Delete zeros and evaluate the dinar
link citizen education
Ali Daadoush
The video for this blog post is below here:
In a newspaper column a while ago, we explained the concept of deleting zeros, and today we are talking about the concept of currency revaluation, which means a calculated upward adjustment of a country’s official exchange rate relative to a chosen baseline, which can include (wage rates, the price of gold, or a specific foreign currency), and revaluation is the opposite of devaluation. In a fixed exchange rate system (the system followed by Iraq), only a decision from the state (the central bank) can change the official value of the currency, and developing economies are likely to use a fixed exchange rate system in order to limit speculation and provide a stable monetary system in the country. In a flexible exchange rate system, revaluation occurs on a regular basis, as evidenced by the noticeable fluctuations in the foreign exchange market and the associated exchange rates.
For example, the United States maintained a fixed exchange rate until 1973, when President Richard Nixon decided to abandon the gold standard and switch to a flexible exchange rate system. As for China, despite having an advanced economy, its currency remained fixed until 1994, before the Chinese government revalued its currency in 2005, which was linked to the US dollar. After the revaluation, it was linked to a basket of global currencies.
The decision to revalue a domestic currency affects the economy as a whole, as it affects both the currency being examined and the valuation of assets held by foreign companies in that particular currency. Since revaluation has the potential to change the exchange rate between two countries and their currencies, the book values of assets held abroad may have to be adjusted to reflect the effect of the change in the exchange rate.
For example, suppose a foreign government has set 10 units of its currency to equal one US dollar. To revalue its currency, the government might change the rate to 5 units per dollar, making its currency twice as expensive when valued in US dollars as it was before.
If the above-mentioned currency revaluation occurs, any assets held by a U.S. corporation in the foreign economy must be revalued. If the value of the asset held in a foreign currency was previously valued at $100,000 based on the old exchange rate, the revaluation requires a change of $200,000. This change reflects the new value of the foreign asset in the local currency by adjusting the revaluation of the relevant currency.
Another example is what the Iraqi government did in 2023 when it raised the value of the Iraqi dinar from 1450 dinars/dollar to 1300 dinars/dollar.
News for Saturday NOv 16 2024
PM's advisor: Government able to increase spending without inflation or fiscal deficit
The Prime Minister's Advisor for Financial Affairs, confirmed today, Saturday, that the good performance of the financial space is an indication of the government's ability to spend without problems, while he pointed out that the government was not hindered by the shortage in the regular flow of public revenue in some months.
Saleh told the Iraqi News Agency (INA), "The government's financial policy worked towards the principle of fiscal space in the economy, which means that the pace of growth in general and investment spending on projects in particular were not hampered by the temporary shortage in the regular flow of public revenue in some months."
He added, "Therefore, the good performance of the fiscal space indicates the government's ability to increase spending or social support to support the economy without causing serious financial problems such as inflation or a large deficit."
He continued, "This space is still available when the state's financial situation is good, and allows the government to take fiscal policies to stimulate economic growth, such as increasing spending on infrastructure or improving social services."
Economist: Parallel market remains pivotal to financing Iraq’s trade with Iran, Syria
Al-Mashhadani told Al-Furat News Agency, “We need between 25 and 35 million dollars daily to finance trade with Iran and Syria, especially since the private sector’s trade with these two countries is considered the largest and is financed from the parallel market.”
He added, "This difference between the two prices is mainly due to financing trade from the parallel market, noting that this is the main reason for the difference between the official and parallel prices remaining."
He explained that "indications indicate that US President Trump is thinking of easing sanctions on Russia and Iran due to their impact on the US economy," noting that "if sanctions are eased and Iraq is allowed to deal directly with Iran to finance its trade, the dollar will return to levels close to the official price."
Exchange rates will rise further.. Warning of an imminent economic crisis due to the “coldness” of the Central Bank
Economic researcher Ziad Al-Hashemi warned of serious economic repercussions as the deadline to stop the dollar platform approaches in six weeks, noting that the Central Bank of Iraq is still dealing with the crisis coldly, which could lead to higher exchange rates and a shortage of imported materials.
