DINAR EXCHANGE UPDATE: PROTEST MOVEMENTS WITHIN IRAQ FOR EARLY ELECTIONS
Wawazine News – Economy
The Advisor to the Prime Minister for Financial Affairs, Mazhar Mohammed Saleh, confirmed on Sunday that foreign investment is an important step towards enhancing economic growth in Iraq, and isolates the country from the fluctuations of the oil asset cycles and the problems of oil price volatility, explaining that linking the international economy to the Iraqi economy contributes to achieving sustainable economic growth, based on the indicators of the National Development Plan 2024-2028.
Saleh said in a statement to the official agency: “The flow of foreign investments to Iraq means the development of linking international economic activity to the country’s productive economy, which enhances the environment that encourages investment thanks to Iraq’s goods and material and human resources.”
He added that this linkage contributes
to enhancing economic growth in accordance with the development plan, which aims to diversify the national economy, stressing that foreign direct investments contribute to the introduction of advanced technology and improving organizational and administrative thought, which leads to reducing unemployment, increasing job opportunities and improving the level of income in the country.
Saleh pointed out that foreign investment has a major role in developing infrastructure in many vital sectors such as electricity, energy, transport, communications and information technology, and it also contributes to protecting the national economy from economic fluctuations that affect the oil sector.
Saleh concluded his statements, stressing that the benefits of foreign investment are clearly embodied when this investment is integrated into the local labor market, which maximizes the economic benefit and increases the employment of the local labor force, thus contributing to strengthening the movement of the national economy.
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Militia Man
The informal market are now feeling the pinch because they're having a harder time to get the dollar...
They're going to have to pay a lot more for it...
You can go to the central bank and get it for 1320 instead of 1460, 1500, 1600...but it's probably going to climb. Are we concerned about it? No. Because the parallel market is insignificant in comparison to the total market...It's about 5%
. 95% of the people that are doing business are doing it properly which is huge.
Lack of management: expert slams Iraq's "runaway" spending
Shafaq News/ Iraq’s annual government spending has outpaced several stronger economies despite its continued reliance on oil and ongoing economic stagnation, according to Manar Al-Obaidi, head of the Iraq Future Foundation.
Over the past decade, Iraq’s total revenues reached 1,028 trillion Iraqi dinars ($784.4 million), with 92% derived from oil and only 8% from taxes, customs, and other sources.
Meanwhile, government spending during the same period amounted to 1,007 trillion dinars ($768.4 million), along with unsettled advances ranging between 100-150 trillion dinars ($114.5 billion), pushing total expenditures beyond 1,100 trillion dinars (approximately $1 trillion).
Despite its immense wealth, Iraq's $100 billion annual budget surpasses the expenditures of several diversified economies. The UAE spends $65 billion annually, Malaysia $82 billion, and Singapore $77 billion, yet all three nations have expanded their economies to achieve a GDP of $500 billion per year.
Al-Obaidi noted that unlike Iraq, these countries lack vast natural resources and a large population, yet they have built thriving economies with significantly lower budgets. Iraq, by contrast, remains trapped in an oil-dependent economy, chronic financial mismanagement, and worsening unemployment.
“The problem has never been a lack of resources but rather how they are managed,” Al-Obaidi stressed, warning that Iraq’s reliance on a rentier economy will continue to deepen its financial challenges unless urgent reforms are implemented. He called for diversification, efficient spending, and an end to financial waste to ensure long-term stability.
He concluded that Iraq’s success hinges on “a stable government to improve development management.” Removing any element of that balancing act, he warned, would lead to systemic failure.
Mnt Goat
Article: "INFLATION’S FREEFALL: IRAQ HITS 2.8%, ECONOMIC HOPES SOAR”.
Yes, only 2.8% and this is fantastic and amazing news since this is way in line with acceptable inflation rates for country, according to the IMF...
