Al-Sudani: We are keen to develop the work of the TBI Bank and address the problems it faces
link this is a huuuuuge meeting
Prime Minister Muhammad Shia Al-Sudani confirmed on Sunday that the government is keen to develop the work of the Trade Bank of Iraq (TBI) and address the problems and obstacles it faces.
The video for this blog post is below here:
The Prime Minister’s media office said in a statement, seen by Al-Iqtisad News, that “Al-Sudani chaired a meeting to discuss and evaluate the work of the Iraqi Trade Bank TBI, and its contributions to the financing and economic development of the country, in the presence of the Minister of Finance, the Governor of the Central Bank of Iraq, and the Director-General.” The bank, and a number of advisors.
Al-Sudani pointed out, according to the statement, “the importance of the role of the Iraqi Trade Bank in supporting government institutions and the private sector, and its role, as a banking institution, in supporting and revitalizing the Iraqi economy,” stressing the government’s keenness to develop the bank’s work and address the problems and obstacles it faces.
The statement continued, "The meeting witnessed confirmation of the adoption of a road map that enables the bank to facilitate the collection of troubled debts owed by borrowers, according to flexible and fair principles, in order to advance the operations of the Iraqi Trade Bank to the best levels, in line with the requirements of the government program in developing bank credit and developing this." sector, and ensuring the pace of growth and progress in the Iraqi economy.”
Legal researcher: TBI is the most qualified bank for the currency auction
Legal researcher Fadel Abu Ragheef confirmed today, Sunday (May 5, 2024), that the TBI Bank is the most qualified for the currency auction and money transfers.
Abu Ragheef said in a tweet on the “X” platform, followed by “Baghdad Today,” that “TBI Bank is the most qualified bank for the currency auction and financial transfers than some of the banks that monopolize the currency auction.”
He added, "The nation's professionalism must be taken into account regarding the currency auction, and as a result, the TBI Bank must take its structural and effective role, as well as our national banks, which are an economic tributary to the Central Bank of Iraq. It is not reasonable to prefer foreign and Arab banks alike to our operating national banks," pointing out. He pointed out that "silence about targeting 26 banks is considered targeting the backbone of the national economy."
Earlier today, a government meeting, headed by Prime Minister Muhammad Shiaa Al-Sudani, confirmed the adoption of a road map that enables the Trade Bank of Iraq (TBI) to facilitate the collection of distressed debts owed by borrowers.
A statement from the Prime Minister's Office, received by "Baghdad Today", stated that "the meeting was to discuss and evaluate the work of the Trade Bank of Iraq (TBI), and its contributions to the financing and economic development of the country, in the presence of the Minister of Finance, the Governor of the Central Bank of Iraq, the General Director of the Bank, and a number of advisors."
He pointed to "the importance of the role of the Iraqi Trade Bank in supporting government institutions and the private sector, and its role, as a banking institution, in supporting and revitalizing the Iraqi economy," stressing "the government's keenness to develop the bank's work and address the problems and obstacles it faces."
According to the statement, the meeting witnessed “confirmation of the adoption of a road map that enables the bank to facilitate the collection of troubled debts owed by borrowers, according to flexible and fair principles, in order to advance the operations of the Iraqi Trade Bank to the best levels, in line with the requirements of the government program in developing banking credit and developing this sector.” And ensuring the pace of growth and progress in the Iraqi economy.”
The “TBI” is more worthy of it.. Parliamentary integrity is surprised that the National Bank obtained $3.6 billion from the currency auction
A member of the Parliamentary Integrity Committee, Alia Nassif, was surprised today, Sunday, that the National Bank obtained $3.6 billion from the foreign currency auction.
Nassif said in a tweet followed by Mawazine News: “In the first three months of the current year 2024, the National Bank obtained $3.6 billion from currency auction sales, achieving profits amounting to about 39.3 billion Iraqi dinars! Isn’t the Trade Bank of Iraq (TBI) the first to transfer... Money to be invested in hospitals or schools for the Iraqi people.”
She wondered: Aren’t our people more deserving of this money?!”, stressing that “there are people inside the Central Bank who stand behind this issue because they benefit from it.”
Nassif concluded with the hashtag: “#Iraq_and_its_people_first.”
SATURDAY MAY 4 24
Parliamentary Finance for Al-Furat News: The budget schedules will reach Parliament within 72 hours
Vice Chairman of the Proportional Finance Committee, Ahmed Mazhar al-Jubouri, suggested sending the 2024 budget tables to the House of Representatives within the next 72 hours.
Al-Jubouri said {to Al-Furat News} that: “The budget schedules for the year 2024 have not been sent from the government yet, and the committee is fully prepared regarding them.”
He added, “The committee will not take more than 20 days to resolve the discussion of these schedules, but so far they are the corridors of the government.”
