network received 964 copies of which:
The six Finance Minister, Taif Sami Mohammed, received on Monday, Winston Cole, Director of the World Bank’s Financial Management Project and members of his accompanying delegation.
During the meeting, they reviewed aspects of relations between Iraq and the World Bank, especially in light of the existing cooperation program to complete the implementation of economic reforms adopted by the Iraqi government.
In this regard, the Minister of Finance expressed appreciation for the fruitful partnership between the two sides, stressing the keenness of the Iraqi government to continue it, and the positive climate it provides to all investors and global financial markets on the Iraqi economy, stressing at the same time the determination of the Iraqi government to continue to strengthen structural reforms related to financial and monetary policies and maximize the role of the private sector in development.
For his part, Kole stressed the aspiration of the World Bank to continue distinguished relations of cooperation with Iraq and its support for economic reforms, praising the performance of the Iraqi economy and the flexibility and steadfastness it has shown in the face of negative repercussions caused by global economic fluctuations, stressing the bank’s continuation in strengthening joint work with the Iraqi government to improve the overall indicators of the economy, deepen the participation of the private sector and complete the ongoing development work.
[via PDK] I know we are all tired of hearing of all this progress and we still cannot go to the bank. Imagine how frustrated the Iraqi citizens feel? But we are watching steady progress towards Iraq’s reinstatement and/or revaluation. I still think its going to be revaluation…but a reinstatement would be easier for them.
Iraq has got a lead position in a number of committees etc…in the WTO. And there are meetings scheduled throughout the year. They have to be full members to do these so to me it is very clear we are about to see Iraqs ascension into the WTO in the very near future...Nearly every economist out there is calling for a new rate before that occurs...
Comment: we're hearing we must have receipts on the currency. MarkZ: I was told since it has gone on for so long….they are not needing receipts to exchange unless you have an enormous amount of currency. If you have large, obscene amounts like $100 million in dinar or something like that…it would be best if you have receipts….
Shafaq News / The Iraqi government announced, on Monday, a request to host the Arab summit in 2025, while it envisaged a comprehensive rehabilitation of some presidential complexes, which include a number of major guest houses, which were previously occupied by some ministers and deputies, which made them need to carry out a maintenance process.
The spokesman for the Iraqi government, Bassem Al-Awadi, said in a statement to Shafaq News: “Given the restoration of Iraq’s deserved role regionally and globally, and in line with the government’s tendency to strengthen its position and convey the positive truth about him, which began to take root instead of that distorted, due to the difficult circumstances that our ancient country was able to overcome with vigor and the sacrifices of its children, Iraq submitted an application to host the 2025 Arab Summit in the capital, Baghdad, and the government seeks to complete the elements of this hosting in accordance with the guests of the leaders of Arab countries in accordance with diplomatic norms and in line with the status and reputation of the host country, so the government began to prepare and provide the necessary requirements for this.”
He added that “the isolation suffered by Iraq during the dictatorship, and our war against terrorism throughout the past era did not give the opportunity to rehabilitate the basic infrastructure of the state to allow hosting important and large regional and global events, which missed many opportunities in which Iraq could have played an active and influential role in the international arena.”
The government spokesman explained that “in the face of the above and in order to prepare for the Arab Summit in Baghdad in 2025 and other international events related to Iraq, which were previously held in neighboring or regional countries for the above reasons (to end this abnormal situation), the need has become urgent to prepare the necessary infrastructure, including the rehabilitation of the government hospitality headquarters that are significantly and clearly visible.”
He pointed out that “After the circulation of a document on social media platforms indicating the rehabilitation of a number of (the role), it was necessary to note that the government has decided to comprehensive rehabilitation of some presidential complexes, which include a number of major guest houses, which were previously occupied by some ministers and deputies, which made them need to conduct a comprehensive maintenance and rehabilitation process. The Ministry of Construction and Housing has prepared the required statements and according to its price and technical determinants, and presented them to the Council of Ministers for approval and obtained approval by the decision of the Council on 2024/2/7.”
