2024 Budget: A Sloping Path to Rolling Hopes
The draft general budget law is “the legislative authority’s approval of the general budget, i.e. its approval of the government’s expectations for public expenditures and revenues for the coming year and its approval thereof in a manner that authorizes the government to disburse appropriations within the specified limits in terms of quantity, purpose, and time period, in accordance with the financial procedures and accounting principles established in this regard.”
The video for this blog is below here:
In 2023, the Iraqi government approved a three-year federal general budget called the (2023, 2024 and 2025) budget. It received very large objections, and we had pointed out the problems that hindered its implementation.
At the time, but the insistence is great, citing one reason, which is not to delay the approval of the budget for the coming years, meaning the years 2024 and 2025.
Among the reasons that may lead to a delay in approving the general budget:
1- Iraq's total dependence on oil revenues because oil revenues are unstable and difficult to predict.
2 - Delay in the government’s procedures for preparing the draft general budget law and the large number of discussions, objections and proposals.
3- Political differences between the forces that form governments.
4 - Marathon negotiations between the federal government and the region to determine the quotas and volume of exported oil.
Did the three-year budget achieve its objectives?
Here, what is the appropriate action to take if the approval of the general budget is delayed and the delay continues for several months without it being approved? To answer this question, we say: The Iraqi legislator addressed this matter in accordance with Paragraph (3) of Article (13) of the Federal Financial Administration Law No. (4) of 2020, as amended, as it stated that in the event that the draft federal general budget law for a specific fiscal year is not approved, the final financial statements actually disbursed are considered the basis for the financial statements for the year in which the budget was not approved and are submitted to the Council of Representatives for the purpose of ratification. That is, the government spends on
The basis of the previous year’s budget and within the limits of the amounts and spending rates that occurred in the past, i.e. the old budget is used until the new budget is approved.
This means that spending on operational matters is continuing at the same level as last year, but the problem is realizing in new investment projects that were not previously included in the three-year budget (2023-2024-2025), as these projects require new approval from Parliament and because they are financed from the investment budget, the wheel of development has therefore been delayed for another year as well.
Knowing that the impact of the delay in approving the budget is not very harmful to the implementation of the budget, especially since the operating budget has been approved and its basic paragraph related to salaries, wages, social protection and retirees, in addition to governing expenses such as the ration card, purchasing wheat and medicines, as well as interest and installments of the public debt, are all valid and payable, even if the schedules have not been approved, as happened in the years 2020 and 2022.”
The Iraqi parliament voted on the 2023 budget in June and it was published, but it did not enter into force due to a lawsuit against it in the Federal Court. As for the 2024 budget tables, they were also in June, i.e. after a full year had passed, but they were not published in the Iraqi Gazette due to differences in them.
According to Prime Minister Mohammed Shia al-Sudani, the 2024 budget is 211 trillion dinars, and employee salaries for the year 2024 are 62 trillion dinars, while the 2023 budget was 199 trillion dinars and employee salaries were 59 trillion dinars.
The deficit in the two budgets is approximately 64 trillion for the two years. The revenues of the 2024 budget are estimated at 144 trillion and 336 billion dinars, while the expenditures amount to 210 trillion and 936 billion dinars, while the deficit is 63 trillion and 599 billion dinars.
The existence of a deficit of more than 60 trillion dinars is a cause for concern. This deficit will depend on the increase in oil prices to be compensated for in one way or another, or it will be compensated for by the state taking measures to contain it, or the state will default on its commitment.
Conclusion: The government failed to overcome the approval of the federal general budgets on time by approving the three-year general budget (2023, 2024 and 2025). Rather, the crises that accompanied this budget (2023) are almost worse than others, which is the existence of a difference in the tables between the one sent by the General Secretariat of the Council of Ministers and the one that came approved by the House of Representatives.
The solution is not to re-legislate the three-year budget because it did not achieve its goals, and to re-sign the tables that were sent by the Prime Minister’s Office.
Al-Sudani's advisor settles the controversy over the agreement with Washington to withdraw US forces - Urgent
Subhan Mulla Jiyad, political advisor to Prime Minister Mohammed Shia al-Sudani, said today, Monday (September 9, 2024), the controversy over the Baghdad-Washington agreement to expel American forces.
In an interview with Baghdad Today, Mulla Jiyad said, "Defense Minister Thabet Al-Abbasi's statement yesterday was clear and explicit about the results of what the joint military committees reached after a series of meetings that led to Washington's understanding of the Iraqi position and agreement on a timetable for the withdrawal of forces, which is supposed to end in 2026."
