New Guides to Investment in Kurdistan Region of Iraq
they have a graphic and everything
The Kurdistan Regional Government (KRG) has issued two new guides to investment in the Kurdistan Region of Iraq (KRI):
- Doing Business In Kurdistan Region: This guide has been prepared to provide an overview of the KRI, it's economy and way of life, and introduces the financial, legal, and tax issues that are important for those considering doing business in the region. Click here to download.
- Investment Guide: This guide introduces the region to investors and highlights investment opportunities in several key sectors. Click here to download.
I perused the pdf's they are gorgeous Kurdistan has big plans
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Government approval of investment allocations in the 2023 budget
500 billion dinars for the projects of the poorest governorates fund.
1,000 billion dinars for Iraqi Development Fund projects.
50 billion dinars for Sinjar and Nineveh Plain reconstruction projects
2000 billion dinars for infrastructure construction projects in the governorates.
this is the podcast for the articles on this page
International Monetary Fund experts praise the actions of the Central Bank of Iraq
link they tweeted this also
The team of experts from the International Monetary Fund mission praised the measures taken by the Central Bank of Iraq during the current year in achieving monetary policy objectives, welcoming the progress made in terms of strengthening the domestic liquidity management framework. This came in a statement issued by the mission at the conclusion of its visit related to Iraq, which took place in the Jordanian capital, Amman. For the period 12-17 December 2023, stressing that the policies of the Central Bank of Iraq were able to control inflation rates, which declined from the peak they reached by 7% at the beginning of the current year to reach 4% by the end of the year, with its stability expected during the coming months, due to the policy. Tight monetary policy, raising the exchange rate of the Iraqi dinar against the dollar, and returning foreign trade financing to normal.
The Central Bank of Iraq clarifies that the monetary policy tools it adopted this year, especially increasing the policy rate from (4%) to (7.5%) and the mandatory reserve ratio from (15%) to (18%), contributed significantly to better management of local liquidity, and received attention. The International Monetary Fund mission is important in light of the current economic conditions.
This bank seeks to develop the interbank trading market with the aim of enhancing the process of transmission of the impact of monetary policy. The ongoing banking reforms and the development of the electronic payment system in coordination with the Iraqi government are among the basic requirements for providing support to revitalize the private sector and promote sustainable economic development.
The mission also praised the role of the Central Bank of Iraq for continuing to provide appropriate tools to finance foreign trade, and improving the compliance environment with requirements for combating money laundering and terrorist financing, which will contribute to achieving the objectives of monetary policy and greater financial and monetary stability in the country.Central Bank of Iraq
Media Office,
December 20, 2023
Document: The Iraqi Central Bank addresses banks to finance small merchants from Turkey with “euro”
Today, Wednesday (December 20, 2023), the Central Bank of Iraq addressed banks to finance small merchants from Turkey in the euro currency.
According to a document issued by the bank, obtained by “Baghdad Today,” “The Association of Iraqi Private Banks was approached to finance the imports of small merchants from Turkey using the euro.”
The text of the document stated: “With reference to the meetings that took place in Turkey in your presence for the period 11-28-30-2023, we hope that all banks wishing to regulate the imports of small merchants from Turkey will be informed by submitting their applications to the Central Bank of Iraq (Department of Investments and Foreign Transfers).”
The Central Bank of Iraq stipulated that “these banks attach a file on one of the specialized and reputable shipping companies that has branches in Turkey and Iraq, and has an electronic registration and tracking system.”
According to the document, “When the bank’s request is accepted, an agreement will be signed between the bank and the company that includes the obligations of each party, provided that the bank’s obligations include full responsibility for submitting all relevant documents from the commercial lists on the basis of which the amounts will be disbursed to Turkish exporters, bills of lading, and evidence.” Payment of customs duties in Iraq on these goods to the Banking Control Department upon request.
According to the document, “The Central Bank of Iraq will enhance the balance of the Iraqi bank in the euro currency in its account with its correspondent in Turkey for this purpose, provided that the shipping companies receive the amounts of imports from the Iraqi merchant in the Iraqi dinar currency and that payment in Turkey to the Turkish merchant will be in either the euro currency or the lira.” Turkish".
