Iraqi Foreign Minister Fuad Hussein will lead a delegation to Washington next week to discuss the falling value of the dinar against the dollar and other issues facing the country.
The visit, announced by the Foreign Ministry on Friday, comes as Iraq's government faces mounting public anger over the rising cost of goods because of the drop in the dinar's value.
Protests have been held in Baghdad and southern cities to demand government action to stabilise the currency.
The official exchange rate fixed by the government is 1,470 dinars for one dollar, but the US currency is being sold for as much as 1,700 at street exchanges.
The economy and finance will be top of the agenda during Mr Hussein's visit to Washington on Wednesday and Thursday, Foreign Ministry spokesman Ahmed Al Sahaf told reporters.
“The high exchange rate of the dollar in Iraq and the possibility of co-operation and co-ordination with the American side in this matter will be discussed,” he said.
Mr Al Sahaf said the Iraqi delegation would include members of the financial and banking sectors, and would discuss “a number of issues of common interest based on the strategic framework agreement” with the US.
The visit was announced a day after US President Joe Biden held a phone call with Iraqi Prime Minister Mohammed Shia Al Sudani and reaffirmed Washington's commitment to Baghdad, according to a White House statement.
“The leaders discussed the Prime Minister’s economic agenda and plans to ensure that Iraq’s economy is delivering for the Iraqi people, policies the US is prepared to fully endorse,” the White House said.
It said Mr Biden welcomed the visit by Mr Hussein next week to further discuss these programmes.
Since the 2003 US-led invasion of Iraq, the country's foreign currency reserves have been housed at the US Federal Reserve, giving the Americans significant control over Iraq’s supply of dollars.
The Central Bank of Iraq requests dollars from the Fed and then sells them to commercial banks and exchange houses at the official exchange rate through a mechanism known as the “dollar auction”.
However, the amount of dollars released by the Fed has dropped sharply following increased US scrutiny of the final recipients of the funds, leading to the currency being quoted at higher rates by Iraqi traders.
Iraq also faces a problem of endemic corruption that has affected development, job creation and public services.
Jeanine Hennis-Plasschaert, the UN special representative for Iraq, told the Security Council on Thursday that while the Iraqi government had made progress on tackling corruption, “systemic change” was needed to solve the problem.
Iraq is ranked 157 out of 180 countries listed in Transparency International's Corruption Perceptions Index.
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Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
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Basquiat in Abu Dhabi
One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi.
The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier.
It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.
“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi.
Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
Off-roading in the UAE: How to checklist
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Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Business Insights
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- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Key Points
- Protests against President Omar Al Bashir enter their sixth day
- Reports of President Bashir's resignation and arrests of senior government officials
![A man holds a sign reading in Arabic: 'Depreciate the rate of the [US] dollar, or else!' AFP](https://www.thenationalnews.com/resizer/v2/RP6EKISD46G7UU2THVKMGONYZI.jpg?smart=true&auth=7303407b105f32a1a72777f9693808f49d393c514ba1e8be30af5d1a7a117a77&width=800&height=450)
