MilitiaMan: IQD Update - Iraq Dinar News - Iraq Dinar News - Time to Move - US FED - At Moments Notice

IQD Update - Iraq Dinar News - Iraq Dinar News - Time to Move - US FED - At Moments Notice

MilitiaMan and Crew: 7-30-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=Dx6gVI9LfXA

Iraq News Highlights and Points To Ponder Tuesday Evening 7-30-24

Hasty Implementation... Who Bears The Responsibility For The Mistakes Of Government Projects?

Tuesday, 07-30-2024, Karar Al-Asadi   Since Prime Minister Mohammed Shia al-Sudani announced the implementation of projects, including plans to relieve traffic congestion in the capital, Baghdad, the construction, building of bridges and overpasses, and widening of streets have been marred by many shortcomings and errors, which led to some of them being repaired shortly after their opening, or details being added to them, which raised several questions about the priority of speed of completion at the expense of quality.

However, observers considered the matter, despite that, a step forward in the reconstruction process. Regarding these errors, economic researcher Mustafa Akram Hantoush points out that “the occurrence of some errors does not affect the good service construction and development movement of Baghdad Governorate, and if errors occur, they can be addressed and what the government has done regarding the bridges issue can be considered an achievement because if it were not for the current trend, the Baghdad Municipality would not have built any of these bridges.”

Hantoush believes that “the Iraqi government is very good with regard to bridges and some issues related to infrastructure. In fact, we have never seen anything similar from previous governments. The Baghdad Municipality often received money to transfer it to replacing sidewalks on an ongoing basis, so no bridges or gates were built.”

It is noteworthy that the Prime Minister announced at the beginning of 2023 the commencement of a package of projects, starting with supplying residential areas on the outskirts of Baghdad and slums with infrastructure, including sewage, water, electricity and road paving networks, while launching a plan to relieve traffic congestion, which includes the construction of a number of bridges and overpasses and the expansion of many streets.

For his part, political analyst Hassan Fadel says, “Some of the failures that occur in completing the projects implemented by Al-Sudani’s government are not directly borne by the government, nor by Mr. Al-Sudani himself, but rather are primarily borne by the Ministry of Construction and Housing, because it is necessary to evaluate the companies implementing the project according to standards set by the ministry before approving the bids of the implementing companies.”

“Among these criteria, this company must have implemented similar projects and possess the capabilities, tools, experts and engineers.

 This means that the company submitting the bid has previous experience in similar projects, is it a company that has been working in this field for years, does it have sufficient experience or is it a new company, and what is the nationality of this company?        These criteria and others must be taken into consideration to avoid these mistakes in the future,” Fadel added.

“The Prime Minister is trying to fix what was spoiled by years of government failures, but all the projects undertaken by the current government fall within its duties and cannot be considered achievements, because the achievement is the realization of huge strategic goals such as the development road and the Grand Faw Port, which can be classified among the huge strategic achievements and projects if they are completed,” he added.

“As for building bridges and factories, these are routine procedures that every government in the world undertakes, and they cannot be classified as achievements. Rather, building bridges and overpasses is the duty of the Baghdad Municipality and the Ministry of Reconstruction and is within their powers, and sometimes there may be a simple intervention from the Prime Minister, not a large-scale intervention,” he added,

“but because of the situation in Iraq and the nature of the circumstances it has suffered, the government was forced to intervene in such small projects that are of lower responsibilities in order to speed up completion and achieve a solution to the problem of traffic congestion and bottlenecks, and therefore these projects are not considered achievements.”

The General Traffic Directorate had previously announced the closure of the Cordoba Bridge in central Baghdad for maintenance purposes, four months after its opening, in addition to the completion of the Rustumiyah Bridge in Baghdad without channels to drain rainwater.

The Federal Integrity Commission had previously announced the failure of most of the electronic gates in parking garages in Baghdad and the governorates, after costing the state about eight and a half billion dinars.

Regarding the malfunction of these electronic gates, legal expert Adnan Al-Sharifi comments, “What is related to the malfunction of the electronic gates is either due to poor equipment or exposure to electronic hacking or sabotage by an agent.

 If it is a sudden malfunction, this is a normal thing that may happen anywhere, provided that the materials of these gates are equipped and implemented according to good controls, contracts and specifications. However, if it is due to an agent, the investigation will reveal his identity and he will be referred to the competent authorities.”

He continued, “As for the poor quality of the projects, it is divided into two parts. The first is the poor quality of the plans, quantity schedules, and engineering specifications, which is the responsibility of the party that carried them out.

The second is the poor quality of the implementation, which is due to the collusion of the resident engineer, the supervisory authorities, and the receiving committees. All of these bear full responsibility for the intentional damages and will be held accountable in accordance with Articles 341 and 340 of the Penal Code, and as the results of the investigation show.” https://non14.net/public/168799

Alsumaria Publishes The Dollar Exchange Rates In The Iraqi Stock Exchanges Today

Economy  2024-07-30 |  Alsumaria News – Economy  Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the local Iraqi markets for Tuesday, July 30, 2024.

The dollar prices decreased with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 149,000 dinars for every 100 dollars. As for the selling prices in the exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 150,000 dinars, while the purchase price reached 148,000 dinars for every 100 dollars.

On February 7, 2022, the Council of Ministers  announced its approval to amend the dollar exchange rate to 1,320 dinars per dollar.

For about a year, specifically since the Central Bank began operating the electronic platform and the international financial transfer system "SWIFT", the dollar exchange rate in Iraq has not witnessed stability despite the government and the Central Bank's attempts to control the exchange rate in parallel markets.   LINK

Al-Sadr Calls For Boycotting American Products And Those Supporting The Israeli Entity: Peacefully, Not Through Violence

Politics | 07/29/2024  Mawazine News – Baghdad  The leader of the Shiite National Movement, Muqtada al-Sadr, called today, Monday, for boycotting American products and goods that support the Israeli entity, while stressing the need not to use violence as some parties that want to destroy Iraq are doing.

In response to a question directed to the leader of the Shiite National Movement, which read: “What is your advice to all Muslims and Iraqis in particular regarding boycotting American goods and goods that support the usurping Zionist entity, in support of the people of Gaza in particular and Islam and humanity in general?”

Al-Sadr said the following text: “Yes, all believers in the Palestinian cause, all lovers of humanity, and all those who reject the mass massacres taking place in Gaza, and all those who reject the terrorist Zionist entity, its actions, crimes, and terrorism, and its master, America, the great evil occupier who hates peoples, should boycott all products that support Israel, America, colonialism, and the unjust global arrogance that is trying to make the world a village in its hands like a toy...

Boycotting them inside and outside Iraq is an act that pleases God Almighty and even pleases our consciences as Muslims and lovers of humanity and peace...

All of this is done through a peaceful boycott by not selling, not buying, or even using them... and not using violence as some parties do that want to destroy our beloved Iraq and benefit personally and partisanly from that in: #We are all boycotting.”   https://www.mawazin.net/Details.aspx?jimare=252290

Government Advisor: Adopting Budget Schedules Has Become A Reality And Does Not Affect Financial Obligations

Money  and business  Economy News – Baghdad  The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Tuesday, that the budget schedules have become a reality, and issuing instructions is a procedural matter that does not affect financial obligations.

Saleh said, in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News", that "the legal basis for the current fiscal year 2024 is a matter that has been legislated and approved primarily, based on the provisions of the federal general budget for the years 2023, 2025, 2024 issued by Law No. 13 of 2023, which was published on June 26, 2023 in the Official Gazette."

He explained that "what is stipulated in Article Two / 77 of the law includes the executive authority submitting the financial tables for the two fiscal years 2024, 2025 to enable the House of Representatives to approve them sequentially," noting that "this was achieved in the fiscal year 2024."

He pointed out that "the three-year federal general budget was applied for the first time in the country, which was based in its approval on one of the articles included in the provisions of the Federal Financial Management Law No. 6 of 2019, as amended, which authorized the work of a financial plan consisting of a general budget for three fiscal years."

He added that "the legal options available to implement the provisions of the federal general budget have become more flexible for the federal financial authority, in addition to the availability of the federal financial management law itself, which allows financial transactions even if any approval of the general budget formalities is delayed in principle, especially allowing continued spending or disbursement on investment projects approved in the three-year general budget as ongoing projects, as well as operational spending, or any financial transactions stipulated in the three-year general budget law."

