Wednesday, April 3, 2024
Sudanese Advisor: The World Bank plays a positive and supportive role for the Iraqi economy, 4 APRIL
Sudanese Advisor: The World Bank plays a positive and supportive role for the Iraqi economy
Mawazine News – Baghdad,
the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Wednesday, that the World Bank plays a positive and supportive role for the Iraqi economy, and its team in Baghdad represents the advisory arm for the government program.
Saleh said, “The World Bank Group in Iraq launched its new relationship with our country in accordance with what was stipulated in UN Security Council Resolution 1483 in May 2003, and it is undertaking the task of mobilizing financial and technical assistance to support Iraq’s efforts to restore confidence in the economy, build its foundations, and reduce the burden of its debt in cooperation with the Fund.” International Monetary.
He added, “After years of wars and conflicts that affected the country’s infrastructure since the 1980s and Iraq’s severance and isolation from the world and multilateral international organizations, the bank contributed by taking its active role after the year 2003, especially in managing a number of development financing funds for the benefit of our country’s economy.”
He continued, “This was done by managing the funds provided by donor countries to Iraq under the Madrid Donors Conference held in October 2003, or by contributing to supporting the private sector through the role assumed by the International Finance Agency (IFC) as one of the arms of the World Bank Group active with the private sector.” As well as through the Bank’s role in supporting some aspects of development and facilitating ways of stabilizing our economy, including providing soft loans provided by the World Bank to support the national economy on various occasions during the last twenty years, specifically during the dual financial and security crisis to confront the ISIS terrorist gangs and the decline in oil prices after… The year 2014.”
He added, “The World Bank also played a role in improving the governance of economic life and rebuilding the requirements of a more powerful and modern digital and development era for the benefit of our country in many areas, in addition to contributing to rebuilding livelihoods by enabling social welfare programs and providing them with plans and programs that address issues of combating poverty.”
He pointed out, “The World Bank works closely with international partners to support economic reforms, specifically in the financial, banking, and public finance sectors.”
Saleh continued, “The World Bank today is not only a financing institution, but rather a bank that provides knowledge and its tools based on its accumulated experience that has reached nearly eighty years. Since its founding in 1945, Iraq was at the forefront of the founding countries of the World Bank Group and the International Monetary Fund, and this is how the bank is viewed.” The International Bank is currently considered an “information and knowledge bank.”
https://www.mawazin.net/Details.aspx?jimare=245252
"RV UPDATE" BY CLARE, 4 APRIL
Clare
Article: "Iraqi economy faces threat as US closes oil revenue account" Quote "...with the closure of the DFI [Development Fund for Iraq] account, Iraq's oil revenue is now being directed to a new account, referred to as IRAQ2. This transition raises concerns...banking specialist Kamaran Qadir Yaqub...warns the protection previously afforded to Iraq's revenue may no longer be guaranteed."
Article: "Al-Shammari reveals the most prominent files of Sudanese’s visit to Washington and the government’s ambition regarding the dollar" Quote: "Al-Sudani's visit to Washington will be practical and will not be for taking pictures...The Iraqi delegation will ask the American side about the reasons for their decisions to impose sanctions on Iraqi banks... Our expectations are that the visit will be very successful..."
Clare
Article "Statement from Press Secretary Karine Jean-Pierre on the Visit of Prime Minister Mohammed Shia’a Al-Sudani of Iraq to the White House" Quote "On April 15, President Joe Biden will welcome Prime Minister Mohammed Shia’a Al-Sudani of Iraq to the White House to coordinate on common priorities and reinforce the strong bilateral partnership between the United States and Iraq."
Article: "Al-Sudani intends to visit Washington to lift the ban on banks prohibited from dealing in dollars "
Quote: "The head of the Iraqi Securities Commission, Faisal Al-Haimas, announced that three Iraqi banks were sanctioned by the US Treasury, and 25 banks were banned from dealing in dollars ; ."
Article: "The Central Bank announces an understanding with the US Treasury to reconsider sanctions and indicates 'illegal trade' "
https://dinarevaluation.blogspot.com/2024/03/rv-update-by-clare-19-march.html
Urgent Barzani: We reached with Baghdad an appropriate solution to the issue of allocating Kurdistan salaries, 4 APRIL
The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, announced today, Wednesday, that he had reached an “appropriate solution” with the federal government to the issue of allocating the salaries of employees and litigants in the Kurdistan Region.
Barzani said in a statement to the regional government, a copy of which was received by Al-Furat News, “Thanks to God Almighty and the solid will of our beloved citizens, we have reached an appropriate solution to the issue of allocating the salaries of employees and litigants in the Kurdistan region, after diligent efforts and intense efforts made by the Kurdistan Regional Government team in close cooperation with the Kurdistan Regional Government team.” Prime Minister of the Federal Government.
He added, “I would like to extend my sincere thanks and appreciation to Federal Prime Minister Muhammad Shiaa Al-Sudani, and to all the forces and parties that supported and supported us in overcoming these obstacles and obstacles together.”
Barzani continued, “The Kurdistan region has faced, during the recent period, many attempts to harm its citizens and incite despair in them. I would like to express here my deepest thanks and appreciation to the employees and salary recipients in the region for their steadfastness and steadfastness. We will seek to distribute the salaries of the month of March before the blessed Eid Al-Fitr, especially “With the completion of the process of distributing February salaries within the next two days.”
"RV UPDATE" BY MNT GOAT, 4 APRIL
Mnt Goat
In today’s news articles we learn about the expiration of the extension of the US President’s Executive Order 13303 put in place in 2003. So, there is no extension this year...Why is this so important to us investors? First, the expiration of 13303 shows to us once again that Iraq is slowly moving out of the sanctioned mindset altogether.
But now we moved to a new level. We know that in December of 2022, Iraq completed its war reparations payments to Kuwait and thus followed that all the remaining UN sanctions were lifted.
What happened next was the VERY quick response by the CBI to begin the de-dollarization process in Iraq in 2023.
Then the unanticipated length of resolving the issue of the stability with the parallel market which delayed the process we are now looking for. Last week they told us the parallel market is now under control...I verified this with my CBI contact...Many investors have been waiting for this news...and tell us that this is a VERY GOOD sign for us in that since we no longer will be needing this protection, since maybe the dinar is soon to be free to move into its full potential as a sovereign, global currency...Remember it is normally renewed on April 1st and so what is in stored for us in April? Just saying.
TIDBITS FROM WALKINGSTICK, 29 NOV
Walkingstick The CBI and the US Treasury are monitoring the black market... The market of Iraq should reflect the official exchange rate...
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...