IMF and World Bank .. Who governs and how decisions are made?

Ahead of the forthcoming election of the new IMF director, one has to ask how to manage the two largest and most important international financial institutions?

Financial institutions established under the Bretton Woods agreement included a similar regulatory plan, according to a report published on the Jordan Mundial website.

The World Bank and the International Monetary Fund (IMF) have three primary sources of authority, the IMF’s managing director, or the president when it comes to the World Bank, as well as the board of directors and the board of governors.

Tasks
The main objective of the IMF is to promote stability in the global economic situation.

In order to do this, the Fund needs a Director General who heads the organization’s staff, and also serves as Chairman of the Executive Board.

In addition, members of the Board of Directors are appointed for a period of five years, subject to European citizenship.

Christine Lagarde was the last Managing Director of the International Monetary Fund (IMF) before resigning (resignation takes effect on September 12), as ECB president, Mario Draghi, as of October 31. Next I.

On August 2, the EU formally selected Bulgarian economist Kristalina Georgieva to run for the post of IMF director.

Kristalina has been executive director of the World Bank since 2017, and the nomination period for the IMF presidency will run until September 6.

For the World Bank, Jordan is a collection of development institutions, often referred to as the World Bank Group.

The group is led by American David Malpas, who is responsible for coordinating the work of various organizations within the group.

Organization of the two institutions
On the other hand, the other two organs of power in both institutions are similarly organized, with the Board of Governors composed of representatives from all Member States.

The IMF has about 189 members, while the World Bank has only 188 members.

Representatives on the Council are usually the finance ministers of member states, meeting twice a year during joint meetings between the IMF and the World Bank.

In both institutions, each member’s vote is equal to his or her financial contribution to the organization.

Adult power
The United States contributes 17% of the IMF budget, making it the country with the highest number of votes at the core of both institutions.

For the World Bank, it is more complex, with different organizations with varying contributions, resulting in varying voting rates.

Although the board of governors is the decision-making body of both institutions, and with powers such as admitting new members or expanding the institution’s budget, it usually delegates its functions to the executive board, the report said.

The Executive Board is made up of approximately 24 Directors at the IMF and 25 Directors at the core of the World Bank.

In both institutions, six directors are selected directly by major contributors, such as the United States, Japan, China, Germany, France and the United Kingdom. The remaining members elect the remaining members, and a specific group of countries selects each, usually partners. Commercial or regional.

Democratic defect
The system shows democratic imbalances in both the IMF and the World Bank, either through the indirect method of selecting representatives who make effective decisions in organizations or by the unequal distribution of decision-making power among different member states.

In addition, the so-called “honor agreement” defines the election of the president or managing director of the bank and the fund, respectively, where the president of the World Bank is an American and the managing director of the International Monetary Fund Europe, and so far has not been violated this agreement, according to the site.

Source: Web sites, Reuters

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Parliamentary Finance: The imminent entry of the oil and gas law into the legislation .. And reveal its political dimensions

 

Release date:: 2019/8/31 21:46 
A member of the Finance Committee revealed that the imminent entry into force of the oil and gas law.
Committee member Sherwan Mirza said in a press statement, “One of the recommendations made by the Finance Committee to the Presidency of the House of Representatives after hosting the Minister of Finance is the legislation of the oil and gas law during the new legislative term.” 
He added, “The oil and gas law has political dimensions as it is linked to relations between the Kurdistan region and the federal government and the province of Basra and Baghdad and all oil-producing provinces in addition to Kirkuk.” 
Mirza pointed out that “the legislation of the oil and gas law will address some of the outstanding problems between the region and the center, in addition to addressing the problems of oil-producing provinces;

Parliamentary Finance opens the files of the auction selling currency and electronic payment companies: corruption in millions of dollars

Political | 08:56 – 31/08/2019

Special – balance News 
revealed in the Parliamentary Finance Committee member, Saturday, opening an auction sale currency and central bank building files, while noting a source familiar with the existence of the corruption of millions of dollars. 
Committee member Naji Redis Al-Saidi told Mawazine News that “the committee meets even during the legislative recess and we have investigative committees for the work of the Central Bank and the sale of currency and the project of the new building of the bank and electronic defense companies.” 
He added, “The investigation will be presented at the beginning of the next legislative term and all details of the investigations will be revealed.” 
For his part, said an informed source in an interview with / Mawazine News / “Corruption in the auction sale of currency continues so far, despite the measures taken by the Central Bank.” 
He added, “There are companies electronically convert currency out of Iraq through electronic payment companies,” indicating that “
The source pointed out, “These companies show invoices and lists of purchases from abroad, but they are participating in the auction of the sale of currency, which amounts to millions of dollars per month.”

https://www.mawazin.net/Details.aspx?jimare=62849

 

Specialized: minted coins serve internal business transactions

 

Monday, August 26, 2019 720

Specialized: minted coins serve internal business transactions

 Emad Emirate Baghdad / Mustafa Al – Hashimi 

There have been recent parliamentary voices calling for the reintroduction of coins (coinage) and reintroduction into circulation, as well as reconsideration of the project to delete the three zeros from the Iraqi currency, at a time when economists regarded it as part of the great economic reform process in the country.