“We hope to be precise in the transmission of information and to miss the opportunity on those who seek to falsify the facts and harm the reputation of our dear country,” he concluded in his statement.
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Good evening everyone!
I’m loving ithe fact that SO many people are under NDA! That ALONE is HUGE! I’m loving the news over the last few days!
Member: I heard that this has to happen before Ramadan, or we wait at least another month.
Mod: RAMADAN IS MARCH 10 TO APRIL 9
Member: Ramadan, the ninth month of the Muslim calendar, is one of the most sacred times for Muslims.
Member: Nadar just posted a video saying they wont do anything with exchange rate in month of ramadon its against their religion.. so we have until like march 10 for this to happen or we wait till May
Member: I don't think Ramadon matters myself
MZ: Nader is right that they have a serious sepeeration between church and business. But I guarantee you they would love to have it before Ramadan. The people would love to have that prosperity going into the down time.
Member: Kuwait revalued on March 25 1991 and I believe it was during Ramadan.
MZ: “Arab states restrict US ability to attack Iran’s allies in Iraq and Syria- Politico” seems like they want the US out of the region. One of the key things we have been told to get the US to leave is a change in value of the dinar.
MZ: “Time’s Up-Threats won’t prevent US ouster from Iraq after years of occupation” All eyes in Iraq are glued to the negotiations between American officials and Sudani to end the long military occupation of Iraq. This is a long one but lots of background as to why the push now. They not only want the military out but economic freedom from the US and the US banking sector. .
Member: If Iraq joins BRICS…..things might be a lot better for them down the road.
Member: I read the Us is trying to send more troops to Iraq.
MZ: I believe Iraq will force the issue soon and the US will be faced with either leaving with some pride or declaring world war 3.
MZ: “Minister of Finance of the World Bank –The Government is determined to reform Iraqi Monetary policies” A lot coming out about all the policies of financial reform and restoring the rate of the dinar.
MZ: I know we are all tired of hearing of all this progress and we still cannot go to the bank. Imagine how frustrated the Iraqi citizens feel? But we are watching steady progress towards Iraq’s reinstatement and/or revaluation.
MZ: I still think its going to be revaluation….but a reinstatement would be easier for them
Member: I understand that watching Iraqi dinar is an easy indicator if how close the RV is, but aren’t the Chinese Elders the key to getting the release of the RV not the CBI in Iraq.?
Member: If Elders are in charge of the GCR…then CBI is in charge of the RV
Member: Awake-In-3D had a good ones in Recaps about the Chinese Elders…well worth a read for sure.
Member: Every second we are closer and closer. Thank you God for these blessings we are about to receive.
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You're going to see IMO a slight increase in the exchange rate, probably within the first quarter of this year...I still feel in my heart there might be some kind of change to the exchange rate the first quarter of this year. It's not going to be anything major but it is going to be an increase.
A lot of you are asking me...how does the deletion of the zeros affect the stocks over there in Iraq...I know we were told that the deletion of the zeros comes off the exchange rate, which is wrong. It actually comes off of their currency, their bank notes. It's called a redenomination...Since 2013 they've been talking about the deletion of the zeros off the currency. They put the zeros on when inflation is really high...Now that their inflation has been kept in check for quite a while they're talking about removing the zeros off the currency. No where in there does it say the exchange rate. It says the change does not affect the currency's value against other currencies. Instead it simplifies transactions and improves the economy's overall efficiency.
The ISX is the primary stock exchange in Iraq...the redenomination of the Iraqi dinar will not directly impact the ISX or the stocks traded on it. Stock prices are determined by market forces such as supply and demand...If there's any kind of effect on the Iraqi Stock Exchange it would be that people might panic a little bit...The prices are all done in US dollars. It's not in Iraqi dinars...so redenomination is not going to have any effect the value of the stocks on the stock exchange. If they change the exchange rate against other foreign currencies it will affect the stock prices...