Al-Jubouri added, "We believe that the budget schedules will be sent within the next 72 hours, according to communications with the government."
my thoughts on this for those who asked me:
suggested and We believe are not very strong statements and this is a different committee so if they are going to take 20 days and then it will go the house of representatives????? I need to see stronger statements and from someone other than this comittee unless it should say parliamentary finance comittee.
Al-Rafidain Bank announces the implementation of the comprehensive banking system in its branches in Karbala and Mosul
A statement from the bank, a copy of which {Al-Furat News} received, stated: “To join the branches that have activated the comprehensive system in Baghdad and the governorates, in addition to the branches of the border crossings (Zurbatiyah - Safwan - Arar - Trebil) in an important step to leave the paper work and move completely towards... Electronic transformation.
The bank confirmed, “The plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timings to include all branches of the bank in implementing the system, especially since one of the priorities and adoptions of the government program is electronic transformation in financial transactions, reducing episodes of red tape for citizens, and reducing time and effort in completing citizens’ transactions.”
Deputy: 4 factors hinder Iraqi development.. one of them is a 90% reduction - urgent
Member of the House of Representatives, Representative Salem Ibrahim, confirmed today, Saturday (May 4, 2024), the presence of 4 factors hindering Iraqi development, while noting that one of these factors has been resolved by 90%, which is the security challenge.
Ibrahim said in an interview with "Baghdad Today", "Iraq after 2003 went through an exceptional situation on the political and security levels and major changes at all levels, with direct challenges, especially security ones that continued for years in light of the emergence of extremist organizations that were behind the martyrdom and injury of tens of thousands of innocent people ."
He added, "For years, four factors have hindered the principle of Iraqi development, which are political corruption, laws and their intersections, and political crises, accompanied by security challenges that have decreased by 90% in the last 3 years, and this is a positive thing."
He pointed out that "achieving development is not an easy matter in light of accumulated corruption that requires a real force to reduce it and push laws that are more flexible in dealing with investment and projects, in addition to political stability that encourages support for governments in moving forward with a road map to advance the country's reality, especially since there is a series of Strategic projects, if implemented, will move the reality of Iraq to a different stage away from the unilateral economy.”
Iraq is suffering from several issues, the most important of which is building a diversified economy that does not depend on fluctuating oil, as well as its transformation into a self-sufficient energy country, as well as solving the housing and job opportunities crises, all of which require security and political stability.
The Dead Sea hosts the activities of the Economic Forum between Iraq and Jordan
The activities of the Economic Forum for Financial, Industrial and Commercial Partnerships between Iraq, Jordan and the region will be launched today, Sunday, at the King Hussein Convention Center in the Dead Sea region, which is organized by the Iraqi Business Council in partnership with the Jordan and Amman Chambers of Industry, and it is the largest regional Iraqi-Jordanian economic gathering for business.
According to the Vice President of the Iraqi Business Council in Amman and Chairman of the Preparatory Committee for the Forum, Saad Naji, participating in the forum are representatives of the Iraqi President, Chief of Staff of the Presidency of the Iraqi Republic, Kamel Al-Dulaimi, the Iraqi Minister of Industry, and a delegation from the Ministry of Electricity from Iraq, along with ministers from Jordan, business owners, investors, and companies. Arab and foreign, the Board of Commissioners of the Media and Communications Authority, the Anbar Investment Authority, the Erbil Chamber of Industry and Commerce, and the Baghdad Chamber of Commerce.
The Council organizes the forum in cooperation with the Union of Arab Businessmen, the Multilateral Investment Guarantee Agency and the International Finance Corporation of the World Bank Group, the Association of Information and Communications Technology Companies (Intaj), the Association of Iraqi Private Banks, and the Jordanian Banks Association. The Jordanian Corporation for Economic Enterprise Development (JEDCO) participates. Jordanian free and development zones.
The official Jordanian Petra Agency quoted Naji as saying that the forum will include a two-day exhibition lasting from two in the afternoon until eight in the evening, in which major commercial and industrial companies from Jordan, Iraq and Arab countries will participate, in addition to bilateral meetings with decision-makers from the two countries.
He pointed out that the forum's working sessions focus on the most prominent investment opportunities in Jordan and Iraq, the prospects for commercial and industrial opportunities in the two countries, the vision of economic modernization, investment in Iraq, and investment opportunities in the region, in addition to investment opportunities in the Jordanian free and development zones.
He stated that the sessions also focus on the role of the banking sector in providing financial facilities to the industrial, energy, mining, transportation and infrastructure sectors, and the role of international institutions in providing financial financing for investment projects, and presenting success stories of Jordanian and Iraqi investment companies.
Naji, who also holds the position of Secretary of the Council, pointed out that the forum seeks to enhance regional integration by building economic interconnection, enhancing cooperation in various sectors, building long-term partnerships, creating sustainable partnerships, deepening mutual understanding between participating countries, and building a common vision for the future of economic prosperity and development in the region.
