Thursday, September 12, 2024
DINAR REVALUATION REPORT: When Will the Iraqi Government Resort to Amending the Budget Law? An Economic Expert Explains, 12 SEPT
When Will the Iraqi Government Resort to Amending the Budget Law? An Economic Expert Explains
As of September 12, 2024, Iraq's reliance on oil revenues continues to dominate its economic landscape [1]. Over the past decade, oil revenues have accounted for more than 99% of exports, 85% of the government's budget, and 42% of gross domestic product (GDP). This heavy dependence on oil exposes the country to macroeconomic volatility, particularly when oil prices fluctuate [1].
In June 2023, the Iraqi Council of Representatives approved the federal budgets for 2023, 2024, and 2025, marking the first time a three-year budget was enacted [2]. The 2023 budget was the largest in Iraq's history, totaling 198.9 trillion Iraqi dinars (approximately $153 billion) [2]. The budgets for 2024 and 2025 are set to remain the same, unless the cabinet requests amendments and Parliament approves them [2].
Iraq's budgeting process has been historically slow, with no budget passed in three of the past nine years (2014, 2020, and 2022) [2]. The three-year budget offers a measure of stability, ensuring that the government has a budget until the next federal elections in late 2025 and provincial council elections scheduled for 2024 [2].
However, the government's reliance on oil revenues, which account for nearly all state revenue, leaves Iraq's economy and budget in a precarious position [3]. Oil is a volatile commodity, and Iraq has limited control over the global oil market. This vulnerability to oil market fluctuations and the decisions of other OPEC members could necessitate budget amendments [3].
Moreover, the complexity of tax legislation, tax evasion, lack of tax awareness, delays in collections, weak supervision and control, and conflicts in tax laws and legislation between different directorates have prompted the Council of Ministers to issue new tax reform instructions starting in 2024 [4]. These reforms aim to address the issues within the tax system that could affect the government's income and budgetary planning [4].
When Will the Budget Law Be Amended?
The decision to amend the budget law will depend on several factors. Chief among them are changes in oil prices, the performance of the non-oil economy, and the government's fiscal needs [1]. If oil prices fall significantly or if non-oil sectors do not perform as expected, the government may need to adjust the budget to ensure fiscal stability [1].
Additionally, the effectiveness of the tax reform instructions and the government's ability to collect revenues could influence the need for budget amendments [4]. If the reforms are successful in increasing tax compliance and collections, the government may have more fiscal space to adjust the budget without compromising its financial stability [4].
Expert Analysis
An economic advisor to the Iraqi government, Mazhar Muhammad Salih, has stated that the three-year budget approach is specifically designed to facilitate long-term planning [5]. The finance and planning ministries can use the Financial Management Law No. 6 of 2019 to make adjustments to the budget over the coming years, as long as Parliament approves them [5].
This flexibility allows the government to account for changes in oil prices or other economic developments, which could lead to amendments in the budget law [5]. The ability to make such adjustments is crucial for maintaining fiscal stability and ensuring that the government can respond to economic fluctuations [5].
Conclusion
The Iraqi government's decision to amend the budget law will be influenced by the evolving economic conditions, including oil prices, tax reforms, and non-oil economic performance. The three-year budget approach offers a level of stability but also the flexibility to make amendments as needed. The government's ability to navigate these challenges will be crucial in maintaining fiscal stability and ensuring the country's economic resilience [3].
LATEST FROM MNT GOAT, 13 SEPT
Mnt Goat
I am going to give you a summary...of the other issues that are...on the table. They are on the near horizon and my CBI contact has also told me these are issues that also must be resolved: Passing the Oil and Gas Law referendum, as required by their new 2005 Constitution.; Needed changes to The Investment Law No (13) of 2006 to meet the WTO requirements prior to full accession.; Institute the Pillars of Financial Reform in the Banking, Insurance and the Iraqi Stock Market.
This goes hand in hand with the electronic banking effort...
Iraq is going forward with the Project to Delete the Zeros and actually in the process of doing it not just talking about it again...we must stay grounded as this RV is coming to a closure and there is not much longer to wait.
...recently they have told us this electronic platform is going away at the end of 2024... corruption and money laundering is now all ending and has to end or we will not see any reinstatement. The instrument to do this is the Electronic Banking practices...
Having the US Treasury inside of Iraq now helping with all these banking reforms is a VERY good thing not a negative issue. It is absolutely going to push the RV process for us...We might even say it is the LAST piece to put in place in the RV puzzle to clearly see the end to this RV saga.
