Iraq Eyes Economic Diversification: New International Partnerships Extend Beyond Defense, 4 NOV

Iraq Eyes Economic Diversification: New International Partnerships Extend Beyond Defense

In a significant policy shift, the Prime Minister of Iraq, Mohammed Shia’ Al-Sudani, recently announced that the nation’s new international collaborations extend beyond defense and security. Al-Sudani emphasized that Iraq has blossomed into an attractive destination for global firms to invest and operate, particularly in the energy sector, signaling a rising tide of international confidence in the Iraqi economy.

Shifting Focus: Beyond Oil

Historically reliant on oil revenues, Iraq is now making strident efforts to diversify its economy. The government is actively courting foreign investment in sectors such as infrastructure, agriculture, and tourism, recognizing the untapped potential within these areas.

Energy: A Hotspot for Investment

Despite being a major exporter with one of the world’s largest oil reserves, Iraq is seeking to bolster its energy production and branch out into renewable energy. With abundant sunlight and wind resources, it offers an ideal location for solar and wind power projects, and is providing incentives and tax breaks to magnetize global investment.

Infrastructure, Agriculture, and Tourism: New Frontiers

Infrastructure remains a key concern, with many parts of Iraq still lacking basic services such as electricity, water, and transportation. The government is actively seeking international partnerships for these projects. Opportunities also abound in agriculture, with the government promoting investment in modern farming techniques to boost production and trim reliance on imports. Tourism, despite being hampered by years of conflict, is another sector being primed for investment, with new attractions and cultural events planned to draw in visitors.

Iraq: The Gateway to Asia and Europe

Al-Sudani’s announcement underscores Iraq’s strategic location, serving as a conduit for trade and investment between Asia and Europe. Already a member of the Asian Infrastructure Investment Bank, Iraq has inked agreements with several nations to boost trade and investment, while also courting European firms.

Prime Minister Al-Sudani’s announcement shows Iraq’s commitment to attracting foreign investment and diversifying its economy. The nation’s untapped potential, coupled with its strategic location, positions it as an attractive destination for trade and investment. With the right strategies, Iraq could become a significant regional player, contributing to a broader regional prosperity.

https://bnn.network/finance-nav/business/iraq-eyes-economic-diversification-new-international-partnerships-extend-beyond-defense/

Iraq is ranked third among the largest oil exporters to America, 4 NOV

Iraq is ranked third among the largest oil exporters to America

 The US Energy Information Administration announced on Saturday that Iraq's oil exports to America rose over the past week. 

The administration's latest table showed that the average US imports of crude oil during the past week from nine major countries amounted to 5.645 million barrels per day, an increase of 392 thousand barrels per day from the previous week, which amounted to 5.253 million barrels per day. 

He added that Iraq's oil exports to America amounted to 351 thousand barrels per day last week, an increase of 169 thousand barrels per day from the previous week, which reached an average of 182 thousand barrels per day. 

He pointed out that most of America's oil revenues during the past week came from Canada at an average of 3,485 million barrels per day, followed by Mexico with an average of 1,004 million barrels per day, and oil revenues from Saudi Arabia amounted to an average of 294 thousand barrels per day, and then Brazil with an average of 168 thousand barrels per day.

According to the administration, the amount of American imports of crude oil from Ecuador is at a rate of 133 thousand barrels per day, from Libya at a rate of 106 thousand barrels per day, from Colombia at a rate of 74 thousand barrels per day, and from Nigeria at a rate of 30 thousand barrels per day, while no quantity is imported from Russia.  link

Iraq's Pressure for Re-Valuation | Exchange Rate in the Printed Gazette ...

Iraq’s Ministry of Planning Steps Up to Resolve Lagging Project Issues, 4 NOV

 Iraq’s Ministry of Planning Steps Up to Resolve Lagging Project Issues, 4 NOV

In a decisive move to expedite the development in Iraq, Prime Minister Muhammad Shiaa Al-Sudani has directed the Ministry of Planning to resolve the issues with lagging projects. The Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, has taken up the task and formed a committee which has already resolved issues with 400 projects, leaving 1,063 projects still in need of solutions.

Committees to Tackle Lagging Projects

In response to the Prime Minister’s directive, the Minister of Planning has set up a committee comprising of several members including the head of the Integrity Commission and the head of the Financial Supervision Bureau. Their main objective is to investigate the reasons behind the delay in these projects. Out of the 1,452 lagging projects, 562 are associated with various ministries and the investment program, while the remaining 501 projects fall under the development program.