Including Jordanian... 200 billion dinars in profits from 3 Arab banks in Iraq
Today, Saturday, an informed source revealed that Jordanian, Kuwaiti and Qatari banks operating in Iraq achieved profits estimated at 200 billion dinars in just three months, while he confirmed that the Kuwaiti-owned Bank of Baghdad recorded profits worth 88.3 billion dinars, while the National Bank (of Jordan) recorded profits worth 88.3 billion dinars. Its profits amounted to 84.4 billion dinars.
The source, who preferred to remain anonymous, said in an interview with the Maalouma Agency, “During the same period, Al-Mansour Bank, which belongs to Qatar, achieved profits amounting to 27 billion dinars,” indicating that “the error began with granting licenses to Arab banks to work in... Iraqi Financial Market.
He added, "The Central Bank's policy will contribute to losing control over the banking system, which will remain in the hands of the United States and Jordanian banks," warning against "political exploitation of this file in the future."
He pointed out that "the number of banks in Iraq has reached 81 banks, while the branches of foreign banks in Iraq have reached 21 branches, most of which are from Turkey, Jordan, Iran, the Emirates, Qatar and Kuwait."
In an interview with the Maalouma Agency, a member of the House of Representatives, Suhaila Al-Sultani, asked the Central Bank regarding approval to grant licenses to Arab and Jordanian banks in particular, while confirming that there are many banking problems facing Iraqi banks.
Iraq is the second largest importer of Iranian petrochemical products
Iraq ranked second in importing Iranian petrochemical products during last April.
The Iranian Customs Administration stated today, Saturday, that “last month, exports of petrochemical products amounted to three million and 300 thousand tons worth one billion and 400 million dollars, which represents a decrease of 25.77% in weight and 24% in value.”
The administration added, "China, Iraq, the Emirates, Turkey, Pakistan, Afghanistan, and Oman represented the main destinations for Iran's exports in April of this year, and these countries accounted for 78% of the weight and 83% of the value of Iran's total exports."
She pointed out that, “The main components of export commodities, petroleum gases, liquefied gaseous hydrocarbons, urea, and iron and steel bars witnessed the largest increase in value, and liquefied natural gas, iron and steel alloys, and liquefied butane had the largest decrease in value.”
World Bank: Dependence on oil will expose Iraq to macroeconomic fluctuations
The Iraqi economy is expected to return to growth in 2024 at a rate of 1.4%, compared to a contraction of 2.2% during the year 2023, with the growth rate next year jumping to 5.3%, according to data from the latest IMF report on global economic prospects issued this month. .
The contraction in Iraq's GDP last year comes despite a strong return to growth in the non-oil sector, recording 6%, with inflation receding, according to Fund estimates.
According to the statement of the IMF mission to conduct Article IV consultations, last March, the Fund expects that overall growth will rise again in 2024, with the momentum of non-oil growth continuing during the year, while risks tend to increase amid increasing uncertainty.
This comes while the Fund expects, in the medium term, that non-oil growth will stabilize at around 2.5% due to the obstacles that limit the development of the private sector.
Iraq is one of the countries most dependent on oil in the world, and oil revenues accounted for more than 99% of its exports, 85% of its government budget, and 42% of its gross domestic product over the past decade, according to World Bank data.
The World Bank believes that this excessive dependence on oil exposes the country to macroeconomic fluctuations, while budgetary rigidities restrict the available spending space in public finances and limit any opportunity to develop policies to counter cyclical fluctuations.
The public finance balance shifted from a surplus of 10.8% of GDP in 2022, to a deficit of 1.3% in 2023.
This is due to a decrease in oil revenues and an increase in spending by 8% of GDP, to which contractual salaries and pensions contributed. By 5%, according to the IMF.
The Fund expects the public finance deficit to reach 7.6% of GDP in 2024, in the absence of new policy measures, and to expand further after that with the expected gradual decline in oil prices in the medium term.
The increase in the public finance deficit will result in a nearly doubling of public debt from 44% of GDP in 2023 to 86% of GDP by 2029, according to Fund estimates.
Expectations that the current account will turn into a deficit.
The IMF estimates the current account surplus at 2.6% of GDP at the end of last year, expecting it to turn into a deficit by 3.6% during 2024, and for this deficit to expand to 5.1%.
Indicators have improved:
Overall inflation declined from the level of 7.5% in January 2023, to 4% by the end of last year, according to IMF estimates, which reflected the decline in food and energy prices at the international level, and the impact that the process of revaluing the price of the Iraqi currency had on February 2023.
The International Monetary Fund expects the inflation rate to stabilize at 4%, whether as an average for the year or as a level by the end of the year during the years 2024 and 2025.
The Fund also estimates that international reserves will rise to 112 billion US dollars by the end of 2023, compared to about 97 billion dollars at the end of 2022.
The Iraqi government reduced external debt from $19.729 billion in 2022 to $15.976 billion in 2023, according to what the official Iraqi News Agency reported from Iraqi government spokesman Bassem Al-Awadi, this April.