Al-Hashemi explained in a post on the X platform that “dollar platform transfers represent about 22% of the total monthly transfers, which is a large number that has not yet been zeroed out, indicating that the continuation of this high percentage and its failure to adapt it to the new correspondent bank transfer system before the specified date may cause major disturbances in the markets.”
He added that "not addressing this issue will lead to some of the remittances going to the parallel market, which will increase the demand for the dollar and raise its exchange rate significantly, which will negatively affect the prices of goods and services in the Iraqi market. He also expected that this will hinder the ability of a large number of traders to import, which will cause a shortage of imported goods and an increase in their prices."
He pointed out that "the Central Bank seems to be betting on a smooth transition process without problems, but it considered this bet unrealistic in light of the absence of a clear plan to manage the transitional phase."
Al-Hashemi concluded his warnings by saying, “The Central Bank has only six weeks to act and manage this crisis, otherwise the delay will lead to disastrous results that will cast a shadow over the Iraqi economy by the end of this year.”
For the first time in Iraq.. Efforts to establish an "Investment Association" to attract capital from 10 countries
The head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, revealed today, Saturday (November 16, 2024), efforts to establish an investment association to attract capital from ten countries to Iraq.
Al-Tamimi told Baghdad Today, "Over the past years, we have succeeded in developing important relationships with companies and businessmen in 10 countries, including regional and Arab countries in the Middle East, through participation in various economic meetings and conferences."
He added, "We have a movement to establish an investment association that works to attract capital from 10 countries to Iraq by stating the available licenses in 12 important sectors, especially industrial, agricultural, and housing."
He pointed out that "there are efforts to crystallize the first investment conference in Diyala, which will be followed by other conferences in order to create a greater partnership between investors and businessmen."
Araghchi on negotiations with America: We are ready and the diplomatic window is open
Iranian Foreign Minister Abbas Araghchi revealed, during a television interview on Saturday evening (November 16, 2024), that his country is waiting for the new US administration headed by Donald Trump regarding the resumption of nuclear negotiations, indicating at the same time that there is a European desire to start negotiations.
In the interview broadcast by Khabar TV and translated by Baghdad Today, Araqchi said, "The nuclear agreement concluded in 2015 no longer has the same characteristics it had before," adding, "We are ready for negotiations and the windows of diplomacy are open."
But he explained, "If a decision is issued against us in the Board of Governors of the International Atomic Energy Agency, it will be met with Iranian countermeasures and we will take new measures in our nuclear program."
Araghchi said: “We were ready to start negotiations in Muscat (Sultanate of Oman) and with the Europeans when we entered into the developments in Lebanon and the process stopped,” noting that “the Muscat negotiations are indirect negotiations through the Omani side.”
Araghchi revealed that "now the Europeans have expressed their interest in resuming negotiations, and we will likely do so soon. Of course, the negotiation process in Muscat is still at a standstill and the new US government must make its own decision."
He continued, "The policies of the Islamic Republic of Iran are organized on the basis of national ideals and interests, and we have no obligations to the agency within the framework of the Joint Comprehensive Plan of Action.
Regarding Trump's victory and the possibility that he will adopt a tough policy against Tehran, Araghchi said: "We will regulate our behavior based on American policies, and the people who joined the new American government are extremists and are moving in the direction of the Zionist entity."
Araghchi continued, "The world does not trust the Trump administration, and it is too early to judge America's policies in the new government. We are waiting for them to amend their policies and announce them."
Regarding the visit of the Director General of the International Atomic Energy Agency, Rafael Grossi, to Tehran on Wednesday and his talk about the nuclear file, Araghchi replied: “We do not have any obligations towards the agency within the framework of the Joint Comprehensive Plan of Action, and the International Agency is a technical organization and should not interfere in political issues.”
He added, "I said to Grossi, is your journey an artistic journey or a political journey? As long as Grossi is working within the framework of the Nuclear Non-Proliferation Treaty, we will cooperate with him, and we have no problem cooperating with the agency within the framework of the Nuclear Non-Proliferation Treaty."