Dear Mr. Executive Director
Financing imports of small merchants from Türkiye
Greetings... With reference to the meetings that took place in Turkey in your presence for the period 11-28-30-2023, we hope to inform all banks wishing to regulate small merchants’ imports from Turkey to submit their applications to the Central Bank of Iraq, Investments and Foreign Transfers Department, provided that these banks attach a file About one of the specialized and reputable shipping companies that has branches in Turkey and Iraq, and has an electronic system for registration and tracking. When the bank’s request is accepted, an agreement will be signed between the bank and the company that includes the obligations of each party, provided that the bank’s obligations include full responsibility for submitting all relevant documents from the commercial lists that The amounts will be disbursed on the basis of this to the Turkish exporters, bills of lading, and proof of payment of customs duties in Iraq on those goods to the Banking Control Department upon request. The Central Bank of Iraq will enhance the balance of the Iraqi bank in euro currency in its account with its correspondent in Turkey for this purpose, provided that Shipping companies receive the import amounts from the Iraqi merchant in the Iraqi dinar currency, and payment is made in Turkey to the merchant
The Turkish currency is either the euro or the Turkish lira.
It says 1 of 2 but they only posted one page maybe later the other will appear
Saleh: The dollar exchange is a story that not many people know about, and the effects of the parallel market noise are 10%.
Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, explained that the policy of setting the exchange rate is affected by many factors, and the most important of these factors is the relationship between the Ministry of Finance and the Central Bank, noting that “the effects of exchange noise in the parallel market are 10%.”
Saleh said in a press statement, “The reality of the policy of setting the exchange rate is affected by many factors, and the most important of these factors is the relationship between the Ministry of Finance and the Central Bank. The exchange rate in Iraq is a story that many do not know about. It is essentially a contractual price between Finance and the Central Bank.”
He pointed out that the price is 1,320 Iraqi dinars per dollar, and this is the price approved in the budget and for all contracts and foreign transactions.
Therefore, the question is: Why should we fight "dollarization"? The Sudanese advisor wondered and pointed out that “dollarization” did not exist in Iraq before 1982. There was no use of foreign currency within the economy in buying and selling, contracts, transactions, etc., but the deviation of the Iraqi economy was due to the Iraq-Iran war, and the entry of the blockade later, and then The change that occurred after the year 2003 and economic openness made there two currencies, the national currency, and the currency of another country subject to a different monetary policy.
In light of this scene, Saleh saw that “holding a price system has become difficult, so one of the reasons for any country to respect its sovereignty is that there should not be two currencies within the economy, as the foreign currency is intended to be used outside the economy, so it is not possible to consider the existence of a price in the dollar.” And the price in the dinar, one rises and the other falls, so no monetary policy can control such a situation, which is what prompted the monetary authority to intervene in the matter.”
The Sudanese advisor continued, “There are two things: the legacy of dealing in foreign currency and keeping it, and considering it as part of savings and a refuge for preserving value. This is a story that has been inherited since the eighties of the last century. It is not difficult to dismantle it overnight. Therefore, the extent of the success of monetary policy in this case remains, by financing... Foreign trade, 80% of which passes through the international compliance platform concerned with auditing transfers, is it really to finance Iraq’s foreign trade?
The Sudanese advisor pointed out, “Estimates of auction sales are around 45 billion dollars a year, and it is part of the foreign currency window. Approximately 15% is usually cash, and it is said that it is for simple travel needs, and the rest can be transferred via cards that people were not using, and which have now become possible.” “Use them, but on the condition that this process is regulated and not random.”
Regarding government measures to control the market, Saleh went on to say, “This is not propaganda, but rather that there are consultations by a high-level technical team in the Central Bank, and the American side is not arrogant, but rather they have principles that they are working on, as is the Iraqi Central Bank, and therefore There are ongoing understandings, but they take some time, and the most important thing is for the market to adapt and for banks to adapt to (Kyc), and for global compliance.”
my favorite article well maybe my favorite
An invitation from the Ministry of Finance regarding financing employee salaries
Today, Thursday, the Ministry of Finance called on the spending units of ministries, governorates, and unrelated entities to review the Accounting Department on Friday and Saturday to complete funding for employee salaries.