He added, "Despite this, the adoption of the financial tables for the current fiscal year 2024, which were approved by the House of Representatives earlier this year, has become a reality, and issuing instructions for their implementation is a procedural matter that does not affect the obligations of the fiscal year itself, as these instructions are in all cases consistent with the emerging financial transactions when issued."

He added that "the Ministry of Finance announced earlier this month the issuance of financial bonds (achievement bond) as a source of financing for the budget by borrowing from the local financial market worth 1.5 trillion dinars,"

stressing that "spending on operating expenses such as salaries, pensions, social care, debt services, and others is ongoing, in addition to the continued financing of ongoing investment projects and those under implementation."

He pointed out that "all of these activities are financial activities in which spending has not stopped, which is consistent with the legal work rules that came with the three-year federal general budget, with high flexibility, transparency, and governance."

He noted that "the instructions for implementing the general budget schedules for the fiscal year 2024 will touch upon some of the developments and partial financial transactions that have been created or adapted, and not the faculties of public finance,

and that the financial activity in the country with its three pillars: revenues, expenditures, and deficit management is proceeding in a consistent and harmonious manner and in accordance with the objectives of the three-year general budget law, and that the executive and legislative authorities are in continuous communication and high coordination to ensure the achievement of public interests without interruption."

Views 14  Added 2024/07/30 - https://economy-news.net/content.php?id=45743

Economist’s “News and Views” Tuesday 7-30-2024

West Panic: Italy’s Meloni In Beijing For Desperate Reset, Russia Drops Major BRICS Update

Sean Foo:  7-30-2024

After breaking away from China's Belt & Road, Italy's Meloni is in Beijing to reset economic relations.

 Rome follows more G7 countries trying to tilt towards China to hedge themselves against an unpredictable US election.

Meanwhile, Russia has dropped a big update. A major South-East Asian economy could be joining BRICS very soon.

Timestamps & Chapters:

 0:00 Italy Running Back To China

2:42 Meloni Wants Chinese Investments

6:15 Russia Drops BRICS Bombshell

7:45 Sponsor: Indigo Precious Metals

 9:10 China Winning Over Asia

10:42 Malaysia's Ambition Needs BRICS

13:38 World Order Shifting East

https://www.youtube.com/watch?v=GGNjV-3IxSw

$35 TRILLION DEBT WALL: Historic National Debt Surges, US Pays $2.4 Billion in Interest Daily

Lena Petrova:  7-30-2024

https://www.youtube.com/watch?v=ZmtUidKAlGU

WARNING: Banks May Not Survive This (what the experts aren’t telling you)

Taylor Kenny:  7-30-2024

New data reveals unprecedented levels of lending to banks, suggesting an alarming fragility within the sector. Despite reassurances of stability, the sudden surge in bank term funding and credit lending signals deep underlying issues.

As experts warn of a looming financial meltdown, the urgency to protect personal wealth has never been more critical.

Stay tuned as Taylor Kenney uncovers the stark realities facing our banking system.

https://www.youtube.com/watch?v=LTVbxHn0M9s

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 7-30-24

Good Afternoon Dinar Recaps,

USDT= TETHER'S STABLECOIN IS THE BIGGEST CRYPTOCURRENCY BEHIND BITCOIN IN  EAST ASIA

"There’s arguably nothing special about Tether in itself, not least because the stablecoin still hasn’t undergone a full audit. However, it has become a lifeline in parts of the world where trading crypto with fiat currencies is either prohibited or very difficult, whereas it remains marginal in markets such as the United States."

"Tether may be viewed with a mixture of suspicion and bemusement in the West, but in East Asia it is the biggest cryptocurrency after Bitcoin."

"According to Chainalysis’ 2020 Geography of Cryptocurrency Report, STABLECOINS account for 33% of all value traded on-chain in East Asia, as opposed to 21% or Western Europe and 17% for North America. And of the STABLECOINS traded in East Asia, 93% of the traded value comes from Tether."

"This is big, and pretty much all of this outflow comes from China. As the table below indicates, Chinese traders exclusively use Tether to trade with Bitcoin, while traders in Japan and South Korea predominantly use their respective national currencies."

@ Newshounds News™

Read more:  Crypto Advantage

~~~~~~~~~

UK joins ‘E-Commerce Joint Initiative’ to promote digitalization of customs documents and processes

The agreement, known as the E-Commerce Joint Initiative, was finalized on July 26, 2024, after five years of negotiations involving 90 countries, aiming to eliminate customs duties on digital content

▪️ The agreement eliminates customs duties on digital content, lowering costs for UK businesses

▪️ It mandates the adoption of digital customs systems and e-documents, potentially increasing UK GDP by up to £24.2 billion

▪️ The initiative also introduces legal safeguards against online fraud, enhancing consumer protection.

The UK has joined a groundbreaking global digital trade agreement, the first of its kind negotiated under the World Trade Organization (WTO).

The agreement, known as the E-Commerce Joint Initiative, was finalized on July 26, 2024, after five years of negotiations involving 90 countries.

This initiative aims to modernize international trade by promoting the digitalization of customs documents and processes, and is expected to significantly benefit the UK economy.

Digitalisation of customs documents and processes
The E-Commerce Joint Initiative focuses on creating a more efficient and secure global trade environment.

By committing to the digitalization of customs documents and processes, the agreement seeks to replace outdated paper-based systems.

This transition is expected to save time and reduce costs for businesses by eliminating the need for physical signatures and the physical exchange of documents.

The Organization for Economic Co-operation and Development (OECD) estimates the value of global digital trade at around £4 trillion and growing.

The UK’s involvement in this agreement could see a significant economic boost.

According to the UK government’s analysis, adopting advanced digital trading systems could increase the UK’s GDP by up to £24.2 billion, based on 2023 GDP figures.

The agreement also aims to protect consumers from online fraud and misleading product claims.

By establishing a common set of rules, it helps create a safer environment for digital transactions.

For UK businesses, particularly those in financial services, the adoption of e-documents and e-signatures will simplify international transactions, reducing reliance on paper contracts and manual processes.

@ Newshounds News™

Read more:  Trade Finance Global  

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WTO Agreement Looks to Pave Way for Paperless Cross-Border Commerce

With the news that five years of trade negotiations under the World Trade Organization (WTO) Joint Statement Initiative on Electronic Commerce reached a milestone Friday (July 26) — with participants agreeing to a two-year extension of a moratorium on taxation of cross-border electronic transmissions — mitigating the fragmentation that businesses face when transacting internationally is top of mind for global enterprises.

The 91 WTO members participating in the discussions account for over 90% of global trade, and the joint statement’s co-conveners, Australia, Japan and Singapore, were able to pass an agreement banning the imposition of “customs duties on electronic transmissions between a person of one Party and a person of another Party.”

Role of Standardization
Crucially, within the text of the WTO agreement, are the hints of a slow-but-sure reimagining of cross-border commerce’s digital transformation — both around international e-invoicing and paperless global trade.

“The Parties recognize that electronic invoicing frameworks can help improve the cost effectiveness, efficiency, accuracy, and reliability of electronic commerce transactions.

As PYMNTS has covered, the move toward e-invoicing is not merely about converting a paper invoice into a digital format; it’s about reimagining the entire business-to-business (B2B) invoicing process to be more streamlined and better integrated into digital business ecosystems.

The workflow transformation promises to reduce errors, lower costs, and speed up B2B payment processes, offering benefits to companies of all sizes.

Already, more than 80 countries have put in place a mandate for e-invoicing or continuous transaction control (CTC) requirements as governments around the world look to prioritize tax reform and real-time reporting.

PYMNTS Intelligence data has found that nearly half (45%) of small and medium-sized businesses (SMBs) cited manual invoice review as a problem when making payments, with 19% saying it was their top issue.

“With a view to creating a paperless border environment for trade in goods, the Parties recognize the importance of eliminating paper forms and documents required for importation, exportation, or transit of goods …

Cross-border payments often involve multiple intermediaries, resulting in high fees and long processing times.

“If you do a $10 transaction today, you’ll probably spend a very significant part of that $10 as fees. And we need to get to a point where that base fee is something that you don’t have to think about, so that you can do low-value transactions at scale — that could change the landscape of cross-border payments,” Ram Sundaram, COO at TerraPay, explained to PYMNTS.

@ Newshounds News™

Read more:  PTMNTS  

~~~~~~~~~

RICS Summit 2024

Russia will hold the BRICS Summit in Kazan from October 22 to 24, 2024.

