Thursday, August 29, 2024
DINAR REVALUATION REPORT: Prime Minister Al-Sudani's Success in Attracting Investments Through Foreign Visits, 29 AUGUST
Prime Minister Al-Sudani's Success in Attracting Investments Through Foreign Visits
On August 29, 2024, the Parliamentary Investment Committee of Iraq confirmed the significant achievements of Prime Minister Mohammed Shia Al-Sudani in attracting investments to the country through his various foreign visits. Since assuming office in October 2022, Al-Sudani has made it a priority to engage with international partners to stimulate Iraq's economy and diversify its investment portfolio.
A Strategic Approach to Foreign Relations
Al-Sudani's visits have been pivotal in opening up new channels of investment. During his trip to the United States in April 2023, he led a high-level delegation that included key ministers of oil, finance, trade, and electricity. The delegation's agenda focused on strengthening bilateral ties, with discussions on security, trade, energy, and sanctions. Al-Sudani's meetings with President Joe Biden and US businesses demonstrated his commitment to economic development and addressing Iraq's financial challenges resulting from sanctions.
Enhancing the Investment Climate
Iraq has seen a surge in bilateral trade, exemplified by its increasing economic ties with Saudi Arabia. The signing of 12 memorandums of understanding in April 2023, aimed at quality investment projects, reflects the growing cooperation between the two countries. A new law is also in the works to protect Saudi investments in Iraq, a move that is expected to further boost economic collaboration.
Commitment to International Agreements
In a significant development, Iraq signed the Singapore Convention on April 17, 2024, underlining its commitment to international settlement agreements resulting from mediation. This move is seen as a milestone in Iraq's efforts to attract foreign investments and improve its business environment.
Conclusion
Prime Minister Al-Sudani's strategic approach to foreign policy has been instrumental in positioning Iraq as an attractive destination for international investment. His efforts to diversify the economy and foster economic growth have been reflected in enhanced bilateral relations and the country's commitment to international agreements that support investment.
Parliamentary satisfaction" on managing the investment file: Al-Sudani's foreign visits will attract international companies - Urgent, 29 AUGUST
Parliamentary satisfaction" on managing the investment file: Al-Sudani's foreign visits will attract international companies - Urgent
The Parliamentary Investment Committee confirmed, today, Thursday (August 29, 2024), the success of Prime Minister Mohammed Shia Al-Sudani in attracting investments during his various foreign visits.
Committee member Mohammed Al-Ziyadi said in an interview with Baghdad Today, "There is certainly a clear success for Prime Minister Mohammed Shia Al-Sudani in attracting various foreign investments, especially during his various foreign visits as well as during his meetings with foreign officials in the capital, Baghdad. There is great government interest in the investment file."
He pointed out that "Iraq will be a large and important field of work for various foreign investments during the coming period, and there will be a competition for international companies to work in Iraq, and this is certainly due to the political and security stability, as well as the government's interest in this file, due to its great economic and urban importance for the country."
Last Tuesday, Prime Minister Mohammed Shia Al-Sudani began an official visit to the Arab Republic of Egypt and the Republic of Tunisia, to discuss overall bilateral relations and the latest international developments in the region. He will also hold extensive discussions on enhancing joint cooperation in various fields and sectors. link
LATEST FROM REINALDO JC, 29 AUGUST
REINALDO JC
Tomorrow I Will Post My Timeframe (imo) Of When I Think The Iraq Dinar Rate Change Will Occur!!! 
…LFG
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REINALDO JC
Iraq-CBI Delegations & The U.S. Treasury/FED Will Be Meeting At The End Of This Month August In NYC To Discuss Sanctions On Banks-Amongst Other Things, Protect The Iraqi Banking System, Managing Iraq International Reserves & Support The Dinar Stability.
In Other Words-This Urgent Final Meeting Between The CBI & U.S. Treasury Is A Step In The Right Direction To Tighten Up & Finalize Critical Procedures To Reinstate The Iraqi Dinar Internacional!!!
I Will Soon Provide (imo) An Important Post Of When I Think The
(#ratechange) Blessing Will Occur!!!
https://dinarevaluation.blogspot.com/2024/08/latest-from-reinaldo-jc-20-august.html
DINAR REVALUATION REPORT: Iraq's Economic and Financial Reform Program: Collaboration with the World Bank, 29 AUGUST
Iraq's Economic and Financial Reform Program: Collaboration with the World Bank
In a significant move towards strengthening Iraq's economic foundations and achieving fiscal stability, Finance Minister Taif Sami convened with Jean-Christophe Carret, the Regional Director for the Middle East at the World Bank, and Richard Abdelnour, the Bank's Special Representative in Iraq. This meeting, held on August 29, 2024, focused on reviewing and supporting the economic and financial reform program in Iraq.
Iraq's Economic Reform Program
Iraq, heavily reliant on oil revenues for its economy, has embarked on a critical reform journey to enhance its financial and business sectors and improve the investment environment. The World Bank's involvement in this process is pivotal, as it strengthens bilateral coordination and supports Iraq's government program concerning economic reform.
Financial and Banking Reforms
The Iraqi government, under the leadership of Finance Minister Taif Sami, has outlined plans to accelerate financial and banking reforms. These reforms aim to solidify the national economy, achieve economic balance, and correct the course of financial policy in Iraq.
World Bank's Role
The World Bank's engagement is multifaceted, involving support for development projects and facilitating reforms in the financial and business sectors. The Bank's representatives have expressed their commitment to providing professional assistance for development initiatives and sector reforms, highlighting the productive collaboration with the Iraqi government.
Technical Assistance and Financial Support
In addition to strategic guidance, the World Bank is providing technical assistance and financial support through loans and grants. This support is critical for Iraq's economic recovery and long-term sustainability.
Economic Challenges and Opportunities
Iraq's economy, recovering from the oil and COVID-19 shocks, has seen real GDP growth of 1.3% in 2021, a stark contrast from the 11.3% contraction in 2020. The non-oil economy's robust growth, particularly in the services sectors, has been instrumental in this recovery.
Unemployment and Fiscal Space
However, Iraq faces significant unemployment challenges, especially among specific demographic groups. The country's fiscal rigidities and oil dependency restrict its ability to implement countercyclical policies, highlighting the need for diversification and fiscal reforms.
Conclusion
The collaboration between Iraq's Finance Minister Taif Sami and the World Bank signifies a renewed commitment to economic and financial reforms. By addressing unemployment, enhancing fiscal space, and diversifying the economy, Iraq aims to establish a more sustainable and resilient economic framework. The World Bank's support, through technical assistance and financial resources, is crucial in this transformative period for Iraq's economy.
Taif Sami and the World Bank discuss supporting the economic and financial reform program, 29 AUGUST
Taif Sami and the World Bank discuss supporting the economic and financial reform program
On Thursday, Minister of Finance, Ms. Taif Sami, received the World Bank’s Regional Director for the Middle East, Jean-Christophe Carret, and the Bank’s Special Representative in Iraq, Richard Abdelnour.
During the meeting, the World Bank's loans and grants, development project priorities, and ways of supporting the World Bank to enhance the financial and business sectors and improve the investment environment were followed up. The meeting emphasized the continuation of bilateral coordination to enhance sustainable development, in addition to discussing the bank's support for the government program regarding economic reform in Iraq.
Minister Sami pointed out the government's interest in strengthening partnership with international financial institutions, within the framework of accelerating the pace of financial and banking reforms in line with the Iraqi government's vision aimed at consolidating the foundations of the national economy, achieving economic balance, and correcting the course of financial policy in Iraq. link