DINAR REVALUATION REPORT: International Coalition Withdrawal in Iraq: Government-Political Agreement 2024, 13 SEPT
International Coalition Withdrawal in Iraq: Government-Political Agreement 2024
In a significant development, the United States and Iraq have agreed to initiate talks aimed at setting a timetable for the phased withdrawal of troops and the conclusion of the US-led military coalition's presence in Iraq.
The US has maintained a military presence in Iraq since the 2003 invasion, with troops returning in 2014 to assist the Iraqi government in defeating the Islamic State (ISIL). The presence of US forces has been a contentious issue, particularly among Iran-aligned militias and politicians in Iraq.
The Iraqi Ministry of Foreign Affairs has announced plans to formulate a specific and clear timetable for the gradual reduction and eventual end of the international coalition's presence in Iraq. The statement emphasized Iraq's commitment to ensuring the safety of coalition advisors during the negotiation period and maintaining stability to prevent any escalation of tensions.
US Secretary of Defense Lloyd Austin confirmed that these discussions would be part of a higher military commission, agreed upon in August 2023, focusing on the transition to an enduring bilateral security partnership between Iraq and the United States.
Regional Tensions Impacting Withdrawal
Recent developments have led to the postponement of announcing a definitive end-date for the US-led coalition's presence in Iraq. Heightened tensions in the region, particularly with Iran, have raised questions about the future of the US military presence in Iraq. The potential for Iranian retaliation against Israel, in response to the killing of Hamas' political leader, Ismail Haniyeh, in Tehran, has added to the uncertainty.
Iran-backed militias in Iraq are exerting pressure on the Shia-led government to terminate the US troop presence. Attacks on US sites in Iraq have increased since October 7, 2023, with the US responding with retaliatory airstrikes against these groups.
Bilateral Relations and Strategic Reevaluation
The US-Iraq relationship has been under reevaluation since the capture of the Syrian town of Baghouz in March 2019, marking the end of the Islamic State's physical control. The US military's return to Iraq in 2014 played a crucial role in helping the country rebuild its national forces, which were weakened by the IS offensive. However, the increasing influence of pro-Iranian factions within the Popular Mobilization Forces (PMF) has complicated the situation, leading to demands for a complete US withdrawal.
Iraq's government, led by Prime Minister Mohammad Shia al-Sudani, is attempting to balance relations with both Washington and Tehran. The ongoing war in Gaza has added another layer of complexity to the dynamics, affecting the strategic relationship between the US and Iraq.
Partial Withdrawal and New Security Agreements
The US and Iraq are nearing a pivotal agreement that would result in the gradual withdrawal of American-led coalition forces from Iraq. Sources close to the Iraqi government have indicated that both parties are in the final stages of concluding the deal, with the understanding that the coalition's mission is drawing to a close. The agreement allows for some international and American forces to remain in the country under new security agreements, focusing on training Iraqi security structures.
Security and Political Developments
Iraq's Defense Minister, Thabit al-Abbasi, held discussions with US officials in Washington regarding future steps to end the Global Coalition's mission against ISIS. Talks have centered on commencing the coalition's drawdown from Iraq in September 2024 and concluding the process by September 2025, with negotiations ongoing regarding the retention of some US military personnel in an advisory capacity.
Amid these developments, Iraq is also striving for regional cooperation in counter-narcotics efforts, hosting an international conference with the participation of neighboring countries to combat the growing issue of drug trafficking.
International Coalition.. Withdrawal by Government-Political Agreement, 13 SEPT
Professor of Foreign Affairs at Al Nahrain University, Mohammed Al Shammari, commented on the decision to withdraw the international coalition forces from Iraq, describing it as a “governmental-political agreement.”
Useful summary.. In important news you can find it on Al Furat News channel on Telegram.. To subscribe click here
Al-Shammari said, during his hosting in the {Free Talk} program broadcast on Al-Furat satellite channel this evening, that: “The decision to withdraw the coalition forces is Iraqi and did not come only from the Prime Minister, but rather by agreement of the political forces in the State Administration Alliance that brings together all spectrums, and as a result, it expresses the position of the state as a whole.”
He added, “The Iraqi political decision necessitates the withdrawal of foreign forces and the move towards diplomatic relations, and distancing Iraq from regional challenges has become difficult in light of the presence of these forces.”
Al-Shammari added, “Moving from the formula of collective cooperation to a secondary one is logical, as a result, we want relations at all levels with the United States and other countries.”