He added, "The agreement was made, but it did not turn into a joint statement to be signed in a final manner by the political leaderships, noting that the Supreme Military Committee concerned with this file submitted its decisions and the results of the meetings to the political parties of both countries, referring to Iraq and America, and is awaiting its signature."
Baghdad and Washington have reached an agreement on the withdrawal of international coalition forces from Iraq, according to a plan to be implemented in stages over the next two years.
Sources told Reuters that the plan includes the withdrawal of hundreds of US-led coalition forces by September 2025 and the rest by the end of 2026.
The plan has been largely agreed upon and is awaiting final approval from both countries and a date for its announcement. A senior US official said, "We have reached an agreement, and right now it's just a matter of when it will be announced."
The two countries are also seeking to establish a new advisory relationship that could allow some US forces to remain in Iraq after the withdrawal.
The sources said that the official announcement was initially scheduled to be issued weeks ago, but was postponed due to the regional escalation linked to the Israeli war on the Gaza Strip, and to settle some remaining details.
Reuters was told by these sources that the announcement of the agreement could happen this month. Farhad Alaa al-Din, the Iraqi prime minister’s foreign relations adviser, said that technical talks with Washington on the withdrawal have ended.
"We are about to take the relationship between Iraq and the members of the international coalition to a new level that focuses on bilateral relations in the military, security, economic and cultural fields," he added.
A State Department spokesman and a defense official said that US President Joe Biden and Iraqi Prime Minister Mohammed Shia al-Sudani confirmed in a joint statement in April that they would review several factors to determine when and how the coalition mission in Iraq would end and transition to permanent bilateral security partnerships.
Al-Sudani said earlier that US forces - despite his appreciation for the assistance they provide - have become a magnet for instability, as they are frequently targeted and usually respond with attacks without coordination with the Iraqi government.
The agreement, when announced, is likely to represent a political victory for the Iraqi prime minister, who is seeking to balance Baghdad's position as an ally of both Washington and Tehran, which are on opposite sides of the Middle East.
The United States has about 2,500 troops in Iraq and 900 in neighboring Syria, as part of a coalition formed in 2014 to fight ISIS after it overran vast areas of both countries.
Barzani to Al-Alaq: The number of registered individuals in the “My Account” banking project has exceeded half a million
Kurdistan Regional Government Prime Minister Masrour Barzani confirmed today, Monday, that the number of people registered in the "My Account" project has exceeded half a million individuals.
A statement by the Central Bank, received by "Al-Eqtisad News", stated that "the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, received the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq."
He explained that "during the meeting, the Prime Minister highlighted the reforms achieved in the banking sector in the Kurdistan Region, and touched on the (My Account) banking project, in which the number of registered public sector salary recipients has exceeded half a million individuals so far, as it is expected that the salaries of two hundred thousand newly registered people will be disbursed through (My Account) next month."
He pointed out that "the two sides agreed on the importance of continuing the project, and supporting and following up with the Central Bank."
The Prime Minister of the Region expressed his "thanks to the Governor of the Central Bank for his distinguished support for the (My Account) project, and for the banking reforms in the Regional Government," noting "the growing interest of local and international financial institutions in coordination, cooperation and support for the financial strategy of the Regional Government."
He continued, "The meeting discussed accelerating the achievement of financial inclusion in the Kurdistan Region, as part of the strategic goals of the Central Bank of Iraq and its steps towards digitizing the banking sector."
We are heading towards financial fragility.. How did the new appointments affect the budget?
Finance and development expert, Aqil Jabr Al-Muhammadawi, stressed today, Monday, the necessity of reconsidering the engineering of public finances in light of the threats and risks of the decline in crude oil prices in global markets, while explaining the impact of new appointments on the budget.
Al-Muhammadawi said, in an interview with "Al-Eqtisad News", that "there is a priority to review the priorities of public finance and implement the federal budget for the remainder of 2024 in light of the negative repercussions of the decline in oil prices on the state's public finances and its effects on the federal budget and the implementation of the government program's targets."
He added: "We are moving towards a financial fragility of the federal budget structure, and not within a fragile budget mentality; because it is based on solid accounting and financial rules, principles, and foundations, clear, specific, and tangible economic goals, and the ability to be implemented in reality and in fact, in addition to the availability of financial capacity or abundance, in light of the threats and risks of the decline in oil prices, which constitute more than 85% of the revenues of the federal budget structure."
