Tuesday, February 11, 2025
PM's Advisor: Government has taken steps to revive manufacturing industry, 11 FEB
PM's Advisor: Government has taken steps to revive manufacturing industry
The financial advisor to the Prime Minister, Mazhar Mohammed Salih, confirmed that the government has taken steps to revive the manufacturing industry.
Salih told the official agency: "The revival of the manufacturing industry in Iraq is a strategic issue with multiple dimensions, the first of which is that the industrial operator, whether small, medium or large, is one of the most important activities responsible for employing 60% of the workforce."
He pointed out that "eliminating sustainable unemployment requires economic diversification, and the basics of diversification start with the industrial construction of Iraq. Secondly, the partnership with the private sector is an ideal solution for reviving the industrial sector itself, whether this partnership is in providing financing and government support or a partnership in ownership or capital.
This requires a balance between the public interest and private interests, while ensuring the existence of a transparent regulatory environment with high governance that encourages effective cooperation in an integrated social market between the two parties," noting that "the partnership in management and ownership between the public and private sectors leads to stimulating innovation and technological development and encouraging research and development, in addition to investing in advanced manufacturing technology such as automation, artificial intelligence and 3D printing."
He stressed that "the financing partnership represents the provision of financial support to small and medium enterprises operating in the field of manufacturing to create an optimal operating lever," explaining that "the national development plan indicates efforts to rebuild the foundations of the manufacturing industry through real partnerships with the private sector, where the state contributes to guaranteeing sovereign financing for manufacturing industries by 85%, while the private industrial project bears 15% of the financing."
He continued that "this financing strategy is devoted to financing industrial projects at five levels, foremost of which are projects whose products are related to construction and housing or contribute to development road works, then pharmaceutical industries, petrochemical industries, and others," noting that "the government's economic philosophy, in accordance with the government program, is based on the partnership between the state and the market with broad social security, and this is what makes it work according to the social market theory, which is a departure from economic liberalism and its risks."
He explained that “Riyada Bank was established with the support of the state to provide small and medium-sized loans to young people,
and this was preceded by the Prime Minister’s Riyada Initiative, which paved the way for this by providing thousands of loans to youth sectors and stimulating their innovations,” explaining that “this will lead to encouraging the country’s regulatory and investment environment and adopting policies that encourage competition, improve the business environment, and reduce bureaucratic regulations that may hinder the industrialization process and its rapid advancement.” link
TIDBIT FROM MARKZ, 11 FEB
MarkZ
[via PDK] I have contacts that are physically working in some locations. They started over this weekend.
A couple of group contacts are steadily working and dusting off old paperwork and going through things because they have not been there in quite sometime.
Some groups expect full release of tier 4a funds this week as well.
I am very excited about the chatter but we need it to actually come to fruition. The sheer numbers of folks in physical position around the world right now that are updating paperwork is amazing.
Government advisor: Financial concerns unfounded, 11 FEB
Government advisor: Financial concerns unfounded
The Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, confirmed that the financial concerns raised from time to time about the economic situation in Iraq are "baseless."
Saleh told {Al-Furat News} that "Iraqi diplomacy is one of the most successful in protecting the country's supreme interests, according to the government program's adoptions and national constants, whether with the United States or others."
He added, "There is a high degree of consistency in managing the country's financial affairs in a stable manner within the framework of the general economic policy, which is a positive thing that is always indicated by the ability and flexibility to confront economic challenges with high rationality during the past years."
Saleh pointed out that "the country enjoys good financial flows from oil revenues and others, supported by efficient foreign reserves and promising economic activity in the real sector and partnership with the private sector witnessed by the country, especially in the sectors of renewable energy construction, fossil oil, electricity, gas, infrastructure, reconstruction and housing in an unprecedented manner."
Despite the statements of government officials reassuring the financial situation in Iraq, there are some concerns that are raised from time to time due to fluctuations in oil prices.
The Iraqi economy depends heavily on oil exports, which makes it vulnerable to fluctuations in global oil prices. Any drop in oil prices could significantly impact government revenues and lead to a budget deficit.
While there are some financial concerns, the economic situation in Iraq appears stable at the moment, thanks to good oil revenues and foreign reserves at the Central Bank of Iraq. link
AJ : 🔥LATEST UPDATE: Federal Budget Vote!!, 11 FEB
AJ
LATEST UPDATE: Federal Budget Vote.
Timeline: The Iraqi government plans to send the 2025 budget tables to the Iraqi Council of Representatives within the next few days. 
Process: The Parliamentary Finance Committee is waiting to receive, review, and study these budget tables before they proceed to voting.
Impact on Salaries: Despite potential delays in budget approval, the disbursement of salaries for employees and retirees will not be affected. Salaries are secured for several months into the year, allowing for spending without waiting for the budget approval.
There is no concern regarding this issue.
Federal Budget Law in February 2025, focusing on resolving oil disputes between Baghdad and Erbil and ensuring economic planning for 2025 could proceed.
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