Saturday, May 18, 2024
UNDP endorses Iraq’s electronic payment services system, 17 MAY
UNDP endorses Iraq’s electronic payment services system
Economy News – Baghdad
On Saturday, UNDP approved the electronic payment services system in Iraq.
“We are pleased to announce the official approval of the electronic payment services system, which has been achieved through the joint efforts between the Central Bank of Iraq and the UNDP Economic Reform Support Project, and with the generous support of the United Nations Agency for International Development,” the United Nations Development Programme (UNDP), said in a statement, seen by Economy News.
He added, “This important achievement – which was officially approved and published in the Iraqi fact sheet on April 29, 2024 – confirms the pivotal progress in the financial sector in Iraq.”
He explained, “Approving the electronic payment services system is an essential step towards modernizing the country’s financial infrastructure, stimulating digital transformation and promoting economic development.”
"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 18 MAY
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: The news has that specialist...talking about the best way to fill in the gap for the dinar and the dollar (illegal market). He's telling us the best thing for it to do this is to float...Saleh now talking saying the CBI is the only one that can control this needed float.
FRANK: They're going to float your currency because with a float they can come out at a higher rate than 1 to 1...this is a reinstatement of your exchange rate...The fact that they're talking about floating all day long...is because this is the next step in the monetary reform. Once they give you the new exchange rate and your new currency seconds later your currency will start to float...on international platforms
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FIREFLY: Ever since Sudani came back from Washington DC he has been talking to us about metal coins and paper fils. He said the coins are both silver and gold...
FRANK: The monetary reform education is being presented to the Iraqi citizens...
FIREFLY: International Development Bank opens in Erbil.
FRANK: Notice how they are preparing your banks in many ways to receive the new exchange rate when Sudani releases it. They talked to you about the float...the basket... the lower notes...the old lower notes, your history...Now they're going to tell you Iraqi citizens about your banks...they are educating you on the many services that your banks will be offering you once this exchange rate is released.
FIREFLY: Television says Iraq is now producing 1 million liters of gasoline on a daily basis with the new refineries...They are saying we will have enough gasoline for our self sufficiency of our county and also for global trading on the market..
FIREFLY: They said our success is from the visit to the United States of America because it lifted almost all sanctions on our banks and others are close to being lifted too.
FRANK: They also delivered the new exchange rate.
https://dinarevaluation.blogspot.com/2024/05/iraq-boots-on-ground-report-by-firefly_0858585158.html
The International Monetary Fund Calls On Iraq To Cancel The “Appointments” And Correct Its Financial Conditions ., 18 MAY
The International Monetary Fund Calls On Iraq To Cancel The “Appointments” And Correct Its Financial Conditions
2024-05-16 10:33
Shafaq News/ The International Monetary Fund stressed, on Thursday, the need for Iraq to gradually correct its financial conditions to achieve debt stability in the medium term and rebuild financial reserves.
This comes after the Executive Board of the International Monetary Fund (IMF) concluded Article IV consultations with Iraq and studied and approved the employee evaluation, before recommending control over public wages and the gradual abolition of compulsory employment, according to a Fund report seen by Shafaq News Agency.
It is expected that the next Article IV consultations with Iraq will be held in the standard 12-month cycle, according to the International Monetary Fund report and schedules.
In its statement, the Fund welcomed the strong economic recovery, the decline in inflation in Iraq to 4% by the end of 2023, and the improvement in domestic conditions that led to the implementation of the first 3-year budget. He stressed the
necessity of sound economic policies and structural reforms in Iraq to secure public finances and debts, given the regional disputes that may affect oil prices. He pointed to
the strong recovery in the non-oil economy in Iraq after a contraction in 2022-23, and that
Iraq was “largely” unaffected by the conflict in the region, pointing to the revaluation of the currency as of February 2023, and the return of trade financing to normal.
However, the imbalances were exacerbated by the significant fiscal expansion and falling oil prices.”
The Fund's report expected that the continued fiscal expansion would enhance growth in 2024,
at the expense of further deterioration in financial and external accounts and
Iraq's vulnerability to oil price fluctuations.
Without policy adjustment, the risk of medium-term sovereign debt stresses is high and external stability risks could arise.
Key downside risks include a significant decline in oil prices or the spread of conflict in Gaza and Israel.”
The executive directors agreed, according to the report, “with the thrust of the staff assessment, and welcomed the
strong economic recovery,
low inflation, and
improved domestic conditions
that led to the implementation of the first-ever three-year budget.
They noted that the risks were tilted towards the downside, given regional disputes and high dependence.” on the volatile oil prices, and that
a major financial expansion could lead to financial and external imbalances.” The directors also stressed “the
need for sound macroeconomic policies and structural reforms to
secure public finances and debt,
sustainability,
promote economic diversification, and
achieve sustainable and inclusive growth led by the private sector.” The Directors stressed that
“a gradual but significant fiscal adjustment is needed to stabilize debt in the medium term and rebuild fiscal safety margins.”
They encouraged the authorities to focus on
controlling public wage rolls,
phasing out compulsory employment policies, and
mobilizing non-oil revenues, with
Better targeting of social assistance. Directors agreed that
“immediate implementation of
Customs and Revenue Administration reforms,
full implementation of the Single Treasury Account,
strict oversight and limiting the use of extra-budgetary funds and
government guarantees
are essential to support fiscal consolidation.
Reducing cash financing and reforming the pension system are also important.”".
https://shafaq.com/ar/اقتصـاد/النقد-الدولي-يدعو-العراق-Ù„-لغا-التعيينات-وتصØÙŠØ-وضاعه-المالية
"THE UNITED NATIONS DEVELOPMENT PROGRAMME APPROVE THE ELECTRONIC PAYMENT SYSTEM IN IRAQ" BY GOLDILOCKS, 18 MAY
Today, the United Nations Development Programme (UNDP) approved the electronic payment system in Iraq.
© Goldilocks
https://search4dinar.wordpress.com/2024/05/18/undp-endorses-iraqs-electronic-payment-services-system/
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"Last week, in a letter to the council, Iraqi Prime Minister Mohamed Shia al-Sudani called for the United Nations Assistance Mission for Iraq (UNAMI), which has been operational since 2003, to end by December 31, 2025."
Resolution 1770 (2007) was devised to give guidance for Iraq on internal protocols that would enable them to secure a safe environment for their people and become prosperous in the world around them.
The resolution was co-sponsored by:
* United Kingdom
* United States
* Italy
* Slovakia
There will be a meeting at the end of May to discuss the gradual removal of the United Nations' involvement with Iraq. It is believed that they have achieved their goals with Iraq, and they believe Iraq's ability to move forward on their own is showing consistent progress.
The UN's involvement with Iraq has been taking place since 2003. It has been a team of leaders from several Nations engaged in helping Iraq "transition" their political and economic economy into a place whereby their contribution to the world is capable of moving to a level of Independence.
Starting early June, Iraq will be gradually moving into their own. These stages of the independence will be monitored, but their control over their own Nation will increase with each passing day.
© Goldilocks
https://www.kurdistan24.net/en/story/34969-Measured-support-for-end-of-UN-mission-in-Iraq
https://iraq.un.org/en/139220-resolution-1770-2007
TIDBIT FROM FRANK26, 13 NOV
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