During its BRICS presidency this year, Russia has said it will focus on "promoting the entire range of partnership and cooperation within the framework of the association on three key tracks – politics and security, the economy and finance, and cultural and humanitarian ties."

@ Newshounds News™

Read more:   Uniting to Combat NTDs   

~~~~~~~~~

Newshound's Daily Breakdown Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

“Tidbits From TNT” Tuesday 7-30-2024

TNT:

Tishwash:   UrgentAl-Sudani visits Tehran today

Prime Minister Mohammed Shia Al-Sudani will visit today, Tuesday, to participate in the swearing-in ceremony of the new Iranian President, Masoud Pezeshkian, which will take place in the Islamic Shura Council {Parliament}.

Foreign delegations will continue to arrive in Tehran from yesterday until the remaining hours of the swearing-in ceremony of the ninth Iranian president.

It is worth noting that the implementation ceremony of President Masoud Pezeshkian’s decree was held the day before yesterday, Sunday, and the text of the fourteenth presidential decree was delivered to the president-elect by the Leader of the Islamic Revolution in Iran.

According to Article 121 of the Iranian Constitution, the President of the Republic must take the constitutional oath before the Glorious Word of God and in the presence of members of Parliament, members of the Guardian Council, and the head of the judiciary in the Islamic Consultative Assembly.

The swearing-in ceremony of President Masoud Pezeshkian will be held in the Islamic Consultative Assembly on Tuesday evening, and according to Alireza Sharifi, the executive deputy of the parliament, more than 70 foreign delegations from different countries will participate in this ceremony.   link

***********

Tishwash:  In the presence of Al-Sudani.. 3 files bring the framework together at the nightly negotiating table

The Coordination Framework, which includes the Shiite forces forming the government of Mohammed Shia al-Sudani, is scheduled to hold an important meeting on Monday evening, with the attendance of all its leaders, in addition to the Prime Minister.

A leader in the framework told Shafaq News Agency, "The Coordination Framework will hold a meeting in an hour from now, in the presence of its leadership and the Prime Minister, to discuss a number of important topics and issues on the political scene."

The leader added, "The meeting of the framework leaders will discuss the issue of   the position of the Speaker of the House of Representatives and agree to set a record date for holding the session to elect the president."

He explained that "the meeting will also discuss the file of forming local governments in the provinces of Diyala and Kirkuk, in addition to discussing with Al-Sudani the file of the Turkish incursion into Iraqi territory."

Despite the passage of more than 8 months, the Sunni political forces have not succeeded in agreeing on an alternative candidate for Parliament Speaker Mohammed al-Halbousi .

The parliament failed five times in a row to resolve the issue, in light of the division between the political parties in supporting one of the candidates for the position, namely Mahmoud Al-Mashhadani, the candidate of the Progress Party, and Salem Al-Issawi, the candidate of the Sunni parties (Sovereignty and the Azm and Al-Hasm alliances), who obtained the majority of votes during the last parliament session .

A few days ago, the Azm Alliance, led by Muthanna al-Samarrai, warned the Shiite forces against continuing to obstruct the election of the Parliament Speaker .

The leader of the coalition, Haider Al-Mulla, told Shafaq News Agency, "The talk about achieving a Sunni-Sunni consensus is an attempt to obstruct the election of the Speaker of the Council of Representatives. Throughout the life of the political process in Iraq, there has been no consensus or agreement on choosing any of the three presidencies."  link

**************

Tishwash:  Article 140 raises controversy again.. Calls to delay its implementation and take into account the “sensitivity of the situation”

 MP Mudhar Al-Karwi called, today, Monday (July 29, 2024), to delay the implementation of Article 140 in 38 villages in eastern Iraq, stressing that  the sensitivity of the situation must be taken into account .

Al-Karwi said in an interview with Baghdad Today, "The Committee for the Implementation of Article 140 recently issued a decision regarding agricultural contracts in 38 villages located within the vicinity of Khanaqin District in Diyala Governorate. This is a sensitive issue and requires flexible procedures because hundreds of farmers have official contracts that extend for decades."

Al-Karwi called on the Prime Minister to “issue an order to delay the implementation of the decision of the Committee for the Implementation of Article 140 and to give an opportunity to review the contracts in the villages covered by a higher committee affiliated with the Ministry of Agriculture and the rest of the parties to avoid any injustice or unfairness that affects Arab farmers. The sensitivity of the situation must be taken into account and the matter must be done according to fair and just principles to avoid any confusion.”

He pointed out that "waiting is the most appropriate thing at the moment and agreeing on specific procedures that will lead to achieving justice and fairness for all parties and that no farmer will be wronged, especially since the residents of these villages have been living there for decades."

It is noteworthy that the Article 140 Implementation Committee, headed by Hadi al-Amiri, recently issued a decision regarding agricultural contracts in the villages of Khanaqin and returning them to Kurdish farmers.  link

************

Tishwash:  Government Advisor: Adopting budget schedules has become a reality and does not affect financial obligations

 The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Tuesday, that the budget schedules have become a reality, and issuing instructions is a procedural matter that does not affect financial obligations.

Saleh said, in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News", that "the legal basis for the current fiscal year 2024 is something that has been legislated and approved primarily, based on the provisions of the federal general budget for the years 2023, 2025, 2024 issued by Law No. 13 of 2023, which was published on June 26, 2023 in the Official Gazette."

He explained that "what is stipulated in Article Two/77 of the law includes the executive authority submitting the financial tables for the two fiscal years 2024, 2025 to enable the House of Representatives to approve them sequentially," noting that "this was achieved in the fiscal year 2024." He
pointed out that "the three-year federal general budget was implemented for the first time in the country, which was based in its approval on one of the articles included in the provisions of the Federal Financial Management Law No. 6 of 2019, as amended, which authorized the work of a financial plan consisting of a general budget for three fiscal years."

He added that "the legal options available to implement the provisions of the federal general budget have become more flexible for the federal financial authority, in addition to the availability of the federal financial management law itself, which allows financial transactions even if any approval of the general budget formalities is delayed in principle, especially allowing continued spending or disbursement on investment projects approved in the three-year general budget as ongoing projects, as well as operational spending, or any financial transactions stipulated in the three-year general budget law."

He added, "Despite this, the adoption of the financial tables for the current fiscal year 2024, which were approved by the House of Representatives earlier this year, has become a reality, and issuing instructions for their implementation is a procedural matter that does not affect the obligations of the fiscal year itself, as these instructions are in all cases consistent with the emerging financial transactions when issued."

He added that "the Ministry of Finance had announced earlier this month the issuance of financial bonds (achievement bond) as a source of financing for the budget by borrowing from the local financial market worth 1.5 trillion dinars," stressing that "spending on operating expenses such as salaries, pensions, social care, debt services, and others is ongoing, in addition to the continued financing of ongoing investment projects and those under implementation."

He pointed out that "all of these activities are financial activities in which spending has not stopped, which is consistent with the legal work rules that came with the three-year federal general budget, with high flexibility, transparency, and governance."

He noted that "the instructions for implementing the general budget schedules for the fiscal year 2024 will touch upon some of the developments and partial financial transactions that have been newly created or adapted, and not the faculties of public finance, and that the financial activity in the country with its three pillars: revenues, expenditures, and deficit management is proceeding in a consistent and harmonious manner and in accordance with the objectives of the three-year general budget law, and that the executive and legislative authorities are in continuous communication and high coordination to ensure the achievement of public interests without interruption   link

*************

Mot: . Happy Tuesday everyone

Mot: .... Nuttning Better -- HUH!!!! 

Seeds of Wisdom RV and Economic Updates Tuesday Morning 7-30-24

Good Morning Dinar Recaps,

EU and Singapore finalise Digital Trade Agreement

The European Union (EU) and Singapore have successfully concluded negotiations for a landmark Digital Trade Agreement (DTA), an initiative aimed at setting global standards for digital trade and cross-border data flows.

On 25 July 2024, the European Union (EU) and Singapore successfully concluded negotiations for a landmark Digital Trade Agreement (DTA), an initiative aimed at setting global standards for digital trade and cross-border data flows.

This agreement, the first of its kind for the EU, complements the existing 2019 EU-Singapore Free Trade Agreement (EUSFTA) and shows deepening economic relations between the two regions.

The DTA is designed to facilitate digitally-enabled trade in goods and services, ensuring that data flows across borders without unjustified barriers.

It provides a framework that guarantees consumer trust, predictability, and legal certainty for businesses, especially small and medium-sized enterprises (SMEs).

This agreement also includes rules on spam and cybersecurity, reinforcing the EU and Singapore’s commitment to a secure digital environment (Trade) (EURAXESS).

European Commission Executive Vice-President Valdis Dombrovskis and Singapore’s Minister-in-charge of Trade Relations Grace Fu announced the conclusion of the negotiations, highlighting the agreement’s importance.

They emphasised that the DTA not only reflects the growing digital economies of the EU and Southeast Asia but also their shared commitment to maintaining open, competitive, and fair digital markets.

The agreement is part of the EU’s broader strategy to update digital trade rules globally, as seen in recent digital trade chapters with the UK, Chile, and New Zealand.

The EU and Singapore will now proceed with their respective domestic procedures to formally sign and conclude the DTA.

The deal is expected to enhance the digital transformation of both economies, fostering innovation and providing new economic opportunities.

It also aligns with the EU’s Indo-Pacific strategy, aiming to strengthen ties with key partners in this region.

In conjunction with the DTA, the second Trade Committee meeting under the EUSFTA took place, co-chaired by Minister Fu and Executive Vice-President Dombrovskis.

They noted the strong trade relations between the EU and Singapore, with annual trade in goods and services surpassing €130 billion in 2022.

The meeting also covered bilateral cooperation in areas like the green economy and discussed recent global economic developments, including issues at the World Trade Organisation (WTO).

The EU-Singapore Digital Partnership, launched in February 2023, laid the groundwork for this agreement.

This partnership included Digital Trade Principles aimed at facilitating the free flow of goods and services while upholding privacy and data protection standards.

The Digital Partnership and the DTA together represent a significant advancement in the EU’s efforts to lead in global digital governance.

The formal signing and implementation of the EU-Singapore Digital Trade Agreement will further strengthen economic ties and provide a model for future digital trade agreements worldwide.

The agreement is expected to be fully operational by mid-2025, providing a boost to digital commerce and innovation in both regions.

@ Newshounds News™

Read more:  Trade Finance Global 