The ministry stated in a statement to Ward Earth News, “We call on the spending units of the ministries, governorates, and unrelated entities to visit the Ministry’s Accounting Department on Friday and Saturday, corresponding to 22-23 December, for the purposes of completing funding for employee salaries, in accordance with the directives of the Minister of Finance, Taif Sami Muhammad.” .
According to the statement, the Minister of Finance directed that the employees of the departments concerned with conducting financing continue to work during official holidays without interruption until the end of the current year.
Including the digitization of the tax system... 6 axes focused on by the third annual scientific conference
Today, Wednesday, the Financial and Accounting Training Center announced the holding of the third annual scientific conference on the challenges of reform and the move towards the digital economy, while noting that the conference focused on six axes.
Director of the Financial Center, Ahmed Al-Dahlaki, said at the annual international scientific conference held under the patronage of the Minister of Finance, and attended by the Iraqi News Agency (INA) correspondent: “The third annual scientific conference aims to move towards the digital economy, which is held under the patronage of the Minister of Finance and under the slogan of general financial reform.” Our path towards economic prosperity, in cooperation with the College of Management and Economics, Al-Mustansiriya University, the Administrative Technical College in Baghdad, the Central Technical University, the College of Business Economics, Al-Nahrain University, and the Higher Institute of Accounting and Financial Studies, University of Baghdad, with support from the Central Bank of Iraq, the National Investment Authority, the General Customs Authority, the Tax Authority, and the House of Wisdom for Training and Consultations. Stating that “the conference will be held for the period from 20-21 December of this year at the Financial and Accounting Training Center.”
He explained, “The conference comes in line with the reform approach in the financial sector adopted by the government within the framework of the ministerial curriculum and the government program through restructuring the general budget, managing public money, and laying the foundations for a gradual shift towards budgeting programs and performance, reforming the tax and customs system, controlling border crossings, and maximizing public revenues.” Non-oil projects and adopting a governing vision to limit borrowing to investment and service projects, as well as improving the investment environment and reforming the banking system in a way that provides a real effective base for advancing the Iraqi economy and stimulating investment.”
He added, “The scientific conference focused on six axes, the first included reform and digitization of the tax system, the second axis was developing the customs system and border crossings, while the third axis included the requirements for reforming the state’s general budget, while the fourth axis dealt with public debt management, and the fifth axis highlighted Light on public investment, and the sixth axis: coordination between fiscal and monetary policies.
Regarding the objectives of the conference, Al-Dahlaki pointed out that “the conference aims to evaluate the tax system and enhance its role in maximizing public revenues and identify the obstacles facing the customs system and border crossings and the requirements for its reform, in addition to adopting modern trends in preparing the state’s general budget and restructuring it and determining the requirements of the investment framework.” “General and its role in economic and social development, in addition to highlighting mechanisms for reducing the conflict between fiscal and monetary policies.”
Economic reform in the Prime Minister’s vision and governmental approach
Prime Minister Muhammad Shiaa Al-Sudani said last week while answering questions from attendees of the “Beston Talk” program on Rudaw TV that economic reform begins with financial and banking reform, stressing that the government’s economic vision is based on an accurate diagnosis of the obstacles and challenges of economic reform, which has not been achieved since 2003 due to... The banking and financial sector has not witnessed any real reform process for two decades because without a sound financial and banking sector it is not possible to build a sound national economy.
Therefore, the vision of the Prime Minister for comprehensive and radical economic reform comes in line with what was stated in more than 12 axes examining economic reform, the details of which were included in the government curriculum, which were emphasized and considered among the priorities that must be implemented.