The financial affairs specialist pointed out that "there is a noticeable increase in the 2024 budget, especially in the number of employees, to reach approximately 4.08 million employees, an increase of 18.1 million employees over 2019, while it did not exceed 209 million employees in that year 2019, in addition to increasing health care to become approximately 25 trillion dinars in 2023, and the increase is expected more in 2024, with an increase of 5.3 trillion in 2023 over what was actually achieved in 2019."
Al-Muhammadi said, "This increase represents additional burdens on the state's public finances, which are not met by new sources of revenue or sovereign investment funds that produce new financial brides."
He stressed: "The importance of quickly reviewing, with steps and a well-studied methodology, the reorganization and analysis of the federal budget structure and the corresponding real and tangible spending priorities, and the possibility of re-engineering the structure of public expenditures and the quantitative management of some non-governing paragraphs."
Investment Authority: Iraq’s entry into the New York and Singapore agreements achieves its transition by attracting funds to the Iraqi market
The head of the National Investment Commission, Haider Mohammed Makiya, confirmed on Monday that the presence of a high-ranking Egyptian economic delegation in Baghdad represents a genuine common desire to increase economic and commodity exchange between the two countries, pointing out that Iraq’s entry into the New York and Singapore agreements has achieved a noticeable transition in attracting funds to the Iraqi market.
A statement by the Commission, seen by "Al-Eqtisad News", stated that the Chairman of the National Investment Commission, Haider Mohammed Makiya, received at the Commission's headquarters a delegation from the Arab Republic of Egypt headed by Deputy Prime Minister and Minister of Transport and Industry Kamel Al-Wazir and his accompanying delegation, in the presence of the Vice Chairman of the Commission, Salar Mohammed Amin, the Directors General of the Commission, the Egyptian Ambassador to Baghdad, Ahmed Samir, the Second Secretary, Mohammed Shahat, and the Foreign Affairs Advisor, Labib Al-Khudari.
Makiya stressed - according to the statement - that "the presence of a high-ranking Egyptian economic delegation in Baghdad represents a real common desire to raise economic and commodity exchange between the two countries, and an actual translation of the recent visit of Prime Minister Mohammed Shia Al-Sudani to the Arab Republic of Egypt, which expressed a common desire to establish effective partnerships between the two countries," indicating that "the Commission is concerned with drawing up the investment policy for Iraq, in accordance with Investment Law No. (13) of 2006 and its latest amendment in 2015."
He explained that "the Commission seeks to localize many industries in various economic sectors, including projects supporting solar energy, food security, and renewable energies (blue and green ammonia), in addition to projects in various sectors." Pointing out that "Iraq's entry into the New York Convention, which is the recognition of foreign judgments, in addition to the pre-arbitration mediation agreement (the Singapore Convention), will achieve a noticeable shift in attracting funds to the Iraqi market."
The statement explained that "Makiya welcomed the heads and representatives of the Egyptian companies present in various specializations," calling for "creating a state of effective economic and qualitative integration between the two countries," and at the same time directing "an invitation to Egyptian companies and investors to attend the Iraq Investment Forum, which is expected to be held in early October of this year." For his
part, the head of the Egyptian delegation explained that "the type of partnership we are looking forward to is a joint Iraqi-Egyptian investment that does not serve the interests of a specific party, but rather represents an integrative and effective model," stressing that "the recovery and stability of the Iraqi economy represents an addition and support for the Egyptian economy and the economies of the region."
The Egyptian minister referred to "the experiences of the Egyptian economy in the field of industrial and investment zones, in addition to electricity, cables, wires, factory rehabilitation, sewage, ports, and others."
The statement concluded by saying, "The Egyptian Minister expressed his country's desire to participate and attend the International Development Road project, in which Iraq and Turkey are original parties, along with the states of Qatar and the Emirates, and for Egypt to be the fifth partner contributing to the establishment of this vital corridor that draws the future of the region's economies for the next stage."
Prime Minister: Iraq's doors are open to all activities in order to achieve Arab economic integration
Prime Minister Mohammed Shia al-Sudani stressed, on Monday, that Iraq's doors are open to all activities in order to achieve Arab economic integration.
