Sunday, June 30, 2024
IRAQ IS Creating an environment for global investors, 30 JUNE
From the UN Development Programme (UNDP). Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.
In a landmark move to attract foreign investors to Iraq, the country celebrated its signing of the United Nations Convention on International Settlement Agreements Resulting from Mediation ("Singapore Convention").
Under the patronage of H.E. Prime Minister Mohammed Shia Al-Sudani, the United Nations Development Programme (UNDP) and the National Investment Commission (NIC) of Iraq hosted a high-profile conference on mediation today [Wednesday 26th June, 2o24].
Creating an environment for global investors
Kick-starting the conference on behalf of H.E. the Prime Minister Mohammed Shia` Al-Sudani, the Advisor to the Prime Minister, Nasser Saleh Abdulnabi Al-Asadi reiterated the government's unwavering focus on foreign investment.
"We are steadfast in our progressive reforms, striving to transform Iraq into an inviting and secure investment destination. Iraq's accession to the Singapore Convention is a significant milestone, fortifying our efforts to build a robust business sector. We will persist in our endeavours to bolster investment, combat corruption, and generate employment opportunities for our youth," he said.
On April 17, 2024, Iraq took a significant step by signing the Singapore Convention, as the Convention eases enforcement of mediated settlement agreements, paving the way for enhanced international trade and commerce between countries.
"Iraq is ready to strengthen its collaboration with countries across the globe to foster investment as well as diversify and increase its trade, and the Convention is an important tool for us to operationalize this," ` said Dr. Hayder Makiya [Makiyya], Chairman of the National Investment Commission.
Iraq enters its new chapter
The conference, generously backed by the European Union, was joined by the European Union Ambassador to Iraq, Thomas Seiler.
"We are working hand in hand with the government and UNDP to support the government's ambition to make Iraq a secure and attractive destination for foreign investments, including from the 27 EU Member States. Effective mediation opens a new door for Iraq's international trade and business."
Through its Anti-Corruption and Commercial Dispute Resolution Initiatives funded by the European Union, UNDP has also been working with Iraqi universities to build the capacities of law students in commercial dispute resolution, including mediation.
"With the signing of the Singapore Convention, Iraq is committed to transforming the landscape of commercial cross-border dispute resolution which will significantly impact businesses engaged in international trade and commerce. We will continue supporting the Government in legislation and building the necessary institutional and human capacity to make mediation work." said Auke Lootsma, Resident Representative of UNDP.
The hope is that Iraq's signing of the Singapore Convention is the foundational beginning the country needs in order to attract and instill confidence in investors who wish to do business there - creating a climate that is conducive and safe for foreign investment.
About the Singapore Convention
The Singapore Convention is a multilateral treaty that provides a uniform and efficient framework for the enforcement of international settlement agreements resulting from mediation. It applies to agreements concluded by parties to resolve commercial disputes and facilitates international trade by enabling easy cross-border enforcement of these settlements. As of 11 June 2024, the Convention has 57 signatories and 14 parties. Iraq is the most recent signatory of the convention.
About UNDP's Commercial Dispute Resolution Initiative
To create an inclusive ecosystem for investors and boost foreign investment, UNDP has been strengthening commercial dispute resolution legislation and practices in Iraq. In addition to the support for mediation, the initiative includes technical support for drafting new law on arbitration in compliance with the UNCITRAL Model Law on International Commercial Arbitration and international best practices. By facilitating consultations, workshops, and discussions with a broad range of stakeholders, UNDP aims to enhance capacity building and mainstream efficient commercial dispute resolution practices across the country.
© Newshounds News™
Source: Iraq Business News
"LATEST FROM BIRDIEORBUST" FROM GINGER TELEGRAM ROOM, 30 JUNE
BIRDIEORBUST
Thank you Birdieorbust, Liberty Lounger Extraordinaire 💥⬇️💥 5.29.24
💢Birdie: Zester, Markz son, explained crypto very well the other day and it really is no different from the QFS...they are both ledgers, so eventually we will all need to learn about crypto because we will be going all digital and ledger based in the future and need to be educated on it...he has a show today at 5 est on youtube called Crazy Cryptonaut.
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@Birdieorbust:
6.28.24
What I can say is this: There is a load of pressure on Iraqis to remain quiet on what they are being told and what they are able to do at present.
They have their rate - and all I can say is it is close to rumors you are hearing (the low ones however not the huge double digit ones) They have been using this rate for some time in contracts (IN country) since the first of the year basically.
