Monday, July 29, 2024
Iraq speeds up steps to join WTO, 29 July
The Ministry of Trade has doubled its efforts to join Iraq to the World Trade Organization (WTO) after participating in a wide round of negotiations that pave the way for full membership. These efforts were met with widespread economic welcome, which sees that this approach will achieve a package of important achievements, foremost of which is enhancing development, building capacities, and opening the door wide to the use of the highest standards of governance, in addition to the most important factor represented by the wide openness of global markets to Iraq, the advancement of the private industrial sector, and the improvement of the local product.
According to the Minister of Trade, Athir Dawood Al-Ghariri, the recent negotiations for Iraq constitute “a qualitative event and a confirmation of what the government promised through its program to reform the economic situation, considering the private sector as an essential part and the backbone of the Iraqi economy,” indicating that “all countries are keen on Iraq’s return as a global economic player.”
In support of the recent negotiations conducted by Iraq, the Ministry of Trade also participated in the technical meetings of the UNCTAD regarding the accession of Arab countries to the World Trade Organization in Istanbul, which witnessed, according to the Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, discussing the outcomes of the 13th Ministerial Conference of the World Trade Organization, the process of Arab countries’ accession to the organization, and how Iraq can benefit from these experiences in its process of accession. The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed.
In the midst of this, the Prime Minister’s Advisor for Financial Affairs, Dr. Mazhar Mohammed Salih, believes that “in the midst of the changes in the international commercial and financial space, Iraq has moved to important organizational levels in the transition to a market economy to break the effects of its international isolation by engaging in a strong area of economic liberalism that focused on liberalizing the areas of Iraq’s foreign trade in goods and services and the means of financing them, despite the fluctuations in its organization, as well as the development and expansion of areas of progress achieved in some financial services and improving the environment for foreign investment, which allows foreign banks to operate in Iraq and allows the transfer of capital and currency in a manner that serves Iraq’s openness to the world in the conditions of a difficult-to-handle central rentier economy.”
In a statement to the Iraqi News Agency (INA), Minister Al-Ghariri expressed his “aspiration for the fourth round of negotiations to be held during the first quarter of next year,” stressing that “this acceleration means that the negotiations are proceeding with rapid steps towards Iraq’s accession to the World Trade Organization, considering that Iraq is an important economic bloc and all countries are keen for it to return as an economic player in a multilateral system.”
In addition to the economic gains that can be achieved by opening up to the global market, the economic researcher and consulting engineer, Imad Al-Muhammadawi, believes during his interview with “Al-Sabah” that “joining has many other advantages besides opening up to global markets, represented in “enhancing development, building capacities, and opening the door wide to using governance standards in all aspects of economic activities, in addition to the most important factor, which is opening global markets to the economies of the least developed countries or what are called Third World countries, not to mention improving the financial side of the participating countries in terms of reducing financial risks and removing obstacles facing the participating countries.”
Al-Muhammadi added that joining also constitutes a factor in reducing poverty, by creating opportunities for the unemployed through increasing economic activities and developing both the private and public sectors.
The WTO aims to ensure that foreign companies, investors and governments enjoy stability and predictability, confidence that trade barriers should not be arbitrarily raised, investment is encouraged, jobs are created and consumers can fully enjoy the benefits of competition, choice and low prices. link
RV UPDATE BY MIKE BARA, 29 JULY
Mike Bara
[via Judy Byington]
The word I have is that Thursday night 25 July 2024, the US Treasury told Iraq that if they didn’t revalue their currency per the agreements “immediately,” UST would force the issue. Iraq responded that they were holding up because of concerns about some smaller banks that they suspected were doing business with the Iranians. They are determined that no RV funds make their way to Iran, because the two countries are historic enemies.
UST responded by seizing the 5 banks, consolidating them into a single, manageable entity, and pushing the RV through. ...Sat. 27 July 2024 the Central Bank of Iraq made the announcement regarding this transaction. As far as I know, this is the last hurdle to the revaluation.
Manipulating budget tables is a scandal waiting to break out, 29 July
The issue of tampering with the budget schedules sparked great controversy in the House of Representatives, after approximately 2 trillion dinars from the budget were lost in a dramatic manner.
The General Secretariat of the Council of Ministers sent a letter to the House of Representatives to inquire about the manipulation occurring in the budget tables, as it was stated in the letter, “After examining the printed tables attached to the Parliament letter signed by the ( acting) Speaker of the House of Representatives, it was revealed that there are fundamental differences in them compared to the sent copy.” From the Council of Ministers and contrary to the text of the parliamentary decision.
Member of the Parliamentary Finance Committee, Representative Jamal Kujar, confirmed that the manipulation occurred after voting on the budget tables in Parliament.
He pointed out in a press statement that it was not known who was the party that tampered with the schedules, calling for an investigation to be opened into the matter.
The House of Representatives held its twenty-seventh session, headed by Mr. Mohsen Al-Mandalawi, Acting Speaker of the House, today, Monday, and in the presence of 199 deputies. The House of Representatives voted last May 18 on the schedules of the federal general budget law.
It seems that suspicions of losing the amount revolve around the Finance Committee as well as the Presidency of the House of Representatives.
For its part, the Finance Committee in the House of Representatives vacated its space regarding the issue of tampering with the budget tables for the current year.
Deputy Chairman of the Parliamentary Finance Committee, Ahmed Mazhar, told Al-Ma'louma Agency, “The committee is far removed from the issue raised regarding tampering with the budget tables. It discussed the tables according to the CD sent by the government and then submitted it for a vote to the Presidency of the House of Representatives.”
