Monday, November 18, 2024
IMF PRAISES POSITIVE DEVELOPMENTS IN IRAQ IN FINANCIAL AND BANKING ASPECTS, 18 NOV
IMF PRAISES POSITIVE DEVELOPMENTS IN IRAQ IN FINANCIAL AND BANKING ASPECTS
The International Monetary Fund praised, on Wednesday, the positive developments witnessed by Iraq in the financial and banking aspects.
A statement by the Presidency of the Republic received by (Al-Rabia) stated that “President of the Republic, Abdul Latif Rashid, received today, Wednesday, at his residence in the Azerbaijani capital, Baku, the Director of the International Monetary Fund, Kristalina Georgieva, within the framework of His Excellency’s participation in the United Nations Climate Conference (COP29).”
He added, “During the meeting, the cooperation relations between Iraq and the International Monetary Fund and ways to enhance them in the context of supporting the development path in Iraq were reviewed. During the meeting, His Excellency the President of the Republic stressed Iraq’s endeavor to implement integrated programs and plans to stimulate the economy and support the financial and banking reform process.”
Numbers are still holding which means this Isn’t A GLITCH!!, 18 nov
DINAR REVALUATION REPORT
Numbers are still holding which means this Isn’t A GLITCH
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PARLIAMENTARY FINANCE: 2025 BUDGET AIMS TO ACHIEVE MORE ECONOMIC STABILITY, 18 NOV
PARLIAMENTARY FINANCE: 2025 BUDGET AIMS TO ACHIEVE MORE ECONOMIC STABILITY
The Finance Committee revealed that the government has begun preparing the budget schedules for next year 2025, while indicating that the desired goals are to achieve development and increase non-oil revenues, in addition to achieving more economic stability for the country.
The head of the committee, Atwan Al-Atwani, said in an interview with “Al-Sabah” followed by “Al-Eqtisad News”, that “the government has begun preparing the infrastructure for the 2025 budget and has determined the requirements for reviewing this budget, as we look forward to these tables arriving next year or perhaps some of the items that the government needs to complete the requirements for their implementation, indicating that the goals set and desired from this budget are to achieve development, increase non-oil revenues, and search for means for clear economic stability.”
Al-Atwani added, “The operating budget has begun to extend over the investment budget, and this burdens the budget and makes it limited in its set objectives. Therefore, from now on, we must search for additional resources and achieve non-oil revenues that can provide stability to the economy,” indicating that this matter led to “our move towards rationalizing consumption because it is an important matter.”
Regarding the digital transformation process, the Chairman of the Finance Committee believes that this matter is “an essential structure for achieving a significant and noticeable increase in non-oil revenues, and all of this will be included and solutions sought for it in the 2025 budget.”
The head of the Finance Committee also explained that “the budget deficit may be the same as in 2024 because the government has been paying off its foreign loans, and in return, investment projects have been achieved and entered service, and there are other projects being implemented that have had a noticeable impact on the budget and its current expenditures.”
The head of the committee continued, saying: “The government has started financing projects in the governorates with a second batch that reached 400 billion dinars for all governorates, and the same is true for financing some ministries to achieve their goals,” noting that “the financing batch during the coming months will be large and in line with what the ministries and governorates need, given that there are projects that these ministries and governorates have started and the governorates and ministries will be required to pay their financial requirements, especially towards private sector companies.”
You’ll be able to hear the new exchange rate and see it’s imminent!!! , 18 NOV
DINAR REVALUATION REPORT:
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You’ll be able to hear the new exchange rate and see it’s imminent!!!Al-Atwani to the French Embassy delegation: Halting external borrowing indicates an improvement in Iraq’s financial policy
Economy News - Baghdad
" Al-Atwani pointed out "the priorities that his committee is currently working on, most notably maximizing non-oil revenues to avoid the risks of fluctuations in global oil prices on the Iraqi economy, in addition to preparing a package of important legislation that would bring about a qualitative shift in the financial and banking sector."
He explained that "the decline in foreign borrowing indicates an improvement in our financial policy," noting that "the decline in foreign debts came after conducting a comprehensive review of the feasibility of these loans, as we stopped them and began to pay off the old ones, and we obligated that borrowing be only for productive projects that achieve a financial return and not for consumer sectors."
Al-Atwani called on French companies to "enter the Iraqi market forcefully, especially since they have previous successful experiences in implementing strategic projects."
For his part, the French delegation expressed its happiness with this fruitful meeting, stressing "his country's desire to strengthen relations in various development fields with Iraq in a way that achieves the interests of the two friendly peoples."