Apart from this, a second committee, the Diwani Order Committee 45, has been established, primarily dealing with lagging hospital projects. The committee has shown progress, having found solutions for 73 hospitals with varying bed capacities.

Government’s Commitment to Resolve Issues

Prime Minister Al-Sudani has expressed strong commitment towards resolving the issue of lagging projects across all ministries and agencies. The Ministry of Planning has completed discussions on the plans for the year 2024, emphasizing the importance of providing a statement on the reality of lagging projects, completion rates, required funding, and executive capacity.

Emphasis on Development and Service Delivery

The Ministry of Planning is dedicated to finding solutions for all lagging projects, acknowledging their importance for development and service delivery. The issue of these projects is receiving significant attention from both the Prime Minister and the Minister of Planning. Their commitment to resolving this issue underscores the government’s determination to drive progress and ensure the successful completion of important projects throughout the country.

https://bnn.network/world/iraq/iraqs-ministry-of-planning-steps-up-to-resolve-lagging-project-issues/

‘Visa Direct’: A New Era of Digital Financial Transfers in Iraq, 4 NOV

 ‘Visa Direct’: A New Era of Digital Financial Transfers in Iraq, 4 NOV

The Central Bank of Iraq, in a strategic collaboration with the First Bank of Iraq and Visa, has rolled out the ‘Visa Direct’ service, a novel initiative aimed at enhancing digital financial transfers. This service is designed to ease the business operations of small merchants and assist in curbing the exchange rate in the parallel market, thereby aligning with the government’s vision for financial, banking, and economic management.

The ‘Visa Direct’ Service: A Boon for Small Merchants

The ‘Visa Direct’ service empowers customers to transfer up to five million dinars daily and 13 million dinars monthly at the official exchange rate. This provision not only facilitates small merchants with a streamlined and effective transaction process, but also aids in solidifying the currency and reducing the discrepancy between the fixed exchange rate and the parallel rate.

Modernizing the Financial Sector

Launching the ‘Visa Direct’ service is a move towards the digitization and modernization of the financial sector in Iraq. By promoting digital financial transfers, this service aims at improving financial inclusion and broadening access to banking services, particularly for small merchants who might not have direct access to traditional banking services.

Addressing Exchange Rate Volatility

The ‘Visa Direct’ service has the potential to minimize dependence on the parallel market and mitigate exchange rate fluctuations. By offering a safe and efficient platform for digital transfers, the ‘Visa Direct’ service may help diminish the demand for foreign currency in the parallel market and contribute to stabilizing the exchange rate.

Success Factors and Challenges

The success of the ‘Visa Direct’ service hinges on several factors. It requires widespread adoption and usage by merchants and customers. This will demand effective marketing and public education about the service’s benefits and convenience. Additionally, the service must address potential challenges related to security and fraud prevention. As digital transactions gain momentum, it becomes imperative to have robust security measures to safeguard financial information and assets of individuals and businesses.

https://bnn.network/finance-nav/visa-direct-a-new-era-of-digital-financial-transfers-in-iraq/

"RV UPDATE" BY MILITIAMAN, 4 NOV

 Militia Man  

 Things are happening on the banking side... Article Quote: "Visa Direct tool...simple transfers for the citizens. The tool facilitates the demand for foreign currencies." Not just the dinar, Not just the dollar...They're talking about 160 currencies.  That's what they said.  It's not my words...That's a lot.  That's phenomenal.  That means what?  Iraq is going international with up to 160 currencies...

There's a little bit of turmoil going on with Kuwait...when it comes to demarcations ...Maritime borders are sovereign right too but the most important one is the 'unspoken Chapter VII'.  I believe the unspoken one is because of their currency exchange rate...Chapter VII has to do with the UN and until they are released and allowed to go Article VIII compliant with the IMF...ascend to the World Trade Organization...be able to have a valuation for their oil and gas law...That's what's in play right now...They are going to need an internationally accepted exchange rate.. .

Article quote: "Visa Direct...where money transfer services are aimed at transformation global money movementsbetween Iraq and the rest of the world."  That's talking about what we expect - an international exchange rate to facilitate international trade.  Without an international acceptable currency it's not going to happen in my view.  

Yes this is good visa master card will do it Iqd Iraqi dinar BY NADER FROM MID EAST