Transport Reveals The Development Plan In Iraqi Airports, 10 FEB

 Transport Reveals The Development Plan In Iraqi Airports

Money and business  Economy News – Baghdad  The Ministry of Transport revealed, today, Sunday, its development projects in Iraqi airports, most of which aim to rehabilitate the airports’ infrastructure, while indicating that the plan includes 26 projects in Baghdad Airport.

The ministry stated in a statement received by "Al-Eqtisad News" that "Baghdad International Airport has a comprehensive development plan that coincides with the investment portfolio of the International Finance Corporation and its three options," indicating that "this plan includes 26 projects in two phases."

The statement added that "the first phase includes airport infrastructure rehabilitation projects, consisting of 16 projects, nine of which are on the company's operating budget, and seven on the investment budget.

" The statement continued, "The second section contains ten projects, all of which are funded from the investment budget, in addition to the existence of projects under study, most notably the redesign of Iraqi airspace and the alternative building for air navigation, as well as the air traffic management system." 

The  statement indicated that "the airports administration has started the airport infrastructure rehabilitation projects, including the green areas and gardens expansion project, where the contract was signed and actual work began, as well as the roof and floor rehabilitation project in the Babylon and Samarra halls, which has reached 22% completion."

Regarding the air inspection project, the statement said, "There are navigation devices on the runway and a report was received from the New Zealand company Radiola regarding confirming the safety of all landing devices, and thus we can complete our development plans for Iraqi airspace."

The statement noted that "the General Company for Airports and Air Navigation Management has expanded the airspace for civil aviation at the expense of areas that were militarily prohibited, which allowed an increase in the number of aircraft crossing and their flow from the airspace of countries at a rate of 600 to 650 aircraft per day."

The statement explained that "there will be an installation of the ILS system within the automatic landing project, in addition to the system installed at Baghdad International Airport since 2005-2006," noting that "within the infrastructure rehabilitation projects, the contract was completed with the global company Indra, which specializes in the aviation sector."

The statement continued, "The rehabilitation projects also include the lighting or decoration project, as it has been referred to one of the companies and we are also in the process of signing this contract," stressing that "the revenues of the General Company for Airports and Air Navigation Management have increased at a very high rate, as they were 4 billion dinars, while they have now reached 15 billion per month."

He added, "As for the rest of the Iraqi airports, work is continuing on the Nasiriyah Airport project, as most of the navigational devices have arrived from international sources such as ENDRA, which specializes in the aviation sector. 

As for Mosul Airport, 82% of its devices have been equipped, most of them from international French companies, regarding the installation of radar and ILS, at the airport, which is scheduled to open before the end of this year."

Regarding Basra International Airport, the ministry stated in its statement that it "intends to contract with international companies to purchase two radars; one to be installed in the western region of Iraq, and the second at Basra Airport."   https://economy-news.net/content.php?id=52634

HIGHLIGHTS OF THE RECENT ECONOMY STEPS OF IRAQ, 10 FEB

 HIGHLIGHTS OF THE RECENT ECONOMY STEPS OF IRAQ

Highlights

• 🔗 Impact of U.S. Sanctions: Recent sanctions imposed by the U.S. restrict Iran’s access to Iraq’s financial system, altering regional financial dynamics.
• 💵 Iraqi Dinar Revaluation: The prospect of the Iraqi dinar revaluation is becoming more tangible due to coordinated efforts between the U.S. and Iraqi government.
• 🏦 Banking Infrastructure Reforms: The Iraqi government is modernizing its outdated banking infrastructure to facilitate better access to financial services.
• 🚀 Financial Inclusion: Improvements in banking services could lead to enhanced financial inclusion for millions of Iraqis, promoting economic growth.
• 🏢 Entrepreneurship Growth: Better access to banking facilities can empower small businesses and entrepreneurship, crucial for Iraq’s economic development.
• 🌍 Regional Economic Positioning: Iraq’s financial reforms are positioning it as a potential economic powerhouse in the Middle East.
• 🔍 Consumer Confidence: Ongoing reforms are helping to restore public trust in the financial system, making it more reliable and efficient.

Key Insights

• 🌐 Geopolitical Dynamics: The interaction between Iraq and Iran is complex, particularly in light of U.S. sanctions. By blocking Iran’s ability to leverage Iraq’s financial system, the U.S. is indirectly promoting Iraq’s financial independence, which could stabilize the country’s economy in the long term. This geopolitical maneuvering signifies a strategic pivot that could redefine financial alliances in the region.

• 📉 Revaluation of the Dinar: The proposed revaluation of the Iraqi dinar has been a long-standing topic of speculation. Recent insights suggest that with the U.S. backing and the Iraqi government’s proactive reforms, the dinar may be poised for a substantial value increase. Such a revaluation could enhance Iraq’s economic stature, instilling confidence among investors and citizens alike.

• 🔄 Economic Transformation: Iraq is undergoing a systemic transformation, moving away from an outdated financial framework to a more modern and efficient system. This transformation is crucial for attracting foreign investment, fostering economic stability, and reducing reliance on informal financial channels, which have historically undermined economic growth.

• 📈 Access to Financial Services: The government’s initiatives to enhance banking infrastructure are vital for ensuring that ordinary citizens have access to essential financial services. As more Iraqis gain access to banking, the potential for increased savings, loan accessibility, and overall financial literacy will rise, driving economic empowerment.

• 💡 Entrepreneurial Ecosystem: Financial inclusion is expected to spur entrepreneurship in Iraq. With improved access to credit and banking, aspiring entrepreneurs can secure the necessary funding to start or grow their businesses. This approach not only promotes individual economic stability but also contributes to job creation and overall economic vitality.

