A government advisor revealed the features of the 2025 financial budget schedules.
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said in a press statement that "Article 77/Second of the Federal General Budget Law No. 13 of 2023, which regulates the preparation of the three-year budget, stipulates that the government shall send the budget tables for the years 2024 and 2025 to the House of Representatives for approval before the end of the previous fiscal year."
He added that "the Ministry of Finance has announced that it is in the process of preparing the general budget tables for the year 2025, in accordance with the constitutional mechanisms adopted by the aforementioned Three-Year Budget Law."
He pointed out that "based on the indicators of budget implementation over the first two years provided for by the aforementioned Law No. 13, the financial authority has the necessary administrative and financial capabilities to submit the 2025 budget tables to take their legislative path through discussion and approval in the Council of Ministers and refer them to the House of Representatives before the end of this year."
Saleh noted that "the federal general budget tables for the year 2025 will be based on the constants of Federal Budget Law No. 13 of 2024, taking into account international and regional economic conditions and their changes, ensuring that the provisions of the budget tables for the year 2025 are adapted within the available legal texts, in addition to relying on the performance of the indicators of the general budget tables for the year 2024."
He stressed that "major reconstruction projects will continue to progress in accordance with the vision of the government program to ensure the continuity of growth rates in the gross domestic product in general and the gross domestic product (non-oil) in particular." link
Russia has channeled $19 billion into Iraq's energy sector, changing the game...The investment not only aims to enhance Iraq's economic growth but also reflects Russia's strategic interests in the Middle East.
This $19 billion investment marks a significant chapter in the long-standing relationship between the two countries, promising mutual benefits and a strengthened alliance.
Ministry of Oil announces the start of exporting jet fuel
The Undersecretary of the Ministry of Oil for Refining Affairs, Hamid Younis, announced the start of aviation fuel export operations from Iraqi ports.
The Undersecretary said in a statement, "The ministry has started aviation fuel export operations at a rate of (800-1000) tons per day, from export outlets, noting that the Iraqi production of aviation fuel comes within international specifications and standards.
He pointed out that the export process is a step in the right direction, to enhance Iraq's role globally among the countries producing and exporting oil and its derivatives, in addition to that it reflects the prospects for development in the Iraqi oil industry.
He added that the export operations of oil products contribute to increasing the financial revenues achieved from the activities of the oil sector, thus supporting the national economy. link
As we await Israel to do what they need to do to split the difference, Iraq just gave away a big tell about the inevitable reset:
They are having a massive population increase and just coincidentally, they are preparing for major reconstruction and building projects and reforms. A big sign that we’re about to be set free!
A government consultant revealed the features of the fiscal budget schedules for 2025.
“Article 77/II of the Federal General Budget Law No. 13 of 2023, which regulates the preparation of the tripartite budget, stipulates that the government send the budget tables for the years 2024 and 2025 to the House of Representatives for approval before the end of the previous fiscal year,” said the financial adviser to Prime Minister Mazhar Mohammed Saleh in a press statement.
He added that “the Ministry of Finance has announced that it is in the process of preparing the general budget schedules for 2025, in accordance with the constitutional mechanisms adopted by the tripartite budget law above.”
He pointed out that “based on the indicators of implementing the budget over the first two years stated by Law No. 13 mentioned above, the financial authority has the necessary administrative financial capabilities to submit the budget tables for 2025 to take its legislative path by discussing and approving them in the Council of Ministers and referring them to the House of Representatives before the end of this year.”
Saleh pointed out that “the federal budget tables for 2025 will stem from the constants of the Federal Budget Law No. 13 of 2024, taking into account international and regional economic conditions and their changes, to ensure the adaptation of the provisions of the budget tables for 2025 within the available legal texts, in addition to relying on the performance of indicators of the general budget tables for 2024.” He stressed that “major reconstruction projects will continue to progress according to the vision of the government program to ensure the continuity of growth rates in GDP in general and GDP (non-oil) in particular.”
Baghdad The Business Ready 2024 Report (B-READY) was recently released by the World Bank. It provides a comprehensive and in-depth evaluation of the business climate in numerous economies, including Iraq. This annual report looks at various business and investment environments and focuses on the things that are important for creating a healthy economy. The inclusion of Iraq in this report highlights the country’s ongoing efforts to improve and stabilize its business sector.
The Business Ready Report: What is It?
The World Bank Group’s Business Ready report is an important tool for assessing how easy it is to do business in global economies. It evaluates nations based on three essential pillars: Operational Efficacy, Public Services, and the Regulatory Framework. The overall legal environment, business access to essential public services, and the efficiency of business operations in each country are all included in these pillars. This analysis sheds light on Iraq’s difficulties and opportunities as it strives to expand its economy.
