International Monetary Fund expects growth in the Iraqi economy
The head of the International Monetary Fund mission in Iraq, Dr. Ghazi Shubaikat: There has been growth in the Iraqi economy in light of the reforms adopted by the government.
Shubaikat explained, in an interview with “Al-Sabah” followed by “Al-Eqtisad News”, that in conjunction with the reforms adopted by the government with the aim of creating realistic solutions to all economic problems, the Fund expects growth in the Iraqi macroeconomy, indicating that it sensed the seriousness of the Iraqi government in the field of achieving Economic reforms that strengthen the relationship with the Fund.
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He added that the International Monetary Fund supports Iraqi reforms that achieve financial sustainability and keep Iraq away from any crises facing the oil market, especially since a country like Iraq needs large revenues to cover the needs of all sectors.
The Central Bank discusses banking supervision with the World Bank
Today, Sunday, Baghdad Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received a delegation from the International Finance Corporation (IFC), affiliated with the World Bank Group.
During the meeting, the reality of bilateral cooperation in the field of the banking sector was discussed and its development in line with international technologies, in addition to presenting the latest developments regarding the long-term plans implemented by the Central Bank in cooperation with the International Finance Corporation (IFC).
The two parties discussed the roadmap for the sustainable financing project in line with the environmental, social, and governance (ESG) model, financing and lending activities, and investment diversification plans. His Excellency also reviewed the national lending strategy proposed by the Central Bank to finance small and medium enterprises.
The delegation expressed their readiness to cooperate in the field of exchanging experiences and training, to help develop Iraqi banking staff, and to develop banking supervision tools, in line with the efforts of the Central Bank and the international institution, in supporting the private sector and economic activities.
During the meeting, the governor stressed that ideas are generated and launched within the Central Bank of Iraq, and the role of international organizations is to transform them into programs and plans that facilitate their implementation, appreciating the efforts of the international organization in providing support for Central Bank projects that serve the private sector and stimulate the Iraqi economy.
Iraq's financial revenues exceed 42 trillion dinars within 4 months
The Iraqi Ministry of Finance revealed, on Monday, that the volume of revenues in the federal budget during four months exceeded 42 trillion dinars, confirming that the oil contribution to the budget remains at about 89%.
Shafaq News Agency followed the data and tables issued by the Ministry of Finance this month, for the accounts of the months of January, February, March, and April for the current fiscal year, which showed that oil is still the main resource for Iraq’s general budget, as it reached 89%, which indicates that the rentier economy is the basis of the country’s general budget.
The financial tables indicated that the total revenues in the aforementioned four months amounted to 42 trillion and 725 billion and 409 million and 202 thousand and 38 dinars, and that the total expenditures with advances amounted to three trillion and 678 billion and 245 million and 511 thousand dinars.
According to the financial tables, oil revenues amounted to 38 trillion, 3 billion, 728 million, and 183 thousand dinars, which constitute 89% of the general budget, while non-oil revenues amounted to four trillion, 698 billion, 785 million, and 9 thousand dinars.
For his part, economic expert Muhammad al-Hassani told Shafaq News Agency, “Oil prices are subject to global fluctuations,” stressing that “the Iraqi government must take advantage of the financial abundance in the budget by developing the economic and agricultural sectors to reduce dependence on oil.”
He added, "Corruption and bureaucracy overwhelm most aspects of government institutions and prevent any economic development taking place in Iraq," warning against "not diversifying the Iraqi economy as quickly as possible, which will make the Iraqi state unable to even pay the salaries of its employees in the near future."
The Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Salih, confirmed in March 2021 in an interview with Shafaq News Agency, that the reasons for the Iraqi economy remaining rentier are due to the wars and the imposition of the economic blockade on the country during the past era and the political conflicts we are witnessing today, which led to... Dispersal of economic resources.
The Iraqi state’s continued reliance on oil as the sole source of the general budget is a source of danger in the global crises that occur from time to time as oil prices are affected by them, which makes the country tend every time to cover the deficit through borrowing from abroad or within, and thus indicates an inability to manage... Effectively using state funds, and the inability to find alternative financing solutions.
Al-Sudani on the anniversary of the fall of Mosul: We won on behalf of the world and ISIS no longer poses a threat
Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Monday (June 10, 2024), on the occasion of the tenth anniversary of the fall of the city of Mosul, that the Iraqis were able to achieve a victory on behalf of the world, while indicating that the remnants of terrorism no longer pose a threat to the existence of the Iraqi state.
