Tuesday, September 17, 2024
DINAR REVALUATION REPORT: Parliamentary Finance Committee Discusses Proposal to Establish Sovereign Fund in Iraq 2024, 17 SEPT
Parliamentary Finance Committee Discusses Proposal to Establish Sovereign Fund in Iraq 2024
On September 17, 2024, the Parliamentary Finance Committee convened to discuss a proposal for the establishment of a sovereign fund in Iraq. This initiative aims to manage and invest the country's oil revenues more effectively, ensuring sustainable economic growth and diversification.
Background of the Proposal
The proposal to create a sovereign fund in Iraq emerged from the need to stabilize the national economy, reduce reliance on oil revenues, and invest in long-term projects that benefit future generations. Historically, Iraq's economy has been heavily dependent on oil exports, which account for over 90% of government revenues.
Current Economic Situation in Iraq
As of September 17, 2024, Iraq is facing economic challenges, including a 15.7% decline in exports during the first quarter of the year. This decrease in exports has impacted government revenues and highlighted the need for economic diversification and fiscal stability.
The Role of the Parliamentary Finance Committee
The Parliamentary Finance Committee plays a crucial role in overseeing the national budget and financial policies. The committee's discussions on the sovereign fund proposal are expected to address issues such as fund management, investment strategies, and the potential impact on Iraq's fiscal health.
Proposed Benefits of the Sovereign Fund
Economic Diversification
The sovereign fund is intended to promote economic diversification by investing in non-oil sectors, such as agriculture, manufacturing, and technology. This diversification is essential for reducing the country's vulnerability to oil price fluctuations.
Fiscal Stability
By setting aside a portion of oil revenues, the sovereign fund can serve as a fiscal buffer during periods of low oil prices or economic downturns. This stability is crucial for maintaining government services and public spending.
Long-Term Investment
The fund will enable long-term investments in infrastructure, education, and healthcare, contributing to the overall development of the country and improving the quality of life for Iraqis.
Challenges and Concerns
Governance and Transparency
Establishing a sovereign fund requires robust governance frameworks and transparent operations to prevent corruption and ensure that funds are used for the intended purposes.
Investment Strategies
Selecting appropriate investment strategies is critical to the fund's success. This includes balancing risk and return, as well as diversifying investments across various asset classes and geographies.
Political Stability
Political stability is a prerequisite for the successful implementation of the sovereign fund. Ongoing political tensions and security concerns could undermine the fund's objectives and investor confidence.
Conclusion
The proposal to establish a sovereign fund in Iraq is a significant step toward achieving economic diversification, fiscal stability, and long-term investment in the country. As of September 17, 2024, the Parliamentary Finance Committee's discussions on the proposal indicate a commitment to exploring strategies that address the nation's economic challenges and promote sustainable growth.
Parliamentary Finance Committee Discusses Proposal To Establish Sovereign Fund, 17 SEPT
Parliamentary Finance Committee Discusses Proposal To Establish Sovereign Fund
Chairman Of The Parliamentary Finance Committee Atwan Al-Atwani Money and business Economy News – Baghdad The Parliamentary Finance Committee announced, on Monday, discussing a proposal to establish a sovereign fund.
The media department of the House of Representatives stated in a statement, which was reviewed by "Al-Eqtisad News", that "the head of the Finance Committee, Atwan Al-Atwani, chaired a deliberative meeting of the committee in the presence of a number of its members, to discuss a number of important topics and files."
The statement added that "the meeting reviewed the outcomes and indicators of previous meetings with government agencies regarding maximizing non-oil revenues, where it was agreed on the next steps by submitting a detailed report to the government on the sources of deficiency, especially in the electricity, tax, customs and other major financial outlets sectors."
The statement continued, "The committee discussed a number of proposals that would maximize financial revenues, including the legislation of special laws on taxation, in addition to forming a committee to conform to standards, which is responsible for reviewing the estimation of planned revenues for state institutions."
The statement continued, "The committee discussed a proposal to establish a (sovereign fund) similar to rentier countries, in order to confront fluctuations in global oil prices or any financial crisis, provided that the fund is financed from the budget surplus achieved in circumstances of economic and financial prosperity."
The statement concluded, "The meeting also discussed the laws referred to the Finance Committee as a supporting committee, where Al-Atwani stressed that the committee will have an opinion and a fundamental role in legislating these laws, especially those related to economic reform and others." 105 views 09/16/2024 - https://economy-news.net/content.php?id=47664
LATEST FROM WOLVERINE, 17 SEPT
WOLVERINE
The world is about to witness a three-day spectacle that will reverberate across the planet and shake every nation to its foundations.
• As chaos unfolds, you'll feel the calm before the storm: an eerie silence broken only by the crackle of the Military Emergency Broadcast System (EBS) coming to life. What is your message? Governments around the world are finished, overthrown by a force too great to resist. And that's just the beginning.
