With a dollar bill... Deputy: The US Treasury is putting pressure on Iraq
Today, Sunday, the representative of the Fatah Alliance, Ola Al-Nashi, accused the US Treasury Department of obstructing the Iraqi government’s reforms in light of waving the economic card through the dollar file.
Al-Nashi told Al-Maalouma, “The economics file is more important than politics and what is happening in it, and it is the aspect that is focused on to thwart any government if it achieves successes and is able to get closer to the people.”
He added, "The government is required to take strong decisions against them in order to control the dollar crisis, noting that the American administration changed its sights towards the economic card after its failure in the soft war against Iraq."
Al-Nashi pointed out that “the rise in the dollar exchange rates in the local markets is a political file to put pressure on Muhammad Shiaa Al-Sudani.”
The dollar exchange rates are witnessing a significant increase in the Iraqi markets, as the price of one dollar has reached more than 152 dinars, amid fears that this rise will continue.
The dollar is falling in Baghdad, and traders are getting rid of large quantities for fear of a greater decline
Under 150 for the first time in months (read that as 1500 dinars per 1 dollar)
The exchange rates of the US dollar fell, this evening, Sunday, to below the level of 150 thousand dinars for each $100 note in the main stock exchanges on the Karkh and Rusafa sides of Baghdad, for the first time in months, with slight differences in the offices of the main exchange companies in Baghdad, at a time when the market is witnessing... Currency disturbance caused by abandoning large amounts of foreign currency for fear of a further decline in prices.
The last price offered on the Al-Kifah Stock Exchange, this afternoon, was 149,750 dinars for each note for large quantities of foreign currency, a price that had not been recorded for months in Baghdad.
Direct selling prices in the main exchange companies and their offices in Baghdad areas, this evening, ranged between 150,000 and 152,000 dinars per note, compared to purchase prices ranging between 149,750 and 149,000 dinars.
**so read that as 1497.50 and 1490 let's see what this week brings
Iraq.. Expectations of a decline in the dollar difference and a return to the official rate
link okaaaaaay we haven't seen these words in while... this is good article, maybe indicating a turnaround
Safwan said {to Al-Furat News} that: “The mechanisms of the Central Bank previously did not know who was requesting the dollar from the informal market, and after the legalization of the financial transfer process, the demand for the dollar in the informal market began to enter the electronic platform.”
He added, "Gradually, with the control of border crossings and the facilitation of ordering, I believe that the difference will recede and return to the official price."
Qusay added, “The Central Bank is now investing in spreading financial inclusion and investment by Iraqi banks and spreading (POS) at the sector and private levels,” stressing that “all government units are currently required to issue credit cards and that purchasing committees purchase from economic units that have (POS).”
He explained, "Controlling the movement of the dinar and knowing where it comes from and where it moves will help in commercial regulation and enhance the level of international investor confidence in financial procedures. We also have a file on money laundering and terrorist financing, and currently with the expansion of the circle of financial inclusion, we will be able to know where the dinar goes."
He concluded by saying, "There are 70 trillion Iraqi dinars outside the banking system, and when they enter this system, it will turn into a productive dinar, which is what the Sudanese government is seeking to achieve."
According to its sales schedule, the Central Bank of Iraq set the cash selling price (1305) dinars per dollar.
Iraq offers itself as a bridge to connect Asia with Europe and Africa via Internet transit
The Ministry of Communications announced, on Sunday, the approval of a number of transit projects linking the continent of Asia to the continents of Europe and Africa via Iraq, as it is a shortcut and safer route in the region.
The ministry’s media said, in a statement received by Shafaq News Agency, that “in order to enhance the vision and direction of the Ministry of Communications to invest in Iraq’s geographical location in international communications traffic, the Ministry’s opinion committee approved in its 139th session a new transit project linking the continent of Asia to the continent of Europe via Iraq, passing through Turkey, while Another transit project linking the continent of Asia to the continent of Africa via Iraq via Jordan was discussed and approved.
According to the statement, Minister of Communications Hiyam Al-Yasiri affirmed “the approach of the Iraqi government and the Ministry of Communications to benefit from Iraq’s strategic location and enter it on the official global map in a way that competes with communications traffic through other international corridors.”