Iraq is waiting on the Treasury to give the go sign...and the Gazette issue is also being kept quiet - but remember it is not necessary for it to be published - beforehand, in order for us to know before we go.
Is it possible it will be before? Yes but not necessary. That is really all I can say without getting people in trouble and I refuse to do that.
https://dinarevaluation.blogspot.com/2024/06/rv-update-by-birdieorbust-28-june_28.html
Major U.S. Sector To Be Affected If BRICS Ditches the Dollar, 30
Major U.S. Sector To Be Affected If BRICS Ditches the Dollar
The BRICS alliance is looking to launch a gold-backed currency to topple the U.S. dollar. The announcement about the formation of a new currency could be unveiled at the upcoming summit in October 2024. The goal of BRICS is to create a multipolar financial world where developing countries will limited connection to the U.S. dollar.
Global trade will mainly be settled in the new BRICS gold-back currency or local currencies of other developing countries. This would help them safeguard their native economies as hoarding the U.S. dollar in reserves comes at a risk. The growing debt in the U.S. touched $34.4 trillion this month and developing nations want to distance themselves from the dollar.
BRICS: Major U.S. Financial Sector To Be Impacted If the Dollar is Ditched
The main U.S. sector to be affected if BRICS ditches the dollar is the banking and finance sector. Banks across America will be forced to take concrete measures to safeguard the prospects for the U.S. dollar. Moreover, new currency pairs could take center stage in the forex market adding more pressure on the U.S. dollar.
Also, banks lend millions of dollars globally and the amount disbursed could be reduced considerably. Therefore, the U.S. dollar will experience a dent in the supply and demand mechanism and banks will take the first hit due to the BRICS de-dollarization initiatives. U.S. banks are already in crisis with several banks facing closures and bankruptcies since 2020.
If the banking sector takes the first hit, the next dent will inadvertently be the financial sector in the U.S. The financial sector is broad and involves consumer goods and retail, technology, and fintech, among various others. Even inflation could hit the U.S. homeland making the prices of everyday essentials peak. BRICS ditching the dollar for global trade and transactions will begin to have adverse effects on the U.S. economy and day-to-day life in America will be impacted.
Source: Watcher Guru
"RV UPDATE" BY MIKE BARA, 30 JUNE
MIKE BARA
The “Bondholder” still has not been paid. He is expecting a call today.
Other than the MarkZ report that an announcement about lower denominations has been made in Iraq, There is nothing else to put out right now.
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MIKE BARA
The situation as I understand it: This should have gone in April. That was Plan A. The USA stopped it. The window for Plan B opens tomorrow at "Sundown" and is a week long. There is no Plan C.
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Word from a source just received:
He got a call from a high banking source at a major bank in the south. “You’ve been bugging me about this for ten years. Well, congratulations buddy. Your dream is about to come true.”
SOURCE: “What do you mean?”
BANKER: “We just got a letter from headquarters informing us to get ready because ‘The Iraqi Dinar is revaluing extremely soon.’”
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The situation as I understand it: This should have gone in April. That was Plan A. The USA stopped it. The window for Plan B opens tomorrow at "Sundown" and is a week long. There is no Plan C.
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The "Bondholder" is once again certain he gets paid out on Tuesday, but he is returning to his city of origin tomorrow. He HAS to be in this location to get his payout. This means the payout COULD come sooner than Tuesday. More as I get it...
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💢Mike Bara: High WF banking sources are telling people who hold currency not to bother taking any contracts for work longer than a week or two — no matter how much money is involved.
We are almost there, folks…
💢 Gezelle, Liberty Lounger Extraordinaire, offers clarification for those who might be a little confused
➡️ They are advising not to take any contracts for work (self-employed people) for more than max 2 weeks.
6.21.24
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💢 Update from Mike Bara 6.15.24
💢Mike: OK, I hate to be the Bara of bad tidings, but I just got info from "The Bondholder" — who is not a bond holder but a bond broker waiting to be paid commissions by the US government for bringing in historic bonds — to the effect that he won't be paid until Tuesday.
We were hoping he'd been paid already. This would clear the way for Tier 4B, us, to be paid out.
We were all hoping and waiting for some announcement or notifications this weekend.
That can still happen, but IMO we don't get paid until after guys like him get paid. So we wait... and hope.
https://dinarevaluation.blogspot.com/2024/06/rv-update-by-mike-bara-16-june.html
https://dinarevaluation.blogspot.com/2024/06/summary-of-rv-updates-by-mike-bara-30.html
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