Araghchi continued, "In the previous Iranian government, it was possible to reach an agreement with America in negotiations on two occasions, but their arrogance did not allow that to happen," considering that "the nuclear agreement does not have the previous characteristics and cannot be revived, and we tried in New York to revive the nuclear agreement negotiations within the framework of the Muscat track."
Al-Sudani approves 35 new service projects and begins implementing them within 10 days
Prime Minister Mohammed Shia Al-Sudani stressed today, Saturday, the importance of accuracy and specifications in service and engineering effort projects.
The Prime Minister's media office stated in a statement received by "Al-Eqtisad News" that "Al-Sudani chaired today, Saturday, the periodic meeting of the service and engineering effort team."
He added, "The meeting witnessed a review of the progress of the projects being implemented by the effort team, and the rates of achievement achieved in them. Approval was also given to 35 new service projects that will be attached to the 2024 projects, and their implementation will begin within 10 days in Baghdad and a number of governorates."
During the meeting, Al-Sudani stressed the "necessity of completing the 2024 projects before the end of the year," noting that "these projects must be implemented according to high standard technical specifications, in order for the service to be provided to citizens in a qualitative and distinctive manner."
Sadrists hold 'unannounced' meetings in preparation for next political phase
Informed sources within the political body of the Shiite National Movement (formerly the Sadrist Movement) revealed today, Saturday (November 16, 2024), the existence of unannounced meetings of officials in the body in order to arrange the papers of the next political stage.
The sources said in an interview with "Baghdad Today", "The return of the Sadrists to the political scene is inevitable, and will be during the next stage, and this matter may be a few months before the date of the House of Representatives elections, in which the Sadrists intend to participate strongly."
The sources added, "The past few days have witnessed various meetings of officials responsible for the political file within the political body of the Shiite National Movement to discuss and arrange the papers of the next stage and prepare for the political and electoral return."
On Saturday (August 31, 2024), political researcher close to the Shiite National Movement, Mujasha’ Al-Tamimi, confirmed that there is a movement by the movement with the aim of arranging its political and electoral return during the next stage .
Al-Tamimi said in an interview with Baghdad Today, "There are dialogues and consultations between the Shiite National Movement (formerly the Sadrist Movement) and political parties, including forces within the Coordination Framework, although the Shiite National Movement did not announce them, but leaders from political blocs said that they met with representatives of the Shiite National Movement."
He explained that "the return of the Shiite National Movement is inevitable because Al-Sadr withdrew from the fifth session of the House of Representatives to open the way for the Coordination Framework forces to form the government, and the signs indicate that Al-Sadr's steps are clear in returning and participating in the upcoming elections."
Al-Tamimi added, "If the Shiite National Movement returns to the political scene and participates in the upcoming elections, it will turn the equation upside down, especially with the strength of this movement within Iraqi society, especially in the central and southern governorates, in addition to the divisions and disagreements within the Coordination Framework, and the largest share of Shiite parliamentary seats will be for this movement."
The person close to the Shiite National Movement concluded by saying, "The movement is planning a new scenario that is different from the previous one in terms of electoral lists or political alliances because Al-Sadr will not repeat previous experiences and we are not surprised that his next alliance will be with political parties for the sake of the supreme interest of Iraq."
On June 15, 2022, the leader of the Sadrist movement, Muqtada al-Sadr, announced his withdrawal from the political process in the country and his non-participation in any upcoming elections so as not to associate with “corrupt” politicians.
Al-Sadr's announcement came during his meeting in Najaf with the Sadrist bloc's representatives who submitted their resignations from parliament after 8 months of legislative elections during which they were unable to form an Iraqi government.
Al-Sadr added in his speech, "I want to tell you, in the upcoming elections I will not participate in the presence of the corrupt, and this is a covenant between me and God, and between me and you and my people, unless God provides relief and the corrupt are removed, as well as everyone who looted and robbed Iraq and permitted the shedding of blood."
He continued, addressing the members of the Sadrist bloc, "If we participate in the upcoming elections, keep women and men on alert, do not disperse, and integrate politically, ideologically, parliamentaryly, and legally, and communicate with the Iraqi people."
These are not posted in the forum
Trump: Iraq: A subsidiary or the focus of major deals?