He added, "The government's raising of the issue of tampering with 2 trillion dinars in the budget tables, as it claims, is very surprising."
He explained, “If there is tampering with the budget tables, then the Presidency of the House of Representatives can be questioned.”
In order to clear its name, Parliamentary Finance formed an investigative committee on the matter, which aroused the ire of the Presidency of the Iraqi Council of Representatives.
For his part, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, expressed his surprise at the Parliament Presidency's objection to forming an investigative committee regarding the changes that occurred in the budget.
Al-Kadhimi told Al-Maalouma Agency, “Forming an investigative committee is the prerogative of the Finance Committee, expressing his regret over the objection of the Presidency of Parliament to the formation of the committee that does not require approval.”
He added, "The Finance Committee is in the process of inquiring about the reason for the difference in the budget tables between the parliamentary version and the government version, noting that the committee asked the relevant authorities to reveal the manipulation of the numbers."
In addition, the representative of the State Support Bloc, Muhammad Al-Ziyadi, confirmed that signatures had been collected to include a paragraph discussing the government's claim that the versions of the budget tables were different after voting on them.
Al-Ziyadi told the Maalouma Agency, “The government sent a letter to the House of Representatives claiming that the schedules that were sent to it by Parliament after the House of Representatives voted on them differ from those schedules that it sent to Parliament.”
He added, "This book created a confused atmosphere between Parliament and the government, and parliamentary signatures were collected to include a paragraph to discuss the issue in order to determine the truth of the dispute between Parliament and the government regarding the schedules and who was the party behind it. link
Awake-in-3D: How Fed’s New Bully Tactics are Blocking Iraq from Joining BRICS, 29 JULY
How FED’s New Bully Tactics Are Blocking Iraq from Joining BRICS
On July 28, 2024
By Awake-In-3D
Big Banksters increase their stranglehold on Iraq to block participation in the new gold-backed UNIT currency system.
The Banksters at the U.S. Federal Reserve have intensified their bullying tactics against Iraq.
In This Article
- The U.S. Federal Reserve’s New Approach
- Potential Impact on the Iraqi Banking System
- The Federal Reserve’s Three Pillars of Strategy
- Consequences for the Iraqi Government and Economy
This escalation seems driven by a clear motive: the FED will not stand idly by and allow Iraq to join the BRICS alliance or participate in the new gold-backed UNIT currency system.
This aggressive stance threatens Iraq’s financial stability and sovereignty, pushing the country towards an economic crisis.
The Iraqi government now faces a pivotal moment. It must rise to the challenge and stand up to the FED’s coercive measures to protect its economy and pursue its independent financial path.
The U.S. Federal Reserve has adopted a new, stricter policy toward Iraq, potentially creating an increase the dollar’s value against the dinar.
Economic researcher Ziad Al-Hashimi warns this shift will place significant pressure on Iraq’s banking system and economy.
The U.S. Federal Reserve’s New Approach
Al-Hashimi reveals that the U.S. Federal Reserve’s latest strategy aims to curb any attempts by Iraq to stabilize its economy without adhering to Federal regulations.
The move is seen as a response to Iraq’s potential alignment with the BRICS alliance and participation in the new gold-backed UNIT currency system.
The Banksters at the US Federal Reserve have escalated their tactics, not wanting Iraq to break free from their influence.
Potential Impact on the Iraqi Banking System
The new strategy involves continued sanctions on certain Iraqi banks, ensuring these institutions remain banned from dollar transactions.
This action threatens the stability of Iraq’s banking system, limiting its ability to function efficiently and putting additional strain on the national economy. The FED’s bullying tactics aim to prevent Iraq from gaining financial independence and participating in the BRICS alliance.
The Federal Reserve’s Three Pillars of Strategy
The Federal Reserve’s strategy consists of three main pillars:
- Continuation of Sanctions: Previous sanctions on specific banks will remain, indefinitely banning them from dollar trading.
- Closure of Non-compliant Banks: Banks violating federal regulations regarding money laundering and dollar smuggling will face closure.
- Exclusion of Government Intervention: The Iraqi government will be prevented from intervening in dollar-related matters, leaving this responsibility solely to the Central Bank of Iraq.
This strategy aims to tighten control over Iraq’s financial dealings and mitigate political influences from the Iraqi government .
The FED’s actions are a clear attempt to ensure Iraq does not join the BRICS alliance or adopt the gold-backed UNIT currency system.
Consequences for the Iraqi Government and Economy
The Federal Reserve’s new approach places the Central Bank of Iraq in a precarious position, as it struggles to balance internal pressures with the need to comply with U.S. regulations.
This situation will lead to increased demand for the dollar, causing a devaluation of the Iraqi dinar.
The Iraqi government faces a critical decision: to comply with the Federal Reserve’s stringent measures or to challenge these tactics and seek alternative alliances, such as joining the BRICS and adopting the gold-backed UNIT currency system.
It’s time for the Iraqi government to stand up to the FED and assert its financial independence.
The Bottom Line
The U.S. Federal Reserve’s intensified approach toward Iraq threatens to destabilize the country’s economy.
With significant implications for the Iraqi dinar and the banking system, the Iraqi government must navigate these challenges carefully. Whether to stand up to the Federal Reserve or find a way to comply will shape Iraq’s economic future.
The Banksters at the US Federal Reserve will not easily allow Iraq to join the BRICS alliance, but the Iraqi government must take a stand for its sovereignty and economic well-being.
Contributing Source: https://burathanews.com/arabic/economic/448951
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