What concerns us here is what is stated in the twelve axis (financial and banking reform) and paragraphs (1, 2, 3, 4, 5, 6 and 7) thereof, which clearly and accurately state that (financial and banking reform provides a real and effective basis for the advancement of the Iraqi economy and stimulating investment through restructuring and mechanizing government banks, reconsidering their work and stimulating... Private banks and empowering them to be able to support investment and development in a real way) and that the Prime Minister’s vision focuses on the importance of the financial and banking sector so that it occupies within the financial structure of the economy a vital position in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform and that The measures that the Central Bank is currently taking in high coordination with the support of the government to implement its new comprehensive strategy to reform, develop and classify banks according to several axes, the most prominent of which is the completion and implementation of projects for the transformation from a cash economy to a digital economy and a cashless society and the development of national payments systems by establishing the National Payment Systems Company, which will undertake the development and operation of systems. Payments are under the supervision of the Central Bank, launching a financial inclusion strategy, working to adhere to international standards for the global financial system, focusing on regulating foreign trade financing, opening accounts for Iraqi banks with correspondent banks, controlling foreign transfers, and opening dealings in other foreign currencies in addition to the US dollar, as well as drawing up a national lending plan to be approved. New mechanisms for organizing the granting of loans for the development of small and medium enterprises in accordance with the Prime Minister Riyada’s initiative to employ young people and qualify them to choose their projects, relying on the banks’ own financial capabilities and attracting deposits to provide liquidity and invest them in accordance with the instructions of the Central Bank.
Directing the small and medium enterprise financing initiative towards the economic and productive sectors that have the greatest impact on contributing to development. Establishing Riyada Bank, creating a loan guarantee company, activating the work of the deposit guarantee company, and amending its internal system in a way that enhances confidence in the banking sector. Continuing the procedures and using monetary policy applications to control the exchange rate and reduce the gap between the official rate and the black market rate, which has begun to narrow towards reaching the targeted and balanced exchange rate.
Referring to the Prime Minister’s assertion that the government cannot accept that the official exchange rate be equal to the black market rate. All of this indicates that the many services provided by the banking system in developed countries have enabled these countries to achieve the progress and economic growth they have achieved. The solidity of the banking structure has become one of the necessities of building a prosperous economy that adopts modernity and sound sustainable development systems. The development of banking habits and awareness of the importance of developing banking facilities in a way that secures the building of the national savings base and develops the financial resources necessary to build the economy have become among the priorities of decision makers.
Therefore, the soundness of the banking system and the mobilization of sound decisions in the field of economic policies towards developing and modernizing banking systems ensures achieving momentum in the world of real and financial investment, which revitalizes the financial and monetary markets, leading to attracting foreign capital in search of profit, which requires the government and the central bank to take measures. It is necessary to fortify and strengthen local banking systems in a way that makes them capable of facing the challenges of transferring capital to and from abroad without causing money laundering or foreign exchange smuggling operations, and thus increasing the profitability of financial and banking institutions and enhancing the structure of the gross domestic product. This is what the government and the Central Bank are currently active in doing. It is, in fact, a new reformist economic vision and thought to harness all capabilities and energies in order to achieve it in the next stage.
His office: Al-Sudani follows up “Iraq’s interface” with International Finance
Today, Thursday, Iraqi Prime Minister Muhammad Shia al-Sudani chaired a meeting that included a delegation from the International Finance Corporation/IFC, a member of the World Bank Group, to follow up on the agreement signed with the institution to rehabilitate and develop Baghdad International Airport.
This was mentioned by his media office in a statement received by Shafaq News Agency, adding that Al-Sudani confirmed, during the meeting, that the interest in developing Baghdad International Airport, which represents Iraq’s interface with the world, comes within a comprehensive vision adopted by the government to develop all airports and improve their services, as well as the direction Towards diversification of transport routes and connectivity with all parts of the world.
According to his office, the agreement, which Iraq signed last September, includes supporting the International Finance Corporation by providing consultations in the field of developing the role of the private sector, and providing an integrated investment portfolio that includes how the international airport will be expanded, financed, operated and maintained, and make it compatible with international standards for airports. In the world, through one of the specialized international companies.