He explained, “The presence of the international coalition is linked to a government request, and its exit is also subject to the contexts of the law and international agreements; however, the Iraqi forces do not need the support of the coalition forces, but rather need logistical and intelligence support.”
Al-Shammari continued, “The United States does not reject the withdrawal of its forces from Iraq, but is working to find a good formula to preserve its interests in the country, and the Iraqi side must work rationally without granting any concessions.”
Regarding the Iranian response, Al-Shammari said, “All indications confirm that Iran will not back down from its response to the Zionist entity; but it seeks to create a political balance that ensures that it is not dragged into ill-considered reactions.”
Defense Minister Thabet Al-Abbasi revealed details of the agreement to withdraw the international coalition from Iraq. He said in a press statement that the Iraqi-American committees agreed to withdraw while maintaining a security partnership. He explained that an Iraqi-American agreement to end the mission of the international coalition will be in two stages.
– The first stage of the American withdrawal will begin this year and continue until 2025, and the other stage of the American withdrawal will end in 2026 completely.
Al-Abbasi pointed to the proposal of the US Secretary of Defense {Lloyd Austin} that two years for the withdrawal is not a sufficient period. He announced the rejection of the US Secretary of Defense’s proposal to add another year to the withdrawal period.
Reuters reported that the United States and Iraq agreed on a plan to withdraw the international coalition forces from the country. It indicated that the understanding between America and Iraq will witness the departure of hundreds of soldiers by September 2025, and the departure of all forces in 2026.
Wafaa Al-Fatlawi
MILITIAMAN CC NOTES HIGHLIGHTS, 12 SEPT
Summary
Iraq’s Ministerial Council of Economy is advancing economic unity between the federal government and Kurdistan, focusing on financial reforms and salary equivalency.
Highlights
- 🤝 Collaborative Meetings: Recent meetings between the federal government and Kurdistan aim for economic unity.
- 💰 Salary Equivalency: Discussions include ensuring salary parity for regional employees.
- 🔍 Budget Reforms: Emphasis on addressing financial issues like oil, energy, and border revenues.
- 📈 Private Sector Growth: Plans to enhance the private sector’s role in the economy.
- 🌍 Global Attention: Iraq’s economic strategies are gaining international interest.
- 📊 Unified Treasury Accounts: Establishing a unified treasury for better financial management.
- ⚖️ Constitutional Rights: Ensuring all citizens benefit from new economic policies aligned with constitutional rights.
Key Insights
- 🌐 Economic Integration: The meetings signify a critical step towards integrating Kurdistan’s economy with the federal framework, promoting a cohesive financial strategy.
- 💼 Private Sector Engagement: By focusing on private sector involvement, Iraq aims to diversify its economy and reduce dependency on oil revenues, fostering sustainable growth.
- 🔗 Unified Financial Framework: The establishment of a unified treasury account reflects a commitment to transparent financial management and accountability, which is vital for investor confidence.
- 📈 Revenue Streams: The focus on oil, energy, and border revenues indicates a strategic approach to harnessing Iraq’s natural resources for economic stability.
- 🤔 Constitutional Compliance: The emphasis on constitutional rights in financial discussions demonstrates a commitment to equitable governance and fair resource distribution.
- 🏛️ Political Dynamics: The support for Prime Minister Al Sudani highlights the political backing necessary to implement these reforms, ensuring stability during transitions.
- 🚀 Future Prospects: The positive atmosphere in these meetings suggests potential for significant economic progress in Iraq, attracting global attention and investment opportunities.
When Will The Government Resort To Amending The Budget Law? An Economic Expert Explains, 12 SEPT
Economic: Al Furat News} The economic expert, Abdul Rahman Al Mashhadani, clarified the date of the government’s resort to amending the financial budget.
Al-Mashhadani told {Euphrates News} that: "Despite the decline in oil prices, Iraq does not face a problem in the 2024 budget, as 8 months of the fiscal year have passed, and the situation is normal with oil prices rising above $70 per barrel."
He added, "Also, the report issued by the Ministry of Finance for the first 6 months had total spending of 58 trillion dinars, while it was supposed to be 105 trillion dinars for the first half of the year."
Al-Mashhadani added, "The largest part of the spending was for operational expenses, which amounted to 53 trillion dinars, and 5 trillion for investment expenses, and the remaining 4 months of the year can pass easily and without problems, and salaries and wages are secured considering that oil revenues cover the need."