The Prime Minister said in a statement received by Baghdad Today, “Ten years ago, under ambiguous circumstances, and with support from the forces of evil and hatred in the world, the terrorist ISIS gangs committed their crime and aggression against our people in Mosul, and its residents were terrorized by a barbaric attack fueled by despicable goals and a myth.” Illusion and hostility to every bright step achieved by the Iraqi people following the fall of the dictatorship.”
He added, "We remember this stage with a lot of pain for the innocent victims of all sects and colors of the Iraqi people, who were targeted by the treachery of these dark gangs and the forces behind them, but we are once again proud of the cohesive stance in which our people rallied around their armed forces of all kinds, and shed the abundant blood of the martyrs." In order to cleanse the land, and in order for Iraq to return with every inch of it, united, proud, and complete with sovereignty and decision-making,” he noted, noting that “the blessed fatwa of the Shiite authority, Ali al-Sistani, had an honorable role in changing the course of events towards achieving victory reinforced by guaranteeing the sovereignty of Iraq and the unity of its land and people.”
He continued, "The victory was, and still is, a valuable achievement that confirmed the interconnectedness of our people, and consolidated our historical destiny in fraternal coexistence. We emerged from the experience stronger and more determined to proceed with the reconstruction, development and development of Iraq, and to raise generations that bear responsibility and look to the promising future with competence and empowerment."
He pointed out that "the Iraqis were able, through their sacrifices and with the help of friends and honorable people, to break the wave of extremism and terrorism in its ugliest and most brutal forms, and to achieve this civilizational victory on behalf of the free world," stressing that, "the remnants of terrorism no longer pose a threat to the existence of the Iraqi state."
He pointed out that "the Iraqi people today enjoy security and stability as a result of that just confrontation and what our righteous martyrs provided, and may the pace of work continue at its best, with a high determination to bring about an economic and humanitarian renaissance, and a qualitative transition to a free and dignified life worthy of the name of Iraq."
Al-Rafidain: Al-Khader branch joins the branches that operate with the comprehensive system
Al-Rafidain Bank announced the implementation of the comprehensive banking system in the Al-Khader branch in Al-Muthanna.
The bank stated in a statement: “With the addition of the Al-Khader branch, the number of branches in force and operating the system has become (29), in an important step to strengthen the banking system, achieve its requirements, abandon paper work, and move completely to electronic systems.”
The bank confirmed: “The digital transformation plan and adoption of the comprehensive banking system is proceeding according to the set timings to include all the bank’s branches 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, reducing time, simplifying procedures, removing obstacles, and intensifying efforts to raise the level of Services provided to customers and completion of their transactions.”
Politician: American forces will remain in the military bases, with only their description changing
Political analyst Qasim Balshan said on Monday that American forces will not leave Iraqi territory and will remain in the camps while changing the capacity in which they are present inside Iraq.
Balshan told the Maalouma Agency, “There is no actual move to end the presence of American forces in military bases, and what will happen is to change the capacity in which these forces are present.”
He added, “The Sudanese visit to Washington did not involve an agreement with the American administration to withdraw its forces from Iraq, as there is no official request submitted by the Iraqi government to its American counterpart to withdraw its forces from military bases inside Iraq. "
He promised, “The talk about ending the American military presence will not be implemented on the ground, since the government did not approach the American administration in this regard.”
Iraq expects to reach an agreement to resume oil exports through Türkiye within days
The Iraqi Oil Minister, Hayyan Abdul-Ghani, said in a televised interview on the government “Al-Iraqiya” channel, “There is progress in these negotiations, and we hope that we will reach, within the next few days, a final understanding in this regard.”
He added that the Iraqi Ministry of Oil, the Ministry of Natural Resources in the Kurdistan Region, and international oil companies met on Sunday in Baghdad to discuss the resumption of production and exports, noting that the revenues will be deposited in an account in the Central Bank of Iraq.
Abdul Ghani expressed his hope that there will be multiple outlets for exporting Iraqi oil abroad, and he said: “We are looking for other sources to deliver Iraqi oil to global markets... We were exporting 400 thousand barrels of oil per day through Turkish Ceyhan before it stopped.” He added: “We are conducting negotiations with Turkey to resume oil exports through Ceyhan,” noting that “there is progress in the negotiations regarding the Iraqi-Turkish oil pipeline.”
Sunday's meeting in Baghdad, which was attended by Abdul Ghani and officials from the Ministry of Natural Resources in the Kurdistan Region, came after an invitation sent by the Ministry of Oil, last month, to the Kurdish authorities and international energy companies. To meet and discuss the resumption of northern oil exports.
