UAE and Iraq Strengthen Economic Ties: Strategic Partnership and Investment Plans Unveiled, 11 APRIL

UAE and Iraq Strengthen Economic Ties: Strategic Partnership and Investment Plans Unveiled

During a significant meeting at the headquarters of Iraq's International Development Bank (IDB) in Dubai, UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, underscored the United Arab Emirates' dedication to deepening its strategic partnership with Iraq. The focus is primarily on enhancing trade and investment cooperation across various sectors, aiming to benefit both nations economically and socially.

Expanding Economic Connections

Al Zeyoudi highlighted the positive impact of the UAE and Iraq's commitment to strengthening their economic ties, emphasizing mutual investment flows and non-oil commerce. Discussions during the visit centered on areas of mutual interest, the pivotal role of the IDB in fostering trade and investment relations between the two countries, and exploring potential avenues for cooperation. These efforts are directed towards increasing the potential for successful partnerships among the business communities in both nations and advancing trade and investment in key sectors.

Role of the International Development Bank

Al Zeyoudi was briefed on the IDB's ambitious plans and the remarkable achievements of its Dubai branch within just 18 months of its establishment. The branch has notably managed about 10 percent of the total trade exchange between the UAE and Iraq, which exceeds $27 billion annually. This accomplishment not only showcases the growing economic ties between the two countries but also highlights the IDB's crucial role as a catalyst in enhancing these relations and connecting both markets effectively.

Future Prospects and Economic Impact

The ongoing efforts to bolster UAE-Iraq economic relations through strategic partnerships and investment cooperation promise to open new avenues for business communities and the private sector in both countries. By focusing on non-oil commerce and mutual investments, the UAE and Iraq are setting a precedent for how countries in the region can work together to achieve mutual economic growth and prosperity. The IDB's successful management of a significant portion of trade transactions between the two nations further underpins the potential for continued economic collaboration and the strengthening of ties in the years to come.

https://bnnbreaking.com/world/iraq/uae-and-iraq-strengthen-economic-ties-strategic-partnership-and-investment-plans-unveiled

"ONLY BECAUSE OF THE MONETARY REFORM SUCCESS.". BY FRANK26, 11 APRIL

 KTFA

FRANK26: "ONLY BECAUSE OF THE MONETARY REFORM SUCCESS.".......F26

Al-Sudani: Today we are moving towards economic construction and comprehensive reform

4/9/2024
 

Baghdad
 

Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Tuesday, that the National Service Government is moving towards economic construction and comprehensive reform.

Al-Sudani said, in a statement received by “Al-Iqtisad News”: “April of this year will return to us, and Iraq will regain its health and historical civilizational launch, and will enjoy security and stability, proceeding with development and reconstruction. These are gains that were achieved through a long process of sacrifice, patience, and jihad against tyranny. Our people sacrificed precious lives, and caravans of martyrs were among the finest men and women.”

He added: "The dictatorship fell after it delved into injustice and plunged the country into bloody wars and conflicts, causing isolation and hostility and sowing hatred in the region. Our people reaped death, destitution, backwardness and disease, and lost on the path to freedom an elite group of martyrs of the Islamic and national movement, whom we remember in this regard." Especially today, on the anniversary of his ascension as a martyr, Grand Ayatollah Sayyed Muhammad Baqir al-Sadr, whose execution represented a disgrace to the black Baathist regime.” 

The Prime Minister continued: “Our people chose their own fate after the fall of the regime, through persistence and determination, which created a bright picture for their future, resisted terrorism, wrote their permanent constitution, and elected their parliamentary representation and national governments. Then the forces of evil returned to appear in the guise of the mythical ISIS, and the Iraqis pulled together their ranks once again.” They showed a commitment to the land and life that was rarely matched.”

He stated: “The journey of the past twenty-one years has been the best document of the cohesion of Iraqis and the confirmation of common living for all fraternal sects, and today, we are moving together, under the National Service Government, towards an advanced stage of economic construction, comprehensive reform, social and civil service, and consolidating Rights and stability are on the rise, expressing a vision developed by our government’s program, in light of the needs of citizens, their aspirations and their wishes for their country.”

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Iraqi dinar why this change happening 🔥Iraqi dinar Rates changing update...

KRG Delegation in Baghdad for Crucial Budget, Salaries Talks: A New Phase in Federal Relations, 10 APRIL

KRG Delegation in Baghdad for Crucial Budget, Salaries Talks: A New Phase in Federal Relations

With a mission to address longstanding financial disputes, a delegation of the Kurdistan Regional Government (KRG), led by Minister of Finance and Economy Awat Janab Noori, recently arrived in Baghdad. The primary agenda includes discussions on the disbursal of salaries for government employees and security forces, including the Peshmerga, in the Kurdistan Region. This visit marks a significant step towards resolving budgetary issues that have strained relations between the KRG and the Iraqi federal government.

