Monday, April 8, 2024
Awadi announces external debt drop to about $9 billion this year, 8 APRIL
Awadi announces external debt drop to about $9 billion this year
Economy News – Baghdad
The spokesman for the Iraqi government, the name of Al-Awadi, announced on Monday that it has reduced the external debt and decreased to approximately $8.9 billion during the current year 2024.
Al-Awadi said in a statement, seen by “Economy News”, that “as an affirmation by the government of transparency in economic work, and to inform national and international public opinion and media about Iraqi economic performance, and in light of the approval by the Council of Ministers of the recommendations of the Diwan Order Committee 23942, related to the regulation of external borrowing of Iraqi public foreign debt, the government has taken a series of executive measures, and adopted a package of financial decisions, which ended in reducing external public debt by more than 50%, to reduce the debt from $1 19.729 billion in late 2022, to $15.976 billion in 2023, to nearly $8.9 billion this year.”
Al-Awadi explained that “these financial steps, (which included stopping a number of borrowing operations due to their relaxity and non-productivity, regulating, managing and auditing debts, and restructuring some debts and directing them to create strategic projects), aim not to mortgage the Iraqi economy to commitments that may affect, in the future, the political decision, or the path of national development, and they coincide with an urban renaissance, and reconstruction in infrastructure, which opens the way for a promising future and a refreshing economy, in which our current and future generations perform the best performance, and receive the greatest opportunities.”
He pointed out that “the government organized the process of financing cooperation with the international community in specific contexts, including direct and productive borrowing, providing sovereign guarantees to ensure the production of projects carried out by the private sector for the benefit of the government, and the sovereign guarantees provided by the government for the benefit of institutions that finance the Iraqi private sector importing production lines in order to build factories inside Iraq.”
He stressed that “these steps pave the way for the further integration of our country into the international economic cycle, and that the government adopts the principle of productive borrowing only, which effectively leads to an increase in GDP, and the financing of service and productive national projects with economic returns, in order to ensure their completion and not delay.”
Al-Awadi continued, “With these steady steps, the government renews its determination to continue to make a qualitative leap in the Iraqi economy, in parallel with a tangible development in the services, infrastructure and social welfare sectors, which are all the pillars required to meet the aspirations of our people throughout Iraq, and implement the government program with its priorities and objectives.”
https://economy-news.net/content.php?id=42316
"SUDANI IS PAYING MANY BILLS" by FRANK26, 8 APRIL
ktfa
frank26: "SUDANI IS PAYING MANY
BILLS"...........F26
Baghdad releases 430 billion dinars in funding for the Kurdistan Region’s salaries
4/7/2024
The Ministry of Finance of the Kurdistan Region announced the deposit of 430 billion dinars in salaries from Baghdad into the ministry’s bank account.
According to a statement by the Ministry of Finance of Kurdistan, “Recently, an amount of 430 billion and 109 million dinars was deposited by the Ministry of Finance of the Iraqi government on the bank account of the Ministry of Finance and Economy in the Kurdistan Region in the Erbil branch of the Central Bank of Iraq.”
The money, as stated in the statement, is part of the monthly salary of employees in the Kurdistan region.
Yesterday, the Federal Ministry of Finance announced the launch of funding for the salaries of Kurdistan Region employees for the month of March, “because the mechanism for completing the localization of their salaries requires an additional period of time.”
LINK
"EID STARTS TUESDAY" BY FRANK26, 8 APRIL
KTFA
FRANK26:"EID STARTS TUESDAY".........F26
The Council of Ministers holds its regular session today instead of Tuesday due to the Eid al-Fitr holiday
4/7/2024
Baghdad –
Today, Sunday, the Council of Ministers held its regular session under the chairmanship of Prime Minister Muhammad Shiaa Al-Sudani. The session was postponed from its scheduled date every Tuesday due to the Eid al-Fitr holiday.
A statement from Al-Sudani’s office, a copy of which was received by 964 Network:
The Council of Ministers holds its regular session under the chairmanship of the Prime Minister, Mr. Muhammad Shiaa Al-Sudani, which was postponed to its scheduled date due to the Eid Al-Fitr holiday.
LINK
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The Iraqi market suspends its activity for 6 days
4/8/2024
The Iraq Stock Exchange announced, on Monday, the suspension of its activity for a period of six days.
The market stated, in a statement received by Shafaq News Agency: “Based on the Council of Ministers’ decision to declare a six-year official holiday for Eid al-Fitr, the market’s activities and trading sessions will stop for six days.”
He explained, "The holiday will be starting Tuesday, April 9, and trading sessions will resume on Sunday, April 14."
It is noteworthy that the Iraq Stock Exchange organizes five trading sessions weekly from Sunday to Thursday, and 103 Iraqi joint stock companies are listed, representing the sectors of banking, communications, industry, agriculture, insurance, financial investment, tourism, hotels and services.
LINK
World Bank Supports Iraq’s Financial Reform Program, 8 APRIL
World Bank Supports Iraq’s Financial Reform Program
Finance Minister Satif Sami has met with Jean-Christophe Carre, the Regional Director for the Middle East at the World Bank, along with the bank's Special Representative in Iraq, Richard Abdulnour, and a number of experts and specialists.
The meeting discussed development project priorities and ways in which the World Bank can support enhancing financial and business sectors and improving the investment environment. There was an emphasis on the continuation of bilateral coordination to promote sustainable development and support the government's economic reform program in Iraq.
Minister Sami highlighted the ministry's efforts and plans to accelerate financial and banking reforms in line with the Iraqi government's vision to strengthen the national economy, achieve economic balance, and correct fiscal policy in Iraq.
The World Bank representative emphasized continued serious and fruitful cooperation with the Iraqi government, providing necessary expertise for development projects and reforms related to the financial and business sectors.
(Source: Ministry of Finance)
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