ARAB PERSPECTIVES ON WTO ACCESSIONS AND THE MULTILATERAL TRADING SYSTEM

KTFA:

ACCESSIONS

12th China Round Table on WTO Accessions

ARAB PERSPECTIVES ON WTO ACCESSIONS AND THE MULTILATERAL TRADING SYSTEM

 Abu Dhabi National Exhibition Centre, Hall 10, Room B - In-Person

23 FEB 2024  24 FEB 2024

The 12th China Round Table (CRT-12) will take place on 24-25 February 2024 in Abu Dhabi, United Arab Emirates (UAE), on the margins of the 13th WTO Ministerial Conference (MC13). This is the first Round Table organized in the Arab region. The focus of this Round Table will be Arab Perspectives on WTO Accessions and the Multilateral Trading System.

The Arab region is one of the most under-represented in the WTO. Of the 22 members of the Arab League, only 13 are WTO Members and nine are observers of different types. Out of the 13 Members, the Hashemite Kingdom of Jordan, the Sultanate of Oman, the Kingdom of Saudi Arabia and Yemen joined the WTO through the accession process pursuant to Article XII of the Agreement Establishing the WTO (the Marrakesh Agreement) between 2000 and 2014.

Today, Algeria, Comoros, Iraq, Lebanese Republic, Libya, Somalia, Sudan and the Syrian Arab Republic are in the process of Article XII accession, while Palestine has had an ad hoc observer status in the WTO Ministerial Conferences since 2005

 The eight Arab acceding governments have been pursuing accession, on average, for approximately 20 years, with some of the accession processes being inactive for a long time. Together with Timor‑Leste, Comoros is a candidate to join the WTO at MC13. 

WTO Director-General Ngozi Okonjo-Iweala highlighted during the 2nd High-Level Regional Dialogue on WTO Accessions for the Arab Region: "With several Arab acceding governments expected to step up engagement at the WTO this year, especially in the case of Comoros, we should step up our joint efforts to support them. 

One potentially useful point of action could be to put together a study detailing the accession and post-accession experiences of Article XII members from the region.

This could serve as a guide for Arab countries working to revive their accession negotiations and would yield insights for how best the international community could support Arab accessions or Arab countries' participation in the WTO more generally." Commenting on the Trade for Peace programme, the Director-General noted that "The Trade for Peace agenda has brought to light how reforms associated with the WTO accession process can help Arab countries build resilience and foster prosperity, peace and stability."

OPENING

Opening Ceremony
09:30-10:00

 Abu Dhabi

Moderator

Ms. Maika Oshikawa

Director, Accessions Division, World Trade Organization

Opening remarks

H.E. Mr. Juma Al Kait

Assistant Undersecretary for International Trade Affairs, Ministry of Economy, United Arab Emirates

Opening remarks

H.E. Ambassador LI Chenggang

Permanent Representative, Permanent Mission of the People's Republic of China to the World Trade Organization

Opening remarks

Mr. ZHANG Xiangchen

Deputy Director-General, World Trade Organization

SESSION 1: Best Practices in WTO Accessions for Arab Region: Lessons from Past and On-going accessions in the region
10:30-12:30

 Abu Dhabi

"Best Practices in WTO Accessions for Arab Countries: Lessons from Past and On-going Accessions" is a joint study with the collaboration of four partner organizations (WTO, the Arab Monetary Fund, the Islamic Development Bank and the Islamic Center for Development of Trade). The study aims at providing factual accounts of past and on-going Arab accessions, as well as the post-accession performance of Article XII Arab Members, including their participation in the WTO. This session will present the main findings and recommendations of the Joint Arab Study for WTO Accessions. This will be followed by an open discussion among participants.

Moderator

Dr. Mena Hassan

Economic Affairs Officer, Accessions Division, World Trade Organization

Speaker

Representatives from Arab acceding governments: Algeria, Comoros, Iraq, Lebanon, Libya, Somalia, Sudan, Syria and MC13 Observer:Palestine

Speaker

Representatives from Arab Article XII Members: Jordan, Saudi Arabia, Yemen

Speaker

Dr. Linda F. Kassem

International Trade Lawyer & Public Policy Consultant

Speaker

Mr. Stephen Karingi

Director, Regional Integration and Trade Division, Economic Commission for Africa (UNECA)

DAY 2

High-Level Session: Arab Perspectives on WTO Accessions and the Multilateral Trading System

09:30-11:00

 Abu Dhabi

This high-level session will draw from the experiences of original WTO and Article XII Arab Members to discuss the benefits of WTO membership and help better equip Arab acceding governments to navigate the accession process. The session will also highlight the importance of trade in Arab economies including how to best utilize WTO membership to ensure economic policy coherence.

Moderator

Dr. Mena Hassan

Economic Affairs Officer, Accessions Division, World Trade Organization

Speaker

H.E. Mr. Mohammed A.M. Haweg

Minister of Economy and Trade, State of Libya

Speaker

H.E. Mr. Amin Salam

Minister of Economy, Lebanese Republic

Speaker

H.E. Mr. Atheer Al-Ghurairi

Minister of Trade, Republic of Iraq (TBC)

Speaker

H.E. Mr. Ryad Mezzour

Minister of Industry and Trade, Kingdom of Morocco (TBC)

Speaker

H.E. Mr. Mohamed Mohamed AL-Ashwal

Minister of Industry and Trade, Republic of Yemen

Speaker

Mr. Azizbek Urunov

Special Representative of the President on WTO Issues, Chief Negotiator, Republic of Uzbekistan

Speaker

H.E. Mr. Tomislav Momirović

Minister of Internal and Foreign Trade, Republic of Serbia

Speaker

H.E. Mr. Ramesh Rizal

Minister for Industry, Commerce and Supplies, F.D.R. of Nepal

https://www.wto.org/english/th.....2409_e.htm

RMF: Iraq, is in the process of Article XII accession ! Back in the old days the scuttlebutt was that shortly after getting out of Article 8 and into Article 7 we would soon see what we were looking for.  This is very exciting IMO.   

Clare:  WTO ANALYTICAL INDEX WTO Agreement – Article XII (Practice)

https://www.wto.org/english/re.....12_oth.pdf

"Tidbits From TNT" Thursday 2-22-2024

TNT:

CandyKisses:  Karbala to suspend working hours next Sunday and Monday

Baghdad Today - Baghdad

The head of the Karbala Provincial Council, Qassim Al-Yasari, announced this evening, Wednesday (February 21, 2024), the suspension of official working hours for next Sunday and Monday on the occasion of the Shabani visit.

The leftist said in a statement received by "Baghdad Today", that "on the occasion of the anniversary of the birth of Imam Mahdi (pbuh), we directed to suspend the official working hours on Sunday and Monday, 25 and 26 of this month , for all departments of the province, except for the security and service departments."

"The local holiday comes because of the presence of Husseiniya processes and to enable the people of the province to provide services to visitors," he said.

Iraq calls on the countries of the world to adopt a “new international order” and recommends the formation of a “regional parliamentary” committee

The representative of Iraq at the “Asian Parliamentary Association” conference, on Thursday, called on the countries of the world to establish a “new international order” and recommended the formation of a permanent committee that would enhance “regional parliamentary” cooperation.

Acting President of the Arab Parliamentary Union and the Iraqi House of Representatives, Mohsen Al-Mandalawi, said during his Iraqi speech at the 14th plenary session of the “Asian” Parliamentary Assembly held in the Azerbaijani capital, “Baku,” that we call on the countries of the world to establish a new and just international system and to reconsider some policies to serve common interests. .

Al-Mandalawi confirmed that Iraq sought to formulate a roadmap for a national project that would allow Iraq’s specificity to be integrated with the goals and objectives of sustainable development in the 2030 agenda.

Al-Mandalawi pointed out that "the Zionist entity does not respect international law, and its supporters must stop, and it is our duty to address the crisis situation in Gaza."

Al-Mandalawi called for condemning the aggression against Iraq and some Arab countries, and recommended the formation of a permanent committee responsible for supporting regional parliamentary cooperation.

An Iraqi parliamentary delegation headed by Al-Mandalawi arrived yesterday, Wednesday, in the capital, Baku, to participate in the 14th session of the Asian Parliamentary Assembly.

The Iraqi parliamentary delegation, headed by Al-Mandalawi, will participate in the opening and general sessions of the Asian Parliamentary Assembly today, Thursday. link

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

Tishwash:  ITC hosts Iraq National Trade Forum

With support from the government of Iraq, the International Trade Centre (ITC), a joint agency of the United Nations (UN) and the World Trade Organization (WTO), organized a two-day trade forum to help Iraqi businesses to identify and develop trade opportunities. The Forum was funded by the European Union (EU).

