Iraq Economic News and Points to Ponder Sunday Afternoon 4-20-25
President Of The Republic: Iraq Possesses Enormous Wealth That Must Be Invested In Supporting Its Economy In The Best Possible Way.
Sunday, April 20, 2025 12:32 | EconomicNumber of reads: 309 Baghdad / NINA / President of the Republic, Abdul Latif Jamal Rashid, stressed, on Sunday, that Iraq possesses enormous and diverse wealth that must be invested in supporting its economy in the best possible way.
A presidential statement said that "President of the Republic, Abdul Latif Jamal Rashid, received at the Baghdad Palace, Minister of Industry and Minerals, Khaled Battal Al-Najm."
The President pointed out during the meeting that "Iraq possesses enormous and diverse wealth that must be invested in supporting the Iraqi economy in the best possible way."
The President of the Republic stressed "the importance of this in developing local industry and strengthening the economic situation," noting "the necessity of encouraging and supporting the private sector to contribute alongside the public sector in achieving sustainable development in the country."
For his part, Minister Al-Najm reviewed "the work of the ministry and the projects currently being implemented, in addition to its plans to enhance the industrial sector in Iraq," expressing "his appreciation for the President's interest and valuable directives."
The statement explained that the two sides discussed strategic plans aimed at encouraging the work of factories and plants to meet the needs of the local market. /End https://ninanews.com/Website/News/Details?key=1198916
Prime Minister's Advisor: The Annual Deficit Set In The Three-Year Budget Is Precautionary.
Money and Business Economy News – Baghdad Advisor to the Prime Minister, Mazhar Mohammed
Saleh, confirmed on Sunday that the annual deficit set in the three-year budget is precautionary and within maximum spending limits. He explained that the three-year budget is based on a preventative philosophy to achieve economic and social goals without risks.
“The amended federal general budget, which was legislated under Law No. 13 of 2023 (the three-year budget), is proceeding in its financial measures within what is called the financial scope or fiscal space, which is a realistic and preventive philosophy based on the principle of using the financial flexibility available to the public finances to adjust its policies in arranging its priorities (such as public spending, taxes, or support levels),” said the Prime Minister’s advisor, Mazhar Mohammed Salih, in an interview with the Iraqi News Agency, followed by “Al-Eqtisad News.”
He pointed out that “this is in order to achieve economic and social goals, without causing major risks to financial stability or excessive increases in public debt.”
Saleh noted that "the aforementioned three-year general budget law, supported by the current amended Financial Management Law No. 6 of 2019, undoubtedly provides the ability to address the set deficit limits with the minimum possible amount of money," indicating that "this is what public spending has followed during the first quarter of fiscal year 2025."
Saleh explained that "although the annual deficit recorded in the three-year budget is 64 trillion dinars, it is a precautionary deficit that was drawn and calculated within the maximum spending limits of 200 trillion dinars, and the export prices of a barrel of crude oil at an annual average of about $70, and exported quantities of about 3.4 million barrels of crude oil per day,"
noting that "the budget implemented in the fiscal year 2024 was with a comfortable ceiling that did not exceed 156 trillion dinars, with partial borrowings from the domestic financial market that also did not exceed less than half of the ceiling set for borrowing to cover the deficit, and with an average barrel of oil that was $75 per exported barrel."
He continued: "What we need today, in light of the fluctuations in the global oil market, the decline in the oil asset cycle and the expectations surrounding it, requires a review and high discipline in examining expenditures in general and operating expenditures in particular, and accurately controlling their paths and resorting to what is called a budget of sufficiency with the minimum level of expenditure while maximizing financial resources in a manner commensurate with the total expenditure that meets the basic needs of the national economy within the financial space, such as the importance of securing salaries, wages, pensions and social care as a first priority, in addition to agricultural support."
He added that "working to involve the private sector in and finance development projects is a testing opportunity to prove the role of the partnership between the state and the private sector in supporting development and demonstrating the role of the partnership philosophy in overcoming the economic challenges imposed by energy markets as an external international factor on the total economic activity."
He stressed that "the 2025 budget tables being prepared and presented to the House of Representatives must reflect the current conditions in the international economy, whether in terms of international trade protectionist wars or the cautious price fluctuations facing energy markets that affect the financial budgets of the OPEC+ group of countries, including our country, during the current year, in light of cautious global geopolitical and economic fluctuations that have not yet stabilized."
https://economy-news.net/content.php?id=54627
Al-Asadi announces a decline in unemployment in the country and the implementation of new laws to stimulate the labor market.
Minister of Labor Ahmed Al-Asadi Money and Business Economy News – Baghdad Minister of Labor and Social Affairs Ahmed Al-Asadi confirmed the implementation of new laws related to stimulating the labor market and the private sector, while pointing to a decline in unemployment rates.
In a statement carried by the official news agency and reviewed by Al-Eqtisad News, Al-Asadi said on the sidelines of his participation in the 51st session of the Arab Labor Organization Conference:
"The opening session witnessed the honoring of a number of Arab labor pioneers. Iraq was among the countries honored, as the head of the Federation of Trade Unions was honored, in addition to a distinguished employee from the Ministry of Labor."
He explained that "the conference includes a number of sessions and workshops that discuss the reality of the Arab labor market, particularly with regard to labor mobility between Arab countries," noting that "Iraq is one of the countries that attracts Arab and foreign workers, and there are serious discussions about benefiting from skilled labor, while emphasizing the importance of joint Arab action."
He pointed out that "the conference witnessed positions supporting the Palestinian cause, as the heinous crimes committed by the Zionist entity in the Gaza Strip and the recent events in Lebanon were condemned, and the Arab Labor Organization's solidarity with Palestinian workers in the occupied territories was affirmed."
He added, "The Ministry is working on implementing a number of projects related to revitalizing the labor market and the private sector, including activating Retirement and Social Security Law No. 18 of 2023 and amending some laws related to concluding and implementing income-generating projects."
He continued, "Unemployment rates decreased from 16.5% in 2022 to 13.5% in 2024, which represents a significant improvement," noting that "the ministry succeeded in integrating a number of social protection beneficiaries into the labor market, with some being transferred to positions in the Ministries of Interior and Justice, while others were employed in the private sector through companies and investment projects."
He added, "More than 10,000 workers who benefit from social protection have been registered with social security, and the ministry has also launched the 'Leadership' initiative, which aims to create job opportunities for unemployed youth."
Minister of Labor: Iraq is one of the countries that attracts Arab and foreign workers.
Local | 10:38 - 04/20/2025 Mawazine News – Baghdad Minister of Labor Ahmed Al-Asadi stated on Sunday that Iraq is one of the countries that attract Arab and foreign workers.
Al-Asadi pointed out, in a statement to the official newspaper, followed by (Mawazine News), that "Iraq is one of the countries that attract Arab and foreign workers, so there will be discussions regarding regulating the work of these workers in Iraq, as well as determining Iraq's need for skilled workers.
Regarding the projects implemented by the ministry to stimulate the labor market,
Al-Asadi said, "We have several projects related to revitalizing the labor market and revitalizing the private sector, starting with activating and implementing Law No. 18 of 2023, the Retirement Law for Workers, as well as activating and amending the Lending Law and activating soft projects for low-income people." https://www.mawazin.net/Details.aspx?jimare=260850
https://economy-news.net/content.php?id=54633
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