The statement indicated that the International Finance Corporation has pioneering experiences in the region and the world in the field of airport rehabilitation, as it previously supervised the development and expansion of the most important airports in the Kingdom of Saudi Arabia and Turkey, as well as Queen Alia International Airport in the Jordanian capital, Amman.
The Center for Banking Studies holds its first annual conference
Today, Wednesday, the Center for Banking Studies at the Central Bank of Iraq organized its first annual conference, which carried the slogan “Sovereign Sukuks as a Tool for Financing Economic Development Projects,” with local and Arab participation.
In its three sessions, the conference addressed the importance of sukuks as one of the tools for economic development and their legal aspects, as well as the practical steps for issuing sukuks, hosting the most prominent officials and experts in the Iraqi and Arab banking sector.
The conference was opened with a speech delivered by the Deputy Governor of the Central Bank of Iraq, Dr. Ammar Hamad Khalaf, on behalf of His Excellency the Governor, in which he pointed out the importance of the topic that was chosen for this conference, which coincided with the presentation of the draft Islamic Sukuk Law to the Iraqi Parliament two weeks ago, reviewing the center’s role and importance. In developing workers in the Iraqi banking sector.
The participants praised the role of the Central Bank of Iraq in holding this event because of its role in expanding the areas of financing and investment in accordance with the modern Islamic formulation. The conference concluded with a set of recommendations that emerged from the participating papers.Central Bank of Iraq
Information Office
20 - December - 2023
Finance approves the disbursement of differences in promotions and bonuses for officers and members of the Federal Police
Today, Thursday (December 21, 2023), the Ministry of Finance agreed to disburse the differences in promotions and bonuses for officers and members of the Federal Police.
According to a statement from the Federal Police Forces Command received by “Baghdad Today,” “With the follow-up of the Commander of the Federal Police Forces, Lieutenant General Saleh Nasser Al-Amiri, the Ministry of Finance obtained approval to disburse the differences in promotions and bonuses for officers and members of the command.”
He explained, "Disbursement will begin at the beginning of next week.
Al-Sudani: The path of development will create new opportunities that will enhance the economy of Iraq and the region
Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani stressed the importance of developing economic integration relations with Iran, while noting that the development road project will create new opportunities that will enhance the economy of Iraq and the region.
The Prime Minister’s Media Office said in a statement: “Prime Minister Muhammad Shiaa Al-Sudani received, today, Thursday, the Iranian Undersecretary of Foreign Affairs for Economic Affairs, Mehdi Safri,” noting that “Safri is visiting Iraq at the head of an Iranian technical delegation to discuss the participation of Iranian companies in projects.” path of development.
He added, "Safari conveyed to the Prime Minister the congratulations of the President of the Islamic Republic of Iran, Ebrahim Raisi, to the Iraqi government and people, on the occasion of the success of organizing the provincial council elections and the completion of this constitutional entitlement."
During the meeting, the Prime Minister pointed out "the importance of developing economic integration relations with Iran, and Iraq's openness to its regional neighborhood for greater communication and contribution to development projects, and confronting economic challenges, which will reflect positively on the stability of the region."
He stressed that "the vital development road project and the projects attached to it will pave the economic arena for closer cooperation and create new opportunities that enhance the economy of Iraq, and all neighboring countries and the region."
A parliamentarian reveals the obstacles to approving the oil and gas law
On Thursday, former member of the House of Representatives, Jassim Muhammad Jaafar, revealed the articles that the Kurdish parties object to in the oil and gas law, while confirming that the Kurdistan government continues to play games in order to disrupt the law.
Jaafar said, in an exclusive interview with the Maalouma Agency, that “the first objection was against the clause in which the National Marketing Company (SOMO) controls the operations of extracting, exporting and selling oil and gas,” noting that “all the articles to which the Kurdish parties object are not legal and constitutional, but rather In order to continue seizing the country’s wealth.”
He added, "The law stipulates that one general director controls the operations of extracting 100,000 barrels of oil per day," pointing out that "the Kurdish parties do not want to approve the law because it will end their share of general directors, which amounts to 10 directors out of 18 directors."