The new US administration led by Donald Trump appears poised to become an important axis in determining the future of Iraq, especially with the escalation of tensions between Iran and the United States.
According to political analyses, Iraq will remain a major “pivot” in American strategies, whether in attempts to stop the war in the Middle East or in any possible negotiating arrangements with Iran.
Political sources said that Trump and his team, known for their pragmatic mentality, see Iraq as a “subsidiary company,” referring to Trump’s previous statement that Iraq and Iran are “very rich countries,” stressing that deals with them should reflect this wealth.
Analyst Zaid al-Arar pointed out in a tweet that Trump is seeking to create a calmer situation in the region, especially in Iran, Iraq and Lebanon, perhaps to announce a “historic achievement” that he will promote when he officially assumes power.
Al-Arar explained that American interests in Iran come first, then in the geography of its Arab allies such as Yemen, Syria and Iraq, an arrangement that reflects the strategic importance of Iraq that sometimes exceeds the influence of traditionally allied countries such as Israel and Turkey.
With Trump's selection of Tulsi Gabbard as director of national intelligence, questions have arisen about how the new administration will handle security issues in Iraq.
Gabbard, who was on the terrorism watch list years ago, has experience in Iraq and Kuwait, making her deeply familiar with the complexities of the Iraqi security landscape.
An Iraqi citizen named Ali Al-Kaabi commented on Gabbard’s appointment in a post: “This choice may mean more focus on the armed factions in Iraq, and perhaps a restructuring of security cooperation policies between Baghdad and Washington.”
The appointment of Pete Hegseth as Secretary of Defense reflects Trump's vision of strengthening the traditional military identity in the US Army.
Hegseth, who previously served in Iraq and Afghanistan, is known for his hardline stance on defense policy, and this background may be indicative of a tough approach to the security challenges in Iraq.
According to analyses, Hegseth's appointment may lead to the activation of new mechanisms for dealing with armed factions allied with Iran inside Iraq, especially with the growing American concern about the expansion of Tehran's influence in the region.
While analysts are talking about the possibility that Iraq will play a role in arranging the negotiating table between Iran and America, there are internal fears that Iraq will be exploited as a stage for larger conflicts.
Another Iraqi activist tweeted: “The biggest fear is that Trump is a dealmaker. Iraq could become part of a grand deal between Washington and Tehran, without taking into account the situation of the Iraqi people who are suffering from ongoing crises.”
The question remains: Can Iraq invest its strategic location between the two conflicting powers to become a player in the game of major interests, or will it remain just an arena in which powers clash without real gains for the people?
Government Advisor: Strategic Agreement with America Prevents Any Zionist Aggression on Iraq’s Sovereignty
Al-Mulla Jihad said, during his hosting on the {Free Talk} program broadcast on Al-Furat satellite channel this evening, that: "The Zionist entity is looking for a pretext to respond to the factions in Iraq, and America may be the one preventing this, given the existence of a strategic agreement between the two countries."
He added that "the phone call between Prime Minister Mohammed Shia al-Sudani and Donald Trump actually happened, which included congratulating him and his people for winning the US presidential elections, and it is a diplomatic issue," indicating that "Al-Sudani indicated in his call the necessity for the relationship to go beyond the security file between Iraq and America, and Trump expressed his satisfaction and understanding, and the position is positive according to what was stated in the Cabinet statement, and we expect the relationship to develop positively."
Al-Mulla Jihad pointed out that "what motivates the factions and all peoples against the Zionist entity are the bloody crimes committed against the Palestinian and Lebanese peoples, and the factions understand the government's position, and there are channels of communication with Al-Sudani." He stressed
that "what is issued by the judiciary is imposed on everyone and is the safety valve, and there is nothing new in the case of eavesdropping inside the Prime Minister's office, and the judiciary is the arbiter."
Prime Minister Mohammed Shia al-Sudani congratulated President-elect Donald Trump, Vice President James David Vance, and the American people on the success of the electoral process.
Al-Sudani stressed in a tweet on the {X} website Iraq's firm commitment to strengthening bilateral relations with the United States on the basis of mutual respect and common interests, noting that Iraq looks forward to this new phase being the beginning of deepening cooperation between the two countries in various fields, which contributes to achieving sustainable development and benefits the two friendly peoples.
