Economic Center Calls for a Comprehensive Review of Banking Operations in Iraq
The Iraqi Center for Political and Economic Affairs, on Wednesday, extended an open invitation to the Iraqi government and relevant authorities, on the occasion of the International Banking Day, to conduct a comprehensive review of the work of both government and private banks in Iraq.
The video for this blog post is below here:
The director of the center, Wissam Al-Helou, said in a statement received by Shafak News Agency, that there are indicators confirming the urgent need to reconsider the work of government and private banks, and the modern and advanced technological changes that the world is witnessing, which have begun to cover the banking sector in most countries of the world.
He added, "To be fair, there are some operating banks, and very few government and private banks, which constitute one or two percent, whose managements are working to develop and keep pace with their work in a manner consistent with the financial and economic situation in the country, and linking them to the global banking system."
Al-Halou also confirmed that there are "negative and fatal indicators observed in most government and even private banks, as most government banks have become an unattractive work environment, and banking systems have become unattractive due to the observed slowness in procedures, and the lack of clear facilities and instructions that encourage the Iraqi citizen to deposit financial amounts in banks or loan instructions, and the increase in official media statements from some banks, most of which are not true on the ground.
He added, "Not to mention the dealings resulting from some of the moods of employees working in the banking sector, some of the complexities and routine, and some of the favoritism witnessed in this sector. He diagnosed a great poverty in the work of banks, especially in the technological aspect and the speed of completing financial transactions, and the development witnessed by the world in the field of artificial intelligence and modern banking programs."
He explained that "all these factors are the reason why most Iraqi citizens resort to saving their money at home, the lack of complete confidence in the banking system, and the ambiguity regarding the interest rates on deposits and the percentage of loans and advances granted to employees and citizens, which also shows indications of some favoritism in issuing loans and advances through people from within banks or brokers who deal with the subject of advances and loans, and exploit the citizen's need and deduct a bribe from the loan or advance amount in exchange for obtaining it faster or through devious means through secret coordination between some employees from within some banks and some brokers and brokers in this sector." Al-Halou continued by saying that this requires the Iraqi government and the relevant ministries and bodies to put an end to these problems, and make 2025 the starting point for correcting the banking system completely in Iraq.
It does not remain "just attractive".. Iraq wants to invest its money "in projects abroad"
revealed a memberParliamentIraqi MP Ibtisam Al-Hilali announced today, Monday, Iraqi plans to activate foreign investments, meaning thatIraqBy investing his surplus money in projects abroad.
She explained that "domestic investments serve the country by improving the environmental situation and infrastructure," indicating that "foreign investments have a financial and economic return for Iraq."
She stressed that "we had a meeting with the French embassy to activate foreign investments," indicating that "Iraq is a capable country."physicallyHe can invest his money in foreign investments to benefit the public.Iraqand neighboring countries.”
Questions have often been raised about why the investmentIraqHis money is invested in various sectors, including external sports sectors as well as technology, similar to other countries, which could lead to a diverse financial return with the lack of non-oil revenues inIraqCompared to oil revenues.
Visa Launches Tap to Phone Technology in Iraq
In cooperation with the Moroccan Electronic Monetary Association
I think this is the new card they mentioned
Visa, a global leader in digital payments, has launched “Tap to Phone” technology in partnership with the Maghreb Electronic Money Association (S2M) to empower small and medium-sized businesses in Iraq with solutions to accept digital payments at a low cost.
The Maghreb Electronic Money Association’s Mobile Tap solution, which uses Visa’s Tap to Phone technology, enables merchants using Near Field Communication (NFC)-enabled Android devices to accept contactless payments simply by downloading a dedicated app. The collaboration aims to revolutionize the payments landscape by enabling merchants to seamlessly accept payments using their smartphones without the need for additional hardware investment.
“We are delighted to partner with the Maghreb Electronic Money Association to launch Tap to Phone in Iraq. This strategic collaboration is in line with our commitment to enhance financial inclusion for small businesses by providing digital payments capabilities at a lower cost,” said Leila Serhan , Vice Chairman and Regional Head of Corporate Business Leadership for North Africa, Levant and Pakistan at Visa.
This innovative solution enables retail outlets to develop and improve the payment experience for consumers. Service staff at store fronts can support consumers to make payments easily without having to stand in queues at the cashier, which means a better customer experience.”
