TNT:

Tishwash:  Deputy: The sovereignty of Iraq cannot be bypassed or compromised

On Sunday, the representative of the extension movement, Ahmed Majeed Al-Sharmani, considered the sovereignty of Iraq a red line, and it cannot in any way be crossed or violated.

Al-Sharmani said, in an interview with Al-Maalouma agency, that "more than one parliamentary session was held to discuss the breaches and violations of Iraqi sovereignty under the dome of Parliament, and it came out with a decision to expel all foreign forces from the country." 

He added, "Members of the House of Representatives called several times for the government to take strong and deterrent measures through the UN Security Council and the United Nations against anyone who harms Iraqi sovereignty."

Al-Sharmani pointed out that "Iraq's sovereignty is a red line that cannot be crossed and cannot be bargained upon," pointing out that "the Iraqi government is entrusted with the sovereignty of Iraq and we do not flatter the issue of sovereignty." 

A member of the legal movement, Ahmed Shahid al-Shammari, had warned of the consequences of the suspicious moves led by Washington's ambassador to Iraq, Elena Romanowski, aimed at causing strife, describing those moves as blatant interference in Iraqi affairs.  link

Tishwash:  Iraq is a new market for the Italian Ariston

Ariston, Europe's leading manufacturer of innovative home appliances, and Agora, one of Iraq's leading distributors, have announced a new partnership aimed at providing Ariston products to Iraqi consumers.

The partnership between Ariston and Agora represents a shared commitment to providing high quality products and services to consumers in Iraq.

With Ariston's rich Italian heritage in providing cutting-edge technologies and Agora's dynamic approach, this partnership promises to provide Iraqi families with thoughtful home solutions that guarantee results they can count on.

“We are excited to join Agora as a leading partner of Ariston in the Iraqi market,” said Elgas Volkan, Senior Sales Manager, Middle East and Egypt, Whirlpool Corporation. "Agoura's strong presence in the market, in addition to their strong commitment to customer satisfaction, makes them the ideal partner to represent the Ariston brand in Iraq."

Agora is equally excited about this partnership.

“We are honored to be appointed as Ariston's distributor in Iraq,” said Rabin Khoshnaw, CEO of Agora. "Ariston's reputation for excellence and its wide range of advanced devices perfectly complement our distribution capabilities. By pooling our experience and resources, we are confident in our ability to meet the diverse needs of Iraqi consumers."

Through this strategic partnership, Agora will leverage its extensive distribution network to ensure wide availability of Ariston products throughout Iraq. The company will also provide exceptional after-sales service and support, ensuring that Iraqi consumers have a positive and enjoyable experience with Ariston products.

The return of the Ariston brand to Iraq will allow consumers to reconnect with one of the historic home appliance brands that has been well loved for 25 years in Iraq.

Agora will offer consumers a wide range of standalone, compact and sustainable home appliances.

Ariston's new expanded product range includes cooking appliances (freestanding hobs, built-in ovens, cooking ovens and built-in hob hoods), washing machines, dryers, dishwashers and refrigerators (available with defrost system and without frost).  link

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Tishwash:  This is in Iraq’s news

The Secretary-General of the United Nations attacks the International Monetary Fund and the World Bank: prejudice and injustice

In an unusual move, United Nations Secretary-General Antonio Guterres criticized the International Monetary Fund and the World Bank, calling for major changes in the two institutions, to correct what he called "historical errors, biases and injustices inherent in the current international financial architecture."

Guterres said the International Monetary Fund benefited rich countries rather than poor countries, and described the Fund and World Bank's response to the Corona pandemic as a "flagrant failure" that left scores of countries heavily indebted.

According to the Associated Press, Guterres' criticism, which was contained in a recent research paper, is not the first time he has called for reform of global financial institutions, but his analysis is the most in-depth of their problems, in light of their response to the pandemic, which he described as a "stress test." for organizations.

Guterres' comments come ahead of meetings called by French President Emmanuel Macron in Paris on Thursday and Friday to address multilateral development bank reforms and other issues.

American hegemony

Neither the International Monetary Fund nor the World Bank commented directly on the Secretary-General's criticisms and proposals.

Guterres' comments echo other critics who see the leadership of the International Monetary Fund and the World Bank as confined to the powerful states that control them, a situation similar to that of the United Nations, which has faced its own calls for reform.

Morris Kugler, a professor of public policy at George Mason University, told The Associated Press that the failure of the two institutions to help the neediest countries “reflects the continuation of the approach in which the head of the World Bank is an American citizen appointed by the US president, and the managing director of the International Monetary Fund is a citizen of the Union.” appointed by the European Commission.