Trump had announced his victory in a second presidential term, stressing that the people had granted him this new term.
News for Sunday NOV 17 2024
Strengthens the national economy.. Parliament issues a call regarding the government program
Minister of Finance: Signing of Japanese Yen Loan for Basra Refinery Development Project
Sami said in a statement received by {Euphrates News}, a copy of which, "The Basra Refinery Development Project is one of the largest investment projects financed by an external loan."
He added, "The project will contribute to supplying the Iraqi market with the petroleum products that Iraq currently imports."
Sami pointed out that the project "will reduce the environmental burden by introducing the FCC catalyst cracking technology."
Minister of Finance signs Japanese loan contract for Basra Refinery Development Project “Sixth Payment”
Today, Sunday, Minister of Finance Taif Sami signed the Japanese loan contract for the Basra Refinery Development Project, “Sixth Payment.”
Sami said in a speech during the signing of the Japanese yen loan for the Basra Refinery Development Project (sixth batch), which was attended by the correspondent of the Iraqi News Agency (INA): "In implementation of what was stated in the ministerial program, which focused on the necessity of supporting borrowing for investment projects with economic feasibility, and in completion of what the Iraqi government began in terms of economic cooperation with the Japanese government, the Iraqi government began borrowing from the Japanese side to finance the Basra Refinery Development Project," indicating that "this is considered one of the largest investment projects financed by an external loan."
She added that "the loan will contribute to the completion of the project and supply the Iraqi market with petroleum products that Iraq currently imports, and thus will work to bridge the gap between supply and demand for petroleum derivatives. It is also a vital project that will reduce the environmental burden by introducing the FCC co-factor cracking technology , which is the first technology to be used in the Middle East, through which sulfur will be removed from light gas oil, resulting in the quality of the products prepared from this project."
She stated that "the sixth phase was signed in implementation of what was stated in the Federal General Budget Law and the deficit financing tables for the year 2024 and Cabinet Resolution No. 24805 of 2024 for the Basra Refinery Development Agreement in the amount of 60 billion and 40 million Japanese yen, equivalent to (380) million dollars," expressing her hope that "it will be the last phase in a series of phases that were signed during the previous years, as completing the implementation of the project phases smoothly will contribute to activating the participation of the private sector in the energy industry in Iraq and providing job opportunities for the Iraqi people upon its completion in the near future."
It is worth noting that this project is being implemented at an increasing pace by the Ministry of Oil / Southern Refineries Company, as the project completion rates have reached approximately 93 percent on the ground, and it is hoped that all civil works will be completed and trial operation will begin by mid-2025.
Al-Alaq reviews to the President of the Republic the Central Bank’s plans to develop the banking sector
President of the Republic, Abdul Latif Jamal Rashid, stressed today, Sunday, the necessity of developing a future strategy for financial policy during his meeting with the Governor of the Central Bank, Ali Mohsen Al-Alaq.
Rashid said in a statement by the presidency, which was reviewed by Al-Eqtisad News: “It is necessary to develop a future strategy for financial policy according to clear, transparent standards that contribute to developing the services provided to citizens and building a solid banking sector.”
During the meeting, plans were reviewed to reform and develop the government and private banking sector, and support the work of the Central Bank, to enhance financial stability and achieve economic development.
In turn, Al-Alaq reviewed the Central Bank’s plans and procedures aimed at developing the banking sector to play its role in facing economic challenges.
The President of the Republic stresses the need to develop a future strategy for financial policy
President of the Republic, Abdel Latif Jamal Rashid, stressed today, Sunday, the necessity of developing a clear future strategy for financial policy that contributes to developing the services provided to citizens.
The media office of the President of the Republic said in a statement followed by Al-Masry, "President of the Republic Abdul Latif Jamal Rashid received at the Baghdad Palace, the Governor of the Central Bank, Ali Mohsen Al-Alaq," indicating that during the meeting, plans were reviewed to reform and develop the government and private banking sector, and support the work of the Central Bank, to enhance financial stability and achieve economic development.