"In addition to the government's continued existence of financing means that it has not yet used, such as deficit financing means, which were planned to be 64 trillion dinars deficit, with the Central Bank contributing 22 trillion dinars of it, government banks covering 3 trillion and treasury bonds,
in addition to the existence of 14 trillion dinars in revolving surpluses, in addition to the existence of a legal authorization for the government to borrow domestically to secure its general budget, and this reassurance is present in 2024," Al-
Mashhadani pointed out. "If prices continue to decline and fall to higher levels of up to $55 per barrel or $60 in 2025, this will push the government to submit different data that will seek to reduce investment expenditures as happened in previous crises and stop the investment aspect, which is now considered to reach 45 trillion dinars."
He continued, "In addition to reducing non-essential operating expenses such as commodity and service requirements, which are spent at 17 trillion dinars annually and were not spent in the first half of the year, the government will also focus on securing governing expenses such as salaries, wages, pensioners' salaries, and the social protection network, which amounts to 90 trillion."
Al-Mashhadani continued, "In addition, purchasing food basket items, gas, and medicines for 10 trillion dinars, in addition to the interest and installments of the public debt, which consists of two parts, the simple part of which is the external debt, which has decreased to 9 trillion, and thus the interest and installments that will be due from government agencies such as the Central Bank and government banks, and its payment can be postponed."
He explained that "the governing expenses of wages and oil production costs and all these expenses will be around 145 trillion dinars, and this is what will determine government spending," noting that "if the problem becomes more complicated, the government can resort to other methods such as imposing taxes on salaries {the nominal salary} only and not on the total because the allocations constitute two-thirds of the general salary." LINK
INFORMATION FROM INTEL SOURCE ADDS CREDIBILITY TO THE PREDICTIONS AND REASSURANCES ABOUT THE IRAQI DINAR'S FUTURE BY MELANIE HINDS, 12 SEPT
Summary
Melanie Hin shares insights on the Iraqi Dinar, offering exchange strategies while celebrating her birthday and encouraging community growth.
Highlights
- 🎉 Happy Birthday: Melanie celebrates her birthday while delivering crucial information.
- 💡 Unique Intel: Insights from a military source in Iraq about the Dinar situation.
- 📊 Big Picture: Emphasizes the importance of understanding multiple perspectives on the Dinar.
- 🔄 Currency Changes: Discusses the transition in Iraq’s currency systems and potential rate changes.
- 📈 Economic Developments: Highlights Iraq’s international partnerships and investment growth.
- 🌍 Global Impact: Mentions Iraq’s alignment with BRICS and its implications for the dollar.
- 🙏 Faith and Strategy: Encourages a faith-based approach to financial strategies and manifesting wealth.
Key Insights
- 📅 Birthday Blessings: Melanie’s birthday serves as a reminder of hope and community support, emphasizing the importance of celebrating milestones.
- 🔍 Intel Source Credibility: Information from military personnel adds credibility to the predictions and reassurances about the Iraqi Dinar’s future.
- 🌐 Comprehensive View: Understanding various viewpoints enables better decision-making regarding investments and currency exchanges.
- ⚖️ Transitioning Systems: Iraq’s shift in currency management indicates significant economic reforms, potentially leading to a new exchange rate.
- 💼 International Investment: The influx of foreign investment, particularly from Russia, signals a positive outlook for Iraq’s economy and currency value.
- 🔗 BRICS Connection: Iraq’s involvement with BRICS nations could reshape its financial landscape and reduce reliance on the US dollar.
- 🙌 Manifestation and Faith: Melanie encourages viewers to adopt a mindset of abundance and faith, which can influence their financial outcomes.
DINARLAND HIGHLIGHTS, 12 SEPT
Summary
Iraqi Dinar updates reveal banking reforms, national reconciliation efforts, and potential currency value increases for economic growth.
Highlights
- 📉 Mountain Goat warns of the end of the electronic platform by 2024, crucial for combating corruption.
- 🌟 Frank 26 expresses optimism about Iraq’s economic reforms and purchasing power improvements.
- 🤝 Militia Man reports historic reconciliation between the Iraqi government and Kurdistan, fostering stability.
- 💰 Iraq’s financial revenues exceed 77 trillion Dinars in 2024, primarily from oil.
- 📈 Pimp discusses the need to raise the official exchange rate to stabilize the parallel market.
- 🚀 Mark Z expects currency value increase between the 11th and 15th, enhancing international projects.
- 🏦 Firefly highlights efforts to stabilize the Iraqi currency for economic enhancement.