~~~~~~~~~

World Economic Forum document on “Decentralized and Non-Traditional Payment Schemes” cites Ripple as an example of an alternative rail for traditional payment systems 🔑

“If usage of the Ripple protocol were to expand to other banks, it could be EASILY used for real-time payment and settlement BETWEEN these institutions with NO automated clearing house or correspondent banks required.”

@ Newshounds News™

Read more:  Twitter

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TRUMP'S PLAN IS TO DOLLARIZE THE WORLD THROUGH STABLECOINS

"This past Saturday, former president Donald Trump addressed the Bitcoin 2024 conference in Nashville, Tennessee, expounding upon the crypto and bitcoin policies likely to be implemented as part of a likely future Trump administration. 

Speaking in front of a banner emblazoned with the logo of Xapo bank, an institution which hopes to serve as a global bridge between bitcoin, the U.S. dollar and stablecoins, Trump’s speech revealed a policy vision that would integrate those three in order to “extend the dominance of the U.S. dollar to new frontiers all around the world.”

"Talk of a threatened dollar has been circulating for years, with the petrodollar system now having ended and increasingly influential power blocs seeking alternatives to the dollar as a reserve currency. However, Trump – per his recent speech – seems poised to employ bitcoin as a sink for out-of-control U.S. government debt and to unleash the expansion of digital dollar stablecoins, which are already quietly dollarizing numerous countries in the Global South as the consequences of Covid-era fiscal policies continue to decimate the purchasing power of the 99% globally."

 "Trump promised, among other things, to “create a framework to enable the safe, responsible expansion of stablecoins […] allowing us to extend the dominance of the U.S. dollar to new frontiers all around the world.” He then asserted that, as a result of his future administration’s embrace of dollar stablecoins, “America will be richer, the world will be better, and there will be billions and billions of people brought into the crypto economy and storing their savings in bitcoin."