The President of the Republic stressed “the necessity of developing a future strategy for financial policy according to clear, transparent standards that contribute to developing the services provided to citizens and building a solid banking sector.”
In turn, Al-Alaq reviewed the Central Bank’s plans and procedures aimed at developing the banking sector to play its role in facing economic challenges.
Al-Maliki meets the ambassador: Towards developing relations with the new US administration
meeting in his office
Today, Sunday, the leader of the State of Law Coalition, Nouri al-Maliki, discussed with the US Ambassador, Alina Romanowski, bilateral relations and ways to develop them under the new US administration, during a meeting in his office in the capital, Baghdad.
His office said in a statement:
The head of the State of Law Coalition, Mr. Nouri al-Maliki, received in his office today the US Ambassador to Iraq, Ms. Alina Romansky.
During the meeting, views were exchanged on the latest developments in the regional and international arenas, and efforts to stop the Zionist aggression on Palestine and Lebanon. A number of issues and files of common interest were also discussed.
The head of the State of Law Coalition stressed the importance of strengthening bilateral relations between the two countries and developing them under the Strategic Framework Agreement, especially after the US elections produced a new administration. He pointed out the importance of working to find solutions to reduce the intensity of the conflict in the region and stop the crimes committed by the Zionists against the Palestinian and Lebanese peoples, criticizing the silence of the international community and its institutions regarding the destruction, devastation, killing and displacement of innocent civilians in Lebanon and Palestine.
For her part, the US Ambassador renewed her country's support for Iraq's stability, stressing the continuation of providing the necessary assistance to Iraqis within the framework of the strategic agreement between the two countries.
Al-Atwani to the French Embassy delegation: Halting external borrowing indicates an improvement in Iraq’s financial policy
The head of the Finance Committee, Atwan Al-Atwani, explained on Sunday, during his meeting with the French embassy delegation, that the cessation of external borrowing indicates an improvement in Iraq's financial policy.
A statement issued by the media office of the Council of Representatives, and seen by "Economy News", stated that "the head of the Finance Committee, Atwan Al-Atwani, received a delegation from the Economic Attaché at the French Embassy in Baghdad." The statement continued, "During the meeting, the financial and economic situation in the country was reviewed, in addition to the role of the Finance Committee in monitoring spending and implementing the general budget items.
" Al-Atwani pointed out "the priorities that his committee is currently working on, most notably maximizing non-oil revenues to avoid the risks of fluctuations in global oil prices on the Iraqi economy, in addition to preparing a package of important legislation that would bring about a qualitative shift in the financial and banking sector."
He explained that "the decline in foreign borrowing indicates an improvement in our financial policy," noting that "the decline in foreign debts came after conducting a comprehensive review of the feasibility of these loans, as we stopped them and began to pay off the old ones, and we obligated that borrowing be only for productive projects that achieve a financial return and not for consumer sectors."
Al-Atwani called on French companies to "enter the Iraqi market forcefully, especially since they have previous successful experiences in implementing strategic projects."
He pointed out that "the general budget items provided the government with the opportunity to encourage foreign companies to invest their money in the country by providing sovereign guarantees."
For his part, the French delegation expressed its happiness with this fruitful meeting, stressing "his country's desire to strengthen relations in various development fields with Iraq in a way that achieves the interests of the two friendly peoples."
Opening of the Unified National Card System at the Iraqi Embassy in the Emirates
Today, Sunday, November 17, 2024, the Minister of Foreign Affairs, Fuad Hussein, inaugurated the unified national card system at the Embassy of the Republic of Iraq in the United Arab Emirates, in the presence of Ambassador Muzaffar Mustafa Al-Jubouri and the Consul General in Dubai and the Northern Emirates, Amad Abdul Hamid.
The Minister of Foreign Affairs stressed in a speech on the occasion, according to a statement by the ministry, received by "Baghdad Today", that: "The opening of the unified national card system represents a strategic step towards developing public services, and embodies the government's commitment to providing the best for every Iraqi citizen."
He explained that "the unified national card is not just an official identification document, but rather a symbol of the unity of Iraq and the cohesion of its people. The system aims to facilitate procedures for citizens, ensuring that they obtain services efficiently and quickly, without suffering."
