ERBIL (Kurdistan24) – Erbil and Baghdad delegations to meet again in Baghdad to discuss the issue of not paying the Kurdistan Regional Government (KRG) employees’ salaries by Baghdad, Kurdistan24 correspondent reported.
A delegation from the KRG Ministry of Finance and Economy will visit Baghdad on Thursday will go to Baghdad to resume talks about the KRG employees’ salary issue.
Kurdistan24 correspondent in Baghdad revealed that the KRG delegation will meet with a delegation from the Iraqi federal government on Friday, in the residence of the Iraqi Foreign Minister Fuad Hussein in Baghdad.
This meeting comes after a meeting of the Iraqi Prime Minister Mohammed Shiaa al-Sudani on Wednesday with the heads of the political parties’ parliamentary factions to discuss passing the bill about amending the Iraqi general budget, that paves the way for resuming Kurdistan Region’s oil exports.
Following that meeting on Wednesday night, Vian Sabri, the head of the Kurdistan Democratic Party (KDP) faction in the Iraqi parliament told Kurdistan24 that agreement was reached during this meeting to pass the amendment of the article related to resuming Kurdistan oil export, in the Iraqi general budget law.
Article: "HANTOUSH: ELECTRONIC PAYMENT REDUCES THE COST OF PAPER CURRENCY AND SUPPORTS ECONOMIC TRANSPARENCY"
...in early January the Finance Committee said this was their goal to market the electronic payment process and I know from my CBI contact that this had to be accomplished to conduct the Project to Delete the Zeros.
Well… they are telling us this is now successful and done.What next?
Shafak News / The Ministry of Finance stressed, on Thursday, the importance of adhering to the recommendations of the Council of Ministers to develop financial and banking performance, as well as stressing the speed of the adoption of modern electronic systems in the ministry’s formations.
The ministry said in a press statement in response to Shafaq News Agency, “Finance Minister Taif Sami Mohammed held a periodic meeting of the opinion body in the ministry, in the presence of the undersecretary of the ministry and the directors general of the departments, banks, bodies and companies affiliated with them.”
The statement added that “the meeting dealt with several important topics, most notably, reviewing the recommendations of the previous committees, evaluating the extent of progress in implementing the recommendations of the committees formed by the opinion body in previous sessions, and determining the percentages of achievement and possible obstacles.”
He continued, “The meeting also discussed the proposed amendments to improve the performance of the Ministry’s departments and adapt them to the requirements of modern financial management, in line with developments in the financial and business sector, as well as the minister’s stress on the importance of adhering to the recommendations of the Council of Ministers, and continuing efforts to provide the necessary capabilities within the framework of the government program to develop financial and banking performance.”
The meeting stressed, according to the statement, “the need to speed up the adoption of modern electronic systems in the ministry’s formations, especially in strategic sectors such as banks, customs, and taxes, with the aim of improving work efficiency and providing better services to citizens.”
Iraq is on a transformative path towards economic revitalization through a series of ambitious reforms and development projects aimed at diversifying its economy and creating job opportunities for its citizens.
On January 28th, Iraqi Prime Minister Muhammad Shia Al Sudani emphasized the importance of the World Bank as a vital ally in this reform process during a meeting with Usman Donon, the World Bank’s Vice President for the Middle East and North Africa.
The discussions centered on enhancing collaboration between Iraq and the World Bank to support projects that focus on maximizing the non-oil economy and promoting private sector growth.
The Prime Minister underscored Iraq’s commitment to advancing economic reforms, inviting the World Bank to deepen its involvement in funding critical projects, particularly in oil, energy, and infrastructure. The International Finance Corporation (IFC), part of the World Bank Group, was mentioned as a key player in financing private sector initiatives. Among the major undertakings is the ambitious Development Road Project, which aims to connect Southern Iraq to the Turkish border at a projected cost of $18 billion. This project is expected to bolster Iraq’s geopolitical significance, enhance economic growth, and create thousands of job opportunities, with a completion target set for 2028. The Iraqi government plans to maintain ownership of this infrastructure while also providing opportunities for international investment, highlighting a strategic move toward fostering partnerships between major international and local firms.
🌍 Iraq is pursuing economic reforms aimed at diversifying its economy and creating job opportunities.
