Iraq Economic News and Points To Ponder Wednesday Evening 7-24-24
Iraq, US Agree To Reach Understanding On Concept Of New Phase Of Security Relationship
Wednesday 24 July 2024 | Politics Number of readings: 192 Baghdad / NINA / Iraq and the United States of America agreed to reach an understanding on the concept of a new phase of the bilateral security relationship, which includes cooperation through liaison officers, training, and traditional security cooperation programs.
The two sides agreed, in a joint statement issued after the second round of talks in Washington, to commit to developing Iraq's security and defense capabilities and their determination to deepen security cooperation across a full range of issues to advance the common interest of both countries in the security and sovereignty of Iraq, and in the stability of the region.
The 2024 Joint Security Cooperation Dialogue builds on the discussions held during the visit of the Iraqi-Sudanese Prime Minister to Washington, DC, in April of this year and the inaugural Joint Security Cooperation Dialogue last summer.
They agreed to establish a bilateral High Military Committee to analyze three factors, the threat from ISIS, operational requirements, and the capability levels of the Iraqi security forces, in addition to continuing consultations on enhancing bilateral cooperation to ensure the lasting defeat of ISIS after more than a decade of cooperation between the international coalition and Iraq.
The Joint Security Cooperation Dialogue continued on the basis of the work of the High Military Committee over the past six months and in recognition of the upcoming tenth anniversary of the Global Coalition to Defeat ISIS military mission in Iraq.
A detailed joint statement on the future of the Global Coalition’s mission and presence in Iraq is scheduled to be issued shortly after the conclusion of the Higher Military Committee.
The two sides affirmed the importance of Iraq’s continued support for the Global Coalition to Defeat ISIS in Syria and around the world.
In addition, the delegations reached an understanding on the concept of a new phase in the bilateral security relationship, which includes cooperation through liaison officers, training, and traditional security cooperation programs.
The delegations also discussed efforts to build the operational capacity of Iraqi security forces through U.S. military assistance and security cooperation programs, including through Foreign Military Sales and Foreign Military Financing.
The two sides emphasized the importance of continued cooperation to ensure the sustainability of U.S. military equipment used by Iraqi security forces. The delegations emphasized the value of professional military education and technical training programs and decided to enhance both.
In support of Iraq’s sovereignty and security, the delegations emphasized that the advisory mission is in Iraq at the invitation of the Iraqi government to support Iraqi security forces in the fight against ISIS and to support and develop Iraqi security forces, including Kurdish security forces.
The Iraqi representatives affirmed their absolute commitment to protect U.S. and Coalition personnel, advisors, convoys, and diplomatic facilities.
Delegations discussed the continued urgent need to return displaced persons and detainees currently in northeastern Syria to their countries of origin and to support reintegration efforts into local communities in Iraq. Repatriations represent an important line of effort in the ongoing fight against ISIS./ End https://ninanews.com/Website/News/Details?Key=1143380
Iraqi Banking System.. A Significant Increase In The Number Of Bank Accounts And The Volume Of Deposits For Citizens
Time: 2024/07/24 13:01:43 Read: 1,716 times {Economic: Al Furat News} The banking system in Iraq is gradually regaining citizens’ confidence with the increase in the number of bank accounts in the country.
Banking systems around the world are facing increasing challenges in light of rapid economic and financial changes. To ensure the stability of these systems and protect depositors’ funds, many countries are moving towards joining the International Association of Deposit Insurers. This membership is not just a formality, but a strategic step that carries significant benefits for member countries and their banking systems.
In Iraq, economic and political challenges over the decades have provided a strong justification for keeping money at home rather than in banks. However, the accession of the Iraqi Deposit Insurance Corporation (ICDI) to the International Association of Deposit Insurers was a decisive step in improving confidence in the banking system.
Since its accession, Iraq has witnessed a significant increase in the number of bank accounts and the volume of deposits, reflecting a significant improvement in citizens’ confidence in banks. This development enhances Iraq’s ability to attract investment and support economic growth by converting savings into productive investments.
In a world characterized by increasing economic and financial interdependence, countries cannot operate in isolation from each other. Membership in international deposit insurance bodies reflects countries’ commitment to international cooperation and exchange of expertise, and confirms their relentless pursuit of financial stability and the protection of depositors’ funds.
This membership is not just a formality, but a strategic investment in the future of the banking system and the national economy as a whole.
International cooperation: the cornerstone of deposit insurance
International bodies provide a unique platform for the exchange of expertise and knowledge between member states. National financial institutions can benefit from the successful experiences of other countries in the field of deposit insurance, and avoid the mistakes made by some countries.