According to a statement from ITC, more than 450 participants from the agriculture and agrifood sectors, business support organizations, international and regional suppliers, and investors, including over 200 Iraqi and international companies, donors and development partners attended the first day.

The second INTF comes after the successful first edition held in 2022 that helped secure participating companies' potential deals worth $2.5 million through more than 170 business-to-business (B2B) sessions, bridging over 70 Iraqi companies with global suppliers and investors. 30% of participant companies that had participated in 2022, returned for the second year.

The B2B event remained an integral part of the INTF to better connect Iraqi micro, small and medium-sized enterprises involved in farming, food processing, packaging and logistics with international and regional suppliers and investors.

These interactions are key for expanding business networks, facilitating business deals, fostering sustainable investments and promoting innovation while sharing best practices from leading Iraqi agribusinesses.

In addition to plenary sessions, high-level panels with practical workshops and B2B meetings, the 2024 edition of the Forum featured a trade exhibition called 'Iraqi Bazaar' that showcased hundreds of locally produced items in a pop-up store.

The label 'By Iraqi Hands' to stimulate the food industry and encourage people to buy more local products and support sustainable development was launched at the INTF. Iraq's Potato Sector Development Strategy was also officially launched on the occasion.

The ITC flagship report, SME Competitiveness Outlook 2023, was also launched globally on 19 February at the INTF. The report focuses on the impact of fragility on the competitiveness and growth of small businesses.

The European Union Ambassador to Iraq, Thomas Seiler said:

"International trade presents a very good opportunity for Iraq to revitalize its agricultural sector, diversify its economy, and achieve sustainable economic growth. By fostering international partnerships and leveraging its agricultural potential, Iraq can become a player in the global market and an even more important economic actor in the region. The European Union will continue to remain a close partner of Iraq and promote its integration in the global and regional markets."

ITC Executive Director Pamela Coke Hamilton said:

"With over one million MSMEs in operation, smaller businesses account for two-thirds of Iraq's private sector jobs. And they provide much more than that: they deliver crucial goods and services for the functioning of the local economy and for the wellbeing of its communities. As hundreds of Iraqi companies connect with buyers and investors at the Forum, they contribute to sustainable, trade-led development in the country and beyond."

ITC Head of Country Programme in Iraq, Eric Buchot said:

"Small businesses forming two-thirds of Iraq's private employment, are key to its economy. The involvement of 300 businesses at INTF 2024 could be game-changing with a fundamental mindset shift. For real impact, fostering competitiveness and a market focused approach is essential."

Deputy Special Representative, Resident Coordinator for Iraq Ghulam Mohammad Isaczai said:

"The success of the Second Iraq National Trade Forum underscores the vital role of Iraqi SMEs in driving economic growth and sustainable development. Through fostering partnerships and promoting innovation, we are paving the way for a more prosperous future for Iraq. The UN is committed to supporting Iraq's journey towards economic diversification and resilience, highlighting the importance of collaboration at all levels. Together, we are building a stronger, more inclusive economy that benefits all Iraqis."

The INTF has become a platform for enhancing awareness of pivotal domestic reforms, aimed at fostering robust private sector development. link

Mot: Quiz!!! --- sooo Just How does a Giraffe Take a Nap!!??

Mot:   . Mot Continues to feel Blessed Passing On Such Important Things 

MilitiaMan: Iraqi Dinar Update - IQD - Fed Supreme Court Ruling - Squeeze Play - Oil Gas - Binding - Real Data

Iraqi Dinar Update - IQD - Fed Supreme Court Ruling - Squeeze Play - Oil Gas - Binding - Real Data

MilitiaMan and Crew:  2-22-2024

The Crew:  Samson, PompeyPeter, Petra, Angel1,  Daytrader, Sunkissed, GIGI and Militia Man

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

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

Iraq Economic News and Points to Ponder Late Wednesday Evening 2-21-24

Iraq Economic News and Points to Ponder Late Wednesday Evening 2-21-24

Tlm724 Administrator Bondlady’s Corner

An Economist Reveals The Reason For US Sanctions On Iraqi Banks

Economy | 12:29 - 02/21/2024   Mawazine News – Baghdad  Economist Safwan Qusay attributed the reasons for the US sanctions on Iraqi banks to a lack of data.

Safwan said in a televised interview, followed by Mawazine News, that “the availability of data and clarification of where the Iraqi dinar comes from will restore confidence in the financial banking system,” calling for “the necessity of the private sector and government units turning to electronic dealing.”

He pointed out that "the conversion process needs time, in light of the lack of a safe environment for the transfer of the Iraqi dinar between the seller and the consumer."

He stressed that “paper transactions encourage corruption, as the corrupt cannot be granted a commission through an electronic card,” pointing out that “paper transactions contribute to the possibility of manipulating the value of the sold commodity.”

Safwan revealed during his speech: “International investment is currently looking to enter forcefully into the Iraqi market,” adding that “the reasons for the American sanctions on Iraqi banks are due to the lack of data.”   https://www.mawazin.net/Details.aspx?jimare=242496

Al-Sudani Makes Comments On US Sanctions: We Will Not Abandon The Private Banking Sector

Economy News – Baghdad  The Prime Minister, Muhammad Shiaa Al-Sudani, confirmed that there were observations about the US Treasury sanctions on Iraqi banks, while indicating that the government would continue to support the private banking sector.

Al-Sudani said, in a press conference, followed by “Al-Eqtisad News”, that “the government has made important strides in making Iraq’s trade clear despite the challenges that appear from time to time,” adding: “Today, all of our trade passes through the electronic platform and through the audit of the K. Tu), that is, there are documented financial transfers.”

He added, "The decisions issued by the US Treasury regarding Iraqi banks, on which we have more than one observation, are decisions related to observations on the performance of banks in previous governments, not the current government."

The Prime Minister stressed, "During the current period, financial transactions and transfers of Iraqi trade pass through a clear electronic platform in front of financial institutions, which is why this process has gained reliability."

Al-Sudani explained, "The government continues to support the private banking sector, and it cannot be abandoned. We are working to address all observations in its performance, and improve it so that it can be a partner with us for the desired development process in the country."

Views 168 02/21/2024 - https://economy-news.net/content.php?id=40709

Central Bank: Compliance And Governance Are Important In Bank Management

Economy 02/21/2024  Mawazine News – Baghdad  The Central Bank of Iraq recognized the importance of compliance and governance elements in bank management in general, while the General Council of Islamic Banks and Financial Institutions expected greater growth for banks in the coming years.

In a statement reported by Al-Sabah newspaper, seen by Mawazine News, Deputy Governor of the Central Bank, Ammar Hamad Khalaf, stressed the importance of the issues of compliance and government, pointing out that relying on them leads to good management of financial institutions and they are elements of their success.

He added that the banks have launched a governance guide that focuses on the issue of bank leaders and employees, choosing the best, and providing full support and training courses for the human resources of banks, especially Islamic ones, pointing out that the compliance element is important for the performance of banks, and the higher it is, the greater the risk is guaranteed to be reduced and the financial institutions to be sound.

He pointed out that the Central Bank works on these two important terms and pays great attention to them to ensure the safety and development of financial institutions, especially Islamic ones.

For his part, the Secretary-General of the General Council of Islamic Banks and Financial Institutions, Abdelilah Belatiq, pointed out in an interview with “Al-Sabah” that governance and compliance are the basis of good management of institutions in general, in addition to that they add great importance to banks, because their mission, including Islamic ones, is the fuel.

The engine of the economy, noting that they develop important ideas for risk management because they work on public deposits and financing the economy, and their importance lies in the economy and financial stability.

He explained that these two elements help mitigate risks and help in greater financial stability, stressing that Iraq, through discussions with the Central Bank, has shown its great interest in the terms governance and compliance and theoretical mechanisms and their application on the ground in banks and the qualification of staff with the aim of helping them exploit the opportunities presented by these challenges.

Belatiq added that the annual surveys on the challenges facing Islamic banks, which the Council evaluates, showed that they have opportunities for greater growth, so an appropriate infrastructure must be created for their growth and mechanisms must be established to manage liquidity, legal challenges, governance and compliance, calling for the establishment of a legal framework, technical environment and infrastructure to help banks finance the economy. Real and promoting sustainable development in the country.   https://www.mawazin.net/Details.aspx?jimare=242484

After Her Meeting With Sudanese...The American Ambassador: Together We Can Guarantee Iraq’s Security, Stability And Sovereignty

Wednesday 21, February 2024 17:14 | Political Number of readings: 371   Baghdad / NINA / The US Ambassador to Iraq, Elena Romanowski, revealed the details of her meeting with Prime Minister Muhammad Shiaa Al-Sudani.