A senior official at the Ministry of Oil, who requested anonymity due to the sensitivity of the talks, said on Sunday that the talks are expected to focus on the Kurdistan Regional Government’s energy production sharing contracts, which Baghdad wants to amend, and the oil production costs demanded by foreign oil companies. In exchange for oil extracted from the Kurdistan region.
Iraq says that foreign companies and the authorities of Iraqi Kurdistan are behind the delay in resuming crude oil exports. Because it has not yet submitted its contracts to the Federal Ministry of Oil for review.
Crude oil exports from Kurdistan stopped more than a year ago, after they were closed in March 2023. Due to the dispute over who allows exports from the Kurdistan region.
The impasse came on the heels of the International Chamber of Commerce's March 2023 ruling on a dispute between Turkey and Iraq over Kurdistan's oil. The ICC ruled in favor of Iraq, which said Turkey should not allow Kurdish oil exports through the Iraq-Turkey pipeline and the Turkish port of Ceyhan, without the approval of the Iraqi federal government.
Months of tense negotiations between Iraq and Turkey, and between Iraq and Kurdistan, followed, with an agreement remaining elusive. In January of this year, foreign companies operating in Kurdish oil fields called on the US Congress to take immediate action to help solve the problem of the cessation of crude oil exports from the autonomous Iraqi region. The group said, in a letter to Congress, that “oil export is the foundation of Iraq’s economy, and all Iraqis will benefit when full production and global sales from the Kurdistan region resume.”
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The Ministerial Council for the Economy decides to support the independence of the Central Bank in formulating monetary policy
Today, Monday, Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, chaired the seventeenth session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Industry, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, and advisors. Prime Minister for Economic and Legal Affairs, and Chairman of the Securities Commission.
A statement by the Council, a copy of which {Al-Furat News} received, stated that it: “discussed the items on its agenda and took the necessary decisions regarding them. It also hosted the head of the Financial Supervision Bureau and his deputy, and the Director General of the Legal Department in the Bureau, to study and evaluate partnership contracts between the public and private sectors.” And a statement of the economic feasibility of its continuation or termination.”
He added, "Where the head of the Bureau reviewed those contracts that were divided between important contracts that benefit the state budget, and others that lacked economic feasibility, the Council decided to complete the discussions in the presence of representatives of the relevant ministries in order to resolve this important file."
The Council continued, "It also decided to approve the recommendations of the committee formed to study the adoption of Iraqi, Gulf, or higher specifications when importing vehicles, in order to preserve the lives and safety of citizens and users of vehicles and roads, while determining the contribution of foreign capital to Iraqi banks was discussed."
He added, "In line with the state's general policy of supporting the Iraqi and foreign banking sector and foreign investments in Iraq, the Council decided to support the independence of the Central Bank of Iraq in formulating monetary policy in accordance with its applicable laws and instructions."
The Council hosted the Technical Undersecretary of the Ministry of Environment; To discuss support for the Ministry’s projects related to implementing the government program and removing obstacles hindering its implementation.
a different version
The Ministerial Council for the Economy decides to support the independence of the Central Bank of Iraq in formulating monetary policy
The Ministerial Council for the Economy decided today, Monday, to support the independence of the Central Bank of Iraq in formulating monetary policy in accordance with its applicable laws and instructions.
The media office of the Ministerial Council for Economy stated, in a statement received by “Iraq Observer,” that “Deputy Prime Minister, Minister of Foreign Affairs, and Chairman of the Ministerial Council for Economy, Fouad Hussein, chaired the seventeenth session of the Ministerial Council for Economy, in the presence of the Deputy Prime Minister, Minister of Planning, and the Ministers of Industry and Labor.” Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, the Prime Minister’s advisors for economic and legal affairs, and the Chairman of the Securities Commission.”
He added, “The Council discussed the items on its agenda and took the necessary decisions regarding them, and hosted the President and Vice President of the Financial Supervision Bureau and the Director-General of the Legal Department in the Bureau to study and evaluate partnership contracts between the public and private sectors and demonstrate the economic feasibility of their continuation or termination.”
He pointed out that “the head of the Bureau reviewed these contracts, which were divided between important contracts that benefit the state budget and contracts that lacked economic feasibility, and the Council decided to complete the discussions in the presence of representatives of the relevant ministries in order to resolve this important file.”
The Council decided, according to the statement, “to approve the recommendations of the committee formed to study the adoption of Iraqi, Gulf, or higher specifications when importing vehicles in order to preserve the lives and safety of citizens and users of vehicles and roads.”
The Council discussed, “Determining the contribution of foreign capital to Iraqi banks, and in line with the general policy of the state in supporting the Iraqi and foreign banking sector and foreign investments in Iraq,” deciding to “support the independence of the Central Bank of Iraq in formulating monetary policy in accordance with its applicable laws and instructions.”