• 🔒 Consumer Confidence Restoration: Trust in the financial system is critical for economic recovery and growth. As the Iraqi banking system becomes more efficient and transparent, public confidence is likely to increase. This restored confidence could lead to higher levels of participation in the formal financial sector, further solidifying Iraq’s economic foundation.

• 🌟 Long-term Economic Prospects: The cumulative effects of these reforms indicate a positive trajectory for Iraq’s economy. If the current pace of reforms continues, Iraq could emerge as a significant economic player in the region. The ongoing modernization efforts are not only aimed at improving immediate financial conditions but also at securing long-term economic sustainability and growth.

Dinar Revaluation: Essential Tips for Your Exchange Appointments

Al-Sudani: The door is open for Kuwait to enter into development projects., 10 FEB

   Al-Sudani: The door is open for Kuwait to enter into development projects

Prime Minister Mohammed Shia Al-Sudani called on the State of Kuwait, today, Sunday, to invest in vital development road projects in Iraq.

This came during his meeting today in Baghdad with the Kuwaiti Ambassador to Iraq, Hassan Mohammed Al-Zaman.

Al-Sudani pointed out, according to a statement issued by his media office, the depth of relations between the two countries, and the importance of consolidating and expanding them at various levels and stages.

During the meeting, the Prime Minister stressed his aspiration to strengthen constructive bilateral cooperation in several fields, pointing to the available opportunities and the availability of an appropriate investment environment for the work of Arab and foreign companies, including Kuwaiti companies.

The statement quoted Al-Sudani as saying that the door is open for the State of Kuwait to enter into development projects and benefit from the announced investment opportunities, which contributes to strengthening economic integration and interconnected interests between the two countries.   link

TIDBIT FROM CLARE, 10 FEB

 Clare   

Article:  "Trump Sanctions Send Iranian Currency to Biggest Collapse in 46 Years"  Quote: 

 "Iranian markets witnessed a record collapse of the local currency...as the US dollar jumped by 3,000 tomans to reach 89,000.  This decline comes in light of US President Donald Trump’s...'maximum pressure' policy against Tehran...and was followed by the US Treasury imposing sanctions on Iranian oil exporters

 ...The euro reached 91,200 tomans, while the British pound reached 111,800 tomans, representing the largest collapse of the Iranian currency since 1979 against the US dollar...At the beginning of the current Iranian year, on March 21, 2024, the dollar was at around 61,000 tomans.

JEFF: " THE RATE WILL CHANGE ON A SUNDAY MORNING" @DINARREVALUATION

Al-Sudani: 2024 expenditures from the investment budget amounted to 25 trillion dinars, 10 FEB

  Al-Sudani: 2024 expenditures from the investment budget amounted to 25 trillion dinars

Prime Minister Mohammed Shia Al-Sudani stressed today, Saturday, the concerted work to transform integrity into a social culture that disavows corruption and besieges it within society.

The Prime Minister's media office stated in a statement that "Prime Minister Mohammed Shia Al-Sudani sponsored the Internal Control Conference organized by the Federal Financial Supervision Bureau under the slogan (Control is the first line of defense in combating corruption and enhancing transparency)."

The Prime Minister stressed, in his speech, that "the conference aims to enhance the work of internal control and consolidate transparency in the performance of duty, in commitment to the first target in the work of the government program, which is represented by combating corruption, which is a basic criterion for the citizen's belief in the system and the political process as a whole," noting "the importance of internal control; as it is the system that corrects the course of the institution's work and guarantees preventing the waste of public money, and it does not mean bureaucracy and obstruction, but rather an honest and transparent path that deals with the law, its spirit and its goals before implementing its instructions."

He pointed out that "what was issued by the supreme religious authority last November proved the government's seriousness in making combating corruption a top priority, and that deviating from this path will affect the performance of the rest of the entitlements in combating unemployment, providing job opportunities, economic reform and services." He explained that "internal oversight is the first line of defense against corruption, to protect the government institution itself, and to purify its work, and the total amount spent on service projects for ministries and governorates during 2024 amounted to 12 trillion dinars," adding that "what was achieved during the past two years gave hope to citizens and confidence in the state and optimism that the country is on the right track. "

He explained that "corruption has become like a virus, mutating and adapting itself in light of the measures taken by the oversight bodies, and decisive treatments have been put in place in government work with complete transparency and clarity, and within the framework of the law to combat corruption."

He continued: “We have made the issue of supporting internal oversight and developing its work at the forefront of the procedural links within the anti-corruption methodology, and the levels of internal auditing have been raised to general directorates to ensure full empowerment in their work in combating corruption,” noting that “we have proceeded to find legal legislation in accordance with the Constitutional Article (108) to regulate the work of the directorates and enhance their independence in performing tasks.” 

He added: “We supported the recommendations of the first anti-corruption conference, most notably enhancing the work of internal oversight departments with human resources and competencies,” stressing that “periodic evaluation of the performance of those in senior positions is necessary to ensure the effectiveness and performance of government institutions, to prevent corruption.” 

He noted that “we have directed to expedite the resolution and completion of reports, complaints and criminal cases, within the legally specified time limits, and we emphasize following up on issues related to public opinion, large amounts of corruption and senior state employees, to impose legal penalties on those convicted,” stressing “the need to emphasize enhancing confidence in accountability and accountability procedures, to ensure achieving general deterrence.” 

The Prime Minister stressed, according to the statement, “the concerted effort to transform integrity into a social culture that disavows corruption and besieges it within society,” indicating “his support for all efforts that revealed small details of corruption and led to the recovery of huge sums of public money.” He added, “We have made the recovery of wanted persons and stolen funds a condition and a file in our international relations, and we support the outcomes of your conference and all blessed national efforts to enforce the law and protect Iraqis’ money.”  link