Al-Awadi said that the government took a series of executive measures and adopted a package of financial decisions, which resulted in reducing the external public debt by more than 50%, bringing the debt down from $19.729 billion at the end of 2022, to $15.976 billion in 2023, reaching approximately $8.9 billion this year.
Other steps for a greater role for the non-oil sector.
The IMF believes that reducing the level of dependence on oil and ensuring financial sustainability, while at the same time working to protect the very important social and investment spending, will require a major adjustment to public financial conditions, centered on controlling the sector’s wage bill. Overall, increasing non-oil revenues.
In parallel, the situation will require high economic growth to accommodate the rapidly growing workforce, boost non-oil exports, and expand the tax base.
The IMF believes that there is a need to implement an ambitious adjustment to public financial conditions, to help stabilize debt in the medium term, and rebuild protective safety margins for public finances, while maintaining necessary capital spending.
Most aspects of consolidating public finances come from reducing current spending, especially controlling the wage bill by reducing mandatory appointments, and from working to gradually implement the rule of natural attrition for workers in the public sector.
The Fund indicated the need to increase non-oil revenues by expanding the income tax base on individuals, making it more progressive, reviewing the customs tariff structure, and considering imposing new taxes on luxury items.
The Fund also believes that there is a need to undertake broad structural reforms to enhance private sector development and economic diversification.
He explained that Iraq needs to raise growth rates in the non-oil sector in a sustainable manner to accommodate the rapidly increasing workforce, and to increase non-oil exports and government revenues, in addition to reducing the economy’s exposure to oil price shocks.
The Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, said last January that his country had set a goal in a three-year budget to reduce dependence on oil revenues from 95% to 80%, in a discussion session at the World Economic Forum in Davos.
Advisor to the Prime Minister: Iraq is a fertile environment for projects, and there is an expansion of investor desires
INA Advisor to the Prime Minister for Investment Affairs and Head of the Iraq Fund for Development, Muhammad Al-Najjar, confirmed today, Saturday, that Iraq is a fertile environment for projects and there is an expansion of investors’ desires to enter it.
Al-Najjar told the Iraqi News Agency (INA): “The government has taken an approach that has intensified efforts to invite many countries and companies to invest in Iraq, and Prime Minister Muhammad Shiaa Al-Sudani is taking advantage of his foreign tours, the most recent of which is his participation in the World Economic Forum in Saudi Arabia, with great work and activity to support investment in Iraq by inviting companies.” To enter Iraq.
He added, "The economic forum in Riyadh, which was held recently, was attended by a large number of decision-makers from companies and countries that will have a clear role in entering Iraq," noting, "Iraq in the forum focused on 3 main topics, which are energy, agriculture, and information technology." .
He pointed out that "the Prime Minister's visit during his participation in the forum held in Riyadh included political meetings and many economic files were raised," noting that "Iraq has begun to compete with many countries of the world by inviting investors to come to the country."
He pointed out that "Iraq It has large investment opportunities amounting to $450 billion allocated to projects that need marketing in order to attract capital.
He stated, “There is a strong desire from Saudi investors to enter and expand their work in Iraq,” explaining, “The large Iraqi market is full of opportunities, especially in the field of industry, and Arab and international companies can establish factories in the country.”
He continued, "Iraq is a country fertile with investment opportunities and has begun to gradually rise on the economic map among countries in light of the current government's continuous work to improve the economic and investment situation."
Kurdistan President set to visit Iran on Sunday
President of Kurdistan Region Nechirvan Barzani is set to visit Iran for fifth time in 11 years, aiming to strengthen relations.
This visit, described by an official in Barzani's office to Shafaq News Agency as significant, follows extensive discussions with political leaders in Baghdad. President Barzani stated that it marks the beginning of a new phase in the relations.
This visit also comes following the recent "historic" visit of the Turkish President to Baghdad and Erbil.
Noteworthy, the relation between the Kurdistan Region of Iraq and Iran is multifaceted, influenced by historical, political, economic, and cultural factors. Geopolitically, their shared border shapes bilateral relations, with both entities having strategic interests in trade, security, and influence over Kurdish political movements. Despite occasional political tensions, Iran is a significant trade partner for Kurdistan, with economic ties including cross-border trade, energy cooperation, and infrastructure projects.
Security cooperation has also occurred, particularly in combating shared threats like terrorism.
While political relations can be complex due to Iran's influence in Baghdad, cultural and ethnic connections between Kurds in both regions often foster grassroots connections and people-to-people exchanges, serving as a bridge for diplomatic relations.
Mainly, the relation navigates a mix of cooperation, competition, and occasional conflict, shaped by geopolitical, economic, and historical dynamics.
