Sunday, August 20, 2023
COFFEE WITH MARKZ (SPANISH AND ENGLISH), 20 AUGUST
Sábado 19 Agosto 2023
DINARLAND UPDATE, 20 AUGUST
MilitiaMan (KTFA)
Article:
“Iraq is looking to accelerate its accession to the World Trade Organization”
It’s pretty exciting because they have come a long way…getting to the final end stage of being a full member has been ongoing for…about 3 years and they’re in advanced stages… they’re going to need to be Article VIII compliant with that. That’s one of the major things we’re hoping to see in the near future.
Iraq recently became a trading partner with India and seeking inclusion in the Unified Payment System that will allow them to go across borders sometimes by land sometimes by sea seeking more demand for their currency which gives it more value.
[via WiserNow]
I know that we have a really good situation with the rates…They have a fixed rate that they plan to offer us on our dinar It’s very good very high…There’s also…the planned rate to offer us …for any dong…
Al-Sudani: The Electronic Circulation Of Funds Can Address The Problems Of The Exchange Rate, 20 AUGUST
Al-Sudani: The Electronic Circulation Of Funds Can Address The Problems Of The Exchange Rate
2023-08-20 Shafaq News/ The Prime Minister, Muhammad Shia'a Al-Sudani, inaugurated today, Sunday, the National Data Center in the General Secretariat of the Council of Ministers.
A statement issued by the media office of Al-Sudani stated that the latter was briefed on the stages of completing the first phase of the center, using smart screens, and models that embody the stages of installing the national cloud facility, as well as with regard to digital transformation, including the program for canceling a transaction (breast health).
The statement added that Al-Sudani continued the work of the one-stop-shop to provide electronic services, which currently amount to 299 services, which bears the name (Electronic Ur Gate). Electronic tracking of citizens' communications through the guidance service, and the actual use of the vehicle fine platform electronically, as an example of one of the portal's services.
Al-Sudani also indicated that the media should be informed of these services. In order to raise awareness and educate, indicating that this project will support the government's program in combating financial and administrative corruption, which is a serious challenge to all development, reconstruction and service projects.
The Prime Minister urged the importance of these steps being broader and more comprehensive, appreciating all the efforts made to complete this project.
Al-Sudani met with international experts who represent the entities supporting the project, namely the United Nations Development Programme, the World Bank, the Center for Digital Services in Britain (GDS), the World Food Programme, the International Cooperation Development Agency, the Canadian Foreign Affairs Foundation and IMMAP, and listened to a brief presentation on the digital transformation roadmap. mass in Iraq.
He also chaired a meeting of the advisory team of the e-Government Committee, during which he stressed the importance of collecting data in a way that facilitates the provision of service to the citizen, handling poverty and ration card files, and working to reduce time.
The statement quoted Al-Sudani as saying that: electronic trading of funds can address exchange rate problems, remedy differences, and address many other problems that serve the citizen as an ultimate goal, stressing the government's readiness to prepare all financial requirements or in terms of decisions and procedures accompanying digital transformation. LINK
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Al-Sudani: Electronic Money Circulation Will Solve The Problems Of The Exchange Rate
Today Information/Baghdad.. Prime Minister Muhammad Shia' al-Sudani affirmed today, Sunday, that the National Data Center will support the government's program in combating financial and administrative corruption, while pointing out that electronic trading of funds can address exchange rate problems.
The media office of the Prime Minister stated, in a statement received by Al-Maalouma Agency, that “Al-Sudani inaugurated the National Data Center in the General Secretariat of the Council of Ministers, where he was briefed on the stages of completing the first phase of the center, using smart screens, and models that embody the stages of installing the national cloud facility. As well as with regard to digital transformation, including the program to cancel the (breast health) transaction.
The statement added, "Al-Sudani also continued the work of the single window to provide electronic services, which currently amounts to 299 services, which bears the name (Electronic Ur Gate).
He reviewed the digital transformation map and the International Training Center, where a real simulation of one of the transactions of the notary writers' departments was presented.
And reviewing the electronic system for tracking citizens' communications through the guidance service, and the actual use of the vehicle fine platform electronically, as an example of one of the portal's services.
The Prime Minister stressed "the need for the media to see these services in order to raise awareness and educate," noting that "this project will support the government's program in combating financial and administrative corruption, which is a serious challenge to all development, reconstruction and services projects."
