Iraq Economic News and Points To Ponder Monday AM 7-29-24
Billions Of Dinars” Were Disbursed To Political Parties From The 2024 Budget As “Financial Grants” (documents)
Policy 2024-07-27 | 4,756 views Alsumaria News-Politics Today, Saturday, independent MP Amir Al-Mamouri published documents proving that the Ministry of Finance disbursed billions of dinars as “financial grants” from the budget to political parties represented in the House of Representatives or participating in the elections.
Al-Mamouri said in a blog post on his Facebook account, followed by Al-Sumaria News, that,
“Did you know that financial grants are disbursed to political parties from the budget, as 18 billion dinars were disbursed, and disbursement continues in the 2024 budget with 5 billion dinars?”
He added: "Some may be surprised by this book, which shows that there is funding for parties from the federal budget at a rate of 80% for those who have representation in the House of Representatives and 20% for parties participating in the elections."
He stressed, "We are working to abolish this issue, which contains many comments and unjustified spending," considering that
"this spending is imposed on the deprived people, not the party, and a distinction must be made between these parties, those who work, those who do not work, and those who steal public money and trespass on state property," wondering.
“Who evaluates these parties so that we can say they deserve the financial grant?”
Documents issued by the Ministry of Finance showed that there is funding of 4 billion dinars in the 2018 and 2019 budgets, while there is funding of 5 billion dinars for parties in the 2023 budget and the same in the current 2024 budget, making the total amount to 18 billion dinars.
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Financial Inclusion Indicators
July 28, 2024 :diamonds: In order for this bank to create a database for financial inclusion indicators, which will be the basic foundation for measuring the percentage of financial inclusion in Iraq,
we are attaching to all electronic payment service providers a database for financial inclusion statistics for individuals and companies in an electronic form (Excel file) sent to your institutions’ e-mail. ..For more click here https://cbi.iq/static/uploads/up/file-172216018373657.pdf
[approximate, incomplete translation of https://cbi.iq/static/uploads/up/file-172216018373657.pdf]
the date: 7/14/2024
To/ All electronic payment service providers
M/ Financial inclusion indicators
In order for this bank to prepare a database for financial inclusion indicators,
which will be the basic foundation for measuring the percentage of financial inclusion in Iraq,
we attach to you a database dedicated to financial inclusion statistics for individuals and companies in electronic form (Excel file) to be sent to your institutions’ email, provided that it is provided to us in the form of three models. The first model is a cumulative
For previous years in addition to the first and second semesters, i.e. until the end of (2/30/2024), and the second model will be for the data of the first semester only, and the third models will be for the data of the second semester only, provided that we increase the Aggregate data and for the first and second semesters of this year, each separately, and for a maximum period of (51. Working days from the date of issuance of this circular.
We would also like to inform you that a training workshop will be held in the hall of the Central Bank of Iraq on (Thursday) corresponding to (7/18/2024) at (10) in the morning for a period of one day only for the purpose of training on how to enter data and receive questions from you.
We hope to provide two representatives specialized in financial inclusion indicators from your institutions to attend the workshop.
with respect.
- Electronic data form (Excel) https://cbi.iq/news/view/2629
Mahmoud Dagher: Iraq Needs A Sovereign Wealth Fund To Protect Its Economic Future
July 28, 2024 Last updated: July 28, 2024 Independent/- Veteran financial and banking expert Dr. Mahmoud Dagher confirmed that Iraq , despite being a rentier economy, does not yet possess a sovereign wealth fund that would enable it to enhance its economic growth and ensure its stability in the face of potential crises.
Dagher pointed out in a short video clip followed by Al-Mustaqla on Sunday that most countries that depend on depletable rentier resources and are exposed to price fluctuations have taken proactive steps by establishing sovereign wealth funds whose combined balances exceed more than ten trillion US dollars. Dagher:
Iraq is wasting its resources without a sovereign wealth fund - the future of our generations is in danger Dagher said:
“All countries with an exhaustible rentier resource, and which are witnessing fluctuations in the prices of these resources, have begun to establish sovereign funds to protect their economy and enhance their growth, away from the general budget and government policy.
These funds play a vital role in achieving economic stability and hedging countries against global and local financial crises.” Dagher added that the
absence of a sovereign wealth fund in Iraq is a major shortcoming in the country's economic policy, especially in light of the heavy reliance on oil as a main source of revenue. He explained that
establishing such a fund would enable Iraq to secure the future of its generations and avoid economic shocks that may result from falling oil prices or global economic crises.
Dagher called on the executive and legislative authority in Iraq to accelerate the establishment of a sovereign wealth fund. must He said:
“Iraq [must] follow the example of other countries that have established sovereign funds to fortify its economy and ensure its future.
Establishing a sovereign fund will be an important strategic step to protect the Iraqi economy and secure the future of future generations.” Dagher pointed out that
sovereign funds play an important role in supporting sustainable economic policies, as
they provide the necessary resources for long-term investments away from fluctuations in annual government revenues. He stressed that
benefiting from international experiences in this field could contribute significantly to designing a sovereign wealth fund that meets Iraq's special needs and enhances its economic stability. https://mustaqila.com/صندوق-ثروة-سيادي/
Iraqi Investments Push The “Med Projects” Index To Rise
July 28, 2024 Last updated: July 28, 2024 Independent/- The “Med Projects” index for Gulf projects witnessed an increase of 0.7% during the period from June 7 to July 12, driven mainly by an increase in the value of projects in the Iraqi market.
The Iraqi market achieved significant gains amounting to $26.3 billion, equivalent to an increase of 7%.
This rise is due to the reactivation of plans to establish a national network of high-speed railway lines throughout the country,
reflecting the trend towards improving infrastructure and transportation in Iraq.
In addition to Iraq, project markets in other Gulf countries witnessed remarkable growth, as the
value of the project market in the UAE increased by about $10.6 billion, or by 1.3%.
Despite this growth, the project market in Saudi Arabia witnessed a contraction of $13.9 billion, which is equivalent to a decrease of 0.7%, returning to the value level it was in mid-May.
In Qatar, the value of the projects market increased by $3.9 billion, or 1.7%, while the projects market in Bahrain added $2 billion, or 2.9%. In Oman, the market witnessed a slight increase of $0.2 billion, equivalent to 0.1%.
The total value of the Gulf projects index
The value of the projects index in the Gulf Cooperation Council countries reached $3.447 trillion, recording an increase of 0.1% over the previous period.
The broader Gulf index, which includes Iraq and Iran, also rose by 0.7% to reach $4.138 trillion.
Thus, the index continues to rise for the sixteenth consecutive month since March 2023, reflecting the continuing upward trend in the regional projects market.
Impact of railway projects
A key factor in the index's recovery is renewed ambitions for rail projects in the region.
These projects are not only a way to improve infrastructure and facilitate transportation, but
they also promote economic development and provide new job opportunities.
https://mustaqila.com/استثمارات-العراق-تدفع-مؤشر-ميد-بروجكت/
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