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DINAR REVALUATION REPORT: Iraqi President Forecasts Economic Growth , 16 SEPT

Iraqi President Forecasts Economic Growth

Iraqi President Abdul Latif Jamal Rashid has expressed optimism about Iraq's economic prospects, stating that the country is poised for a period of security, stability, and economic development. 1 He emphasized Iraq's readiness to host major strategic development projects, citing an enabling environment and favorable conditions for investment. 3

Enhancing Economic Cooperation

Rashid underscored Iraq's eagerness to strengthen economic and investment ties with its allies, highlighting the country's commitment to fostering a conducive atmosphere for significant development projects. 4

Ratification of Key Legislation

In a move to support economic growth, Rashid ratified crucial legislation, including the 2024 budget tables, which is now awaiting publication in the Iraqi Official Gazette to become effective. 5

Economic News and Developments

Recent economic news and developments in Iraq have been positive, with attention on strengthening commercial relations, cybersecurity, and strategic partnerships. 6

Visualizing Iraq's Economic Prospects

To better understand Iraq's economic trajectory, a timeline visualizing key events and milestones in its economic development can provide valuable insights. Closing.

Timeline: Key Economic Events in Iraq

11/9/2024
Iraq's President Abdul Latif Jamal Rashid affirms the country's commitment to economic growth

13/9/2024
Ratification of the 2024 budget tables

14/9/2024
Enhanced economic cooperation with allies

15/9/2024
Iraq's cybersecurity and strategic partnerships gain focus

CONCLUSION

Iraq's President Abdul Latif Jamal Rashid's positive forecast for the economy, along with the ratification of key legislation and efforts to enhance economic cooperation, indicate a promising outlook for the country's development.

Iraqi President: “Iraq’s Economy Set to Grow”, 16 SEPT

 The Iraqi President has said that, “Iraq remains at the limit of another period of safety, dependability, and financial turn of events.”

Abdul Latif Jamal Rashid stated in an address to a delegation from the League of Arab States that Iraq provides an environment and conditions that are conducive to investing in major strategic development projects.

Full articulation from the Workplace of the Iraqi President:

Rashid, President: Iraq’s Economy Set to Develop

Leader of the Republic of Iraq Abdul Latif Jamal Rashid got a designation headed by the Secretary-General of the Committee of Middle Easterner Monetary Solidarity of the Class of Bedouin States at Baghdad Castle on Thursday, September 12, 2024.

They discussed the need to address economic challenges through coordination with the relevant Iraqi governmental institutions and come up with a plan of action following an overview of the efforts being made to develop Arab economic growth.

President Rashid highlighted Iraq’s longing to keep encouraging financial and speculation collaboration with kindly states as a significant piece of the country’s improvement plan.

“Any reasonable person would agree that Iraq offers an empowering climate and conditions for putting resources into major vital improvement projects,” he said. ” Iraq remains at the limit of another period of safety, strength, and financial turn of events, and we anticipate a nearer relationship in view of genuinely monetary organizations and productive participation.”

The visiting delegation thanked President Rashid for his vision for how the economy could be improved in the coming years. They communicated the expectation that Iraq will uphold the Chamber of Bedouin Monetary Solidarity to accomplish more significant standards that serve the more extensive interests of the area.

MILITIAMAN CC NOTES HIGHLIGHTS, 16 SEPT

Summary

Iraq is advancing electronic payment systems to enhance transparency, reduce corruption, and integrate the private sector, aiming for international financial participation.

Highlights

• 🇮🇶 Iraq is developing electronic payment systems to improve government and private sector performance.
• 💻 The international smart card company supports the Prime Minister’s directives for financial inclusion.
• 🚀 There’s a significant increase in electronic payment points, from 7,000 to 30,000.
• 🌐 Iraq’s transformation towards a digital economy indicates a shift to international currency standards.
• 💡 Workshops on financial inclusion emphasize combating money laundering and increasing awareness.
• 📈 The government aims to reduce reliance on cash, indicating a digital transformation.
• 🤝 Agreements between Baghdad and Kurdistan reflect efforts for economic stability and cooperation.