Al-Yasiri stated that "the diversity of transit projects will enhance Iraq's ability to attract international companies to pass their buses through Iraqi territory as it is a shortcut and safer route in the region, as the Ministry worked to create a competitive environment and prepare the technical requirements necessary for the success of these projects and build confidence with international companies to attract them to adopt Iraq as a corridor." For its international communications, especially with the current security challenges that the region is going through.”
Foreign Minister: Iraq may adjust its financial budget for this matter
The Iraqi Foreign Minister said that his country may amend its federal budget to pay recovery and transit fees to international oil companies, in an attempt to restart an important oil pipeline a year after it was stopped.
Fouad Hussein told Bloomberg News, “Talks are ongoing between oil companies, the Iraqi government in Baghdad, and the semi-autonomous Kurdistan Regional Government to resume crude oil exports through Turkey. The pipeline closure has blocked about half a million barrels of crude oil from global markets.”
Turkey stopped flows through the pipeline - which transports oil from the Kurdish region in Iraq to the Turkish port of Ceyhan - in March 2023 after an arbitration court ordered it to pay about $1.5 billion in compensation to Iraq for transporting oil without Baghdad’s approval.
Long-standing dispute
The arbitration decision was the culmination of a long-standing dispute between Baghdad and the Iraqi Kurdistan region over the rights to collect revenues from oil sales.
Iraq is trying to resolve the dispute to strengthen relations with Turkey on issues ranging from trade to security ahead of the expected visit of President Recep Tayyip Erdogan to Baghdad on April 22. The main discussion centers on transportation and recovery fees, which the Iraqi minister says have a real cost of approximately $21 per barrel, compared to $6 in the budget.
Hussein said, on the sidelines of a diplomatic forum in the Turkish city of Antalya, “The best way is to make an adjustment in the budget, from $6 to what it is on the ground.” He added: "If we agree to amend the budget law, let us say that this will open the way for oil exports."
Iraq was exporting about 400,000 to 500,000 barrels per day from the northern fields, including the Kurdish region, through the currently suspended pipeline. The pipeline closure cost Iraq more than $7 billion in lost revenue over the past year, which Hussein described as a "huge loss."
Hussein refused to give an estimate of how long it would take to make the required amendment, which requires the support of Iraqi political parties, as well as the election of a new speaker of Parliament. But he said that Baghdad and the Kurdistan Regional Government had reached an understanding regarding the resumption of exports, and that the Turkish side had no objections.
Security cooperation between Baghdad and Ankara
The interview also stated:
Turkish Foreign Minister Hakan Fidan is expected to visit Baghdad this month to hold a second round of talks on security cooperation to prevent separatists from the Kurdistan Workers’ Party from using northern Iraq as a launching point to launch attacks on Turkey, as well as on Turkish forces inside Iraq.
Iraq and Turkey are seeking to persuade the Gulf states to help finance a trade route worth $17 billion extending from the port of Al-Faw in the Iraqi province of Basra to Turkey, and then to Europe. “We cannot finance it ourselves,” Hussein said. “The current situation in the Red Sea and Bab al-Mandab also proves that we need different ways to reach Europe.”
Red Sea tensions revive the trade line linking Egypt, Jordan and Iraq.
He added: “Internal security in Iraq is very good in general, but the entire security in the region is threatened by the war in Gaza,” referring to attacks in the Red Sea, as well as US air strikes in Iraq.
In response to a question about whether the recent visit of an Iranian delegation to Iraq had led to a clear cessation of militant attacks on American forces, Hussein said: “This is apparently the case.”
Regarding Iraq's previous request for the withdrawal of the remaining American military trainers and advisors, Hussein said that an Iraqi military committee held discussions with American officials more than a week ago and "will submit a report to the prime minister and political leaders. On the basis of its report, we will develop another plan."
The Iraqi Central Bank confirms to Shafaq News the provision of five foreign currencies as an alternative to the dollar for merchants
link this isn't new news not sure why they are re reporting it
The Central Bank of Iraq confirmed, on Saturday, that it has provided five alternative currencies to the dollar, for merchants to use in purchasing their goods from other countries using each country’s currency through the bank.
Deputy Governor of the Central Bank, Ammar Hamad, told Shafaq News Agency, “The Central Bank provided other foreign currencies to Iraqi merchants, which are (the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee).
He added, "These currencies have become available to merchants for the purpose of financing foreign trade. When a merchant imports goods from China, he can now pay the Iraqi dinar to the Iraqi bank, and through the bank, the amount will be paid to the Chinese company and factory in the Chinese currency."
