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IMF: Iraq's inflation rate set to rise to 3.5% in 2025, 25 OCT

IMF: Iraq's inflation rate set to rise to 3.5% in 2025

Shafaq News/ The International Monetary Fund (IMF) projected a slight increase in Iraq's inflation rate for 2025 in a report released in October on inflation indicators for Arab countries. 

"Iraq's annual inflation rate was recorded at 3.2% in 2024, compared to 4.4% in 2023 and 5% in 2022,” IMF data showed. 

The IMF expected the country’s inflation rate to rise slightly to 3.5% in 2025, before decreasing to 3% in 2029.

IMF data also indicated that “Oman will experience the lowest inflation rate among Arab countries in 2025, at 1.3%, while Sudan will have the highest rate at 200.1%.”

TIDBIT FROM BRUCE, 25 OCT

 Bruce  

 [via WiserNow]   ...we were told...that this is definitely the week, and that individual was a member of the new United States Treasury...

I believe that that's a good a good assessment of where we are...so I'm very excited about where we finally are in this quest...

Evening News with MarkZ and Dr. Scott Young. 10/24/2024

Preliminary designs completed for $24B Iraq-Turkiye Development Road Project: Global Construction, 25 OCT

Preliminary designs completed for $24B Iraq-Turkiye Development Road Project: Global Construction

Shafaq News/ The first engineering designs for the Development Road Project, which will link Iraq and Turkiye, have been completed, the London-based "Global Construction Review" affirmed in a report. 

According to the report, the project’s design includes a 1,200-kilometer motorway between Iraq and Turkiye, aimed at boosting the economic corridor between the PersianGulf and the Mediterranean Sea.

The report also highlighted that the project would include a railway and an oil pipeline, with estimates indicating that Turkiye and Iraq plan to invest $24 billion in the corridor.

Qatar and the UAE have joined talks to invest in the project, which revolves around Al-Faw Port, Iraq's only deep-water port capable of handling large ships and containers. 

Currently, the Port is undergoing a $2.6 billion modernizationby South Korea’s Daewoo E&C. “A five-berth container terminal with an initial capacity of 3.5 million containers a year is expected to open for business in 2025, with full completion to follow in 2028,” the report said. 

Supporters of the project hope that the road between Al-Faw and Istanbul will serve as “a new artery for global trade,” potentially bypassing the Suez Canal and reducing shipping time between China and Europe by two weeks.

“The Development Road would follow the Euphrates River from Basra to Nasiriyah, passing through the Shia pilgrimage cities of Najaf and Karbala, and continuing to Baghdad and Mosul,” the report pointed out. “From there, it would reach the southern Turkish border city of Mersin before finally extending to Istanbul and Europe.”

Furthermore, the report noted that construction of the project is set to begin in 2025, with completion expected in three phases: in 2028, 2033, and 2050. However, “progress would depend on Iraq and Turkiye resolving a number of political disputes.”

Among the key issues are the Kurdistan Workers’ Party (PKK) and Turkiye’s use of water from the Tigris and Euphrates rivers, “which Iraq says is hurting its irrigation-dependent agriculture,” the report confirmed. 

Development Road Project

Iraq’s Development Road project, officially launched during Turkish President Tayyip Erdogan's visit to Baghdad in April, is set to become a cornerstone of regional trade and economic growth. Earlier, Iraqi Prime Minister Mohammed Shia Al-Sudani stated that the vital Road project "will transform Iraq from a landlocked country to an open one."

The project features a 1,275-kilometer (792-mile) rail and road network designed to streamline the movement of goods between Europe and the Gulf region. It is anticipated to significantly reduce trade costs between China and Europe, with energy playing a crucial role due to Iraq's substantial oil reserves.

Iraq holds approximately 10% of global oil reserves and contributes 5% of global production. This strategic advantage is expected to enhance the project's impact on regional trade.

The investment budget for the project is estimated at $17 billion, with $6.5 billion allocated for highways and $10.5 billion designated for an electrified railway. 

In addition to transforming regional trade dynamics, the Development Road Project is forecasted to create 100,000 jobs in its first phase and potentially up to one million jobs upon completion.

TIDBIT FROM MARKZ, 25 OCT

  MarkZ  

 [via PDK]  ...articles on the exchange rate are sounding so much like what we saw in Kuwait.  

“Deletion of zeros and revaluation of Iraqi dinars”

  ...this article talks about what is involved and why they need stability ...And they have ticked almost every single one of the things needed to revalue.

 There are open conversations going on in Iraq talking about the changing of the value of the dinar and the deletion of the zeros.

EXCERPTS FROM MARKZ : " Read between the lines" @DINARREVALUATION