Strategic Plan
Economist Dr. Essam Mohamed Hassan said that “the Central Bank decided earlier to develop a plan to create coins as part of a restructuring plan that requires the approval of the House of Representatives as a strategic plan will contribute to support the value of the Iraqi dinar in trading 
“The change of currency means that a new currency replaces an old currency, with a specified replacement rate, and removes the zeros of the old currency or moves the decimal places to the left,” he said. Financial support for the national economy. “
Hassan said that “the coin project, launched in 2004 did not succeed in the absence of comprehensive economic reforms to support the financial value of the dinar in the global market,” explaining that coins will be one of the important intermediate currencies that will be used for trading 
“Deleting zeros and reintroducing coins has to do with economic reforms because coins, because of their durability, are longer than coins that are quickly damaged,” he said. In 2004, “indicating that this requires the dissemination of a culture to educate the public about the economic feasibility of the minted currency.” 
Delete the zeros
Dr. Abdul Hussein Al-Ghalbi, an economist at the Faculty of Business and Economics, University of Kufa, said: “The process of changing the currency is not limited to deleting zeros, but it can be done by adding a number of zeros or moving the decimal places to the right, as happened in South Africa in 1961, but the situation Prevailing over the past 50 years in most countries is the elimination of zeros because of the hyperinflation witnessed by many countries, which obliges to add zeros to their currencies in those circumstances, and then get rid of zeros at the end 
Al-Ghalbi stressed that “changing the currency does not affect productivity, as well as that this change does not affect the purchasing power of money, because the power comes from the increased demand for money against the money supply, and as long as the purchasing power does not change, the demand for currency and money supply They do not change, because deleting zeros does not entitle monetary institutions and the central bank to print more money and pump it into 
Economy”.
Al-Ghalbi added that “the central bank is constrained by the existing cash in the process of replacement, but foreign trade will not be affected as the price of exports will remain the same unchanged, as well as import payments are not affected because foreign exchange is in foreign currency versus domestic, which remains unchanged because The purchasing power of a currency 
do not change”.
Multiple benefits
“Changing currency and deleting zeros brings multiple benefits,” said Al-Ghalbi. 
Public”.
 He said that “after the change of currency will occur a serious reduction in the volume of transactions with less amount of money, which facilitates all parties to deal with, especially
 Accountants. “
Monetary deception
Al-Ghalbi said that “currency change reduces the phenomenon of monetary deception experienced by people with a large number of zeros that are pushing towards generating inflationary pressures. Of inflation 
Untamed. “
He added that “currency change leads to greater confidence in local currency and credibility, and when there are a large number of zeros in the local currency people lose their confidence, especially those with transactions in wholesale markets and importers, as they will replace the local currency with stable international currencies such as the dollar or the euro, which deepens The phenomenon of dollarization in the domestic economy, which weakens monetary authority and reduces the effectiveness of policy 
Cash.

Iraq announces the start of the export of Kirkuk oil to Jordan

2019/08/31 11:22:43

The Iraqi Oil Ministry announced on Saturday, the beginning of loading basins to export Kirkuk crude oil to Jordan.

Ministry spokesman Asim Jihad told RT, “This day was the start of loading operations basins from Baiji to Jordan within the Iraqi-Jordanian agreement to export Kirkuk crude oil to Jordan.”

He added that “Iraq will export ten thousand barrels of oil a day from Kirkuk crude to Jordan.”

https://www.shafaaq.com/ar/%D8%A7%D9%82%D8%AA%D8%B5%D9%80%D8%A7%D8%AF/%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%8A%D8%B9%D9%84%D9%86-%D8%A8%D8%AF%D8%A1-%D8%AA%D8%B5%D8%AF%D9%8A%D8%B1-%D9%86%D9%81%D8%B7-%D9%83%D8%B1%D9%83%D9%88%D9%83-%D8%A7%D9%84%D9%89-%D8%A7%D9%84%D8%A7%D8%B1%D8%AF%D9%86/

Sistani’s office announces tomorrow the first Sunday of Muharram

Baghdad / News

The Office of the Supreme Religious Author Ali al-Sistani announced that Sunday is the first of the month of Muharram.

