Thursday, February 29, 2024
Iraq concludes its discussions with the International Monetary Fund expert mission in Amman, 1 MARCH
Iraq concludes its discussions with the International Monetary Fund expert mission in Amman
Mawazine News – Baghdad
The Iraqi delegation, headed by Finance Minister Taif Sami, concluded today, Thursday, its discussions with the Article IV mission of International Monetary Fund experts in Amman, while the mission confirmed its continued support for the government’s reform steps.
The Ministry of Finance stated in a statement received by Mawazine News, that “during the discussions, the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing non-oil revenues were reviewed.”
The Iraqi delegation confirmed, according to the statement, that “the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction,” indicating “its intention to continue discussions and consultations during the Fund’s periodic annual meetings.” “.
The Fund’s mission praised “the achievement of good progress in many financial and monetary aspects and in the areas of transparency, control, provision of financial statements and rationalization of expenditures, in addition to the strong return of growth in the non-oil sector during 2023 with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices.” .
The mission noted “the positive developments in the return of trade financing operations to their normal path and the stability of the foreign exchange market following the implementation of anti-money laundering and counter-terrorism financing controls on cross-border payments,” welcoming “government plans aimed at strengthening public financial management, including welcoming “With the steps taken by the government towards establishing a unified treasury account, improving cash flow management and increasing the tax base, as well as reviewing the customs tariff structure and achieving more targeting in social support and care.”
The mission also expressed its optimism about “the level of understanding and progress achieved with the Iraqi government and the coordination steps and joint consultations that will be completed in the near term that will contribute to addressing the financial problems imposed by the circumstances of international conflicts and their accompanying economic impacts,” explaining that “purposeful structural reforms are continuing to stimulate economic diversification.” “Creating job opportunities led by the private sector is a pivotal factor in achieving sustainable and inclusive growth.”
According to the statement, priorities at this level include creating equal opportunities for the private sector by implementing reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing to make efforts to strengthen governance and limit the spread of corruption.
It is noteworthy that Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets the member country and conducts formal consultations with its officials.
https://www.mawazin.net/Details.aspx?jimare=242967
"RV UPDATE" BY BRUCE, 1 MARCH
Bruce
[via WiserNow] ...we could get our notifications Thursday, which is the 29th of February...start exchange on first of March, which is Friday... Everything is moving in the right direction...So let's see what happens guys.
[via WiserNow] This is a non taxable event. These exchanges that we're doing...they're not taxable to you...It was designed to be tax free. [Dinar Guru Note: Some gurus feel the dinar is non-taxable, others feel capital gains and still other feel it will be taxed as ordinary income. The only opinion that matters in the end is the IRS's. At the appropriate time consult your tax advisors to determine the correct tax for your unique circumstances.]
Prime minister of Iraq met with our President Trump for a couple of hours in an undisclosed location on Sunday afternoon and they were discussing the fact when Prime Minister, Sudani of Iraq was going to fly back to Iraq that afternoon...he was going to announce to the entire country of Iraq they were indeed a sovereign nation and had a sovereign currency - once that occurred...we would have simultaneous announcement here...
not quite sure who was going make it but was to be made to banks and to our redemption centers, and other institutions - with other officials dealing with currency exchanges... once those announcements were made, we felt like we were good to go and get ready to get started...
...we haven't started yet. But we know that we've checked with certain banks...like Chase and Wells have the dinar, for example is one of our currencies on the front screens of the banks and ...they're rising in value.
But there the last time we checked, the bank screens rates were flashing - ...when it's flashing on and off...it means that it's not quite ready...to be exchanged...So we're waiting according to the latest information that we have from redemption centers and banks, that they're waiting for the green light to come in the form of an email from Wells Fargo, corporate New York...When that email comes in to the redemption centers, they will know that it's time to go it's time to start...we're close.
https://dinarevaluation.blogspot.com/2024/02/rv-update-by-bruce-23-feb.html
Barzani discusses in Washington the importance of ensuring the region’s share of the budget and protecting its security, 29 FEB
Barzani discusses in Washington the importance of ensuring the region’s share of the budget and protecting its security
The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, discussed in Washington, today, Wednesday (February 28, 2024), with a member of the Foreign Relations Committee in the US Senate, Senator Tammy Duckworth, the controversial issues between Baghdad and Erbil.
The regional government said in a statement received by “Baghdad Today” that Barzani “during the meeting briefly touched on the general situation in Iraq, and the importance of resolving the controversial issues between the Kurdistan region and the federal government, in a way that guarantees the region’s financial rights, secures its share of the budget, protects its security and stability, and preserves the region’s financial rights.” rights of all its components.
Senator Tammy Duckworth, according to the statement, renewed her support for the Kurdistan region, and also stressed that she will make every effort to protect the Kurdistan region and address the controversial issues between the region and the federal government.
It is noteworthy that Barzani has been continuing for days during his ongoing visit in Washington a series of meetings and meetings with officials in the American government and members of the Senate and Congress, and his discussions focus on bilateral relations between the region and the American side and discussing the outstanding issues between Kurdistan and Baghdad. link
"RV UPDATE" BY MARKZ, 29 FEB
MarkZ
[via PDK] Question: Mark what do you think of the rumor it could happen tomorrow?
MarkZ: I’m going to leave it as rumor for now. But it could happen in 3 minutes…or 2 days…we just don’t know the timing. But rumors are non-stop running hard.
[via PDK]
Now over the weekend - this is where it gets fun…There was a lot of conversation and many stories about needing to have a committee for “repricing”...
Why do they need to reprice?
Maybe they are getting ready to change the value of the dinar? This is HUGE . And they were very up front over the weekend on “Removing the zeros” and this process provides more purchasing power…they call this the “mechanism to delete the zeros” This process requires increasing purchasing power when deleting the zeros…this was a huge weekend... As they increase their value they need to update their bills including the lower denominations
One of the articles I like the most from Iraq: “ITC hosts Iraq National trade forum” With support from Iraq’s national Trade center and the government, and a joint agency of the UN and the World Trade Organization. The entire goal of this is to foster International trade, and import and export opportunities in business on the international stage.Prime Minister’s Advisor: The government can increase spending without risking inflation or deficits, 26 nov
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