Changes in the digital economy and their impact in Iraq, 23 JUNE

  Changes in the digital economy and their impact in Iraq

Researcher in finance and development affairs and academic Aqeel Jabr Ali Al-Muhammadawi 

The beginning of the twenty-first century can be marked by the development of advanced digital technologies, a revolution in the information field, and the acceleration of the processes of economic globalization. Currently, the development of information technology plays an important role in society and the economy. 

Individuals and society always seek to meet growing needs in a certain field of activity, while information technology expands the capabilities of all people, organizations and countries.

Information technology has not only changed the patterns of business and consumer behavior in the modern economy, but also laid the foundation for various processes: high-tech production and economic activity, development of financial services, changes in educational concepts and standards, digital transformation.

This infrastructure, formed on the basis of electronic interoperability, has become a new direction of global technology development in which economic activity depends on digital technologies.

The digital economy enhances competition and competitiveness not only within the country, but also at the global level. Therefore, any country, including Iraq, that seeks to compete and build competitive performance standards in the global market must properly exploit the potential of the digital economy and promote digital progress. 

Iraq must catch up, accelerate the adoption of digital technologies, and ensure that everyone can access these technical benefits and modern information technology.

At the same time, fulfilling the promise of digital mainstreaming requires balancing risks and opportunities. As the world transitions to digital technology, preventive measures are critical to enhancing trust. Laws must be put in place to protect data, achieve cybersecurity, and create strong institutions to develop and enable robust, interconnected digital systems that can verify identity, transfer payments quickly and securely, and exchange data responsibly.

For Iraq to reap the benefits of technological and technical progress in digitization and artificial intelligence, and participate fully in the global digital economy?

In order to accelerate the pace of engagement in the digital economy community with deliberate and reliable steps, Iraq should adopt the methodology of the digital economy and modern financial digitization. My agencies: 

1- Bridging the global digital divide: Despite the rapid spread of new technologies in various parts of the world, 37% of the population, each person, is still deprived of Internet services. In addition, a large percentage of Iraqis are not involved in advanced information technology applications. 

2- Preparing for the jobs of the future: Innovation radically changes the nature of work: new jobs are emerging, and other jobs are developing. In order to compete and contribute to raising the level of competitive performance standards of the digital economy, Iraq will have to prioritize education, vocational education and training, and build the digital, technical and technological skills of its workforce.

3- The importance of developing safe and reliable digital systems: With the world’s shift to modern digital technology and technologies, strengthening capabilities in areas such as cybersecurity, data protection, and maintaining the modern digital financial and economic system has become more important than ever before.

4- More funding to provide Internet services and IT applications for all: Providing broadband services for all will require more than $100 billion by 2030, and the public and private sectors cannot do this alone. Governments must undertake bold reforms, and the private sector can reduce costs and risks and increase efficiency, innovation and leadership.   link

"RV UPDATE" BY WALKINGSTICK, 23 JUNE

 Walkingstick

  The Iraqi citizens are being given their education, not our education.  They are telling the Iraqi citizens what they need to hear at this moment in the monetary reform process...

 $4.9 billion for a pipeline in the budget...Didn't you say it was 6.5 billion dinars? 

 'Yeah.'  And you're saying it equals $4.9 billion? 'Yeah.'...

They told the world...6.5 billion IQDs is equivalent to $4.9 billion...6.5 divided by 4.9 it comes out to 1.32 or $0.76...You don't have to think anymore after this...That's billions to billions not trillions to millions.  That's a rate change...You're telling the world this.

--

[Iraqi bank friend]

 Aki in Dearborn...he's got one [new ATM machine like the ones delivered in Iraq].

They put these ATM machines out in order to put out the lower notes...These ATM machines will teach the citizens about the lower denoms and it will teach the bank employees about this as well too...There's going to be a stampede of people that will be rushing into the Iraqi dinars...These ATM machines are now being impregnated...

When they load or if they have loaded them up [new ATMs], the note count has already been determined.  The note count for each individual machine has already been accounted for...

These machines will be the state of the art...State of the art has nothing to do with a program rate.  If it was they would have had the state-or-the-art with the program rate for the last 20 years...The CBI is desperately trying to put out the least amount of currency at the onset before they release the new exchange rate.  Because once they do this, if needed, they will be able to add to this note count as the value is needed.

These ATM machines have the capability to recognize the lower denoms that are soon to be passed out to the citizens in order to add value to their currency and to go hand in hand with a new exchange rate of the lower notes...These ATM machines have the software for the lower notes.  

But does it have the lower notes in these ATM machines? 

 It is unknown...Since April there have been thousands of these ATMs being put out...FOR READ MORE: https://dinarevaluation.blogspot.com/2024/06/rv-update-by-walkingstick-19-june.html

Jon Dowling & Dr Scott Young Discuss Finance Of The Future

Government Advisor: Sovereign Guarantees for the Private Sector Will contribute to Industrial Renaissance, 23 JUNE

Government Advisor: Sovereign Guarantees for the Private Sector Will contribute to Industrial Renaissance

Economy News – Baghdad

The financial adviser to Prime Minister Mazhar Mohamed Saleh confirmed on Saturday that the sovereign guarantees of the private sector will contribute to the industrial renaissance, noting that they are a practical application of the government approach in modernizing the national industry.