Background and Immediate Triggers

The visit comes against a backdrop of financial tensions, with the KRG struggling to pay its civil servants amidst delays in receiving their allocated share of the federal budget. Muhammed Abdulqadir, Director General of Accounting at the Ministry of Finance, informed Kurdistan24 about the dual approach for sending the March salary list to Baghdad, with a promise to prepare and send a second list within 20 days. Despite the Iraqi Ministry of Finance sending salaries for only December and February this year, Narmin Ma'roof, a member of the Iraqi Parliament's Finance Committee, assured that the process for March would mirror that of February. This ongoing financial irregularity has led to Baghdad releasing several payments as loans to Erbil, enabling the latter to manage public salaries temporarily.

Challenges and Allegations

The financial discourse between Erbil and Baghdad has been further complicated by accusations from KRG diplomats regarding the budget's implementation. Adopted in early June, the budget was lauded as one of the country's most substantial, with state expenditures set at 198.91 trillion Iraqi dinars ($153 billion), and a deficit surpassing 64 trillion dinars (over $48 billion). However, KRG officials allege that instead of receiving their fair share, Erbil has been provided with allowances to cover public salaries. This has perpetuated a cycle of dependency and uncertainty, undermining the region's fiscal autonomy and stability.

Prospects for Resolution

This meeting in Baghdad is not just a negotiation over numbers but a potential turning point in the fraught relationship between the KRG and the Iraqi federal government. By addressing the core issues of budget allocation and salary disbursal, both parties are signaling a willingness to move towards a more sustainable and equitable financial framework. The outcomes of these talks could set a precedent for future interactions, highlighting the importance of dialogue in overcoming longstanding disputes. As discussions progress, the hope is for a resolution that not only addresses the immediate financial needs of the Kurdistan Region but also paves the way for a stronger, more unified Iraq.

https://bnnbreaking.com/finance-nav/krg-delegation-in-baghdad-for-crucial-budget-salaries-talks-a-new-phase-in-federal-relations

"RV UPDATE" BY PIMPY, 10 APRIL

 Pimpy

  People have been asking about how much dinar does the International Monetary Fund hold...or World Bank...or World Trade Organization or US Treasury...There is no proof in writing anywhere that the United States is holding any Iraqi dinar.   Yes there could be some Iraqi dinar being held in our foreign reserves but it's not 4 trillion...Google it, go on any website, go anywhere and see if you could find if these organizations are invested into currencies or any other investments whatsoever...you're not going to find it.  That's not what they do...They don't hold the Iraqi dinar.  That's not what they do .

 For those of you thinking that all of a sudden some 'Real Effective Exchange Rate" is coming along and then all of a sudden the value of the dinar is going change, that's not what they're talking about.  The one we're looking for any changes to happen to would be the 'Official Exchange Rate'...

Iraqi Dinar 🔥 Ready to Go International 🔥 Guru Updates Latest RV Intel N...

"BECAUSE THE EXCHANGE RATE WAS REVITALIZED!!!" BY FRANK26, 10 APRIL

 KTFA

FRANK26:"BECAUSE THE EXCHANGE RATE WAS REVITALIZED!!!"..F26

A set of directives from Sudanese to revitalize the private banking sector

4/9/2024

 

 Baghdad
 

A government source revealed, today, Tuesday, that Prime Minister Muhammad Shiaa Al-Sudani issued a set of measures and steps to revitalize the private banking sector, while directing a study of the possibility of strengthening the needs of private bank branches abroad in foreign currency.

The source told Al-Eqtisad News, “As part of the Iraqi government’s efforts to formulate a strategy that stimulates the activity of the private banking sector during the next stage, allowing it to engage more in efforts to diversify the economy and strengthen its foundations, Prime Minister Muhammad Shiaa Al-Sudani directed the adoption of a set of measures and steps in this regard.” The matter, including:

1 - The Ministerial Council for the Economy studies a proposal to increase deposits of government institutions and the central government with private banks, enabling them to provide more banking operations and contribute to the development of various vital sectors and increase their ability to provide various financing services inside and outside Iraq.

2- The support of the Iraqi government and the Central Bank of Iraq to private Iraqi banks through foreign institutions and banks, taking into account the credit rating of each bank.

3- Study the possibility of enhancing the needs of private bank branches abroad in foreign currency for the purposes of financing foreign trade - the private sector and in accordance with the applicable contexts.

4 - The Board of Directors of the Central Bank of Iraq determines the contribution of foreign capital to Iraqi banks and evaluates the reality of the situation in a way that benefits the Iraqi economy and in accordance with what is stated in Banking Law No. 94 of 2004.

5- Participation of representatives from the private banking sector when discussing relevant issues in all state institutions, including meetings of the Board of Directors of the Central Bank of Iraq.

6- Studying the reactivation of the financing initiative presented by the Central Bank of Iraq and in accordance with the contexts proposed by the Central Bank in this regard.

7- The Competition Affairs and Monopoly Prevention Council shall take the necessary measures under Law No. 14 of 2010 to prevent monopoly in banking services, provided that the Council shall submit reports to the Central Bank of Iraq and in coordination with it periodically and in accordance with the aforementioned law.

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