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Samson: The Arab Monetary Fund organizes an extraordinary meeting of the high-level dialogue between the heads of the institutions of Regional Financing Arrangements and the International Monetary Fund

20th March, 2022

The attendees are discussing Building Back Better after the COVID-19 Pandemic: Steps Taken and Lessons Learned

Climate change challenges and the restructuring of financial frameworks to align with environmental
and social responsibility goals

Discussing ways of cooperation between the Regional Financing Arrangements Network and the International Monetary Fund to support the recovery phase in light of current developments and challenges

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Samson: Al-Kazemi gives Nowruz an ample opportunity to celebrate the carnival of brotherhood, beauty and love.. He directs to suspend official working hours on the next Sunday and Monday

17th March, 2022

For Nowruz to wear a white Eid dress embroidered with vegetables and roses, and for Iraqis to celebrate Kurds, Arabs, Chaldeans, Yazidis, and other components, so that souls, trees and colors embrace these national, patriotic and humanitarian holidays, and so that the opportunity for joy for all is achieved without abbreviating or omitting a component, the Prime Minister directed, Mustafa Al-Kazemi, yesterday, Wednesday, suspended official working hours on the next Sunday and Monday, in celebration of the immortal Nowruz, and in celebration of his feasts.

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Samson: Election of Iraq to membership in the Commission on International Trade Law (UNCITRAL)

15th March, 2022

The Ministry of Foreign Affairs announced the election of Iraq to the International Trade Law Commission.

The ministry's spokesman, Ahmed Al-Sahaf, said in a brief statement, "Iraq has been elected to the membership of the Commission on International Trade Law (UNCITRAL) for the period from 2022 to 2028."

The Commission on International Trade Law (UNCITRAL) is a subsidiary body of the United Nations General Assembly responsible for helping to facilitate international trade and investment. LINK

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Samson: Al-Halbousi announces the date of the presidential election session

03/15/2022 19:08:48

The Speaker of Parliament, Muhammad Al-Halbousi, announced, on Tuesday evening, the date of the session for the election of the President of the Republic.

Al-Halbousi said, in a brief statement, which {Euphrates News} received a copy of, that: “It was decided to set Saturday, March 26, as the date for the parliament session to elect the president of the republic.” LINK

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Samson: Report: Parliament Is Threatened With Delegitimization By The Federal Court

13th March, 2022
A press report revealed, on Sunday, that the current parliament is threatened with delegitimization by the Federal Supreme Court, as it has failed to perform its first task, which is to elect the president of the republic.

The London-based Al-Sharq al-Awsat newspaper said in a report it had seen, "The optimists in the Shiite political community believe that al-Sadr's initiative to lift the veto over al-Maliki reunited the Shiite house and made the tripartite alliance retreat." But as soon as the current and the framework enter into the details of the names of the candidates and the largest bloc, this is the first indication that the devil has entered into the details.”

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MilitiaMan: The mention of the a difference in exchange rates is very interesting. (See article below) The budget is in Dinars but the contract is in Dollars.

The large difference in amounts after changing the exchange rate between each other is by recalculating costs. So they have a new system in place to account for the differences.

They have it in place now for when the need arises from the looks of it, as in if there are any delays, then they are all set with the new system to take over.

Apparently, they do have enough funds allocated through September to keep the port work moving forward.

The new system when the or an exchange rate changes it will calculate the differences in the exchange rates. Sounds like they have it set up for a seamless change over. All good to go imo.. ~ MM

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MilitiaMan: Interesting Data set on the currency values per the AMF... ~ MM

At some point Iraq may be in the AMF basket of currencies, as they will be a key player in the MENA region. If you notice the strength or the Arab Unit... Then look at the AMFs way of calculating the exchange rate.. It shows me that there is a strong probability that the IQD will be strong in pricing going forward.

The fact they have massive oil deposits, massive Sulphur deposits, massive of revenues to come from customs, fees, taxes, tariffs, tourism, etc., will support the valuation the IQD far better today, then the past 10-15 years.

The automation for the E-Government, the automation of the Borders, the E-Banking, E payments, E-Settlements will all play a part in the process.

The BUNA platform and others will be instrumental in the process going forward. So lets see what the next few days bring us. We know that there is federal court tomorrow with the CBI and Finance Minister on the heals of the possible GOI break through post elections.

We shall see, but, at this stage with all the convergences going on, we may not sleep well tonight.. lol ~ MM

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MilitiaMan: That is a dandy Samson.. You nailed.. ~ MM

Samson: What Is Required From The Federal General Budget For 2022

12th March, 2022 by Dr. Bilal Al-Khalifa

Unfortunately, in most of the past years, the approval of the Federal General Budget Law was after several months had passed since the beginning of the year and the spending had gone according to the Financial Management Law with the rate of 1/12 of the previous budget for that year.

An example of the delay in approving the budget is in 2008 the budget was voted on on 13/4/2009, in 2010 on 26/1/2010 the vote was taken, in 2011 it was on 2/3/2011, and in 2014 on 15/5 /2014, 2017 on 9/1/2017, 2018 2/4/2018, and in 2021 voting was on 3/31/2021.

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Samson: Iraq succeeds in bringing bank services covering 5 continents around the world

11th March, 2022

First Abu Dhabi Bank announced plans to expand its international operations by opening a representative office in Iraq, as part of its international growth strategy aimed at facilitating trade flows in the region and enhancing its financial services to international clients.

The UAE has important trade relations with Iraq; The volume of bilateral trade between the two countries exceeded $13.11 billion in 2020. Based on its position in the region and its strategic presence on five continents, the international network of First Abu Dhabi Bank currently covers about 70% of Iraqi crude oil export destinations around the world.

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Deputy: Changing the exchange rate does not come with political speeches

9th March, 2022

The State of Law coalition confirmed, on Wednesday, that changing the dollar exchange rate does not come with political speeches.

The representative of the state of law, Thaer fearful, said in an exclusive interview with the agency (Mawazine News), that the issue of changing the dollar exchange rate is purely scientific, because any country exposed to an economic crisis resorts to solutions, including changing the exchange rate, internal or external borrowing, or increasing invisible taxes and others.

He added, “The exchange rate cannot be changed with a political discourse, and the Federal Court has the right to intervene in this file unless economic matters arise in the country, where there are economic variables.” LINK