Mobile Tap provides SMEs with the option to accept digital payments at a lower cost, paving the way for greater participation in the digital economy. This innovative approach eliminates the need for traditional POS terminals and can help facilitate a better consumer experience in payments. The solution provides merchants and customers with greater convenience and flexibility during transactions.
The Mobile Tap service empowerment reflects S2M ’s unwavering commitment to empowering merchants through innovative software and technology, significantly enhancing the commerce experience for all. “This strategic alliance presents a great opportunity to elevate the level of digital payment solutions available and promote financial inclusion across Iraq, ensuring that all consumers and merchants can participate and thrive. Over the past decade, we have witnessed the incredible potential for innovation and growth within the Iraqi market, and we are committed to supporting its dynamic payments ecosystem,” said Mohamed Amarti Rifi, S2M Executive Vice President.
As a network that works for everyone, everywhere, Visa’s mission is to advance digital commerce for the benefit of consumers, businesses and economies across Iraq. This strategic collaboration aligns with Visa’s goal of enabling more payment acceptance points using cutting-edge technologies such as Tap to Phone to support small businesses with digital payments capabilities at a lower cost.
Securities Commission: Iraq Stock Exchange Leads Arab Stock Markets
The Securities Commission announced, today, Monday, the rise in the Iraq Stock Exchange index, while indicating that it topped the Arab financial markets in October 2024.
The Authority said in a statement received by the Iraqi News Agency (INA): "The Arab Monetary Fund mentioned in its monthly report for October 2024 the distinguished performance of Arab financial markets, as the Iraq Stock Exchange topped the list of best performing markets during the month, recording a growth of 12.39%, ahead of the rest of the markets in the region."
According to the report, the Damascus Stock Exchange came in second place with a growth of 6.99%, while the Dubai and Amman stock exchanges witnessed an improvement of 1.94% and 1.35%, respectively, while the Muscat, Bahrain and Kuwait stock exchanges recorded slight increases of less than 1%.
According to the statement, the Chairman of the Authority, Faisal Al-Haimus, confirmed that "this distinguished performance of the Iraq Stock Exchange reflects the positive developments in the local economic environment and the regulatory reforms implemented by the Authority to enhance the attractiveness of investment in the Iraqi financial market," noting that "we will continue to work to provide a stable and transparent investment environment that enhances confidence among investors and contributes to supporting the national economy."
Al-Haimas stressed that "this achievement is an additional incentive to continue efforts aimed at developing the Iraqi financial market and enhancing its role as an engine of economic growth in Iraq."
Central Bank signs MoU to strengthen financial markets in Iraq
The Central Bank of Iraq announced, on Tuesday, the signing of a memorandum of cooperation between (Frakfurt School) in coordination with the German Agency for International Cooperation (GIZ), the project to strengthen public finances and financial markets in Iraq (FFM), funded by the European Union and the German government.
According to a statement issued by the bank, the memorandum will provide training for the Central Bank of Iraq’s cadres in various specializations, as well as work to obtain accredited professional certificates.
Thus, the Central Bank is the first Iraqi institution to sign a memorandum of cooperation with the Frankfurt School.
Minister of Finance confirms the government's keenness to implement reforms to ensure stability of the national economy
Minister of Finance, Taif Sami, confirmed today, Tuesday, the government's keenness to implement reforms to ensure the stability of the national economy.
A statement by the Ministry of Finance, received by the Iraqi News Agency (INA), stated that "Minister of Finance Taif Sami Mohammed received in her official office in Baghdad, the World Bank Representative in Iraq, Jean-Christophe Carré, where they discussed ways to enhance cooperation between Iraq and the World Bank to support development projects and economic reforms."
The Minister of Finance stressed to the Bank Representative "the importance of partnership with the World Bank in financing programs aimed at achieving sustainable development," expressing at the same time her welcome to the World Bank Representative in Iraq, who was appointed as the new representative of the Bank to Iraq instead of Richard Abdel Nour, whose duties in Iraq ended last November."
Minister Sami stressed "the Iraqi government's keenness to implement financial and economic reforms to ensure the stability of the national economy." It is working to implement these reforms with the aim of promoting sustainable growth, improving the management of financial resources, combating corruption, and strengthening transparency in government institutions.
For his part, the World Bank representative praised “the efforts of the Iraqi government in improving the economic environment and implementing programs that enhance transparency and efficiency, expressing the bank’s readiness to provide more technical and financial support in line with Iraq’s development priorities.”
The statement added that “the two sides agreed to continue coordination and joint work to achieve strategic goals and enhance economic stability in the country.”
