Details of Al-Sudani’s discussions with the International Finance Corporation delegation
3/5/2024 Haider Hisham
Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani stressed the importance of supporting projects associated with the Development Road Project
The Prime Minister’s Media Office stated, “Prime Minister Muhammad Shiaa Al-Sudani received a delegation from the International Finance Corporation/IFC, headed by the institution’s Vice President for Middle East Affairs, Hala Sheikh Rouhwa.”
He explained, "The meeting witnessed a review of the areas and prospects of cooperation between Iraq and the institution, which is one of the institutions of the World Bank," stressing that "the government is continuing with economic reforms and measures to improve the investment environment, as well as implementing projects that contribute to increasing the gross domestic product and supporting non-profit sectors." Oil and empowering the private sector.
The Prime Minister called on the Corporation to open a training institute in Iraq that specializes in developing banking work, preparing economic models for projects, and supporting the Iraqi private sector’s trends in the obesity and construction materials industry, with increasing demand following the progress of new city projects, as well as developing the capabilities of the General Company for Carbon Economics. Which Iraq is working to establish.
He stressed "the importance of supporting projects associated with the Development Road Project, as well as completing the discussion of plans prepared for the rehabilitation of Baghdad International Airport, which are sponsored by the Corporation."
For her part, Hala Rawha indicated, “The institution’s readiness to cooperate with Iraq in all fields, and appreciated the government’s role in expanding reforms and adopting a path that contributes to reducing carbon emissions,” pointing to “continuing work to complete plans to rehabilitate and expand Baghdad International Airport, and support sustainable development.” Promoting the growth of diverse economic sectors...
Official: The issue of Iraq’s accession to the World Trade Organization is coming soon
3/5/2024
Undersecretary of the Minister of Commerce, Sattar Al-Jabri, considered on Tuesday that the issue of Iraq’s accession to the World Trade Organization was imminent, while he stressed that the current federal government would achieve self-sufficiency and not depend on the importer.
This came during his hosting of a discussion session on the sidelines of the seventh session of the activities of the third day of the Al-Rafidain Forum 2024 - Baghdad, under the title “Humanizing the Global Economy.”
Al-Jabri said during the hosting that the governmental curriculum developed by the Iraqi government is based on a strategy to keep pace with the development taking place in the global economy, as the government signed bilateral international memorandums of understanding in the field of trade and economics.
He stressed that "Iraq is seeking to enter the World Trade Organization, and the issue is coming soon."
The Iraqi government official spoke about the issue of import and export, saying: There is no trade balance between exported and imported materials, as the monetary mass was going to other countries, and this is what the current government seeks to address by relying on self-sufficiency.
At the beginning of 2024, the Kingdom of Saudi Arabia announced its support for Iraq’s accession to the World Trade Organization, especially after the political obstacles that prevented it were removed.
I'm sure you've heard the great news by now, the IQD is on the "private side" of the Forex...This sounds like some great news don't you think? ...
I'm grateful to do all the research for you so you don't have to...There is no "private side" of Forex. None. The Forex is open to all participants who have access to the necessary trading platforms and infrastructure...There is no "private side" of the Forex...
Article: "The Iraqi Central Bank confirms to Shafaq News the provision of five foreign currencies as an alternative to the dollar for merchants"
The crazy thing is this is a new article but all they're doing is talking about the same countries we spoke about several times. You have the Euro, Chinese yuan, Turkish lira, Emirate Durham and Indian rupee and the currencies they're talking about...
Experts: We Are Optimistic About The Country's Financial Situation
Iraq 03/05/2024 Baghdad: Huda Al-Azzawi Specialists in financial and economic affairs expressed their optimism about the future outlook for the country’s financial situation, and while they saw that Prime Minister Muhammad Shiaa Al-Sudani’s statement regarding this aspect and the overall economic file is correct and consistent with reality, they called for the continuation of steps to leave the unilateral rentier economy to a productive economy.
Advisor to the Prime Minister for Financial and Economic Affairs, Dr. Mazhar Muhammad Salih, said in an interview with “Al-Sabah”: The basis comes from the strength of the foreign asset reserves that Iraq possesses, which exceeded 100 billion dollars, which is the cover of the national currency, which means that there is complete coverage of cash.
The national export in foreign currency, which provides ideal stability for the exchange rate of the Iraqi dinar, in addition to the fact that these foreign reserves embody the commercial efficiency of Iraq, as these reserves cover more than 15 commercial months, while the international standard is only three months.
He added, “We must not forget that the surplus in the current account of the balance of payments relative to the gross domestic product also did not fall below (positive 8 percent), which is a high indicator that reflects the strength of the external sector in the national economy, that is, its stability and growth.”
He pointed out that “the real growth rate in Iraq’s non-oil gross domestic product has touched (6 percent) and it reflects the growth of the activities of important sectors, most notably the reconstruction, construction and housing movement and the development of the transport and digital communications sector, and there is a continuing movement in developing the agricultural sector thanks to government support for crops.” “We expect Iraq’s grain production in the next few months to reach 6 million tons.”
He stressed, “There is a serious trend towards developing the manufacturing sector, whether on the part of the private or public sector itself, in accordance with recent encouraging ministerial decisions in the field of reducing customs tariffs and protecting the national product or in the inputs of the industry itself, especially in providing electricity or fuel for industrial purposes at competitive prices.” Supported.
Saleh stated, “Growth in real non-oil activity has become thriving after many years of failure, in addition to the boom in investments in the oil and energy sector itself, as all sectoral activities indicate that there is a high growth in the country’s economic capabilities with high flexibility and discipline in financial policy.”
In which government spending still constitutes approximately 50 percent of the gross domestic product, which means that the country’s financial strategy is the compass for moving the macroeconomic joints, and it is in a highly stable position, both in the flow of oil revenues and controlling public expenditures.”
For his part, the rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, indicated in an interview with “Al-Sabah” that “what Prime Minister Muhammad Shiaa Al-Sudani stated that the financial situation of Iraq is at its best is correct; If the political, economic and financial situation of Iraq remains as it is.”
He noted that “the financial conditions are stable according to current data, including the stability of the political situation and the possibility of Iraq exporting more than three and a half million barrels per day at a price of more than $70 per barrel, either if these indicators change, whether with regard to the political situation and a decrease in oil prices or a halt.” Export chains for Iraqi oil. Iraq has a cash reserve in the range of 115 or 120 billion dollars that can be used over a period of two years, after which it may be exposed to financial crises.”
He explained, “Despite Sudanese work to bring about some changes, the Iraqi economy is still a unilateral rentier economy that relies on oil as the main financier of the general budget, and non-oil revenues are still very low, and the main sectors of the Iraqi economy are still stalled or slow.”
He concluded by saying: “Therefore, it cannot be relied upon in the event of a decline in oil prices, the inability to export oil, changes, or great stability on the political side. Therefore, according to the current situation, what the Prime Minister stated - as I previously indicated - is correct.” “.
We are seeing rates bounce all over the place based on the trading screens…the only way you will see those is if you know somebody who is a licensed, accredited forex trader.
I am still getting amazing chatter from groups…Things are very positive…But, stay calm this week - it’s going to be a roller coaster... I would not be surprised to see it before we reach the weekend as of right now.
I have a lot of sources expecting it to break loose in the next 2 days of this week…hope they are right.