Last week, the Central Bank of Iraq's total sales of hard currency in US dollars amounted to more than one billion dollars.
Shafaq News Agency correspondent stated that the Central Bank sold during the past week, and for a period of five days during which the auction was opened, one billion and 52 million and 796 thousand and 86 dollars, at a daily rate of 210 million and 559 million and 217 dollars, lower than what it recorded the previous week, when it amounted to one billion and 62. One million 587 thousand and 198 dollars.
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Parliament collects 150 signatures to pass the blocked laws
Although Parliament collected nearly 150 parliamentary signatures to put the stalled laws on the shelves for years, these efforts seem to clash with political consensus. Member of the Parliamentary Integrity Committee, Hamid Al-Shablawi, told “Al-Sabah”: “It is one of the most important legislations and laws that serve the country and segments of society and the return of state funds, in addition to those that limit corruption and enhance the role of supervisory authorities, including the state funds recovery law,” indicating that “ The Financial Supervision Law is an addition to these laws, as it allows the Financial Supervision Authority a broader scope of work.” Al-Shiblawi added, “The Council Presidency did not include important laws on the agenda, despite collecting signatures of up to 150,” expressing his hope that “the committee will take an active role in these legislations and within a broader course of oversight work.”
He explained, "Despite this, the hostilities continue at the level of ministers and general directors, and many large corruption files have been opened in the Integrity Committee pertaining to the Ministries of Electricity and Transport, the National Investment Authority, and files pertaining to the Ministries of Oil and Reconstruction and others."
Parliamentary optimism that 60% of the suspended laws will be approved 3/3
Despite the political crises that accompanied the current legislative session, which led to the delay in forming the government, optimism prevails in the atmosphere of the House of Representatives that the majority of the laws on the parliamentary table will be approved.
Representative Badriya Al-Barzanji explained, in an interview with “Al-Sabah,” that “the House of Representatives was affected by the political repercussions, and we have begun working on a schedule of laws that must be legislated,” adding that “the matter depends on the relevant committee and the extent of its activity and coordination with the Speaker of the House,” adding that “it is delayed.” Some laws take two months before being presented to the Council, but we are optimistic for the best during the first legislative term of the third year.”
Al-Barzanji continued, “There are laws that the government has withdrawn to make additions or amendments, and there are other laws that contain problems, and sometimes sessions are held for a long time and some laws are postponed,” indicating that “Parliament has a comprehensive schedule for all laws and we are trying to pass most of them, but the matter is related to the relevant committee.” its activity and efficiency.”
Al-Barzanji believes that “Parliament can complete more than 60 percent of the laws on the agenda.”
The Council is facing a new political crisis related to the election of its president, as many political blocs objected to the nomination of Shaalan Al-Karim for the position of President, while the Federal Court rejected the lawsuit to invalidate Al-Karim’s nomination for the position of President of the Council due to lack of jurisdiction.
American official: There is no plan for the international coalition to withdraw from Iraq
The American envoy to the international coalition to fight ISIS, Ian McCurry, said that there is currently no plan to withdraw forces from Iraq, indicating that the role of the coalition on the African continent is to develop local capabilities to confront the organization.
In a televised interview, Makari explained that Iraq is a founding country for the international coalition and plays a leadership role in it, stressing that the coalition benefits from the Iraqi experience in targeting the organization. Makari confirmed that there are bilateral discussions with Iraq in order to establish a permanent framework for security cooperation between the two countries, pointing out that there are ongoing discussions to convince Iraq of the necessity of continuing the alliance. He continued, "In general, there is a common vision between the two parties regarding the necessity of continuing the campaign against ISIS," noting that the coalition forces are providing technical cooperation with the Iraqis and the role of the coalition in Iraq is a supportive role, stressing that "the Iraqi forces have very advanced capabilities in fighting elements Organization".
Regarding the presence of ISIS elements in the Middle East and the Iranian role, he said that the coalition forces would defend themselves if they were attacked by Tehran’s agents, and he accused Iran of playing a very negative role in the region.