Prime Minister in Parliament... "Secrets" of the upcoming session
Member of the Parliamentary Legal Committee, MP Dara Hama Ahmed, revealed on Tuesday evening the reasons for the House of Representatives hosting Prime Minister Mohammed Shia al-Sudani tomorrow, Wednesday.
Ahmed told Shafaq News Agency, "According to what we were informed by the Presidency of the House of Representatives, hosting Al-Sudani will be limited to discussing the security and military situation in Iraq, especially after the development of the situation in Syria, and to inform the parliament of the full government military readiness for any emergency that may occur on the Iraqi border."
He added that "there is great parliamentary and governmental interest in the security and military aspects at the domestic and foreign levels," stressing that "the House of Representatives will announce its support for any steps that enhance security and stability, and this matter will be the subject of discussion between the representatives and the Prime Minister."
He stressed that "the political file will be raised by some representatives, especially those related to implementing the government program and the political agreement paper, as well as the ministerial amendment and observations on the work and performance of some officials."
Earlier, the Iraqi Parliament Presidency announced the agenda for its session scheduled for tomorrow, Wednesday, after today's session was postponed due to problems over "controversial laws."
In a statement, it stated that tomorrow's session agenda includes hosting Prime Minister Mohammed Shia al-Sudani, in addition to voting on the draft law of the National Intelligence Service.
A big dilemma” awaits the Iraqi banking system.. Economist
Today, Tuesday, the economic expert, Mustafa Akram, expected that Iraq would enter a good economic phase with the arrival of Trump, and while he indicated that the banking system would face a “major dilemma,” he confirmed that Iraq responds to crises and lacks control and command.
Akram said during an intervention in the program “Al-Thamina with Ahmed Al-Tayeb”, followed by “Al-Jarida”, that “the budget amendments will include new prices for Kurdish oil, and next year the decision on the Iraqi dollar will be transferred to Jordan, and the Central Bank agreements should be activated, but there is (cheating), and the private sector is currently being built with (talks) without implementation.”
Akram pointed out that "the Ministry of Communications is behind stopping TikTok transfers, and it is linked to the low-quality content."
In a separate context, Akram explained: “We have about 10 million unemployed people and we will be affected by the situation in Syria, and if the wave of displacement from Syria occurs, it will affect Iraq,” noting that “the armed groups will sell Syrian oil for $25 per barrel.”
Major New IBBC Report on 'Ease of Doing Business in Iraq'
The Iraq Britain Business Council (IBBC) has published its Advisory Council report on the Ease of Doing Business in Iraq.
The report outlines the challenges businesses face and provides actionable recommendations for the Iraqi government to foster a more business-friendly environment. The full report is now available on the IBBC website here.
According to data from the World Bank, Iraq continues to face significant challenges in becoming competitive for businesses across various indices-particularly in the provision of public services, ease of starting a business, navigating regulations, and securing credit.
Key Challenges Identified by Professor Gunter
Professor Frank Gunter highlights several critical drivers for change:
- Rapid Population Growth: Iraq's population is expanding by approximately 1 million people annually. To prevent unemployment rates from worsening, the government must create 350,000 new jobs every year.
- Declining Oil Revenues: With oil accounting for 96% of government income, falling oil prices (forecasted at $70 per barrel) threaten economic stability. Diversifying income sources through taxation, sales tax, or industrial production is essential to bridging the fiscal gap and generating jobs.
- Education Misalignment: Iraq's education system is predominantly geared toward preparing students for public sector roles. A shift is needed to equip students for private-sector opportunities, particularly in energy and other growing industries.
- Public-Private Partnerships (PPPs): PPP frameworks are currently failing due to frequent government renegotiations, which render long-term private investments unsustainable.
- Exchange Rate Challenges: The recent 11% appreciation of the Iraqi dinar against the dollar has made imports cheaper but hurt the competitiveness of local producers and exporters.
- Corruption: Despite progress being made by the Sudani Government corruption remains at all levels of society remains the main inhibitor to business.
The Role of the Private Sector
Expanding the private sector is seen as the only viable option to create jobs, spur innovation, and diversify income sources. However, systemic issues such as corruption and bureaucracy remain significant barriers. For example, setting up a business in Iraq takes an average of 160 days, and corruption is estimated to cost companies 20% of their turnover.
Proposed Solutions
To stimulate private sector growth, Professor Gunter recommends the following:
- Combat Corruption and Reduce Bureaucracy: Accelerate anti-corruption measures and simplify regulatory processes to encourage investment.