The Prime Minister's Media Office stated in a statement, seen by "Economy News", that "Prime Minister Mohammed Shia Al-Sudani received the Deputy Prime Minister and Minister of Transport and Industry of Egypt Kamel Al-Wazir, in the presence of the heads of a group of major Egyptian companies in the field of roads, construction and bridges."
Al-Sudani stressed that "this visit is a testament to the fraternal Iraqi-Egyptian relationship that represents the cornerstone in serving our brotherly peoples, and it also reflects the keenness of the leadership of the two countries on serious cooperation," noting that "Iraq's doors are open to all activities in order to achieve Arab economic integration."
The Prime Minister explained that "Iraq is witnessing an unprecedented movement in development and reconstruction," stressing "the importance of forming a follow-up cell to plan projects that Egyptian companies can implement in Iraq."
For his part, the Egyptian Minister of Transport and Prime Minister conveyed the greetings of Egyptian President Abdel Fattah El-Sisi and Egyptian Prime Minister Mostafa Madbouly, stressing that "this visit is a continuation of what was witnessed during Al-Sudani's recent visit to Cairo, in addition to Egypt's serious desire to expand cooperation with Iraq and President El-Sisi's recommendations in this direction."
The Egyptian Minister of Transport confirmed "working to complete the memorandum of understanding with the Iraqi Ministry of Transport in the field of land and rail transport," expressing "his country's readiness to contribute effectively to the completion of the development road project."
The statement concluded that "the delegation that accompanied the minister included 14 major companies, out of a total of 100 Egyptian companies that requested to participate in projects in Iraq," where representatives of these companies expressed "their readiness to transfer their expertise and partner with Iraq."
Masoud Barzani to Baghdad Economic Delegation: Dialogue Ends Disagreements
Kurdish leader Masoud Barzani stressed on Monday that the best way to end the differences is to resort to dialogue and understanding between the Iraqi federal government and the Kurdistan Regional Government.
This came during Masoud Barzani's reception, in Salahuddin resort, of a high-level delegation from the federal government, which included Fuad Hussein, Deputy Prime Minister of Iraq and Chairman of the Ministerial Council for the Economy, Mohammed Tamim, Deputy Prime Minister of Iraq and Minister of Planning, Taif Sami, Iraqi Minister of Finance, Hamid Naeem Al-Ghazi, Secretary-General of the Iraqi Council of Ministers, Ali Mohsen Al-Alaq, Governor of the Central Bank of Iraq, in addition to a number of officials in the Iraqi government from the Ministries of Foreign Affairs, Planning, Finance, Oil, Trade, Industry, Minerals, Agriculture, Labor and Social Affairs, as well as the General Secretariat of the Council of Ministers, the Central Bank and the Iraqi Securities Commission, according to a statement received by Shafaq News Agency.
The statement pointed out that "the members of the guest delegation expressed during the meeting their happiness to visit the Kurdistan Region, praising the historical role of President Barzani in building the new Iraq and the struggle against dictatorship. They also reviewed with President Barzani the objectives of their visit to the Kurdistan Region and their discussions with the relevant parties in the regional government.
The guest delegation confirmed, according to the statement, that their meetings and gatherings with the regional government were fruitful, stressing the pursuit of reaching a complete understanding in an atmosphere full of trust and through a transparent and constructive vision in order to solve the pending problems and overcome the obstacles.
For his part, Masoud Barzani expressed his warm welcome to the high-level delegation of the Iraqi federal government, and expressed his hope that this visit and meetings would have positive results for the benefit of all of Iraq and the Kurdistan Region.
Barzani also highlighted the history of the struggle and sacrifices of the people of Kurdistan in the twentieth century, and told the audience that after 2003 there were aspirations to build a new Iraq that would be an example of coexistence, partnership, democracy and pluralism in the region.
He stressed that the struggle of the people of Kurdistan was to consolidate the partnership and guarantee their rights, and it is not possible to try to limit the historical issue and the countless struggles and sacrifices of Kurdistan and reduce them to the issue of salaries or seek to spread division and discord in the Kurdistan Region, instead of respecting the demands of the people of Kurdistan and compensating for what they were exposed to in Anfal operations and chemical weapons bombing.
The Kurdish leader stressed that "the best way to end the differences is to resort to dialogue and understanding between the Iraqi federal government and the Kurdistan Regional Government," stressing "the necessity for us all to abide by the constitution in order to resolve the problems while adhering to the political agreements reached between the parties forming the state administration coalition."
