Saturday, August 24, 2024
DINAR REVALUATION UPDATE: ABOUT THE Economic Achievements of Prime Minister Mohammed Al-Sudani: An Analysis of Non-Oil Revenue Growth in Iraq (2022-2024), 24 AUGUST
Economic Achievements of Prime Minister Mohammed Al-Sudani: An Analysis of Non-Oil Revenue Growth in Iraq (2022-2024)
Prime Minister Mohammed Shia Al-Sudani, who took office in October 2022, has embarked on a critical mission to diversify Iraq's economy and reduce its heavy reliance on oil revenues. Despite the country's wealth in oil, overreliance on this single resource has long threatened Iraq's economic and political stability.
Challenges and Opportunities
Iraq's economic landscape is dominated by its vast oil reserves, which have historically provided the lion's share of the nation's revenue. However, this dependence has exposed the country to the volatility of global oil prices and the geopolitical tensions that often accompany such a resource.
Prime Minister Al-Sudani's Economic Agenda
In his tenure, Al-Sudani has prioritized the expansion of non-oil revenue sources, recognizing the necessity to build a more resilient and diversified economy. This strategy is not only essential for economic stability but also for the government's ability to provide basic services and employment opportunities to its growing population.
Non-Oil Revenue Growth
To foster non-oil revenue growth, Al-Sudani's administration has implemented several measures, including reforms aimed at attracting foreign direct investment (FDI) and encouraging private sector development. The government has also sought to improve the business environment and streamline bureaucratic processes to make Iraq more appealing to investors.
Private Sector Development
Recognizing the role of the private sector in driving economic diversification, Al-Sudani's cabinet has launched initiatives to support this sector, such as the Baghdad Alliance to Support the Private Sector. The alliance aims to strengthen the private sector's contribution to the economy, hoping to accelerate sustainable economic growth and create jobs.
Fiscal and Regulatory Reforms
To further non-oil revenue growth, the Al-Sudani government is continuing with fiscal and regulatory reforms that address institutional limitations, governance shortcomings, and endemic corruption. These reforms are crucial for fostering an environment conducive to private sector development and attracting foreign investment.
Conclusion
Prime Minister Mohammed Al-Sudani's focus on non-oil revenue growth is a critical step towards economic diversification and stability in Iraq.
By addressing the structural imbalances and fostering a more competitive private sector, Al-Sudani's administration is laying the groundwork for a more resilient economy that can withstand global oil market fluctuations. The ongoing reforms and initiatives, if effectively implemented, could significantly enhance Iraq's economic landscape and improve the livelihoods of its citizens.
Friday, August 23, 2024
LATEST FROM BGG, 24 AUGUST
BGG
Article Quote: "Economic Achievements of Prime Minister Mohammed Al-Sudani - An Analysis of Non-Oil Revenue Growth in Iraq - 2022-2024"
Quote: "...Under the leadership of Prime Minister Mohammed Al-Sudani, Iraq has achieved significant growth in its non-oil revenues, rising from seven trillion Iraqi dinars to twenty-seven trillion dinars in two years. This remarkable increase indicates a strategic shift towards diversifying the economy and enhancing its stability."
BGG
[Reply to Fnu Lnu Redemption Center/DeLaRue post on 5-8-2024]
While the first half of this post may well be true (likely as not), I beg to differ on the last half. It’s COMPLETELY INACCURATE...There is NO SUCH THING AS AN AUTOMATED AUTHENTICATION PROTOCOL FOR THE IQD (per the De La Rue engineers – PERIOD). They don’t own that division anymore. It’s a group well known in the US as Cash Systems...
Iraq is worth far more than 16 trillion dollars and there is far less than 80 trillion in circulation...To espouse such inciting commentary [against this]...negates everything Dr. Shabibi has stated and everything the CBI and GOI have stated. The Dinar was worth $3.22 pre-sanctions and at that time all they had was oil at $32 dollars a barrel...
Fnu Lnu
Article quote: "Al-Kadhimi indicated that increasing the budget’s overall amount, from 199 trillion Iraqi dinars (nearly $152 billion) to 228 trillion Iraqi dinars (approximately $174.04 billion), resulted in a rise in the deficit, revealing that the budget is still being discussed in the Council of Ministers and would likely be presented to the Iraqi Parliament next month." It would logically follow that a revaluation would be likely before next month's USA confab.
[Response to Pimpy's HCL non-revenue sharing post from 3-31-2024 below]
The notion of revenue-sharing is nothing new in the Middle East. Bruni and Kuwait both do it...Revenue Watch Middle East Director Yahia Said recently returned from several months in Iraq working on the International Compact with the UN...This USIPeace Briefing summarizes the discussion. Many Iraqi citizens look to the law for what it can contribute to reconciliation, security, and welfare. The three parts of the agreement will deal with the issues of 1) revenue sharing; 2) restructuring of the ministry of oil; and 3) establishing the Iraqi National Oil Company (INOC).
It is quite clear that the HCL has intentions to codify the issue of welfare (not for government) and the number 1 issue is REVENUE SHARING. To be more specific; Section 1314 of the FY2007 Supplemental Appropriations Act [P.L.110-28] specifically identified the enactment and implementation of legislation “to ensure the equitabledistribution of hydrocarbon resources of the people of Iraq without regard to the sect or ethnicity of recipients” and “to ensure that the energy resources of Iraq benefit Sunni Arabs, Shia Arabs, Kurds, and other Iraqi citizens in an equitable manner” as benchmarks .
https://dinarevaluation.blogspot.com/2024/04/rv-update-by-fnu-lnu-2-april.html
"FROM THE ISX TO CONTRACTS THE WORLD INVESTS IN IRAQ!!!". BY FRANK26, 24 AUGUST
KTFA
FRANK26: "FROM THE ISX TO CONTRACTS THE WORLD INVESTS IN IRAQ!!!".........F26
Iraq Investment Map 2024
Iraq's National Investment Commission (NIC) has just published its .
The 283-page report includes details of investment opportunities, in addition to sectoral and regional data.
Click below to download the full report:
See also .
(Source: NIC)
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Investor Guide to Iraq 2024
The 55-page guide gives an overview of the investment climate in Iraq.
Click below to download the full report:
See also .
LATEST FROM MILITIAMAN, 24 AUGUST
Militia Man
'Theft of The Century' is not going away...It's just so much money that's been stolen.The non-oil sector is going to be equal to or superior to Iraq's oil income. It's just the way it is. They have so much wealth in this country and there's going to be so much demand for the dinar..It's going to be a massive change to this country. The Development Road Project is massive... [it's] fully underway...It's evidence they're taking
Iraq international. It's not stopping.