The Finance Committee In The House Of Representatives Visits Erbil Next Week To Hold A Meeting With The Ministry Of Finance And Economy In The Kurdistan Regional Government
The visit, according to the head of the Parliamentary Finance Committee, Atwan Al-Atwani, aims to “stand on the points of contention to consolidate the understanding” reached between the Ministerial Council for the Economy and the Kurdistan Regional Government and “resolve the differences and turn the page on the past.”
Al-Attwani said in a press statement that “this will gives the momentum and strength to end the dispute whenever the picture becomes clear and everyone knows his commitments and duties.
Ministerial and technical delegations between Erbil and Baghdad held dozens of meetings, but nevertheless the financing of the salaries of salary tratifiers in the Kurdistan Region continues to witness a monthly delay. Every month, an pretext for delaying the salaries of salary trants in the Kurdistan Region is found.
Rubem Baz said, “At 15:30 Brazilian time on Tues. 17 Sept. was the last procedure between Brazil and Reno (USA).
Tomorrow Wed. 18 Sept, after 11:00am invitations to go to the bank will be sent. In 48 hours (Fri. 20 Sept.) we will go liquid. This portion is 1%. Finally there is nothing left to do. Payments will now begin.”
…“Things are defiantly happening behind the scenes.
We are going to be celebrating this week. There are things that I can’t say, but I wanted you to know that things are defiantly moving.” …
“I agree with Mr Salvage report on German Bastidas who is one of the leaders of the Pentecostal Group. They have now finished all the contracts with the Call Centers which are located in Brazil.
On Mon. 16 Sept. 2024 notifications began to be delivered. On Tues. 17 Sept. 2024 they closed the platforms and were ready to begin start the blessing. They will begin sending the transactions from the 1st to the 2nd of October to each member.”
The Minister of Finance, Taif Sami, signed with the Austrian Ambassador to Baghdad a loan financing agreement from the Austrian Erste Group Bank to support the center pivot irrigation systems project for the Ministry of Agriculture, with a value of (262,155,298) euros, and implemented by the Austrian Power Company .
And she said
Ministry of FinanceIn a statement received by Sumaria News, “The agreement is consistent with the strategy
NationalFor Iraq to strengthen infrastructure and public services, and aims to revive the agricultural sector, alleviate water scarcity, stimulate economic growth, and create jobs, the loan is part of a broader approach for Iraq to obtain external financing for investment projects with economic benefits, as outlined in the 2023-2025 budget and the decision
councilMinisters No. 24630 of 2024.The Minister stressed the “importance of this agreement in enhancing economic cooperation between
IraqAustria, looking forward to more joint projects in the future, will provide
a company(Power) provides technical and advisory support to the Iraqi Ministry of Agriculture throughout the project life cycle, including design, implementation, operation, and maintenance.She pointed out that “the project represents a vital step towards modernizing the agricultural sector in Iraq, especially in light of the challenges of water scarcity and climate change, and is expected to achieve long-term economic benefits by increasing agricultural production and reducing dependence on imports.”
The “monetary easing” journey began in most central banks around the world, after the US Federal Reserve lowered the federal funds interest rate, and many banks followed suit, including the Gulf countries .
On Wednesday, the US Federal Reserve cut federal funds rates by 50 basis points to a range of 4.75% – 5%, in the first cut since March 2020 .
Immediately, the central banks in the Arab Gulf states announced a reduction in interest rates by varying percentages, following the US Federal Reserve in reducing them, amid expectations of further monetary easing in the coming months .
US and global markets feared that cuts of less than 50 basis points would stoke fears of a further slowdown in the already sluggish US labour market .
The Central Bank of the UAE decided to reduce the “base rate” on overnight deposit facilities by 50 basis points to 4.90 percent, while the Saudi Central Bank announced a reduction in the repurchase agreement (repo) rate by 50 basis points to 5.50 percent, and a reduction in the reverse repurchase agreement (reverse repo) rate by 50 basis points to 5 percent .
Qatar Central Bank also decided to reduce interest rates by 55 basis points on deposits, lending rates and repurchase (repo) rates to 5.20 percent, 5.70 percent and 5.45 percent respectively .
The Central Bank of Bahrain announced a reduction in the interest rate on overnight deposits by 50 basis points from 6.00 percent to 5.50 percent
.
Meanwhile, the Central Bank of Kuwait decided to reduce the discount interest rate by 25 basis points from 4.25 percent to 4 percent .
What does the decision mean?
The decision to lower interest rates means that the markets will witness more money being pumped into the US and global markets alike, especially since the dollar is a global payment, trade and investment currency .
With the reduction of interest rates on the dollar, central banks whose currencies are pegged to the dollar, and even those that are not pegged to it, will follow the same direction as the Federal Reserve, to keep the attractiveness of their currencies strong against the dollar by moving in one direction with the movement of interest rates on the dollar .
In this case, several factors will occur that will stimulate markets and investment, most notably that the world will witness more borrowing due to the decline in interest rates, after nearly two and a half years of high interest rates .
More borrowing means that cash will go either towards investment or consumption, or both, and ultimately contribute to increased production, consumption and employment
.
Another issue is that a mass of money that was deposited in banks by individuals and companies and on which they were receiving monthly or annual returns will leave the banks, either to be invested directly, or to buy shares or gold .
This applies to most global markets, which have seen negative expectations from the International Monetary Fund regarding a slowdown in their economic growth this year, due to the negative economic mood and geopolitical tensions .
The third thing is that lowering interest rates under the current conditions of the US economy will be positive for investors, and since the US economy is the largest in the world and constitutes about 24 percent of the global gross domestic product, the health of the economy will be reflected in global markets.