For his part, the Iraqi Ambassador to the UAE, Muzaffar Mustafa Al-Jubouri, praised the “great efforts made by the Ministry of Foreign Affairs, headed by Minister Fuad Hussein, in cooperation with the Ministry of Interior, headed by Minister Abdul Amir Al-Shammari, to achieve this important project.”
He stressed that "this step comes in response to the needs of the Iraqi community abroad, which aspires to modern and effective services that strengthen its connection to the homeland," adding that "the project places the Iraqi citizen abroad at the heart of the priorities, which provides him with easy access to distinguished services."
At the end of the ceremony, the Minister of Foreign Affairs conducted an inspection tour to see the work of the system, where the specialized team sent by the Ministry of Interior provided a brief explanation of the mechanism for issuing the unified national card.
For their part, a group of Iraqi community members present expressed their thanks and appreciation for the consular services provided by the embassy, praising the facilitation of their official transactions and the strengthening of their communication with their mother country.
Thirty US companies visit Kurdistan Region, new agreement signed to enhance trade and investment
Kurdish and American companies signed an agreement to enhance coordination in trade and investment, the Kurdistan Region’s Board of Investment announced, on Sunday, during a visit by a delegation of 30 American companies.
In a press conference attended by Shafaq News correspondent, the Head of the Board, Mohammed Shukri, explained that “the American delegation met with Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani before holding a joint meeting at the Erbil Chamber of Commerce.”
The meeting included local business leaders and members of the Board of Investment, aiming to strengthen commercial cooperation and increase American investments in the region.
“Foreign expertise represents a significant opportunity to support Kurdistan’s economic and commercial sectors to achieve further growth,” Shukri emphasized.
“Kurdish and American businessmen agreed to enhance coordination and expand the scope of trade and foreign investments, despite current economic challenges,” he revealed.
Iraq, World Bank discuss Advisory Project to Support Reforms
The Iraqi Ministry of Planning held a meeting with the World Bank's Reform, Recovery, and Reconstruction Fund team to discuss a proposal for advisory services and support for implementing selected reform strategies.
The $3.6-million project, funded by the World Bank, aims to enhance transparency and the efficiency of public services through policy advice and strategic implementation support.
Discussions focused on the project's technical aspects and the coordination between governmental agencies and the World Bank. The initiative is structured around three pillars: advancing e-government capabilities, improving public resource management, and providing flexible support for priority reforms.
Turkish Trade Minister to visit Iraq tomorrow
Turkish Trade Minister Omer Bolat begins a two-day visit to Iraq on Monday, heading a delegation of contractors and businessmen.
Sources in the Turkish Ministry of Trade told Anadolu Agency that the Turkish delegation, headed by Bulat, will visit the capital Baghdad and the city of Basra on November 18 and 19.
The Turkish delegation to Iraq includes representatives of the Exporters Council, the Contractors Union, and Turkish companies.
The visit includes holding talks between businessmen in the two countries, and discussing opportunities to enhance bilateral relations with the participation of contracting companies.
Minister Boulat is scheduled to meet with Prime Minister Mohammed Shia Al-Sudani, and hold a bilateral meeting with his counterpart Athir Dawood Salman Al-Ghariri, and with Minister of Transport Razzaq Muhaibis Al-Saadawi.
Türkiye's exports to Iraq rose by 5.3 percent in the first 10 months of this year, recording $10.8 billion.
While Iraq's exports to Turkey amounted to $3.7 billion during the same period, recording a 41 percent decline, while the volume of trade between the two countries amounted to $14.5 billion during the mentioned period.
Government reassurance about Iraq's 2025 budget and oil prices
During his hosting on the {Free Talk} program broadcast on Al-Furat satellite channel this evening, the Prime Minister's advisor, Subhan Mulla Jihad, considered that: "The three-year budget was approved based on the price of a barrel of Iraqi oil at $70, and the schedules change annually, and practically the government has surplus amounts to cover the rest of the year."
He added, "But if prices continue to decline in 2025, we may face some problems in the price of a barrel, which will be set at $60, and all indicators confirm that oil prices will not decline below that."
