Al-Hakim: Kirkuk will get its due in the 2024 budget
The head of the National Wisdom Movement, Ammar al-Hakim, held a press conference in Kirkuk on Wednesday, during which he confirmed that support for the governorates will be present in the 2024 budget and Kirkuk will receive its due share.
Al-Hakim said during the conference, during his meeting with a number of members of the provincial council, heads of administrative units, directors of service departments, and security leaders in the province, in the presence of Governor Ribwar Taha, his deputies, and the head of the provincial council, Engineer Muhammad Ibrahim Al-Hafez, that “Kirkuk is an icon of Iraqi coexistence and the key to consolidating national unity.”
He stressed the "importance of administrative decentralization and the powers of local governments as a guarantee for the unity of Iraq," calling for "abandoning the rentier state and activating productive sectors."
He added, "Kirkuk is a model of coexistence and is prepared to activate agriculture, industry and tourism," indicating that "support for the governorates will be present in the 2024 budget and Kirkuk will get its due share."
He called for “fighting corruption, supporting youth, and spreading positivity,” stressing that “improving services enhances confidence in the political system and fortifies the country,” noting “restoring the powers of local governments according to the constitution and working to facilitate citizens’ transactions.”
Al-Hakim praised the “zeroing of Kirkuk’s stalled projects and stressed the importance of investing in health and education,” adding that “diversifying the economy is the solution to confronting the challenges of population growth.” link
Iraq is making significant progress on salary payments and budget legislation, with key meetings and potential currency reforms on the horizon.
Highlights
📈 Increased Focus: The Kurdistan Regional government is prioritizing employee salary payments.
⚖️ Legal Obligations: The federal government is under pressure to resolve salary deficits by adhering to budget laws.
💰 Auction Deadline: The Central Bank’s remittance auction deadline is approaching on Sunday, potentially impacting currency exchange.
🔍 Enhanced Controls: The government is tightening controls on suspicious money transfers to stabilize the national currency.
🌍 Diplomatic Visits: Over 140 ambassadors are visiting Iraq, indicating increased international interest and investment opportunities.
🛣️ Development Road Project: The focus on this project signifies Iraq’s potential for economic growth and stability.
📅 Budget Preparations: Timely amendments to the budget law are critical as the fiscal year approaches.
Key Insights
🤝 Collaboration is Key: The Kurdistan Regional government and the federal government are working together to ensure timely salary disbursement, highlighting the importance of unity for economic stability.
💡 Focus on Currency Stability: Strengthening controls over financial transactions is essential for reducing currency manipulation, which can bolster investor confidence in Iraq’s economy.
🔄 Potential Currency Reform: The upcoming remittance auction could signal a shift away from dollar reliance, paving the way for greater use of the Iraqi dinar.
🏛️ International Engagement: The influx of ambassadors presents an opportunity for Iraq to showcase its progress and attract foreign investment, crucial for economic recovery.
💼 Investment Opportunities: The Development Road Project is key to revitalizing Iraq’s economy and making it a destination for international investors.
🔍 Compliance and Transparency: Enhanced monitoring of financial transfers aims to eliminate illegal market activities, which is vital for a stable economy.
⏳ Critical Timing: The simultaneous developments in budgeting and salary payments highlight the importance of timing in governmental reforms and economic recovery efforts.
Government advisor: Tighter controls on suspicious money transfers reduce exchange rate manipulation
12/11/2024
Baghdad - WAA - Nassar Al-Hajj
Advisor to the Prime Minister, Mazhar Mohammed Salih, confirmed today, Wednesday, that tightening control over suspicious financial transfers reduces manipulation of exchange rates and the stability of the national currency, while indicating that limiting speculation reduces the use of foreign currencies in unproductive operations.
Salih said in a statement to the Iraqi News Agency (INA): "The Prime Minister's directives to the monetary and financial authorities stressed the intensification of inspection and control procedures for financial transfers and monitoring speculators, which remain of great importance in enhancing currency stability and reducing speculation that is harmful to the national economy, through mechanisms leading to combating illegal speculative activities, including specifically: tightening control over suspicious financial transfers that conflict with the rules of compliance and transparency in a manner that reduces illegal activities, such as money smuggling or manipulation of exchange rates, which maintains the stability of the value of the national currency."
He added that "taking strict measures against speculators and manipulators in the currency market strengthens confidence in the financial system and demonstrates the strength of government policy in protecting the national economy, and increases the confidence of citizens and investors in the country's financial system, in addition to directing resources towards the real economy to invest in the available opportunities in it, whether industrial, agricultural or service,"
noting that "by limiting speculation, the use of foreign currencies in unproductive operations is reduced, which helps to provide them to finance imports or beneficial investments."
He continued that "the protective measures against currency speculation come to limit the negative effects resulting from the impact of regional crises, through preventive measures that reduce the exploitation of economic and political crises in the region to achieve illegitimate gains, which enhances the stability of the local market."
Saleh explained that "the importance of limiting speculation and speculators' opportunities remains in enhancing the efficiency of the banking system through the role of monitoring financial transfers, which undoubtedly contributes to revealing the loopholes in the banking system and enhancing governance and transparency in it, as such measures are in line with the comprehensive reform plan for the financial and banking sector, and aim to enhance financial stability and prevent violations that negatively affect the national economy." LINK
The Czech meets the Iraq CBI cooperation in Digital transformation Iraq spread your wings
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alak, received His Excellency the Czech Ambassador to Iraq, Mr. Jan Shneidov and the Economic Attaché at the Embassy.
During the meeting, economic and banking relations were discussed and strengthened in the interest of the two countries, as well as cooperation in the field of training and capacity building for the financial and banking sector within the digital transformation process led by the Central Bank of Iraq with the support and integration with the Iraqi government. It was agreed to train a team of employees of the Central Bank of Iraq and the Ministry of Finance in the Czech Republic with the support of the Czech Ministry of Finance.
Central Bank of Iraq
Media Office
December 11, 2024
