KTFA:

Samson:  The International Development Bank announces its joining the "Bani" platform

25th January, 2021

The International Development Bank announced that it has joined the Bani platform for clearing and settling Arab payments

The bank said in a statement seen by "Al-Eqtisad News", "with unremitting and promising efforts and on the occasion of launching and operating the "Buna Buna" platform for clearing and settling Arab payments owned by the Arab Monetary Fund and starting to implement the business of sending and receiving money in various currencies and after the platform's success in conducting financial transfers in every From Egypt, the United Arab Emirates and Jordan, as a first stage

The statement added that "the International Development Bank, as the first Iraqi bank to start its work on this platform, which will allow its customers to send money between Arab countries and in all currencies and to the various markets of the Arab region and abroad, with very low commissions, which will include more than 120 Arab banks to its network in order to expand the list of Arab and international currencies

The bank stressed that "work is underway to introduce the Iraqi dinar currency on this platform soon to encourage the use of Arab currencies in financial and investment transactions in accordance with international standards and after the International Development Bank fulfills all operating requirements, which reflects the bright image of Iraqi banks and their competition with Arab banks in applying all modern banking standards." And her signature of the sharing agreement   LINK

MilitiaMan:  When using terms lately like being forced to do things for a purpose like we saw with the IMF alighning the IQD with the SDR Basket imo, here is one were they are telling us they are unremitting in their efforts to get settling and clearing payments with in the AMF, region and abroad. Looks like it is signed and now about ready to go live. Wow! imo ~ MM

 un·re·mit·ting /ˌənrəˈmidiNG/ Learn to pronounce  adjective   never relaxing or slackening; incessant.

Samson:  Al-Halbousi and the Emir of Kuwait discuss activating the joint governmental and parliamentary committees between the two countries

01/25/2021 17:48:55

Speaker of Parliament meets Emir of Kuwait

Parliament Speaker Muhammad Al-Halbousi met today, Monday, with his accompanying delegation, His Highness the Emir of the State of Kuwait, Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah.

The meeting discussed cooperation between the two brotherly countries, strengthening bilateral relations, strengthening joint economic relations, activating joint governmental and parliamentary committees between the two countries, and stressing the necessity of activating reconstruction projects and the outcomes of the international donors conference.

During the meeting, Al-Halbousi stressed Iraq's keenness to strengthen relations between the two neighboring countries in all fields, appreciating Kuwait's positions in support of Iraq.

For his part, the Emir offered his condolences to the victims of the two bombings that targeted Tayaran Square in Baghdad, expressing the State of Kuwait's condemnation and condemnation of these two actions that targeted the lives of innocent people and destabilized security and stability, again supporting his country and standing with Iraq to face the challenges it is going through, and achieve development and stability.   LINK

MilitiaMan:  This is about tens of billions of dollars for re construction. Clearing and Settling payments goes hand and hand with this. If we cannot see what is at play by now, one may never get it.. Wow! This is good.. imo! ~ MM

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Samson:  Talabani is heading to Baghdad to install the budget agreement

25th January, 2021
The Vice President of the Kurdistan Regional Government, Qubad Talabani, went to the federal capital, Baghdad, today, Monday, as head of the Kurdish negotiating delegation.  

Talabani’s spokesman, Samir Hawrami, told Shafaq News that Talabani went to Baghdad today to install the agreement concluded at the end of 2020 between the governments of Iraq and the region and to determine the region’s share in the draft budget law for 2021.

A high-ranking delegation from the Kurdistan Regional Government arrived yesterday, Sunday, to the capital, Baghdad, to engage in a new round of talks in order to secure the region's share in the federal financial budget for 2021.

The delegation included: Minister of Finance Awat Sheikh Janab, Minister of Planning Dara Rashid, Minister of the Region Khaled Shawani, and Chief of the Cabinet of the Provincial Council of Ministers, Omid Sabah.

The Finance Committee in the Iraqi Council of Representatives has been conducting, for more than two weeks, a series of meetings in the parliament building with the aim of collecting observations and making the necessary amendments to the draft budget law.

