Wednesday, March 20, 2024
Officially... Iraq joins the membership of the European Bank for Reconstruction and Development, 20 MARCH
Officially... Iraq joins the membership of the European Bank for Reconstruction and Development
The Iraqi Fund for External Development in the Ministry of Finance announced today, Wednesday, that the Republic of Iraq has joined the membership of the European Bank for Reconstruction and Development (EBRD) after the House of Representatives approved the accession law.
The Fund said in a statement received by Al-Eqtisad News, “The Republic of Iraq has joined the membership of the European Bank for Reconstruction and Development (EBRD) after the House of Representatives approved the accession law, which comes within the Ministry’s vision of strengthening frameworks of cooperation and communication between Iraq and international financial institutions.” “After the Fund’s continuous coordination with the European Bank’s management, the completion of Iraq’s contribution process, and the completion of all documents related to accession.”
He added, "Joining will enable the European Bank to finance projects within the country, promote development for various sectors, support the entrepreneurship initiative, and support the private sector through investments and participation in policy dialogue and technical assistance," pointing out that "the European Bank for Reconstruction and Development (EBRD) is a multi-faceted development bank."
Parties, headquartered in London, the bank focuses on investment as a tool to rebuild market economies in beneficiary countries, with an emphasis on supporting the private sector and its investments in advisory and political activities. The bank also helps countries develop their policies to promote energy self-sufficiency or renewable energy markets link
"WHERE ARE WE NOW?" BY BRUCE ( ENGLISH AND SPANISH), 20 MARCH
MARCH 19, 2024
BRUCE'S BIG CALL
ONLY INTELLIGENCE
WHERE ARE WE NOW ?
We're in a really good place: when we talk about completing the trade-in, you'll have access to 1% of your total to move from QFS to the main account for 12-15 days and then you'll have access to EVERYTHING. of it, and that's a lot of money. Bondholders can get access to 1%, but that has to last 90 days and then access everything. Now, if you are a Zim holder, you get that 1% and then you access everything.
As of 9am this morning, all the countries that increased their value made it known that the IQD and all the other countries made it available and became known internationally, so ALL the rates are known: all the rates on the screen and trading up but flashing and then when the screens went off the screen went blank - some in T3 have been notified and we in T4B depending on where at 12:30 after lunch we should receive our notifications and exchange on Thursday; It could even be between 1:30 and 2:00 p.m. m., but as long as it is after lunch, then we set up our dates and exchange on Thursday.
And let's pray that nothing changes and that's what happens. Now, the R&R should happen tomorrow, which is Wednesday or Thursday, and Bruce's theory is Thursday, but if we have an appointment on Thursday, what would happen if people 62 and older receive their lump sum deposit and if you are on SS will you receive a direct payment? Deposit into that account and we should look for it tomorrow and it will be a huge amount of money.
So if you didn't know this and suddenly you see this lump sum and that would cover us, and if you're younger, they still get it for three years and those in the middle, for two years. But the oldest level is one year and if this is with a signed agreement that if you have a job you keep it, now SS, if that happens, let's say in April it will be around $4,400 - $4,900 a month, so in the heart of America. That's huge.
Now, is there anything else we care about? If you have a Trust, set up the exchange under that Trust and if you don't have one, set one up within 10 days for the safety and protection of your own assets. So keep this in mind; otherwise it looks like some kind of quick start, and it's all good news of course, so notifications tomorrow; Let's see how it plays out and get started this week.
Now, is there anything else we care about? If you have a Trust, set up the exchange under that Trust and if you don't have one, set one up within 10 days for the safety and protection of your own assets. So keep this in mind; otherwise it looks like some kind of quick start, and it's all good news of course, so notifications tomorrow; Let's see how it plays out and get started this week.
Now Bruce heads straight to pray for the calling. And no, he hasn't thanked the entire team, and just asks us to take care of ourselves and keep an eye on his emails and we'll see how we do in the next few days. That was EVERYTHING, please continue saying ALL the prayers with sincere thanks and love to EVERYONE, Always Gemma.