As for Syria, Makari explained that there is no cooperation with the Syrian regime and no diplomatic contacts with it, stressing that “there are still elements of ISIS in Syria and we are working to confront them.” There are about 2,500 American soldiers in Iraq, while about 900 American soldiers are deployed in Syria, within the framework of the international coalition launched by Washington in 2014. For his part, Iraqi Foreign Minister Fuad Hussein confirmed that Washington had apologized to Baghdad for not informing it in advance of the air strikes on Iraqi territory. Early last January. Hussein said on the sidelines of the Antalya Diplomatic Forum: “In fact, Washington did not warn Iraq during the attacks on Iraqi security forces, and the official representative in the United States apologized regarding this situation.”
The United States said in early February that it had struck more than 85 targets belonging to Iran's Islamic Revolutionary Guard Corps and associated forces in Iraq and Syria. Washington described this as a response to the attack on an American base in Jordan at the end of January.
On a related level, security expert Sarmad al-Bayati confirmed yesterday, Saturday, that the work of the Iraqi-American committee concerned with ending the tasks of the international coalition in Iraq has no specific time limit, because its work cannot be determined, but rather is open.
Al-Bayati explained, “The third phase of the meetings discussed the mechanism of transition from directing the international coalition to the bilateral relationship, whether military or civil, between Iraq and the international coalition forces or the United States of America,” indicating that “the committees were divided into three sections, and in the first section the Americans asked the Iraqi side to Assessing the extent of the danger of the terrorist organization ISIS, the second section talks about the operational environment for fighting ISIS, and the third section is concerned with strengthening Iraqi weapons capabilities.”
An economic center points out problems in the work of Iraqi institutions and sends an open invitation to the government and parliament
The Iraqi Political Economic Center said on Sunday that it had monitored many problems in the work of federations, unions, associations, councils and associations operating in Iraq, while it issued an open invitation to the Iraqi government to organize the work of these institutions.
The center’s director, Wissam Hadmal al-Helu, said in a statement received by Shafaq News Agency, “The center recorded, through its follow-up and monitoring, many problems, obstacles, and structural, administrative, and legal overlap for a number of those institutions operating in Iraq, which have become similar and convergent in terms of names, tasks, and powers.”
He added, "These formations have begun to collect sums of money and set fees, some of which are legal and in accordance with the applicable laws, including improvised ones that are not supported by a legal basis and unlawfully, which has caused the collection of money illegally and added an additional link in the structure of institutions and a burden on the Iraqi economy after the year 2003."
He added, "Iraq possesses a number of important, long-standing and influential federations, unions, associations, councils and associations, which are referred to as Lebanon at the local, Arab and international levels over the previous periods until now, which were established in previous periods in the 1950s, 1970s and 1980s, some of which have a special and institutional law." However, some of them have recently entered into a context of financial hardship and economic dispersion due to the absence of governmental and institutional support, and have become absent from Arab and foreign forums in light of some institutions’ reliance on bringing some federations, unions, and new associations close to their officials.
He continued, "Some of the new institutions were created with the money of politicians and parties, and the appointment of their administrations and membership were subject to the mood of these politicians, and most of those who run them are not specialized in the fields in which they work, which has made them a harmful link in the sectors they supervise, and do not serve their work, but on the contrary, they harm it and impede the progress of their work." The seeker of gains, spoils, and revenues.
Al-Helou called on the government, parliament, and other relevant parties to implement the laws and issue the necessary legislation to regulate the work of these federations and unions and consolidate it to be in the interest of the country, and to take into account the visions of these institutions, coordinate with them, and involve them in some of the state’s decisions and instructions, and before their issuance, in a real and not formal manner, which issues many of these decisions and laws. It is sometimes implemented by legislative and governmental bodies only and without the involvement of these institutions, which causes harm to the work of these institutions and sectors because they are the closest to the details of the issues and in direct contact with the workers in these institutions or the work of citizens, some of whose work is related to the aforementioned institutions.”
He stressed that "this work would create a good business environment that is supportive and safe for the country's economy, and would also provide the services that employers involved in it expect, and activate the role of the private sector and produce outputs that meet the ambitions of workers in these institutions and entities connected with their work alike."
Al-Maliki informs the French ambassador of Baghdad's desire to develop the relationship with Paris
On Sunday, the head of the State of Law Coalition, Nouri al-Maliki, expressed Iraq’s desire to develop its relations with France, and its keenness to maintain relations with countries of the world and provide an appropriate environment for the work of all missions in the country, during his meeting with French Ambassador Patrick Durel.
The head of the State of Law Coalition, Mr. Nouri al-Maliki, received in his office today the new Ambassador of the Republic of France to Iraq, Mr. Patrick Durel.
