Iraq Economic News and Points To Ponder Thursday Afternoon 6-16-26
United Nations: The Iraqi Government Is Adopting Economic Reforms Based On Digitalization And Combating Corruption.
Money and Business Economy News – Baghdad The UN Assistant Secretary-General and Regional Director of the United Nations Development Programme for Arab States, Abdullah Al-Dardari, announced on Wednesday the details of bilateral talks with Prime Minister Ali Al-Zidi, stressing that the government is adopting economic reforms based on digitalization and combating corruption.
Al-Dardari told the Iraqi News Agency, as reported by "Al-Eqtisad News": "Prime Minister Ali Al-Zidi presented, during our meeting with him, a vision for addressing the Iraqi economy, where he spoke about economic institutions operating according to a real economic model, and combating corruption to revive the Iraqi economy."
He continued: "The Prime Minister also spoke about automating and digitizing the Iraqi economy and Iraqi public institutions, and developing the financial system to attract and mobilize financial resources, especially Arab and foreign private investment, to work in Iraq."
He pointed out that "local development was discussed, including in Sinjar district, to achieve economic and social stability for its residents, in addition to achieving economic stability in the liberated areas that have been reconstructed, as these areas are facing an economic crisis due to the absence of effective economic activity and the failure to establish companies and economic entities."
He added: “The meeting with the Prime Minister also resulted in a discussion of the Southern Fund to improve the situation in the southern regions, which have recorded the highest unemployment rates.”
He added, “The Prime Minister focused on the transformation and transition towards a competitive economy, while ensuring social protection for groups that may be affected by this transformation, and we are ready to work on this issue.” He pointed out that “the meeting also discussed supporting the Development Fund, which needs a law and expertise to support it in becoming a mechanism for mobilizing private financial resources towards well-studied and calculated investment projects.”
He explained that "the United Nations Development Programme specializes in implementing loans effectively, quickly, transparently, free from corruption, and with reliable global procedures."
The Minister Of Finance Orders The Disbursement Of Dues To Contractors In 5 Governorates
Money and Business Economy News – Baghdad Finance Minister Faleh al-Sari ordered on Wednesday the disbursement of dues to contractors in the governorates of Basra, Diwaniyah, Najaf, Babylon and Maysan, as part of the first batch of financial dues.
The head of the Iraqi and Arab Contractors Union, Ali Fakher Al-Sanafi, said in a statement seen by “Al-Eqtisad News” that “adopting a mechanism for disbursement in the form of successive and regular installments contributes to settling the issue of dues gradually, and enhances the stability of the work of contracting companies in various governorates.”
He added that "the Minister of Finance's directive came during the meeting that brought them together today," indicating that "releasing these dues represents an important step in the process of addressing the outstanding financial dues of contractors."
It is worth noting that the head of the Iraqi and Arab Contractors Union confirmed at the beginning of this month that Prime Minister Ali Falih al-Zaidi promised to disburse one trillion dinars of the contractors’ outstanding dues as a first payment.
https://www.economy-news.net/content.php?id=70357
Finance Minister: Unifying Customs Systems With The Region Is A Strategic Step To Maximize Revenues
Money and Business Economy News – Baghdad Finance Minister Faleh Sari confirmed on Thursday that unifying customs systems with the region is a strategic step to maximize revenues.
A statement from the Ministry of Finance, received by “Al-Eqtisad News”, stated that “Minister of Finance Faleh Sari affirmed that unifying customs systems and procedures between the federal government and the Kurdistan Region represents a strategic step in the path of economic reform, due to the positive effects it achieves in maximizing non-oil revenues, tightening control over the movement of goods, reducing cases of evasion, as well as enhancing transparency and unifying data and procedures in accordance with international standards.”
The statement added that "the minister's assurances came in conjunction with a joint meeting held by the General Authority of Customs with the Kurdistan Region Customs Authority in the capital, Baghdad, today, in the presence of relevant sectoral bodies, to discuss mechanisms for implementing the ASYCUDA World system in the customs centers affiliated with the region."
The statement continued, “The meeting witnessed a discussion of the technical and administrative aspects of the system currently adopted in the ports affiliated with the federal government, and a review of the results achieved in the field of digital transformation, simplifying procedures and enhancing electronic monitoring, in addition to discussing ways to unify procedures and data between the two sides.”
The statement continued, “A joint protocol was signed that included a set of recommendations and executive procedures related to the application of the system in the customs centers affiliated with the Kurdistan Region, to be submitted to the Ministerial Council for Economy to complete the necessary procedural steps.”
He pointed out that "this meeting comes within the framework of the ongoing efforts made by the General Authority of Customs within the framework of the comprehensive digital transformation project, and in line with the vision of the Federal Ministry of Finance aimed at modernizing customs work, enhancing electronic control, and supporting the national economy."
https://www.economy-news.net/content.php?id=70405
The Minister Of Industry Emphasizes The Importance Of Strengthening Cooperation With International Companies And Benefiting From Their Expertise
Money and Business Economy News – Baghdad Minister of Industry and Minerals, Mohammed Nouri, stressed on Thursday the importance of strengthening cooperation with international companies and benefiting from their expertise.
The media office of the Minister of Industry and Minerals stated in a statement received by "Economy News" that "Nouri received the Italian Ambassador to Iraq, Nicolo Fontana, to discuss bilateral relations and ways to enhance joint cooperation in the industrial and investment fields."
According to the statement, the minister stressed "the importance of strengthening cooperation with international companies and benefiting from their expertise in developing the industrial sector," noting "the work on preparing an integrated investment map that includes many promising opportunities in various industrial fields."
For his part, the Italian ambassador affirmed his country's interest in strengthening industrial and investment cooperation with Iraq in the coming period, expressing the desire of Italian companies to enter the Iraqi market and participate in important industrial projects. https://www.economy-news.net/content.php?id=70399
Iraq Development Fund: 34 Key Points That Must Be Met Before Implementing The Baghdad Metro
Money and Business Economy News — Baghdad The Iraq Development Fund has set 34 points for study before launching the Baghdad Metro project, indicating that these points are necessary and essential before moving to the implementation phase.
The Fund’s Executive Director, Mohammed Al-Najjar, told the official newspaper: “The project was launched early, before the required studies were completed, and its so-called roadmap must be redrafted,” noting that “the Fund found 34 points that should have been studied before launching or announcing it.”
He added that "these points included population studies, transport lines and other axes that were not ready," noting that the project was viewed "engineeringly" and not "strategically".
Al-Najjar expressed his hope that "the current government will adopt the Fund's report and the points that must be properly met, and relaunch the project in a manner befitting such projects in the world."
The Fund’s Executive Director stressed that “the project cannot be started until 1 to 18 months after these points are completed, as it is a project that can change the movement of the population and the nature of business and open up different horizons in Iraq.”
For her part, Mona Al-Muhammadawi, a member of the Transportation, Communications and E-Governance Committee in the House of Representatives, considered the “Baghdad Metro” project a strategic solution to the traffic congestion crisis.
Al-Muhammadi added to Al-Sabah that “the success of the project requires a clear vision, stable funding and serious implementation procedures,” noting that “the citizen today is not waiting for the announcement of new projects as much as he is waiting to see the announced projects enter into actual implementation.”
The committee affirmed its support for moving forward with this vital project, stressing the need to adhere to timelines and maintain full transparency in all stages of contracting and implementation, to ensure the desired benefit is achieved for citizens.