- Enhance Business Regulation: Introduce simpler, more transparent regulations to foster entrepreneurship.
- Improve Access to Banking and Finance: Expand banking services to provide businesses with easier access to credit.
- Reduce Public Sector Employment: Transition the workforce towards private-sector roles by scaling down state-owned enterprises.
- Streamline Insolvency Processes: Create a fair and efficient system to resolve business insolvencies.
- Reform Education: Broaden and deepen educational curricula to produce graduates ready for private-sector industries, such as engineering and business.
- Adjust the Exchange Rate: Adopt a sustainable exchange rate that balances import competitiveness with local producer profitability.
- Facilitate International Trade: Implement policies that enable smoother trade relations and reduce barriers for exporters.
The Stakes Are High
Professor Gunter underscores the urgency of these reforms:
"Improvement in these areas will require both focus and the expenditure of political capital. But the cost of failure will be high. Continued dependency on oil-export-funded government employment will become steadily more difficult over the next decade, resulting in higher unemployment and underemployment, particularly among young men. This outcome is not only economically inefficient but also socially and politically destabilizing."
Learn More
The report, complete with detailed analysis and recommendations, is now available for download on the IBBC website here.
Professor Gunter will discuss the findings further at a roundtable during the IBBC Dubai Conference, taking place on 12th and 13th December. To learn more or register for the conference, visit the IBBC website here.
(Source: IBBC)
The Turning Point: Iraq's Leap into the Digital Economy
From the United Nations Development Programme (UNDP):
The Turning Point: Iraq's Leap into the Digital Economy
In a world increasingly defined by digital finance, Iraq has taken a transformative step with the Digital Payment Regulation No.2 of 2024.
This landmark policy marks more than just regulatory progress; it signifies a realignment of Iraq's financial infrastructure with global standards.
Aimed at reducing the country's overreliance on cash, this move fosters greater financial inclusion and economic transparency, hinting at a future of resilience and innovation within Iraq's financial sector.
Beyond Compliance: A Shift Towards Better Financial Inclusion
The Central Bank of Iraq (CBI) has set a clear direction: digital payments are now an essential part of Iraq's economic future. With funding from the United States Agency for International Development (USAID) in Iraq, and support from the United Nations Development Programme (UNDP) Iraq, this regulation is a catalyst for ensuring that digital transactions are accessible not only to urban business hubs but also across diverse sectors, bridging public and private financial landscapes.
Iraq's transition to digital payments will unlock a range of economic benefits, including streamlined operations, enhanced data visibility, and improved financial security.
"The collected amount from the digital payment reaches (7.6 Trillion Iraqi Dinars), after it was (2.6 Trillion Iraqi Dinar) in January, 2023"- Mohammed Shia' Al-Sudani, Prime Minister of Iraq
Currently, Iraq's cash-dependent economy presents significant challenges for financial circulation and transparency. The new Digital Payment Regulation disrupts this status quo, incentivizing businesses to adopt tools like POS systems, e-wallets, and online gateways. As the nation embraces this evolution, UNDP Iraq continues to support the government in developing a legal framework aligned with Sustainable Development Goals (SDGs) and international best practices.
"Iraq now possesses advanced infrastructure capable of accommodating electronic payment tools and financial services. We will soon transition to digital banks, where smartphones will drive various banking operations. This shift will facilitate financial accessibility of services for citizens, reduce opportunities for corruption and fraud, and provide crucial data at the national level regarding the nature of transactions, their content, oversight, and compliance achieved through this comprehensive system." Ali Al-Alaq, Governor of Central Bank of Iraq
UNDP's Strategic Role in Laying the Foundation
UNDP's contribution extends beyond technical support to a strategic partnership designed to foster Iraq's digital financial ecosystem. By working closely with the CBI, UNDP provided the technical expertise needed to craft policies that enable the shift to a digitally driven economy while safeguarding inclusivity and sustainability. This partnership highlights how collaborative, forward-thinking strategies can drive lasting structural change in emerging markets.
"This regulation is more than a technical leap forward; it is a foundational shift towards economic resilience, inclusion, and transparency in Iraq. By modernizing the financial system, we are opening pathways for every Iraqi to engage fully in the economy and contribute to a stable and innovative future." Auke Lootsma, UNDP Iraq Resident Representative.