• Mass arrests will follow, sweeping away the old guard of corruption and oppression. The world is finally cleansing itself, preparing for a new dawn of justice. But the show doesn't end here. In the next 10 days, the implementation of NESARA/GESARA, better known as TRUMPSARA, will change our future.
• Trumpsara will eliminate corrupt bureaucracies and replace them with an efficient and austere government, filled with people untainted by the sins of the past. It is not just a revolution in the way of governing, it is a quantum leap in human progress.
• At the center of this transformation is the quantum financial system. Say goodbye to the chains of central banks and dark elites. This system is powered by the power of quantum computing, ensuring true transparency and accountability.
• And the voting? Quantum voting powered by blockchain technology will restore true democracy. Every vote will be counted, free of manipulation or fraud.
• The quantum internet will emerge next, freeing itself from Silicon Valley oligarchs and government surveillance. This new system promises unprecedented security, guaranteeing freedom of information never seen before.
• But let's not fool ourselves: the clique that holds power now will not give up easily. He will fight tooth and nail to maintain the status quo. But their time is up and they know it. The tide of history is on our side. Truth and human ingenuity will lead us to victory.
• The Big Bang is here, and with it comes the promise of a future brighter and freer than anything we have ever known. The revolution is not a choice, it is a destiny. Will you rise with us or will you be left behind? The time for doubting is over. The storm has arrived and it will not stop.
TRANSLATION SPANISH
El mundo está a punto de presenciar un espectáculo de tres días que repercutirá en todo el planeta y sacudirá a cada nación hasta sus cimientos.
• A medida que se desata el caos, sentirás la calma que precede a la tormenta: un silencio inquietante que solo se ve interrumpido por el crepitar del Sistema de Transmisión de Emergencia Militar (EBS, por sus siglas en inglés) que cobra vida. ¿Cuál es su mensaje? Los gobiernos de todo el mundo están acabados, derrocados por una fuerza demasiado grande para resistirla. Y eso es solo el comienzo.
• Seguirán los arrestos masivos, que barrerán con la vieja guardia de la corrupción y la opresión. El mundo finalmente se está limpiando, preparándose para un nuevo amanecer de justicia. Pero el espectáculo no termina aquí. En los próximos 10 días, la implementación de NESARA/GESARA, mejor conocida como TRUMPSARA, cambiará nuestro futuro.
• Trumpsara eliminará las burocracias corruptas y las reemplazará con un gobierno eficiente y austero, lleno de gente que no esté contaminada por los pecados del pasado. No es sólo una revolución en la forma de gobernar, es un salto cuántico en el progreso humano.
• En el centro de esta transformación se encuentra el sistema financiero cuántico. Diga adiós a las cadenas de los bancos centrales y las élites oscuras. Este sistema está impulsado por el poder de la computación cuántica, lo que garantiza una verdadera transparencia y rendición de cuentas.
• ¿Y la votación? La votación cuántica impulsada por la tecnología blockchain restaurará la verdadera democracia. Cada voto será contado, libre de manipulación o fraude.
• El Internet cuántico surgirá a continuación, liberándose de los oligarcas de Silicon Valley y de la vigilancia gubernamental. Este nuevo sistema promete una seguridad sin precedentes, garantizando una libertad de información nunca vista hasta ahora.
• Pero no nos engañemos: la camarilla que detenta el poder ahora no se rendirá fácilmente. Luchará con uñas y dientes para mantener el status quo. Pero su tiempo ha terminado y ellos lo saben. La marea de la historia está de nuestro lado. La verdad y el ingenio humano nos llevarán a la victoria.
• El Big Bang ya está aquí, y con él llega la promesa de un futuro más brillante y libre que todo lo que hemos conocido. La revolución no es una elección, es un destino. ¿Te levantarás con nosotros o te quedarás atrás? El tiempo de dudar ha terminado. La tormenta ha llegado y no se detendrá.
DINAR REVALUATION REPORT: Scenarios for the Iraqi Central Bank's Strategies in 2024, 17 SEPT
Scenarios for the Iraqi Central Bank's Strategies in 2024
As of September 17, 2024, the Iraqi Central Bank has been focusing on several strategic scenarios to enhance its operations and improve the country's financial stability.
Negotiations with the US Federal Reserve
The Central Bank of Iraq is in the process of negotiating with the US Federal Reserve to end the use of the electronic platform for foreign transfers and transition to direct banking relations between Iraqi banks and their international counterparts. This move aims to streamline the foreign exchange process and reduce the dependency on electronic platforms that may have limitations or vulnerabilities.
Digitization of Ports
The Iraqi government is intensifying efforts to digitize all its ports, a move that signals the potential introduction of a new exchange rate for the Iraqi dinar. The completion of digitization is expected to facilitate trade, improve efficiency, and enhance transparency in the economic activities at the ports.
Development Road Project
Iraq's Prime Minister, Al-Sudani, announced the establishment and implementation of the development road project, which is expected to transform Iraq into an open country. This initiative aims to boost the country's GDP and gross domestic product, potentially leading to an increase in the currency's value. The project is also anticipated to make Iraq an international transportation hub, attracting investors to the dinar market.
