Iraq Economic News and Points To Ponder Sunday Afternoon 10-4-26
Algerian President Violates IMF Expectations
Money and business Economy News - Follow-up Algerian President Abdelmadjid Tebboune has broken with the expectations of the International Monetary Fund (IMF) regarding some economic indicators for his country, which he stressed that it is looking to collect at least $ 50 billion annually.
In a statement of Article IV consultations with Algeria, the International Monetary Fund (IMF) predicted that the country’s official foreign exchange reserves will decline from $ 46.5 billion this year to $ 19.8 billion by 2031, and a growth rate of 3.8% in 2026.
But Tebboune, in a video interview with local media, confirmed that the growth rate for 2026 will exceed 3.8% to reach 4.01% or 4.02%, according to the German news agency DPA.
“The report of the International Monetary Fund is just a prediction, but what is important is that even if things are taken seriously, we will have a high reserve in 2031, and we are working to raise non-oil revenues, and even oil revenues will not be erased, we are still working in the field of exploration with very strong companies. The industry will also be a tributary of the economy.”
But Tebboune pointed out that the report of the International Monetary Fund is in line with the prospects set by his country, pointing out that the report “previously talked about reaching a GDP of $ 400 billion, based on data we know in our economy, and we are almost looking similarly at the Algerian economy built on a solid ground.”
“We will reach a GDP of about $400 billion in late 2026 or during the first quarter of 2027, and this figure can be exceeded, given the current movement of investment, in addition to the exploitation of national energies, especially in the field of mines,” he said.
He said that Algeria is working to achieve a sustainable income of at least $ 50 billion annually from hard currency, and the automotive industry, the mining sector, and the localization of the iron and chip industry in local production, will be essential tributaries to strengthen the national economy and support foreign exchange reserves
https://www.economy-news.net/content.php?id=74595
Iraq. Completion Of The Procedures For The Payment Of End-Of-Service Compensation To Retirees
Money and business Economy News – Baghdad The National Retirement Authority announced on Sunday the completion of the procedures for the payment of end-of-service compensation to retirees.
The deputy head of the National Retirement Authority, Hossam Abdul Sattar, said that "within the plan of the National Retirement Authority, which includes simplifying procedures and providing the best services to the retiree segment and disbursing the end-of-service bonus, the procedures for the payment of end-of-service bonus have been completed and sent to banks for retirees referred to retirement from the military and civilians within the month of October 2026."
He added that "the number of restrictions amounted to (8111) restrictions," calling on "those who receive text messages to review the outlets to receive their reward https://www.economy-news.net/content.php?id=74600
Sweden To Reopen Embassy In Baghdad, Strengthen Cooperation With Iraq
Money and business Economy News - Baghdad
The security adviser to the Prime Minister, Qassim al-Araji, on Sunday, with the Chargé d'affaires of the Swedish Embassy in Iraq, Jürgen Lindström, discussed the bilateral relations between the two countries and ways to develop them and enhance joint cooperation, while the Swedish Chargé d'affaires announced the direction of his country's government to reopen its embassy in Baghdad.
The Information Office of the Security Adviser to the Prime Minister said that "the Security Adviser to the Prime Minister, Qassim al-Araji, received on Sunday, the Chargé d'Affaires of the Swedish Embassy in Iraq, Jürgen Lindström," noting that "during the meeting discussed the bilateral relations between Iraq and Sweden, and ways to develop them and enhance joint cooperation."
He added that "during the meeting also discussed aspects of cooperation between the Iraqi and Swedish ministries of interior, as well as cooperation in the judicial field, and coordination between the competent authorities and centers in the two countries, which contributes to enhancing the exchange of experiences and information and supporting areas of joint cooperation."
Al-Araji stressed, according to the statement, "Iraq's keenness to establish balanced relations with various countries of the world, including the Kingdom of Sweden," pointing to "the acceptance and appreciation of the Prime Minister, Ali Al-Zaidi, at the international level, and reflected in the keenness to strengthen cooperation with Iraq and develop its foreign relations."
For his part, the Swedish Chargé d'affaires "congratulations on the occasion of the Iraqi National Day," stressing "his country's keenness to develop relations with Iraq."
He pointed to "the Swedish government's move towards reopening its embassy in Baghdad
https://www.economy-news.net/content.php?id=74604
Parliamentary Finance Announces The Dispensation Of The Borrowing Law
Money and business Economy News – Baghdad The Parliamentary Finance Committee announced on Sunday the dispensation of the borrowing law, while pointing to the existence of treatments for some banks that deal in dollars.
The head of the committee, Uday Awad, said that "the problem of banking reform is a necessity in light of the current situation, and private and government banks did not live up to the solution of the financial crisis and did not have any contributions to the solution of the financial crisis," noting that "civil banks have the potential as they have correspondence and global cooperation."
He added that "the private banks have provided a set of reforms that will be discussed with the Central Bank, including why our banks are not like Gulf banks provide loans, facilities and deposit guarantee to be there is trust between the citizen and banks," noting that "there will be a periodic meeting with banks."
“There will be clear remedies and results in the coming days.”
On the borrowing law, Awad stressed that "the law has been dispensed with and is not needed at the moment, considering that the 2027 budget, coming from the government and will guarantee the law within the budget
https://www.economy-news.net/content.php?id=74602
More Than 40 Years Later... German Flights Return To Baghdad With Four Flights A Week
Money and business Economy News – Baghdad The Ministry of Transport announced the return of German airlines to Baghdad International Airport after a break of more than 40 years, through the operation of four flights a week from the cities of Berlin and Düsseldorf.
According to the ministry, the German company Eurowings, a subsidiary of the Lufthansa Group, will start operating four direct flights per week to the capital Baghdad from December 10, 2026, with two flights from Berlin and two flights from Düsseldorf.
She added that the move comes within the efforts to develop the air transport sector and promote compliance with the requirements and international standards of Iraqi airports and the national carrier.
She pointed out that during the past three months, Baghdad International Airport received a number of delegations and specialized technical and operational committees, which conducted field detection and auditing of the procedures and systems adopted at the airport, to verify their compatibility with international security, safety and operating requirements.
The ministry pointed out that the entry of a company belonging to the Lufthansa Group to the Iraqi market represents an important step to strengthen the presence of European airlines and open the way for the operation of additional direct lines with the capital Baghdad.
She pointed out that direct trips will support trade, investment and tourism exchange, facilitate the movement of businessmen and travelers, as well as enhance economic and technical cooperation between Iraq, Germany and Europe.
The ministry stressed that attracting new European and international airlines is part of its vision to develop airports, raise the level of services, operational and security efficiency and expand the network of direct international destinations.
According to the ministry, the German passenger transport companies will conduct their last flights between Iraq and Germany in the early 1980s, while more than 10 German companies have submitted requests to operate flights to Iraq in the coming period https://www.economy-news.net/content.php?id=74599