Sistani’s media office said in a statement followed by “news” that “tomorrow, Sunday (1/9/2019) is the first of the month of Muharram in 1441 for immigration.”

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Parliamentary Economic: Kurdistan got the highest percentage in its history of the budget

 

31-08-2019 02:02 PM



Orbit Agency –

Baghdad

The Committee on Economy and Investment Alnababip, on Saturday, to exceed the share of the Kurdistan region in the federal budget for the current year more than 17%, indicating that the region exceeded its highest share of history .

Committee member Nada Shaker Jawdat said in a statement followed by ‘orbit’   “The budget ended without Baghdad getting any financial resource from Erbil. Despite the prior agreement, which makes the share of Kurdistan rise to more than 17% of the federal budget .

Jawdat said, “The region sells oil through Iraq’s share in OPEC internationally, but does not give Iraq any barrel despite the agreement between the parties, which requires the commitment of the regional government to deliver 250 thousand barrels in addition to the resources of customs and airports, which makes the region’s share is rising at an unprecedented rate .”

She pointed out that “the previous government estimated the proportion of the region by 12% after checking the record of staff and needs, as well as being forced to hand over the revenues of the Kamarak and oil, but the government of Adel Abdul Mahdi is the weakest and has been unable to commit Kurdistan to the application of budget items .”

Jawdat said, “Kurdistan MPs mock Arab MPs during negotiations with them on the share of the region where the answer is immediate that the region is benefiting from those surplus amounts, unlike the southern and central provinces that go to the pockets of corrupt. ”

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The President of the Republic reveals his wish for the new Hijri year

 

Release Date:: 2019/8/31 16:01 
President of the Republic Barham Saleh revealed his wish for the new Hijri year.
“I congratulate you at the beginning of the Hijri New Year, and we remember together the blessed prophetic migration and its eloquent meaning in sacrifice and tolerance,” Saleh said on his Twitter page. 
“We hope that the new Hijri year will be the beginning of an era of harmony and stability for the peoples of the Islamic Ummah, and the realization of the aspiration of Iraqis to eradicate terrorism and establish security and a free and dignified life.”

Briefing to the Security Council by SRSG for Iraq Jeanine Hennis-Plasschaert 8606th meeting of the UN Security Council (As Delivered)

Thursday, 29 August 2019 08:45

Madam President,

Distinguished members of the Security Council,

I would like to begin by recalling the historic importance of the Council’s visit to Iraq on June 29. On that day in 2014, ISIL declared their so-called caliphate. A grim memory, but during your visit we instead celebrated Iraqi freedom and sovereignty, and we saluted the enormous sacrifices made in the fight against ISIL. You delivered important, well-received assurances of your continued support to Iraq and its people. And that was highly appreciated – by many! It was.

Now, Madam President, it may be unusual to immediately switch to funding concerns, but with your well-received assurances in mind, I feel the need to – once again – share our concerns regarding the continued underfunding of both the Funding Facility for Stabilization (FFS) as well as the Humanitarian Response Plan, with gaps of over 300 and 500 million dollars respectively.

So, if you will allow me, I would like to use this opportunity to express my sincere hope for the ongoing and generous support of the international community: you know, progress has been made, but the road ahead is long and complex. And right now, due to the continued underfunding I just mentioned, Iraq’s post-conflict humanitarian programming is being hindered. For example: vital health-care services are being suspended, IDP schools shuttered and food distribution cycles interrupted. Moreover, around 1.6 million IDPs are still desperately awaiting better times, are still waiting to return to their homes in safety and dignity.

Now, please don’t get me wrong, as without a doubt, lots of good work has been done. Thanks to the many, many donor contributions, houses, roads, bridges and power lines have been rebuilt – to name but a few examples. And yes, meanwhile, 4.3 million people have returned home, but the pace has slowed, and outstanding needs are most acute in the health, electricity and water sectors.

Now, understandably, donors have been asking the Government of Iraq to demonstrate shared ownership by taking part in the financing of this work and rightly so. And I am pleased to report that – moments ago – the Government signed a cost-sharing agreement to begin making its own contributions to the Funding Facility.

Let me also briefly refer to the Kuwait International Conference for the Reconstruction of Iraq, which took place almost a year and a half ago. The Iraq Recovery and Resilience Programme (the RRP) is being implemented throughout the country, and resource mobilization efforts have yielded almost half of the required funding so far. We will continue to encourage development partners to fund the RRP, particularly through the UN Trust Fund.