Romanowski said in a blog post on the “X” website: “I discussed the progress made in the work of the Supreme Military Committee and ways to enhance economic cooperation with Prime Minister Muhammad Shiaa Al-Sudani.”

She added: “I look forward to continuing discussions about the international coalition transition process and expanding the partnership.” Comprehensive American-Iraqi.”

She concluded her post by saying: “Together we can ensure Iraq’s security, stability, and sovereignty.”/End 8   https://ninanews.com/Website/News/Details?key=1108987

Al-Sudani Discusses With The US Ambassador The Files Of His Upcoming Visit To Washington

Time: 02/21/2024 Read: 1,846 times   {Politics: Al-Furat News} Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani discussed with the US Ambassador to Iraq, Alina Romanowski, the relations between the two countries, ways to strengthen them, and confirmation of the continuation of the bilateral dialogue rounds and the joint supreme military committee, concerned with organizing the end of the tasks of the international coalition in Iraq.

The meeting also discussed, according to a statement from the Prime Minister’s Office, a copy of which {Al-Furat News} received, “the files that will be presented during the upcoming visit of the Prime Minister to Washington, the cooperation mechanism within the strategic framework agreement between Iraq and the United States, and the committees formed in this regard.”   LINK

Oil Prices Are Rising Again Globally.. Brent Touches The $83 Threshold

Money and business  Economy News – Baghdad  Oil prices regained some of their gains in early Asian trading, today, Wednesday (February 21, 2024), with investors balancing fears of major producers reducing production and attacks on cargo ships in the Red Sea with weak expectations for a reduction in US interest rates.

Brent crude futures rose 34 cents, or 0.4 percent, to $82.68 per barrel by 0341 GMT, while US West Texas Intermediate crude futures rose 29 cents, or 0.38 percent, to $77.33.

Brent contracts fell 1.5 percent and West Texas Intermediate contracts fell 1.4 percent in Tuesday’s session settlement.

Washington once again used its veto on Tuesday against a draft resolution in the UN Security Council on the war between Israel and Hamas, blocking the demand for an immediate ceasefire on humanitarian grounds. Instead, the United States is seeking to push the Security Council to adopt a resolution linking the ceasefire to the release of Israeli hostages held by Hamas.

Yemen's Houthi attacks on ships in the Red Sea and Bab al-Mandab Strait have continued to raise concerns about shipping flows through the vital waterway. Drone and missile attacks have hit at least four ships since Friday.

Meanwhile, Russia said yesterday that it intends to meet its quota for the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, in February despite a decline in oil refining. It had pledged to reduce production by 500,000 barrels per day as part of the OPEC+ cuts package.

The Russian Energy Minister said on Tuesday that the production of refineries in Russia has decreased by seven percent since the beginning of the year, after the facilities were damaged by Ukrainian drone attacks.

Concerns that the Federal Reserve (the US central bank) will take longer to lower interest rates than expected have affected oil demand expectations.

US inflation data last week led to a decline in expectations of an imminent start to the monetary easing cycle in the United States, as economists polled by Reuters now expect a reduction in borrowing costs in June.

A preliminary poll conducted by Reuters on Tuesday showed that US crude inventories rose last week, while distillate and gasoline inventories fell.

Analysts polled by Reuters estimated that crude inventories rose by about 4.3 million barrels in the week ending February 16.

Views 92 02/21/2024 - 8:20 AM  https://economy-news.net/content.php?id=40703

To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/ 

Goldilocks' Comments and Global Economic News Wednesday Evening 2-21-24

Goldilocks' Comments and Global Economic News Wednesday Evening 2-21-24

Good Evening Dinar Recaps,

Trading Announcement:

The Commodity Futures Trading Commission has finally approved the following proposed rules:

"Proposed Rule: Regulations to Address Margin Adequacy and to Account for the Treatment of Separate Accounts by Futures Commission Merchants

Proposed Rule: Foreign Boards of Trade

Proposed Rule: Requirements for Designated Contract Markets and Swap Execution Facilities Regarding Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation Functions"

These proposed rules can now go into effect. As you can see, the first one deals with the ability to collateralize and cover swaps getting ready to take place. The second one deals with foreign market exchange guidelines. And the last one, deals with guidelines and requirements that governs swap exchanges and executions such as foreign currency exchanges.

Even though Forex is excluded from many of these guidelines, foreign currency exchanges are subject to reporting rules and the guidelines that govern swap executions taking place with the CFTC. CFTC

© Goldilocks

~~~~~~~~~~

The CFTC is extending their comment period for the Proposed Rule on Operational Resilience Framework.

Protocol 20 is bringing in new price patterns and new adjustments to a new trading system. These comments will reflect changes needed to take place in making our transition into the new digital economy. These comments will be taken into account and put forth into new operational risk frameworks.

Operational risk assessments include the following: measurement methodologies, policies, procedures, processes for mitigating, controlling, monitoring, and reporting of operational risks.

Below is the announcement that will give us a timeline for these new adjustments to be discussed and implemented.

Washington, D.C. — "The Commodity Futures Trading Commission today announced it is extending the public comment period for a proposed rule requiring an Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants. The deadline is extended to April 1, 2024."   CFTC

© Goldilocks

~~~~~~~~~~

What is Operational Resilience? | LogicGate Risk Cloud

~~~~~~~~~~

CFTC Welcomes Standardized Approaches to Assessing Cybersecurity Preparedness | Nat Law Review

~~~~~~~~~~

(Reuters) - Copper and gold are expected to see the largest immediate price boost in the commodities sector from potential U.S. Federal Reserve interest rate cuts, analysts at Goldman Sachs said.

"The immediate price boost from a Fed driven 100 basis point decline in U.S. 2-year rates is the largest for metals, especially copper (6%), and then gold (3%), followed by oil (3%)," Goldman Sachs said in a note dated Feb. 20.

Three-month copper on the London Metal Exchange was trading near a three-week high of $8,548 per metric ton as of 0542 GMT on Wednesday, while spot gold was at a near two-week high at $2,030.30 per ounce. [MET/L] [GOL/]   Money US News

~~~~~~~~~~

Do you see how the movement into the digital asset-based trading system is being layered into one another?

When the FED begins to lower interest rates, it is expected to boost copper and gold the most. These particular metals are now apart of our new tokenized assets.

These changes will go a long way in adding value to our new real world assets.   US News

© Goldilocks

~~~~~~~~~~

War is going to put price pressures on our Commodity Market, and it can lead to higher prices in the metals.

Our precious metals have been subdued and controlled for so long many of our assets have been locked into certain price patterns with momentum pressure in the marketplace.

A war will allow our assets across all Market sectors to be shaken up with new price patterns due to volatility. New tokenized assets will also play their part in shifting some of these price pressures into new directions.

As we reset the market with Protocol 20, new price patterns can come into play with real-world assets governed by new policies and procedures that will reflect lasting change.  Baird Wealth