Jaafar added during his speech: “The Kurdish parties are exploiting the weakness of governments in order to obtain high percentages of money and oil and gas revenues, and the passage of the law will end all of these operations,” adding that “the Kurdistan government continues to play games in order to disrupt the oil and gas law.”
The oil and gas law is one of the issues that has sparked controversy between Erbil and Baghdad for many years, but it was agreed to approve this draft law between the two parties within the framework of a political agreement that led to the formation of the current government.
Member of the House of Representatives, Zahra Al-Bajari, had revealed in an interview with the “Al-Ma’louma” Agency, that “the Kurdistan region continues to smuggle oil abroad in several alternative ways to what it was in previous years,” while she confirmed that wherever money was found, corruption files existed in the departments that support the smuggling. "Oil."
Sudanese: Moving towards diversifying transport routes and connectivity with all parts of the world
Today, Thursday, the Prime Minister, Mr. Muhammad Shiaa Al-Sudani, chaired a meeting that included a delegation from the International Finance Corporation/IFC, a member of the World Bank Group, to follow up on the agreement signed with the institution to rehabilitate and develop Baghdad International Airport.
During the meeting, Mr. Al-Sudani stressed that the interest in developing Baghdad International Airport, which represents Iraq’s interface with the world, comes within a comprehensive vision adopted by the government to develop all airports and improve their services, as well as the trend towards diversifying transportation routes and connectivity with all parts of the world.
The agreement, which Iraq signed last September, includes supporting the International Finance Corporation by providing consultations in the field of developing the role of the private sector, and providing an integrated investment portfolio that includes how to expand, finance, operate and maintain the international airport, and make it compatible with international standards for airports in the world. Through one of the specialized international companies.
It is noteworthy that the International Finance Corporation has pioneering experiences in the region and the world in the field of airport rehabilitation, as it previously supervised the development and expansion of the most important airports in the Kingdom of Saudi Arabia and Turkey, as well as Queen Alia International Airport in the Jordanian capital, Amman.
This is a statement from social media:
Al-Sudani: Baghdad International Airport represents Iraq’s interface with the world and its development comes within the government’s vision
A Saudi company signs a contract to market, sell, install and maintain elevators in Iraq
Mayar Holding Company “Mayar” announced About the establishment of one of its subsidiaries " Gulf Elevators and Escalators Company Limited “GEEC” signed an exclusive agency contract yesterday, Tuesday, December 19, with MidPoint General Trade and Commercial Agencies Company “MidPoint Co Ltd”, in the Republic of Iraq to market, sell, install and maintain the company’s products of elevators and escalators, under a contract. Exclusive for three years.
The company explained, according to a statement issued today, Wednesday, that according to the contract, MidPoint Company for General Trade and Commercial Agencies “MidPoint Co Ltd” will market, sell, install and maintain Gulf Elevators and Escalators Limited’s products of elevators and escalators in all regions of the Republic of Iraq for a period of three years, indicating that The contract value is not specified.
MidPoint Company for General Trade and Commercial Agencies “MidPoint Co Ltd” markets, sells, installs and maintains Gulf Elevators and Escalators Limited’s products of elevators and escalators in all regions of the Republic of Iraq for a period of three years.
The company stated that the financial impact and the period over which it will be reflected will be positive in the long term, and it is expected that the financial impact on the financial results of Mayar Holding Company will begin as of the first half of the fiscal year 2024, indicating that there are no related parties.
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Iraqi crises: The minimum is equal to 5 grams of gold
link interesting they compared the salary to gold imo
The minimum wage is defined as: “the lowest amount of money a worker receives on an hourly, daily, weekly, or monthly basis by law.” Iraq adopts a monthly basis, with the minimum wage being 250,000 Iraqi dinars per month, which is equivalent to five grams of 22-karat gold only, according to the prices traded in goldsmiths’ stores.