@ Newshounds News™

Read more:  Bitcoin Magazine

~~~~~~~~~

Newshound's Daily Breakdown Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Iraq News Highlights and Points To Ponder Tuesday AM 7-30-24

Iraq Speeds Up Steps To Join WTO

Economic  07/29/2024  Iraq speeds up steps to join WTO   The Ministry of Trade has doubled its efforts to join Iraq to the World Trade Organization (WTO) after participating in a wide round of negotiations that pave the way for full membership.

These efforts were met with widespread economic welcome, which sees that this approach will achieve a package of important achievements, foremost of which is enhancing development, building capacities, and opening the door wide to the use of the highest standards of governance, in addition to the most important factor represented by the wide openness of global markets to Iraq, the advancement of the private industrial sector, and the improvement of the local product.

According to the Minister of Trade, Athir Dawood Al-Ghariri, the recent negotiations for Iraq constitute “a qualitative event and a confirmation of what the government promised through its program to reform the economic situation, considering the private sector as an essential part and the backbone of the Iraqi economy,” indicating that “all countries are keen on Iraq’s return as a global economic player.”

In support of the recent negotiations conducted by Iraq, the Ministry of Trade also participated in the technical meetings of the UNCTAD regarding the accession of Arab countries to the World Trade Organization in Istanbul, which witnessed, according to the Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, discussing the outcomes of the 13th Ministerial Conference of the World Trade Organization, the process of Arab countries’ accession to the organization, and how Iraq can benefit from these experiences in its process of accession.

The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed.

In the midst of this, the Prime Minister’s Advisor for Financial Affairs, Dr. Mazhar Mohammed Salih, believes that “in the midst of the changes in the international commercial and financial space, Iraq has moved to important organizational levels in the transition to a market economy to break the effects of its international isolation by engaging in a strong area of ​​economic liberalism that focused on liberalizing the areas of Iraq’s foreign trade in goods and services and the means of financing them,

despite the fluctuations in its organization, as well as the development and expansion of areas of progress achieved in some financial services and improving the environment for foreign investment, which allows foreign banks to operate in Iraq and allows the transfer of capital and currency in a manner that serves Iraq’s openness to the world in the conditions of a difficult-to-handle central rentier economy.”

In a statement to the Iraqi News Agency (INA), Minister Al-Ghariri expressed his “aspiration for the fourth round of negotiations to be held during the first quarter of next year,” stressing that “this acceleration means that the negotiations are proceeding with rapid steps towards Iraq’s accession to the World Trade Organization, considering that Iraq is an important economic bloc and all countries are keen for it to return as an economic player in a multilateral system.”

In addition to the economic gains that can be achieved by opening up to the global market, the economic researcher and consulting engineer, Imad Al-Muhammadawi, believes during his interview with “Al-Sabah” that “joining has many other advantages besides opening up to global markets, represented in “enhancing development, building capacities, and opening the door wide to using governance standards in all aspects of economic activities,

in addition to the most important factor, which is opening global markets to the economies of the least developed countries or what are called Third World countries, not to mention improving the financial side of the participating countries in terms of reducing financial risks and removing obstacles facing the participating countries.”

Al-Muhammadi added that joining also constitutes a factor in reducing poverty, by creating opportunities for the unemployed through increasing economic activities and developing both the private and public sectors.

The WTO aims to ensure that foreign companies, investors and governments enjoy stability and predictability, confidence that trade barriers should not be arbitrarily raised, investment is encouraged, jobs are created and consumers can fully enjoy the benefits of competition, choice and low prices. https://alsabaah.iq/100095-.html

Oil and Gas Law: Hostage to Political Disagreements

2024-07-30 | Oil and Gas Bill.. Political differences between the center and the region keep the law locked in the drawers despite its importance.

Among the one hundred and fifty suspended laws awaiting submission to parliament, the oil and gas law remains the most prominent knot and thorny file betweenBaghdadErbil... despite the ongoing meetings to resolve the issue, as it affects an important sector in the country.  LINK

Alsumaria Publishes The Dollar Exchange Rates In The Iraqi Stock Exchanges Today

Economy  2024-07-30 |Alsumaria News – Economy  Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the local Iraqi markets for Tuesday, July 30, 2024.

The dollar prices decreased with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 149,000 dinars for every 100 dollars. As for the selling prices in the exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 150,000 dinars, while the purchase price reached 148,000 dinars for every 100 dollars.

On February 7, 2022, the Council of Ministers  announced its approval to amend the dollar exchange rate to 1,320 dinars per dollar.

For about a year, specifically since the Central Bank began operating the electronic platform and the international financial transfer system "SWIFT", the dollar exchange rate in Iraq has not witnessed stability despite the government and the Central Bank's attempts to control the exchange rate in parallel markets.  LINK

MilitiaMan: IQD Update - Iraq Dinar News - World Bank - Central Bank under fire? - Al-Sudani Meeting - WTO

IQD Update - Iraq Dinar News - World Bank - Central Bank under fire? - Al-Sudani Meeting - WTO

MilitiaMan and Crew:  7-30-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=Ix7-iW9nonk

Iraq Economic News and Points To Ponder Monday Afternoon 7-29-24

Parliamentary Committee To Nina: These Are Our Observations On The Central Bank’s Measures To Confront The Rise In The Dollar Exchange Rate

Monday 29 July 2024 | Economic Number of readings: 309 Baghdad / NINA / The Parliamentary Committee on Economy, Industry and Trade disclosed a number of observations related to the Central Bank's measures to confront the rise in the dollar exchange rate against the dinar.

Member of the committee, MP Osama Al-Badri, stated that "there are different observations and points of view regarding the current measures of the Central Bank of Iraq in light of the lack of control over the rise in the exchange rate of the currency."

He explained that "the instability of the exchange rate has caused the emergence of the parallel market and increased the economic burden on citizens in light of the rise in prices due to the fluctuation of the exchange rate, and this requires the Central Bank's management to take effective measures to limit the impact of the parallel market."

He added that "the Central Bank needs to adopt more decisive policies and coordinate with government agencies to achieve tangible economic stability," calling on the Central Bank to take serious steps to reduce the gap between the official exchange rate of 1320 dinars per dollar, and the parallel market and ensure price stability. / https://ninanews.com/Website/News/Details?Key=1144263

Dollar Exchange Rates Stabilize At High Level, Exceeding 150 Thousand
Economy | 11:12 - 07/29/2024  Mawazine News – Baghdad  Dollar exchange rates against the Iraqi dinar in local markets in Baghdad. - Selling 150,500 dinars for every 100 dollars. - Buying 148,500 dinars for every 100 dollars.   https://www.mawazin.net/Details.aspx?jimare=252265

Finance Ministry Discusses With World Bank Financing Of Transport And Social Development Projects

Monday 29 July 2024 13:15 | Economic Number of readings: 236  Baghdad / NINA / A meeting was held today, Monday, at the headquarters of the Ministry of Finance between the Minister of Finance, Taif Sami Mohammed, and a delegation from the World Bank headed by the Regional Director of the Middle East Department, Jean-Christophe Carre, to discuss ways to enhance cooperation in the field of economic and social development.

The ministry stated in a statement, "The meeting's axes focused in particular on supporting transportation, railway and infrastructure projects related to the development road linking Iraq and Turkey towards the European continent, in addition to financing the programs of the Social Fund for Development."

It added: "These projects seek to improve the quality of services for citizens, enhance economic growth, and provide new job opportunities. The expected benefits of these projects are summarized in developing the road and transportation network, in addition to supporting small and medium enterprises and reducing poverty and unemployment."

During the meeting, the two sides expressed "their optimism about the possibility of reaching fruitful cooperation agreements that would contribute to achieving sustainable development in Iraq." https://ninanews.com/Website/News/Details?key=1144202

Foreign Remittance Sales Rise By 95% At Central Bank Of Iraq Auction

Time: 2024/07/29 Read: 728 times   {Economic: Al Furat News} Sales of foreign remittances at the Central Bank of Iraq auction, today, Monday, witnessed a 95% increase compared to cash sales, reaching more than 257 million dollars.

During the auction, the Central Bank sold 269 million, 128 thousand, and 473 dollars, which was covered at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar for cash.

Most of the dollar sales were directed to strengthening the balances abroad in the form of transfers and credits, which amounted to 257 million, 128 thousand, and 473 dollars, an increase of 95% compared to cash sales, which amounted to 12 million dollars.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 17 banks. 17 exchange and brokerage companies participated in the auction.  LINK

Iraq's Oil Reserves Are In Excess Of The Classification

Time: 2024/07/29 Read: 2,275 times   {Economic: Al Furat News} Oil expert Hamza Al Jawahiri revealed, today, Monday, the quantities of unclassified oil reserves in Iraq.

Al-Jawahiri told {Euphrates News} that: "The oil companies operating in Iraq are developing the fields primarily and there are always increases in production from the fields that are being developed," noting that "Iraq is committed to its share within OPEC countries and cannot export quantities larger than those allocated."