At the beginning of the meeting, Mr. Nouri Al-Maliki expressed his welcome to Ambassador Dorrell, wishing him success in his new mission as his country's ambassador in Baghdad, stressing that Iraq has close relations with France in various fields.
The two sides reviewed visions on issues of common interest and the most important issues on the regional and international arena.
The President of the State of Law Coalition stated Iraq's desire to develop its relations with France, and its keenness to maintain relations with countries of the world and provide an appropriate environment for the work of all missions in the country.
For his part, Mr. Dorrell stressed that he will make every effort to develop relations and expand the horizons of cooperation between Iraq and France and work to strengthen cooperation frameworks based on the depth of the close relations between the two countries.
Media Office of Mr. Nouri Al-Maliki
3 / March / 2024
The International Monetary Fund warns Iraq of its economy being exposed to oil price shocks
On Sunday, the International Monetary Fund warned Iraq that its oil revenues would be affected by any decline in crude prices.
The IMF said that greater declines in oil prices or an extension of OPEC+ cuts could affect Iraq's financial and external accounts.
He added, "Iraq needs to increase non-oil exports and government revenues, and reduce the economy's exposure to oil price shocks."
The IMF said that Iraq needs higher and more sustainable growth in the non-oil sector to accommodate the rapidly growing workforce, and that estimates indicate that Iraq’s real non-oil GDP will grow by 6% in 2023 after growth stopped in 2022.
The International Monetary Fund praises the steps of the Central Bank of Iraq to support the economy
Experts from the International Monetary Fund mission praised the measures taken by the Central Bank of Iraq, which contributed to maintaining the stability of the Iraqi economy and working to raise its capabilities.
The mission said in the final statement on the sidelines of the meetings held in the Jordanian capital, Amman, that “growth in the non-oil sector returned strongly in 2023, with inflation receding. Growth in real non-oil GDP is estimated at 6 percent in 2023. After declining in 2022, overall inflation declined from the high level it reached at 7.5 percent at the beginning of 2023, to 4 percent by the end of the same year, reflecting the decline in food and energy prices at the international level.”
The mission attributed these developments to “the return of trade financing operations to their normal course and the stability of the foreign exchange market. After some interruptions occurred following the implementation of the new anti-money laundering and counter-terrorist financing controls on cross-border payments in November 2022, improved compliance with the new system, The Central Bank of Iraq’s initiatives to reduce transaction processing times have led to a recovery in trade financing in the second half of 2023. This has ensured that the private sector can obtain foreign currency at official rates for import and travel purposes.”
The mission welcomed "the initial steps taken towards establishing the Treasury Single Account (TSA), which is considered a critical tool for improving cash liquidity management."
The mission praised the efforts made by the Central Bank of Iraq aimed at getting rid of excess liquidity. The Central Bank increased the interest rate on monetary policy tools and raised mandatory reserve requirements, and also began issuing treasury bills with a maturity of 14 days last summer. The Fund called for Supporting existing efforts by the Central Bank by consolidating unused government deposits in the unified treasury account, refraining from pro-cyclical financial policy, reducing reliance on monetary financing, and improving public debt management, noting the continuation of efforts aimed at establishing an interbank market with support. "From the technical assistance provided by the International Monetary Fund. The mission also welcomes the steps taken by the authorities to accelerate the pace of digitalization of the economy, reduce dependence on cash and enhance financial inclusion."Central Bank of Iraq
Information Office
3 March 2024
To achieve economic stability, the International Monetary Fund directs 4 requests to the Iraqi government
The International Monetary Fund called on the Iraqi government to adjust public finances, increase the public sector wage bill, expand the tax base, and increase non-oil revenues to achieve economic stability.
This came in a statement issued by the Fund, on Sunday, at the conclusion of Article Four consultations with Iraqi financial and economic officials, which took place in the Jordanian capital, Amman, during the period between 20-29 last February.
The fund said: “To overcome oil price fluctuations, Iraq must achieve high economic growth to accommodate the growing workforce, enhance non-oil exports, expand the tax base and adjust the wage bill.”
He considered that the government must "strive to enable the private sector to develop and grow, carry out labor market reforms, modernize the financial sector, restructure state-owned banks, reform the retirement and electricity sectors, and reduce corruption."
