Sunday, June 23, 2024
The World Bank expects economic growth in Iraq to reach more than 5% in 2026, 24 JUNE
The World Bank expects economic growth in Iraq to reach more than 5% in 2026
Money and business Economy News _ Baghdad The World Bank expects that Iraq will achieve economic growth of more than 5% in the year 2026, indicating that the recovery in the oil sector in 2025 will work to enhance growth in Iraq.
The bank said in a report seen by Al-Iqtisad News, “Iraq’s economic growth for the year 2022 reached 7.6%, and in 2023 it decreased to - 2.9%.”
He expected Iraq's economic growth to decline in 2024 to reach 0.3%, to achieve growth in 2025 of up to 3.8%, and to achieve growth in 2026 of up to 5.3%.
The bank's report indicated that oil-exporting countries outside the Gulf Cooperation Council will help the expected recovery in the oil sector in 2025 boost growth in Iraq and Algeria.Views 62 06/23/2024 - https://economy-news.net/content.php?id=44528
"RV UPDATE" BY NADER FROM MID EAST, 24 JUNE
Nader From The Mid East
Things have been moving a little bit from here to the 8th of July. I hope we have an answer cuz that's what they shooting for. I don't know if it's going to be good or bad...It's more good than bad but I don't want to say anything about that cuz if anything happen you're going to say, 'Hey, but you said this. You said that.'
SUMMARY OF RV UPDATES OF NADER FROM MID EAST, 21 JUNE
I know they working on the exchange rate from here to the 8th of July. We will have some good news I hope.
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Article: "Iraq Bulks Up Gold Reserves, Inch Up World Rankings" Quote: "Their holdings have grown to 145.7 tons, a bump of over 3 tons compared to 142.6 tons the previous month. This increase...is enough to nudge Iraq one spot higher in the WGC's global ranking, landing them 31st place out of 100 countries."
Last week...I said Iraq government start a new white paper, it's all about the currency. From here to the 8th of July we should have an answer. What they going to do - Are they going to change the exchange rate or not? That's what I said exactly. They're working on it. I know they created a white paper on that. The CBI... government of Iraq, the reserve and the IMF are all working on the same page on those white papers. I don't know if it's going to change or not...
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The UN agreement, 2003 when they invaded the country, now they said the last day is next year 2025. They been talking about the end of the war and this is one of them. That is very good news.
We talk about sovereignty, that's one of them. It's good for Iraq. It's going to make Iraq stronger and happier...Sudani what he's talking about the coalition gonna leave in 2025...it's official.
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'Nader you said it was going to happen in June.' No I didn't say in June happen.
I said June they're a possibility for them to work on the dinar because each time they worked on him it's between June and August...They created a new white paper. They're going to start working on the exchange rate and I think from here to the 8th of July. We'll see what's going to happen.
Iraq wanted to de-dollarize. They start de-dollarizing in January but it didn't work for them too much.
The government didn't expect that to happen even by telling them that the dinar are stronger...use the dinar instead of the dollar for the benefits of the country. They tried everything. Now, they said that plan didn't work so they come out to the new white paper...They realized they cannot do nothing without changing the exchange rate.
They're going to have to go down in the exchange rate for the de-dollarization...They're going to have to change their exchange rate...Between now and 8th of July we should have an answer...
what they going to do? Are they going to change the exchange rate...keep it the same...go up...go down?
I think they're going to have to go down on the exchange rate a lot for them to take off the dollar from the street.
https://dinarevaluation.blogspot.com/2024/06/rv-update-by-nader-from-mid-east-1-june.html
After The Decline In Inflation Rates... Economic Calls To Improve Financial Policy Management In Iraq, 23 JUNE
After The Decline In Inflation Rates... Economic Calls To Improve Financial Policy Management In Iraq
Money and business Economy News – Baghdad Today, Sunday, financial specialists called for the need to improve financial policy management in Iraq after it witnessed a decline in inflation.
Financial expert Abdullah Al-Bandar said, “The International Monetary Fund was optimistic about Iraq due to recording a clear decline in inflation during the first quarter of this year compared to the last quarter of 2023,” indicating that “economic policies in Iraq are going well and that the government is taking into account Fund directives regarding this.
He added, "The IMF's assistance to Iraq is usually conditional on the extent of Iraq's commitment to its directives and advice. Therefore, the government and relevant parties must move towards improving the management of financial policy in Iraq and making it consistent with monetary policy, since our monetary policy is dependent on oil revenues."
Al-Bandar called for "the need to focus on developing non-oil economic sectors because they are very few compared to oil revenues, such as developing border crossings and developing the customs law, as well as the private sector's contribution to the domestic product, and reconsidering the customs tariff because Iraq is an importing country."