Key Insights

• 📊 The push for electronic payments in Iraq suggests a strategic move towards transparency and efficiency in financial operations. This could significantly curb corruption and streamline processes.
• 🌍 Iraq’s integration of blockchain technology could revolutionize its financial sector, enhancing transaction speed and reliability while attracting foreign investment.
• 🔄 The development of a ‘Digital Transformation Revolution’ signals Iraq’s readiness to align with global financial standards, potentially leading to a more stable economy.
• 📅 The agreement between federal and regional governments highlights a pivotal moment for Iraq, as it could enhance economic cooperation and resource management.
• 🏦 Increasing electronic payment capabilities indicates a shift towards modern banking practices, essential for participating in the global economy.
• ⚖️ Iraq’s commitment to international compliance through article 8 with the IMF suggests a long-term vision for economic reform and stability.
• 💼 The focus on the private sector as a driving force for growth reflects an understanding that diversifying the economy beyond oil is crucial for sustainable development.

HOW THE E=GOVERNANCE IS FIGHTING CORRUPTION

Government Advisor: E-Governance Application Contributed To Protecting Public Money And Reducing Corruption, 16 SEPT

 Government Advisor: E-Governance Application Contributed To Protecting Public Money And Reducing Corruption

Local |  09/14/2024   Mawazine News – Baghdad  The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, confirmed today, Saturday, that the application of e-governance has contributed to protecting public money and reducing corruption, while pointing out that Iraq is witnessing a major boom in electronic payment systems and economic transformation.

The Prime Minister's representative, his financial advisor, Mazhar Mohammed Salih, said at the Electronic Payments Towards Financial Stability in Iraq Conference: "On behalf of the Prime Minister, I convey to you all his high appreciation for the International Payments and Banking Technologies Conference, due to the conference representing the major shift that Iraq is currently witnessing in the field of developing digital payments in the current information age and its contributions to enhancing financial stability in our country."

He added that "digital developments are one of the important infrastructures in protecting the national economy from external fluctuations and ensuring savings in the financial system, including banks, financial institutions, and the financial and banking markets in general in Iraq."

He continued: "It is no secret to everyone that the Iraqi government program emphasized the importance of e-governance and considered it an integral part of the economic reform policy and in a manner of financial and administrative transparency," indicating that "the major boom in electronic payment systems that Iraq is witnessing and the economic transformation is based on cash and its risks."

He pointed out: "The vision policies launched by the government in implementing e-governance, returned for the sake of speeding up public collection, protecting public money and reducing corruption, because it is one of the most important systems for the transition from cash to digital payments in an accelerated manner."

He explained that "today, with the participation of international organizations, local interests, electronic payment companies, and the participation of the Association of Private Banks and His Excellency the President of the Arab Monetary Fund, we affirm without a doubt that development is important for integration into the global economy, which is essential for digital diversity and an important part, which encourages the flow of foreign investment to our country, development, innovation, e-commerce and digital development in Iraq."

He explained that "the great leap in the digital payments system in Iraq may be enhanced today by the physical and legal infrastructure provided by the Iraqi government, through the decisions taken by the Council of Ministers to facilitate the work of digital companies and improve the digital climate in Iraq." https://www.mawazin.net/Details.aspx?jimare=254858

LATEST FROM PIMPY, 16 SEPT

 Pimpy 

 All kinds of changes happening over in Iraq.  People have been bombarding me with questions.  Let's go over this because this is something I mentioned earlier and then again I'm the bad guy.  

It's something you should be aware of that it might happen...Take a look at the price of Brent Crude - $74 a barrel.  What is the budget set by Iraq for the

cost?  $70.  They're okay but it has dipped slightly below there.  It's back up above $71 which is good but man, that particular cost per barrel IMO I thought was too high and I expressed my opinion back when they first did it .

  What does that mean for Iraq? 

 If they don't have enough money to cover the budget... they're going to have no choice but to, yep, I'm going to say it, just like I warned you, devalue the Iraqi dinar.