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Business Ready 2024 Report highlights Iraq’s business climate progress and challenges, 8 OCT

 Baghdad The Business Ready 2024 Report (B-READY) was recently released by the World Bank. It provides a comprehensive and in-depth evaluation of the business climate in numerous economies, including Iraq. This annual report looks at various business and investment environments and focuses on the things that are important for creating a healthy economy. The inclusion of Iraq in this report highlights the country’s ongoing efforts to improve and stabilize its business sector.

The Business Ready Report: What is It?

The World Bank Group’s Business Ready report is an important tool for assessing how easy it is to do business in global economies. It evaluates nations based on three essential pillars: Operational Efficacy, Public Services, and the Regulatory Framework. The overall legal environment, business access to essential public services, and the efficiency of business operations in each country are all included in these pillars. This analysis sheds light on Iraq’s difficulties and opportunities as it strives to expand its economy.

The changing business climate in Iraq

The business environment in Iraq is still very much in its infancy. The nation has been working to rebuild and create an environment that is conducive to business, both domestically and internationally. However, the Iraqi economy has faced significant difficulties as a result of decades of war, instability, and sanctions, particularly since the U.S. invasion in 2003. Iraq has experienced some relative stability over the past five years, allowing the government and private sector to concentrate more on economic growth and reform. The Business Ready 2024 Report contributes to highlighting and removing significant obstacles that persist in spite of these efforts.

In order to create a business-friendly environment, Iraq continues to face numerous obstacles. Inadequate public services, slow operational processes, and regulatory inefficiencies are the sources of these difficulties. Corruption, unclear legal frameworks, and bureaucratic red tape are significant obstacles for both local entrepreneurs and foreign investors. Additionally, the country has issues with unreliable utilities, inadequate infrastructure, and restricted access to essential public services, all of which severely restrict business activities.

The Business Ready 2024 Report’s Key Findings for Iraq The B-READY report provides several significant insights into the business environment in Iraq across the three evaluated pillars:

Framework for Regulation (Pillar I):
Iraq’s score of 49.39 points demonstrates the complexities of its regulatory environment. Regulators that are hard to understand and cumbersome cause problems for businesses, making compliance more difficult and making operations more difficult. In order to make the environment more conducive to business, regulatory reforms are required.

Services to the public (Pillar 2):
Businesses continue to face significant difficulties with Iraq’s public services, which received a low score of 21.45 points. Businesses face additional costs and delays as a result of the inefficiency with which essential services like electricity, water, and government support are delivered.

Efficiency in Operations (Pillar 3):
The sluggishness of operational procedures was exemplified by Iraq’s score of 46.79 points. Business growth is slowed and new investment opportunities are discouraged by lengthy bureaucratic delays, ineffective dispute resolution practices, and insufficient insolvency mechanisms.

The Business Ready 2024 Report’s key achievements for Iraq Despite these difficulties, the report acknowledges some positive developments in Iraq’s business landscape:

Enhanced Framework for Regulation:
Simplifying Iraq’s business regulations has progressed. The minimum capital requirements for new businesses have been eliminated in recent reforms, and the procedure for registering a company has been simplified, making the environment for entrepreneurs more favorable.

Improved Access to Government Services:
The amount of time required to obtain essential services like electricity and water has decreased, among other improvements in utility access. Although limited, these enhancements point to the beginning of more systemic changes aimed at strengthening public infrastructure.

Reforms to the Workforce:
In order to make the job market more competitive and flexible, Iraq has enacted progressive labor laws that emphasize inclusivity and equal pay. In order to foster a more dynamic economy and attract a diverse workforce, these reforms are essential.

Progress is still necessary:
While regulatory and labor market reforms in Iraq have progressed, more work needs to be done. Particularly, achieving operational efficiency remains a significant obstacle. Nevertheless, these efforts point in the right direction toward enhancing the overall business climate of the nation.

Information for investors and policymakers The Business Ready 2024 Report is a useful resource for various Iraqi economic landscape stakeholders. The report gives foreign investors a clear understanding of Iraq’s business environment’s challenges and opportunities. It points out areas that need to be changed, which is important for businesses that want to enter the market or expand in the country.

The report serves as a compass for the Iraqi government and business centers, providing clear direction on areas that require further reform. To make Iraq a more appealing investment destination, it is essential to enhance public service delivery, operational efficiency, and the regulatory framework.

"THE RATE CAN CHANGE ANY MOMENT FROM NOW" BY WOLVERINE, 8 OCT

 WOLVERINE
Mon. 7 Oct. 2024 Wolverine

 The digital banking system in Iraq has been spreading salaries for three days.

 Digital banking system is working now in Iraq.

 The rate can change any moment from now.

INTEL FROM MR.SAMMY BANK: A REAL INTERNATIONAL RATE FOR IQD IS $4.00 @DI...

The State of Law rules out that problems within the state administration coalition will lead to the overthrow of the government, 8 OCT

 Sheikh Haider Al-Lami, the head of the State Administration Coalition, denied that the issues within the coalition would result in the overthrow of the government.

Al-Lami stated, “The issues have existed since the state administration coalition was formed.” In point of fact, political agreements are being carried out and are being carried out in accordance with them.”

He went on to say, “The emergence of a spy network in the Prime Minister’s Office is one of the existing problems that have clouded the political atmosphere within the coalition.” These are merely statements when it comes to talking about actual issues that are taking place within the State Administration Coalition.

“The problems that exist in the political milieu and the state administration are not strong enough to lead to the overthrow and collapse of the government,” he stated.

“Any party that has a problem or has detected government violations can gather 50 signatures inside Parliament to host those concerned to solve the problems or take the legal path,” he explained.

RAPID IRAQ UPDATE , 8 OCT

 Rapid Iraq 🇮🇶 Update 

👇👇👇👇👇👇

Finance Ministry is preparing 2025 budget tables.  

Here’s what I plucked out of the budget table. 

👉 major construction projects will continue to progress in accordance with the vision of government program to ensure the continue the growth rates of the gross domestic product in general and the gross domestic product NON- OIL in particular 🔥

Iraq 🇮🇶 raises its gold holdings to more than 152 tons.  Ranked 29th out of 100 countries 

Iraqs budget gets a boost with rising oil prices.   The war on Lebanon 🇱🇧 and fears of escalations in the region leads to higher oil price.  

Dinar exchange rate declines slightly.   

Sunday the IQD was 1550 dinars to $1 and today in Baghdad 1520 to $1 

These rates mirror rates from 3-4 months ago.   No change over the summer.  

War in the Middle East my friends.  

It is not worthy to say the federal reserve bank US Central Bank had previously imposed measures and restrictions on foreign financial transfers from Iraq to ensure that these transfers did not reach Iran or Syria. 

Stay Rapid 👍

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