© Goldilocks

~~~~~~~~~~

I'm aware that a lot of rumors will begin to surface on this March the 2nd date, I can hear the keystrokes of our gurus already typing out new stories surrounding this date from around the world.

Assumptions are made, but no one knows for sure until we get to that date exactly what they're going to do say. No one person can predict the future, the RV date will be revealed through new Market support patterns. Bretton Woods will make an announcement when everything has moved into new values.

A lot of people have been brainwashed into the constant beating into their heads of looking at the markets through the eyes of a date and rate. It doesn't happen that way.

Believe me, the revaluation process will be a part of that meeting. Meetings like these are always about creating new values that can benefit the Global Economy.

Just sit tight, and enjoy the process. Europe still needs to bring out their MICA regulations for stablecoins and cryptocurrencies. My understanding is that these are mandated to be done by the end of May - just before their elections.

If you have your money in iso digital tokens, you are sitting in a good place. For those who have their investments only in paper money, you are going to have to wait until those tokenized assets begin to show reasons to change your currencies' values.

©✓Goldilocks

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

Q & A Telegram Room

Goldilocks Forum

Goldilocks on the Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Iraq Economic News and Points to Ponder Wednesday Evening 2-21-24

Iraq Economic News and Points to Ponder Wednesday Evening 2-21-24

Tlm724 Administrator Bondlady’s Corner

Parliamentarian: The Diversity Of Currencies Accounts For 20% Of Iraq’s Foreign Trade

Information/Baghdad..   Member of the House of Representatives, Baqir Al-Saadi, acknowledged today, Wednesday, that the diversification of the currency basket now accounts for 20% of Iraq’s foreign trade.

Al-Saadi said in an interview with “Al-Ma’louma” that  “the pressure on the dollar and its repeated use as a tool by America to promote its interests in the world, including Iraq,has

     begun to produce adverse results by  introducing the concept of a  basket of diverse currencies as strategic reserves for countries within their central banks, in addition to     bilateral dealing in other currencies.”".

He added, "Iraq actually began to diversify the basket of currencies and     began pumping some of them and     pushing traders to deal with them according to economic mechanisms,      which led to an increase in foreign trade by up to 20%, and this is a positive indicator."

 He pointed out that "the demand to deal in other countries' currencies will reduce the pressure of the dollar on the parallel market and lead to a reduction in its prices, and

thus its impact will no longer be greater," pointing out that "there is a different strategy in the financial dealing mechanisms that will  contribute to protecting hard currencies,  blocking the path to smuggling, and      supporting the sale of... The dollar at official rates.

The parallel market for dollar exchange rates witnessed relative stability in the past weeks despite the pressure due to the decisions of the Iraqi Central Bank by warding off the risks of smuggling and determining import mechanisms. Ended 25 February

https://almaalomah.me/news/56744/economy/برلماني:-تنوع-العملات-يستحوذ-على-20-من-تجارة-العراق-الخارجية

Central Bank: More Than 30 Islamic Banks Operate In Iraq And Their Growth Is Accelerating

 Economy     Central Bank of Iraq     Islamic banks  2024-02-20 00:30  Shafaq News/ The Central Bank of Iraq announced, today, Tuesday, that the number of Islamic banks in Iraq exceeded 30 banks, while

the Iraqi Banks Association indicated that it is working under the supervision and instructions of the Central Bank to develop the banking sector despite the economic challenges and difficulties that Iraq is suffering from.

Deputy Governor of the Central Bank of Iraq, Ammar Hamad, said during a speech about governance and compliance in Islamic financial institutions, which was attended by Shafaq News Agency; "Islamic banks have begun to grow very significantly in the world as well as in Iraq.

There are more than 30 Islamic banks in Iraq, and there is an opportunity for an increasing market boom for Islamic banks."

He added, "Governance in banks is considered a basic starting language for financial institutions, and

Iraq, since last year, has been interested in the issue of international standards and laws issued by the Central Bank of Iraq," noting that  "banks have witnessed great openness in order to avoid international or local sanctions from the Central Bank of Iraq."

For his part, Chairman of the General Council of Islamic Banks and Financial Institutions, Abdelilah Belatiq, said during his speech at the conference attended by Shafaq News Agency:

“The Council is an international organization that represents Islamic banks around the world and currently includes 140 Islamic financial institutions in 37 countries in the world.”

He added,  "The Council's role is pivotal in supporting Islamic financial banking across the world and tracking developments in the global financial sector," noting that

"one of the most important goals the Council is working on is the role of Islamic banks and keeping pace with the latest developments and digital transformations."

In turn, Vice President of the Iraqi Banks Association, Samir Al-Nusairi, said during a speech attended by Shafaq News Agency,

“Iraqi banks have demonstrated their ability and national positions during the last period in confronting economic challenges and maintaining communication and commitment to the instructions of the Central Bank of Iraq, which focused on economic initiatives, trade regulation, and the transition from a cash economy to a digital one.” In accordance with international and banking standards.  He added,

"The Iraqi Banks Association is working under the supervision and instructions of the Central Bank to develop the banking sector and financing projects and create an appropriate environment despite the economic challenges and difficulties that Iraq is dealing with."

https://shafaq.com/ar/اقتصـاد/البنك-المركزي-كثر-من-30-مصرفا-سلاميا-تعمل-في-العراق-ونموها-يتسارع

Specialist: Iraq's Economic Environment Is Qualified To Attract International And Arab Banks

Economy |02-19-2024, Baghdad today – Baghdad  Economist and professor of financial economics at the University of Baghdad, Hammam Al-Shamaa, confirmed today, Monday (February 19, 2024), that

Iraq’s economic environment is qualified to attract international and Arab banks.  Al-Shamaa told “Baghdad Today” that

 “Iraq and its economic and even security and political environment are ready to attract international and Arab banks,” considering that

“this is an important step for developing the banking sector in Iraq, whether governmental or private, especially since there are international banks currently operating in Iraq". He stressed that

"the work of any bank, even if it is international, must be in accordance with compliance with international standards in financial transfers, and any bank that violates this exposes itself to sanctions, whether American or even by the Central Bank of Iraq."

He pointed out that  "attracting international banks   must not be limited to one country alone, but rather  it must be comprehensive without any discrimination, and  this is the case in all developed countries of the world."

The talk about attracting banks from outside the country comes as many Iraqi banks continue to be banned from dealing in dollars as a result of non-compliance with the controls of the Central Bank and the US Federal Bank.

https://baghdadtoday.news/242998-مختص-بيئة-العراق-الاقتصادية-مؤهلة-لجذب-المصارف-العالمية-والعربية.html

A foreign desire to participate in it.. Parliamentary Finance reveals the importance of the “Iraqi Fund for Development”

 Economy |02-19-2024, 17:03 |  Baghdad today – Baghdad  Today, Monday (February 19, 2024), the Parliamentary Finance Committee commented on the positives of the Iraq Fund for Development, confirming that there is a great desire for foreign and private sector participation within this fund.

 Committee member Mustafa Al-Karaawi told “Baghdad Today” that “there are certainly many great positives for the Iraq Fund for Development in economic and financial terms, as well as urban and various services,” considering that “this Fund will be a real partner in the various development processes.” Al-Karaawi stated,

  “There is a real desire on the part of various foreign parties, as well as private sector entities, to be a real partner in supporting many sectors, most notably various investments and addressing the housing, industry, and agriculture crisis, and there are major countries that will be within this fund.”

The government previously revealed that the Iraq Fund for Development was established in the budget for the purpose of speeding up its launch, and its budget amounts to one trillion dinars annually, indicating that there is an intention to write a special law for the Fund, and it works to implement projects with the private sector away from the government.

https://baghdadtoday.news/242927-رغبة-اجنبية-للمشاركة-به.-المالية-النيابية-تكشف-أهمية-صندوق-العراق-للتنمية.html

Parliamentary Finance: 30 Countries Are Racing To Invest In Iraq

Information / Baghdad   Member of the Parliamentary Finance Committee, Representative Mudar Al-Karawi, confirmed on Sunday that there is a desire of 30 countries to create a strategic partnership with Baghdad in 6 vital sectors.

 Al-Karawi said in an interview with Al-Maalouma,  “The security factor no longer worries these countries, especially after achieving high rates of stability in the past four years.” He added,

"Half of this number of countries are European and Asian countries that want to invest in the fields of energy, trade, transportation, and building economic cities, pointing out that the development path will serve as the beginning of the path toward building a diversified economy in the country."

He pointed out that "the volume of investments in Iraq has increased in the past two years at remarkable rates, especially local investment, which indicates the presence of confidence and reassurance that has prompted businessmen to compete for investment licenses in various sectors."

In recent years, Iraq has witnessed tangible security stability, which has had a positive impact on the internal situation in general.

https://almaalomah.me/news/56404/economy/المالية-النيابية:-30-دولة-تتسابق-للاستثمار-في-العراق

Minister Of Finance: The Government Is Determined To Continue Promoting Reforms Related To Financial Policies

Economy    02-19-2024, 14:11  Baghdad – conscious  Today, Monday, Finance Minister Taif Sami Mohamed confirmed the government’s determination to continue promoting reforms related to financial policies.

 The Ministry said in a statement received by the Iraqi News Agency (INA):

“Minister of Finance, Taif Sami Muhammad, received today Winston Cole, Director of the Financial Management Project at the World Bank, and members of the accompanying delegation,” indicating that

 “during the meeting, aspects of relations between Iraq and Iraq were reviewed.” And the World Bank, especially in light of the existing cooperation program to complete the implementation of the economic reforms adopted by the Iraqi government.”

According to the statement, the Minister of Finance expressed  “appreciation for the fruitful partnership between the two sides,” stressing  “the Iraqi government’s keenness to continue it, and the   positive climate it provides for all investors and global financial markets regarding the Iraqi economy.” 

At the same time, she stressed "theIraqi government's determination to continue promoting structural reforms related to financial and monetary policies and to   maximize the role of the private sector in development."

 For his part, Cole stressed "the World Bank's     aspiration to continue the distinguished cooperation relations with Iraq and its     support for its economic reforms,"​​praising "the  performance of the Iraqi economy and the     flexibility and steadfastness it has shown in the face of the negative repercussions resulting from global economic fluctuations."

He pointed out that"the bank continues to strengthen joint work with the Iraqi government to     improve the overall indicators of the economy,  deepen the participation of the private sector and     complete the ongoing development work."  https://www.ina.iq/203435--.html

