Shafaq News / Turkish Transport and Infrastructure Minister Abdulkader Uraloglu revealed on Friday a (Turkish-Iraqi) decision to establish a joint mechanism similar to the “Ministerial Council” to follow up the “development road” project.
Uraloglu said in a statement that the visit, which President Recep Tayyip Erdogan is planning to conduct, to Baghdad, at the end of this month, will address issues that will enhance cooperation between the two countries in the “development methods” project.
The “development road” is an economic project aimed at connecting Iraq with Turkey through land and railway routes with the aim of transporting goods between Europe and the Gulf countries.
Uraloglu pointed to the taking of important steps over the past year on the “development path”, and the holding of ministerial negotiations between the two countries to develop cooperation.
In this regard, Ankara hosted technical talks under the supervision of the Ministry of Transport and Infrastructure, with the participation of representatives from the Turkish Ministries of Foreign Affairs and Trade, and an Iraqi delegation, including representatives from the Prime Minister, the Ministry of Transport and the General Authority of Customs.
“As a result of our regular meetings with Iraq, we have decided to establish a mechanism similar to the Ministerial Council between the two countries,” he added.
Uraloglu pointed out that in the past period he held talks with his Iraqi counterpart Razak Mheibis Al-Saadawi, during which they agreed to start establishing the mechanism along the lines of the ministerial councils between Turkey, Hungary and Serbia.
He explained that they are waiting for the participation of the UAE and Qatar along with Turkey and Iraq in the Ministerial Council.
BRICS refers to certain emerging market countries—Brazil, Russia, India, China, South Africa, and more—that seek to establish deeper ties between member nations and cooperate on economic expansion, including trade. The countries act as a counterbalance to traditional Western influence.”
When the BRICS Nations become strongenough to have a trading influence equal to or greater than the Western Culture, there will be bilateral agreements “only” as a reason for us to sign documents in the near term.
This is expected to change in about two decadeswhen the BRICS Nations are expected to be strong enough to overtake the dollar. The transition of the dollar is expected to be a slow process. In the meantime, the Dollar Act is in process of moving through Congress to support this transition.
To have a (digital) currency strong enough to challenge the dollar or equal within its dominance able to level the playing field for the BRICS Nations, they will more than likely have a gold backed digital trading coin that will give them the capacity to do so.
At that time or before, the United States will be under a Gold Standard and part of the new leveling playing field.
Al-Sudani to American companies: The current stability in Iraq is encouraging for you to engage in development projects
Prime Minister, Muhammad Shiaa Al-Sudani, called on American companies to work inside Iraq.
Al-Sudani said, the current stability in Iraq should encourage American companies to engage in important development projects in the fields of energy, communications, housing, health care, education, transportation, and others.
He added that it is also important that we combat corruption, which is the other side of terrorism, as its impact is no less devastating, and that we work to ensure that the people’s money is directed towards valuable goals, and that it is also imperative that we work to diversify our economy away from dependence on oil, even while we benefit from it. From our position as the second largest oil exporting country in OPEC (in addition to our possession of large reserves of natural gas)
Al-Sudani stated, “Our urgent need for American expertise and technology extends to clean energy and the green economy, as we seek to develop sustainable and renewable sectors,” adding that “the strategic framework agreement established the legal basis for these activities, and that by investing in them, it will enable us to put Iraq in a position that helps it strengthen Its democracy, strengthening the state, and strengthening the rule of law, are the pillars that will allow us to restore Iraq to its historical brilliance link
The New Quantum Financial System (QFS),Charlie Ward
Operates completely independentlyfrom the existing “centralized” banking and ends the “Central Banking System” that perpetuates “Debt Slavery” around the world. Even though it is the ultimate in design, reliability, security and safety, the roll-out process will occur over time.
The QFS operates on a Distributed Ledger Technology.It is NOT crypto currency or Blockchain technology. Quantum Qubits “interact” with every financial transactionanywhere in the world of finance to ensure that each transaction is legal, owner-intended and transparent. Since Central Banks do not have the ability to “reconcile” old FIAT (paper) moneyinto the new QFS system, all fractional reserve banking and central banking activities will cease.
Every sovereign currencyand every bank represents a separate Ledger in QFS.
Data on all account holders, at all banks, in all 209 participating countries was downloaded into QFS in March 2017 and serves as a “Distributed Ledger”.
The QFS is designed for and ready to convert ALL bank accountsdenominated in any Fiat currency anywhere in the world into a local asset-backed currency. The QFS pings the originating Fiat currency bank accountto ensure it is still valid, active, and operational at the time the exchange of fiat currency for asset-backed currency takes effect. After the successful ping of a local bank account, the fiat currency holdings are converted into the new local asset-backed currency on a 1:1 basis.
A Government Advisor Announces The Start Of Implementing The Reform Plan In Government And Private Banks
Economy News – Baghdad Adviser to the Prime Minister for Economic and Financial Affairs, Mazhar Muhammad Saleh, confirmed on Thursday that Prime Minister Muhammad Shiaa Al-Sudani is interested in reforming the course of the private and government banking system, while indicating the start of implementing the reform plan for government banks.
Saleh said, in a statement reported by the official news agency and seen by Al-Iqtisad News, that “the banking market has a great division. For example, the capital of private banks, or their share of capital from the government, is about 78 percent, while the capital of government banks is 22 percent.”
He continued, "While government banks account for 85 percent of activities and assets, while private banking activity is 15 percent, so there are large disparities between private and government banks."
He explained, “Private banks have almost coexisted on government allocations, whether through the window or by opening letters of guarantee for projects, meaning that any vibration exposes private banks to serious problems, so approximately 29 banks have been deprived of dealing in foreign currency.”
Saleh added, “Prime Minister Muhammad Shiaa Al-Sudani is very interested in reforming the course of the private and governmental banking system,” stressing that “there is a reform plan for government banks, and there is a foreign company that evaluates the banking work, its capital, and its functions until they are parallel to the work of international banks.”
He stated, "Private banks are facing a dilemma, especially after being deprived of trading in foreign currencies, even though they have coexisted with this issue. Therefore, the government is trying to create an internal environment that is supportive of them, and they need to correct their situations first."
He went on to say: “The Prime Minister is correctly supportive of private banks, on the condition that these banks improve their course of work,” stressing that “there is a reform plan to correct the course of private banks that will be implemented soon.”
A government source revealed, the day before yesterday, 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 said, “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 number of measures and steps in this regard, including:
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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- Support by the Iraqi government and the Central Bank of Iraq for banks Iraqi private banks through foreign institutions and banks, taking into account the credit rating of each bank.
3- Studying 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 determining Contribution of foreign capital to Iraqi banks and assessment of 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 of 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 and Monopoly Affairs 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. Views 174 04/11/2024 https://economy-news.net/content.php?id=42374
