Iraq just visited the United States on August 26 to 29, 2024. It was a high level negotiating team that met with JP Morgan, the US Treasury, Federal Reserve Bank, visa, mastercard, moneygram, Citibank, as well as International auditing firms such as KPMG, E&Y, K2i and Oliver Wyman.
One of the values of a meeting such as this includes trade facilitation. International auditing standards help to facilitate trade and support economic growth. Every international negotiator knows how to factor currency rates into agreements with their foreign business partners.
Part of the discussion dealt with moving from an electronic platform to a virtual bank whereby a Direct Banking relationship can occur. Direct banks, also known as branch-less or virtual banks, offer their services online, through mobile apps, email, and other electronic means.
Another portion of the conversation moved towards International engagement through International correspondent banking such as the Swift system provides. A network of international correspondent banks is a complex system of financial institutions that work together to facilitate global transactions.
Yes, this requires a stable exchange rate that can be used between countries in trade and foreign currency exchange.
These determinations are a part of supply and demand ratios factored in through trade.
The people invited to this meeting was no accident. It was a negotiating team ready for action. It was a meeting to discuss "the requirements necessary to open their accounts with international correspondent banks." This transition is expected to occur by the end of this year.
This moves Iraq from a supervisory role with the United States to a more independent nation with their own rules and regulations to guide their financial agreements around the world. Yes, this is the information have been looking for for long time.
Shafaq News/ On Sunday, Iraqi Prime Minister Mohammed Shia Al-Sudani chaired a regular meeting of the Higher Committee for Digital Transformation.
During the meeting, participants reviewed the implementation of previous decisions and directives while following up on practical measures related to the digital transformation process in public sector institutions. They emphasized the need to enhance infrastructure to expedite this critical transition, stating, “This process is essential to significantly improve the quality of services delivered to citizens,” according to a statement from Al-Sudani's media office.
The PM highlighted the government's commitment to comprehensive digitalization, noting that it has become vital for Iraq's development. “The five-year development plan embraces this process, providing an opportunity to harness Iraq's youthful potential to accelerate its implementation,” he said, stressing the importance of strategic planning in achieving developmental goals.
The Higher Committee reviewed several proposed files and approved the technical report outlining strategic directions for the digitalization requirements. “This includes the methodology and general principles for launching this process, benefiting from successful experiences in countries experiencing similar situations as Iraq, and the vision required to achieve this transformation, prioritizing citizen services in the digitalization process while focusing on both service quality and cybersecurity,” the statement affirmed.
The committee also approved digital transformation steps within the Pension and Social Security Department of the Ministry of Labor and Social Affairs and discussed necessary actions for implementing digitalization in the Companies Registration Department of the Ministry of Trade.
In addition, the committee “agreed to continue cooperation with the United Nations Development Programme (UNDP) to improve indicators related to the telecommunications and information technology sector. It also approved the Iraqi Communications and Media Commission and the Central Bank of Iraq to negotiate with international digital companies,” the statement concluded.
Shafaq News/ The political landscape of the Kurdistan Region and its relationship with Iraq have undergone significant transformations in recent years, partly attributed to the diplomatic acumen and leadership of Nechirvan Barzani, the President of the Kurdistan Region. This essay examines Barzani's multifaceted approach to governance and diplomacy, focusing on his efforts to rebuild trust with Baghdad, foster regional stability, unify Kurdish political voices, and navigate the challenges that lie ahead. Through a critical analysis of his strategies and achievements, this study aims to elucidate the impact of Barzani's presidency on both domestic and international affairs.
Rebuilding Trust with Baghdad: A Paradigm Shift in Erbil-Baghdad Relations
Nechirvan Barzani's tenure has been marked by a concerted effort to redefine the relationship between Erbil and Baghdad. Initially met with skepticism, Barzani's diplomatic initiatives have yielded substantial progress in restructuring this critical relationship. Central to his approach is the emphasis on Kurdistan's integral role within Iraq, advocating for a new agreement that ensures the fulfillment of constitutional obligations while guaranteeing Kurdistan's meaningful participation in national governance.
Barzani's diplomatic viewpoint, characterized by a search for common ground and mutual benefit, has been instrumental in breaking the political impasse that has long hindered Iraqi politics. By framing Kurdistan's interests within the broader context of Iraqi prosperity, Barzani has successfully opened new avenues for cooperation. This approach not only addresses longstanding issues such as oil and energy disputes but also positions Kurdistan as a constructive partner in Iraq's political and economic development.
