Iraq Economic News and Points to Ponder Wednesday AM 12-4-24
Minister of Finance discusses joint cooperation with World Bank representative in Iraq
Tuesday 03 December 2024 | Economic Number of readings: 352 Baghdad / NINA / Minister of Finance Taif Sami Mohammed discussed today, Tuesday, with the World Bank Representative in Iraq, Jean-Christophe Carret, ways to enhance cooperation between Iraq and the World Bank to support development projects and economic reforms.
The Minister of Finance stressed to the Bank Representative: "The importance of partnership with the World Bank in financing programs aimed at achieving sustainable development, expressing at the same time her welcome to Emmanuel Salinas, who was appointed as the new representative of the Bank to Iraq instead of Richard Abdel Nour, whose duties in Iraq ended last November, wishing him success in his new tasks and supporting development relations between the two sides in a way that achieves the interests of Iraq and its people.
The Minister stressed: "The Iraqi government's keenness to implement financial and economic reforms to ensure the stability of the national economy. It is working to implement these reforms with the aim of enhancing sustainable growth, improving the management of financial resources, combating corruption, and strengthening transparency in government institutions.
For his part, the World Bank representative praised the Iraqi government's efforts to improve the economic environment and implement programs that enhance transparency and efficiency, expressing the bank's readiness to provide more technical and financial support in line with Iraq's development priorities.
The two sides agreed to continue coordination and joint work to achieve strategic goals and enhance economic stability in the country. / https://ninanews.com/Website/News/Details?key=1172536
Iraq Stock Exchange Trades Shares Worth More Than 2.5 Billion Dinars
Stock Exchange Economy News – Baghdad Today, Tuesday, the Iraq Stock Exchange recorded an increase in the value of traded shares, while the number of listed deals reached 816 deals.
The Iraqi market traded more than 2.3 billion shares, with the value of traded shares reaching 2.5 billion dinars.
The number of deals listed during today’s trading session reached 816 deals, with a change rate of 1.50%.
Five banks were the most active companies in terms of the number of shares traded and the traded value, with the International Islamic Bank coming in first place with more than one billion shares traded, followed by Al-Mansour Bank with more than 385 million shares traded.
United Investment Bank ranked third with more than 182 million shares traded, while Gulf Commercial Bank ranked fourth with more than 171 million shares traded.
The Bank of Baghdad ranked fifth, after trading more than 102 million shares. https://economy-news.net/content.php?id=50497
Oil Prices Fall Slightly Ahead Of OPEC+ Meeting.. Brent Below $72
Energy Economy News - Follow-up Oil prices fell slightly amid mixed signals in the market on Tuesday, as traders awaited the outcome of this week's OPEC+ meeting.
Brent crude futures were down 9 cents, or 0.13%, at $71.74 a barrel by 0205 GMT. U.S. West Texas Intermediate crude was down 14 cents, or 0.21%, at $67.96.
“Investors are in a wait-and-see mode ahead of the OPEC+ meeting,” analysts at ANZ said in a note.
OPEC+ sources said the alliance of OPEC countries and allies led by Russia will extend the latest round of output cuts until the end of the first quarter at its meeting on Dec. 5.
OPEC+ had aimed to roll back the cuts in the first quarter of 2025, but expectations of oversupply weighed on prices.
OPEC+ pumps about half of the world's oil.
Researchers and analysts say that demand for oil in China is expected to peak next year, widening the gap between demand and supply.
Concerns that the Federal Reserve will not cut interest rates at its December meeting kept oil prices in check, offsetting some positive signals from China where the purchasing managers' index rose to a seven-month high in November.
Oil prices on both sides of the Atlantic fell by more than three percent last week.
In the Middle East, violations of a U.S.-brokered ceasefire between Israel and the militant group Hezbollah continued, with nine people killed in strikes on two towns in southern Lebanon shortly after Hezbollah fired rockets at an Israeli military post in the disputed Shebaa Farms area on Monday. 154 views https://economy-news.net/content.php?id=50479
The Minister Of Finance Discusses With The Representative Of The World Bank In Iraq Joint Cooperation
Tuesday 03, December 2024 | Economical Number of readings: 512
Baghdad / NINA / Minister of Finance, Taif Sami Muhammad, discussed, today, Tuesday, with the representative of the World Bank in Iraq, Jean-Christophe Carré, ways to enhance cooperation between Iraq and the World Bank to support development projects and economic reforms. The Minister of Finance stressed to the bank representative:
“The importance of the partnership with the World Bank in financing programs that aim to achieve sustainable development, while at the same time expressing her welcome to Emmanuel Salinas, who was appointed as the new representative of the bank to Iraq, replacing Richard Abdel Nour, whose duties in Iraq ended in November.” last year, wishing him success in his new duties and supporting development relations between the two sides in the interest of Iraq and its people. The Minister stressed:
“The Iraqi government is keen to implement financial and economic reforms to ensure the stability of the national economy.
It is working to implement these reforms with the aim of
promoting sustainable growth,
improving the management of financial resources and
combating corruption, in addition to
strengthening transparency in government institutions.”
For his part, the representative of the World Bank
praised the efforts of the Iraqi government to improve the economic environment and
implement programs that enhance transparency and efficiency,
expressing the Bank’s readiness to provide more technical and financial support in line with Iraq’s development priorities.
The two sides agreed to continue coordination and joint work to achieve strategic goals and enhance economic stability in the country. https://ninanews.com/Website/News/Details?key=1172536
Iraq’s Central Bank strikes cooperation deal with Frankfurt School
Amr Salem December 3, 2024 104 2 min
The Frankfurt School’s headquarters in Germany. Photo: Lupp
Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) said on Tuesday that it signed a cooperation agreement with the Frankfurt School in coordination with the German Agency for International Cooperation (GIZ).
Under the agreement, CBI staff will get training and approved professional certifications as part of a program financed by the European Union and the German government to develop public finance and financial markets in Iraq, according to a statement released by the CBI.
The CBI became the first Iraqi institution to formalize a cooperation agreement with the Frankfurt School.
This partnership aims to bolster financial education and capacity building within Iraq’s banking sector, focusing on improving access to finance for small and medium enterprises.
The main goal of the partnership is to improve the abilities of Iraqi financial professionals.
This includes specific training courses that cover significant issues such as credit analysis and risk management.
One of the biggest development organizations in the world, GIZ is distinguished by its dedication to promoting sustainable development via cooperation with an extensive network of partners.
The GIZ’s encompassing strategy tackles difficult global issues while advancing a future that is beneficial for people everywhere. https://www.iraqinews.com/iraq/iraqs-central-bank-strikes-cooperation-deal-with-frankfurt-school/
The Central Bank Signs A Memorandum Of Cooperation With Frankfurt School
December 03, 2024 Based on the principles drawn up by this bank in developing and developing the skills of its employees,
a memorandum of cooperation was signed between the Central Bank of Iraq and (Frankfurt School) in coordination with the German Agency for International Cooperation (GIZ), a project to strengthen public finances and financial markets in Iraq (FFM), which is funded by the Union.
The European Union and the German government will train the cadres of the Central Bank of Iraq in various specializations, as well as work to obtain accredited professional certificates. Thus, the
Central Bank of Iraq will be the first Iraqi institution to sign a memorandum of cooperation with (Frankfurt School) The Director of Development and Training stressed the importance of this cooperation and what
it will contribute to the process of developing the Central Bank’s cadres and the extent to which this will reflect on the Iraqi banking sector in all its fields. Central Bank of Iraq Media office December 3, 2024 https://cbi.iq/news/view/2727
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