Madam President, back to politics

Iraq’s leadership is hard at work building on progress made to date. As discussed during the Council’s visit to Iraq, painting a grim picture is never a goal in itself – more importantly: it’s not justified. Also, we cannot simply judge the current situation without putting it in the context of Iraq’s past. Decades of trouble continue to impact the present, and we have not seen the end of it yet. It is equally important, however, not to sugar-coat the current circumstances: we can all agree on Iraq’s great potential, but perseverance is key to make the most of this potential.

Now, one cannot expect the Iraqi government to create overnight miracles in dealing with the legacy of the past and the many challenges of the present. The harsh reality is that the government needs time to fight the many narrow partisan interests that are out there, it needs time to deliver.

Just as essentially, political parties and other actors need to arrive at a common understanding that the country’s interests should be prioritized above all else. Ultimately, it must be clear that a government cannot go it alone – it is a joint responsibility.

Madam President – as you know, the federal cabinet is now fully formed – aside from the Ministry of Education. And significant progress has been made on senior appointments to parliamentary committees. The Kurdish Regional Government is also up and running – with the critical Natural Resources portfolio still to be filled. I note that 3 Kurdish Regional ministers are women, as is the speaker of the Kurdish Regional parliament. At the federal level, unfortunately, not a single woman has been appointed yet.

Now, the good news is that the progress in both government formation processes in Baghdad and Erbil. This has created a positive momentum to advance negotiations between Baghdad and Erbil, also demonstrated by the establishment of a High-Level Joint Committee.

And I cannot deny: the expectations are high, in particular on key files – including Kirkuk, Sinjar and revenue sharing. On the latter, it is important that all parties acknowledge that – instead of counterproductive annual budget-battles – a comprehensive, lasting agreement is far more productive. And, it goes without saying that I am always ready to offer UNAMI’s good offices in order to advance discussions towards consensus followed by action.

Regarding Kirkuk, I am very encouraged by the goodwill – demonstrated over the past months by all parties involved – to finally address the normalisation of the situation in Kirkuk.

As for Sinjar, I again travelled to the region earlier this month. And I continued, unfortunately, to witness great devastation and slow progress on the ground. Rival security actors and the lack of a unified administration remain the main obstacles for progress. And this situation also greatly restricts humanitarian action. I therefore continue to appeal to all those feeling challenged, the federal and Kurdish authorities in particular. Indeed, it is high time to put aside partisan interests to bridge differences and to place – without further delay – the needs of the people first.

Madam President, turning to the economy

The government is increasingly recognizing the urgency of reform, notably in broadening the revenue base beyond hydrocarbons, and increasing the role of the private sector in areas ranging from infrastructure development to job creation.

Discussions at the senior-most levels focus on enhancing governance, better managing oil revenue, protecting the investment environment from corruption and reforming the banking sector to pave the way for more foreign direct investment and public-private partnerships. That is good as all this is becoming more urgent, especially as a higher budget deficit looms with rising expenditures and oil price volatility. Within this context, we encourage the Iraqi government to accelerate its structural reform, fostering macro-economic and financial stability as well as promoting sustainable, inclusive growth.

Now, in terms of regional politics, Madam President, we continue to operate in a perilous context, yet, the Iraqi leadership must again be commended for its unwavering commitment to multilateral diplomacy. With great dedication, Iraqi leaders are tirelessly engaging regional and international actors to ensure that their country is a meeting ground for stability and not a venue for proxy conflicts. And how right they are. With this in mind, we should be lucid and recognize that current tensions could well deal a huge blow to all national and international endeavours to rebuild a stable and prosperous Iraq. So, we must spare no effort in avoiding this prospect.

I am also very encouraged by the government’s determination to bring all armed actors under state control. Recent orders have been met with broad support across the political spectrum – good news – but we are in the early days of implementation, and the next phase will prove crucial. Clearly, zero tolerance for any armed actor outside state control is the way forward.

And yes, it’s very true that further work on Security Sector Reform will be necessary: an effective, efficient and financially sustainable security sector is critical to protect Iraq against existing and emerging threats. With the Ministers of Interior, Defence and Justice in place, I sincerely hope that the government will now speed up the reconfiguration of its national security architecture – in terms of structure, capabilities and resources.

Also important is the rapid enactment of the Joint Security Mechanism. It will pave the way for joint operations along disputed boundaries. Inadequate coordination will continue to give ISIL a margin of manoeuvre. In other words: enhanced operational performance on the ground between federal and Kurdish regional forces is not a nice to have but a necessity.

Madam President,

Within the context of domestic security, I would like to commend the bravery of Iraqi security forces. In the aftermath of ISIL’s territorial defeat, they continue to hunt down remaining ISIL fighters – for example within the framework of Operation Will of Victory, carried out throughout the country in the past weeks.