"USAID is proud to support Iraq's journey towards digital finance as part of our commitment to fostering sustainable development and economic opportunity. This regulation reflects Iraq's determination to build an economy that's inclusive, resilient, and aligned with the needs of its people. We are honored to be a part of this transformative chapter in Iraq's financial history," said Erin Mone-Marquez, USAID/Iraq's Acting Mission Director.
A Glimpse into the Future: Implications for Iraq's Economy
The impact of this regulation reaches far beyond mere compliance:
- Strengthened Financial Governance: Reducing cash dependency minimizes risks of money laundering and corruption, creating a transparent transaction trail and fostering accountability across public and private sectors.
- Increased Economic Resilience and Investment Potential: By modernizing its financial system, Iraq becomes a more attractive market for foreign investors and opens doors for collaboration with global FinTech firms.
- Support for SMEs and Innovation Hubs: Cashless systems reduce operational barriers for startups and small businesses, empowering entrepreneurship and enabling Iraq's talent to flourish.
More than a Policy Shift: A Cultural Transformation
Moving towards digital payments represents a profound cultural shift in Iraq, where cash-based transactions have long been the norm. Similar transitions in countries like India have underscored that this change is not just technical; it requires a transformation in public behavior and trust. Iraq's journey towards digital adoption will depend on clear vision from its leaders and cohesive efforts from regulators, businesses, and consumers alike.
This regulation is a pivotal milestone in Iraq's journey towards building a financially inclusive, transparent, and resilient economy. With the Central Bank leading, UNDP's technical advisory, and USAID's support, Iraq is positioned to create a robust digital economy. The path forward will require the collective commitment of all stakeholders to drive adoption and overcome challenges. If Iraq fully embraces this opportunity, it could emerge as a model for how thoughtful policy and collaboration can fast-track a nation into the digital age, unlocking vast potential for years to come.
On the occasion of World Banking Day.. A call for a comprehensive review of the work of banks in Iraq
The Federal Ministry of Finance revealed, on Wednesday, that the size of Iraqi revenues in the general budget during 9 months of the current year 2024 exceeded 114 trillion dinars, indicating that non-oil revenues amounted to 11%.
Shafaq News Agency followed up on the data and tables issued by the Ministry of Finance in December, for the accounts of January, February, March, April, May, June, July, August and September of the current fiscal year, which showed that oil is still the main resource for Iraq's general budget, reaching 89%, indicating that the rentier economy is the basis of the country's general budget.
The financial tables indicated that the total revenues for the nine months of the current year amounted to 114 trillion, 349 billion, 735 million, 335 thousand, and 311 dinars, indicating that the total advances amounted to 15 trillion, 796 billion, 51 million, 63 thousand, and 162 dinars.
According to the financial tables, oil revenues amounted to 101 trillion, 944 billion, 446 million, and 923 thousand dinars, which constitutes 89% of the general budget, while non-oil revenues amounted to 12 trillion, 405 billion, 292 million, and 412 thousand dinars, which constitutes 11% of Iraq’s general budget.
For his part, economic expert Mohammed Al-Hasani told Shafaq News Agency, "The defect of the Iraqi economy is that it is rentier and depends mainly on oil, and that Iraq has not activated the customs tariff that contributes to raising financial revenues properly."
He added that "attempts to support the agriculture, industry and tourism sectors in order to be a second tributary to oil were timid, and each sector did not contribute more than 4% of the gross domestic product," calling for "activating a number of laws that encourage the local and foreign private sector to enter the Iraqi market, including customs tariff laws, consumer protection and anti-monopoly laws."
In March 2021, the Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, confirmed to Shafaq News Agency that the reasons for the economy remaining rentier are due to the wars and the imposition of an economic blockade on Iraq during the past era, and the political conflicts we are witnessing today, which led to the dispersion of economic resources.
The continued reliance of the Iraqi state on oil as the sole source of the general budget puts Iraq at risk from global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, and thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions.
House of Representatives agenda for tomorrow, Wednesday
text
Reading verses from the Holy Quran
Department of Reward Affairs First: Hosting the Speaker of the Council Second: Voting on the draft law of the National Intelligence Service (Security and Defense Committee).
()) Third: Voting on the proposed law amending the first law of Passports Law No. 32 of the year (3) (0)
Fourth: Report and discussion of the second reading of the draft law amending the first law of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023-2024-2025) No. 12 of 2023 (Finance Committee).
Fifth: Report and discussion of the second reading of the draft law amending the fifth Civil Aviation Law No. 148 of 1974. (Transport and Communications Committee).