Iraq is the second largest producer of crude oil in OPEC after Saudi Arabia, with an average daily production of 4.6 million barrels per day under normal conditions, and relies on crude export revenues to provide 90 percent of the state’s financial income.
The Fund added: “Growth in the non-oil sector returned strongly during 2023... Growth in real non-oil GDP is estimated at 6 percent, and overall inflation declined from the high level of 7.5 percent in January 2023, to 4 percent by the end of the same year.” ".
He continued: "The decline in inflation is due to the decline in food and energy prices at the international level, and the impact caused by the revaluation of the price of the Iraqi currency in February 2023."
He estimated that the improvement in oil prices in 2022 and the first months of 2023 contributed to the rise in international reserves to 112 billion dollars, from an average of 88 billion at the end of 2021. He said: “If regional tensions escalate, an interruption in shipping routes or damage to "This may lead to losses in Iraqi oil production."
Article Four of the Agreement Establishing the International Monetary Fund stipulates that bilateral discussions with member countries usually take place on an annual basis. A team of Fund experts visits the member country, collects the necessary economic and financial information, and holds discussions with official officials about economic developments and policies in that country...
A demonstration for employees of the Article 140 Implementation Committee in Nasiriyah...confirmation or strike
“Some of them have reached retirement age.”
Employees of the Department of the Article 140 Implementation Committee demonstrated in the city of Nasiriyah, today, Sunday, to demand that they be appointed to the permanent staff. The demonstrators raised banners in which they appealed to the General Secretariat of the Council of Ministers and the committee’s main headquarters in Baghdad to achieve their demands, which they described as legitimate, and they threatened to stage a sit-in and go on strike in the event that their rights are not met.
The departments of the Article 140 Committee of the Iraqi Constitution, spread across various governorates, are concerned with compensating those affected by the previous regime, and the majority of its employees are contract holders who are not permanently employed.
The mission said in the final statement on the sidelines of the meetings held in the Jordanian capital, Amman, that “growth in the non-oil sector returned strongly in 2023, with inflation receding. Growth in real non-oil GDP is estimated at 6 percent in 2023. After declining in 2022, overall inflation declined from the high level it reached at 7.5 percent at the beginning of 2023, to 4 percent by the end of the same year, reflecting the decline in food and energy prices at the international level.”
The mission attributed these developments to “the return of trade financing operations to their normal course and the stability of the foreign exchange market. After some interruptions occurred following the implementation of the new anti-money laundering and counter-terrorist financing controls on cross-border payments in November 2022, improved compliance with the new system, The Central Bank of Iraq’s initiatives to reduce transaction processing times have led to a recovery in trade financing in the second half of 2023. This has ensured that the private sector can obtain foreign currency at official rates for import and travel purposes.”
The mission welcomed "the initial steps taken towards establishing the Treasury Single Account (TSA), which is considered a critical tool for improving cash liquidity management."
The mission praised the efforts made by the Central Bank of Iraq aimed at getting rid of excess liquidity. The Central Bank increased the interest rate on monetary policy tools and raised mandatory reserve requirements, and also began issuing treasury bills with a maturity of 14 days last summer. The Fund called for Supporting existing efforts by the Central Bank by consolidating unused government deposits in the unified treasury account, refraining from pro-cyclical financial policy, reducing reliance on monetary financing, and improving public debt management, noting the continuation of efforts aimed at establishing an interbank market with support. "From the technical assistance provided by the International Monetary Fund. The mission also welcomes the steps taken by the authorities to accelerate the pace of digitalization of the economy, reduce dependence on cash and enhance financial inclusion."
Information Office
3 March 2024
To achieve economic stability, the International Monetary Fund directs 4 requests to the Iraqi government
The International Monetary Fund called on the Iraqi government to adjust public finances, increase the public sector wage bill, expand the tax base, and increase non-oil revenues to achieve economic stability.
This came in a statement issued by the Fund, on Sunday, at the conclusion of Article Four consultations with Iraqi financial and economic officials, which took place in the Jordanian capital, Amman, during the period between 20-29 last February.
The fund said: “To overcome oil price fluctuations, Iraq must achieve high economic growth to accommodate the growing workforce, enhance non-oil exports, expand the tax base and adjust the wage bill.”
He considered that the government must "strive to enable the private sector to develop and grow, carry out labor market reforms, modernize the financial sector, restructure state-owned banks, reform the retirement and electricity sectors, and reduce corruption."