The issue of returning ISIL fighters, including their family members, from Syria to Iraq continues to pose major challenges. Unfortunately, as of this time, we still have no clarity on numbers, start date, screening/security arrangements and/or hosting facilities upon return. As I have stressed before, if not suitably addressed, this issue has the potential to impact not only Iraq but also the wider region – and far beyond.

Now, also important to note, is the fact that issues of due process and accountability cannot be limited to the courtroom only. And a structured dialogue is required to precisely define how the government of Iraq will handle this process, which will in turn inform the modalities of UN assistance.

I would also like to emphasize the paramount importance of robust safeguards for detention, due process and fair trials. Complying with human rights obligations does not only demonstrate commitment to justice and accountability, it is also in my view a necessary building block for reconciliation and social cohesion. What is more, it would reduce the risk of history repeating itself. We are well aware that a variety of grievances – including unfair trials and detainee abuse – have been exploited by ISIL to fuel its violent agenda. And whether we like it or not: at this moment in time, too many communities continue to feel marginalized. As a consequence, many people remain vulnerable to extremist messaging.

For me, this is one of the most important reasons…to establish a permanent presence in Mosul, and I am pleased to report that our Mosul office will open its doors in early September.

Madam President,

Unfortunately, as discussed before, rampant corruption is not being wiped out at once. And as I said last time: achieving tangible results is crucial. A recent call to lift the immunity of Members of Parliament accused of corruption, could be a move in the right direction. But again, the final result is what ultimately matters.

On the elections, the Iraqi Council of Representatives recently amended the Governorate Elections Law. And I have to say that certain provisions are of great concern, possibly leading to the disenfranchisement of many – otherwise – eligible voters. Also, the transparency and accountability of electoral institutions and processes are not sufficiently guaranteed at present.

Now, while these elections – expected in April 2020 – are critical and overdue, I have made it clear that free, fair and credible elections are key to the revival of public trust. In other words: UNAMI will continue to highlight the importance of guaranteeing the right of universal suffrage and the need for transparency and accountability of electoral institutions and processes. All key to inclusiveness and credibility of these elections.

Now, Madam President,

With your permission, I would now like to turn to the issue of missing Kuwaiti, third-country nationals and missing Kuwaiti property, including the national archives.

I am pleased to report a (significant) breakthrough. Some samples of human remains, exhumed last March from a burial site in Iraq’s Muthanna governorate, have now been confirmed as belonging to some of those Kuwaitis we have been seeking. DNA analysis is continuing on further human remains. I can also confirm that, earlier today, over 40.000 Kuwaiti books belonging to the Amiri and National Archives were handed over by the Government of Iraq to the Kuwait authorities.

Now, as always, I would like to commend, within this context, the ongoing constructive cooperation between Iraq and Kuwait under the aegis of the International Committee of the Red Cross, with the invaluable assistance of the Tripartite Commission.

I truly hope that the recent discoveries will finally bring some relief to the families of the missing, to whom we extend our deepest sympathies.

Now, Madam President, in closing, a few more words,

I would like to underline that Iraq’s daunting challenges did not arise overnight, nor are they solely the product of Iraqi actions. As such, they will not be resolved tomorrow. In other words: Iraqis must press ahead in unity and with an engaged international community at their side.

Thank you very much.

Uniraq.org

Gold is heading towards its biggest monthly gain in 3 years

Arabic and International

Economy News _ Baghdad

Gold edged up slightly on Friday, heading for its biggest monthly gain in more than three years as bets on safe havens strengthened, amid concerns about slowing global growth and hopes central banks around the world will cut interest rates.

The spot price of gold at 06:37 GMT, up 0.2 percent to $ 1530.60 an ounce, heading for gains of more than 8 percent for the month, will be the largest since June 2016.

US gold futures rose 0.3 percent to $ 1,540.80, according to Reuters.

“This is just a technical recovery,” said Vandana Bharti, associate vice president of commodity market research at SMC Comtrade. People see gold as a truly safe haven… and use every retreat as a buying opportunity. ”

Silver rose 0.8 percent in spot trade to $ 18.39 an ounce, after last Thursday hit a peak not seen since April 2017. The metal is on its biggest monthly gain since June 2016.

Platinum rose 1 percent to $ 925 an ounce, after touching its highest level since April 2018 in the previous session. The metal is up more than 7 percent since the beginning of this month, and is heading for the biggest monthly gain since January 2018.

Palladium advanced 0.9 percent to $ 1,487.15 an ounce, but was down for the second month in a row.

http://economy-news.net/content.php?id=17606