Key Insights
- 🔍 The planned end of the electronic platform highlights Iraq’s commitment to tackling corruption and money laundering, paving the way for a potential currency reinstatement.
- 🌍 Frank 26’s positivity reflects the belief that Iraqi citizens will soon experience significant purchasing power, indicating a transformative economic shift.
- 📜 The reconciliation between the Iraqi federal government and Kurdistan represents a significant step towards national unity and stability, essential for economic growth.
- 📊 The substantial revenue increase demonstrates Iraq’s reliance on oil while underscoring the need for economic diversification.
- ⚖️ Pimp’s analysis suggests that adjusting the official exchange rate could eliminate profit margins in the parallel market, stabilizing the economy.
- ⏳ Mark Z’s forecast indicates a critical period for currency valuation, aligning with Iraq’s broader economic strategies.
- 💡 Firefly’s emphasis on currency stabilization indicates proactive measures to enhance Iraq’s economic outlook and global competitiveness.
DINAR REVALUATION REPORT: Iraq's Economy: Recovery and Debt Levels in 2024, 12 SEPT
Iraq's Economy: Recovery and Debt Levels in 2024
In 2024, Iraq's economy has undergone a significant transformation, with a marked recovery and a notable decline in internal and external debts.
Economic Recovery
Iraq's economic recovery in 2024 is attributed to several factors, including the stabilization of domestic inflation, which fell to 4% by the end of 2023, and a strong recovery in the non-oil sector after a contraction in 2022. The International Monetary Fund (IMF) projects that Iraq's real GDP growth will reach 1.4% in 2024 and accelerate to 5.3% in 2025. This growth is expected to be driven by a large fiscal expansion starting in 2023, facilitated by Iraq's first three-year budget since the new government took office in October 2022.
Debt Levels
Despite the positive economic outlook, Iraq's fiscal deficit is projected to widen to 7.6% of GDP in 2024 from 1.3% in 2023, primarily due to lower oil prices and increased government spending. Public debt is expected to increase significantly, from 44% of GDP in 2023 to 86% by 2029. However, the IMF notes that Iraq's debt level, while rising, is relatively manageable compared to global standards.
Internal Debt
Iraq's internal debt surpassed 70 trillion dinars in 2023, reaching the highest point since 2003. Approximately 37% of this debt arises from loans granted by commercial and government banks, with the remaining 62% owed by government institutions to the Central Bank of Iraq. A critical concern is that most of these debts are operational expenses rather than investments, resulting in additional costs for the state budget in the form of interest payments imposed by internal and external creditors.
Outlook and Challenges
The ongoing fiscal expansion is expected to boost growth in 2024, at the expense of a further deterioration of fiscal and external accounts and Iraq's vulnerability to oil price fluctuations. Without policy adjustment, the risk of medium-term sovereign debt stress is high, and external stability risks could emerge.
Key Downside Risks
Key downside risks include much lower oil prices or a spread of conflict in the region. To mitigate these risks, Iraq requires an ambitious fiscal adjustment to stabilize debt in the medium term and rebuild buffers.
Unprecedented renaissance.. Iraq's economy recovers and its debts fall to "lowest levels", 12 SEPT
Unprecedented renaissance.. Iraq's economy recovers and its debts fall to "lowest levels"
The country has witnessed an unprecedented economic renaissance, as ambitious government plans have achieved remarkable successes, most notably food security, achieving self-sufficiency in grains, stimulating markets and creating competition between them, in addition to economic growth and reducing foreign debt to its lowest levels.
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said: “The government has worked to establish a solid food security system based on the successful integration of agricultural and financial policies,” indicating that “government support for grain producers has been a safety valve in encouraging agricultural production of grain crops, which in turn has encouraged farmers to provide nearly 6 million tons of grains during the year 2024, which is the quantity that matches the country’s need for grains, and is considered one of the gateways to self-reliant food security,” according to the official agency.
He explained that "these measures were accompanied by providing the food basket with types and quantities that affect the lives of 40 million citizens, in addition to the move to revive the markets, which is a type of competitive commercial investment."
He pointed out that "the General Company for Central Markets is one of the formations of the Ministry of Trade, as it announced its new policy last March, that it will continue to refer its sites and markets to investment in accordance with the requirements of Investment Law No. 13 of 2006, as amended, in order to achieve economic balance and support the Iraqi consumer."
