KTFA:

Clare:  5 Arab countries are preparing to join the "BRICS" group of countries...Is Iraq among them?

4/27/2023

According to a report by Bloomberg Agency, 19 countries have expressed interest in joining the "BRICS" group of countries, including 5 Arab countries.

In this context, Anil Soklal, South African ambassador to the group, said in an interview that the block of emerging markets in Brazil, Russia, India, China and South Africa will meet in Cape Town on June 2-3 to discuss its expansion, adding, "What will be discussed is the expansion of the BRICS group." And how that happens.

He added, "13 countries have formally requested accession, and six others have requested informally. We are receiving requests to join every day."

I started China The conversation was about enlargement when she was chair of the BRICS group last year, as she tries to build diplomatic leverage to counter the dominance of developed countries at the United Nations. The proposed expansion sparked concern among other members that their influence would be diminished, especially if close Beijing allies were accepted. China's GDP is more than twice the size of all the other four BRICS members combined, according to the agency bloomberg.

Soklal said that the foreign ministers of the five member states have all confirmed that they will attend the discussions in June. In addition to its membership, they will also discuss the "hot spots" that are on the scene right now, including Sudan.

Since its formation as Brick group In 2006, the group added only one new member, a South African in 2010.

Soklal said in February that Saudi Arabia and Iran were among the countries that formally requested to join. Other countries that have expressed interest in joining include Argentina, the United Arab Emirates, and Algeria Egypt and Bahrain and Indonesia, along with two countries from East Africa and one from West Africa - which he did not specify.

Revealed the Russian Foreign Minister Sergey Lavrov Earlier, the "BRICS" group will discuss the initiative to create a single currency among the member states, during the summit to be held in South Africa.

According to the South African ambassador to BRICS, the group intends to adopt its decision this year regarding the admission of new members, as well as specifying the criteria that countries wishing to join the alliance will have to meet, including Saudi Arabia and Egypt and other countries that have formally applied to join the alliance.

The name of Saudi Arabia was circulated to join the group, especially after the differences between Riyadh and Washington recently flared up due to the disagreement on oil prices and production. He was the Russian president Vladimir Putin He had said earlier that his country supports Saudi Arabia's accession to the BRICS group, praising Saudi Arabia's plans to "diversify its economy" and its "leading position in the oil markets."

However, the news of Saudi Arabia's desire to join BRICS began with the president's remarks South Africa Cyril Ramaphosa, who stated, after his visit to Saudi Arabia at the end of last year, that the latter had expressed its willingness to join the organization. The news was first reported by the media South Africa During a press conference by President Ramaphosa, who also stated that it is not only Saudi Arabia that wants to join.

On the other hand, Egypt has officially become a new member of the New Development Bank established by the BRICS countries, after a friend of Egyptian President Abdel Fattah El-Sisi approved Resolution No. 628 of 2023 regarding the approval of the agreement to establish the New Development Bank of the BRICS grouping and the document for Egypt's accession to the bloc. the bank.

The importance of this step is that it is the beginning of official cooperation between Egypt and the BRICS countries, which then paves the way for Egypt's access to the organization.

This comes in conjunction with Egypt's recent suffering from a scarcity of foreign currencies, and therefore some suggest that this step may be a breakthrough in the long-term crisis regarding exit from the mantle of the dollar, and a preparation for the inclusion of the Egyptian pound in international transactions, especially since the BRICS countries have the same goal, which is liberation from the dominance of the dollar and dealing in their local currencies.   LINK

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Clare:  Next week .. the launch of a new experience in the world of government and private banking

4/27/2023

Next week, financial inclusion activities will start under the auspices of the Central Bank of Iraq and the Association of Private Banks.

The banking sector is preparing to participate in the activities of the Financial Inclusion Week, to be launched next week, under the auspices of the Central Bank of Iraq and the Association of Private Banks.

Many governmental and private banks participate in the events, which showcase banking services to customers, the use of electronic payment tools, pos devices, and the culture of electronic payment, which the government seeks to generalize the experience to all private and public sector institutions.   LINK

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Clare:  Details of the meeting hosting the Parliamentary Finance of the Minister of Planning regarding the federal budget

4/27/2023

Parliamentary Finance discusses with the Minister of Planning the Federal General Budget Law 

 Chairman of the Finance Committee: It is necessary to review the course of the budget and its investment aspects for the sake of sustainable development and the preservation of the country's public money

 Parliamentary Finance confirms its intention to complete its discussions and expedite its submission for a vote in the House of Representatives

The Minister of Planning stresses the importance of the accuracy of the provisions of the budget law to preserve public money   LINK

Clare:  The Central Bank of Iraq launches the Banking Supervision Reporting System (BSRS)

4/27/2023

Today, Thursday, the Central Bank of Iraq announced the launch of the banking supervision reports system.

A statement of the bank, received by the Iraqi News Agency (INA), stated that "it was decided to launch the Banking Supervision Reports System ( BSRS )", indicating that "the new system will collect financial data from banks and non-bank financial institutions, and unify the database of codes for these banks, companies and their branches."

He explained that "the system provides it with the financial status of financial institutions, enabling the regulatory authorities to monitor the financial safety of banks and non-bank financial institutions faster and more accurately, and enabling the bank to remedy potential risks within financial institutions."   LINK

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Clare:  Parliamentary Legal for / Nina /: Parliament will approve the budget before the start of its legislative recess

4/27/2023

 The Parliamentary Legal Committee has settled the controversy over approving the draft federal budget law, in conjunction with the legislative recess of the House of Representatives.

Committee member, Representative Raed Al-Maliki, stated, in a statement to the National Iraqi News Agency ( NINA ), that "the Parliamentary Finance Committee will proceed with joint meetings to host ministers and governors until the end of May, in order to complete the budget in its final form."

He added, "The legislative recess will start on the ninth of May, but the House of Representatives will extend its work for another month with the existence of the general budget, according to the internal system, and it will end approving the budget during the extension period before entering its legislative recess."

And he continued to say, “The changes that will affect the provisions of the budget law are related to paragraphs and items related to the financial side,” noting that “there are independent blocs and deputies who have reservations and observations. After approving the budget.   LINK