The session starts at 11 am
Al-Sudani in Parliament.. The economic file is on the agenda and the numbers "highlight" the reality
Prime Minister Mohammed Shia al-Sudani will be a guest of Parliament today, Wednesday, at his request, for the first time in two years, as he will be under the dome of Parliament for only the second time as Prime Minister after the first time his government won confidence in October 2022, and while this hosting comes at the request of al-Sudani specifically, this means that he has a lot to show before the House of Representatives.
Although the talk about the situation in Syria and security in the region is the most prominent, as official statements say, the statements also indicated that the talk will include the economy, services, and the Sudanese government program.
It is well known that the space of "political bidding" in Iraq, especially in the past few years, is very profitable in the fields of economy and services, because it shows the political forces keen on the interests of citizens and some groups, so it is very expected that the parliament will witness talk and discussion about economic and service issues related to Al-Sudani's government.
During the current year and until last September, non-oil revenues constituted 11% of total revenues and amounted to more than 12.4 trillion dinars, while oil revenues constituted 89%.
This percentage is absolutely unprecedented in the past years, when non-oil revenues did not exceed 5% of total revenues at best. In 2023, the percentage of non-oil revenues reached 7%, and in 2022 it reached 5%.
The second most persistent crisis is shaking up... Flared gas is declining
As for the flared gas, which is also one of the biggest economic crises in Iraq, the government has achieved an increase in the percentage of gas invested and stopped the flared gas.
Previously, Iraq was producing 2,700 cubic meters of associated gas per day, investing 1,500 cubic meters of it, and burning 1,200 cubic meters per day. Now, Iraq produces 3,000 cubic meters of gas per day, investing more than 2,000 cubic meters of it per day, and burning only 1,000 cubic meters, which means that the gas investment rate is 66%, while the burned rate is 34%, while in previous years the invested gas rate was between 50 and 55%, and the burned rate was between 50 and 45%.
Iraq was importing about 15 million liters of gasoline per day, 10 liters of kerosene per day, and about two million liters of kerosene per day.
But within less than two years, Iraq's import of kerosene and kerosene has stopped completely, and Iraq has even started exporting kerosene, while gasoline imports have decreased by about 70% from 15 to only 5 million, and it is hoped that gasoline imports will stop completely starting next year, with the completion of the opening of isomerization units in ongoing projects in some Iraqi refineries.
While external debt was about $20 billion in 2022, it decreased to about $16 billion in 2023, and recently decreased in 2024 to less than $9 billion.
Iraq's financial revenues exceed 114 trillion dinars in 9 months
The Federal Ministry of Finance revealed, on Wednesday, that the size of Iraqi revenues in the general budget during 9 months of the current year 2024 exceeded 114 trillion dinars, indicating that non-oil revenues amounted to 11%.
Shafaq News Agency followed up on the data and tables issued by the Ministry of Finance in December, for the accounts of January, February, March, April, May, June, July, August and September of the current fiscal year, which showed that oil is still the main resource for Iraq's general budget, reaching 89%, indicating that the rentier economy is the basis of the country's general budget.
The financial tables indicated that the total revenues for the nine months of the current year amounted to 114 trillion, 349 billion, 735 million, 335 thousand, and 311 dinars, indicating that the total advances amounted to 15 trillion, 796 billion, 51 million, 63 thousand, and 162 dinars.
According to the financial tables, oil revenues amounted to 101 trillion, 944 billion, 446 million, and 923 thousand dinars, which constitutes 89% of the general budget, while non-oil revenues amounted to 12 trillion, 405 billion, 292 million, and 412 thousand dinars, which constitutes 11% of Iraq’s general budget.
For his part, economic expert Mohammed Al-Hasani told Shafaq News Agency, "The defect of the Iraqi economy is that it is rentier and depends mainly on oil, and that Iraq has not activated the customs tariff that contributes to raising financial revenues properly."
He added that "attempts to support the agriculture, industry and tourism sectors in order to be a second tributary to oil were timid, and each sector did not contribute more than 4% of the gross domestic product," calling for "activating a number of laws that encourage the local and foreign private sector to enter the Iraqi market, including customs tariff laws, consumer protection and anti-monopoly laws."
In March 2021, the Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, confirmed to Shafaq News Agency that the reasons for the economy remaining rentier are due to the wars and the imposition of an economic blockade on Iraq during the past era, and the political conflicts we are witnessing today, which led to the dispersion of economic resources.
The continued reliance of the Iraqi state on oil as the sole source of the general budget puts Iraq at risk from global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, and thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions.