Barzani praised the role and efforts of Prime Minister Mohammed Shia al-Sudani in removing obstacles and resolving differences, and stressed the importance of having good intentions and a real and sincere will, in addition to commitment to the constitution and political agreements, in order to make the dialogue process successful and resolve problems.
It is noteworthy that the meeting was held in the presence of a high-level delegation from the Kurdistan Regional Government, which included the Ministers of Interior and Finance, the Chief of Staff of the Council of Ministers, and a number of officials from the Kurdistan Regional Government.
The parallel market will be upended.. Sources: Expected decisions from the Central Bank will confuse markets and raise exchange rates
A banking source reported, today, Monday (September 9, 2024), that there was confusion in the foreign exchange markets, while he expected their prices to rise.
The source told Baghdad Today, "The Central Bank will issue new decisions regarding foreign currency prices and the method of trading them within Iraq."
He added, "It is likely that these decisions will lead to an increase in the dollar exchange rate in the parallel market due to the currency shortage."
The source said, "The aim of these decisions is to limit currency smuggling or its monopoly by the weak-willed."
The dollar exchange rate witnessed a new rise this afternoon in the two main stock exchanges and local markets.
Baghdad Today correspondent said that the dollar exchange rate recorded 150,500 for every 100 dollars in the two main stock exchanges.
He added that the selling price in exchange offices also rose to 152,500 per 100 dollars.
Including the growth of banking liquidity.. A government advisor reveals 3 goals for electronic payment
The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, revealed today, Monday, three goals for the transition from cash payments to electronic payments, while indicating that it will achieve growth in banking liquidity.
Saleh told the Iraqi News Agency (INA): "The shift from cash payments to electronic payments will undoubtedly achieve three basic goals in modernizing digital life in Iraq at the same time. The first is maximizing the level of cash flows to the banking system, which only accounts for 15% of the total currency issued for circulation, which leads to reducing the phenomenon of banking liquidity risks ( uncertainty) and celebrating idle hedging liquidity."
He added, "The second objective will result in the growth in banking liquidity, which leads to the growth of monetary credit and the achievement of a higher level of financial depth, and what is related to the rise in credit indicators to the GDP does not exceed 11% of the GDP, which is very low according to the international standard for one of the indicators of financial depth in providing long-term financing, managing risks, and offering diverse investment options."
Saleh continued, "The third goal is to increase and regularize government cash revenues, or what is called cash flows to the public treasury, in an accelerated manner, within the framework of developing the treasury single account , which is one of the most important goals of financial reform in Iraq. In light of the above, the country will witness a technical conference on electronic payments, in which all stakeholders concerned with electronic payment will meet to conduct a comprehensive assessment of the transition phase towards digital payments, chart future paths, evaluate the successes achieved, and come up with an integrated vision for moving to the next digital phase in payments in our country."
He pointed out that "the digital payment policies launched by the government a year ago are considered one of the most important issues brought by the government program within the scope of implementing the principles of e-governance, as its most important arms are updating the efficiency of payment systems in our country, in the transition from cash payments to digital payments, as the applications of this rapid transformation were supported by many positive factors, including the growth in the number of electronic payment companies throughout the country to nearly 17 payment companies, and that most of them are active in the economic work arena."
Saleh added, "Among the positive factors that supported this transformation is the trend towards electronic banking by licensing a number of active digital banks in this regard, in addition to the development of the digital infrastructure related to electronic payment that the Central Bank of Iraq holds and is developing rapidly, including the application of standard regulatory and supervisory standards for digital payments, accompanied by the expansion of the scope of use of electronic payment devices, and finally the Council of Ministers' approval of the instructions and legal controls that facilitate the regulation of the payments sector and digital transformation, in addition to the transformation of government institutions' collection operations towards electronic collection."
He continued, "Digital payments have increased in government gas stations and others, for example, to more than 60% of their current payment operations, and they are in increasing movement for the stations to complete all digital collection requirements by the end of this year. Government electronic collection has also been completed in all government activity joints and according to the same timeline in the transition to electronic collection. The expected results of spreading digital payments are represented by an increase in the number of bank accounts to nearly 16 million bank accounts, which covers about 50% of the number of adults in our country, and the goal is for every adult citizen to have a bank account."
