This visit to United States it was really good. All this contracts they signed...all these people want to go to Iraq to do business, start businesses. It's great. Now they have the ball in their hands so we see what they're going to do with it. They're going to score or pass on the side again?
You saw Sudani coming back home. You saw he was not big screens...Now we have to watch. Now he's going to come out and he's going to say, 'okay guys, we have to change the exchange rate.' It think it's going to happen soon now. They're almost ready. I think they wrapped up with the United States government and I think it's going to be a good thing.
'Everybody's like, hey Nader you're there for the announcement?'
There's no announcement. There's not big screens...They're going to come out with a new exchange rate maybe a little smaller for now yes...You see they talking about changing the exchange rate again. Yeah, they're going to do it soon. We'll see what it is. It could be 1000. Remember we said 1000 and then they eliminate the three zeros...You're going to have to be patient.
Trade Minister Atheer Daoud Salman Al-Ghurairi announced today, Wednesday, the completion of the completion of the two initial offers of goods and services and their official submission to the WTO Secretariat through official channels.
In a statement received by (Fourth), the Minister stressed that “this important step comes in the context of the efforts of the Iraqi government and its program to promote international trade and achieve sustainable development, which reflects its commitment to ensuring global economic integration and expand economic partnerships.”
He added that “the National Committee, the technical committees emanating from it and the accession team in the ministry were able within a short period of time to complete those files and submit them to the organization in preparation for the holding of the third meeting of the working group for Iraq during the current year, 16 years after the date of the second meeting of the team in 2008.”
Al-Ghurairi pointed to “the welcome of the World Trade Organization (WTO) and the international community to Iraq’s return to the negotiating table, especially as it is one of the important Arab economies that are still outside the organization, as it described this progress in terms of the accession file as one of the most active files among Arab countries and observers.”
He pointed out that “the initial offer file of the goods and services that were provided included a wide range of products and services that reflect the diversity and competitiveness of the Iraqi economy and negotiate them.”
He explained that “work is underway to prepare the Iraqi negotiating team and build the negotiating capacity of the team for the purpose of initiating the negotiation rounds with the member states of the organization in order for Iraq to obtain membership in the organization.”
He added, “The Department of Foreign Economic Relations, through the official channels of dealing with the organization, is working to complete all the requirements for accession in order for Iraq to obtain membership in the organization and to enhance Iraq’s integration into the multilateral trading system.”
It is worth mentioning that the World Trade Organization (WTO) issued the annual report on the accession of the observer countries and praised the efforts led by the Ministry of Commerce through its terracation to the National Committee, which considered the activation of the process of Iraq’s accession to the organization an important step for the organization, which was welcomed and praised by the member states, and that Iraq is the only Arab country whose accession process has become active and has made advanced stages among the Arab countries that hold observer member status.
FRAN26: 'IMPLEMENTATION OF THE BANKING REFORMS' "........F26
CEO of JPMorgan Chase expresses Support for Iraq
21st April 2024
By John Lee.
Prime Minister Mohammed Shia al-Sudani received Mr. Jamie Dimon, the CEO of JPMorgan Chase, and his accompanying delegation on Wednesday, during his visit to the Washington DC. During the meeting, they discussed the government's efforts in implementing financial and banking reforms, aiming to revitalize the economic situation and achieve development.
They also discussed the government's measures to develop the state-owned banking sector by contracting with leading international consulting firms specialized in banking reform. Additionally, they talked about encouraging private banks to open accounts with foreign banks to act as correspondent banks, as part of a plan to phase out the electronic platform by the end of the current year.
Prime Minister al-Sudani emphasized that no developmental sector can progress without reformative steps in the banking sector. He also stressed the necessity of continuing dialogue with the US Treasury, the Federal Reserve, the International Monetary Fund (IMF), and other international financial institutions.
Mr. Dimon praised the efforts of the Iraqi government in activating, developing, and rehabilitating both state-owned and private banks. He expressed his support for the activities of the Iraq Development Fund and readiness to provide expertise, assistance, training, and cooperation.
The Advisor to the Prime Minister for Investment Affairs, Mohammed Al-Najjar, revealed, on Wednesday, the value of investment projects that will be implemented in Iraq during the coming period.
Al-Najjar said in a televised statement, followed by “Economy News”, that “The economic growth that Iraq is currently witnessing is due to a number of reasons, the most important of which is the maintenance of oil prices on their stability, as this has contributed to achieving financial abundance, as well as calm and political stability, which prompted the private sector to inject very large sums of money with strategic projects.”
He added that “the value of the investment projects that will be implemented in Iraq is estimated at $450 billion, most of which are related to infrastructure and climate change,” noting that “Qatar, Saudi Arabia and the United States are the most prominent countries investing in the coming period, as Iraq signed several agreements with those countries.”
Al-Najjar continued, “Iraq, according to these data, will record the highest levels of economic growth in the world,” noting that “the government’s vision includes involving the private sector in achieving sustainable development through the implementation of various projects, especially in the fields of health and housing.”
He stressed the existence of “a package of important changes that will occur to the Iraqi commercial and economic laws, as these packages were submitted by the Council of Ministers to audit bodies to be submitted later to the House of Representatives.”
He revealed that “the Iraq Fund for Development is in the process of launching a project (wage and ownership), which means owning the property to its residents, a project that is being put forward for the first time in Iraq.”
US delegations have been going back and forth to Iraq for some time- in preparation. Over the weekend we had Sudani point blank saying that they are preparing and it would be the CBI’s responsibility for a revaluatuion. Things are phenomenal.
Question: There is a rumor a contractor living in the US used his CBI card and the rate was about $3.91...Do you believe the $3.91 story is real
?
Yes I do believe it’s real...But, I do not believe that is the rate everybody gets because I have talked to some with these debit cards in the US and they have not seen that rate change. Whereas others have…so I think they are priming the pump and testing the system.
I get reports from Iraq and bankers that things are well underway. And when they get to a certain point they will pull the trigger for us. We don’t know when it’s going to happen but the earliest I am hearing is yesterday or today…the latest I am hearing is May 9th.