Dr. Khudair Al-Fraijat, an academic and strategic expert, in contact with Al-Araby Al-Jadeed, believes that “the minimum approved by the Iraqi government does not achieve any level of sufficiency at all for those who receive it. Rather, it does not even achieve the subsistence level, in light of what the country is witnessing.” "The high cost of living and the rise in prices." Regarding whether he expects a decrease in the level of wages soon, Al-Freijat points out, “I do not expect the level of wages to decrease officially in the coming period, despite the decline in oil prices, the lack of annual revenues, and the high level of the annual budget deficit, but the problem lies in the availability of sufficient amounts in “The state treasury will continue to pay wages and salaries, especially since we are facing conflicting statements from officials, some of which confirm that the government will be unable to pay salaries two months from now, while others deny this.” Al-Fraijat asserts that “the current government, like its predecessor, does not have a clear economic philosophy that helps it make optimal use of natural, material, and human resources.
While the Iraqi economy depends on oil rentier resources at a rate of approximately 97%, it is natural for it to be exposed to fluctuations related to global oil prices.” Regarding the reason for the crisis that the Iraqi economy has reached despite the large revenues that entered Iraq in recent years, Al-Frejat confirms that this came “as a result of the great corruption that is widespread in all aspects of the state, which led to the destruction of the country’s economy, and this in turn led to the inability of the Iraqi state to maintain An acceptable income for Iraqi citizens.
The decline in the purchasing power of salaries in Iraq comes with the increase in unemployment and the dismissal of workers from public and private institutions. A member of the Baghdad Provincial Council, Farhan Qasim, announced in a press statement that “Baghdad Governorate gave 2,800 contract employees a choice between granting them a salary of 150,000 dinars per month for a period of 10 months, or granting them 250,000 dinars per month for a period of 6 months, provided that they are paid from Their actions after that.
Alaa Hamed, one of those concerned with this decision, in contact with Al-Araby Al-Jadeed, considers that “this decision is unfair to us, and we are suffering mainly from the lack of our monthly resources, in exchange for the increase in prices, especially food items and services,” and indicates that this “is happening.” While the Iraqi government began new procedures, through which it imposes fees for services that were provided free of charge to citizens. Hamed believes that "the decision to reduce our monthly wages to 150 thousand dinars exceeds even the minimum wage law that was approved last year, which set it at 250 thousand dinars per month." He continues: "It is not acceptable for the powerful to benefit from the budget surplus, while the budget deficit is intended to be covered from the pockets of the poor."
Parliamentary Services: 9 countries are preparing to enter the world of investment in Iraq
epresentative Baqir Al-Saadi confirmed on Thursday that there is a desire among nine countries to enter into vital investments in Iraq.
Al-Saadi said in an interview with Al-Maalouma, “Security stability has stimulated investment activity and attracted capital in most of the country’s governorates, which increases the chances of economic recovery and the creation of vital sectors that contribute to crystallizing objective solutions to many crises, including housing.”
He added, "The Sudanese government has actually called on 9 countries, including Arab ones, to invest in 3 vital sectors, most notably housing, while providing a safe environment and a climate that contributes to attracting capital," stressing that "the investment rate during 2023 is the highest after 2003."
He pointed out that "Iraq is focusing on strategic investments, especially with the launch of large development projects, most notably the Iraqi Development Road, and achieving great completion rates in the large Al-Faw port, which will create a greater investment climate in the coming years."
Iraq is distinguished by the diversity of investment opportunities available, especially housing, agriculture, industry and other industries.
5 Countries are in the process of supplying factories to Iraq
The Prime Minister's Advisor for Technical Affairs, Engineer Muhammad Al-Daraji, reported on Thursday that Iraq is in the process of agreeing with five countries to supply factories to Iraq.
Al-Daraji said in an interview followed by Al-Maalouma, that “there is a committee formed under the direction of Prime Minister Muhammad Shiaa Al-Sudani to implement a paragraph in the budget that stipulates granting the government sovereign guarantees in favor of importing production lines and agricultural equipment for the Iraqi private sector, indicating that this paragraph occurs for the first time.” .
He added, "The government is in the process of agreeing with the countries of Germany, Italy, Japan, China, and Spain, in addition to the Islamic Development Bank, to supply factories to Iraq in exchange for sovereign guarantees and to manage them by the private sector."