This ongoing exchange contributes to the development and modernization of deposit insurance policies and procedures in line with international best practices. Joining the International Association of Deposit Insurers (IADI) enhances the transparency and credibility of the national banking system.
A country’s commitment to strict international standards in the field of deposit insurance sends a positive message to citizens and investors, stating that their deposits with banks that are members of the deposit insurance system are in safe hands and that the banking system is subject to effective local monitoring and supervision.
International bodies do not only provide a platform for the exchange of expertise, but also provide technical and advisory support to their members.
National institutions can benefit from the expertise of international specialists in developing and implementing effective deposit insurance policies, assessing potential risks, and preparing for financial crises.
By adhering to international standards and implementing best practices, national institutions can reduce the risk of financial crises and enhance the stability of the banking system.
This stability is not an end in itself, but rather a means to achieve broader economic and social goals, such as increasing economic growth rates and creating job opportunities. When citizens and investors trust the banking system, they are more willing to deposit their money in banks.
This increased confidence leads to an increase in the volume of deposits available for investment, which supports economic activity and contributes to achieving sustainable development.
The impact of membership in international bodies is not limited to enhancing financial stability and confidence in the banking system, but extends to supporting economic development. Increasing the volume of deposits available for investment can contribute to financing development projects, providing loans to small and medium enterprises, and creating new job opportunities.
Malaysia:
Malaysia joined the International Association of Deposit Insurers, which helped improve deposit insurance policies and increase confidence in the banking system.
This accession led to an increase in the volume of bank deposits and greater financial stability, which contributed to supporting economic growth in the country.
South Korea:
After the Asian financial crisis in the late 1990s, South Korea joined the International Association of Deposit Insurers. International membership helped restore confidence in the banking system and stabilise the national economy, allowing South Korea to achieve a rapid economic recovery. LINK
"Vigilant Guardian"... Harmonious Supervisory Cooperation To Guarantee Citizens' Deposits In Iraqi Banks
Time: 2024/07/24 Reading: 923 times {Economic: Al Furat News} At the heart of the Iraqi financial system, the harmonious cooperation between the Banking Control Department and the Iraqi Deposit Insurance Corporation (ICDI) is evident as two fundamental pillars in the edifice of financial stability.
Despite the apparent overlap in their duties, a deeper look into the details of their roles reveals a precise functional integration that ensures the safety and strength of the country’s banking sector.
The Banking Control Department’s mission is to supervise and closely monitor banking institutions operating in Iraq. It acts as a vigilant guardian that ensures strict adherence to applicable financial and accounting standards.
The department’s responsibilities extend to assessing banks’ financial performance and ensuring their compliance with relevant banking laws and regulations, particularly with regard to liquidity and solvency requirements. In times of crisis, the department intervenes decisively to contain the repercussions and provide the necessary support to maintain the stability of the banking system and prevent its collapse.
On the other hand, the Iraqi Deposit Insurance Corporation (ICDI) plays a pivotal role in protecting and ensuring the safety of public deposits. It is a safety net that protects savings from loss in the event of a bank going bankrupt.
By providing guarantees on bank deposits up to a certain limit, ICDI instills confidence in depositors and encourages them to save and invest in banks instead of hoarding, which contributes to increasing the liquidity available to the national economy, thus driving growth and development.
The integration between the Banking Supervision Department and the ICDI lies in the harmonious distribution of roles and tasks that ensures the achievement of the ultimate goal, which is to preserve the banking system and enhance its stability.
While the Department plays the role of the “guardian” that monitors and guides, the ICDI plays the role of the “safe haven” that protects and provides reassurance. This precise functional integration reflects the close cooperation between the two institutions, and demonstrates that their roles are not conflicting, but rather complementary and harmonious to achieve a common goal, which is to protect deposits and ensure their successful and safe use by banks.
The Iraqi experience is the best evidence of the effectiveness of this integration. Following Iraq’s accession to the International Association of Deposit Insurers, the country witnessed a significant improvement in the stability of its financial system, and a significant increase in the volume of bank deposits, indicating the growing confidence of citizens in the banking system.
These positive results confirm that close cooperation between the Banking Supervision Department and the ICDI plays a crucial role in achieving the desired financial stability.
In conclusion, there is no doubt that the integration between the Banking Control Department and the Iraqi Deposit Insurance Corporation constitutes a model to be emulated for constructive cooperation between state institutions.
This integration contributes to achieving the common goals of protecting depositors’ funds, enhancing financial stability, and driving sustainable economic development in Iraq. LINK
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