To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/ 

More Tidbits From TNT Wednesday PM 2-21-2024

TNT:

Tishwash:  US relocating forces in Iraq, Syria: Source

A security source in Al Anbar said that the United States had moved its occupying forces and equipment from Ain al-Asad air base to Al-Tanf base in Syria, according to a Monday report by the Almaalomah news website.

The source also noted that the US uses airplanes to move the forces and equipment, adding that the airplanes fly at low altitudes over western areas in Iraq.

The news website also quoted an Iraqi lawmaker as saying that all influential political factions in the country have a consensus on the need for the withdrawal of foreign military forces from Iraq.

The legislator underlined that people will witness the pullout of foreign forces from the country by the end of the current year.

Mouin AlKazmi, a leading member of the Badr Organization, underlined that Iraq does not need foreign military forces and that their withdrawal means respect for the sovereignty of the Arab country.  link

Tishwash:  this is in China's news

Iraq no longer needs US-led coalition forces: PM

Iraqi Prime Minister Mohammed Shia' al-Sudani said Tuesday that Iraq does not need military advisors from 25 countries to work within the mission of the U.S.-led international coalition to fight the Islamic State (IS) group.

Al-Sudani made the comments during a press conference, in which he stressed that the Iraqi government began an integrated program to improve the armament of the security forces in conjunction with seeking to end the presence of the international coalition in the country.

The justifications for the coalition's existence in 2014 have ended today, and "we are in the year 2024," al-Sudani said.

He said that the IS group no longer poses a threat to Iraq's security, adding that the capabilities of the Iraqi security forces have improved significantly and it can now maintain security throughout the country.

Al-Sudani stressed that the government hopes to move to a new phase of relations with the international coalition countries, including the economic, political and security aspects.

Al-Sudani's comment came as Iraq and the U.S.-led coalition held on Feb. 11 a new round of dialogue to discuss ending the coalition's mission in Iraq.  link   

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

Tishwash:  Barzani: The Kurdistan region will adhere to the Iraqi decision regarding the international coalition

The President of the Kurdistan Region, Nechirvan Barzani, confirmed today, Tuesday, that the region will adhere to the decision taken by Baghdad regarding the international coalition mission in Iraq, as it is part of the country. Barzani said in a televised interview, “The coalition forces came at the request of the Iraqi government to confront ISIS, and a long time has passed since their arrival.

Therefore, it is natural to negotiate again to determine the form of the future relationship between the coalition and Baghdad, and on this basis the decision will be made on what the form of future relations will be.” He added, "ISIS still represents a great threat to Iraq," noting that "the reason is that the issue of ISIS is linked to the stability of Syria, not just Iraq."

Regarding how the Kurdistan region “will turn into an alternative geography” for American bases in the rest of Iraq, Barzani said, “We are not isolating the Kurdistan region from Iraq,” adding, “According to our policy, any decision that will be taken will be within the framework of Iraqi geography, and the Kurdistan region is part of Iraq.” "He will abide by the decision taken by Iraq in general."  link

Tishwash:  Iraq and Washington confirm the continuation of dialogue rounds to end the tasks of the international coalition

Prime Minister Muhammad Shiaa Al-Sudani received, on Wednesday, the US Ambassador to Iraq, Alina Romanowski, while they stressed the continuation of the rounds of dialogue to end the tasks of the international coalition in Iraq

The Prime Minister's Media Office stated in a statement received by "Al-Sumaria News", "The meeting witnessed a discussion of relations between the two countries and ways to strengthen them, and confirmation of the continuation of bilateral dialogue rounds and the joint supreme military committee, concerned with organizing the end of the tasks of the international coalition in Iraq."

The office added, "The meeting also discussed the files that will be raised during the upcoming visit of the Prime Minister to Washington, the cooperation mechanism within the strategic framework agreement between Iraq and the United States, and the committees formed in this regard." link

***********

CandyKisses:  Sudanese advisor: Baghdad’s request to host the Arab summit aims to show Iraq’s important role in the region

Mawazine News - Baghdad

The advisers to Prime Minister Fadi Al-Shammari confirmed the government's intention to host the Arab summit with the aim of highlighting the important role of Iraq in the region, noting that Iraq with its new version and the urban renaissance it is witnessing represents a prominent position at the heart of the issues of the Arab and Islamic nation in terms of accelerating challenges and opportunities together.

Al-Shammari added in an interview followed by Mawazine News that "Iraq today represents a major axis of regional and international interactions, and its importance is reflected in its effective contributions to many Arab and global issues, through hosting important events and participating in international forums, which makes it a major player that contributes to shaping the future of the Arab nation."

Regarding Iraq's request to host the next Arab summit, Al-Shammari says that "the request reflects Iraq's desire to contribute effectively to Arab affairs and enhance its role in enhancing cooperation and achieving development, and the security stability achieved by Iraq, which is a key factor to attract international and regional summits."

Al-Shammari continued: "This request also highlights the regional role of Iraq as an influential regional player, and reflects its desire to strengthen its role as a mediator in issues of conflict and cooperation in the region, as well as opens up prospects for diplomatic communication, building closer relations between Iraq and Arab countries and enhancing economic cooperation." 

Mot: .. WHAT!!! -- Ur Kidding!!!! 

Mot: .. oooh lordy beeeee -- it Actually Happened!!! 

Iraqi News Highlights and Points to Ponder Wednesday AM 2-21-24

Iraqi News Highlights and Points to Ponder Wednesday AM 2-21-24

The 2024 Budget Has Not Yet Been Implemented Because The Ministry Of Finance Has Not Completed The Schedules

February 21, 2024  Baghdad/Al-Masala Al-Hadath: In light of the difficult economic conditions facing Iraq, the importance of transparency and the right to access information emerges as essential tools in combating corruption and gaining citizens’ trust in the state.

Obtaining accurate information about the budget preparation process and spending details is a basic condition for achieving this goal.

However, government work in Iraq suffers from a lack of transparency and clarity in the budget preparation process. Although a long period of time has passed since the beginning of 2024, the year’s budget has not yet been implemented, due to the Ministry of Finance not completing the necessary schedules and the lack of clarity on the reasons for restricting disbursement to salaries and not other items, despite the abundance of available financial funds.

These conditions are considered an indicator of a lack of transparency in the budget preparation process, which increases ambiguity and creates mistrust between citizens and government authorities.

The budget preparation process must be open and transparent, with relevant documents and information provided to citizens and interested parties, in order to ensure everyone understands the priorities and financial details.

Analyzes indicate that the Iraqi government must enhance transparency, provide full access to information about the budget preparation process, clarify the reasons and justifications behind spending decisions, and determine financial priorities.

Complete transparency contributes to building confidence between the government and citizens, and enhances legitimacy and political and economic stability in Iraq.

Iraqi politician Raed Fahmi said that transparency and the right to access information are conditions for preventing corruption and gaining citizen confidence in the state. These two conditions are not met in the process of preparing the budget and identifying its items and spending.

He added: The 2024 budget has not been implemented yet because the Ministry of Finance has not completed the schedules, and ambiguity surrounds the reasons for limiting disbursement to salaries and nothing else, despite the financial abundance.   https://almasalah.com/archives/83346

A Representative Accuses America Of Standing In The Way Of The Growing Iraqi Economy

Information / Baghdad..   Today, Wednesday, the representative of the State of Law coalition, Muhammad Al-Shammari, accused the United States of America of obstructing Iraq’s economic openness to international countries.

Al-Shammari told Al-Maalouma, “The United States of America stands as a stumbling block in the way of Iraqi economic growth, through its interventions that obstructed arming the Iraqi army, controlling oil imports through the US Federal Reserve, obstructing reconstruction, and concluding contracts with reputable international companies.”

He pointed out that "America contributed greatly to preventing the arrival of reputable international companies to Iraq." LINK

Parliamentary Criticism Of The Delay In Sending The 2024 Budget Schedules

The first  02/21/2024   Baghdad: Hoda Al-Azzawi  Members of the House of Representatives and observers of economic affairs criticized the government’s delay in sending the amended budget schedules for the current year 2024 for study and approval, despite the facilities it enjoys as it is part of a “tripartite budget” for three years and only needs some adjustments in the numbers of the expenditure and revenue chapters. We consider that violating the legal timings regarding the “budget” and even in other matters has become a “custom” in the country.

Article 77/Second of the Tripartite Federal Budget Law for the years 2023, 2024 and 2025 stipulates that the House of Representatives shall be provided with updated tables for the 2024 budget in order to discuss the file of increase or decrease in the file of financial allocations according to the expected revenues and according to the fixed oil price.

The rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, said in an interview with “Al-Sabah” that “the failure of the financial authority in Iraq to adhere to the legal timings contained in Financial Management Law No. 6 of 2019 has become a custom.”

He pointed out that “despite the existence of a budget Trilogy and all the materials are ready, and the vote was taken to approve the general budget law over a period of three years, so these approved budgets need only some minor amendments annually due to the change in some indicators and numbers on which the general budget depends. However, it is noted that there is a reluctance, perhaps due to the lack of commitment of the financial institutions in Iraq.

By submitting or preparing these amendments that were supposed to be submitted and approved before 1/1/2024, and it seems that - as I mentioned above - it has become a norm among financial oversight of all kinds, whether parliamentary, independent, or even administrative oversight, in addition to the lack of the principle of accountability and accountability.

He added that “the executive authority is delayed annually in submitting the budget for political, and perhaps procedural, reasons related to elections, the parliamentary status, and the formation of the government,” indicating that “the failure to send the budget and its amendments before 1/1/2024 is due to the lack of transparency, the failure to submit final accounts, and the absence of periodic reports issued by the Ministry.” Finance on how public money is used.

Al-Saffar noted that “financial and economic reform must be given the utmost importance, and the reform must begin with state institutions, and work transparently on how to use public money and achieve legal security for the citizen within the framework of the federal general budget.”

