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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