Al-Sudani with the Ministers of Planning, Interior and Foreign Affairs in Parliament
Prime Minister Mohammed Shia al-Sudani arrived at the parliament building today, Wednesday, accompanied by the Ministers of Planning, Interior and Foreign Affairs.
The Prime Minister arrives at the House of Representatives building, accompanied by the Ministers of Planning, Interior and Foreign Affairs.
a tweet
The Finance Committee decides to host Taif Sami to complete the amendment of the budget law
On Wednesday, the Finance Committee held a meeting at its headquarters to discuss the report on the draft law amending the second amendment to the Federal General Budget Law for the years 2023 - 2024 - 2025, No. (13) of 2024.
A statement by the committee stated that the meeting was held in the presence of its chairman and all members, and began by emphasizing “the exceptional efforts made by the committee to amend the budget items related to the costs of producing and exporting oil from the Kurdistan Region and the obligations associated with them.”
The statement added that the committee chairman "stressed the importance of setting applicable provisions and obligating the relevant authorities to implement them, while pointing out the need to obtain clarifications from the Ministry of Finance regarding the mechanism for financing the amounts and financial allocations."
According to the statement, the committee discussed the draft report of the second budget amendment law, reviewed and approved members’ comments, and held detailed discussions on how to calculate production and transportation costs, appropriations and contracts, in addition to the mechanism for managing accounts.
The Finance Committee decided to host the Ministry of Finance to complete the procedures related to amending the law, while the meeting discussed the committee’s report on hosting the Ministry of Oil and the results drawn from this hosting.
Parliament announces continuation of sessions tomorrow and the coming days to approve laws on its agenda
The House of Representatives announced today, Wednesday, the continuation of sessions tomorrow and the coming days to approve laws on its agenda.
The media department said in a brief statement received by the Iraqi News Agency (INA): "The council's sessions will continue tomorrow and the coming days to approve laws on the council's agenda."
The Treasury Department said in a statement that the sanctions are in addition to sanctions previously imposed on October 11, in response to an attack launched by Iran on October 1 on Israel, and in response to the nuclear escalation announced by Tehran.
“Iran continues to use its oil revenues to advance its nuclear program, expand its ballistic missile and drone capabilities, and sponsor regional terrorist proxies, threatening to further destabilize the region,” said Bradley Smith, acting Under Secretary of the Treasury for Terrorism and Financial Intelligence, in a statement.
“The United States remains committed to disrupting the shadow fleet of vessels and operators that facilitate these illicit activities, using the full range of our tools and authorities,” he added.
Such sanctions target key sectors of the Iranian economy with the aim of depriving the government of the funds needed to support its nuclear and missile programs.
The move generally prohibits any US individuals or entities from conducting any business with the targeted entities and freezes any assets in the United States.
The sanctions come after Iran announced its agreement with the European “troika” (France, Germany and Britain) to continue dialogue in the near future in order to hold talks aimed at defusing tensions in the region, and also to discuss developments in the controversial Iranian nuclear file before US President Donald Trump returns to the White House.
These sanctions also come after a decision issued with the support of European countries angered Iran because it criticized its weak cooperation with the International Atomic Energy Agency, while Tehran responded to the decision by informing the agency that it had installed more centrifuges to enrich uranium in enrichment facilities.
Parliament session agenda for tomorrow, Thursday
The House of Representatives will hold a regular session tomorrow, Thursday, in which it will read the second reading of the amendment to the financial budget law for the years {2023, 2024 and 2025).
Reading verses from the Holy Quran
First: Voting on the draft law of the National Intelligence Service. Security and Defense Committee. Article 36 (The National Intelligence Service. Affairs).
Neutrality Second: Voting on the proposed law amending the first law of Passports Law No. 32 of 2015. (Security and Defense Committee) (5) Article).
Third: Report and discussion of the second reading of the draft law amending the first law of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2020 - 2025) No. (13) of 2023. Finance Committee). 2024
Fourth: Report and discussion of the second reading of the draft law amending the fifth amendment to the Civil Aviation Law No. 148 of 1974. (Transport and Communications Committee).
oday, Monday, the Lebanese Hezbollah announced targeting the Ruwaysat site.ScienceAffiliated toArmy"Israeli" in the occupied Lebanese hills of Kfar Shuba.
The statement added, "Since the reviews of the concerned parties to stop these violations did not succeed, the Islamic Resistance carried out an initial warning defensive response this evening, Monday, targeting the Ruwaysat site.ScienceBelonging to the armyenemyThe Israelis in the occupied Lebanese Kfar Shuba hills.”