He added that "the marketing policy of the General Company for Central Markets, through the strategy of partnership between the state and the private sector, has undertaken to activate a pattern of market stability by providing competitive marketing outlets that meet the needs of the poor and low-income classes, through the best consumer products in terms of quality assurance and price stability," stressing that "this issue is consistent with the pivotal role played by the Competition and Anti-Monopoly Council issued under Law 14 of 2010, which aims to protect purchasing rights from monopoly and manipulation."
He added, "The supervisory and regulatory role of the Ministry of Commerce in regulating central markets comes within the framework of what can be called (competitive central consumer markets), which are markets that witness strong competition between companies and sellers to provide consumer products and services, as companies compete to offer the best prices, and ensure product quality and quality services to attract consumers, which leads to improving the overall consumer experience."
He added, "Competitive central markets that operate on the basis of investment by the private sector are characterised by the following:
1- Diversification of products, by providing a wide range of products and services from different brands.
2- Creating a sustainable climate of competitive prices and suppressing monopoly, as sellers will seek to offer price promotions and discounts to encourage customers to buy.
3- Providing logistical services to consumers, which are added services such as delivery services, loyalty programs, or after-sales services that increase the attractiveness of the market.
He added, "Companies displaying their products in competitive central markets will practice 'innovation' by offering new or innovative solutions to their products or how they are presented, to remain attractive in a new climate of competition in organised markets."
He noted that "competitive central markets will rely on strong distribution systems to provide access to them, enabling consumers to easily access the products offered by central markets."
He added, "Competitive investment-based central markets will enable companies with solid brands to benefit from the capacity and role of central markets throughout the country to always offer something distinctive that suits the lifestyle and ways of life by improving their products using the best technologies to increase their market share."
As for indicators of stability and economic growth, Saleh stated that “growth in the non-oil GDP has reached 6 percent, in light of the very moderate price growth rate, and according to the latest figures, it has only exceeded 3.7 percent annually, which means that the country is witnessing high price stability and development. ”
He pointed out that "Iraq's external debts have fallen to their lowest level in the last forty years, not exceeding $10 billion, and the government is following a precise program to settle the external debt, which constitutes less than 9 percent of the country's total foreign exchange reserves, which are close to $108 billion, and are the highest foreign reserves in the country's monetary and financial history."
For his part, researcher and specialist in financial and banking affairs, Mustafa Hantoush, confirmed that “the Iraqi economy during the past three years has witnessed a number of correct trends, including:
1- Supporting the private sector with Law No. 18 of 2023 (Workers’ Retirement), which will guarantee retirement rights for all workers in Iraq.
2- Supporting the culture of electronic payment that would provide high-level financial and banking services to the citizen, as well as determining the liquidity position and having a financial reading of the market.
3- Work seriously to complete the designs and requirements for starting the (Development Road) project, which is considered the basis for opening the transportation economy to Iraq, and which is a complementary project to the Faw Port.
4- Establishing the (Service Effort) Committee, which provided tangible services in the capital, Baghdad, after long years of neglect, which would stimulate the labor and construction market in the capital and reduce transportation costs and time.
5- Heading towards residential complexes (adjacent to cities) and renegotiating with the Korean Hano Company.
He pointed out that, "Despite these measures, the Iraqi economy still needs many steps, including:
1- Effective monetary policies (lending - attracting deposits - financing investment) that would create a cash cycle from surplus to deficit.
2- Building the private sector through an accelerated pace using models (private sector budget - loan budget) that will activate the infrastructure of the private sector (cities or industrial or agricultural or tourist areas - roads to serve investment - investment electricity) with an available and known loan budget with reasonable conditions.
3- Protecting the local product through (the state purchasing the local product - closing borders and unofficial outlets - industrial and agricultural dollars).
4- Effective international negotiation on files such as (producing 25 thousand megawatts of electricity on credit with Siemens - establishing the international company for the port of Faw - increasing Iraq’s share of oil production and export).
5- Establishing a sovereign investment fund (domestic) in dollars after negotiating with the American side, to which part of the oil revenues in dollars will go and which will be invested in safe local investments such as (real estate - oil and gas investments) and others.
6- Establishing a real estate policy consisting of (real estate reconciliation with agriculture - supporting economic construction complexes - distributing land to those entitled to it - launching funding for well-studied housing initiatives).
In turn, researcher and academic Haitham Al-Khazaali explained that “the political stability that resulted from the government’s balanced policy, avoiding crisis management and focusing on achieving economic progress is what affected the stability of the security situation and then achieved economic stability.”
He added, "The economy is linked to security and reliance on political stability link
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...