Tax and Banking System Reforms
Iraq has embarked on real reforms in the tax and banking system. These reforms are essential for fostering a stable and competitive financial environment that can attract foreign investment and support the country's economic growth.
Security and Control
The Iraqi government has claimed that there is no spot on Iraqi territory outside the control of security forces. This statement indicates a level of stability that could positively impact the economy, as a secure environment is conducive to economic development and investor confidence.
Recovery and Stability
Iraq is witnessing signs of recovery and stability, with capitals expressing interest in investing in the country. The government has directed the preparation of a comprehensive plan to secure the path of development, suggesting a strategic approach to economic revival.
The Central Bank of Iraq is in the process of negotiating with the US Federal Reserve to end the use of the electronic platform for foreign transfers and transition to direct banking relations between Iraqi banks and their international counterparts. 1
This move aims to streamline the foreign exchange process and reduce the dependency on electronic platforms that may have limitations or vulnerabilities.
Digitization of Ports
The Iraqi government is intensifying efforts to digitize all its ports, a move that signals the potential introduction of a new exchange rate for the Iraqi dinar. 4
The completion of digitization is expected to facilitate trade, improve efficiency, and enhance transparency in the economic activities at the ports.
Development Road Project
Iraq's Prime Minister, Al-Sudani, announced the establishment and implementation of the development road project, which is expected to transform Iraq into an open country. 4
This initiative aims to boost the country's GDP and gross domestic product, potentially leading to an increase in the currency's value. The project is also anticipated to make Iraq an international transportation hub, attracting investors to the dinar market.
Tax and Banking System Reforms
Iraq has embarked on real reforms in the tax and banking system. 4
These reforms are essential for fostering a stable and competitive financial environment that can attract foreign investment and support the country's economic growth.
Visualization: Iraqi Central Bank's Strategic Scenarios in 2024
To illustrate the strategic scenarios outlined by the Iraqi Central Bank, the following tree diagram represents the hierarchical structure of these initiatives:
Iraqi Central Bank's Strategic Scenarios
Iraqi Central Bank's Strategic Scenarios
Negotiations with US Federal Reserve
End electronic platform for foreign transfers
Direct banking relations
Digitization of Ports
Completion of digitization
New exchange rate
Development Road Project
Transformation into open country
Increase in GDP and currency value
Tax and Banking System Reforms
Stable financial environment
Foreign investment attraction
Security and Control
Control by security forces
Economic stability
Recovery and Stability
Investor interest
Comprehensive development plan
The tree diagram above highlights the interconnected nature of the scenarios and their potential impacts on Iraq's economy. By addressing these areas, the Iraqi Central Bank is positioning the country for financial recovery and stability.
In conclusion, the Iraqi Central Bank's strategic scenarios for 2024 encompass negotiations with the US Federal Reserve, digitization of ports, the development road project, reforms in the tax and banking system, security and control, and efforts towards recovery and stability. These initiatives are crucial for Iraq's economic growth and development.
6 Scenarios That The Iraqi Central Bank Will Work On, Narrated By Al-Issawi, 17 SEPT
Mawazine News – Baghdad Economic expert Abdul Karim Al-Issawi said: “Today, the Central Bank of Iraq has actually moved to the stage of direct relations with correspondent banks, and it is in the experimental stage with monitoring the changes that occur in all the processes for the purpose of fortifying the transformation.”
Al-Issawi Told Mawazine News Agency: The Platform Aimed To Enhance Transparency And Ensure Compliance With International Laws, Especially With Regard To Combating Money Laundering And Terrorist Financing.
He pointed out that:
**Potential Benefits:
1. *Facilitating remittances*: Direct relationships may make remittances faster and more flexible.
2. *Reducing remittance costs*: Relying on a platform may require additional costs that may decline with the new system.
3. *Enhancing international confidence*: If these relationships are managed well, this may help enhance the international community’s confidence in the Iraqi banking system.
As for the potential challenges: He said: “
1. Compliance risks: Easing oversight could increase the risks of money laundering and terrorist financing, which could harm Iraq’s international reputation.
2. Complexity of banking operations: Some banks may face difficulties in managing complex international relationships directly without the mediation of the Central Bank.
3. Impact on monetary policy: The Central Bank may lose some control over external capital flows, which could impact monetary policy.
It is important that this transition (if it occurs) be done gradually and thoughtfully, while ensuring that strong oversight mechanisms are in place to ensure that the Iraqi banking system is not exploited for illicit purposes.
The final decision will require a balance between benefits and risks, and will certainly have a significant impact on the Iraqi economy and international relations.
The economic expert stated that the Central Bank of Iraq is negotiating with the US Federal Reserve regarding ending the work of the electronic platform for foreign transfers and replacing it with direct banking relations between Iraqi banks. https://www.mawazin.net/Details.aspx?jimare=254919
Escalating Demands To Expose Corruption In Iraqi Ports: A Threat To The National Economy, 22 SEPT
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