Saleh explained that “this boom in the number of adult bank accounts was reinforced by the use of electronic payment cards, which reached nearly 20 million citizens holding an electronic payment card, meaning that the percentage of adult electronic payment card holders is nearly 60% of the total number of adults, despite the dominance of prepaid cards linked to the accounts of the issuing bank companies, as it requires that electronic payment cards be linked directly to a personal bank account, which embodies the need for the rapid growth of digital financial inclusion goals , and the aspiration for banking services that touch the poorest and most vulnerable groups in society by expanding the scope of using digital or electronic payment cards.”
Parliamentary Security: Coordination on 3 levels to follow up on the withdrawal of foreign forces from Iraq
The Parliamentary Security and Defense Committee confirmed, today, Monday, September 9, 2024, the existence of coordination on 3 levels to follow up on the withdrawal of foreign forces from Iraq.
Parliamentary Security Committee Advisor Mustafa Ajil told Baghdad Today, "The capabilities of the Iraqi security establishment, with all its formations, are capable of controlling the pace of security, averting external and internal dangers, and enhancing security and stability. It does not need any foreign military presence," noting that "the Council of Representatives issued an important decision in 2020 to withdraw foreign combat forces from the country in light of a national vision and a reading of the security scene in general."
He added, "The Parliamentary Security Committee is following up on the issue of withdrawing foreign combat forces from the country on three levels, the most prominent of which is with the government, security ministries, and the teams concerned with conducting consultations to determine the roadmap and timetables for the withdrawal," noting that "national sovereignty is a red line and the withdrawal of any foreign combat force is undisputed."
Ajeel pointed out that "there are arms and training agreements with many foreign countries, and this matter is subject to the extent of military and security importance, but the presence of any combat force is a settled matter and is within the principle of pushing it to withdraw and leave the country because our security situation is stable and we have forces capable of curbing any security threat."
High-level military committees from Iraq and the United States have reached an agreement on the withdrawal of coalition forces over two years, and agreed to transform relations into a sustainable security partnership, Defense Minister Thabet al-Abbasi announced in a televised interview followed by "Baghdad Today."
He added: "It was agreed to end the alliance's mission in two stages," indicating that "the first stage begins this year and continues until 2025, while the second stage ends in 2026."
He explained that "the announcement of the withdrawal was postponed due to the circumstances the region is going through and the American elections," expecting that an agreement will be reached within the next few days on the withdrawal of the coalition forces that arrived in Iraq with the aim of supporting the country in the war against ISIS.
Regarding the tensions witnessed in the region following the attack launched by the Palestinian Hamas movement on Israel on October 7, and the resulting launch of the Israeli military operation in the Gaza Strip, the Minister of Defense stressed that the contacts made by the Iraqi government played an important role and its role in avoiding the spread of the conflict in the region.
Are the Central Bank's decisions enough to stop inflation and strengthen the currency in Iraq?
As part of the Iraqi government's efforts to improve the economic situation and stabilize the local currency, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the role of the Central Bank's decisions in reducing inflation rates and strengthening the value of the national currency.
While Saleh's statements reflect the government's commitment to achieving economic stability, many questions arise about the effectiveness of these policies in addressing real economic challenges.
The role of the Central Bank in stabilizing the currency: Saleh stressed that the monetary policies of the Central Bank, including decisions to raise or lower interest rates, play an important role in stabilizing the local currency. He explained that these policies aim to achieve a balance between the internal and external value of the currency, which is supposed to contribute to reducing inflation rates. While these measures are seen as economic stabilization factors, the question remains about the extent to which they will succeed in facing the challenges of rising inflation and other economic pressures.
Economic growth and strengthening the currency's value: Saleh pointed out that sustainable economic growth strengthens the currency's value and stability. He stressed that the real factors affecting the currency's strength include high productivity, good employment, real investment, and innovation. In this context, many wonder about the Iraqi economy's ability to achieve this sustainable growth, in light of the challenges it faces, such as low oil prices and political crises.
Technology and Innovation: Stimulating Productivity and Economic Growth: Saleh noted that technology and innovation can play a crucial role in improving productivity and economic growth, which enhances the value of the currency. However, while innovation and technology are positive factors, achieving these goals requires a suitable environment for research and development, as well as effective investment support. In this regard, questions remain about the extent to which Iraq can meet these requirements amidst the current challenges.
The importance of political and administrative stability: Saleh also explained that political stability and the strength of the administrative system are important factors in enhancing confidence in the national currency. In this context, many people wondered about the extent of the political and administrative stability in Iraq, especially in light of the ongoing political crises and administrative challenges. Achieving political stability may be essential to achieving the desired economic goals.
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