Member of the Parliamentary Finance Committee, Jamal Kujar, explained, in a press interview, that, “Until now we do not know when the government will send the schedules of the 2024 budget law? And what these schedules will include in terms of financial allocations for projects and other expenditures?

And we do not know what the deficit is within this budget.” ?”, indicating that “the government is required to expedite sending the details of the 2024 budget to the House of Representatives for the purpose of reviewing and studying it, and there is also the possibility of making amendments to it, as this is within the powers granted to Parliament.”

For his part, Representative Muthana Amin expected that the “amended” federal budget would be approved early next March. He stated that, “since the tenth of January, the relevant committees in the House of Representatives have begun reviewing and amending the draft of the federal budget law, and it is expected that it will be submitted to Parliament at the end of this month or the beginning of next March,” noting that it was “long overdue.”  Edited by: Muhammad Al-Ansari    https://alsabaah.iq/92191-.html

Parliament Finance Does Not Know The Date Of Sending The 2024 Budget!

Posted On 02-21-2024 By Sotaliraq  The Finance Committee in the House of Representatives still does not know the date for approving the 2024 budget law, while it indicated that the government is required to expedite sending the details of the financial budget to Parliament for the purpose of reviewing and studying it.

Committee member Jamal Cougar said: “Until now, we do not know when the government will send the schedules of the 2024 budget law and what these schedules will include in terms of financial allocations for projects and other expenditures, and we do not know what the deficit is within this budget.”

Cougar stated, “The government is required to expedite sending the details of the 2024 budget to the House of Representatives for the purpose of reviewing and studying it. There is also the possibility of making amendments to it, as this is within the powers granted to Parliament.”

Member of the House of Representatives, Ahmed Taha Al-Rubaie, had revealed new details related to the amendments expected to occur in the financial budget for the current year, while noting that they include job grades and confirmation of contractors.

Al-Rubaie said, “The ministries have begun preparing the tables that they want to be included in the 2024 budget for the purpose of continuing to include them on the agenda for passage,” indicating that “the budget needs an amendment appendix through texts and tables.”

Al-Rubaie explained that “the deletion of job grades may be stopped in order to create appointments according to the grades of deletion and creation, in addition to continuing to confirm those who have completed two years to work as a contract, following the example of those who were previously confirmed.”

On (February 1, 2024), the Parliamentary Finance Committee revealed the latest developments in the financial budget for the year 2024, while indicating that it would rise to 206 trillion dinars instead of 199 trillion dinars.

Committee member Mustafa Al-Karaawi told the official agency, “Article 77/Second of the Tripartite Federal Budget Law for the years 2023, 2024 and 2025 stipulates that the House of Representatives will be provided with updated tables for the 2024 budget in order to discuss the file of increase or decrease in the file of financial allocations according to expected revenues and according to the price of oil.” “The installer.”

He added, "The schedules are still being prepared in the Council of Ministers in preparation for approval, and the House of Representatives will begin discussing the budget after it arrives from the government. We believe that transmission must be accelerated because the delay may restrict the disbursement of operational and investment budgets in the coming days," noting, "Disbursement is now limited to salaries." Employees and their benefits directly.”

Al-Karaawi stressed that “the issue of updating the tables depends on the oil market and the quantities exported, on the basis of which the expected revenues will be calculated, and it is based on the size of expenditures and the percentage of the deficit,” pointing out that “there is a point of view that occurred in the 2023 budget according to the quantities that were spent and how to deal with... The deficit and revenues achieved, and it is assumed that there will be a growth in expenditures given that there is a growth in the operating budget, and there are contracts concluded in 2023 that have not been disbursed yet and must be added in the next budget.”

Regarding the appointments, he explained that they “may include contracts, firsts, holders of advanced degrees, and contracts for the 150,000 governorates that have not been implemented yet and which have been transferred to the 2024 budget.”   LINK

Provoking Points To Ponder on Friendship

We call that person who has lost his father, an orphan; and a widower, that man who has lost his wife. But that man who has known that immense unhappiness of losing a friend, by what name do we call him? Here every language holds its peace in impotence.  - Joseph Roux

To have a good friend is one of the highest delights of life; to be a good friend is one of the noblest and most difficult undertakings.  - Anonymous

There is no wilderness like a life without friends; friendship multiplies blessings and minimizes misfortunes; it is a unique remedy against adversity, and it soothes the soul.  - Baltasar Gracian

There is nothing on this earth more to be prized than true friendship.  - Saint Thomas Aquinas

Man's best support is a very dear friend.  - Cicero

Famous Quotes and Authors, Famous Quotations for all Occasions

"Tidbits From TNT" Wednesday Morning 2-21-2024

TNT:

Tishwash:  The Russian Ambassador’s vision: Iraq and the chances of joining the “BRICS” group

The Russian ambassador to Iraq, Elbrus Kutrashev, said that the opportunity is available to Iraq to join the BRICS countries, and that he is not concerned with the nature of the American response to this decision if Baghdad takes it.

He also spoke with great admiration about the visit of Prime Minister Muhammad Shia al-Sudani to Moscow (October 2023). He said that he did not expect the visit to be so successful.

Kutrashev, in a televised interview, said, “Russian-Iraqi relations are good and have a long history, and there are no complications, neither from a historical standpoint nor from a current standpoint, and external factors are what complicate these relations. As for the two peoples, we have a good and solid friendship. I am very comfortable with being Russia's ambassador to Iraq.

He added, “In diplomatic life, it is very difficult to separate personal life from work life, and I intended to choose Iraq as my first diplomatic station, because I love Iraq and my personal life is linked to Iraq. My first son was born in Baghdad in 1999, and bears the name David, so I am Abu David.” “.

He pointed out that “Russia is ready to provide anything that Iraq needs, and we will not hold back on anything that we can provide and give to Iraq, including economic cooperation. The visit of the Sudanese President to Russia was very successful and above all expectations, and I was convinced that the visit would be successful, but not to this.” Al-Hadd, and the visit had a historical dimension and formed a solid base for continuing to develop our relations in all fields.”

Kutrashev stated, “In Iraq, we do not play the game of axes, and we do not look at Iraq as an arena for conflicts with anyone. Iraq is the one who chooses with whom it will develop its relations, and we have no sensitivity towards any country, whether Russia, America, China, or other countries.”

If Iraq wishes to join the BRICS group, there is a joint leadership that is looking into the matter. In fact, we have no agendas against America or others. If Iraq wants, welcome, we will work to help it comfortably, and I do not care about the American response on this issue. link

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

Tishwash:  Iraq and Russia are intensifying their cooperation to confront the scourge of corruption

The head of the Federal Integrity Commission, Haider Hanoun, announced the commission’s intention to twin with counterpart institutions in countries around the world, noting the long-standing experience of the Russian public prosecutor in the field of combating corruption and the possibility of transferring expertise from the two institutions and exchanging experiences.

 During his meeting with the Prosecutor General of the Russian Federation (Igor Krasnov) in the capital, Moscow, Hanoun renewed the intention of the Iraqi regulatory agencies to partner with their counterparts in the Russian Federation, especially between the Authority and the Russian Prosecution, in addition to concluding a memorandum of understanding between the Iraqi Anti-Corruption Academy and the Public Prosecution University.

Russian, expressing the Authority’s desire to benefit from the experience of the Russian Public Prosecution and its university and to train the Authority’s staff there, in addition to inviting their experts to train and participate as lecturers in studying the professional higher diploma in specializations related to anti-corruption announced by the Academy.
 
For his part, the Russian Attorney General (Igor Krasnov) noted the strengthening of relations between the Republic of Iraq and the Russian Federation and its coincidence with the eightieth anniversary of the beginning of the relationship between the two countries, pointing out that one of the main components of cooperation between countries is unifying efforts in combating the most serious challenges, among which corruption occupies a special place. He stressed that he supports the efforts of the Iraqi Integrity Commission seeking to recover the fugitive defendants and the looted funds wherever they are found.
 
He pointed out that the signing of the memorandum of understanding between the two parties is of great importance in deepening and developing the relationship between the Office of the Prosecutor General in Russia and the Federal Integrity Commission in Iraq, expressing his readiness for further professional dialogue on any issues of common interest, even if they are not stipulated in the memorandum or the program. Cooperation, expressing its pleasure to see employees of the Republic of Iraq in short-term training courses, at its affiliated university, whether among its students or among the participants, welcoming the Authority’s call for Russian prosecution experts to contribute to training its staff in the Iraqi Anti-Corruption Academy.
 
During the meeting, a cooperation program was signed between the two parties, which will serve as a roadmap for implementing the terms of the memorandum over the next two years, which stipulates a full set of activities (workshops, meetings, and training courses). To exchange experiences in the field of international cooperation in the field of combating corruption, recovering the proceeds and proceeds of corruption crimes from abroad, forming national coordination committees to combat corruption, coordinating positions on multilateral international anti-corruption forums, and reviewing experiences in implementing legislation concerned with combating and preventing corruption, including those related to conflicts of corruption. interests, and financial disclosure.
 
The program also stipulated holding a round table meeting on the topic “Using modern digital technologies to combat corruption and holding training courses for the Authority’s employees by representatives of the General Prosecutor’s Office of the Russian Federation and the Public Prosecution University, as well as exchanging scientific and educational literature, periodicals and methodological materials on the topics of combating and preventing corruption.”  link

Tishwash:  A representative accuses America of standing in the way of the growing Iraqi economy

Today, Wednesday, the representative of the State of Law coalition, Muhammad Al-Shammari, accused the United States of America of obstructing Iraq’s economic openness to international countries.

Al-Shammari told Al-Maalouma, “The United States of America stands as a stumbling block in the way of Iraqi economic growth, through its interventions that obstructed arming the Iraqi army, controlling oil imports through the US Federal Reserve, obstructing reconstruction, and concluding contracts with reputable international companies.”