Richard Gowan, director of UN affairs at the International Crisis Group, said there was great frustration with the US and its European allies dominating the decision-making process, leaving African countries with only "a slice of voting rights". He said that developing countries complain that private lending rules are not favorable to them.

United Nations Secretary-General Antonio Guterres speaks to US Treasury Secretary Janet Yellen during the annual meeting of the International Monetary Fund and the World Bank in Washington. October 15, 2022 - REUTERS

"In fairness, the Bank has been trying to modernize its financing procedures to address these concerns, but it has not gone far enough to satisfy the countries of the global south," Gowan added.

Guterres said it was time for the boards of directors of the International Monetary Fund and the World Bank to correct what he called "the historical wrongs, biases and injustices inherent in the current international financial architecture." This "structure" was established when many developing nations were still under colonial rule.

"A New Bretton Woods Moment"

The statements of the Secretary-General of the United Nations echo the call he made earlier this year for a “new Bretton Woods moment,” referring to the reform of the Bretton Woods financial institutions, which include the World Bank and the International Monetary Fund, to ensure greater representation of developing countries.

The International Monetary Fund and what is now known as the World Bank Group were established at a conference held in Bretton Woods, New Hampshire, in July 1944 to be the two main institutions of the international monetary system after the war.

The International Monetary Fund had to control exchange rates and lend reserve currencies to countries suffering from deficits in the balance of payments, and the World Bank provided financial assistance for post-war reconstruction and to build the economies of the least developed countries.

debt service costs

Guterres said in his new research paper that the two institutions did not keep pace with global growth. He added that the World Bank has $22 billion in paid-in capital, which is money used for low-interest loans and grants for government development programmes. This is less than a fifth of the 1960 level of financing, as a percentage of global GDP.

Meanwhile, many developing countries are experiencing a deep financial crisis, exacerbated by inflation, high interest rates, and frozen debt relief.

“Some governments are forced to choose between debt repayment or default in order to pay public sector salaries, which could destroy their credit rating for years to come,” Guterres said, adding that “Africa is now spending more on debt servicing costs than on debt servicing.” health care".

"moral error"

He explained that the rules of the International Monetary Fund unfairly favor rich countries. During the pandemic, the rich G7 countries, with a population of 772 million, received the equivalent of $280 billion from the International Monetary Fund while just over $8 billion was allocated to the least developed countries, with a population of 1.1 billion.

Guterres continued: “It was done according to the rules. This is a moral error.”

major repairs

He called for major reforms that would enhance the representation of developing countries on the boards of directors of the International Monetary Fund and the World Bank, help countries restructure debts, change IMF quotas, and renew the use of IMF funds.

The UN Secretary-General urged increased funding for economic development and addressing the impact of climate change.

Asked about Guterres' proposals, IMF spokeswoman Julie Kozak said, "I am not in a position to comment on any of the details."

She added that the IMF quota review is a priority and is expected to be completed by December 15.

In a written response to an inquiry from the Associated Press, the IMF said it had responded "unprecedented" to the largest ever request from countries to help deal with the recent shocks.

After the outbreak of the pandemic, the International Monetary Fund approved $306 billion in financing for 96 countries, including below-market loans to 57 low-income countries.

It also quadrupled interest-free lending to $24 billion and provided about $964 million in grants to 31 of the most vulnerable countries between April 2020 and 2022 so they can service their debts.

In January, the World Bank Group said its shareholders had begun a process to "better address the scale of development."

In a report released in March, the Bank's Development Committee added that the Bank "must evolve in response to the unprecedented confluence of global crises that have upended development progress and threaten people and the planet."

And while Guterres and UN ambassadors talk about reforming financial institutions, any changes are left to their boards of directors.

Gowan noted that when former US President Barack Obama's administration engineered a reform of voting rights at the IMF in 2010, "it took Congress 5 years to ratify the agreement, and Congress is more divided and dysfunctional now."

The alternative is China

"But Western governments realize that China is an increasingly dominant lender in many developing countries, so those governments have an interest in reforming the International Monetary Fund and the World Bank in ways that prevent poor countries from relying on Beijing for loans," Guan said.

Besides the Paris meeting, discussion of IMF and World Bank reforms will continue in September at the G-20 leaders' summit in New Delhi and at the annual gathering of world leaders at the United Nations.

Guterres' efforts to reform the International Monetary Fund and the World Bank come at a time when the United Nations is also facing demands to overhaul its structure, which still reflects the post-World War II world order.

Richard Gowan, director of UN affairs at the International Crisis Group, said many UN ambassadors believe it may be "marginally easier" and more beneficial for developing countries to reform the International Monetary Fund and World Bank than the reform of the UN Security Council that has been discussed for more than a decade. 40 years old  link   

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