Iraq is the most stable in 30 years: rapprochement with Ankara and decline with Washington
The American “Atlantic Council” Institute presented a reading of the first visit of Turkish President Recep Tayyip Erdogan in more than a decade, and his first as President of the Republic, to Iraq, after years of tense relations, which opened new opportunities for strategic cooperation in vital areas such as energy and trade. And security, a visit that also came as a result of the decline in Baghdad and Ankara’s confidence in American influence in the region.
While the American report was titled “Moderate winds over Mesopotamia, or just hot air?” Translated by Shafaq News Agency; The convergence of the interests of Ankara and Baghdad may lead to the emergence of the most stable Iraq since the days of Saddam Hussein's invasion of Kuwait. He said that Erdogan's visit paved the way for improving regional stability and prosperity, with its indirect effects on the Kurdistan Region.
After the report described relations between Iraq and Turkey as fraught over the past decade, for reasons including the intense legal battle over the export of Kurdistan Region oil via a pipeline to Turkey, in addition to Turkish military operations against the Kurdistan Workers’ Party on Iraqi soil, in addition to disputes over the flow of water. From the Tigris and Euphrates rivers, he said that in light of the turmoil taking place in the Middle East due to the war in Gaza and the increasingly open conflict between Israel and Iran, it appears that leaders in Turkey and Iraq have realized the need to protect their interests and support stability through regional cooperation.
The report considered that the United States and Iran indirectly played a role in stimulating the visit, explaining that Baghdad still depends on Washington in order to receive anti-terrorism aid and financial assistance, indicating that Iraq, despite its public call for the departure of American forces, wants to limit This reliance is through stronger security and development cooperation with Turkey and the Gulf.
At the same time, the report said that Iraqi Prime Minister Muhammad Shia al-Sudani is forced to carefully deal with Iranian influence on Iraqi politics and security while trying to balance or limit this influence, while developing relations with Turkey constitutes another dimension of this strategy.
The report quoted an observer in Erbil as saying that the symbolic purpose of the Iraqi visit is to show that Baghdad enjoys fruitful relations with its neighbors to the north and south, and not just with its dominant neighbor to the east. The report quoted the commentator as saying, “Caliph Abu Jaafar al-Mansur built four gates for the city, the most important of which faces Khorasan, and the Baghdad Gate was not only open to Iran and Khorasan.” He conveyed statements from a number of Iraqi officials saying that "Erdogan's arrival represents a new stage for them. This indicates that only the door to Khorasan in Baghdad is open."
The report stated that “the decline in confidence in American plans for the region provides Turkey and Iraq, which are allies of the United States, with additional incentives to cooperate,” adding that the majority of Iraqis and Turks doubt the United States’ commitment to stability, sovereignty, and democracy in the region, while regional observers doubt it. Whether the United States has deterred Iran militarily in Iraq or Syria, or whether it is possible for Washington to do so.
The report called for noting that the United States supported a major development and transportation project, which is the economic corridor between India and the Middle East, all the way to Europe, bypassing both Turkey and Iraq.
The report believed that confronting the Indian line project had given new impetus to efforts aimed at resetting bilateral relations between Baghdad and Ankara, pointing in this context to the “Development Road” project that links the large port of Al-Faw in Basra Governorate to global markets via Turkey, with investment participation from all parties. From Qatar and the Emirates, which will contribute to integrating Iraq into regional and global economic networks.
In addition to about 3 agreements between Baghdad and Ankara, the report said that from Turkey's point of view, cooperation and legal authorization for its operations against the Kurdistan Workers' Party is the most urgent area to see tangible developments.
The report indicated that the visit was portrayed positively in the Iraqi and Turkish press, adding that the Turkish reports spoke of Foreign Minister Hakan Fidan’s patient diplomacy and strategic determination, focusing on potential mutual economic gains, and identified the expected benefits of the “development path,” such as his role in the possibility of eroding The Kurdistan Workers' Party controls large areas in northern Iraq, while the Iraqi media stresses the need to overcome long-standing problems and the existence of broad potential for development and improvement of relations. The Kurdish coverage of the visit also included officials and experts’ praise of Turkish involvement in Iraq and stressed the need for Ankara to maintain close relations with Erbil, as well as Baghdad, to prevent the Kurdistan Region from being excluded from the benefits of close relations.
Limits and risks
The American report said, “This clear new chapter in bilateral relations has limits and carries risks,” explaining that one of the restrictions is the Iraqi government’s limited ability to reach the Kurdistan Workers’ Party, as its military and intelligence resources in the remote border areas where the Kurdistan Workers’ Party is active are limited.
According to the report, there are some possibilities that Baghdad is offering potential support to the fight against the Kurdistan Workers’ Party with the aim of convincing Ankara to reduce its support for the Kurdistan Regional Government, adding that such a possibility constitutes a strategic danger that Ankara must be careful of because the close relations between Ankara and Erbil have brought great economic and security benefits to both of them.
The report continued that, among other restrictions, are Iran's continued influence in Baghdad and doubts about Turkish influence there, which its agents and agents will certainly seek to reduce.