He stressed "the importance of these steps being broader and more comprehensive," appreciating all "the efforts made to complete this project."
The statement stated, "The Prime Minister met with international experts who represent the agencies supporting the project, which are the United Nations Development Program, the World Bank, the Center for Digital Services in Britain (GDS), the World Food Program, the International Development Agency for International Cooperation, the Canadian Foreign Affairs Foundation and the IMMAP organization, and listened to a brief presentation." A roadmap for comprehensive digital transformation in Iraq.
He pointed out that "the Prime Minister chaired a meeting of the advisory team of the e-government committee, during which he stressed the importance of collecting data in a way that facilitates the provision of service to the citizen, handling poverty and ration card files, and working to reduce time."
He pointed out that "the electronic circulation of funds, through which it is possible to address the problems of the exchange rate, remedy the differences, and address many other problems that serve the citizen as an ultimate goal."
He stressed, "The government's readiness to prepare all financial requirements or in terms of decisions and procedures accompanying digital transformation." LINK
"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY & FRANK26, 20 AUGUST
Frank26 Question "If the rate goes to .75 or if it goes to 1 to 1 will that be enough income for the people of Iraq?"
IMO any increase in the dinar value is added income and necessary for the Iraqi citizens. They're not trying to get rich...
They're trying to eat and pay their bills. T
hey will see value in their currency...Social Security...retirement checks...HCL. that alone is four different incomes they will be having very soon.
Frank26 [Iraq boots-on-the-ground report]
FIREFLY: TV saying with the funding of the budget we are going to see a major decrease in the dollar exchange rate.
FRANK: They cannot touch the dollar exchange rate. Only the US Treasury can touch that exchange rate.
So what are they talking about? They're talking about adding value to their currency which will decrease the value of the American dollar in their country. That's what they're talking about.
Chihoud: Washington has lost all its cards in Iraq and is working to undermine security in the region, 20 AUGUST
Chihoud: Washington has lost all its cards in Iraq and is working to undermine security in the region
The World Bank: Iraq's economy is 'fragile' with +$152 Billion debt
Shafaq News / The World Bank has stated that Iraq's economy is fragile, and the country's debt has risen to $152 billion, highlighting that the Central Bank of Iraq's (CBI) auctions have diverted hard currency to the parallel market, leading to a decline in the value of the Iraqi dinar against the dollar.
In its 'Renewed Pressures: Iraq's Recovery at Risk' reporte, the World Bank stated that "Iraq's economy is grappling with a recession in non-oil GDP, industries, and agriculture, coupled with rising inflation rates. The country lacks comprehensive structural reforms under its current government to bolster its economy beyond oil."
"The annual budget approved by the government authorities witnesses a significant increase in public expenditures by 59% compared to the previous year, constituting 74.3% of total expenditure. This will result in a substantial fiscal deficit of IQD 51.6 trillion (approximately $39.7 billion), representing 14.3% of general imports, more than half of the recent record reserves accumulated following the oil price surge."
Regarding CBI's policies in devaluing the local currency, the World Bank indicated that "the devaluation of the Iraqi dinar has led to overall and core inflation increase due to excessive reliance on imports amid weak domestic production, a gap exposed by the government's policies, further jeopardizing the country's fragile economy."
According to the World Bank, "Iraq's lack of income diversification due to successive chaotic government policies has led to a contraction of the local GDP by 1.1% in 2023, coupled with an increase in the country's public debt reaching 58.3%, up from 53.8% the previous year, totaling $152 billion, a $10 billion increase. The external debt amounts to $50 billion, while the internal debt is $102 billion. This means that the government authorities borrowed about $60 billion internally over the past three years, at an average rate of $15 billion annually, with annual interest on domestic debt amounting to 16% to 17% of the debt volume."
The bank also highlighted that "the economic prospects for Iraq's future remain subject to significant risks due to excessive reliance on oil, making it vulnerable to oil market shocks and global demand fluctuations, as evident from recent oil price declines. Additionally, driving fragility are key economic challenges like rampant corruption, inadequate service provision and infrastructure development, and security risks."
The World Bank further added, "The persistence of these policies by the government authorities will lead the country's budget to favor political parties that have hindered the wheel of development, causing significant imbalances despite two decades of claims that the war has ended.'
https://shafaq.com/en/Economy/The-World-Bank-Iraq-s-economy-is-fragile-with-152-Billion-debt
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