We continue praying 🙏✨❤️💫🌎🌏
TRANSLATION SPANISH
19 MARZO 2024
"Al-Eqtisad News" Publishes The Full Decisions Of The Council Of Ministers Session, 20 MARCH
"Al-Eqtisad News" Publishes The Full Decisions Of The Council Of Ministers Session
Economy News – Baghdad Al-Eqtisad News publishes the full decisions of the twelfth regular Council of Ministers session held today, Tuesday, the most important of which was obligating the Ministry of Finance to pay the dues owed to an Iraqi bank by Kurdistan, provided that they are deducted from the region’s allocations.
The Prime Minister’s media office said in a statement, seen by Al-Iqtisad News, that “Prime Minister, Mr. Muhammad Shiaa Al-Sudani, chaired, today, Tuesday, the twelfth regular session of the Council of Ministers, in which the general situation in the country was discussed, and the most important service files were reviewed.” economic, and to deliberate on the issues on the agenda and take the necessary decisions thereon.”
The statement added, “In the field of energy, the Council voted on the following:
1. Approval to authorize the Minister of Finance, or whomever she authorizes, to sign with the relevant authorities an amendment to the loan agreement for financing the 400 kV Babylon station rehabilitation project, which is financed by the Swedish loan with JPM Bank.
2. Approval of the financing terms for the loan according to the Ministry of Finance’s letter dated February 25, 2024.
He explained, “Based on the government’s priorities, which focused on administrative reform, the Council voted on the following:
1- Approval of the controls regulating the dealings of beneficiary entities with letters of guarantee issued in their favor, taking into account the observations of the Ministerial Council for the Economy confirmed by its letter dated January 14, 2024, amending Article (17) of the aforementioned controls, according to what is stated in the department’s memorandum. Legal of the General Secretariat of the Council of Ministers, dated March 14, 2023.
2- Agreeing to accept a certified instrument or a letter of guarantee, taking into account the validity period of the certified instrument, and the beneficiary party must renew it before it becomes effective until the need no longer exists, in accordance with the rules.
The statement indicated, “Within the path of financial and banking reform, the Council issued a decision obliging the Federal Ministry of Finance to pay the dues of the Trade Bank of Iraq/TBI, due from the Kurdistan region of Iraq, in annual monthly installments for the years (2023, 2024) at a rate of (636) billion dinars for each year.” It will be deducted from the region’s allocations for the year 2024, and will be deducted later.”
He continued, "The session witnessed the approval of recommendations regarding settlement procedures for foreign claims, in accordance with Cabinet Resolutions 28 of 2014 and 48 of 2018, as follows:
1. Make an amendment to paragraphs (1 and 2) of Cabinet Resolution 28 of 2014 as follows:
a. Amend paragraph (1) to become: Authorizing ministries and entities not affiliated with a ministry with the authority to negotiate with creditor companies that have a final court ruling, and which have seized the funds of Iraqi government institutions abroad, or have not seized in their consensual settlement, at a rate less than the principal of the debt without interest,
While giving it preference in contracting with state departments in one of the government projects or contracts in exchange for the creditor party dropping the entire amount of the debt and its interests, and invalidating the lawsuit filed.
B. Amending paragraph (2) to read: Negotiating and negotiating committees shall be conducted by the relevant authorities under the supervision of the Ministry of Justice. It is exclusively concerned with following up on foreign lawsuits, and each case is presented individually to the Council of Ministers for approval.
C. Continued implementation of Cabinet Resolution No. 48 of 2018.
2. Taking into consideration the opinion of the Legal Department in the General Secretariat of the Council of Ministers.
The statement continued, "The session included approval of the following:
First: Cancellation of the recommendations of the sixth meeting of the Chinese Framework Agreement issued by Cabinet Resolution (24006 of 2024).
Second: Cancellation of the Council of Ministers’ decision (24059 of 2024) regarding the completion of the new Nasiriyah warehouse and model school buildings, funded by the Chinese agreement.
