The Minister of Planning, Mohamed Tamim, announced on Wednesday the completion of the preparation of the 2025 budget tables and sending them to the Council of Ministers.
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The budget tables do not include the inclusion of any new projects, but they include funding for ongoing projects,” Tamim said in a press statement.
For his part, the head of the Parliamentary Finance Committee, Atwan Al-Atwani, said, “We are determined to activate the General Authority for Monitoring the Allocation of Federal Imports.”
😊In the articles titled “OUTCOMES OF THE SUDANESE MEETING ON REFORMING THE RAFIDAIN AND RASHID BANKS” and “HIS OFFICE: AL-SUDANI DIRECTED TO EXPEDITE THE REFORM PROCESS OF RAFIDAIN AND RASHID BANKS.”
Prime Minister Mohammed Shia al-Sudani’s media office stated that the latter “directed the preparation of plans to expedite the reform process of the Rafidain and Rashid banks in accordance with international standards. As we all know these are the two main state owned banks. They are most closely monitored by the Central Bank of Iraq.
If you can recall from the past, the audit group Ernst & Young, was hired to audit these banks and make recommendations for reforming them. So now we read that Prime Minister Mohammed Shia al-Sudani chaired a meeting on Sunday to follow up on reform measures for the Rafidain and Rashid banks, with representatives from Ernst & Young in attendance.
The meeting reviewed the progress of the banking reform process adopted by the government to restructure and develop Rafidain and Rashid banks, and discussed revising their internal regulations to be in line with international standards and the objectives of banking reforms.
The meeting also followed up on the procedures for establishing a new bank, Rafidain First Bank, which was approved during the Cabinet session held on January 13. Now there are going to be three main state owned banks. Why three?
Folks, I want to take a minute to explain something to you. How many times must Iraq tell us that their economy is on the brink of a huge breakthrough.
When all this money begins to flow, they will need more state-controlled banks to handle these transactions. I like the words “revising their internal regulations to be in line with international standards”. But we all know this was mostly already completed. Why are they telling us this again? Maybe there is some fine tuning to be done at these banks like training and anti-corruption measures being put in place?
HIS OFFICE: AL-SUDANI DIRECTED TO EXPEDITE THE REFORM PROCESS OF RAFIDAIN AND RASHID BANKS.
Prime Minister Mohammed Shia al-Sudani’s media office stated that the latter “directed the preparation of plans to expedite the reform process of the Rafidain and Rashid banks in accordance with international standards.”
This came during a meeting devoted to following up on the reform measures of Rafidain and Rashid banks, attended by representatives of Ernst & Young. The meeting “witnessed a review of the work stages of the banking reform adopted by the government to restructure and develop Rafidain and Rashid banks, and discussed reconsidering their internal regulations in line with international standards and the objectives of banking reforms. It also discussed the issue of the two banks’ debts and their repayment mechanisms, and the measures taken to train their working cadres. In this regard, Al-Sudani directed the continuation of the reform process for the two banks, and for their managements to develop strategies that contribute to accelerating the reform process.”
The statement said, “The meeting followed up on the procedures for establishing a new bank, Rafidain First Bank, which was approved during the Cabinet session held on January 13th. The bank has a different vision, embracing modern technologies and international standards that will help implement the government’s financial and banking reform objectives, which will have a positive impact on the country’s economic trajectory and development.”
The statement indicated that “Ernst & Young submitted a report in which it reviewed the financial and technical offers for the project to establish the First Rafidain Bank.”
For some time now, US attention has been focused on the state-owned Rafidain Bank, with calls for sanctions against it, describing it as a “window for smuggling dollars to Iran.” However, politicians and academics view the matter with pessimism, particularly since any impact on the bank would create financial tensions within Iraq, given its status as one of the most important government banks.
Earlier, Kurdistan Democratic Party (KDP) MP Sipan Sherwani spoke about what he described as “serious oversight” of Iraqi financial institutions, noting that Rafidain Bank “has not been audited for nine years.”
😊Next, there is an article that helps us better understand what the term “Security” means when the CBI says that Iraq needs “Stability and Security” to conduct the project to delete the zeros.
The article titled “WHAT DOES THE UNITED STATES MEAN BY REAL SECURITY REFORM IN IRAQ?”., WOW! Just in the title of the article alone says they are going to tell us and feel a need to tell us.
The article defines security from the standpoint of the U.S. and after all we, as investors, are looking for the U.S. to sign off on the RV and to let it go, right? So, is this important to know?
This article says it all, just in case you are not clear on these terms. In the article it talks about the complex security situation in Iraq and how it is a natural consequence of any country facing occupation, as it becomes a hub and haven for various armed and extremist organizations with deviant ideologies, which in turn leads to a state of security instability.
Although the United States views the presence of its forces in Iraq as part of its national security strategy, any security issue related to Iraq inevitably overlaps with this presence. So, can we all agree then on President’s Trumps policy to “secure” Iraq by getting rid of these extreme groups from inside Iraq, especially the leftover Iranian militia? Should we be monitoring this progress then as pivotal progress to see the RV event someday? We must not take these nuggets of information lightly. These articles all paint the picture on our intel pallet. The only question is are be listening and aware?
😊You might also want to take a peek at the articles titled “BAGHDAD IS OFFICIALLY OUTSIDE THE “AXIS OF RESISTANCE”…AND THE US WANTS “ZERO IRAN” IN IRAQ”, and also “SOURCES: QAANI WARNED IRAQI FACTIONS AGAINST “PROVOKING THE AMERICANS”. This information is alsoall about security for Iraq. Opps three articles on this subject matter. This must be important.
OUTCOMES OF THE SUDANESE MEETING ON REFORMING THE RAFIDAIN AND RASHID BANKS
Prime Minister Mohammed Shia al-Sudani chaired a meeting on Sunday to follow up on reform measures for the Rafidain and Rashid banks, with representatives from Ernst & Young in attendance.
The meeting reviewed the progress of the banking reform process adopted by the government to restructure and develop Rafidain and Rashid banks, and discussed revising their internal regulations to be in line with international standards and the objectives of banking reforms. It also discussed the debts of the two banks and their repayment mechanisms, as well as the measures taken to train their staff. In this regard, the Prime Minister directed the continuation of the reform process for the two banks, and for their administrations to develop strategies that contribute to accelerating the reform process.
The meeting also followed up on the procedures for establishing a new bank, Rafidain First Bank, which was approved during the Cabinet session held on January 13. The bank’s vision is to adopt modern technologies and international standards that will help implement the government’s financial and banking reform objectives, which will have a positive impact on the country’s economic trajectory and development.
Ernst & Young submitted a report reviewing the financial and technical offers for the project to establish the First Rafidain Bank.