Iraq Economic News and Points to Ponder Tuesday AM 3-18-25
The Iraqi Economy: Challenges And Opportunities In Light Of Global Financial Transformations
Time: 2025/03/17 Read: 2,790 times {Economic: Al Furat News} Mazhar Mohammed Saleh, the economic advisor to the Prime Minister, confirmed today, Monday, that the government is working seriously to reduce reliance on the US dollar in domestic trade and promote the use of the Iraqi dinar in financial transactions.
Speaking to Al Furat News Agency, Saleh highlighted "the importance of continued cooperation with the international financial community to alleviate external burdens and restrictions on foreign currency transfers."
He pointed out that "this approach reflects Iraq's strategy to combat foreign currency smuggling, by strengthening cooperation with international financial institutions to monitor illicit money flows. This contributes to the stability of the national economy and supports Iraq's ability to overcome global financial challenges." LINK
The Minister Of Finance Affirms The Government's Commitment To Adopting International Best Practices In Public Debt Management.
Monday, March 17, 2025 | Economic Number of reads: 213 Baghdad / NINA / Minister of Finance Taif Sami affirmed, on Monday, the government's keenness to adopt international best practices in public debt management, noting Iraq's aspiration to benefit from international expertise in this field.
The Ministry of Finance said in a statement that "Minister of Finance Taif Sami participated in the fourteenth session of the International Debt Management Conference, organized by the United Nations Conference on Trade and Development (UNCTAD), and held in Geneva during the period from March 17 to 19, 2025."
During the conference, Sami affirmed the Ministry of Finance's commitment to implementing the recommendations issued by the conference within the framework of enhancing the financial and economic performance of the Republic of Iraq, in pursuit of sustainable development and economic well-being for citizens," noting that the conference represents a strategic platform for discussing ways to improve debt management and implement sound financial policies, which contributes to supporting the financial and economic stability of the country.
She expressed her appreciation for "the efforts made by UNCTAD in organizing this important event, which is an opportunity to exchange experiences and review the latest developments in the field of debt management."
On the sidelines of the conference, the Minister of Finance met with Rebecca Krinspan, Secretary-General of the United Nations Conference on Trade and Development, and discussed prospects for cooperation between Iraq and the organization in the areas of debt management and promoting sustainable financial policies.
Sami stressed the importance of the technical support provided by the organization to developing countries, noting that Iraq aspires to benefit from international expertise in this field.
The Minister also met with Paolo Gentiloni, the former Managing Director of Economic Affairs at the organization, and discussed with him the current economic challenges and the importance of developing flexible financial policies that contribute to achieving economic stability.
Sami stressed the Iraqi government's keenness to adopt international best practices in public debt management, praising the benefits of European experiences in this field.
The statement explained that the Minister of Finance's participation comes within the framework of the Iraqi government's efforts to strengthen public debt management mechanisms and develop financial strategies in line with international best practices, in addition to exchanging experiences and opinions with participants from various countries to enhance international economic and financial cooperation. /End https://ninanews.com/Website/News/Details?key=1192408
To The Ministerial Council For The Economy
Samir Al-Nusairi Finally, forecasts indicate that the Russian-Ukrainian war is nearing a halt with US intervention. We recall that when the war broke out three years ago, oil prices soared to over $110 a barrel, resulting in a surge in oil revenues for both rentier and oil-producing countries. This included Iraq, given its rentier economy.
Unfortunately, the achieved abundance was not utilized to activate the real economy.
Rather, operational allocations in the general budgets increased, and the deficit exceeded 60 trillion dinars. Now, with the inevitable expectation that the war will soon end, oil prices will fall, and it is expected that its average price will reach less than 60 dollars per barrel.
And we are still without other significant sources of national income. The Iraqi economy, God forbid, will enter a new economic and financial crisis. We expect the deficit to rise, the inflation rate to rise, and the government will be forced to borrow domestically and abroad.
Borrowing from the central bank will be required, foreign exchange reserves will decline, and external and domestic debts will rise. Since these expectations could soon be realized, they require swift action.
Here, we propose that the Ministerial Council for the Economy hold extraordinary sessions to discuss the expected new crisis and prepare for confrontation in a manner that preserves the path of economic, financial and banking reform and finds solutions and remedies to protect our national economy. https://economy-news.net/content.php?id=53476
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