Al-Daraji pointed out, "This step is excellent for strengthening the Iraqi economy and changing its performance philosophy.
The Government Advisor Praises The IMF’s Expectations And Confirms The Stability Of Prices In Iraq
Today, Thursday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, commented on the optimistic expectations of the International Monetary Fund regarding the growth rate in non-oil gross domestic product in Iraq, and while announcing a decline in the annual growth rate of prices, he identified a factor that contributes to the stability of the general level of prices.
Saleh said, “According to what was announced by the statement of the International Monetary Fund expert delegation in its recent consultations with the official Iraqi side: it is expected that the growth rate in non-oil GDP will reach approximately positive 5%, and in our estimate that these optimistic expectations reflect great economic dynamism in movement.” The growth of the real and service sectors outside the oil sector, as a result of the renaissance of investment in the construction sector, infrastructure, digital services and various interconnected activities, which is an increase in growth equivalent to almost twice the growth of the population, which means it has positive effects on the prosperity of individual income because the growth is linked to the level of employment and use of human resources. And reduce unemployment rates.”
He added, “Price spikes may occur individually, but what concerns us is the stability of the general level of prices, so it is noted that the increase in growth in price rates is decreasing, as the annual growth rate of prices decreased from 7% last January to 3.7% last month.” November of this year compared to November of last year.”
Saleh continued, “On the other hand, the exchange rate in the unregulated market has not witnessed new rises. Rather, today it is in a gradual decline. The more regular the work of the compliance platform is and the more banks respond to anti-money laundering requirements in a transparent manner, the more transfers will increase through the external transfer platform, which is the responsible platform.” On meeting the private sector’s foreign currency needs by 85% to finance trade.”
He noted that “the needs of travelers are met through two ways: credit cards and cash dollars, and that private banks have imported cash dollars for themselves to meet the needs of their customers from their dollar accounts in amounts that have exceeded tens of millions of cash dollars in recent days, and they are continuing normally based on the regulations.” issued by the Central Bank of Iraq in this regard.”
He pointed out that “the commodity market has begun to be supported by a diversified commodity supply through the movement of additional government imports, especially food, medicine, building supplies and spare parts, all of which are supplied at a fixed exchange rate of 1,320 dinars per dollar, which is the factor that contributes to the stability of the general price level and counters market noise.” Illegal and irregular exchange accounts for only 10% of foreign currency circulation,” according to the official agency.
Christmas trees start at 2000 dinars.. Even the poor celebrate
Pictures from the holiday atmosphere
Gift shops in the Tuwayraj district of Karbala offer a “Christmas” tree and various gifts at reasonable prices, amid great demand ahead of Christmas, which has become a general occasion not limited to Christians, according to the city’s residents.
Abu Zahraa - a resident:
I love these days because they bring joy and renewed hope for the future, as they link the idea of the end with the beginning of a new year.
On the last day of the year, I gather with my brothers and sisters in the large family house, and the women make sweets and decorate the house with festive signs to spend beautiful times.
At the end of each year, I review the history of events and achievements, and I stand by my mistakes and try not to repeat them, and I set goals for the new year.
I wish everyone a happy year full of joys and delights, and may goodness spread to our people, our beloved country, and to the peoples of the entire world.
Durgham Al-Bahrani - gift seller in the women’s market:
Celebrating the birth of Jesus Christ is no longer limited to the Christian component, and in recent years families in the Hindiyah district have begun to pay attention to this occasion to celebrate, break the work routine, and look forward to a more beautiful new year than before.
Parents are keen to buy Christmas trees and decorate them, in addition to buying Santa Claus costumes, which children love so much.
Even low-income families celebrate New Year's Eve, and lovers exchange gifts.
Prices were high in previous years, and with the increase in demand and the multiplicity of origins, the price of Christmas trees decreased, ranging between 2000 - 130 thousand dinars, and we have sizes and prices that suit everyone.
Ali Al-Khafaji - owner of a gift shop:
Demand for purchases is good and increases as we get closer to New Year. Demand is not limited to families, as many young people buy gifts.
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