The report concludes by saying that the “development path” adds a new dynamic economic element to the bilateral equation between the two parties, which makes it likely that the promise to strengthen neighborhood relations will be more fundamental, compared to previous expressions of intentions. He continued, saying that the strategic framework, in addition to the factor of the increasingly turbulent region, and the new economic project supported by the Gulf, means that the current axis may be real and represent strategic importance, adding that if it is dealt with skillfully, this may lead to the emergence of the most stable Iraq among them. The two neighbors compared to what the world has witnessed since Saddam Hussein's invasion of Kuwait in 1990.
SUNDAY MAY 5 24
The delay surrounds five Iraqi ministries.. What is the relationship with the budget?
The Strategic Planning and Federal Service Committee in the House of Representatives revealed that there are 5 ministries that have not achieved advanced completion rates in their projects within the government program.
The Vice Chairman of the Committee, Mohamed Al-Baldawi, said in an interview followed by Al-Iqtisad News, that “those ministries have been slow in accomplishing the tasks assigned to them,” without referring to the names or descriptions of the work of those ministries.
Al-Baldawi attributed this reluctance to “the possibility of financial problems due to the delay in the budget law,” explaining that “those ministries were not allocated sufficient budgets for these projects, and there are projects in the first place that were not planned properly and thus they delayed.”
He stated that "there are also problems that accompanied the planning process within the ministry and the institution and at the leadership level and directing projects and human resources in the right direction."
Government advisor: Collections will shift almost completely to electronic payment in the middle of this year
more education
Baghdad - IA - Nassar Al-Hajj
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Sunday, that the government’s strategy encouraged citizens to enter the digital payments climate, while indicating that cash use will witness a gradual closure in the interest of digital financial inclusion, starting next year, 2025.
Saleh said to the Iraqi News Agency (INA): “The customs and traditions that remained prevalent in the practice of cash request behavior according to primitive cash methods in settling financial and commercial transactions, are not consistent today with the developments of the modern digital institutional society in our country, especially the change in the settlement of financial transactions and the gradual abandonment.” On the use of direct cash payment methods for the benefit of digital payments.
He added, "The behaviors of payment, delivery, settlement of financial rights, and settlement of transactions began to be reflected in the cash demand function, which began to change behaviorally in the interest of dealing with a modern pattern imposed by digital payments in the country."
He continued, "Since the government launched the electronic payment strategy a few months ago, the public has begun, for the first time in our country, to direct its will to enter the (second phase) in the digital payments climate, by moving from withdrawing dues in cash via payment cards and dealing with the inherited payment methods based on... Cash payment for transactions, by shifting towards keeping his money inside his bank accounts to allow him to use the same payment cards many times within the framework of levels of high and renewable digital payment in settling various transactions within the citizen’s daily life.”
He pointed out, “The second phase of digital payments represents an accelerated development to reach an advanced digital stage in banking life by establishing digital banks, as three issues helped in this, namely the increasing use of mobile phones in settling digital transactions, and the second is the development of the numbers of opening bank accounts that support digital payments activity.” And the third is the rapid growth of digital government collection.”
Saleh stressed, “By the middle of this year, government collections will shift almost completely to payment via credit cards and other approved digital payment methods, which all fuel stations are witnessing today, leading to the payment of taxes, fees, wages, and government transactions, all of which will be via digital payment cards.”
He pointed out that "large groups of private sector institutions and individuals have begun to engage rapidly in settling their payments by feeding each other's accounts with easy transfer, including, for example, (feeding their digital cards) to settle rights between them digitally, in addition to using POS devices and similar devices." "Assistive technology means for payments have become widespread and accessible in our country."
He continued, “Starting from the year 2025 onwards, payment habits within the economic community will shift towards a completely different digital life, so that electronic payment cards become one of the modern customs in changing the monetary behavior of society, and cash consumption will witness a gradual closure in favor of digital financial inclusion, and then cash leakages will move in their current form, which It is still lying outside the banking system, making its natural way into the banking system itself, automatically and under the influence of the new environment of digital payments.”
He added, "The use of digital payments has added, over the past few months, millions of new bank accounts for adults who have not previously dealt with the banking system," expecting that "in the coming months, bank accounts will cover the adult generation, as electronic payment cards are linked to the bank account itself."
He pointed out that “cash liquidity will automatically move into the banking system, which will help increase levels of certainty and reduce liquidity risks in the banking system itself, which will encourage levels of cash credit granted to the public for the purposes of economic activity and at the same time help ensure the flow of state cash revenues within account developments.” The unified treasury, which at the same time maintains moderate growth rates in the growth of public liquidity to match its growth inversely with the escalating growth in the use of digital payments.”
Al-Maliki confirms Iraq's openness to all countries of the world
The head of the State of Law coalition, Nouri al-Maliki, confirmed today, Sunday, Iraq’s openness to all countries of the world, especially Arab and Islamic countries.