He pointed out that "America contributed greatly to preventing the arrival of reputable international companies to Iraq."  link

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

CandyKisses: Sudani diagnoses remarks on US sanctions: We will not abandon the private banking sector

 Economy News - Baghdad

Prime Minister Mohammed Shia al-Sudani confirmed the existence of observations about the US Treasury sanctions on Iraqi banks, while pointing to the government's continued support for the private banking sector.

Al-Sudani said, in a press conference, followed by "Economy News", that "the government has made an important step to be Iraq's trade clear despite the challenges that appear from time to time," adding by saying: "All our trade passes today through the electronic platform and through the audit of the company (K-Two), that is, there are documented financial transfer operations."

He added, "The decisions issued by the US Treasury on Iraqi banks, which we have more than one observation on, are decisions related to observations on the performance of banks in previous governments, not the current government."

The Prime Minister stressed that "transactions and financial transfers of Iraqi trade, during the current period, pass through a clear electronic platform, in front of financial institutions, so this process has gained reliability."

"The government continues to support the private banking sector, and it cannot be abandoned, and we are working to address all observations in its performance, and we are evaluating it to be a partner with us for the desired development process in the country," al-Sudani said

Mot:  Will be Fun Watching Her When She Realizes ~~~~~ 

Mot: ... What Are We!!! 

Iraqi News Highlights and Points to Ponder Tuesday Evening 2-20-24

Iraqi News Highlights and Points to Ponder Tuesday Evening 2-20-24

Minister Of Oil: We Have Plans To Export Gas To Europe

Economy | 11:39 - 02/20/2024  Mawazine News – Baghdad  Oil Minister Hayan Abdul Ghani said on Tuesday that Iraq has plans to export gas to Europe, in light of the plan drawn up to achieve self-sufficiency in gas within five years.

Abdel Ghani stated, during his participation in the session of the strategic conference held within the activities of the Egypt International Energy Conference and Exhibition, that “a global bid was launched to explore and develop natural gas reserves.”

 The Iraqi minister pointed out, "The positive steps that have been taken to zero the process of burning Shula gas in Iraq, which helps the state in its efforts to reduce emissions, stressing that within 5 years Iraq will reach zero burning of this gas and full exploitation of it in generating electrical energy."

He pointed out, "Iraq was able to achieve the required percentages in accordance with international obligations in the Paris Agreement, and pointed to the success of the Basra Gas Project (NGL) in its two phases in stopping the burning of 400 million cubic feet of gas and thus achieving the required percentages in accordance with international obligations.

 Abdul-Ghani pointed to the "integrated project that is underway Implementing it with the international company Total to increase natural gas production, as well as stopping the burning of associated gas in 5 oil fields and benefiting from it in addition to producing renewable energy.”

https://www.mawazin.net/Details.aspx?jimare=242432

A Tripartite Plan To Revive The Largest Industrial Complexes In Iraq

Today 13:03   Information / Baghdad  Member of the Parliamentary Services Committee, Baqir Al-Saadi, confirmed on Tuesday the adoption of a tripartite plan to revive Iraq's largest industrial complexes in 9 governorates.

Al-Saadi told Al-Maalouma, “The government has a tripartite plan that includes several points, the most prominent of which is reviving the largest industrial complexes in 9 governorates through investments or modernizing production lines and creating a partnership in the supply of important materials and equipment.”

He added, "The revival of the industry will provide thousands of job opportunities within a short period, pointing to the ability of the Iraqi markets to absorb the products, and this is what creates a positive situation and the continuation of the project to revive important industries during the next 3 years."

The security unrest and complications in the political scene, accompanied by corruption, caused severe blows to the Iraqi industry after 2003.   LINK

Iraq Stock Exchange: Tomorrow The Deposit Of Government Emaar Bonds Will Begin

Iraq Stock Exchange   Market   Economy News – Baghdad  The Iraq Stock Exchange announced the start of the process of creating the first “Emar” issuance bonds, starting on Tuesday, February 20, 2024.

Director of the Iraq Stock Exchange, Taha Abdul Salam, told Al-Iqtisad News, “This step comes after the completion of technical procedures in the market, and based on the decision of the Securities Commission and the decision of the Board of Governors to list, deposit, and trade Emaar’s first issuance bonds for all their categories.”

He added that trading on the bonds will be launched as of March 19, 2024, noting that the bonds are divided into a category of 500 thousand dinars for a period of two years maturing on 10/9/2025 with an annual interest (6%) paid every six months, and the second category is one million dinars for a period of four years. It matures on 10/9/2027 with annual interest (8%) paid every six months.

He stressed that the instructions for listing, depositing and trading government bonds are that trading in the market takes place according to the category of the bond on the bond platform and that the rate of change in the rise and fall of the bond price is 5% based on the price calculated for the bond on that day during the issuance period.

He pointed out that the minimum commission for the brokerage company is 1,000 dinars, and the commission rate is 0.003 of the value of the bond when trading, and the market commission is 0.3%.

259 views 02/19/2024 - https://economy-news.net/content.php?id=40658

Noticeable Progress In Two Years.. Iraq Is Moving From The Stage Of Recovery To Development (details)

Politics |Baghdad today – Baghdad  Today, Tuesday (February 20, 2024), the Parliamentary Committee on Economy and Industry commented on Iraq’s transition from the recovery stage to the development stage during the current and future period.

Committee member Ruqaya al-Nouri told “Baghdad Today” that “Iraq over the past years has been going through a recovery phase due to the difficult security conditions it experienced, especially during the period of occupation of the terrorist organization ISIS and after the liberation operations, and improving the country’s reality required efforts and time.” long".

Al-Nouri added, “Iraq has now passed the stage of recovery and entered the stage of development at various levels, especially with regard to the service, urban and many other aspects,” stressing that “there is a great government interest in developing all banking and service sectors, and Iraq during the next two years will witness remarkable development.” "It is great in all aspects."

Since taking office in October 2022, Iraqi Prime Minister Muhammad Shiaa Al-Sudani has achieved a record number of policy achievements. The “Services Government”, which he heads, has completed a set of projects, including the construction of roads, highways and hospitals, the signing of multibillion-dollar agreements to ensure independence in the field of energy, and the completion of an agreement with Tehran to trade gas for oil so that Iraqis can withstand the extreme heat in the summer when temperatures reach...

The temperature reaches 50 degrees Celsius, and work with the government to approve the federal budget for three years.   LINK

Iraqi Currency Auction Sells More Than $180 Million

Economical  02/20/2024    Baghdad: Al-Sabah   External remittances decreased at the Central Bank of Iraq auction yesterday, Monday, compared to Sunday, reaching $180 million.

During its auction for buying and selling the US dollar, the Central Bank sold 210 million 462 thousand and 654 dollars, which the bank covered at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars per dollar for external transfers, and in cash.

Most of the bank's dollar sales went to strengthening balances abroad in the form of (transfers, credits), which amounted to 180 million, 432,654 dollars, an increase of 83%, compared to cash sales of 30 million and 30 thousand dollars.

The number of banks that purchased cash dollars reached two banks, while the number of banks that responded to requests to enhance balances abroad reached 14 banks, while the total number of exchange and brokerage companies participating in the auction was 32 companies.

https://alsabaah.iq/92084-.html

Planning: SAIPA Is Prohibited From Importing Used Cars And Their Supply Will Not Be Random

Money  and business  Economy News – Baghdad  The Ministry of Planning confirmed that new cars that violate Iraqi specifications are prohibited from being imported, such as Saiba, noting that imported gold is examined at Baghdad and Najaf airports before it is distributed in the markets.

The spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said that in the past, gold was spread in the markets, and merchants would take it to the quality control agency for examination, but now offices of the agency have been opened at Baghdad and Najaf airports in order to examine the gold before it enters the markets.

He pointed out that the gold that comes from the Kurdistan region has not been examined, explaining that there are legal procedures against violators and they will be referred to the judiciary, which may lead to closing the store and withdrawing the license.

He confirmed that new imported cars have become subject to the Iraqi standard, which is considered one of the best specifications in the world and is similar to the Gulf standard, and that many imported cars are being rejected and prevented from entering border crossings such as SAIBA.

He pointed out that the used cars that are imported, work is being done to set specific specifications for the durability of the car.  1124 views  02/19/2024 - https://economy-news.net/content.php?id=40661

Provoking Points To Ponder on Money

Some people's money is merited and other people's is inherited.  - Ogden Nash

There is only one thing for a man to do who is married to a woman who enjoys spending money, and that is to enjoy earning it.   - Edgar Watson Howe

To be clever enough to get all that money, one must be stupid enough to want it. - G. K. Chesterton

Why is there so much month left at the end of the money?   - Anonymous

Money is the poor people's credit card.  - Marshall McLuhan

A man is rich in proportion to the things he can afford to let alone.  - Henry David Thoreau

Money is like a sixth sense, and you can't make use of the other five without it. - W. Somerset Maugham

Money swore an oath that nobody who did not love it should ever have it.  - Irish proverb

I'm so happy to be rich, I'm willing to take all the consequences.  - Howard Ahmanson

I haven't heard of anybody who wants to stop living on account of the cost. - Kin Hubbard

It isn't enough for you to love money - it's also necessary that money should love you. - Baron Rothschild

Philanthropist: a rich (and usually bald) old gentleman who has trained himself to grin while his conscience is picking his pocket.  - Ambrose Bierce 

The darkest hour of any man's life is when he sits down to plan how to get money without earning it.

- Horace Greeley

The petty economies of the rich are just as amazing as the silly extravagances of the poor.

- William Feather

Money is human happiness in the abstract.   - Arthur Schopenhauer

Money is the most egalitarian force in society. It confers power on whoever holds it. - Roger Starr

Famous Quotes and Authors, Famous Quotations for all Occasions

Goldilocks' Comments and Global Economic News Tuesday Evening 2-20-24

Goldilocks' Comments and Global Economic News Tuesday Evening  2-20-24

Good Evening Dinar Recaps,

* At 12:00 EST, the vote for Protocol 20 will begin. *

The merger of Protocol 20 completes the Quantum System upgrade from Protocol 19 to Protocol 20.

There is a chance that a volatility event could happen during this time as our tokenized assets move into real values on the new Quantum Financial system.

During this transfer of assets, traditional assets are being tokenized and supported by commodities.

This will help our markets and banking system work with real-world values as they synchronize into one another.    Stellar

© Goldilocks