Hezbollah concluded its statement by saying: “He who warns is excused.”
Trump threatens the Middle East with "hell" and a strike unprecedented in history
US President-elect Donald Trump threatened the Middle East with "hell" today, Monday, December 2, 2024, if the hostages in the Gaza Strip are not released.
Trump said in a press statement: "If the hostages in Gaza are not released before the 20th of next month, there will be hell to pay in the Middle East."
"Those responsible for these crimes will be hit harder than any in the long and glorious history of the United States," he added.
"Everyone talks about the hostages in a brutal, inhumane way and against the will of the world, but it's just talk and no action," Trump continued.
Hamas announced earlier today, Monday, that 33 hostages were killed during the war that has been going on for about 14 months in the Gaza Strip, without clarifying their nationalities.
Hamas added that other hostages were "missing."
The movement said in a statement addressing Israel: "By continuing your crazy war, you may lose your prisoners forever. Do what you must do before it is too late."
Shortly afterwards, the movement released a video recording that it said included details of when and how the hostages were killed, blaming Israeli Prime Minister Benjamin Netanyahu for their fate.
According to Israeli estimates, there are about 100 hostages in the Gaza Strip, only about half of whom are alive, out of 250 people captured by Hamas during its attack on southern Israel in October 2023.
After Hezbollah attack, Israel strikes "targets" in Lebanon
he Israeli army announced on Monday evening that it was launching raids on "targets" in Lebanon, while Alhurra's correspondent in Beirut reported that raids had taken place on several areas, coinciding with the Israeli announcement.
Israeli army spokesman Avichay Adraee said on his Twitter account that the army is currently attacking targets in Lebanon, where a truce with Hezbollah has been in effect since last week.
A security source informed Alhurra's correspondent in Lebanon that a series of airstrikes had taken place on the Al-Bureij area in the Iqlim Al-Tuffah region, the Shabil area in Al-Rayhan, and the area between Wadi Azza and Houmin Al-Fawqa, in addition to a raid on the area between Al-Luwaizeh, Safi and Mleikh, in southern Lebanon.
The raids are accompanied by intensive flights of surveillance aircraft in the skies of the southern regions at low altitude, according to the National News Agency in Lebanon.
These developments come after a Hezbollah attack on Monday that targeted an Israeli military site in a border area, the first since the ceasefire agreement went into effect last Wednesday.
Israeli Prime Minister Benjamin Netanyahu accused Hezbollah on Monday of a "serious violation" of the truce, adding that Israel would respond forcefully after Hezbollah announced it had fired rockets toward the Mount Dov area in northern Israel.
Israeli Defense Minister Yisrael Katz said that his country would commit to responding to any breach of the ceasefire, stressing that Hezbollah's attack would not pass without a harsh response.
Before Israel launched its attack, Chief of Staff Herzi Halevi vowed to respond forcefully, saying: "We will attack with great force in the face of Hezbollah's serious violation." His comments came during a tour of the military's Northern Command, where he assessed the situation in southern Lebanon with the commander of the Northern Command and commanders of the military divisions operating in the area.
On the Lebanese side, the Speaker of the Lebanese Parliament, Nabih Berri, accused Israel of a "flagrant violation" of the ceasefire agreement, calling on the committee formed under the agreement to supervise its implementation to "urgently begin its tasks and oblige Israel to stop its violations and withdraw from Lebanese territory," according to what was reported by the Lebanese agency.
Berri accused Israel of committing "aggressive acts in terms of bulldozing homes in Lebanese border villages and continuing air sorties" and carrying out raids that targeted more than once the depths of Lebanese areas, during which people were killed and wounded, which represents a "flagrant violation of the terms of the ceasefire agreement."
Adraee said that Hezbollah "fired two rockets towards the Mount Dov area, in northern Israel, and they fell in open areas, without causing any casualties."
This is the first time the organization has announced attacks on Israel since the ceasefire was announced, according to Alhurra's correspondent.
Hezbollah said in a statement that it targeted the site in response to "the firing on civilians and airstrikes in various parts of Lebanon... and the continued violations of Lebanese airspace by Israeli aircraft." The party, which is classified as a terrorist organization by the United States, concluded its statement with the phrase, "He who warns is excused."
The Lebanese and Israeli sides exchange responsibility for "violating" the ceasefire agreement, at a time when the ceasefire monitoring committee has not yet begun its work.
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