For his part, financial expert Manar Al-Obaidi explained in a post on his Facebook account, “One of the most important economic standards that countries always take into account in determining their data, because of its important role in formulating the country’s economic policy, is the monthly and annual inflation rates, which plays a role.”
It is important in the overall daily life of the citizen and in the various economic sectors,” noting that “according to data from the Central Bureau of Statistics, the annual inflation rates in Iraq decreased from 4.5% at the end of 2023 to reach 1.6% in March 2024.”
Al-Obaidi added, “Countries seek to reduce inflation rates according to their economic policies, as some countries try to target fixed inflation rates that do not increase or decrease, while others are looking for high inflation rates, especially producing countries, and they differ according to the economic policy of each country,”
pointing out that In Iraq, “there is no clear target for inflation rates except for one phrase mentioned in the strategic development plan that talked about keeping the inflation level below the 10% level.”
Al-Obaidi explained that "the decline was not the result of a significant increase in prices, but rather is due to three basic factors that contributed to the inflation rates reaching these rates, which are considered among the lowest levels of inflation in the world and the Middle East."
He stated that "the first level is a change in the weights of goods, as the process of determining inflation depends on determining a weight that represents the relative importance of each commodity, meaning that the importance of bread to the citizen is not the same as the importance of clothing, for example. Therefore, the weights vary according to the importance of the commodity.
At the beginning of 2024, the Central Bureau of Statistics changed the weights." For each commodity, the relative weight of some commodities was increased, such as food, beverages, tobacco, education, and health, in exchange for reducing some of the relative weights of other goods and services, such as housing and transportation, which includes fuel, for which the price of improved fuel was raised in 2024, in addition to household equipment.
This change played an important role in Reducing the inflation rate because some of the goods whose weights were increased did not increase much compared to those whose weights were reduced.
He continued, "With regard to the second level, it is changing the year of measurement, as the year of measurement in which a standard price was set for each commodity or product was the year 2012. The year of measurement was changed to the year 2022, and the increase or decrease in the prices of goods and services became dependent on the standard prices in 2022, not 2012, and this is The change greatly affects inflation rates in a way that reduces inflation rates,”
pointing out that “the third level is represented by the decline in the prices of some foodstuffs, such as bread, dairy, fruits, and drinks, which now represent approximately 31% of the total inflation account, and thus their decline or rise plays a fundamental role in Determining inflation levels. Therefore, general inflation decreased to 1.6%, while core inflation reached 2.7%.
Al-Obaidi wondered, “Why specifically were major changes made, whether at the level of weights or at the level of the base year, in 2024, during a critical period when there are radical changes in monetary policy and financial policy?” And why was the year 2022 adopted as a measurement year?
Is it really suitable to be a measurement year, especially since it is A year that comes after the Corona crisis, in which the world witnessed global inflation of various commodities, and it was not a year of global stability?
He concluded his speech by saying, “What we aspire to is for the data issued by various official bodies to be highly reliable and in line with the reality of the situation in order to formulate economic policies based on analyzing the gap between what is currently on the ground and the target value. No one can imagine.” The reaction of any citizen when you inform him that prices rose only 1% compared to the previous year.” Views 68 Added 06/23/2024 - https://economy-news.net/content.php?id=44523
Finance begins distributing estimates of current expenditures, revenues, and investment projects for 2024, 23 JUNE
Finance begins distributing estimates of current expenditures, revenues, and investment projects for 2024
Today, Saturday, the Ministry of Finance announced the start of distributing estimates of the state’s current expenditures, revenues, and investment projects for the year 2024.
A Finance statement received by Al-Rabaa stated, “The Budget Department calls on all ministries, governorates, and entities not affiliated with a ministry to send their authorized representatives tomorrow, Sunday, for the purpose of receiving estimates of current expenditures, revenues, and investment projects for the current year, approved by the House of Representatives, according to what was stated in Parliamentary Resolution No. (64). ) for the year 2024 and was held at its session numbered (27) on June 3 of the current year. link
The Ministry of Finance announced today, Saturday, the start of distributing estimates of current expenditures, revenues and investment projects for the year 2024.
The Ministry stated, in a statement, a copy of which was received by Al-Mustaqila, that “the state has begun distributing estimates of current expenditures, revenues, and investment projects for the year 2024 to the state.
She added, “The Budget Department of the Ministry of Finance calls on all ministries, governorates, and entities not affiliated with a ministry, to send their representatives tomorrow, Sunday, June 23, 2024, to receive estimates of current expenditures, revenues, and investment projects for the current year, which were approved by the House of Representatives in accordance with Parliamentary Resolution No. (64) of 2024, adopted at its session numbered (27) on June 3 of the current year.”
This step comes as part of the government's efforts to improve financial planning and ensure a fair distribution of resources in a way that enhances the quality of public services and contributes to achieving sustainable development in all regions of Iraq .
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