A statement issued by the media office of the head of the State of Law coalition, received by Mawazine News, stated that “The head of the State of Law coalition, Nouri al-Maliki, received in his office today the ambassador of the Kingdom of Saudi Arabia to Iraq, Abdulaziz Al-Shammari.”
The statement added, "The two sides reviewed issues of common concern, as well as the latest developments in the political and security situation taking place in the regional and international arenas."
The head of the State of Law coalition stated, “Iraq is open to all countries of the world, especially Arab and Islamic countries, and its relations are based on common interests in various fields.”
In turn, Ambassador Al-Shammari explained, "The Kingdom's keenness to strengthen communication mechanisms with Iraq in various fields, and to support efforts aimed at consolidating the foundations of constructive cooperation between the two countries in service of the aspirations of the two brotherly peoples for development and well-being."
To reach an agreement on 10 memorandums...the start of the meetings of the sixth session of the Iraqi-Iranian committee in Tehran
Today, Sunday (May 5, 2024), the Ministry of Commerce announced the start of the meetings of the sixth session of the Iraqi-Iranian Committee in Tehran.
The ministry’s media stated in a statement received by “Baghdad Today” that “the meetings of the sixth session of the joint Iraqi-Iranian committee began in the Iranian capital, Tehran, which is headed by the Iraqi side, Minister of Commerce Atheer Daoud Al-Ghurairi, to discuss strengthening economic and trade relations and understanding the ten joint memorandums of understanding that the two sides intend to sign.” in various fields and in a manner that serves their common interests.”
He explained, "The committee's work will continue over the fifth and sixth days of this month of May, as today the discussions of the specialized committees will take place, in the presence of members of the delegations of both sides, to reach the final joint report, at the headquarters of the Iranian Ministry of Economy and Finance."
The statement indicated that "the specialized committees included the Commercial, Industrial, Agricultural, Standardization and Quality Control Committee, the Energy Committee, the Financial, Banking, Investment and Insurance Committee, the Shipping, Transport and Customs Committee, and the Scientific and Educational Consulate Committee, Tourism, Health and Sports".
Parliamentary Finance forms a committee to follow up on stopping the sale of the dollar to travelers: The Central Bank is dealing with moods
The Parliamentary Finance Committee announced today, Sunday, the formation of a committee to follow up on stopping the sale of the dollar to travelers in government banks, pointing out that the Central Bank is dealing with moods.
Ahmed Mazhar al-Jubouri, Vice Chairman of the Parliamentary Finance Committee, told Al-Furat News Agency: “After the Central Bank’s decision to stop selling the dollar to travelers in government banks, a decision was issued by the Finance Committee to form an important subcommittee headed by us that will undertake a number of hosting services for the Central Bank.”
He added, "The Central Bank deals with clear selectivity and capriciousness. Therefore, this method must be stopped and the governor must be confronted, as the procedures he is following have nothing to do with the technical or legal aspects."
The continued fluctuation of the dollar exchange rates worries traders and citizens
Wholesalers in the capital fear the continued fluctuation of the dollar exchange rates
Will the approved strategic plan achieve stability according to the desire of the citizen and the merchant?
Parliamentary plans to enhance financing of the Real Estate Bank and increase capital
A member of the Parliamentary Finance Committee warned, on Sunday, of defaulting on real estate loans, revealing plans to enhance financing and increase the capital of the Real Estate Bank.
Member of the Parliamentary Finance Committee, Muhammad Nouri, told Shafaq News Agency that the Real Estate Bank receives its funding from the Central Bank, and in light of this, the bank will launch financing for citizens during the coming period.
Nouri added that the cessation of funding by the Central Bank of the Real Estate Bank caused the cessation of granting loans to citizens, and we are working to increase funding through the schedules of the general budget law.
He pointed out that the real estate bank's capital is very weak, and we are working to increase it to more than one trillion dinars through the budget law schedules.
The Government Real Estate Bank adopts a financing system for Iraqi citizens for the purpose of buying or building homes, and aims to enhance housing and provide suitable means of life for citizens.
The Central Bank of Iraq has allocated 6 trillion dinars since 2015 to launch two housing loan initiatives. The first is a five trillion initiative that went to sectoral banks, which are industrial, agricultural, real estate, and the Housing Fund, and a one trillion initiative that went to private banks.
At the end of the year 2021, the Central Bank of Iraq decided to increase the housing initiative’s allocations to the Real Estate Bank and the Housing Fund by an amount of (2.6) trillion Iraqi dinars.
A specialist identifies 4 reasons for the “failure” of the private sector in Iraq
Today, Sunday (May 5, 2024), Nawar Al-Saadi, an expert in economic and financial affairs, revealed the reason for the “deficit and failure” in the private sector, among the factors that could lead to the success of this sector.
Al-Saadi told “Baghdad Today” that “the failure in the private sector in Iraq is due to several factors, including the security and political challenges that affected Iraq’s international reputation as well as the local one, which in turn discourages those with money from new investments and affects confidence between investors and the state.” There are other factors, including the lack of infrastructure and basic services, which weakens the ability of companies to grow and operate in a suitable environment.”