Iraq is the second largest producer of crude oil in OPEC after Saudi Arabia, with an average daily production of 4.6 million barrels per day under normal conditions, and relies on crude export revenues to provide 90 percent of the state’s financial income.
The Fund added: “Growth in the non-oil sector returned strongly during 2023... Growth in real non-oil GDP is estimated at 6 percent, and overall inflation declined from the high level of 7.5 percent in January 2023, to 4 percent by the end of the same year.” ".
He continued: "The decline in inflation is due to the decline in food and energy prices at the international level, and the impact caused by the revaluation of the price of the Iraqi currency in February 2023."
He estimated that the improvement in oil prices in 2022 and the first months of 2023 contributed to the rise in international reserves to 112 billion dollars, from an average of 88 billion at the end of 2021. He said: “If regional tensions escalate, an interruption in shipping routes or damage to "This may lead to losses in Iraqi oil production."
Article Four of the Agreement Establishing the International Monetary Fund stipulates that bilateral discussions with member countries usually take place on an annual basis. A team of Fund experts visits the member country, collects the necessary economic and financial information, and holds discussions with official officials about economic developments and policies in that country...
A demonstration for employees of the Article 140 Implementation Committee in Nasiriyah...confirmation or strike
“Some of them have reached retirement age.”
Employees of the Department of the Article 140 Implementation Committee demonstrated in the city of Nasiriyah, today, Sunday, to demand that they be appointed to the permanent staff. The demonstrators raised banners in which they appealed to the General Secretariat of the Council of Ministers and the committee’s main headquarters in Baghdad to achieve their demands, which they described as legitimate, and they threatened to stage a sit-in and go on strike in the event that their rights are not met.
The departments of the Article 140 Committee of the Iraqi Constitution, spread across various governorates, are concerned with compensating those affected by the previous regime, and the majority of its employees are contract holders who are not permanently employed.
Ali Hussein - Contract Officer:
Our contracts are with the Article 140 Implementation Committee, and the total number of contracts in Iraq is 259 contracts, including 30 contracts in Dhi Qar.
Our staff was transferred to the General Secretariat of the Council of Ministers, and when we completed the procedures, we were surprised by a response from the Ministry of Finance that there was no special paragraph for us in the 2023 budget.
We have been marginalized for many years, and many of us have served more than 14 years. Some of us are approaching retirement age and are still on contract.
Our contracts are with the Article 140 Implementation Committee, and the total number of contracts in Iraq is 259 contracts, including 30 contracts in Dhi Qar.
Our staff was transferred to the General Secretariat of the Council of Ministers, and when we completed the procedures, we were surprised by a response from the Ministry of Finance that there was no special paragraph for us in the 2023 budget.
We have been marginalized for many years, and many of us have served more than 14 years. Some of us are approaching retirement age and are still on contract.
Automation at border crossings: hope for improving the economy and combating corruption
Since the fall of the dictatorship in 2003, Iraqis have dreamed of transforming the state system from paper to automation through the electronic governance portal.
Border crossings, customs, and taxation are among the departments that suffer most from corruption and waste, which costs the state treasury huge sums estimated at $7 billion annually.
Hope in the Sudanese government:
The Sudanese government gives hope for implementing the automation system in departments and bodies such as border crossings, customs and tax.
Benefits of implementing an automation system:
- Reducing evasion of customs duties and taxes.
- Availability of detailed information on import content.
- Reducing human interference in monitoring, evaluation and demarcation processes.
- Providing a detailed statistical information base on the country’s foreign trade.
- Availability of speed in completing customs transactions.
Great countries are role models:
Great countries tend to keep pace with technological progress by following a strategy of reducing expenses and maximizing revenues, and this can only be done by making governance an integral part of the structure of building an institutional state.
Benefits of implementing an automation system in the customs and border ports sector:
- Achieving stability, economic leaps, and stability at various levels in the short and long term.
- Contributing to reducing the spread of corruption in this joint and cutting the way for waste and tampering with public money.
- Protecting the Iraqi state, society, and economy from prohibited, suspicious, and smuggled goods that are unfit for consumption and use.
Prime Minister Muhammad Shiaa Al-Sudani’s support for the Customs Authority:
- This support contributed to achieving a significant and clear leap and improvement in the Authority’s work.
- The Authority’s reports in 2023 show an increase in the revenues of some border crossings that implemented a local electronic system.
