Sunday, March 3, 2024
To Achieve Economic Stability, The International Monetary Fund Directs 4 Requests To The Iraqi Government, 3 MARCH
To Achieve Economic Stability, The International Monetary Fund Directs 4 Requests To The Iraqi Government
Arab and international Economy News – Baghdad The International Monetary Fund called on the Iraqi government to adjust public finances, increase the public sector wage bill, expand the tax base, and increase non-oil revenues to achieve economic stability.
This came in a statement issued by the Fund, on Sunday, at the conclusion of Article Four consultations with Iraqi financial and economic officials, which took place in the Jordanian capital, Amman, during the period between 20-29 last February.
The fund said: “To overcome oil price fluctuations, Iraq must achieve high economic growth to accommodate the growing workforce, enhance non-oil exports, expand the tax base and adjust the wage bill.”
He considered that the government must "strive to enable the private sector to develop and grow, carry out labor market reforms, modernize the financial sector, restructure state-owned banks, reform the retirement and electricity sectors, and reduce corruption."
Iraq is the second largest producer of crude oil in OPEC after Saudi Arabia, with an average daily production of 4.6 million barrels per day under normal conditions, and relies on crude export revenues to provide 90 percent of the state’s financial income.
The Fund added: “Growth in the non-oil sector returned strongly during 2023... Growth in real non-oil GDP is estimated at 6 percent, and overall inflation declined from the high level of 7.5 percent in January 2023, to 4 percent by the end of the same year.” ".
He continued: "The decline in inflation is due to the decline in food and energy prices at the international level, and the impact caused by the revaluation of the price of the Iraqi currency in February 2023."
He estimated that the improvement in oil prices in 2022 and the first months of 2023 contributed to the rise in international reserves to 112 billion dollars, from an average of 88 billion at the end of 2021. He said: “If regional tensions escalate, an interruption in shipping routes or damage to "This may lead to losses in Iraqi oil production."
Article Four of the Agreement Establishing the International Monetary Fund stipulates that bilateral discussions with member countries usually take place on an annual basis. A team of Fund experts visits the member country, collects the necessary economic and financial information, and holds discussions with official officials about economic developments and policies in that country...
03/03/2024 - https://economy-news.net/content.php?id=41056
"ANALYSIS OF IRAQ NEWS: "SO IS THE WHOLE WORLD!!!"" BY FRANK26, 3 MARCH
KTFA:
Frank26: "SO IS THE WHOLE WORLD!!!"......F26
Iraq is looking forward to joining the World Trade Organization
3/1/2024 Baghdad
Today, Friday, the Ministry of Commerce confirmed the government’s aspiration to join the World Trade Organization, especially after the Saudi representative in the organization, Saqr Al-Muqbel, was named to manage Iraq’s accession file, noting that his recent visit to Baghdad contributed to addressing a number of important files.
The ministry’s official spokesman, Muhammad Hanoun, told the official media and followed by “Al-Ghad Press” that“Iraq joined as an observer in the World Trade Organization from 2004, and until 2023. This accession facedmany problems and challenges, the most recent of which was the failureto pay dues to join the observer organization.
But after... The announcement of the government program by Prime Minister Muhammad Shiaa Al-Sudani began work again on the possibility of Iraq joining this organization, as two sessions took place and a dialogue was held with the organization by the Iraqi negotiating team headed by the Minister of Commerce, Atheer Al-Ghurairi, which included all the relevant Iraqi ministries and bodies.
Hanoun added, “The World Trade Organization assigned the Saudi representative to the organization, Saqr Al-Muqbel, to manage the file of Iraq’s accession, and he came to Baghdad on an important visit and met with the Iraqi negotiating team, and many issues were addressed, the most important of which were the files of goods and services, as well as the legislation that the Iraqi economic reform team in the Prime Minister’s Office would carry out.” By addressing it within the frameworks and legislation within which the World Trade Organization operates.”
He continued, "Joining will achieve many things for Iraq, most notably that it will support the file of Iraqi goods and facilitate their entry into global markets, and secondly, the harmonization of Iraqi laws and regulations with international laws and regulations," pointing out that "Iraq has today become a major economic player on the world level and needs to harmonize Iraqi laws with international laws." .
He stressed, “Minister of Trade Atheer Al-Ghurairi attended the third session of the World Trade Organization, which was held in the Emirate of Dubai in the UAE, and met with the Assistant Director-General of the organization. We believe that the meeting will achieve progress in achieving the government’s aspirations regarding accession in an accelerated manner,” appreciating “the Saudi efforts in overcoming many special obstacles.” Iraq's accession to the World Trade Organization. LINK
"RV UPDATE: TRANSITION FROM A CLEARING HOUSE TRANSACTIONS TO WIRE TRANSFER" BY GOLDILOCKS, 3 MARCH
GOLDILOCKS
"An ACH transfer is completed through a clearing house — a network of financial institutions — and is used most often for processing direct deposits or payments.
A wire transfer is typically used for high-value transactions and is completed through a bank, which makes it faster, but it does have a fee."
We are currently transitioning from Clearing House Transactions to Wire Transfer Services that can be done through a bank. Wire transfer services will make this new digital payment system much faster. In fact, the transfer of payments will be done in seconds.
As Protocol 20 expands and integrates Quantum Technologies from around the world, this shift into digital processing of money transfers will significantly increase the demand for the new digital economy. These new demands will bring in new values across the board and from country to country.
Money velocity will enhance faster trades that will allow the movement of products around the world to operate seamlessly and efficiently. Faster movement of products will create more profits and increase more opportunities for companies producing their items for sale across many sectors of the market and on an even playing field no matter their size.
© Goldilocks
https://tipalti.com/payments-hub/ach-vs-wire/#:~:text=An%20ACH%20transfer%20is%20completed,it%20does%20have%20a%20fee.
"THE IQD IS TRADING ON THE PRiVATE SIDE OF FOREX" BY PATRIOT ROD STEEL VIA TWITEER, 3 MARCH
"RV UPDATE" BY TRUTH WARRIOR, 3 MARCH
TRUTH WARRIOR
🇺🇸💥🇺🇸. Merchants in Iraq can use other currencies to make purchases in foreign countries. 💥💥💥. But they are not allowed to use the U.S. fiat dollar! 🇺🇸💥💥👇👇👇
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