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Iraq Discusses Financial and Technical Support with IMF, World Bank, 26 APRIL

Iraq Discusses Financial and Technical Support with IMF, World Bank

Iraqi Finance Minister Taif Sami met with World Bank Executive Director for Iraq, Abdulaziz Al Mulla, to discuss the World Bank’s support for Iraq, including financial aid, technical support, and capacity building.

Al Mulla emphasized the bank’s commitment to supporting member countries and that Iraq would benefit from the World Bank’s programs aimed at bolstering the Iraqi economy.

Minister Sami also met with International Finance Corporation (IFC) Vice President Hela Cheikhrouhou to discuss ongoing efforts with the IFC related to financing and developing the private sector and supporting projects that create job opportunities.

Minister Sami expressed appreciation for the IFC’s support in various sectors, including energy and ports, and for projects such as the Baghdad International Airport rehabilitation and expansion.

In a high-level meeting with newly appointed World Bank Vice President Ousmane Dione, the minister discussed the bank’s readiness to support financial and economic projects in Iraq, particularly the strategic Development Road Project and the railway project. Dione confirmed the bank’s commitment to offering technical support and advice in line with Iraq’s national priorities.

During a series of spring meetings, Minister Sami and her delegation also met with the Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group, to discuss the importance of supporting private sector investment projects in Iraq, particularly in the fields of environment and renewable energy, and providing funding for government banks.

In a related meeting, Minister Sami discussed Iraq’s technical needs with the  International Monetary Fund’s (IMF) Director of Financial and Technical Affairs, focusing on support for Iraq’s fiscal policy and public finance management, particularly continued technical support for the Treasury Single Account program and ongoing tax and customs reforms.

Minister Sami emphasized ongoing efforts to improve budget planning and execution, reduce current expenditures, increase non-oil revenues through expanding tax bases, automate transactions, and enhance customs efficiency. She highlighted the steps taken toward transitioning to a Treasury Single Account [Unified Treasury Account] system and working on an integrated financial management system.

(Source: Ministry of Finance)

https://www.iraq-businessnews.com/2024/04/23/iraq-discusses-financial-and-technical-support-with-imf-world-bank/

"RV UPDATE" BY MARKZ, 26 APRIL

 MarkZ  

  More and more people are talking about it.  Even Jaimie Dimon [CEO of JPMorgan Chase] said the dinar was going to be the economic savior of the entire world.  Sudani has already told us they are going to increase the value and remove the zeros. It’s going to happen. 

 “Vietnam Central Bank plans forex intervention”   They are ready to defend and strengthen its currency. You are finally starting to see it in the news...

Question:  So has RV started?  I believe it has started and is not going back.

 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.

Vietnam Dong 🔥 Vietnam Dong rate update high against USD 🔥Massive rate c...

"LOL... AND FRANK26 REFUTES HIS NAYSAYERS... RASPBERRY!!!", BY FRANK26, 26 APRIL

 KTFA

FRANK26:"LOL... AND FRANK26 REFUTES HIS NAYSAYERS... RASPBERRY!!!"..........F26

The US Treasury praises the actions of the government and the Central Bank in the Washington meetings

 

 4/23/2024
Baghdad
 

Samir Al-Nusairi

 

During the visit of the Prime Minister to Washington and his meeting, in the presence of the Governor of the Central Bank, with the US Treasury delegation, and the negotiations that took place regarding the financial and banking reform strategy implemented by the government and the Central Bank, the American side emphasized its praise of the reform measures and steps, which resulted in organizing foreign trade financing and complying with international standards in 2023 and the past months of 2024, and to bridge part of the gap between the official price and the price equivalent to the dinar exchange rate against the US dollar. This refutes the criticisms, allegations and media exaggerations of some satellite channels by insulting the Central Bank and the banking sector and pointing out some violations in the issue of controlling the monetary dollar, which were addressed at the time of the beginning of the application of the electronic platform. What is important and what must be confirmed now is that 100% of the external transfers that were made were in accordance with the relationship What is new between our banks and international correspondent banks, in accordance with the instructions and mechanisms of the electronic platform, are sound and transparent transfers in accordance with international standards, and that the window for selling foreign currency is an economic indicator that achieves one of the objectives of monetary policy.

 

 “Accusing the Central Bank and banks of wasting foreign currency without evidence proving the existence of suspicions of corruption, money laundering, or currency smuggling, and the proposition that says selling currency is a waste of public money is a description that has nothing to do with the economic process.”

 

It must be noted that “the process of the currency sale window began to be implemented by the Central Bank on 10/4/2004 in implementation of Article 28 of the Central Bank Law No. 56 of 2004, which allows the Central Bank to buy and sell foreign currency, and this process has continued to meet the needs of the Ministry of Finance for currency.” The local government, for the purposes of the operating budget, purchased the dinar from the public for the purpose of controlling liquidity levels, which is known as the monetary sterilization process on the one hand, and to recycle the dinar and resell it to the Ministry of Finance for the purposes of paying salaries and wages, securing government expenditures, as well as meeting and covering imports, and maintaining the stability of the exchange rate targeted by the Central Bank.

 

 “The foreign currency selling window is considered one of the largest open market operations in controlling local liquidity levels and putting the cash surplus on its proper paths. It is a good economic indicator and achieves one of the goals of monetary policy, and this is consistent with the multi-dimensional functions that the Central Bank of Iraq performs, as it is concerned with financial stability.” It manages the payments system, manages foreign reserves, licenses and monitors banks and financial institutions, and sets preventive controls, in addition to other tasks related to monetary issuance and publishing economic data, indicators and forecasts.”

 

 “The basic tasks carried out by the central bank are to manage monetary policy, which aims to control inflation, stimulate the economy, balance the balance of payments, and achieve monetary stability.”

 

LINK

"RV UPDATE" BY FRANK26, 26 APRIL

 Frank26 

  Some other guru says, 'Oh, they're waiting for Article VIII.'  Man, when you hear someone say that you got to run as far away from them as possible.  Article VIII is ancient history.  It's older than mythology ...They've been in Article VIII for over a year and a half.  Catch up.  

 Community comment: "Please explain there's no chance of a LOP."   Anybody that thinks this is a LOP you have to run away from them...they have no idea what they are talking about.  A LOP adds zeros to the exchange rate.  An RV and RI removes zeros.

  Sudani is going to be sharing with the Iraqi citizens soon.  I still hold to what I told you, they want to put screens up.  I know I have been mocked about it and laughed at about it.  But everything I say I'm mocked at and laughed at until a few days or a few weeks later, there it is...I believe Sudani is waiting for those screens to be put up.

It's Phenomenal🚩RV Process Has Started? Really?!?🤔Iraq Dinar RV Updates ...