The changing business climate in Iraq
The business environment in Iraq is still very much in its infancy. The nation has been working to rebuild and create an environment that is conducive to business, both domestically and internationally. However, the Iraqi economy has faced significant difficulties as a result of decades of war, instability, and sanctions, particularly since the U.S. invasion in 2003. Iraq has experienced some relative stability over the past five years, allowing the government and private sector to concentrate more on economic growth and reform. The Business Ready 2024 Report contributes to highlighting and removing significant obstacles that persist in spite of these efforts.
In order to create a business-friendly environment, Iraq continues to face numerous obstacles. Inadequate public services, slow operational processes, and regulatory inefficiencies are the sources of these difficulties. Corruption, unclear legal frameworks, and bureaucratic red tape are significant obstacles for both local entrepreneurs and foreign investors. Additionally, the country has issues with unreliable utilities, inadequate infrastructure, and restricted access to essential public services, all of which severely restrict business activities.
The Business Ready 2024 Report’s Key Findings for Iraq The B-READY report provides several significant insights into the business environment in Iraq across the three evaluated pillars:
Framework for Regulation (Pillar I): Iraq’s score of 49.39 points demonstrates the complexities of its regulatory environment. Regulators that are hard to understand and cumbersome cause problems for businesses, making compliance more difficult and making operations more difficult. In order to make the environment more conducive to business, regulatory reforms are required.
Services to the public (Pillar 2): Businesses continue to face significant difficulties with Iraq’s public services, which received a low score of 21.45 points. Businesses face additional costs and delays as a result of the inefficiency with which essential services like electricity, water, and government support are delivered.
Efficiency in Operations (Pillar 3): The sluggishness of operational procedures was exemplified by Iraq’s score of 46.79 points. Business growth is slowed and new investment opportunities are discouraged by lengthy bureaucratic delays, ineffective dispute resolution practices, and insufficient insolvency mechanisms.
The Business Ready 2024 Report’s key achievements for Iraq Despite these difficulties, the report acknowledges some positive developments in Iraq’s business landscape:
Enhanced Framework for Regulation: Simplifying Iraq’s business regulations has progressed. The minimum capital requirements for new businesses have been eliminated in recent reforms, and the procedure for registering a company has been simplified, making the environment for entrepreneurs more favorable.
Improved Access to Government Services: The amount of time required to obtain essential services like electricity and water has decreased, among other improvements in utility access. Although limited, these enhancements point to the beginning of more systemic changes aimed at strengthening public infrastructure.
Reforms to the Workforce: In order to make the job market more competitive and flexible, Iraq has enacted progressive labor laws that emphasize inclusivity and equal pay. In order to foster a more dynamic economy and attract a diverse workforce, these reforms are essential.
Progress is still necessary: While regulatory and labor market reforms in Iraq have progressed, more work needs to be done. Particularly, achieving operational efficiency remains a significant obstacle. Nevertheless, these efforts point in the right direction toward enhancing the overall business climate of the nation.
Information for investors and policymakers The Business Ready 2024 Report is a useful resource for various Iraqi economic landscape stakeholders. The report gives foreign investors a clear understanding of Iraq’s business environment’s challenges and opportunities. It points out areas that need to be changed, which is important for businesses that want to enter the market or expand in the country.
The report serves as a compass for the Iraqi government and business centers, providing clear direction on areas that require further reform. To make Iraq a more appealing investment destination, it is essential to enhance public service delivery, operational efficiency, and the regulatory framework.
Sheikh Haider Al-Lami, the head of the State Administration Coalition, denied that the issues within the coalition would result in the overthrow of the government.
Al-Lami stated, “The issues have existed since the state administration coalition was formed.” In point of fact, political agreements are being carried out and are being carried out in accordance with them.”
He went on to say, “The emergence of a spy network in the Prime Minister’s Office is one of the existing problems that have clouded the political atmosphere within the coalition.” These are merely statements when it comes to talking about actual issues that are taking place within the State Administration Coalition.
“The problems that exist in the political milieu and the state administration are not strong enough to lead to the overthrow and collapse of the government,” he stated.
“Any party that has a problem or has detected government violations can gather 50 signatures inside Parliament to host those concerned to solve the problems or take the legal path,” he explained.
👉 major construction projects will continue to progress in accordance with the vision of government program to ensure the continue the growth rates of the gross domestic product in general and the gross domestic product NON- OIL in particular 🔥
Iraq 🇮🇶 raises its gold holdings to more than 152 tons. Ranked 29th out of 100 countries
Iraqs budget gets a boost with rising oil prices. The war on Lebanon 🇱🇧 and fears of escalations in the region leads to higher oil price.
Dinar exchange rate declines slightly.
Sunday the IQD was 1550 dinars to $1 and today in Baghdad 1520 to $1
These rates mirror rates from 3-4 months ago. No change over the summer.
War in the Middle East my friends.
It is not worthy to say the federal reserve bank US Central Bank had previously imposed measures and restrictions on foreign financial transfers from Iraq to ensure that these transfers did not reach Iran or Syria.