Third: Approving the projects approved by Cabinet Resolution (24130 of 2023), with an annual allocation of (7059) billion dinars, instead of (7137) billion dinars, signed by the committee.
The following was also voted on during the session:
1. Deletion of the project (constructing an international stadium in the center of Nineveh Governorate at a cost of (22,813,000,000 dinars), based on the technical reports issued by the advisory office, affiliated with the College of Engineering at Al-Mustansiriya University, which includes the recommendation to completely remove the structure with the foundations, as well as the recommendation of the advisory body / Advisor to the Governor for Technical Affairs, adopting the opinion of the Advisory Office of Al-Mustansiriya University, to demolish and completely remove the foundations, taking into account the amounts spent on the aforementioned project and the amounts of work completion, and transferring the amounts of the deposits to the project account after its deletion, according to the controls and instructions issued by the Ministry of Planning.
2. Considering the request to include the project to establish the Nineveh Central Stadium with a closed sports hall on the right side of Mosul in a turnkey manner, within the governorate’s projects for the year 2023 (amended Schedule E) specified in the Federal General Budget Law (13 of 2023), for a total amount of (36,200). 000,000 dinars) after completing all relevant listing requirements.
3. Nineveh Governorate bears full responsibility for the truth and accuracy of the information submitted to the Ministry of Planning.
He pointed out that "with regard to the contract concluded with the Turkish company Tarmash for the school buildings project, the Council issued a decision approving the acceptance of the letter of guarantee previously submitted to the Ministry of Industry and Minerals, for the same contract outside the electronic platform for the letter of guarantee, until the company has financial liquidity that enables it to return Letter of guarantee, within the electronic platform.
The Council also issued a decision approving the Ministry of Finance’s contract with the Scientific Consulting Office at the Ministry of Higher Education and Scientific Research/University of Baghdad/College of Science. To complete the system for modernizing public financial management systems (IFMIS), as an exception to the instructions for implementing government contracts (2 of 2014).
The statement explained, “The sale of residential plots of land starting from the property numbered (45373 to 49551 AD/21 Haidariyah) was approved for sale, amounting to (4176) plots, separated from the area of the two plots of land numbered (42062/1, and 42063/1), district (21). )
Haidariyah, to employees of the General Secretariat of the Holy Shrine of Hussein, as an exception to the public bidding procedures, and based on the provisions of the Law on the Sale and Rent of State Funds No. (21) of 2013, as amended, and replacing it with a lottery system, according to the controls of those who are not beneficiaries of the Council of Ministers’ Resolution (20 of the year 2019), taking into account Articles (4 and 15/First/A) of the aforementioned Law on the Sale and Rent of State Funds.”
Within the framework of organizing union work, the recommendation of the Ministerial Council for Human Development (24004 B) of 2024 was approved, which includes obligating the Engineers Syndicate to address the issue of registering engineering colleges and departments and accrediting them in the Engineers Syndicate.
The Council agreed to authorize the Director General of the General Tax Authority to negotiate and initial a draft agreement to avoid double taxation and prevent evasion of taxes imposed on income and capital between the Government of the Republic of Iraq and the Government of the Republic of Latvia, based on the provisions of the Constitution, and to authorize the Minister of Finance to negotiate. And the final signature on the above project.”
He continued, "The draft law on the Republic of Iraq's ratification of the air services agreement between the government of the Republic of Iraq and the government of the Republic of Azerbaijan was approved and referred to the House of Representatives, based on the provisions of the constitution."
Views 73 Added 03/19/2024 - https://economy-news.net/content.php?id=41657
"BANKER INTEL" BY TEXAS SNAKE, 20 MARCH
TEXAS SNAKE
The banker called this morning to advise several high level CC had been scheduled today to which he was demanded to attend each one.
A total of 6 calls took place.
While he is unable to share any of the details he was able to determine those pulling the strings are very serious of exactly where they are and what must be done to ensure compliance to execute the currency revaluations.
All being shared allows me to surmise they want this project of exchanging to be completed by months end even if all exchanges are not fully completed into early April.
There it is sports fans, Not that many days remain in March.
