The Iraqi private sector confronts significant obstacles that must be addressed to unlock the country's economic potential, according to Professor Frank Gunter ofLehigh University, speaking at theIraq Britain Business Council (IBBC)Spring Conference in London recently.
Professor Gunter identified four critical challenges hampering private enterprise development in Iraq:
Finance: Iraqi businesses struggle to access basic financial services including cross-country bill payments and funding. "The first source of funds is family, not a bank, not a loan, not a venture capitalist," Professor Gunter noted, emphasising that this reliance on family financing must change for sustainable growth.
Education: The country faces challenges in both quantity and quality of education. Iraq had been making progress in reducing illiteracy until ISIS disrupted educational systems between 2014 and 2017, forcing many out of schools and creating refugee populations. The professor stressed the need to eliminate illiteracy,
particularly among older workers, whilst improving educational quality to meet private sector demands for engineers and scientifically-trained personnel rather than bureaucrats.
Infrastructure: Basic infrastructure remains deficient, with Iraq lacking reliable 24-hour electricity despite two decades of substantial investment spending.
Regulatory Environment: This emerged as perhaps the most damaging constraint. Professor Gunter cited a recent World Bank study examining 50 countries, which found Iraq ranking last among 16 nations with similar economic development levels for regulatory quality. Even when compared to all 50 countries studied-including those with lower development levels and nations experiencing civil wars-Iraq ranked 45th.
The findings suggest substantial reform will be required across multiple sectors to create a conducive environment for private enterprise in Iraq.
Member: Nader is saying the dinar didn’t revaluation in country and also said they’re not ready yet?
Member: some people had said the IQD already revalued in Iraq.
MZ: It did not….not yet.
Member: IQD is not on forex yet. When the budget is approved will it go on forex?
MZ: Its already on forex just can’t be traded yet. It still has restrictions.
MZ: There is a lot of chatter in Iraq. Here is one we need to watch because of the the timing . We are seeing some correlation between stablecoin and the digital dinar. With a potential rate of up to $3.22. But I still think it will be higher .
Prime Minister Mohammed S. Al-Sudani chaired a meeting on Wednesday to review the legal framework governing theDevelopment Road Projectand its associated initiatives.
The Prime Minister received a detailed briefing from the project team on legal and technical requirements, including construction standards and operational procedures. He emphasised the need to urgently finalise comprehensive management and operations models that align with modern technologies and international best practices.
A specialised committee has been formed to draft the legal frameworks, working in coordination with US-based consultancy Oliver Wyman, which is supporting the project as an advisor.
The RV will happen suddenly, first an “official” CBI revaluation over the 1320.
Then another revaluation to just over a dollar. Then a time period to collect the 3 zero notes, as the dinar will be worth more than the dollar.
I was told the rate must be just over a dollar to incentive the citizens to bring in their hordes of stashed cash...
So, again more...talk...about some $2 rate in the country of Iraq and rolling out the newer lower denominations. I can guarantee you that...There is NOT $2 rate in Iraq. They are still using the official CBI rate of 1320. This is also bullshit about lower denominations being out in Kurdistan or elsewhere..
.
Trust me, when the CBI does bring out the newer lower denominations, articles will proceed it in the news...My CBI contact has told me months ago that the news articles are already designed and ready to go, given the proper timing. It is not yet! It will not be and cannot be some secret information only told to a few.
...I have a contact that works directly on this project to delete the zeros in the CBI and I would know if any new rate comes out.
For the second consecutive session, Iraqi ministers from the Kurdistan Democratic Party (KDP) boycotted today’s meeting of the Iraqi Council of Ministers in protest of the federal Finance Ministry’s suspension of salary payments to civil servants in the Kurdistan Region.
In contrast, the two Kurdish ministers from the Patriotic Union of Kurdistan (PUK) attended both sessions.
: PM office
-
The evacuation of some US Embassy personnel in Iraq or the region is an internal precautionary measure unrelated to any security indicators within Iraqi territory, Iraq’s Armed Forces spokesperson Sabah al-Numan told Iraqi state-run News Agency.
;
He added that intelligence and field reports show no actual threats that could affect diplomatic missions or the overall security situation in Iraq.
: US Embassy