He added, "Iraq now has more than one million barrels of oil in excess of the classification and it is kept in the wells and cannot be produced because the quantity of production and manufacturing is limited."

Al-Jawahiri explained that "the companies produce the oil and deliver it to Iraq and they are the ones who dispose of the quantities they sell."

Iraq aims to increase its oil reserves to 160 billion barrels, which coincides with its efforts to raise crude production to 8 million barrels per day by 2027, in addition to achieving self-sufficiency in gas, according to data obtained by the Energy Research Unit (based in Washington).

Iraq's oil reserves are the fifth largest in the world, accounting for 8% of the total global crude reserves, and represent approximately 12% of OPEC reserves, and 17% of proven reserves in the Middle East.

According to the latest estimates issued by Oil & Gas Journal, Iraq's proven oil reserves amounted to about 145.019 billion barrels by the end of 2023.

Oil Minister Hayan Abdul Ghani expressed his hope that the country's oil reserves would exceed 160 billion barrels, during the launch of two new licensing rounds to invest in 29 fields, in addition to exploration blocks for oil and gas.

Abdul Ghani confirmed that the government will support the winning companies and provide them with the necessary facilities.

Iraq, a founding member of OPEC, announced its commitment, like other countries, to reduce voluntary production to support prices affected by economic uncertainty.  LINK

Stock Exchange Achieves Positive Results For The Second Day In A Row

Market  Economy News – Baghdad  The stock market index rose by 0.18% on Monday, for the second day in a row.  During today's session, 4.2 billion shares were traded, worth 1.7 billion dinars.

It also witnessed the execution of 526 transactions on the shares of 30 traded companies.

The shares of 7 companies rose, while the shares of 11 other companies fell.

97 views  07/29/2024 - https://economy-news.net/content.php?id=45719

Brent Crude At $81 Per Barrel

Economy | 07:55 - 07/29/2024   Mawazine News – Baghdad   Oil prices rose on Monday, paring last week’s losses, on concerns about a widening conflict in the Middle East after a rocket attack on the occupied Golan Heights that Israel and the United States blamed on the Lebanese militant group Hezbollah.

Brent crude futures were up 20 cents, or 0.3 percent, at $81.33 a barrel by 0010 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 9 cents, or 0.1 percent, at $77.25 a barrel. Brent crude lost 1.8 percent last week, while WTI fell 3.7 percent, amid weaker Chinese demand and hopes for a ceasefire in Gaza.

On the demand side, data released earlier this month showed China’s total fuel oil imports fell 11 percent in the first half of 2024, raising concerns about the broader demand outlook in China, the world’s biggest importer of crude oil.   https://www.mawazin.net/Details.aspx?jimare=252250

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Some “BRICS News” Monday 7-29-2024

BRICS NEWS: From Malaysia, Thailand and Turkey Accession to Launch of Intra-bank System

Fastepo:  7-29-2024

Over the past month, BRICS has seen significant developments, ranging from countries expressing interest in joining the bloc to the launch of an intra-bank payment system and financial system integration.

In this video, we will provide a quick update on these key events and offer a comprehensive overview of BRICS' position as of July 2024, along with the reasons why various countries are keen to join.

https://www.youtube.com/watch?v=X1q8PfFjAbs

BRICS' STRATEGIC WIN: Malaysia Joins BRICS, Russian FM Visits Malaysia As NATO Views Southeast Asia

Lena Petrova:  7-29-2024

https://www.youtube.com/watch?v=lt7sFxTbq9A

Seeds of Wisdom RV and Economic Updates Monday Afternoon 7-29-24

Good afternoon Dinar Recaps,

Worldwide, People Reject the Central Bank Digital Currency

"Do people want central bank digital currencies, better known as CBDCs? Countries that have experimented with or launched digital versions of their respective currencies have witnessed little fanfare for these endeavors. Put simply, they are not appealing to the general public. 

Yet governments are still foisting them onto their populations, perhaps because they might be the greatest surveillance tool known to man."

"At the onset of the coronavirus pandemic, the Bahamas became the first nation in the world to issue a central bank digital currency. Whether it was out of fear that touching physical cash would result in COVID is unclear.

But the Caribbean island made history nevertheless by unleashing the Sand Dollar digital currency. It maintains two forms: retail and wholesale. The former allows consumers to utilize the CBDC, while the latter is solely dedicated to financial institutions."

"Now, about four years after the Sand Dollar’s introduction, it accounts for less than 1% of the money in circulation as acceptance and usage by businesses and consumers remain limited.

Additionally, digital wallet values tumbled to $12 million in the first eight months of last year (the latest data), down from $49.8 million in the same period a year ago."

"China became one of the world’s largest economies to introduce a central bank digital currency, known as the digital yuan or e-CNY. It had been years in the making, and because the Asian powerhouse is a hyper-digital location, officials had high expectations and believed their communities would ebulliently embrace the e-CNY. Today, there is very little action in the world of CBDCs."

"INDIA'S CBDC – the digital RUPEE – has experienced a decline in usage. Transaction rates had been solid in the months following its launch, mainly because the country’s banks had disbursed employee benefits in CBDC units. However, more consumers and merchants have shrugged off the authoritarian digital payment “innovation” throughout 2024."

"With growing pushback, central banks have modified their expectations. According to a 2023 Business of International Settlements survey, the number of central banks that are very likely to issue a retail or wholesale CBDC within three to six years has diminished significantly from the 2022 survey."

"The Atlantic Council maintains a CBDC tracker, which shows that 36 countries are in the pilot phase. Thirty are still in the development stage, and 44 are actively researching a central bank digital currency. Seventeen are inactive, while two have been canceled.

 What about the United States? The Federal Reserve insists that it is several years away from putting together a CBDC. Republican lawmakers have introduced legislation to put the kibosh on its creation. Former President Donald Trump and independent presidential candidate Robert F. Kennedy, Jr. pledge to ban the formation of a CBDC."

@ Newshounds News™

Read more:  Currency Insider

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Indian Expert Says BRICS, SCO May MERGE in Five Years

" BRICS (Brazil, Russia, India, China, South Africa) may merge with the Shanghai Cooperation Organization (SCO) within the next five years, giving birth to a stronger entity with a more meaningful role, Robinder Sachdev, president of the New Delhi-based analytical center, the Imagindia Institute, told TASS."

"Both BRICS and SCO are initially founded by China and Russia. Many big picture goals of both organizations are same. It is necessary for both organizations to have very different roadmap in future. Otherwise, I have said many times that it is now time to consider merging of the SCO and BRICS into a single organization."

""If the BRICS countries work together strongly on some common agenda then BRICS can have an important role. If BRICS becomes a strong organization, then it can play very important role in building the New World Matrix of the 21st century," he stressed.

"BRIC was established in 2006 by Brazil, Russia, India, and China. In 2011, South Africa joined the group, adding the S to the acronym."

"Set up in 2001 in Shanghai, the SCO initially included six countries, namely Russia, Kazakhstan, Kyrgyzstan, China, Tajikistan, and Uzbekistan. India and Pakistan joined in 2017. Iran was admitted to the organization at the SCO virtual summit in early July.

@ Newshounds News™

Read more:  TASS

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XRP News Today: Ripple-Led $1.5 Billion Token Flood to Hit Market in August

August is a major month for crypto token unlocks, with nearly $1.5 billion worth of tokens hitting the market.

Ripple leads the pack with a $609 million XRP unlock, followed by Avalanche and Wormhole.

Numerous other projects, including Sui, dYdX, ZetaChain, ImmutableX, Aptos, The Sandbox, Starknet, and Arbitrum.

XRP This morning $0.61 up 0.54%

@ Newshounds News™

Read more:  Coinpedia

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Swiss regulator FINMA targets stablecoin issuers in new proposal

As stablecoins continue to gain traction globally, regulatory initiatives such as FINMA’s guidance are likely to influence policies in other jurisdictions.

In a move aimed at bolstering regulatory oversight and mitigating financial risks, the Swiss Financial Market Supervisory Authority (FINMA) has proposed new guidelines for stablecoin issuers. The proposal comes amid growing concerns over the potential impact of stablecoins on regulated institutions and the broader financial ecosystem.

Stablecoins — digital assets linked to the value of traditional currencies or other assets — have experienced increased adoption. However, their rapid growth has also prompted global regulatory concerns due to potential illicit activity and misuse.

In its guidance issued on July 26, FINMA emphasized that stablecoin issuers must be subject to the same Anti-Money Laundering (AML) obligations as traditional financial institutions. This includes verifying the identity of stablecoin holders and establishing the identity of beneficial owners.

In addition to AML compliance, FINMA explained how stablecoin issuers can operate without a banking license if they meet certain conditions. It claims that these conditions ensure depositors are protected, and issuers must have a bank guarantee in case of default.

While FINMA claims its measures boost depositor protection, they do not match the security of a banking license. Still, the regulator is committed to mitigating default guarantee risks and ensuring stablecoin issuers meet robust standards to safeguard customers.

The stablecoin sector has experienced exponential expansion in recent times, reaching an unprecedented market capitalization in 2023. In response, global regulators are hastening to establish guidelines for this rapidly evolving sector.

According to the “PwC Global Crypto Regulation Report 2023,” at least 25 countries, including Switzerland, had implemented stablecoin regulations or legislation by the year’s end.

@ Newshounds News™

Read more:  Coin Telegraph

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Malaysia sends application to Russia to join BRICS — PM

Lavrov promised that as the BRICS president Russia will help Malaysia promote its interest to the partnership with the association

