MINISTER OF FINANCE STRESSES THE NEED TO ADHERE TO TIMETABLES TO ACHIEVE ECONOMIC REFORMS
Finance Minister Taif Sami Mohammed stressed, on Thursday, the need to adhere to timetables to achieve economic reforms.
A statement by the ministry, seen by Al-Eqtisad News, stated that “Minister of Finance Taif Sami Mohammed chaired a meeting to follow up on the implementation of the government program related to financial, economic and digital affairs, where she reviewed the latest developments in the plans and procedures adopted by the government to achieve economic and financial reforms and discussed the challenges facing the implementation of the program.”
The minister stressed, according to the statement, “the importance of adhering to the specified timetables and achieving the desired goals in enhancing economic stability.”
The statement added that “the meeting addressed the most prominent economic and financial indicators, and reviewed the results of the reforms that have been completed so far, in addition to discussing ways to accelerate the pace of reform in vital sectors. Sami stressed the need for cooperation between all parties to achieve sustainable development and improve the standard of living for citizens.”
The statement concluded by saying that “the minister urged the concerned parties to continue working hard and intensifying efforts to ensure the success of the reform program and achieve sustainable economic growth.”
MZ: I am still not seeing any activity on Asian bonds. Everything that I am hearing and seeing this week and last week has been on the German bonds. There were a couple meetings last night and there are bond holders who keep saying that absolutely this is our week.
MZ: I have facilitators saying “They are telling us this is our week…..that everything is complete…but have not seen much yet. They are waiting on the final “GO” to distribute the funds to the holders.
MZ: The bond holders seem more hopeful than the facilitators that this is our week. I was hoping to have more news than that this week.
Member: Maybe the facilitators are skeptical of the “Boy who cried wolf” and rightly so.
Member: I heard years ago when 30% of the bonds are done…then we get our notifications….hope that still is true.
Member: Are the German bonds the proverbial lynchpin of the bonds?
MZ: I believe the German bonds and the Iraqi Dinar are the lynchpins of this thing….the cornerstones of the entire reset tight now. The two key things we are watching is the German bonds and the Iraqi dinar right now .
A QUALITATIVE SHIFT AND AN INCREASE IN TRADING.. SECURITIES ANNOUNCES THE LAUNCH OF A NEW WEBSITE FOR THE IRAQI MARKET
Wissam Al-Mulla
The Securities Commission announced today, Thursday, the signing of an agreement with the International Finance Corporation to develop the Iraqi market, and while it indicated the preparation of a guidebook to raise the transparency of companies, it confirmed that the new website of the Iraqi Stock Exchange will cover spot stock prices and is a qualitative leap.
The Chairman of the Securities Commission, Faisal Al-Haimus, told the Iraqi News Agency (INA): “The Commission signed an agreement with the International Finance Corporation in the first quarter of this year to develop the work of the Iraqi Stock Exchange.”
He explained that “the Authority has worked on developing the guidance booklet and the government guide for companies, which is expected to be ready by the end of the year, in order to present it to companies and benefit from the guidelines contained therein.”
He pointed out that “the booklet aims to increase the level of transparency for companies listed on the Iraq Stock Exchange, which are often late in publishing essential information and accounts, which affects investors.”
He stressed that “the Commission has launched the new website of the Iraq Stock Exchange, which will cover spot stock prices, which will allow the investor to read the market movements of any company, and this is a qualitative shift that will result in an increase in trading.”
BAGHDAD REACHES AN UNDERSTANDING WITH THE DOHA STOCK EXCHANGE
Baghdad reaches an understanding with the Doha Stock Exchange: Iraqi shares will be able to be traded in Qatar as well. We will not wait for companies, we will act
The Iraqi Securities Commission revealed a project with the Qatar Stock Exchange that will allow for the joint establishment of companies, leading to “dual listing” that will allow the listing of Iraqi shares in both the Iraqi and Qatari markets.
The commission member, Wadah Al-Taha, said that it will not wait for major and promising companies to list their shares on the Iraqi Stock Exchange, but will form a committee to encourage those companies. He pointed out that expanding the Iraqi Stock Exchange requires the listing of government sector companies on the stock exchange.
Waddah Al-Taha – Member of the Board of the Securities Commission, in an interview with the media figure, Dhikrayat Muhammad:
Expanding the work of the Iraq Stock Exchange requires restructuring mixed companies, through the government sector relinquishing its shares and listing and offering them for investment, while we work on listing public government companies.
Usually, stock markets around the world represent a mirror of a country’s economy, but in Iraq, the stock market does not reflect the economy, for several reasons, including the weakness of the investment culture, the decline in government support and understanding, in addition to the fact that the importance of listing and initial public offerings is unclear to private sector companies.
We seek to “deepen” the Iraqi Stock Exchange, meaning diversify its sectors participating in the subscription, with the aim of reducing the ceiling of investment risks and creating relative attractiveness for investors. We are currently working on merging our governance draft with the draft of the International Finance Corporation to give a global character to our investment environment and send reassuring messages to foreign investors.
Instead of waiting for promising emerging companies to come to the Iraqi market for listing, we are currently working on forming a specialized committee to move towards such companies and reach an understanding with them in order to list their shares in the market. The criteria for selecting the targeted companies revolve around performance, financial efficiency, company history, sector quality, and management nature.
We have a memorandum of understanding with the Qatari side, and we hope to approve it during the coming period. It has very good content, as it allows us to establish companies jointly, and we aspire to reach the stage of “dual listing” where the Iraqi stock can trade in the Iraqi and Qatari markets, in addition to applying the regulatory standards in effect there.
We apply a high level of “global standard” procedures in terms of combating money laundering. The market is very safe in this regard. Our standards are sometimes harsh and restrictive for investors, but they ensure that there are no illegal financial activities.