Tues. AM TNT News Articles from Iraq 8-22-23




Al-Sudani: The danger of corruption threatens all countries of the world

Yesterday, Monday, Prime Minister Muhammad Shia Al-Sudani welcomed the signing of the joint declaration of intent to be concluded between the Iraqi and British Ministries of Interior.

A statement by the Prime Minister’s Media Office stated that Al-Sudani discussed, during his meeting with the British Minister of State for Security Affairs, Tom Tugendhat, bilateral relations between the two countries, and ways to enhance bilateral cooperation in all fields, especially security and military, and combating terrorism, as well as in the field of combating terrorism.  corruption.

During the meeting, Al-Sudani praised “the United Kingdom’s support for Iraq and standing with it in the war against the terrorist organization ISIS,” stressing “the importance of cooperation with the British side in combating cross-border crimes, especially those related to smuggling, human trafficking, drug and psychotropic drug trade, in addition to recovering Funds and those wanted by the Iraqi judiciary in corruption cases.

He pointed out that “combating corruption is a popular demand, and its danger does not stop at Iraq, but rather expands to threaten all countries of the world.”

He stressed that “the government has prepared a national strategy to combat human trafficking in Iraq for the years 2023-2026, as well as the national strategy for combating narcotic drugs and psychotropic substances for the years 2023-2025,” pointing to “the great efforts made by Iraq in the field of combating this scourge.”

The Prime Minister welcomed “the signing of the joint declaration of intent, to be concluded between the Iraqi and British ministries of interior, and the draft memorandum of understanding between the two countries.”




For his part, Tugendhat expressed “Britain’s readiness to support the Iraqi security forces and provide them with modern technologies,” praising “the Iraqi security services, of all kinds, in combating terrorism and eliminating the terrorist organization ISIS, and their role in the security stability of the country.” link

Parliamentary Integrity: The Money Recovery Law guarantees the return of corrupt people from abroad

The Parliamentary Integrity Committee confirmed, on Tuesday, its intention to pass a law to recover smuggled funds from abroad, indicating that the law will support the government’s directions in bringing in corrupt fugitives from abroad.

Committee member Duha Al-Qaseer said in a statement to Al-Maalouma, that “the money recovery law was initially read in Parliament, and it will be read again in the coming days in order to pass it.”

She added, “The law contains many paragraphs that support the government in its moves to bring in the corrupt and recover money smuggled from abroad.”

Al-Qusayr indicated, “The government’s recent moves against corruption files confirm the scale of rampant corruption in the previous government and the extent of the leadership’s involvement in it.”

And the leader of the Al-Fateh Alliance, Jabbar Al-Mamouri, had confirmed in a statement to Al-Maalouma that the facts had begun to unfold about the extent of corruption in the government of Mustafa Al-Kazemi and the exploitation of some of their influence to enrich public money, expecting the issuance of arrest warrants against Al-Kazemi and the pillars of his rule soon. link




The relationship of the exchange rate with the power of the economy

Believes that the general public, who are not specialists in economics and money, believe that the criterion for the strength of a country’s economy is the exchange rate of its currency against the dollar, or any other currency or means.

While most economists in the world unanimously agree that this theory is not correct, we are often faced with a question; Does the value of the currency reflect the strength of the economy of that country?

What concerns me as a specialist in economic affairs is to show the reality of the strength of the Iraqi economy and that the fluctuation of exchange rates does not mean the reality of the country’s economy, as financial and economic experts agree that the exchange rate for any currency is an accounting number agreed upon between global central banks and does not reflect the strength of the country’s economy .

To analyze the facts of this theory, let’s take a comparison between the Saudi currency and the Jordanian currency, to verify the correctness of the theory from its error.

With regard to the Saudi riyal, for example, (one dollar equals 3.75 riyals), 100 dollars equals 375 riyals), and as for the Jordanian currency (one dollar equals 70 piasters, every 100 dollars equals 70 Jordanian dinars.

The question is: Does this mean that the Jordanian economy is stronger than Of course not, because Jordan’s GDP is $50 billion, while Saudi Arabia’s GDP is nearly $1 trillion. From this we conclude that the exchange rate does not reflect the strength and durability of the economy. Therefore, fixed exchange rates are a purely administrative government decision, not It is related to the robustness of the economy, and if we follow international experiences in dealing with the size of their currencies, Argentina, Turkey and Italy have worked to delete six zeros from their currencies, which is a treatment to regulate currency circulation and reduce its volumes in dealing, and this proves that the exchange rate is an accounting number, nothing more, and a government decision.

There are trends in some countries that work to liberalize the value of their currencies by floating them because the exchange rate of the dollar is floating and liberalized, and here the estimates of governments remain with such a decision. Finance and economic experts attribute the reason for the floating to the inability to fix the exchange rate indefinitely, and this is related to the extent of economic and political stability.

The closest example of this is the Lebanese currency, in which the exchange rate has remained fixed for decades, every 100 dollars equals 1,500 pounds, but it was soon exposed to chaos and instability until the exchange rate collapsed, unfortunately, which is what is happening to it now.

In conclusion, the Iraqi economy is strong and solid, but the fluctuation of the exchange rate is caused by the political and economic instability in the country.  link




Canada is preparing to change its relationship with Iraq.. Its ambassador reveals the details via “Baghdad Today”

Today, Monday (August 21, 2023), the Canadian Ambassador to Iraq, Gregory Galligan, considered that his country’s relationship with Iraq must “change” from being a donor and another awaiting support, to a relationship of partnership and mutual benefit, while indicating that his country sees green energy as a field. suitable for cooperation between the two countries.

Galligan said in a special statement to “Baghdad Today”, that “his country’s government sees the green or clean energy sector in Iraq as an appropriate starting point for economic cooperation between the two countries,” stressing “the importance of the sector in preserving the country’s future with the recent security gains.”

Galligan pointed out that “the security situation in Iraq has witnessed a significant improvement during the last period,” pointing out that “this improvement must be accompanied by an economic improvement in the energy sector through the legislation and laws necessary to develop it and ensure its continuous growth.”

The ambassador also made it clear that “the delay in approving laws and legislation is not strange for governments,” noting that “the Canadian government sometimes takes a long time to pass laws and legislation related to the economy,” according to his description. 

Galligan also stressed that “the Canadian government seeks during the coming period to change the form of its work from a ‘donor’ to an important ‘partner’ for Iraq,” noting “the importance of developing relations between Iraq and Canada from the current form that relies on support, especially for civil society organizations, To an economic partnership that achieves broad benefits for the two countries through exchanging experiences in exchange for investment.   link 

Source: Dinar Recaps


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