TOKYO, July 28. /TASS/. Malaysia has sent an application for BRICS membership to Russia, which is currently holding BRICS presidency, Malaysian Prime Minister Anwar Ibrahim said.

"Malaysia has sent a letter of application to join the (BRICS) organization to Russia as the BRICS chairman, besides expressing openness to participate as a member country or strategic partner," the BERNAMA news agency quoted him as saying.

Earlier on Sunday, Anwar Ibrahim met with visiting Russian Foreign Minister Sergey Lavrov. According to the Malaysian prime minister, the conversation focused on Malaysia’s application to join BRICS, which, in his words, will have a considerable potential for both sides.

Anwar and Lavrov also discussed "the current situation in Palestine, with Malaysia emphasizing the urgent need for a permanent ceasefire and rapid humanitarian aid in Gaza, as well as Palestine’s acceptance as a full member of the United Nations," the agency said. "Regarding Ukraine, Anwar also called for dialogue and discussion as the means to resolve the conflict."

Lavrov promised that as the BRICS president Russia will help Malaysia promote its interest to the partnership with the association.

@ Newshounds News™

Read more:  TASS

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“Tidbits From TNT” Monday 7-29-2024

TNT:

Tishwash:  Manipulating budget tables is a scandal waiting to break out

The issue of tampering with the budget schedules sparked great controversy in the House of Representatives, after approximately 2 trillion dinars from the budget were lost in a dramatic manner.

The General Secretariat of the Council of Ministers sent a letter to the House of Representatives to inquire about the manipulation occurring in the budget tables, as it was stated in the letter, “After examining the printed tables attached to the Parliament letter signed by the ( acting) Speaker of the House of Representatives, it was revealed that there are fundamental differences in them compared to the sent copy.” From the Council of Ministers and contrary to the text of the parliamentary decision.

Member of the Parliamentary Finance Committee, Representative Jamal Kujar, confirmed that the manipulation occurred after voting on the budget tables in Parliament. 

He pointed out in a press statement that it was not known who was the party that tampered with the schedules, calling for an investigation to be opened into the matter.

The House of Representatives held its twenty-seventh session, headed by Mr. Mohsen Al-Mandalawi, Acting Speaker of the House, today, Monday, and in the presence of 199 deputies. The House of Representatives voted last May 18 on the schedules of the federal general budget law.

It seems that suspicions of losing the amount revolve around the Finance Committee as well as the Presidency of the House of Representatives.

For its part, the Finance Committee in the House of Representatives vacated its space regarding the issue of tampering with the budget tables for the current year.

Deputy Chairman of the Parliamentary Finance Committee, Ahmed Mazhar, told Al-Ma'louma Agency, “The committee is far removed from the issue raised regarding tampering with the budget tables. It discussed the tables according to the CD sent by the government and then submitted it for a vote to the Presidency of the House of Representatives.” 

He added, "The government's raising of the issue of tampering with 2 trillion dinars in the budget tables, as it claims, is very surprising."

He explained, “If there is tampering with the budget tables, then the Presidency of the House of Representatives can be questioned.”

In order to clear its name, Parliamentary Finance formed an investigative committee on the matter, which aroused the ire of the Presidency of the Iraqi Council of Representatives.

For his part, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, expressed his surprise at the Parliament Presidency's objection to forming an investigative committee regarding the changes that occurred in the budget. 

Al-Kadhimi told Al-Maalouma Agency, “Forming an investigative committee is the prerogative of the Finance Committee, expressing his regret over the objection of the Presidency of Parliament to the formation of the committee that does not require approval.”

He added, "The Finance Committee is in the process of inquiring about the reason for the difference in the budget tables between the parliamentary version and the government version, noting that the committee asked the relevant authorities to reveal the manipulation of the numbers."

In addition, the representative of the State Support Bloc, Muhammad Al-Ziyadi, confirmed that signatures had been collected to include a paragraph discussing the government's claim that the versions of the budget tables were different after voting on them.

Al-Ziyadi told the Maalouma Agency, “The government sent a letter to the House of Representatives claiming that the schedules that were sent to it by Parliament after the House of Representatives voted on them differ from those schedules that it sent to Parliament.”

He added, "This book created a confused atmosphere between Parliament and the government, and parliamentary signatures were collected to include a paragraph to discuss the issue in order to determine the truth of the dispute between Parliament and the government regarding the schedules and who was the party behind it.  link

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Tishwash:  Iraq speeds up steps to join WTO

The Ministry of Trade has doubled its efforts to join Iraq to the World Trade Organization (WTO) after participating in a wide round of negotiations that pave the way for full membership. These efforts were met with widespread economic welcome, which sees that this approach will achieve a package of important achievements, foremost of which is enhancing development, building capacities, and opening the door wide to the use of the highest standards of governance, in addition to the most important factor represented by the wide openness of global markets to Iraq, the advancement of the private industrial sector, and the improvement of the local product.

According to the Minister of Trade, Athir Dawood Al-Ghariri, the recent negotiations for Iraq constitute “a qualitative event and a confirmation of what the government promised through its program to reform the economic situation, considering the private sector as an essential part and the backbone of the Iraqi economy,” indicating that “all countries are keen on Iraq’s return as a global economic player.”

In support of the recent negotiations conducted by Iraq, the Ministry of Trade also participated in the technical meetings of the UNCTAD regarding the accession of Arab countries to the World Trade Organization in Istanbul, which witnessed, according to the Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, discussing the outcomes of the 13th Ministerial Conference of the World Trade Organization, the process of Arab countries’ accession to the organization, and how Iraq can benefit from these experiences in its process of accession. The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed.

In the midst of this, the Prime Minister’s Advisor for Financial Affairs, Dr. Mazhar Mohammed Salih, believes that “in the midst of the changes in the international commercial and financial space, Iraq has moved to important organizational levels in the transition to a market economy to break the effects of its international isolation by engaging in a strong area of ​​economic liberalism that focused on liberalizing the areas of Iraq’s foreign trade in goods and services and the means of financing them, despite the fluctuations in its organization, as well as the development and expansion of areas of progress achieved in some financial services and improving the environment for foreign investment, which allows foreign banks to operate in Iraq and allows the transfer of capital and currency in a manner that serves Iraq’s openness to the world in the conditions of a difficult-to-handle central rentier economy.”

In a statement to the Iraqi News Agency (INA), Minister Al-Ghariri expressed his “aspiration for the fourth round of negotiations to be held during the first quarter of next year,” stressing that “this acceleration means that the negotiations are proceeding with rapid steps towards Iraq’s accession to the World Trade Organization, considering that Iraq is an important economic bloc and all countries are keen for it to return as an economic player in a multilateral system.”

In addition to the economic gains that can be achieved by opening up to the global market, the economic researcher and consulting engineer, Imad Al-Muhammadawi, believes during his interview with “Al-Sabah” that “joining has many other advantages besides opening up to global markets, represented in “enhancing development, building capacities, and opening the door wide to using governance standards in all aspects of economic activities, in addition to the most important factor, which is opening global markets to the economies of the least developed countries or what are called Third World countries, not to mention improving the financial side of the participating countries in terms of reducing financial risks and removing obstacles facing the participating countries.”

Al-Muhammadi added that joining also constitutes a factor in reducing poverty, by creating opportunities for the unemployed through increasing economic activities and developing both the private and public sectors. 

The WTO aims to ensure that foreign companies, investors and governments enjoy stability and predictability, confidence that trade barriers should not be arbitrarily raised, investment is encouraged, jobs are created and consumers can fully enjoy the benefits of competition, choice and low prices. link

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Tishwash:  MP: Washington is delaying the confirmation of the withdrawal clause from Iraq - Urgent

Member of Parliament, MP Rafiq Al-Salihi, confirmed today, Sunday (July 28, 2024), that Washington is procrastinating in determining the paragraph of withdrawal from Iraq, noting that the exit of US forces is necessary to achieve the integrity of national security.

Al-Salihi said in an interview with Baghdad Today, "An important part of achieving integration in the national security system of Iraq is the absence of American forces from its lands, which we see as playing a negative role in the security scene through repeated attacks."

He added, "Washington is delaying its discussions with Baghdad in determining the withdrawal paragraph through fixed timetables, and this matter reflects America's agenda in Iraq and its attempt to remain despite the popular rejection of all spectrums and the existence of a parliamentary decision in this direction."

Al-Salihi pointed out that "the security situation in Iraq is stable and it has large forces capable of warding off terrorist threats or any other attacks," stressing that "the situation necessitates the withdrawal of American forces from the country and any manipulation or procrastination by the administration in Washington is unacceptable and the Iraqis will not remain silent about that."