Implementing an automation system at border crossings, customs and taxation is necessary to improve the economy and combat corruption, and the Sudanese government gives hope in achieving this goal.
Sami Spectrum for Companies: We are not responsible for the accumulation of your goods in the ports.. Enter the course
Finance Minister Taif Sami said on Sunday that she is not responsible for the accumulation of goods of company owners and importers at the ports as a result of their failure to implement the electronic system, and invited them to join a training course that will start tomorrow.
Since the fall of the dictatorship in 2003, Iraqis have dreamed of transforming the state system from paper to automation through the electronic governance portal.
Border crossings, customs, and taxation are among the departments that suffer most from corruption and waste, which costs the state treasury huge sums estimated at $7 billion annually.
Hope in the Sudanese government:
The Sudanese government gives hope for implementing the automation system in departments and bodies such as border crossings, customs and tax.
Benefits of implementing an automation system:
- Reducing evasion of customs duties and taxes.
- Availability of detailed information on import content.
- Reducing human interference in monitoring, evaluation and demarcation processes.
- Providing a detailed statistical information base on the country’s foreign trade.
- Availability of speed in completing customs transactions.
Great countries are role models:
Great countries tend to keep pace with technological progress by following a strategy of reducing expenses and maximizing revenues, and this can only be done by making governance an integral part of the structure of building an institutional state.
Benefits of implementing an automation system in the customs and border ports sector:
- Achieving stability, economic leaps, and stability at various levels in the short and long term.
- Contributing to reducing the spread of corruption in this joint and cutting the way for waste and tampering with public money.
- Protecting the Iraqi state, society, and economy from prohibited, suspicious, and smuggled goods that are unfit for consumption and use.
Prime Minister Muhammad Shiaa Al-Sudani’s support for the Customs Authority:
- This support contributed to achieving a significant and clear leap and improvement in the Authority’s work.
- The Authority’s reports in 2023 show an increase in the revenues of some border crossings that implemented a local electronic system.
Implementing an automation system at border crossings, customs and taxation is necessary to improve the economy and combat corruption, and the Sudanese government gives hope in achieving this goal.
Sami Spectrum for Companies: We are not responsible for the accumulation of your goods in the ports.. Enter the course
Finance Minister Taif Sami said on Sunday that she is not responsible for the accumulation of goods of company owners and importers at the ports as a result of their failure to implement the electronic system, and invited them to join a training course that will start tomorrow.
A statement from the Ministry:
In conjunction with the start of implementing automation in customs work in accordance with the standards of the global ASYCUDA system, the Minister of Finance, Ms. Taif Sami, invited import companies, exit agents, and merchants to join the training course on declaration via the ASYCUDA system for those who have not previously received training, by coming to the Customs Office, the Great Welcome Square, which They will start tomorrow, Monday, March 4, for a period of six days, bringing with them an electronic calculator.
The Ministry also notes, “It is not responsible for the accumulation of goods of company owners and importers in the ports as a result of their failure to apply the electronic declaration and the application of the electronic system in entering their goods. The owners of companies and importers or their authorized persons bear the delay in entering and accumulation of their goods and obligating them to pay the prescribed fines in the event that they fail to clear and remove their goods within the period.” specified by law.
The training program comes in line with the requirements for implementing the government program approved by the House of Representatives related to updating the customs performance strategy and within the government’s vision towards automation, digital transformation, and enhancing customs capabilities.
In conjunction with the start of implementing automation in customs work in accordance with the standards of the global ASYCUDA system, the Minister of Finance, Ms. Taif Sami, invited import companies, exit agents, and merchants to join the training course on declaration via the ASYCUDA system for those who have not previously received training, by coming to the Customs Office, the Great Welcome Square, which They will start tomorrow, Monday, March 4, for a period of six days, bringing with them an electronic calculator.
The Ministry also notes, “It is not responsible for the accumulation of goods of company owners and importers in the ports as a result of their failure to apply the electronic declaration and the application of the electronic system in entering their goods. The owners of companies and importers or their authorized persons bear the delay in entering and accumulation of their goods and obligating them to pay the prescribed fines in the event that they fail to clear and remove their goods within the period.” specified by law.
The training program comes in line with the requirements for implementing the government program approved by the House of Representatives related to updating the customs performance strategy and within the government’s vision towards automation, digital transformation, and enhancing customs capabilities.
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