He hosted, “The Technical Undersecretary of the Ministry of Environment to discuss supporting the Ministry’s projects related to implementing the government program and removing obstacles that hinder its implementation.”
Today, Tuesday, the Prime Minister directed the formation of a committee from 4 parties to study the proposal to create a directorate specialized in financial investigation.
A statement from the media office stated :
The Prime Minister directed the formation of a committee from (the Ministry of Finance, the General Secretariat of the Council of Ministers, the Central Bank of Iraq, and the Legal Advisor Department in the Prime Minister’s Office), to study the proposal to form a directorate specialized in financial investigation, to unify the competent investigation authority.
Al-Sudani will visit Jordan tomorrow, Tuesday
A government source revealed today, Monday (June 10, 2024), that Prime Minister Muhammad Shiaa Al-Sudani will visit Jordan tomorrow, Tuesday.
The source told "Baghdad Today" that the Sudanese "will pay a visit to Jordan tomorrow, Tuesday, at the head of a high-ranking government delegation."
He pointed out that "the visit will discuss a number of security and economic files and developments in the region."
Sources said that Prime Minister Muhammad Shiaa Al-Sudani will visit Jordan tomorrow.
The sources said that the visit's schedule includes participation in an international conference on Gaza.
The Iraq Observer had published a joint invitation received by Al-Sudani from the Jordanian King, the Egyptian President, and the Secretary-General of the United Nations to participate in the work of an international conference to support Gaza.
The sources did not rule out that the Sudanese would also discuss the “oil pipeline” file between the two countries during his discussions with King Abdullah II.
The UN Security Council adopts a US draft resolution calling for a ceasefire in Gaza
Today, Monday (June 10, 2024), the UN Security Council adopted a US draft resolution calling for a ceasefire in Gaza and the unconditional implementation of a prisoner exchange deal.
According to the proceedings of the session, the Security Council resolution was adopted with the approval of 14 countries and one country abstained from voting .
For her part, Washington's representative to the Security Council said that the deal meets Israel's demands and allows the entry of aid into Gaza, stressing that Hamas is awaiting approval of the deal.
After returning it for the purpose of auditing...the Iraqi facts address Parliament to send the budget schedules
Ministry of Justice spokesman, Ahmed Laibi, said on Tuesday that the Iraqi Facts Department addressed the House of Representatives with an official letter in order to send the schedules of the Federal Financial Budget Law for the year 2024 in order to publish them in the Official Gazette.
Laibi explained in a statement to Shafaq News Agency, that there are communications between the Facts Department and the House of Representatives to complete the procedures and publish the budget tables in the Iraqi Facts newspaper.
Meanwhile, a parliamentary source told the agency that this measure comes after the Real Estate Department returned the budget law schedules to the House of Representatives for the purpose of scrutinizing some articles and paragraphs of the law, but the House was late in sending them again.
The source added that the Council must return the budget law schedules before the end of this week and the Eid al-Adha holiday to avoid further delays.
At the beginning of last May, the Iraqi Council of Representatives voted on the budget schedules for the current year, 2024.
The budget included securing scholarships for university and school students, and increasing employee allocations by 4 trillion to secure the salaries of employees, new appointees, and retirees, and implementing the terms of contracts, appointments, and those whose contracts were terminated.
It also included allocating an amount of one trillion and 250 billion dinars to secure the increase in retirees' salaries, and allocations for disbursing end-of-service rewards to civilian and military retirees.
As well as increasing social welfare allocations to include more than 650,000 new families, increasing the capital of the Real Estate Bank by 500 billion dinars to cover citizens’ lending requests for housing, and allocating an amount of 5 trillion dinars to secure farmers’ entitlements to purchase wheat and barley crops.
At the beginning of this June, a member of the Parliamentary Finance Committee, Jamal Cougar, revealed an important step towards approving Iraq’s budget for the current year.
Koger told Shafaq News Agency at the time that the House of Representatives voted on the budget law schedules and sent them in an official letter to the Ministry of Justice for the purpose of publishing them in the Iraqi newspaper Al-Waqe’i.
He stated that the budget schedules do not need to be approved by the Presidency of the Republic, given that Parliament voted last year on the three-year budget law.
He added that after publishing the budget tables in the Official Gazette, the Ministry of Finance and the Ministry of Planning will disburse operational and investment expenses, allocations and financial dues to ministries, institutions, bodies and government agencies, in addition to disbursing the governorates’ dues as specified in the budget tables.
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