“Tidbits From TNT” Friday Morning 12-5-2025

EconomicsNews

Dec 5

TNT:

Tishwash: Economic: The shift towards an electronic payment system provides the state with financial liquidity.

Economic researcher Diaa Abdul Karim found that shifting government transactions to an electronic system for paying fees and collecting taxes would provide the state with significant liquidity.

Abdul Karim told Al-Maalouma, “Iraq is still in the early stages of transitioning to electronic payment systems, while European countries and even neighboring countries have preceded Iraq by many years in this transition.”

He added, "There is a lack of acceptance of the electronic system, as the public is not accustomed to such systems, despite their considerable benefits. These include protecting citizens from financial theft and ensuring ease of purchase without the burden of carrying and protecting cash."

He explained that "the primary goal of transitioning to an electronic payment system and generalizing this experience across various government departments is to guarantee the availability of cash for the state, in addition to ensuring that it does not bear additional burdens related to printing currency. Therefore, it is a good experiment, provided that it is properly educated about and accepted in Iraq." link

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Tishwash: Sudanese: For the first time since the founding of the state, we have a maritime view through the navigation channel.

Prime Minister Mohammed Shia al-Sudani praised the Faw port and the development road on Thursday, stressing that it is the "dream" for the transition to a real economy, while pointing out that Iraq, for the first time, has a maritime view of the Gulf through the navigation channel.

The Prime Minister's Media Office stated in a statement received by "Mail" that "Prime Minister Mohammed Shia Al-Sudani attended the Iraqi British Business Council (IBBC) conference held in Basra Governorate under the slogan (Gateway to Iraq)."

The office explained that "the conference includes sessions and panel discussions with the participation of high-level officials from Iraq and the United Kingdom and leading companies, and aims to enhance trade and economic relations between the two countries and facilitate communication between companies and stakeholders, as well as explore opportunities for cooperation and investment in various fields, including energy, finance, climate and education."

Al-Sudani stressed that “(Iraq Gateway) is not a slogan for a conference, but rather a title for a stage in which we aspire for Basra and the rest of the governorates to be actual gateways for investment, trade and mutual opportunities,” noting that “the success of this vision depends on the ability of the government, the private sector and international partners to turn the dialogue into programs, and then into projects that work to improve the lives of citizens.”

He added, “The conference slogan (Iraq’s Gateway) expresses the government’s vision of Basra’s role as a key economic outlet and a center for services, energy, and logistics. We have worked on parallel tracks to improve the business environment, modernize infrastructure, reform the energy sector, and empower the private sector to be a key partner in development.”

He pointed out that “our government has adopted a balanced policy and invested in Iraq’s location to be a bridge between East and West, and part of a broader vision for stability and development in the region.”

Al-Sudani stated that “Iraq’s strength lies in its oil and gas resources, as well as the Faw port, the development route, and its location as a corridor linking the Gulf, Asia, and Europe,” emphasizing “the development of business practices and finance, and our government has simplified administrative procedures, moved towards digitalization, and reduced complexities.”

He added, "Work is underway with Iraqi banks and international partners to develop financing tools that serve strategic, medium, and small productive projects," welcoming "technical and investment cooperation with experienced companies, including British companies and companies that are members of the Iraqi-British Business Council, and we emphasize the need to develop the logistics, ports, docks, and maritime transport sector as it represents an important economic resource."

The Prime Minister pointed out that “we have achieved optimal use of oil and gas resources, and Iraq was losing (8-9) billion dollars annually due to importing oil derivatives and flaring gas. During the 3 years of the government’s term, we have developed a clear vision to solve the problems related to oil and gas investment,” indicating that “the Faw port and the development road is the (dream) project to transform into a real economy and create a new Iraq.”

He pointed out that "for the first time since the establishment of the Iraqi state, we have a maritime view of the Gulf through the navigation channel, which is 20 meters deep and 23 kilometers long, and we look forward to partnership, training and funding initiatives that link female entrepreneurs in Iraq with their counterparts in the United Kingdom," explaining that "the platforms provided by the Iraqi-British Business Council help in implementing energy, infrastructure, services, education and training projects." ink

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Tishwash: Samir Al-Nassiri: The banking reform plan is being implemented successfully according to its timetable.

Banking consultant and expert Samir Al-Nassiri confirmed that the Central Bank, Oliver Wyman, and other banks are continuing to implement the standards of the banking reform plan in partnership and daily coordination, according to the plan's timeline, which was launched on April 7, 2025.

The Central Bank published the project implementation mechanisms and the banks signed an agreement to comply with the plan. Preparations are now underway to launch the first evaluation cycle during the first quarter of 2026.

The procedures and efforts undertaken by the Central Bank of Iraq, in cooperation and consultation with the consulting firm and private banks, have resulted in tangible steps during the current quarter in facilitating the implementation of the objectives, programs, mechanisms and standards of the comprehensive banking reform project, within the framework of implementing the Central Bank’s third strategy.

He explained that the main objective of this project is to build a sound, modern, comprehensive and flexible banking sector that contributes to achieving rapid growth in the national economy, a cumulative increase in GDP, and enhancing the market value of the banking sector.

Al-Nassiri pointed out that economic reform begins with banking reform, explaining that the challenges facing the Iraqi economy simultaneously present significant opportunities to reform and develop the banking and financial sector, in line with the government's program and the Central Bank's future vision.

He added that the banking sector will play a pivotal role in achieving sustainable development and attracting investments, as well as supporting ongoing efforts to activate non-oil productive sectors with the aim of diversifying national income sources and ensuring financial sustainability and balanced economic growth.

Al-Nassiri explained that the role of the Central Bank is also embodied in regulating the financing of foreign trade and implementing infrastructure projects related to comprehensive digital transformation, in addition to expanding the use of electronic payment tools in a way that enhances the achievement of financial inclusion.

He stressed that these efforts will contribute to providing real opportunities for reforming, developing and empowering the private banking sector during the period 2025–2028, through a set of key objectives, most notably:

* Developing the Iraqi banking system to keep pace with internationally approved banking and accounting standards.

* Building a sound, modern, comprehensive and flexible banking sector capable of adapting to economic changes.

* To enhance citizens' confidence in the local banking sector and achieve international recognition of its transparency, progress, and commitment to international standards, thereby strengthening the confidence of global correspondent banks in dealing with it.

* Rehabilitating restricted or weakly active banks to enable them to return to the banking market with their full internal and external activities.

* Refocusing the role of banks on their core function of financing and lending for development, while promoting financial inclusion and increasing its rate in accordance with the established plans.

* To promote the transition from a cash economy to a digital economy by attracting funds circulating outside the banking system, which represent about 90% of the money supply, and bringing them into the formal banking cycle.

Al-Nassiri explained that although the period specified for their implementation according to the banking reform project and the Central Bank’s strategy extends to three years, what was achieved during the years 2023, 2024 and 2025 is considered an important achievement, as solid foundations and rules were built that formed the main pillar for the desired reform path.

He added that these achievements will contribute to the process of evaluating and classifying Iraqi banks based on the extent to which they achieve the goals set within the banking reform project, in accordance with the approved international standards and criteria. link

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Mot: Wellll - That Was Scary!!!!