MP: The US Federal Reserve is besieging Iraqi liquidity through the dollar
Firas Al-Maslamawi, a State of Law MP, stated on Tuesday that the Federal Bank’s measures were the primary cause of the ongoing lack of financial liquidity and urged the Ministry of Finance to find alternatives.
“Iraq is not poor and has many resources,” Al-Maslamawi stated, “but there is a problem in delivering the oil sales money that arrives through the Federal Bank after three months.”
He continued by noting that “the external liquidity file requires a high-level government effort in order to resolve this issue and increase the quantities of dollars flowing into Iraq” and that “the means of delivering the dollar and its restriction by the Federal Bank cast a shadow over the creation of liquidity in the Ministry of Finance.”
He emphasized that in order to “dispense with the dollar,” it was necessary to “transform into agreements similar to the Chinese accounting agreements, providing services in exchange for oil,” and that “the US Federal Reserve is still imposing its conditions on Iraq to pressure the parallel market.”
In other words-Iraq factions leaders, get TF out now or else be killed because the U.S. Treasury led by DJT is forcing us & pressuring our hands &…on top of it all, we have our Dinar currency to reinstate very shortly to give our ppl purchase power!
This further tells me…CBI Governor Alaq & Prime Minister Al-Sudani were puppets & part of the problem in Iraq, letting Iranian factions steal from the Iraqi citizens all this time right?
Politics | 07/10/2024 Mawazine News – Baghdad Prime Minister Mohammed Shia al-Sudani directed today, Monday, to continue simplifying procedures, pursuing speculators, and reviewing financial and banking reforms.
The Prime Minister's media office said in a statement received by / Mawazine News / that "Prime Minister Mohammed Shia al-Sudani chaired a meeting dedicated to reviewing the comprehensive reform plan for the financial and banking sector in Iraq, in the presence of the Minister of Finance, the Governor of the Central Bank of Iraq, and a number of advisors and directors of government banks."
The Prime Minister stressed "the need to intensify inspection procedures in financial transfer operations, and not to be lenient or lenient in pursuing speculators who exploit the crises that the region is going through, in order to achieve personal profits and benefits at the expense of the public interest of the country, directing the Ministry of Finance, the Central Bank, and bank directors to simplify procedures for business owners, regarding financial transfers.
" Al-Sudani directed "the formation of a working team, working on preparing packages to deal with the current economic and financial situation, and resuming work with investment tools in the Central Bank of Iraq and linking them to the size of each bank's deposits."
According to the statement, "The meeting discussed financial reforms and monetary policies adopted in light of the decisions taken by the Council of Ministers, where His Excellency directed to fully activate all decisions and review the obstacles that prevented the implementation of some of them."
During the meeting, "the progress of work in the plans prepared within the framework of developing the work of banks, the reform measures undertaken by the banks' administrations with Ernst & Young, and the level of progress achieved in this regard were discussed, in a way that ensures providing the best services to their customers."
The meeting also discussed "the facilities provided by banks in the field of attracting deposits, which enhances the role of the banking sector in financing projects and promoting economic development, and His Excellency directed to review the benefits provided by banks to depositors."
The meeting also addressed "the measures taken to encourage citizens to continue using electronic payment systems, which are witnessing a significant increase in the number of users. In this regard, Mr. Al-Sudani directed to study and launch the government incentive program for the use of electronic payment tools, including cash refunds." https://www.mawazin.net/Details.aspx?jimare=255710
"Indonesia Launches CCP for Money Market and FX Transactions"
CCP stands for Central Counterparty, a financial market infrastructure that acts as an intermediary between buyers and sellers in a financial transaction.
CCPs clears and settles financial instruments, such as securities, derivatives, options, and foreign exchange. They also manage counterparty credit risk, which is the risk of default between the two parties to a transaction.
Shafaq News/ Iraq has taken high-level steps to prevent any potential cyberattacks, as tensions continue to escalate in the region, an Iraqi government source disclosed on Tuesday.
The official, who spoke on condition of anonymity, told Shafaq News that Iraq’s cybersecurity defenses are well-prepared. “There is a highly skilled cybersecurity committee in place, along with significant contributions from the National Security Agency to secure Iraq's cyberspace," the source said.
The official dismissed the likelihood of a cyberattack, whether from Israel or any other external or internal entity. "A cyber strike is neither feasible nor likely," the source stated, assuring that Iraq has established strong defensive measures in this area.
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High-level protocols have been implemented to counter any potential cyber threats, the official said, adding that there are "no concerns or consequences" even if an attack were launched in the coming weeks.
The announcement comes weeks after the Iraqi Ministry of Interior denied reports of an imminent cyberattack and urged citizens to be cautious of suspicious emails and unknown links.The increasing regional tensions, particularly involving the Israeli breach of the Iranian-backed group Hezbollah escalated fears in Iraq.
Israel has been known to use cyber operations as part of its broader strategy to exert influence and destabilize its adversaries. For instance, Israeli-linked cyber-espionage groups have targeted Hezbollah members including Secretary-General Hassan Nasrallah and many commanders of the Jihad Council.