The debate over the US withdrawal from Iraq has flared up again in the past few weeks, coinciding with the return of strikes and targeting of bases housing US forces in Iraq and Syria, while the US Central Command had indicated a few days ago that ISIS activity recorded during the first half of this year indicates a doubling of the number of attacks compared to last year.   link

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Tishwash:  Finance and World Bank meet to conclude "fruitful" agreements that support Iraq's development path

An important meeting was held at the Ministry of Finance headquarters today, Monday, between the Minister of Finance, Taif Sami Mohammed, and a delegation from the World Bank, headed by the Regional Director of the Middle East Department, Jean-Christophe Carré, to discuss ways to enhance cooperation in the field of economic and social development .

The ministry said in a statement received by "Mil", "The meeting's axes focused in particular on supporting transportation, railway and infrastructure projects related to the development road linking Iraq and Turkey towards the European continent, in addition to financing the Social Fund for Development programs." 

She explained that "these projects seek to improve the quality of services for citizens, enhance economic growth, and provide new job opportunities. The expected benefits of these projects include developing the road and transportation network, in addition to supporting small and medium enterprises and reducing poverty and unemployment." 

According to the statement, the two sides expressed their "optimism about the possibility of reaching fruitful cooperation agreements that would contribute to achieving sustainable development in Iraq."  

 From social media

Minister of Finance and World Bank discuss financing transportation and social development projects

Both sides expressed optimism about the possibility of reaching fruitful cooperation agreements that would contribute to achieving sustainable development in Iraq   link

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Mot: .. You Goooo Girl!!!!  

Mot: . Funny how this seems to Pop again and again ...

Iraq Economic News and Points To Ponder Monday AM 7-29-24

Billions Of Dinars” Were Disbursed To Political Parties From The 2024 Budget As “Financial Grants” (documents)

 Policy   2024-07-27 | 4,756 views  Alsumaria News-Politics   Today, Saturday, independent MP Amir Al-Mamouri published documents proving that the Ministry of Finance disbursed billions of dinars as “financial grants” from the budget to political parties represented in the House of Representatives or participating in the elections.

 Al-Mamouri said in a blog post on his Facebook account, followed by Al-Sumaria News, that,

 “Did you know that financial grants are disbursed to political parties from the budget, as 18 billion dinars were disbursed, and disbursement continues in the 2024 budget with 5 billion dinars?” 

He added:  "Some may be surprised by this book, which shows that there is funding for parties from the federal budget at a rate of 80% for those who have representation in the House of Representatives and 20% for parties participating in the elections." 

He stressed,  "We are working to abolish this issue, which contains many comments and unjustified spending," considering that

 "this spending is imposed on the deprived people, not the party, and a distinction must be made between these parties, those who work, those who do not work, and those who steal public money and trespass on state property," wondering.

 “Who evaluates these parties so that we can say they deserve the financial grant?”

 Documents issued by the Ministry of Finance showed that there is funding of 4 billion dinars in the 2018 and 2019 budgets, while there is funding of 5 billion dinars for parties in the 2023 budget and the same in the current 2024 budget, making the total amount to 18 billion dinars.  

 https://www.alsumaria.tv/uploadImages/ExtImages/Images1/ExtImage-6331047-534752256.png

 https://www.alsumaria.tv/uploadImages/ExtImages/Images1/ExtImage-3082588-690422400.png

https://www.alsumaria.tv/news/politics/495027/صرف-مليارات-الدنانير-للأحزاب-السياسية-من-موازنة-2024-كـمنح-مالية-وثائق     

Financial Inclusion Indicators

 July 28, 2024     :diamonds: In order for this bank to create a database for financial inclusion indicators, which will be the basic foundation for measuring the percentage of financial inclusion in Iraq,

 we are attaching to all electronic payment service providers a database for financial inclusion statistics for individuals and companies in an electronic form (Excel file) sent to your institutions’ e-mail. ..For more click here   https://cbi.iq/static/uploads/up/file-172216018373657.pdf

 [approximate, incomplete translation of https://cbi.iq/static/uploads/up/file-172216018373657.pdf]

 the date: 7/14/2024

 To/ All electronic payment service providers

 M/ Financial inclusion indicators

  In order for this bank to prepare a database for financial inclusion indicators,

 which will be the basic foundation for measuring the percentage of financial inclusion in Iraq,

we attach to you a database dedicated to financial inclusion statistics for individuals and companies in electronic form (Excel file) to be sent to your institutions’ email, provided that it is provided to us in the form of three models. The first model is a cumulative

 For previous years in addition to the first and second semesters, i.e. until the end of (2/30/2024), and the second model will be for the data of the first semester only, and the third models will be for the data of the second semester only, provided that we increase the Aggregate data and for the first and second semesters of this year, each separately, and for a maximum period of (51. Working days from the date of issuance of this circular.

 We would also like to inform you that a training workshop will be held in the hall of the Central Bank of Iraq on (Thursday) corresponding to (7/18/2024) at (10) in the morning for a period of one day only for the purpose of training on how to enter data and receive questions from you.

 We hope to provide two representatives specialized in financial inclusion indicators from your institutions to attend the workshop.

with respect.

  - Electronic data form (Excel)    https://cbi.iq/news/view/2629    

Mahmoud Dagher: Iraq Needs A Sovereign Wealth Fund To Protect Its Economic Future

July 28, 2024 Last updated: July 28, 2024  Independent/- Veteran financial and banking expert Dr. Mahmoud Dagher confirmed that Iraq , despite being a rentier economy, does not yet possess a sovereign wealth fund that would enable it to enhance its economic growth and ensure its stability in the face of potential crises.
 
Dagher pointed out in a short video clip followed by Al-Mustaqla on Sunday that most countries that depend on depletable rentier resources and are exposed to price fluctuations have taken proactive steps by establishing sovereign wealth funds whose combined balances exceed more than ten trillion US dollars. Dagher:
 
Iraq is wasting its resources without a sovereign wealth fund - the future of our generations is in danger Dagher said:
 
 “All countries with an exhaustible rentier resource, and which are witnessing fluctuations in the prices of these resources, have begun to establish sovereign funds to protect their economy and enhance their growth, away from the general budget and government policy.
 
These funds play a vital role in achieving economic stability and hedging countries against global and local financial crises.” Dagher added that the
 
absence of a sovereign wealth fund in Iraq is a major shortcoming in the country's economic policy, especially in light of the heavy reliance on oil as a main source of revenue. He explained that
 
establishing such a fund would enable Iraq to secure the future of its generations and avoid economic shocks that may result from falling oil prices or global economic crises.

Dagher called on the executive and legislative authority in Iraq to accelerate the establishment of a sovereign wealth fund. must He said:
 
“Iraq [must] follow the example of other countries that have established sovereign funds to fortify its economy and ensure its future.
 
Establishing a sovereign fund will be an important strategic step to protect the Iraqi economy and secure the future of future generations.”  Dagher pointed out that
 
sovereign funds play an important role in supporting sustainable economic policies, as
 
they provide the necessary resources for long-term investments away from fluctuations in annual government revenues. He stressed that
 
benefiting from international experiences in this field could contribute significantly to designing a sovereign wealth fund that meets Iraq's special needs and enhances its economic stability.      https://mustaqila.com/صندوق-ثروة-سيادي/ 

Iraqi Investments Push The “Med Projects” Index To Rise
 
July 28, 2024 Last updated: July 28, 2024  Independent/- The “Med Projects” index for Gulf projects witnessed an increase of 0.7% during the period from June 7 to July 12, driven mainly by an increase in the value of projects in the Iraqi market.
 
The Iraqi market achieved significant gains amounting to $26.3 billion, equivalent to an increase of 7%.
 
This rise is due to the reactivation of plans to establish a national network of high-speed railway lines throughout the country,
 
reflecting the trend towards improving infrastructure and transportation in Iraq.
 
In addition to Iraq, project markets in other Gulf countries witnessed remarkable growth, as the
 
value of the project market in the UAE increased by about $10.6 billion, or by 1.3%.

Despite this growth, the project market in Saudi Arabia witnessed a contraction of $13.9 billion, which is equivalent to a decrease of 0.7%, returning to the value level it was in mid-May.
 
In Qatar, the value of the projects market increased by $3.9 billion, or 1.7%, while the projects market in Bahrain added $2 billion, or 2.9%. In Oman, the market witnessed a slight increase of $0.2 billion, equivalent to 0.1%.
 
The total value of the Gulf projects index
 
The value of the projects index in the Gulf Cooperation Council countries reached $3.447 trillion, recording an increase of 0.1% over the previous period.
 
The broader Gulf index, which includes Iraq and Iran, also rose by 0.7% to reach $4.138 trillion.
 
Thus, the index continues to rise for the sixteenth consecutive month since March 2023, reflecting the continuing upward trend in the regional projects market.
 
Impact of railway projects
 
A key factor in the index's recovery is renewed ambitions for rail projects in the region.
 
These projects are not only a way to improve infrastructure and facilitate transportation, but
 
they also promote economic development and provide new job opportunities. 
 
https://mustaqila.com/استثمارات-العراق-تدفع-مؤشر-ميد-بروجكت/   

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