And Saleh said, In a statement reported by the official news agency, and seen by “Economy News”, “sovereign guarantees are amount to undertakings from the government to ensure the payment of debts or financial obligations owed to another entity such as a company or a subsidiary government entity,” pointing out that “the sovereign guarantees have taken another direction, which is to guarantee the activities of the national industrial private sector, based on Article II/3 of the Federal Public Budget Law (Tripartite) No. 13 of 2023, Article II/3 of the law stipulates: The Federal Minister of Finance with the approval of the Federal Council of Ministers may issue the necessary guarantees to support the agricultural industrial sectors and the private industrial sectors to establish projects that will finance Foreign institutions are at least 85% of the value of each project and with a total amount not exceeding one trillion dinars.”

He added that “based on the above, this guarantee issued by the sovereignty of the state makes it easy for those companies or entities in the private sector to obtain external financing in particular, especially investors or lenders feel more secure because there is a government guarantee to proceed with their projects, which are made with accurate choices that help the industrial renaisssance in the country, and contribute to diversifying the sources of national production, especially the renaissance of the private industrial sector in particular, provided that the private sector benefiting from the sovereign guarantee contributes to providing a percentage of financing for its industrial project from its own funds of not less than 15% of the total value of financing the project.”

He pointed out that “the coverage of the industrial private sector with sovereign guarantees is only a practical application of important aspects of the philosophy of the government curriculum, aimed at modernizing the national industry and ensuring the state for the private industrial sector and promising it as a strategic basis in economic diversification and in accordance with the principle of applying the economic partnership between the market and the state, the latest of which is the decision of the Council of Ministers, which allowed the activation of Article 35 of the Public Companies Law No. 22 of 1997 amended by making dozens of public industrial companies become joint stock public companies.”

Saleh continued that “the priorities of the Sovereign Guarantees Committee, which follows up implementation, according to the General Budget Law (tripartite), its priorities are directed towards supporting the industrial sector, and that the objectives of the committee constitute at the same time one of the priorities of the government in maximizing the rates of economic development and its sustainable opportunities in growth, building accumulation in human capital, combating the phenomenon of unemployment and promoting economic well-being.”

He pointed out that “the first aspect is the industrial promotion and through the financing partnership by granting sovereign guarantees to the private sector producing industries, medical supplies and export supplies for medicines. The second aspect is related to the industrial base related to infrastructure, especially construction and construction projects, whether from iron, brick-cement and other factories, while the third aspect is related to the diversification of the oil sector itself, especially the chemical and petrochemical industries, in addition to energy projects and industries related to agriculture.”

"RV UPDATE" BY MNT GOAT, 23 JUNE

 Mnt Goat

   Just look at all the progress made just since December 2022 when Iraq announced they were finally entirely out of Chapter VII.  And now the spigot is wide open... the final issues preventing the reinstatement are being dealt with one by one...It is June already and this month is proving to be a very significant month again...my contact in the CBI told me there is a very high probability that we would see the currency swap out in this month of June and so we watch and wait. 

Do they have to RV to make the budget work?  If you take what the prime minister told us about the dropping of the zeros... in an April 2023 article, we can see that taking the 1320 rate and dropping the 3 zeros makes it $1.32. If we take the 6.5 billions dinars allocated for the new pipeline construction it is actually about $4.9 billion dollars.  If we divide 6.5 / 4.9 we get 1.32...is this a coincidence? Can you see now why I am so excited...WOW! WOW1 WOW! ...Many believe it is not coincidental and so I agree...Do they need the change in rate to build the pipeline? What about the other projects too like the 7 new refineries?  ...if it does they will have to get their act in gear real soon, as they also told us they plan to begin this new pipeline now NOT in 2025.

RV Update Of Iraqi Dinar By MNT Goat Today 2024🔥iraqi dinar RV news🔥RV u...

Urgent The Sudanese issues a decision on reducing the official working hours in the institutions, the government is all, 23 JUNE

Urgent The Sudanese issues a decision on reducing the official working hours in the institutions, the government is all

Prime Minister Mohammed Shia Al-Sudani issued today, Saturday, a decision to reduce the miloral shift in all government institutions.

A statement for his office, a copy of which was received by {Euphrates News}, said: “Taking into account the conditions of high temperatures, especially peak times, and in order to ease the burdens on citizens in general and employees in particular and rationalize the consumption of electric power, the Sudanese directed the following:
1. The time for the start of official working hours in all government institutions in the governorates, except the capital Baghdad, is at seven in the morning and the end of the work is at one o’clock in the afternoon.
2. Governors are empowered to disrupt official working hours in all government institutions, including central departments not associated with the governorate operating in their governorates on days when temperatures are (50) degrees Celsius and more.
3. Work in all government institutions continues in the capital Baghdad, in accordance with the timings mentioned in accordance with the Council of Ministers Resolution (24213) of 2024, taking into account the following two amendments:
A. Submit the time of the start of official working hours for one hour according to the classification indicated in the aforementioned decision.
B. Reducing the number of official working hours by one hour at the end of work, the end of work time is two hours before the applicable time before this directive (one hour due to submission, and an additional hour due to reduction).
4. Official working hours shall be in accordance with the timings mentioned in this directive, starting from Sunday 23/6/2024 until Thursday 29/8/2024 and then the applicable timings shall be reinted before issuing this directive.
5. The competent minister may extend the work outside the times mentioned in this directive in cases of necessity, and in accordance with the law.

https://alforatnews.iq/news/السوداني-يصدر-قرارا-بشأن-تقليص-الدوام-الرسمي-في-المؤسسات-الحكومة%C2%A0كافة