The success of these initiatives underscores the efficacy of Barzani's diplomatic strategy, which prioritizes dialogue and compromise over confrontation. This paradigm shift in Erbil-Baghdad relations has the potential to serve as a model for resolving inter-regional disputes within federal systems, offering valuable insights for similar contexts globally.
Fostering Regional Stability: Kurdistan as a Stabilizing Force
The diplomatic endeavors of the Kurdistan Region Presidentextend beyond Iraq's borders, positioning Kurdistan as a significant player in regional politics. His concept of "common security in Iraq and Kurdistan in exchange for common prosperity" reflects a sophisticated understanding of the interconnected nature of regional stability and economic development. By framing Baghdad as Kurdistan’s "strategic depth," Barzani has elevated the region's significance in Middle Eastern geopolitics.
This strategic positioning has transformed Kurdistan from a potential source of regional instability to a stabilizing force. Barzani's ability to balance Kurdish interests with those of neighboring states demonstrates a nuanced approach to regional diplomacy. This balancing act has not only enhanced Kurdistan's security but has also contributed to broader regional stability.
The implications of this diplomatic strategy are far-reaching. By fostering positive relations with regional powers while maintaining Kurdistan's autonomy, Barzani has created a model of sub-national diplomacy that could be applicable in other complex geopolitical environments. This approach has the potential to redefine how autonomous regions interact with national governments and neighboring states, offering a blueprint for peaceful coexistence and mutual benefit.
Unifying Kurdish Political Voices: A Strategy for Inclusive Governance
On the domestic front, Nechirvan Barzani has consistently worked towards fostering unity among Kurdistan's diverse political parties. His approach to governance rejects the notion of single-party dominance, instead advocating for inclusive participation from all Kurdish political entities. This strategy is rooted in the belief that effective governance requires diverse perspectives and broad-based support.
Barzani's emphasis on inclusive governance is particularly noteworthy given the complex political landscape of Kurdistan. By creating platforms where all political voices can be heard, he has mitigated potential sources of internal conflict and strengthened the democratic foundations of the region. This approach not only enhances political stability but also improves the quality of governance by ensuring that policies are informed by a wide range of perspectives.
The rejection of authoritarianism in favor of inclusive governance reflects a sophisticated understanding of the long-term requirements for political stability and economic development. By fostering a political environment where diverse opinions are valued, Barzani has laid the groundwork for sustainable democratic institutions in Kurdistan.
Challenges and Future Prospects: Navigating Complexities in a Dynamic Region
While Nechirvan Barzani's diplomatic and political achievements are significant, the Kurdistan Region continues to face substantial challenges. Economic difficulties, persistent internal and external threats, and the complex dynamics of Iraqi politics all pose ongoing challenges to the agreements and understandings reached thus far.
However, Barzani's approach of seeking common ground and emphasizing shared interests provides a robust framework for addressing these challenges. His warning against marginalizing any party in government formation, whether in Baghdad or Erbil, demonstrates a keen understanding of the delicate balance required in Iraqi and Kurdish politics. This insight is crucial for maintaining stability and fostering continued cooperation.
As Kurdistan navigates its relationship with Baghdad and its role in the broader region, Barzani's diplomatic skills and inclusive political viewpoint will remain central to the Region's stability and prosperity. The challenges ahead will test the resilience of the diplomatic and political structures he has helped to build, but they also offer opportunities for further strengthening these relationships.
In conclusion, Nechirvan Barzani's tenure has been characterized by significant diplomatic achievements and a commitment to inclusive governance. His approach to rebuilding trust with Baghdad, fostering regional stability, and unifying Kurdish political voices represents a comprehensive strategy for addressing the complex challenges facing Kurdistan and Iraq.
The success of Barzani's diplomatic initiatives offers valuable insights into conflict resolution and regional cooperation in complex geopolitical environments. His emphasis on inclusive governance provides a model for building stable democratic institutions in diverse societies. As Kurdistan continues to navigate its internal and external relationships, the principles and strategies employed by Barzani will likely remain crucial to the Kurdistan Region’s stability and prosperity.
By Jawad Qadir
Jawad Qadir is a fellow at the Institute for Research and Development-Kurdistan(IRDK)
In Iraq: “Economist: 2025 budget amendments are pending and the date of approval before the end of the year.”
Why is this important. We are looking at WTO with all files done and paperwork finished…and we are waiting on the official announcement that Iraq has ascended…
Then the budget tables are to be done by the end of the year…and auctions will be ending by the end of the year.
We were told many years ago that at the time they ended the currency auctions…there would be a rise in value of the Iraqi dinar. Now they are ending them before the end of the year…thats not far off. We are in the window.
