Sunday, May 19, 2024
Paying off external debt is a step to promote stability and recovery , 19 MAY
Paying off external debt is a step to promote stability and recovery
Experts in the field of economics expressed their confidence in the economic and financial reform steps undertaken by the current government under the direct supervision and guidance of Prime Minister Muhammad Shiaa Al-Sudani, and while they pointed out that Iraq’s payment of its foreign debts is a supportive step for financial and economic stability and moving towards recovery, they called for Accelerating the steps to move away from the framework of the “mono-rentier economy” towards a multi-resource economy.
The head of the “Osoul” Foundation for Economic and Sustainable Development, Khaled Al-Jabri, said in an interview with “Al-Sabah”: “Iraq’s payment of all its debts to the International Monetary Fund is a positive step towards enhancing economic stability and improving the country’s financial situation,” indicating that “this achievement has implications.” “There are multiple impacts on the Iraqi economy, in terms of improving the credit rating, as repaying debt enhances Iraq’s credit rating, which may reduce borrowing costs in the future, and it also reflects the country’s ability to fulfill its financial obligations, which increases the confidence of international lenders and investors.”
He added, “Enhancing international confidence confirms Iraq’s commitment to financial and economic reforms and can attract more foreign investments, as investors see that the financial environment has become more stable, and that the financial resources (money) that were used to repay debts can now be allocated to development projects.” And infrastructure, and can contribute to improving public services and increasing spending on health and education.”
Today, Thursday, the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, announced that Iraq has fully repaid all loans provided by the International Monetary Fund since 2003, noting that their total did not exceed 8 billion dollars.
The head of the Al-Sharq Center for Strategic Studies and Information, Ali Mahdi Al-Araji, explained in an interview with “Al-Sabah” that “Iraq’s total debt amounts to about 70 billion dollars, divided into an internal debt worth 50 billion dollars scheduled between the Iraqi banking system and the three government banks (Al-Rasheed, Al-Rafidain, and Al-Basra). Iraqi Trade), and the other part is an external debt amounting to 20 billion dollars, meaning that in total it constitutes only 35 percent of the country’s gross domestic product.
He explained, “Iraq - as it is known - is a rentier country that depends on oil, and this is offset by a significant real exhaustion of the state budget estimated at $42 billion that goes annually between job salaries, retirement, and social care. Perhaps we will face in the future what is called (the Dutch disease), where reliance on... Natural resources and the collapse or decline of the industrial side.
Al-Araji expressed his confidence in “the great efforts of Prime Minister Muhammad Shiaa Al-Sudani to resolve the financial crises in Iraq,” stressing that “we find them to be good steps. There must be a wise administration that controls the country’s cash reserves and seeks to achieve harmony and balance between operational and investment expenses and... Its imports, and repairing the deficit in the trade balance, budget, and payments, to avoid any financial crisis that may afflict the country.” link
"RV UPDATE" BY RAYREN98, 19 MAY
RayRen98
[via Babysmom]
...BANKS EXPECTING TO SEE RATES LIVE AFTER FOREX OPENS AT 5:00 P.M. EASTERN...
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PAST POSTS OF RAYREN98
"ACROSS THE POND" FOLKS ARE CLAIMING WTO ASCENSION & AN INTERNATIONAL CURRENCY. SOME 3-LTRS ARE STARTING TO CONFIRM AND ACKNOWLEDGE. TIME WILL TELL
SO, SOME AGREEMENTS WERE MET LAST NIGHT....LET'S SEE WHERE THAT TAKES US FOR LATER TODAY?
[via Babysmom] "EAST COAST BANK CONTACTS ARE "VERY EXCITED" AND ANTICIPATE INITIATING EXCHANGES EITHER LATE TONIGHT OR EARLY IN THE MORNING. TIME WILL TELL...
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EVEN THOUGH I DON'T SEE IT YET...THEY ARE TELLING US "IT'S DONE"...THIS HERE "RIDE" IS FINALLY COMING TO AN END...HOPEFULLY TODAY.
[via Vinterv] 3 LTR'S [3 LETTER AGENCIES] ARE ON A 24-HOUR WATCH...
♪♫•*¨*•.¸¸❤¸¸.•*¨•*♫♪ I'm so excited, and I just can't hide it. I know, I know, I know I see a RATE CHANGE! A SHO-NUFF "RATE CHANGE" ! ♪♫•*¨*•.¸¸❤¸¸.•*¨•*♫♪ Sooner THAN later ♫♪♫♪♫ I GOT A FEELIN ...TONIGHT'S GONNA BE A GOOD NIGHT ♫♪♫♪♫ times 3...
GOOD SOURCES INFORM THAT THEY ARE ATTEMPTING TO PUSH IT OUT "BEFORE" THE END OF THE MONTH...
https://dinarevaluation.blogspot.com/2024/03/rv-update-by-rayren98-3-march.html
Cabinet holds extraordinary session to discuss budget tables for 2024, 19 MAY
Cabinet holds extraordinary session to discuss budget tables for 2024
Shafaq News / The Council of Ministers held, on Sunday, an extraordinary session chaired by Prime Minister Mohamed Shia Al-Sudani to discuss the tables of the federal budget for the year 2024.
This session comes as Al-Sudani is scheduled to head tomorrow, Monday, to the Qatari capital, Doha, to participate in the Global Security Forum for the year 2024.
At the end of April, Acting Speaker of the House of Representatives Mohsen al-Mandalawi agreed with Prime Minister Mohamed Shia al-Sudani on the need to complete the schedules of the 2024 budget law and expedite sending them to the House of Representatives for discussion and voting, as they are related to the lives of citizens and focus on investment spending for new projects.
In the meantime, the Ministry of Finance referred to the controls contained in the circular of the Budget Department No. 69333 on 24/4/2024 to all ministries, which must be taken into account when approaching the department for the following purposes :
● Transfer of services from one destination to another.
• Request for a grade and job title on political segregation.
● Change job titles.
● Change the address of the unauthorized certificate upon appointment.
● Marking variables: (promotion / calculation of the certificate in accordance with Law No. 103 of 2012 / calculation of the duration of the contract and wage / previous services, press service and service of practicing the legal profession).
● Indication of the period of calculation of the political chapter.
● Promotion to the position of expert.
● Marking of variables of self-financing circles.
"IMF RECOMMENDS REMOVING FOREIGN EXCHANGE RESTRICTIONS TO FOSTER HEALTHIER AND FAIRER ECONOMIES" BY GOLDILOCKS, 19 MAY
GOLDILOCKS
The IMF recommends removing foreign exchange restrictions to foster healthier and fairer economies. These policies sap energy from the economy and gives an unfair advantage to those who have access to the cheaper official exchange rate. Watch our Analyze This video to learn more.
https://twitter.com/IMFNews/status/1792167066687897725?t=7K9B99ley-zRIrwtAi2Vaw&s=35
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From a brick and mortar Banking System to a Bank in the Clouds.
In recent years, the banking industry has been undergoing a significant transformation, with cloud-based Core Banking Solutions computing becoming an integral part of daily banking operations. This shift towards the cloud marks a pivotal change in how financial institutions manage and process data, promising increased efficiency, flexibility, and innovation. Yet, despite these advantages, many banks remain cautious about fully migrating their operations to the cloud, a hesitation rooted in valid concerns.
https://www.sprinterra.com/is-cloud-banking-the-future-of-banking/
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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RayRen98 BANK STAFF RECEIVED "GET READY" MEMOS THIS MORNING, THEY'VE BEEN EXCITED ALL DAY! Nader From The Mid East Y...