🤝 Iraqi Prime Minister Al Sudani emphasizes the World Bank’s role in supporting Iraq’s economic transformation.
📈 The focus is on enhancing the non-oil economy and promoting private sector growth.
🏗️ The Development Road Project aims to connect Iraq to Turkey, enhancing its geopolitical position.
💰 The project is estimated to cost $18 billion, with the Iraqi government retaining ownership while encouraging international investment.
📅 Completion of the Development Road Project is targeted for 2028.
🌿 Collaboration between major international firms and local companies is essential for project implementation.
Key Insights
💡 Strategic Importance of Economic Diversification: Iraq’s focus on diversifying its economy away from oil dependency is crucial for sustainable growth. By prioritizing the non-oil sector, Iraq aims to mitigate the vulnerabilities associated with fluctuating oil prices, ensuring a more stable economic environment for its citizens.
🔗 Partnership with the World Bank: The collaboration with the World Bank signifies a strategic approach to leveraging international expertise and funding. This partnership not only provides financial resources but also facilitates knowledge transfer and best practices in governance and economic management.
🏢 Role of the Private Sector: By promoting private sector growth, the Iraqi government is recognizing the importance of entrepreneurship and innovation in driving economic development. This shift is expected to create more job opportunities and reduce reliance on the public sector, fostering a more dynamic economic landscape.
🌐
Geopolitical Implications of the Development Road Project: The Development Road Project holds significant geopolitical importance, as it aims to connect Iraq to Turkey and, subsequently, to the European Union. This infrastructure enhancement could potentially transform Iraq into a logistical hub, increasing trade opportunities and foreign investment.
💸 Investment Opportunities: The project’s structure encourages external investment, highlighting Iraq’s openness to international partnerships. By inviting major international companies to collaborate with local firms, Iraq is positioning itself as an attractive destination for investment, which is critical for funding its ambitious development agenda.
🚀 Job Creation Potential: The anticipated job creation from these development projects is a pivotal aspect of Iraq’s economic strategy. By creating thousands of jobs, the government aims to address high unemployment rates and improve the livelihoods of its citizens, which is essential for social stability.
⏳ Long-Term Vision: The completion target of 2028 for the Development Road Project reflects a long-term vision for Iraq’s infrastructure development. Such timelines indicate a commitment to sustained progress and development, rather than short-term fixes, which is essential for achieving lasting economic stability.
In conclusion, Iraq’s journey towards economic revitalization is marked by strategic partnerships, a focus on non-oil sectors, and significant infrastructure projects like the Development Road Project. The involvement of international financial institutions like the World Bank is critical in providing the necessary support for these reforms, which aim to create a more sustainable, diversified, and prosperous economy for the Iraqi people. With a clear commitment to long-term development and job creation, Iraq is poised to enhance its geopolitical standing and economic resilience in the coming years.
Shafak News / The Ministry of Finance stressed, on Thursday, the importance of adhering to the recommendations of the Council of Ministers to develop financial and banking performance, as well as stressing the speed of the adoption of modern electronic systems in the ministry’s formations.
The ministry said in a press statement in response to Shafaq News Agency, “Finance Minister Taif Sami Mohammed held a periodic meeting of the opinion body in the ministry, in the presence of the undersecretary of the ministry and the directors general of the departments, banks, bodies and companies affiliated with them.”
The statement added that “the meeting dealt with several important topics, most notably, reviewing the recommendations of the previous committees, evaluating the extent of progress in implementing the recommendations of the committees formed by the opinion body in previous sessions, and determining the percentages of achievement and possible obstacles.”
He continued, “The meeting also discussed the proposed amendments to improve the performance of the Ministry’s departments and adapt them to the requirements of modern financial management, in line with developments in the financial and business sector, as well as the minister’s stress on the importance of adhering to the recommendations of the Council of Ministers, and continuing efforts to provide the necessary capabilities within the framework of the government program to develop financial and banking performance.
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The meeting stressed, according to the statement, “the need to speed up the adoption of modern electronic systems in the ministry’s formations, especially in strategic sectors such as banks, customs, and taxes, with the aim of improving work efficiency and providing better services to citizens.”