~~~~~~~~~~

"Regulatory Changes Impacting PDX Operations Heading Into 2024

PDX Coin is the heart of a global payments and digital banking platform that aims to enable hundreds of millions of retail users, institutions, merchants, vendors and ecosystem partners to easily participate in the crypto economy with instant conversion between digital currency and fiat currency."

Recent regulations in the crypto space are coming fast and furious at this point. On January 10, the Securities and Exchange Commission (SEC) approved 11 Spot Bitcoin Exchange-Traded Funds (ETFs).

This move alone has created the need for clear regulations and guidelines to move the crypto space forward into the new QFS. The emerging regulation of stablecoins are in process and expected to be nearly complete if not completed by the midpoint of this year.

Payments and cross-border trades will be well on their way to adoption the second half of this year. New regulations for stablecoin users in the European Union will go into effect, and Hong Kong and the UK will be somewhere in that time frame or following.

In just a few short months, the world as we once knew it will have changed. It begins today with Protocol 20 as Quantum Technologies from around the world begin to move into the Stellar Network.

© Goldilocks
Block Telegraph
Steemit

~~~~~~~~~~

Ethena, a prominent player in the cryptocurrency space, has recently unveiled its USDe stablecoin on the public mainnet along with an innovative Shard Campaign. This campaign, designed to incentivize user participation, offers rewards based on contributions, marking a significant milestone for the Ethena community.

The Shard Campaign introduces a new and unique approach to engaging users and fostering long-term involvement within the ecosystem. By rewarding activities that contribute to the Ethena ecosystem, the campaign aims to build a vibrant and active community dedicated to the platform’s success. This departure from traditional incentivization methods showcases Ethena’s commitment to innovation and user-centric development.

In terms of structure and duration, the Shard Campaign is organized around multiple short-duration seasons known as “Epochs.” Each Epoch focuses on different activities related to the USDe stablecoin and community integration. The campaign is not intended to be prolonged, with a commitment to finalizing it within three months or when the USDe supply reaches $1 billion, whichever comes first.
Facts Chronicle

~~~~~~~~~~

RIYADH: Saudi Arabia’s advancement in electronic government services has secured the Kingdom the top spot in the Middle East and North Africa according to a UN ranking. 

The 2023 Government Electronic and Mobile Services Maturity Index issued by the intergovernmental organization’s Economic and Social Commission for Western Asia, indicates Saudi Arabia has maintained its lead for the second consecutive year.  

The index, known as GEMS, annually classifies 17 countries based on the maturity of 84 priority government services through portals and applications, using three sub-indicators. 

Saudi Arabia achieved distinction in all indicators, experiencing significant development in each.
Arab News

~~~~~~~~~~

Introducing the BIS | YouTube

~~~~~~~~~~

Why Do We Have Central Banks? | YouTube

~~~~~~~~~~

BUILT FOR A MISSION | Stellar Foundation

👆  Goldilocks pointed to this article

~~~~~~~~~~

Universal Basic Income Has Been Tried Over and Over Again. It Works Every Time.| Gizmodo

~~~~~~~~~~

Follow Goldilocks' Roadmap

Follow Goldilocks' Timeline

Goldilocks' Telegram Room

Q & A Telegram Room

Goldilocks Forum

Goldilocks on the Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps