International Monetary Fund: We will continue to support the Central Bank of Iraq
The Governor of the Central Bank of Iraq met with the Executive Director of the International Monetary Fund, who confirmed that the Fund continues to support the Central Bank of Iraq.
Al-Alaq said, "The Central Bank of Iraq has taken a package of measures to reform the Iraqi banking sector and develop its work in line with international standards, which will reflect positively on Iraq's international trade and the national economy."
He added, "The Central Bank continues its measures in combating money laundering and terrorist financing, by taking a set of decisions that support these measures, which reflected positively on Iraq's ratings in this field."
In turn, the Executive Director of the International Monetary Fund, Dr. Mahmoud Mohieldin, "The International Monetary Fund continues to provide technical support to the Central Bank of Iraq in various fields."
Al-Sudani reveals a "preliminary discussion" with Erbil regarding the oil law and talks about the date of approving the budget
Iraqi Prime Minister Muhammad Shia' al-Sudani revealed today, Friday, the existence of a "preliminary discussion" with the Kurdistan Region regarding the legislation of a federal law for oil and gas. He also indicated that the draft budget law would be sent to Parliament "within days."
Al-Sudani said in an interview with (Sky News Arabia) that all outstanding problems between Baghdad and Erbil were included in the political agreement that resulted in the ministerial platform that the House of Representatives voted on.
He continued, "We are committed to implementing these obligations, the most important of which is the legislation of the oil and gas law."
The Iraqi prime minister indicated that there are "problems and differing points of view" regarding the law, and added, "Now everyone is convinced of the need to legislate it."
He explained that some believe that the oil and gas law is limited to the federal government and the Kurdistan Region, pointing out that the law includes all oil-producing provinces.
Al-Sudani revealed the existence of a "preliminary discussion" between the federal ministries of oil and the Kurdistani natural resources, noting that the discussion revolves around the existing draft of the oil and gas law.
And Al-Sudani indicated that the two ministries agree to build on the draft before presenting it to the Council of Ministers, after which it will be sent to the House of Representatives for a decision.
When asked about the date for approving the budget, the Prime Minister said that the general budget for the current year was formulated according to the government program that dealt with a number of files, including the exchange rate.
And he added, "Within a few days, the budget will be presented to the Council of Ministers, and then it will be sent to Parliament."
The President of the Republic: We must expedite the budget legislation in Iraq
The President of the Republic, Abdul Latif Rashid, confirmed today, Friday, that Iraq has a pivotal role in the Arab region, and the government program has been welcomed by the Arabs and internationally.
Rashid said in a televised interview, which I followed (Baghdad Today), "We presented the government program in Arab and international forums, and it was welcomed at all levels," stressing, "We felt from Arab leaders, especially, a welcome to Iraq that has a pivotal role, and we need the help of regional countries to complete a project developmental Iraq.
Rashid added, "The recent elections in Iraq deepened the concepts of security and peace in the country, and that terrorism has ended in Iraq," pointing out that "the general budget legislation must be accelerated," noting that "the oil and gas law legislation will solve many problems between the center and the region."
Rashid renewed "solidarity with the Syrian and Turkish peoples following the devastating earthquake."
The continued fluctuation of dollar prices in Iraq amid ambiguity surrounding the "Washington talks"
About four days after the Iraqi government decided to reduce the exchange rate of the US dollar against the Iraqi dinar, and two days after the talks of the Iraqi delegation in Washington, the dollar prices did not stabilize in the Iraqi parallel markets. The rate adopted by the Central Bank of Iraq for the dollar against the dinar, which is 1,300 dinars for one dollar, led to a decrease in the price of the dollar to about 1,450 after it had reached 1,700 dinars to the dollar, which means that the difference in the parallel market remains from the official price.
The reason, according to observers, is related to the lack of clarity in the final results of the discussions being held in Washington by the Iraqi delegation, headed by Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein, and the Governor of the Central Bank, Ali Al-Alaq, with officials in the US administration.
Hussein and his American counterpart, Anthony Blinken, stressed during a joint press conference in Washington the importance of continuing the US-Iraqi relationship at all levels. During the conference, the Iraqi minister stressed, according to a statement issued by the Iraqi Foreign Ministry, the need to strengthen bilateral relations and joint coordination. The statement pointed out that "during the meeting, common views were exchanged on the most important issues related to bilateral relations," adding that Hussein praised "the United States' support for Iraq, and its continuous fight against (ISIS) gangs." He also stressed "the importance of benefiting from the experiences of the United States in various fields, especially the investment sectors, and the exchange of vital cooperation in developing monetary and financial policy," pointing to "the importance of joint work with the aim of building, developing and integrating Iraq's economy in the region." He referred to "mutual support and cooperation with major American companies at various levels."
In turn, Blinken stressed "the need to strengthen bilateral relations in light of joint coordination," expressing "the United States' readiness to cooperate and achieve the desired progress in joint relations." He pointed out that "the meeting with the Iraqi delegation came at an important moment to push the vitality of the Iraqi economy and enhance the envisioned integration with the economies of the region, and focus on energy and electricity files, to make a qualitative difference in the daily life of the Iraqi people." Blinken described that "all of the foregoing is based on the economic aspect of the strategic agreement between the two countries."
Hussein had confirmed in a televised interview in Washington that "the meetings at the US Treasury Department focused on monetary policy and the banking field, and how to deal with some countries that are subject to US sanctions," in reference to Iran. He added, "US officials have expressed their understanding of Iraq's problems and support for Iraq's monetary policy," noting that the Iraqi government has "a clear plan to diversify the Iraqi economy, in addition to encouraging the private sector and building the agricultural and tourism sectors." On the issue of gas, Hussein explained that "the meetings witnessed a discussion about the assistance of US companies and the US government to Iraq in this field," noting that "communication with the World Bank and the Monetary Fund continues."
In the same context, the spokesman for the Iraqi Foreign Ministry, Ahmed Al-Sahhaf, confirmed, in a statement yesterday (Friday), that Hussein met, and his accompanying delegation, the US Deputy Secretary of the Treasury, Wali Adimo, Assistant Secretary of the Treasury Elizabeth Rosenberg, and senior ministry officials concerned with Iraq and the Middle East, pointing to During the meeting, issues of common interest and bilateral cooperation between the two countries were discussed. The Iraqi delegation referred, according to the statement, to “the measures of the government and the central bank in developing and reforming monetary policy, and the government’s priority in promoting investment and trade, diversifying energy sources, and facing current challenges at the monetary and banking levels, and what these measures reflect in terms of reforming the banking system by combating corruption and money laundering.” And the importance of continuing technical meetings between specialists in this aspect ».
In light of the hazy results so far of the results of the Iraqi-American talks in Washington, the head of the Center for Political Thinking, Dr. Ihsan al-Shammari, believes in a statement to Asharq Al-Awsat that "the American emphasis on Iran will escalate the mission of the Iraqi delegation in Washington." He added, "With the escalation of the opinion of hardliners towards Iran in Washington by not giving Iraq any flexibility and entering this within the circle of conflict between Republicans and Democrats, the task of the Iraqi delegation in front of the US federal intransigence will be difficult in its political aspect."
The CIA has a "hotline" for dollar-related crimes
My brother citizen *** My sister citizen
------------------
Be up to the responsibility and contribute with us by applying the procedures of the Central Bank of Iraq to maintain the stability of the exchange rate of the dollar against the Iraqi dinar
through Call the free hotline (144), which operates 24 hours,
to report
*****************
Currency smuggling
* Manipulating dollar exchange rates *
* Mobile money exchanges * * Unofficial
transfers *
Call And to reduce these crimes that harm the economy of our country
and the Federal Intelligence and Investigation Agency
Saleh's appearance: The central bank's packages will accelerate levels of meeting demand for foreign currency
The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed today, Friday, that the Central Bank's packages will accelerate the levels of meeting the demand for foreign currency, and he explained the reason for the difference in the exchange rate between the official and the price in the parallel market, indicating that the rise in the latter is artificial and based on false information. It is called "colored noise" and does not correspond to the strength of the financial situation.
Saleh said in a press interview, “There is a difference between the balance of the forces of supply and demand in the monetary market and the power of monetary policy intervention in this transitional phase by organizing the assets of foreign trade procedures, and meeting the financing needs in foreign currency on the part of the banking sector and in accordance with international compliance rules on the one hand. Accelerating with the passage of days, and among the emergency hunters of profit opportunities from speculators and crisis traders in the money market.
He added, “These people trade based on distorted or colored information that is circulated in gray markets to achieve fateful profits that take place at the expense of the legality of the procedures and arrangements that monetary policy follows in achieving stability in the general level of prices and work at the new official exchange rate, without realizing from them the importance of implementing the equation.” The strong power between the high foreign reserves and the strength of the Iraqi dinar, which officially settled at 1,300 dinars to one dollar.
And he added, “Because of the weakness of the regular market institutions in verifying the positive signs of the strength of the national economy and the strength of its reserves, which exceeded 115 billion dollars, the market is still affected by what is called in the economy (colored noise).”
He pointed out, “(colored noise) is an embodiment of distorted false information based on rumor to generate price noise and artificial deviations to achieve fatal or lightning profits at the expense of the effect on price stability itself without real awareness of two important things.”
He pointed out, “The first of these two things is the foreign commercial arm of the government that operates in accordance with international rules of trade and carries flexibility and a very high possibility in providing commodity supply at stable prices at any moment, and the second is the role of effective packages launched by the Central Bank of Iraq and which it is working on.” Monetary policy in accelerating the openness of levels to meet the demand for foreign currency, with the degree of progress of the banking system through transparent use of foreign trade financing documents for the private sector, so that conversion in foreign currency increases in accordance with the rules and provisions of international trade and international compliance controls.
Sudanese advisor reveals the reason for the difference in the price of the dollar between the official and the parallel
Today, Friday, the advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, revealed the reasons for the continued discrepancy between the official price of the dollar and its price in the parallel market, especially after the official reduction of dollar prices by the Central Bank.
Saleh said, in a statement to the official agency, followed by “Baghdad Today,” that “there is a difference between the balance of the forces of supply and demand in the money market and the power of monetary policy intervention in this transitional phase by organizing the assets of foreign trade procedures, and meeting the financing needs in foreign currency on the part of the banking sector and in accordance with the rules.” International compliance on the one hand, which is taking place at an accelerated rate with the passage of days, and among the emergency hunters of profit opportunities from speculators and crisis traders in the money market.
He added, "These people trade based on distorted or colored information that is circulated in gray markets to achieve fateful profits that take place at the expense of the legality of the procedures and arrangements followed by monetary policy in achieving stability in the general level of prices and work at the new official exchange rate, without realizing from them the importance of implementing the equation." The strong power between the high foreign reserves and the strength of the Iraqi dinar, which officially settled at 1,300 dinars to one dollar.
And he added, "Because of the weakness of the regular market institutions in verifying the positive signs of the strength of the national economy and the strength of its reserves, which exceeded 115 billion dollars, the market is still affected by what is called in the economy (colored noise)."
He pointed out, "(colored noise) is an embodiment of distorted false information based on rumor to generate price noise and artificial deviations to achieve fatal or lightning profits at the expense of the effect on price stability itself without real awareness of two important things."
He pointed out, "The first of these two matters is the foreign trade arm of the government that operates in accordance with international rules of trade and carries flexibility and a very high possibility in providing commodity supply at stable prices at any moment, and the second is the role of effective packages launched by the Central Bank of Iraq and which it is working on." Monetary policy in accelerating the openness of levels to meet the demand for foreign currency, with the degree of progress of the banking system in transparent dealing with foreign trade financing documents for the private sector, so that conversion in foreign currency increases in accordance with the rules and provisions of international trade and international compliance controls.
Sudanese advisor talks about "new economic thought" for Iraq
Today, Friday, the advisor to the Prime Minister for Investment Affairs, Muhammad al-Najjar, revealed the existence of a new economic thought adopted by the government, describing Iraq as a "jewel for investors."
Al-Najjar said in a televised interview, followed by (Baghdad Today), that "the meetings held by the Iraqi delegation, which arrived, on Wednesday, in Washington, focused on what he described as" the new economic thought of the Iraqi government, "noting that" the American companies that the delegation met "have interest to invest in Iraq.
Al-Najjar added, "Iraq and the United States are linked to a strategic agreement that many of its provisions are still (not activated properly), and he pointed out that" Baghdad and Washington want to increase the volume of investments in the fields of energy, electricity, technology, agriculture, and in the field of food production.
He continued, "The visits made by the Sudanese Prime Minister, Muhammad Shia'a, to neighboring countries and European countries come in the context of implementing the new policy that focuses on "economic ties that benefit all parties" and leads to Iraq's restoration of "its strategic role in this field."
While he described Iraq as a "jewel for investors", being "the only country that does not need feasibility studies to know whether the project will succeed or not, because the opportunity is ripe."
The CIA has a "hotline" for dollar-related crimes
My brother citizen *** My sister citizen
------------------
Be up to the responsibility and contribute with us by applying the procedures of the Central Bank of Iraq to maintain the stability of the exchange rate of the dollar against the Iraqi dinar
through Call the free hotline (144), which operates 24 hours,
to report
*****************
Currency smuggling
* Manipulating dollar exchange rates *
* Mobile money exchanges * * Unofficial
transfers *
Call And to reduce these crimes that harm the economy of our country
and the Federal Intelligence and Investigation Agency
Al-Sudani reveals a "preliminary discussion" with Erbil regarding the oil law and talks about the date of approving the budget
link this was in Kurdish news
Iraqi Prime Minister Muhammad Shia' al-Sudani revealed today, Friday, the existence of a "preliminary discussion" with the Kurdistan Region regarding the legislation of a federal law for oil and gas. He also indicated that the draft budget law would be sent to Parliament "within days."
Al-Sudani said in an interview with (Sky News Arabia) that all outstanding problems between Baghdad and Erbil were included in the political agreement that resulted in the ministerial platform that the House of Representatives voted on.
He continued, "We are committed to implementing these obligations, the most important of which is the legislation of the oil and gas law."
The Iraqi prime minister indicated that there are "problems and differing points of view" regarding the law, and added, "Now everyone is convinced of the need to legislate it."
He explained that some believe that the oil and gas law is limited to the federal government and the Kurdistan Region, pointing out that the law includes all oil-producing provinces.
Al-Sudani revealed the existence of a "preliminary discussion" between the federal ministries of oil and the Kurdistani natural resources, noting that the discussion revolves around the existing draft of the oil and gas law.
And Al-Sudani indicated that the two ministries agree to build on the draft before presenting it to the Council of Ministers, after which it will be sent to the House of Representatives for a decision.
When asked about the date for approving the budget, the Prime Minister said that the general budget for the current year was formulated according to the government program that dealt with a number of files, including the exchange rate.
And he added, "Within a few days, the budget will be presented to the Council of Ministers, and then it will be sent to Parliament."
Advisor to Al-Sudani: Iraq is a gem for investors and the country is in a new economic direction
Al-Najjar indicated that Iraq and the United States are linked to a strategic agreement that many of its clauses are still "not properly activated," and said that Baghdad and Washington want to "increase the volume of investments in the fields of energy, electricity, technology, agriculture, and in the field of food production."
On the new Iraqi economic orientation, al-Najjar said that the visits made by Prime Minister Muhammad Shia' al-Sudani to neighboring countries and European countries come in the context of implementing the new policy that focuses on "economic links that benefit all parties" and leads to Iraq's restoration of "its strategic role in this field."
And the prime minister's advisor continued that the new government has confirmed since taking the oath that it is a "government of achievement and services," and pointed out that the stage the region is going through has no longer tolerated "the old management method, whether economic or political... Everyone is heading towards an economic construction, starting with our neighbors and continuing." friendly and brotherly countries.
Al-Najjar described Iraq as "a gem for investors... as it is the only country that does not need feasibility studies to know whether the project will succeed or not, because the opportunity is ripe," adding, "We have a high number of consumers, we have lands, we have oil resources, in addition to Great human resources.
And about whether the security situation in Iraq provides a safe environment for investment, al-Najjar said, "Most of the countries or the investing brothers who came to Iraq have noticed the big difference in the security aspect and the stability that exists, even Baghdad has become, in the recent period, you rarely find control points" after the withdrawal army of cities.
He added that the Iraqi state is committed to the process of guaranteeing investments through the "Development of Iraq Investment Fund", for which a large and essential budget item has been set, through which we will seek to enter into partnerships with donor countries, sister countries, international banks and sovereign funds to expand the possibility of investment and develop development. economy in Iraq.
A high-ranking Iraqi delegation, headed by the Minister of Foreign Affairs and including the Governor of the Central Bank, Ali Al-Alaq, the Minister of Finance, Taif Sami, and officials in the Prime Minister's Office for Security Affairs, began a visit to Washington, on Wednesday.
The continued fluctuation of dollar prices in Iraq amid ambiguity surrounding the "Washington talks"
About four days after the Iraqi government decided to reduce the exchange rate of the US dollar against the Iraqi dinar, and two days after the talks of the Iraqi delegation in Washington, the dollar prices did not stabilize in the Iraqi parallel markets. The rate adopted by the Central Bank of Iraq for the dollar against the dinar, which is 1,300 dinars for one dollar, led to a decrease in the price of the dollar to about 1,450 after it had reached 1,700 dinars to the dollar, which means that the difference in the parallel market remains from the official price.
The reason, according to observers, is related to the lack of clarity in the final results of the discussions being held in Washington by the Iraqi delegation, headed by Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein, and the Governor of the Central Bank, Ali Al-Alaq, with officials in the US administration.
Hussein and his American counterpart, Anthony Blinken, stressed during a joint press conference in Washington the importance of continuing the US-Iraqi relationship at all levels. During the conference, the Iraqi minister stressed, according to a statement issued by the Iraqi Foreign Ministry, the need to strengthen bilateral relations and joint coordination. The statement pointed out that "during the meeting, common views were exchanged on the most important issues related to bilateral relations," adding that Hussein praised "the United States' support for Iraq, and its continuous fight against (ISIS) gangs." He also stressed "the importance of benefiting from the experiences of the United States in various fields, especially the investment sectors, and the exchange of vital cooperation in developing monetary and financial policy," pointing to "the importance of joint work with the aim of building, developing and integrating Iraq's economy in the region." He referred to "mutual support and cooperation with major American companies at various levels."
In turn, Blinken stressed "the need to strengthen bilateral relations in light of joint coordination," expressing "the United States' readiness to cooperate and achieve the desired progress in joint relations." He pointed out that "the meeting with the Iraqi delegation came at an important moment to push the vitality of the Iraqi economy and enhance the envisioned integration with the economies of the region, and focus on energy and electricity files, to make a qualitative difference in the daily life of the Iraqi people." Blinken described that "all of the foregoing is based on the economic aspect of the strategic agreement between the two countries."
Hussein had confirmed in a televised interview in Washington that "the meetings at the US Treasury Department focused on monetary policy and the banking field, and how to deal with some countries that are subject to US sanctions," in reference to Iran. He added, "US officials have expressed their understanding of Iraq's problems and support for Iraq's monetary policy," noting that the Iraqi government has "a clear plan to diversify the Iraqi economy, in addition to encouraging the private sector and building the agricultural and tourism sectors." On the issue of gas, Hussein explained that "the meetings witnessed a discussion about the assistance of US companies and the US government to Iraq in this field," noting that "communication with the World Bank and the Monetary Fund continues."
In the same context, the spokesman for the Iraqi Foreign Ministry, Ahmed Al-Sahhaf, confirmed, in a statement yesterday (Friday), that Hussein met, and his accompanying delegation, the US Deputy Secretary of the Treasury, Wali Adimo, Assistant Secretary of the Treasury Elizabeth Rosenberg, and senior ministry officials concerned with Iraq and the Middle East, pointing to During the meeting, issues of common interest and bilateral cooperation between the two countries were discussed. The Iraqi delegation referred, according to the statement, to “the measures of the government and the central bank in developing and reforming monetary policy, and the government’s priority in promoting investment and trade, diversifying energy sources, and facing current challenges at the monetary and banking levels, and what these measures reflect in terms of reforming the banking system by combating corruption and money laundering.” And the importance of continuing technical meetings between specialists in this aspect ».
In light of the hazy results so far of the results of the Iraqi-American talks in Washington, the head of the Center for Political Thinking, Dr. Ihsan al-Shammari, believes in a statement to Asharq Al-Awsat that "the American emphasis on Iran will escalate the mission of the Iraqi delegation in Washington." He added, "With the escalation of the opinion of hardliners towards Iran in Washington by not giving Iraq any flexibility and entering this within the circle of conflict between Republicans and Democrats, the task of the Iraqi delegation in front of the US federal intransigence will be difficult in its political aspect."
The Ministry of Foreign Affairs reveals the details of the Iraqi delegation's meeting with the American Chamber of Commerce
Foreign Minister Fuad Hussein affirmed the government's readiness to provide facilities for investment companies in Iraq, while noting that the Iraqi government's priorities focus on building the economy, providing services, and developing the private sector.
A statement by the Ministry of Foreign Affairs said, "The American Chamber of Commerce hosted Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein and his accompanying delegation," noting that it "organized an expanded meeting of the American-Iraqi Business Council, which included a large group of specialized American companies in various fields."
The Chairman of the Council, Steve Lotus, stressed "the importance of Iraq and the investment opportunities available in it, and the emphasis on the participation of American companies in investment, and the image of strengthening and intensifying joint cooperation in various sectors."
In turn, the minister said in his speech during the session that "Iraq is open to foreign companies and provides the necessary facilities for investment in various fields, focusing on the importance of cooperation and strengthening bilateral relations in the economic aspect with the United States."
And he continued, "As the American side has previously provided assistance and support in the field of combating terrorism and eliminating ISIS terrorist gangs, and now we aspire to build and develop the Iraqi economy and move to the stage of economic cooperation," noting that "the purpose of the visit to Washington is to strengthen cooperation and economic partnership."
He stressed that "the priorities of the Iraqi government focus on building the economy, providing services, developing the private sector, and raising the level of income for the Iraqi citizen," noting that "the Iraqi economy depends heavily on oil and that the risks of dependence on oil through international prices require diversification of sources and resources and investment in various sectors." And the importance of focusing on the gas sector and its extraction, and for Iraq to be a self-sufficient and self-reliant country in the energy sector, and in particular in gas and electricity.
The minister reviewed the steps taken to implement the electrical connection with Jordan and the Kingdom of Saudi Arabia. He also indicated the importance of investment in the field of the agricultural sector, which is an important sector that includes great investment opportunities with the presence of basic resources. The tourism sector also represents a great investment opportunity for companies, as Iraq includes many holy shrines and places. Tourism, and therefore the development of infrastructure within this sector contains great opportunities for investment.
He stressed "the special nature of this visit of an economic nature to discuss ways to enhance cooperation in the field of energy, trade and development of the banking sector, as the American side was keen to cooperate in this aspect and to show full support through the outputs of the current meetings."
He stressed, "The Iraqi government's readiness to provide the necessary facilities to attract companies and the private sector to invest in Iraq by creating transparent legal and administrative mechanisms. He also reviewed efforts aimed at combating corruption and legislative procedures for enacting the oil and gas law and developing and reforming the existing banking and monetary system."
The statement added that "a group of specialized members of the delegation presented a review of existing investment opportunities and proposed projects."
Baghdad: We seek to pay the money owed to Russian companies
Iraqi Foreign Minister Fuad Hussein announced that Baghdad will not violate US sanctions and wants to discuss with Moscow ways to pay the money owed to Russian companies.
Hussein said during his visit to Washington: "We have a problem with payments. How can we pay Russian companies? This is a real problem."
He added, "This is a problem, because if we pay, our financial system must eventually work through the international system. There are many sanctions for dealing with the Russian side. Our financial and banking systems are linked to Europe, America and many others.
He said: "Financial dealings with Russia means opposing these sanctions. This means that we will create problems for our banking system. Of course our job and our responsibility is to protect our banks, the central bank and other banks."
He added, "We are discussing these matters with the American side. But we know that this is not that easy. As I said, our priority and our first task is to protect our banks. When we return to Baghdad, and if the Russians want to discuss these matters, we will explain to them why that is difficult for us."
He continued, "If we can reach an agreement with the Russian side in order to protect our banking system, and we will do so, because we understand that we have to pay the Russians. The question is when will we do that, and when will we discuss it with the Russians."
He pointed out that Moscow and Baghdad have strong relations, and that Russian business is widely represented in Iraq.
He continued, "As you know, we have many Russian companies, especially in the oil fields in Iraq, that have been operating for a long time, and we have good historical relations with Moscow."
He pointed out that cooperation between Russia and Iraq in light of the sanctions against Moscow was discussed during the recent visit of Russian Foreign Minister Sergey Lavrov to Baghdad.
Hussein from Washington: The budget has been completed and sent to parliament within 3 weeks
Hussein said in a press statement on the sidelines of his visit to Washington: "The preparation of the draft budget has been completed, and will be sent to Parliament within the next three weeks."
Regarding the relations between Erbil and Baghdad, he indicated that they are "very good", and the problems that exist between them "we are seeking to find solutions to them."
He added, "The oil and gas problem between Erbil and Baghdad will be resolved through the issuance of an oil and gas law," stressing the need to solve this issue within 6 months.
"We cannot rely on oil revenues only, and we have a plan to pay more attention to gas.
" And gas, "a delegation from the Kurdistan Regional Government will visit Baghdad in the near future," according to the foreign minister.
The Governor of the Central Bank of Iraq meets the Executive Director of the International Monetary Fund
During the meeting, aspects of bilateral cooperation were discussed to serve the interest of the Iraqi economy and monetary policy, as well as ways to develop the Iraqi banking sector.
For his part, His Excellency the Governor said: The Central Bank of Iraq has taken a package of measures to reform the Iraqi banking sector and develop its work in line with international standards, which will reflect positively on Iraq's international trade and the national economy.
He added: The Central Bank continues its measures in combating money laundering and terrorist financing, by taking a set of decisions that support these measures, which reflected positively on Iraq's ratings in this field.
In turn, the Executive Director of the International Monetary Fund, Dr. Mahmoud Mohieldin said that the International Monetary Fund continues to provide technical support to the Central Bank of Iraq in various fields.
It is noteworthy that His Excellency the Governor of the Central Bank, is currently visiting Washington, as part of an official government delegation, in order to start official talks with the US Federal Bank.
Media Office
10/2/2023
Iraqi dinar: What is the relationship between the price of the Iraqi currency and the "smuggling" of the dollar to
Iran?
Most Iraqi politicians supported the government's decision to reconsider the exchange rate of the Iraqi dinar against the dollar, although the move was criticized by opponents of the Iraqi prime minister, Muhammad Shia' al-Sudani.
On Tuesday, the Iraqi Council of Ministers decided to raise the value of the national currency against the dollar by reducing the price of the dollar from 1470 to 1300 dinars.
The value of the dinar fell against the dollar in recent months, as the price of the dollar reached about 1,800 dinars, and this led to Iraqis going out in demonstrations, calling on the prime minister to "reduce the price of the dollar."
Al-Sudani called on the Iraqis not to rush to buy dollars, and pledged that the Central Bank would take more measures in the coming weeks.
The Iraqi currency crisis began after the US Treasury Department deprived 14 Iraqi banks of the global bank transfer mechanism known as SWIFT in an attempt to prevent the smuggling of dollars to Iran
The smuggling of foreign currency to Iran has become so severe that the Iraqi Ministry of Interior announced less than a month ago the installation of X-ray scanners at the borders to deter dollar smugglers.
The Kurdistan Region of Iraq also joined the central government in this action.
The US restrictions and strict supervision reduced the amount of dollars offered in the currency market in Iraq and the rise in its exchange rate against the dinar on the black market.
One of the measures that the Americans insisted on was imposing restrictions on the daily auctions for the sale of dollars that Iraq gets from exporting oil.
The US central bank (the Federal Reserve) holds part of Iraq's foreign exchange reserves, which forced the Iraqi government to acquiesce in the US request to create an online system, whereby the final beneficiary of dollar purchases is identified before the transaction is completed.
In the wake of the application of US treasury restrictions and the continuation of the currency crisis, the head of the Central Bank, Mustafa Ghaleb, announced two weeks ago his inability to deal with this crisis and resigned from his post. In the aftermath, it was decided to raise the price of the Iraqi dinar against the dollar.
The new head of the Central Bank of Iraq hoped that the government's decision would ease the economic pressure suffered by citizens.
Various factions, including Iranian-backed militias, welcomed the move and some interpreted it as a blow to Muqtada al-Sadr and his popular base.
The effects of the decision to reduce the official price of the dollar to 1,300 dinars appeared on the black market for the dollar immediately, as the price of the dollar fell to less than 1,500 dinars.
Iraq is facing increasing economic problems in recent years, and the unemployment rate is on the rise, reaching more than 14 percent, especially among young people, as one out of every four young men is unemployed and looking for a job.
The meeting of the Iraqi delegation with the US Treasury: Mutual commitment to anti-money laundering measures
The meeting of the Iraqi delegation, headed by Foreign Minister Fuad Hussein, with the US Treasury, ended with an affirmation of mutual commitment between Washington and Baghdad to anti-money laundering measures.
A statement issued by the US Department of the Treasury, received by Shafaq News agency, said, "The US Deputy Secretary of the Treasury, Wali Adimo, the Iraqi Deputy Prime Minister and Foreign Minister Fouad Hussein, and the Governor of the Central Bank of Iraq, Ali Al-Alaq, discussed together the economic situation in Iraq and the government's plans to reform the economic sector." and financial.”
The statement added that the two parties stressed the importance of "mutual commitment to anti-money laundering and terrorist financing measures, and the continuation of bilateral economic relations between the United States and Iraq, which aim to strengthen the Iraqi economy."
In another aspect of the meeting, the two sides discussed "economic challenges in Iraq, including corruption, dependence on energy, and dollar exchange rate issues."
Al-Alaq from Washington: Our reform packages will reflect positively on Iraq's trade and economy
The Governor of the Central Bank of Iraq meets the Executive Director of the International Monetary Fund
The Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail, met with the Executive Director of the International Monetary Fund, Dr. Mahmoud Mohieldin, on the sidelines of his visit to Washington, DC.
During the meeting, aspects of bilateral cooperation were discussed to serve the interest of the Iraqi economy and monetary policy, as well as ways to develop the Iraqi banking sector.
For his part, His Excellency the Governor said: The Central Bank of Iraq has taken a package of measures to reform the Iraqi banking sector and develop its work in line with international standards, which will reflect positively on Iraq's international trade and the national economy.
He added: The Central Bank continues its measures in combating money laundering and terrorist financing, by taking a set of decisions that support these measures, which reflected positively on Iraq's ratings in this field.
In turn, the Executive Director of the International Monetary Fund, Dr. Mahmoud Mohieldin said that the International Monetary Fund continues to provide technical support to the Central Bank of Iraq in various fields.
It is noteworthy that His Excellency the Governor of the Central Bank, is currently visiting Washington, as part of an official government delegation, in order to start official talks with the US Federal Bank.
International Monetary Fund: We will continue to support the Central Bank of Iraq
The Governor of the Central Bank of Iraq met with the Executive Director of the International Monetary Fund, who confirmed that the Fund continues to support the Central Bank of Iraq.
And the Central Bank of Iraq said in a statement, “The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, met with the Executive Director of the International Monetary Fund, Dr. Mahmoud Mohieldin, on the sidelines of his visit to the American capital, Washington.
During the meeting, they discussed aspects of bilateral cooperation in a way that serves the interest of the Iraqi economy and monetary policy, as well as on ways to develop the Iraqi banking sector.
Al-Alaq said, "The Central Bank of Iraq has taken a package of measures to reform the Iraqi banking sector and develop its work in line with international standards, which will reflect positively on Iraq's international trade and the national economy."
He added, "The Central Bank continues its measures in combating money laundering and terrorist financing, by taking a set of decisions that support these measures, which reflected positively on Iraq's ratings in this field."
In turn, the Executive Director of the International Monetary Fund, Dr. Mahmoud Mohieldin, "The International Monetary Fund continues to provide technical support to the Central Bank of Iraq in various fields."
Governor of the Central Bank and Director of the International Monetary Fund discuss the development of the Iraqi banking sector
The Governor of the Central Bank of Iraq, Ali Al-Alaq, and the Executive Director of the International Monetary Fund, Mahmoud Mohieldin, discussed bilateral cooperation in the interest of the country's economy and monetary policy, and ways to develop the Iraqi banking sector.
This came during a meeting between Al-Alaq and Muhyiddin, in Washington, on the sidelines of his visit to the American capital, according to a statement received by Shafaq News agency.
It is noteworthy that the governor of the Central Bank is currently visiting Washington as part of an official government delegation, headed by Iraqi Foreign Minister Fuad Hussein, in order to start official talks with the US Federal Bank.
Al-Alaq said, during the meeting, that "the Central Bank of Iraq has taken a package of measures to reform the Iraqi banking sector and develop its work in line with international standards, which will reflect positively on Iraq's international trade and the national economy."
He added, "The Central Bank continues its measures in combating money laundering and terrorist financing, by taking a set of decisions that support these measures, which reflected positively on Iraq's ratings in this field."
In turn, Mohieldin stressed, "The International Monetary Fund continues to provide technical support to the Central Bank of Iraq in various fields."
Sudanese advisor talks about "new economic thought" for Iraq
Today, Friday, the advisor to the Prime Minister for Investment Affairs, Muhammad al-Najjar, revealed the existence of a new economic thought adopted by the government, describing Iraq as a "jewel for investors."
Al-Najjar said in a televised interview, followed by (Baghdad Today), that "the meetings held by the Iraqi delegation, which arrived, on Wednesday, in Washington, focused on what he described as" the new economic thought of the Iraqi government, "noting that" the American companies that the delegation met "have interest to invest in Iraq.
Al-Najjar added, "Iraq and the United States are linked to a strategic agreement that many of its provisions are still (not activated properly), and he pointed out that" Baghdad and Washington want to increase the volume of investments in the fields of energy, electricity, technology, agriculture, and in the field of food production.
He continued, "The visits made by the Sudanese Prime Minister, Muhammad Shia'a, to neighboring countries and European countries come in the context of implementing the new policy that focuses on "economic ties that benefit all parties" and leads to Iraq's restoration of "its strategic role in this field."
While he described Iraq as a "jewel for investors", being "the only country that does not need feasibility studies to know whether the project will succeed or not, because the opportunity is ripe."
The President of the Republic: We must expedite the budget legislation in Iraq
The President of the Republic, Abdul Latif Rashid, confirmed today, Friday, that Iraq has a pivotal role in the Arab region, and the government program has been welcomed by the Arabs and internationally.
Rashid said in a televised interview, which I followed (Baghdad Today), "We presented the government program in Arab and international forums, and it was welcomed at all levels," stressing, "We felt from Arab leaders, especially, a welcome to Iraq that has a pivotal role, and we need the help of regional countries to complete a project developmental Iraq.
Rashid added, "The recent elections in Iraq deepened the concepts of security and peace in the country, and that terrorism has ended in Iraq," pointing out that "the general budget legislation must be accelerated," noting that "the oil and gas law legislation will solve many problems between the center and the region."
Rashid renewed "solidarity with the Syrian and Turkish peoples following the devastating earthquake."
Fuad Hussein: The Americans understand Iraq's economic situation, and the meeting with them was fruitful
The Iraqi Foreign Minister, Fouad Hussein confirmed on Friday that there is a "clear understanding" on the American side of the steps taken by Iraq to reform the economy and monetary and financial policy.
Hussein said in an interview with the American "Al-Hurra" channel; Intensive meetings with US officials "focused on issues related to the economic situation and energy, including gas investment issues, and the issue of government assistance and US companies in this field."
The Iraqi Foreign Minister confirmed; He discussed climate change with the US special envoy for climate, John Kerry, pointing out that Iraq had proposed various projects and also a draft memorandum of understanding with the United States in this field.
Hussein described the meetings that took place in Washington with US officials as "fruitful and important," and spoke of "clear US support for government policy in the economic field."
He referred to meetings that took place with representatives from the US Treasury Department "regarding a set of understandings that we reached in the field of monetary policy, reform in the banking field, and how to deal with some countries subject to US sanctions."
He said, "There is a clear understanding by the United States of some of the issues we raised, and support for the discussions that took place between the central bank and treasury representatives."
He also stressed that the representatives of the Ministry of the Treasury "declared clearly that they understand our problems, and are trying to support the Iraqi monetary policy and the central bank's monetary policy," reassuring that "there is clear support from the Treasury for the current situation in Iraq."
The continued fluctuation of dollar prices in Iraq amid ambiguity surrounding the "Washington talks"
About four days after the Iraqi government decided to reduce the exchange rate of the US dollar against the Iraqi dinar, and two days after the talks of the Iraqi delegation in Washington, the dollar prices did not stabilize in the Iraqi parallel markets. The rate adopted by the Central Bank of Iraq for the dollar against the dinar, which is 1,300 dinars for one dollar, led to a decrease in the price of the dollar to about 1,450 after it had reached 1,700 dinars to the dollar, which means that the difference in the parallel market remains from the official price.
The reason, according to observers, is related to the lack of clarity in the final results of the discussions being held in Washington by the Iraqi delegation, headed by Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein, and the Governor of the Central Bank, Ali Al-Alaq, with officials in the US administration.
Hussein and his American counterpart, Anthony Blinken, stressed during a joint press conference in Washington the importance of continuing the US-Iraqi relationship at all levels. During the conference, the Iraqi minister stressed, according to a statement issued by the Iraqi Foreign Ministry, the need to strengthen bilateral relations and joint coordination. The statement pointed out that "during the meeting, common views were exchanged on the most important issues related to bilateral relations," adding that Hussein praised "the United States' support for Iraq, and its continuous fight against (ISIS) gangs." He also stressed "the importance of benefiting from the experiences of the United States in various fields, especially the investment sectors, and the exchange of vital cooperation in developing monetary and financial policy," pointing to "the importance of joint work with the aim of building, developing and integrating Iraq's economy in the region." He referred to "mutual support and cooperation with major American companies at various levels."
In turn, Blinken stressed "the need to strengthen bilateral relations in light of joint coordination," expressing "the United States' readiness to cooperate and achieve the desired progress in joint relations." He pointed out that "the meeting with the Iraqi delegation came at an important moment to push the vitality of the Iraqi economy and enhance the envisioned integration with the economies of the region, and focus on energy and electricity files, to make a qualitative difference in the daily life of the Iraqi people." Blinken described that "all of the foregoing is based on the economic aspect of the strategic agreement between the two countries."
Hussein had confirmed in a televised interview in Washington that "the meetings at the US Treasury Department focused on monetary policy and the banking field, and how to deal with some countries that are subject to US sanctions," in reference to Iran. He added, "US officials have expressed their understanding of Iraq's problems and support for Iraq's monetary policy," noting that the Iraqi government has "a clear plan to diversify the Iraqi economy, in addition to encouraging the private sector and building the agricultural and tourism sectors." On the issue of gas, Hussein explained that "the meetings witnessed a discussion about the assistance of US companies and the US government to Iraq in this field," noting that "communication with the World Bank and the Monetary Fund continues."
In the same context, the spokesman for the Iraqi Foreign Ministry, Ahmed Al-Sahhaf, confirmed, in a statement yesterday (Friday), that Hussein met, and his accompanying delegation, the US Deputy Secretary of the Treasury, Wali Adimo, Assistant Secretary of the Treasury Elizabeth Rosenberg, and senior ministry officials concerned with Iraq and the Middle East, pointing to During the meeting, issues of common interest and bilateral cooperation between the two countries were discussed. The Iraqi delegation referred, according to the statement, to “the measures of the government and the central bank in developing and reforming monetary policy, and the government’s priority in promoting investment and trade, diversifying energy sources, and facing current challenges at the monetary and banking levels, and what these measures reflect in terms of reforming the banking system by combating corruption and money laundering.” And the importance of continuing technical meetings between specialists in this aspect ».
In light of the hazy results so far of the results of the Iraqi-American talks in Washington, the head of the Center for Political Thinking, Dr. Ihsan al-Shammari, believes in a statement to Asharq Al-Awsat that "the American emphasis on Iran will escalate the mission of the Iraqi delegation in Washington." He added, "With the escalation of the opinion of hardliners towards Iran in Washington by not giving Iraq any flexibility and entering this within the circle of conflict between Republicans and Democrats, the task of the Iraqi delegation in front of the US federal intransigence will be difficult in its political aspect."
Cooperation between Iraqi Central Bank, US Department of Treasury ‘very good’: Iraqi FM
ERBIL, Kurdistan Region - Iraqi Foreign Minister Fuad Hussein said on Thursday that both the Iraqi Central Bank and the US Department of Treasury have excellent cooperation, adding that the recent devaluation of the Iraqi dinar against the American dollar was temporary.
Hussein, who led a top Iraqi delegation to Washington on Wednesday, held meetings with several US officials. He told Rudaw the next day that the meetings were with senior officials from the US Department of Treasury and Department of State.
“They all support the Iraqi government’s policy and the measures the Iraqi Central Bank has taken. There is very good cooperation between the Central Bank and the US Department of Treasury,” Hussein told Rudaw’s Diyar Kurda.
The Iraqi dinar had dramatically lost its value against the US dollar in recent months, attributed to corruption, smuggling dollars into Iran, and pressure from the United States. However, it rebounded earlier this week after Baghdad started distributing dollar at a lower price.
The Iraqi government has taken several steps to curb further devaluation of dinar and stabilise it. Hussein sad the recent devaluation was temporary.
Responding to Rudaw’s question, Ned Price, spokesperson for the US Department of State, said during a presser that “We are committed to expanding all facets of that bilateral relationship,” mentioning the fight against corruption as well as improving the private sector, jobs and public services.
Douglas Silliman, former US ambassador to Iraq, told Rudaw on Thursday that Washington has been trying to find ways to “get the Iraqi government to deal with Iran.”
“Iran has not been flexible and needs to be flexible, and it is using an inflexible position to force Baghdad to choose between the United States and Iran - the same is probably true of global transactions as well… I don’t see any reason that Washington should facilitate the transfer of dollar to Iran or to Russia because that’s against the interests of the United States,” he added.
The President of the Republic: The oil and gas law will be enacted soon
Yesterday, Friday, the President of the Republic, Abdul Latif Jamal Rashid, stressed the need to expedite the legislation of the 2023 budget to implement the contents of the ministerial program, pointing out that the oil and gas law will be enacted soon and will be a prelude to the agreement between Baghdad and Erbil.
The President of the Republic said, in an interview with Al-Iraqiya News: "The earthquake disaster is great," noting that "Iraq reacted to the tragedy and continues to provide humanitarian support to the Syrian and Turkish peoples."
Regarding the political situation in the country, Rashid explained that "the recent elections in Iraq deepened the concepts of security and peace and took place with international and regional acceptance," pointing out that "there is coordination, cooperation and a common approach between the political forces and a positive atmosphere, and the international community is interested in the stability of Iraq due to its economic role and great investment opportunities." .
The President of the Republic added, "There is an Arab welcome to Iraq's pivotal role in the region, and terrorism has ended, and we need regional and international support for Iraq's political, security, and development project," noting that "the government's ministerial program received international acclaim, according to what Prime Minister Muhammad Shia'a al-Sudani found during his foreign visits."
He stressed "the need to expedite the approval of the budget to implement the ministerial program and start strategic projects," adding that "the relationship between the federal government and the Kurdistan region is good and we support its strengthening, and the oil and gas law will be enacted soon and will be a prelude to the agreement between Baghdad and Erbil, and there is a tendency to solve the problem of Kirkuk and the areas covered by Article 140, and we are optimistic that solutions will be found."
Regarding the situation in the region, Rashid stressed that "there is seriousness between the two parties, the Kurdistan Democratic Party and the Patriotic Union, to solve the outstanding problems in the Kurdistan region, and the State Administration Coalition supports ending it, and we may conduct visits in support of the dialogues."
Regarding political differences, the President of the Republic considered that "the negative media and communication sites deepen the problems between the political forces and talk about security problems, while in reality 90% of Iraq's regions enjoy stability and there are no major security problems in them, and the media should focus on Iraq's stability and its development steps."
With regard to the water file, he stressed, "The upstream countries must provide fair water shares for Iraq and that good quantities flow to support the reality of agriculture in Iraq as well as the marshes. Irrigation networks in Iraq must be improved because the channels are not lined and cause a great waste of water," noting that "Iraq has Ambitious plans to build dams to store water and projects to stop waste
The 2023 budget may impose a “belt tightening” in expenditures
The government took advantage of the financial comfort as a result of the surplus of oil rents, so it was an opportunity to appoint and install more than 750,000 new employees. This comes at a time when the 2023 budget, which will reach Parliament soon, will break many numbers in allocations, and the deficit as well.
Parliamentary Finance indicated that changing the exchange rate may increase the budget deficit by no less than 10 to 15 trillion dinars, with the price of a barrel of oil remaining at around $70.
Committee member Jamal Cougar said, in an interview with “Al-Sabah”: “The financial management law does not allow the government to exceed the budget deficit of 3%, which in all cases does not exceed 15 trillion dinars, but the truth is that the deficit has reached more than 60%.” A trillion dinars before changing the exchange rate, and we expect that at least 10 to 15 trillion dinars will be added to this deficit,” explaining that the government “has two options, but not a third, either compressing expenditures and going towards deleting some paragraphs in the executive budget or the operational and investment budget.” Or accept an increase in the deficit from 60 trillion to 75 trillion.
And he believed that "the government should not borrow from local banks that owe it to it in the first place."
Regarding the government's internal debts, he said: "These banks are supposed to play the role that is synonymous with the role of the government because the latter can create job opportunities through projects through the investment budget, while banks can create job opportunities for the private sector by granting soft loans."
And he continued, "If the government tends to withdraw liquidity from these banks, it will burden it with increasing debts and loans and handcuffing the banks to create job opportunities, and thus the pressure will transfer to the government, which tended towards appointment."
Regarding the price of a barrel of oil, Cougar explained that "it will be in the budget estimates about $70, even with its low prices, and the government will have to withdraw from bank reserves as happened in previous budgets," pointing out that "the operational budget will be fixed, while the investment budget will change if it chooses." The government is compressing expenditures, and some projects may be transferred to a supplementary budget or subsequent budgets in the hope of higher oil prices.
Hussein from Washington: The budget has been completed and sent to parliament within 3 weeks
Hussein said in a press statement on the sidelines of his visit to Washington: "The preparation of the draft budget has been completed, and will be sent to Parliament within the next three weeks."
Regarding the relations between Erbil and Baghdad, he indicated that they are "very good", and the problems that exist between them "we are seeking to find solutions to them."
He added, "The oil and gas problem between Erbil and Baghdad will be resolved through the issuance of an oil and gas law," stressing the need to solve this issue within 6 months.
"We cannot rely on oil revenues only, and we have a plan to pay more attention to gas.
" And gas, "a delegation from the Kurdistan Regional Government will visit Baghdad in the near future," according to the foreign minister.
Baghdad: We seek to pay the money owed to Russian companies
Iraqi Foreign Minister Fuad Hussein announced that Baghdad will not violate US sanctions and wants to discuss with Moscow ways to pay the money owed to Russian companies.
Hussein said during his visit to Washington: "We have a problem with payments. How can we pay Russian companies? This is a real problem."
He added, "This is a problem, because if we pay, our financial system must eventually work through the international system. There are many sanctions for dealing with the Russian side. Our financial and banking systems are linked to Europe, America and many others.
He said: "Financial dealings with Russia means opposing these sanctions. This means that we will create problems for our banking system. Of course our job and our responsibility is to protect our banks, the central bank and other banks."
He added, "We are discussing these matters with the American side. But we know that this is not that easy. As I said, our priority and our first task is to protect our banks. When we return to Baghdad, and if the Russians want to discuss these matters, we will explain to them why that is difficult for us."
He continued, "If we can reach an agreement with the Russian side in order to protect our banking system, and we will do so, because we understand that we have to pay the Russians. The question is when will we do that, and when will we discuss it with the Russians."
He pointed out that Moscow and Baghdad have strong relations, and that Russian business is widely represented in Iraq.
He continued, "As you know, we have many Russian companies, especially in the oil fields in Iraq, that have been operating for a long time, and we have good historical relations with Moscow."
He pointed out that cooperation between Russia and Iraq in light of the sanctions against Moscow was discussed during the recent visit of Russian Foreign Minister Sergey Lavrov to Baghdad.
The Ministry of Foreign Affairs reveals the details of the Iraqi delegation's meeting with the American Chamber of Commerce
Foreign Minister Fuad Hussein affirmed the government's readiness to provide facilities for investment companies in Iraq, while noting that the Iraqi government's priorities focus on building the economy, providing services, and developing the private sector.
A statement by the Ministry of Foreign Affairs said, "The American Chamber of Commerce hosted Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein and his accompanying delegation," noting that it "organized an expanded meeting of the American-Iraqi Business Council, which included a large group of specialized American companies in various fields."
The Chairman of the Council, Steve Lotus, stressed "the importance of Iraq and the investment opportunities available in it, and the emphasis on the participation of American companies in investment, and the image of strengthening and intensifying joint cooperation in various sectors."
In turn, the minister said in his speech during the session that "Iraq is open to foreign companies and provides the necessary facilities for investment in various fields, focusing on the importance of cooperation and strengthening bilateral relations in the economic aspect with the United States."
And he continued, "As the American side has previously provided assistance and support in the field of combating terrorism and eliminating ISIS terrorist gangs, and now we aspire to build and develop the Iraqi economy and move to the stage of economic cooperation," noting that "the purpose of the visit to Washington is to strengthen cooperation and economic partnership."
He stressed that "the priorities of the Iraqi government focus on building the economy, providing services, developing the private sector, and raising the level of income for the Iraqi citizen," noting that "the Iraqi economy depends heavily on oil and that the risks of dependence on oil through international prices require diversification of sources and resources and investment in various sectors." And the importance of focusing on the gas sector and its extraction, and for Iraq to be a self-sufficient and self-reliant country in the energy sector, and in particular in gas and electricity.
The minister reviewed the steps taken to implement the electrical connection with Jordan and the Kingdom of Saudi Arabia. He also indicated the importance of investment in the field of the agricultural sector, which is an important sector that includes great investment opportunities with the presence of basic resources. The tourism sector also represents a great investment opportunity for companies, as Iraq includes many holy shrines and places. Tourism, and therefore the development of infrastructure within this sector contains great opportunities for investment.
He stressed "the special nature of this visit of an economic nature to discuss ways to enhance cooperation in the field of energy, trade and development of the banking sector, as the American side was keen to cooperate in this aspect and to show full support through the outputs of the current meetings."
He stressed, "The Iraqi government's readiness to provide the necessary facilities to attract companies and the private sector to invest in Iraq by creating transparent legal and administrative mechanisms. He also reviewed efforts aimed at combating corruption and legislative procedures for enacting the oil and gas law and developing and reforming the existing banking and monetary system."
The statement added that "a group of specialized members of the delegation presented a review of existing investment opportunities and proposed projects."
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