He stated, "There are challenges in the business environment as well, such as excessive bureaucracy and corruption, especially since most global indicators indicate that Iraq is one of the most corrupt countries in the world. These indicators inevitably make working in the private sector difficult and complex, so it requires the government to work to strengthen Transparency and simplification of government procedures, in addition to enhancing corporate governance and effective application of laws, which in turn reduces corruption and speeds up the time to complete work.”
He added, "There must be joint efforts between the government and the private sector. The government must provide a suitable and stimulating investment environment, and provide financial and technical support to small and medium-sized companies. It must also work to develop infrastructure, improve basic services, enhance vocational education, and develop work skills among young people." In addition to working to develop the banking sector.
The expert in economic and financial affairs stressed that "through these efforts, sustainable economic growth can be achieved and the role of the private sector as an engine of development in Iraq can be enhanced."
The current Iraqi government considers the private sector to be the partner contributing to lifting the burden on the state, whether in employing the workforce or financing projects that the government is unable to finance, the most recent of which is the opening of a continuous casting plant for scrap recycling in the capital, Baghdad, with a production capacity of 600 thousand tons annually, with funding and participation from The private sector in reopening the factory.
The Prime Minister is in Italy next week
The political advisor to the Prime Minister, Subhan Al-Mulla Jiyad, revealed a visit by Prime Minister Muhammad Shia Al-Sudani to Italy next week.
Mullah Jiyad told Al-Sabah: “The Prime Minister will go to the Italian capital, Rome, on a two-day visit starting on the tenth of this month of May,” and explained that “this visit comes within the framework of the Iraqi diplomatic openness led by the Sudanese government, linking it to the economic dimension.”
He stated that "Iraq and Italy have many similarities at the political and diplomatic levels, as well as interconnected interests at the economic level. There are many Italian companies that have dealt and are dealing with Iraq, especially in industries related to the energy sectors, in addition to Italy’s participation in the international coalition in the war against ISIS." and its support for Iraq.”
He stressed that "this visit comes within the framework of arranging the bilateral relationship between Iraq and the international coalition countries in preparation for scheduling its withdrawal from Iraq."
For his part, political analyst Aqeel Al-Rudaini said that Prime Minister Muhammad Shiaa Al-Sudani is moving in the right direction through his visits to major countries.
Al-Rudaini added, in an interview with Al-Sabah, that “the Sudanese has a government curriculum that he has worked on since assuming the position of prime minister, so that the practical and executive steps for this curriculum can begin,” noting that “what the Sudanese is doing is at the core of the government curriculum that seeks development and investment.” “In light of the ample political, economic, and security stability available in the country.”
He stated that "there is great support for the Sudanese government from most political forces, and therefore the recent visits to the United States, receiving the Turkish President in Baghdad, or participating in the World Economic Forum in Saudi Arabia are among the efforts of the projects he seeks to establish."
He stressed that "Italy has large and strong economic companies concerned with the field of dams, which have established a number of projects in Iraq, so such countries are needed by Iraq in its economic and agricultural revolution, and whenever major countries such as America, Italy, Germany and Britain enter with their investments in the country, it will contribute to stability." Iraq, because those countries will work to preserve their capital and interests in Iraq.”
Al-Rudaini pointed to the “Development Road” project, which has reached important stages with countries such as Turkey and the Gulf states entering the path of its implementation to be a passage for many global goods between the East and the West. He stated that “Iraq is the shortest route between Asia and Europe, which will contribute to real development and create additional revenues.” To the rentier output that comes from oil only.”
The political analyst believed that the visits made by Al-Sudani “are based on a project and planning, and there is something specific and a goal for those visits,” noting that “there is a state of international and regional satisfaction with Iraq’s performance in the last stage, which led to the easing of tensions and demonstrations,” expressing He expressed his hope that there will be "a breakthrough or change in the Iraqi course, and this is what the Prime Minister is working on during this stage."
Economic: Neighboring countries do not import from Iraq for fear of fraud
Economic affairs expert Jassem Al-Amiri confirmed that neighboring countries do not import from Iraq for fear of the quality of materials.
Al-Amiri said, in a televised interview followed by Mawazine News, that “all the neighboring countries have an excellent policy in the field of import and export, as they work on their own in agriculture and industry, unlike Iraq, which works on imports and has a surplus.”
He added, "The responsible authorities must stop importing materials that are in surplus among farmers and suffice with agriculture, stressing that Saudi Arabia, Jordan, and Kuwait have a scarcity of some agricultural materials every season, so Iraq must work to export these materials to these countries."
He pointed out that "all neighboring countries do not import from Iraq, first for fear of fraud, and secondly, relying on excellent economic policies that make them not in need of importing any resources, thanks to agriculture and national production."
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