Parliamentarians and politicians say that the budget needs political consensus, so a political delegation from the region will visit Baghdad later this week with the aim of reaching an agreement with the blocs not to block the passage of Kurdistan’s share in the budget.   LINK

MilitiaMan:  Coming to town to install the 2021 Budget.. Like you wouldn't? lol Another piece of the puzzle being laid to rest. The amount of effort and it all down to the wire, is upon us this week. Awesome news today news hounds. ~ Again Thank you all. ~ MM

BubbaJr1: Parliamentary Finance hosts central bank and anti-terrorism officials and SOMO to discuss budget items

The Finance Committee held today (January 24, 2021)

Its 30th meeting to discuss the draft federal budget bill for 2021. A statement by the Media Department of the House of Representatives said, "The Finance Committee hosted the head of the Anti-Terrorism Service, Lieutenant General Abdul Wahab Al-Saadi and his accompanying delegation regarding the financial apparatus's allocations within the budget law, adding that" the sub-committee formed by the Finance Committee hosts the director of the Oil Marketing Company (SOMO) and a delegation from the bank. Central Bank within the discussions of the 2021 budget

https://www.radionawa.com/all-detail.aspx?jimare=23223  

MilitiaMan:  Another very well placed and timed article.. CBI has the SOMO on the roster for the 2021 Budget.. Go figure. Nice!! ~ MM

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Samson:  International Monetary Receives an "emergency request" from Iraq

25th January, 2021

The International Monetary Fund announced that it had received a request for emergency assistance from Iraq, indicating that talks are underway between the two parties in this regard.
 

"The Iraqi authorities have requested emergency assistance under the Rapid Financing Instrument, in a long-term arrangement, to support the planned economic reforms," ​​the fund said in a statement.

He added, "Discussions are ongoing regarding the authorities' request for emergency assistance."

The Minister of Finance Ali Allawi told "Bloomberg" yesterday, that Iraq is in talks with the Fund to obtain a loan worth 6 billion dollars. He indicated that Iraq may request an additional $ 4 billion in low-cost loans through another program linked to government reforms.    LINK

Eric:  Why would they need to borrow money from the IMF if they were about to revalue?

DeepWoodz:  From google:  IMF loans are meant to help member countries tackle balance of payments problems, stabilize their economies, and restore sustainable economic growth. This crisis resolution role is at the core of IMF lending.  Also, I think, helps provide a kickstart for liquidity. 

MilitiaMan:  Yep.. They are not going to do that for a program rate.. More to the story and the story is economic success, hence, the support from the IMF.. There is give and take and Iraq is ready to give now.. imo.. ~ MM

Samson:  Labor announces the issuance of 7000 MasterCard cards for the beneficiaries of the full-time employee salary

10:05 - 01/25/2021

The Ministry of Labor and Social Affairs announced, on Monday, the issuance of 7000 (MasterCard cards) to the beneficiaries of the full-time employee's salary during the past 30 days.

The head of the Disability Authority at the Ministry of Labor, Essam Al-Tamimi, said in a statement that “the authority, in cooperation with the concerned banking authorities, issued 7,000 (MasterCard) cards for the beneficiaries of the full-time employee salary in Baghdad and the governorates except for the Kurdistan region for the period from 20 January 2020. Until 20 / C2 2021″.

Al-Tamimi praised “the efforts of the employees in the departments to implement the directives of the Minister of Labor and Social Affairs, Adel Al-Rikabi, which include the speedy completion of the transactions of those covered by the privileges of Law No. 38 of 2013 with high accuracy and professionalism to relieve them.”

The head of the Disability Authority at the Ministry of Labor pointed out that “the authority’s departments in Baghdad and the governorates continue to issue cards to those covered by the full-time employee’s salary.”    LINK

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Samson:  Imprisonment of an Iraqi official who caused damages of 40 million dollars through a "serious mistake"

25th January, 2021

The Federal Integrity Commission announced the issuance of a ruling against the former General Manager of the Iraqi Trade Bank, TBI; For committing a "serious mistake" that resulted in damage to the funds of the entity in which he worked, amounting to (40,000,000) million dollars.

The Investigation Department of the Commission, and in its discussion of the details of the case that it investigated and referred to the judiciary, reported that the convicted person committed a serious mistake and caused damage to public money. As a result of granting credit facilities in the amount of (40,000,000) million dollars to a bank for the purpose of covering documentary credit; Despite the weakness of the guarantees provided by the bank and before completing the loan granting transaction.

The department indicated that a ruling had been issued obligating the bank to which the loan was granted to pay an amount (38,072,807) million dollars, representing the principal of the debt with the regular interest without the delay interest.

She added that the Al-Karkh Misdemeanor Court specializing in integrity issues, after reviewing the evidence obtained in the form of the audit report and the investigation report of the Integrity Commission, in addition to the statements of the legal representative of the bank and the administrative investigation that showed the defendant’s negligence. Result of accepting weak collateral; What led to the loss of the bank’s rights, in addition to the presumption of its escape, and I reached sufficient conviction that it was convicted in accordance with the provisions of Article (341) of the Penal Code. It decided to sentence him in absentia to a five-year prison sentence.

The ruling included issuing an arrest warrant and investigating the right of the convicted person and preventing his travel, in addition to placing the seizure sign on his movable and immovable property according to the provisions of Article (184 / a) of the Criminal Procedure Law, while giving the right to the affected party to claim compensation.   LINK