Mulla Jihad continued, "The House of Representatives has 20 days of legislative recess, and at the beginning of the new legislative session, the 2025 budget schedules will be sent by the government to be approved."
Regarding Al-Sudani's visit to Erbil, Mulla Jihad said, "Al-Sudani's visit to Erbil is very successful and was able to create a solid foundation for future relations," noting that "there is a problem in light of the chaos of previous governments between Baghdad and Erbil due to the failure to implement agreements and the high costs of oil companies contracting with the region as a result of wrong policies in the previous stage, and a satisfactory solution was reached with the region."
Expert explains the economic benefit of the population census
Today, Sunday, the financial and banking specialist, Mustafa Hantoush, explained the economic benefit to Iraq from conducting the general population census.
Hantoush said in an interview with Al-Maalouma Agency that "the Iraqi state's funds are scattered and it does not know where to direct them or where to start the development process," indicating that "the general population census is full of positives and has no negatives."
He comes added, "There are no higher policies or clear lines to work on, and every country that puts forward its ideas far from the needs of society, and the population census will end this chaos by clarifying a number of important matters."
He pointed out that "Iraq has clear economic problems in work, housing and diversifying the economy, and the state cannot solve them except by conducting a general population census."
Can the population census succeed in drawing a new economic policy in Iraq?
he Iraqi government is preparing to conduct a general population census on November 20, the first census to include all regions of Iraq in nearly 4 decades.
Iraq witnessed the last general population census that included all its governorates in 1987, and although the country conducted another population census in 1997, the latter did not include the governorates of the Kurdistan Region, because they were semi-independent from Iraq during the era of the former regime.
The population census represents a vital tool for formulating economic policies based on updated facts and data that enhance the government's ability to achieve comprehensive and balanced economic growth, while addressing economic and social challenges.
On the subject, the financial and banking specialist, Mustafa Hantoush, said in an interview with / Al-Maalouma / Agency that the Iraqi state's funds are scattered and it does not know where to direct them or where to start the development process, indicating that “The general population census is full of positives and has no negatives.”
He comes added, "There are no higher policies or clear lines to work on, and every country that puts forward its ideas far from the needs of society, and the population census will end this chaos by clarifying a number of important matters."
He pointed out that "Iraq has clear economic problems in work, housing and diversifying the economy, and the state cannot solve them except by conducting a general population census."
For his part, economic expert Dhurgham Muhammad confirmed that the results of the general population census will help the government reach a realistic formula and vision during the preparation and amendment of next year's budget schedules, while he pointed out the necessity of having a real reading of the future of oil prices for next year in order to determine a reasonable price for a barrel of oil that will be adopted by the 2025 budget.
Mohamed Ali said in a statement to Al-Maalouma Agency, “The amendments to the 2025 budget schedules will depend scientifically and realistically on the results of the general population census that will be conducted at the end of this month,” indicating that “the census Results will give the government clarity when conducting transfers and drawing up realistic development plans.”
He added that "the authorities responsible for preparing the budget must re-read it for the future of oil prices and adopt an appropriate and realistic price that is consistent with the expectations of global oil market experts, when preparing the schedules for next year, as Most indicators confirm a decrease in oil prices for security and economic reasons.”
Recently, rumors have spread on social media that the general population census will lead to the cutting of welfare salaries or the imposition of new taxes on citizens.
In this context, MP Aref Al-Hamami said in an interview with Al-Maalouma, “What is being said is inaccurate and we deny it completely and in detail through our close knowledge of the census’s progress and its great benefits in preparing the country’s strategic Plans for decades in terms of economy and development.”
He pointed out that "effective participation with the provision of accurate information will ensure the existence of comprehensive data that gives the government a vision in drawing the foundations of its future plans directly."
The general population census will be launched on the 20th and 21st of this month in all Iraqi governorates, which will include a curfew. About 120,000 enumerators will participate in the census, while the Ministry of Planning confirmed that this census will contribute to knowing the real numbers of the population and the living conditions that will be invested for development purposes.
Parliamentary Security: The next battle is economic... and Iraq's airspace is under American control
I expected an economic crisis.
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