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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraqi and American understandings may help the dinar: protecting the banking system

    Rocky
    Rocky
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    Iraqi and American understandings may help the dinar: protecting the banking system Empty Iraqi and American understandings may help the dinar: protecting the banking system

    Post by Rocky Thu 16 Feb 2023, 5:59 am

    [size=47]Iraqi and American understandings may help the dinar: protecting the banking system[/size]


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    Baghdad

    Safaa Al-Kubaisi


    February 16, 2023
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    Efforts to support the banking sector (Getty)
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    After a week of dialogues conducted by the Iraqi delegation headed by Foreign Minister Fuad Hussein, in Washington, to discuss a number of files, most notably the crisis of the decline in the value of the Iraqi dinar [You must be registered and logged in to see this link.] following the measures recently imposed by the US Treasury Department on the Central Bank of Iraq to limit the infiltration of the dollar into Iran and the Syrian regime, I issued a statement. The US-Iraqi Higher Coordination Committee regarding the Coordination Framework Agreement issued a joint statement, in which it affirmed the determination to continue working together to modernize the [You must be registered and logged in to see this link.] in Iraq, and to support Iraq's efforts to protect the banking system.
    Yesterday, Wednesday, Iraqi Foreign Minister Fouad Hussein and US Secretary of State Anthony Blinken chaired a meeting of the Supreme Coordination Committee, in accordance with the 2008 strategic framework agreement for the relationship of friendship and cooperation between the two countries.

    This meeting is the first meeting of the Higher Coordination Committee focusing on [You must be registered and logged in to see this link.] , energy sector development, and climate change. The Iraqi delegation included high-level representatives from the House of Representatives, the Central Bank, the Ministry of Foreign Affairs, the Ministry of Oil, the Ministry of Planning, the Ministry of Finance, the Ministry of Electricity, and the Prime Minister’s Office. Iraq's Climate Envoy, and the Kurdistan Regional Government.
    In addition to the US State Department, the US delegation included USAID Administrator Samantha Power, Special Presidential Envoy for Climate Change Mr. John Kerry, Deputy Secretary of the Treasury Wally Adeyo, Special Presidential Coordinator for Global Energy and Infrastructure Amos Hockstein, Global Anti-Corruption Coordinator Richard Nephew, and Council Coordinator Middle East National Security Brett McGurk, and senior officials from the Department of State, Treasury, Energy, and Commerce.
    The two sides discussed the challenges facing the Iraqi economy, including the parallel exchange rate markets, and according to the joint statement, “the United States welcomed the efforts of the Iraqi government to enact economic reforms, reforms in monetary policy, modernizing the banking and financial sector, combating corruption, and preventing manipulation of the financial system.” Actions that will help enhance Iraq's economic prospects, including strengthening the financial and exchange markets.
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    [size=12]energy

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    The US delegation renewed its support for "Iraq's continuous efforts to build technical capabilities and implement international standards to protect the banking system from financial crimes, money laundering and terrorist financing."
    The two sides affirmed the determination to "continue to work together to modernize the financial system in Iraq in order to improve the conditions of the Iraqi people." They also affirmed "the convergence of points of view in pursuing an ambitious agenda for energy independence to achieve maximum economic prosperity for Iraq and protect its sovereignty." The two sides agreed that "Iraq has A historic opportunity to invest in energy infrastructure initiatives designed to improve electricity services for the Iraqi people, secure energy self-sufficiency for Iraq, and mitigate environmental damage to both the global climate and Iraqi public health to this end.
    The two sides decided to "accelerate efforts to link regionally to the Iraqi electricity network, modernize the electricity infrastructure, and explore renewable energy opportunities." The US delegation praised "Iraq's commitment to regional electrical interconnection projects with Jordan, Saudi Arabia, and the GCC Electricity Interconnection Authority."
    The two countries also stressed "the importance of combating climate change and adapting to it, and the Iraqi delegation reviewed that Iraq will soon publish a comprehensive government strategy to confront climate change," stressing also their commitment to "accelerating the implementation of flared gas capture projects to achieve the disposal of traditional gas burning by 2030 to achieve the global pledge." regarding methane.
    The United States reviewed its plan to expand climate change programs in Iraq, after providing Iraq with more than $1.2 billion in development aid over the past five years. The discussions also stressed the importance of the need for ambitious projects for solar energy farms, and the establishment of a regulatory framework to attract investment in renewable energy.
    The two sides also discussed the water crisis in Iraq, and the United States expressed its intention to continue its technical assistance to improve water management practices in Iraq. The United States called on Iraq to nominate experts in water management to participate in exchange programs with US leaders in this field, and the two delegations stressed "the importance of benefiting from modern technologies in groundwater management and irrigation efficiency."
    The United States welcomed the positive developments in relations between the Government of Iraq and the Kurdistan Regional Government and the ongoing negotiations regarding the 2023 federal budget and hydrocarbons law.
    The United States assured the Iraqi delegation that "the American private sector is the best in the field of technology and its unique ability to meet energy challenges in Iraq."
     The Iraqi-American Business Council at the American Chamber of Commerce also hosted a round table for the Iraqi delegation with 40 American companies and industry leaders in the field of gas capture, modernization of electricity infrastructure, and renewable energy sources.
    After this event, the Chamber of Commerce announced that it would "lead two US trade missions to Iraq in July to explore investment opportunities." In addition, the two delegations noted “the intent of the Office of the United States Trade Representative and the Iraqi Ministry of Commerce to begin planning for the Trade and Investment Framework Agreement Council meeting in 2023.”
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    [size=12]Arab economy

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    This agreement between the United States and Iraq is a forum for resolving trade obstacles and promoting investment and bilateral trade opportunities between the two countries. The US delegation announced that the US embassy in Baghdad has gradually started providing non-immigrant visa services.
     The two sides confirmed that they "plan to hold meetings of joint coordination committees under the Strategic Framework Agreement, and additional meetings of the Higher Coordination Committee, to follow up on investments in the field of energy, economy and climate-related discussions held during the meetings of this Higher Coordination Committee." The US and Iraqi delegations affirmed their determination to strengthen the strategic relationship between the two countries. ".
    The Federal Reserve (the Central Bank of America) had imposed measures on foreign money transfers from Iraq, to ​​ensure that they did not reach Tehran and Damascus.
    Iraq relies a lot on the results of his delegation's visit to Washington, to revive the Iraqi dinar again, whose rapid decline in recent days has put the country's economy on the abyss, and caused an unprecedented wave of high prices in the Iraqi market.
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