Thursday, August 29, 2024
DINAR REVALUATION REPORT: Iraq's Economic and Financial Reform Program: Collaboration with the World Bank, 29 AUGUST
Iraq's Economic and Financial Reform Program: Collaboration with the World Bank
In a significant move towards strengthening Iraq's economic foundations and achieving fiscal stability, Finance Minister Taif Sami convened with Jean-Christophe Carret, the Regional Director for the Middle East at the World Bank, and Richard Abdelnour, the Bank's Special Representative in Iraq. This meeting, held on August 29, 2024, focused on reviewing and supporting the economic and financial reform program in Iraq.
Iraq's Economic Reform Program
Iraq, heavily reliant on oil revenues for its economy, has embarked on a critical reform journey to enhance its financial and business sectors and improve the investment environment. The World Bank's involvement in this process is pivotal, as it strengthens bilateral coordination and supports Iraq's government program concerning economic reform.
Financial and Banking Reforms
The Iraqi government, under the leadership of Finance Minister Taif Sami, has outlined plans to accelerate financial and banking reforms. These reforms aim to solidify the national economy, achieve economic balance, and correct the course of financial policy in Iraq.
World Bank's Role
The World Bank's engagement is multifaceted, involving support for development projects and facilitating reforms in the financial and business sectors. The Bank's representatives have expressed their commitment to providing professional assistance for development initiatives and sector reforms, highlighting the productive collaboration with the Iraqi government.
Technical Assistance and Financial Support
In addition to strategic guidance, the World Bank is providing technical assistance and financial support through loans and grants. This support is critical for Iraq's economic recovery and long-term sustainability.
Economic Challenges and Opportunities
Iraq's economy, recovering from the oil and COVID-19 shocks, has seen real GDP growth of 1.3% in 2021, a stark contrast from the 11.3% contraction in 2020. The non-oil economy's robust growth, particularly in the services sectors, has been instrumental in this recovery.
Unemployment and Fiscal Space
However, Iraq faces significant unemployment challenges, especially among specific demographic groups. The country's fiscal rigidities and oil dependency restrict its ability to implement countercyclical policies, highlighting the need for diversification and fiscal reforms.
Conclusion
The collaboration between Iraq's Finance Minister Taif Sami and the World Bank signifies a renewed commitment to economic and financial reforms. By addressing unemployment, enhancing fiscal space, and diversifying the economy, Iraq aims to establish a more sustainable and resilient economic framework. The World Bank's support, through technical assistance and financial resources, is crucial in this transformative period for Iraq's economy.
Taif Sami and the World Bank discuss supporting the economic and financial reform program, 29 AUGUST
Taif Sami and the World Bank discuss supporting the economic and financial reform program
On Thursday, Minister of Finance, Ms. Taif Sami, received the World Bank’s Regional Director for the Middle East, Jean-Christophe Carret, and the Bank’s Special Representative in Iraq, Richard Abdelnour.
During the meeting, the World Bank's loans and grants, development project priorities, and ways of supporting the World Bank to enhance the financial and business sectors and improve the investment environment were followed up. The meeting emphasized the continuation of bilateral coordination to enhance sustainable development, in addition to discussing the bank's support for the government program regarding economic reform in Iraq.
Minister Sami pointed out the government's interest in strengthening partnership with international financial institutions, within the framework of accelerating the pace of financial and banking reforms in line with the Iraqi government's vision aimed at consolidating the foundations of the national economy, achieving economic balance, and correcting the course of financial policy in Iraq. link
Coffee with MarkZ. 08/29/2024
Evening News with MarkZ. 08/28/2024
DINAR REVALUATION REPORT: Iraq's Path to Economic Development: A Shift in Global Trade Exchange, 29 AUGUST
Iraq's Path to Economic Development: A Shift in Global Trade Exchange
The Parliamentary Finance Committee in Iraq has expressed optimism about the country's development path, foreseeing a significant shift in the course of trade exchange between Iraq and the world. This statement, made by Chairman Atwan Al-Atwani, highlights the committee's confidence in Iraq's economic future.
Current Economic Landscape
Iraq's economy has faced numerous challenges in recent years, including a heavy reliance on oil exports, corruption, and instability. However, the government has been working to diversify the economy and attract foreign investment. The development path, as outlined by the Parliamentary Finance Committee, aims to achieve a more balanced and sustainable economy.
Expected Outcomes
The committee expects the development path to bring about a qualitative shift in Iraq's trade exchange with the world. This shift is likely to be characterized by:
- Increased non-oil exports, reducing the country's reliance on oil revenues
- Improved trade relationships with neighboring countries and global partners
- Enhanced economic competitiveness, driven by investment in infrastructure and human capital
- A more favorable business environment, encouraging foreign investment and entrepreneurship
Key Drivers of Change
Several factors are expected to drive this shift in Iraq's trade exchange:
- Investment in infrastructure: Upgrades to transportation networks, energy systems, and telecommunications will improve the business environment and facilitate trade.
- Diversification of industries: Encouraging growth in sectors such as agriculture, manufacturing, and tourism will reduce dependence on oil and increase non-oil exports.
- Trade agreements and partnerships: Strengthening relationships with neighboring countries and global partners will expand Iraq's access to new markets and investment opportunities.
- Economic reforms: Implementing policies to promote transparency, accountability, and competitiveness will help to attract foreign investment and stimulate economic growth.
Conclusion
The Parliamentary Finance Committee's statement highlights the potential for Iraq's development path to bring about a significant shift in the country's trade exchange with the world. By investing in infrastructure, diversifying industries, strengthening trade relationships, and implementing economic reforms, Iraq can achieve a more balanced and sustainable economy. As the country continues on this path, it is likely to become an increasingly important player in regional and global trade.
LATEST FROM KAPERONI, 21 SEPT
Kaperoni I have always stated, if the dinar is ever going to go up in value, it will be based on Iraq's economic success. This is ...
-
Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...
-
Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
-
RayRen98 BANK STAFF RECEIVED "GET READY" MEMOS THIS MORNING, THEY'VE BEEN EXCITED ALL DAY! Nader From The Mid East Y...