Iraq Economic News and Points to Ponder Saturday Afternoon 2-22-25
UN: Iraq Is Going Through A Critical Phase And Al-Sudani Has A Clear Vision For Reform
The Special Representative of the Secretary-General of the United Nations, Mohammed Al-Hassan, stressed that Iraq and the Middle East region are going through a critical phase that requires unified efforts to ensure security and stability.
Al-Hassan said, during his speech at the seventh edition of the Baghdad International Dialogue Conference, that Iraq, with its long history, needs a constructive dialogue based on the country's interest, stressing the importance of cooperation to face challenges.
He pointed out that Prime Minister Mohammed Shia Al-Sudani has a clear vision for developing services and enhancing security and stability, stressing that the United Nations will continue to support Iraq in its efforts to achieve development and enhance stability.https://www.radionawa.com/all-detail.aspx?jimare=41240
Opportunity Or Risk? Parliamentary Oil Committee Explains The Impact Of Rising Oil Prices On The Iraqi Economy
Time: 2025/02/22 12:13:01 Read: 1,410 times {Economic: Al Furat News} Zainab Al-Moussawi, a member of the Parliamentary Oil Committee, confirmed today, Saturday, that the rise in oil prices represents a great opportunity for Iraq to achieve financial stability, but at the same time it poses economic challenges if it is not managed wisely.
Al-Moussawi told Al-Furat News Agency that “the increase in oil prices leads to an increase in public revenues, which prompts the government to increase spending on salaries, services, infrastructure, and investment projects, which may enhance economic growth. However, she warned that this increase in spending may also lead to inflation if it is not well controlled.”
She added, "The increase in oil revenues reduces the need to impose taxes or implement economic reforms that may be unpopular, which reduces pressure on the government to diversify sources of income."
She stressed that "making the most of this opportunity requires wise financial policies that focus on diversifying the economy, enhancing investments, and reducing dependence on oil as the sole source of revenue." LINK
Central Bank Sells Over $1 Billion In Auction Last Week
Time: 2025/02/22 13:24:24 Read: 1,020 times {Economic: Al Furat News} The Central Bank of Iraq’s sales of hard currency in US dollars amounted to more than one billion dollars during the days in which it opened its auction last week.
During the past week, and during the 5 days in which the auction was open, it sold an amount of 1 billion, 456 million, 844 thousand, and 61 dollars, at a daily rate of 291 million, 368 thousand, and 812 dollars, which is a slight decrease from the previous week, when the sales rate was 293 million, 719 thousand, and 775 dollars.
He also pointed out that the highest dollar sales were on Monday, amounting to $298,486,800, while the lowest sales were on Tuesday, amounting to $286,030,709.
As for foreign remittance sales, they amounted to 1 billion, 383 million, 294 thousand and 61 dollars last week, compared to cash sales that amounted to 75 million, 550 thousand dollars. LINK
Mazhar Saleh: Iraqi Banking Reform Needs To Enhance Transparency And Governance
Time: 2025/02/22 11:47:07 Read: 1,290 times {Economic: Al Furat News} The Prime Minister's Advisor for Economic Affairs, Mazhar Muhammad Salih, confirmed today, Saturday, that banking reform in Iraq requires enhancing transparency and governance in the banking sector.
Saleh said in a statement to {Al Furat News} agency, "The operations carried out by banks operating in Iraq depend largely on the confidence of international correspondent banks in the local banking sector, which necessitates the need to provide great protection for Iraqi banks."
He pointed out that "the reform process must ensure that Iraqi banks are provided with the best transparency and governance tools, in addition to adopting the necessary applications to confront various risks and comply with international banking rules."
He added, "These measures are what everyone is looking forward to in the near future, to achieve stability and growth of the Iraqi banking sector and integrate it effectively into the international banking market." LINK
Government Advisor: Iraq Advances 17 Places In Soft Power Index
Money and business Economy News – Baghdad The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, announced on Saturday that Iraq has advanced 17 ranks in the Soft Power Index compared to 2023, thanks to improvements in governance and infrastructure development, stressing that this progress reflects a noticeable improvement in the stability of the country's internal situation.
Saleh said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "Iraq's occupation of the 98th position globally in the Soft Power Index for the year 2025 is an important matter in this leap during one transitional year between the end of 2023 and the end of 2024,
and looking forward to 2025, as it comes 17 places ahead of its previous classification in 2023, which embodies the progress and stability witnessed by our country in a remarkable way, after it was ranked 116th globally in the year before the previous one."
He added that "Iraq has achieved acceleration in the subject of soft power during one continuous year between 2023 and the end of 2024 and moving forward to 2025, and this acceleration comes from among a set of factors and indicators of soft power that are usually used by global institutions interested in measuring the extent of the state's influence in its global scope through non-military means, such as culture, diplomacy, education, values, and innovation."
He explained that "one of the most prominent indicators used in the soft power rankings, which Iraq enjoyed in 2024, is its distinguished international reputation in the framework of foreign relations,
as our country's diplomatic capabilities in influencing global affairs and its international image are at their best levels, which have increased in recent years due to the flourishing of foreign activities and the network of positive relations with other countries provided by Iraq's open democratic climate as one of the most important of these factors."
He pointed out that "political and security stability in Iraq has witnessed a significant improvement, as internal tensions and conflicts that negatively affected the country's image in the world have disappeared, which has helped enhance Iraq's soft power."
He pointed out that "the ability of the government program, which has advanced its applications in developing the infrastructure and continuous improvement in basic services, especially security and digital services, was accompanied by an advanced movement of institutional governance, as the efficiency and transparency of government institutions increased, with the approval of the 2024-2028 development plan,
which committed to sustainable development and environmental protection, and providing high attractiveness for investment after announcing the principle of partnership between the state and the private sector within the philosophy of the social market, and announcing the strategic development road project as a project for Iraq's progress forward."
He added that "the high degree of interest in civilizational and cultural openness has made Baghdad the capital of tourism and culture in the world, which undoubtedly reflects the quality of life and the prevailing societal values of the civilization of the Tigris and Euphrates Valley, which dates back more than 7,000 years, in addition to the keenness to highlight the role of national heritage in general and different ethnicities in particular, which had a positive impact on the strength of societal diversity and its transition from the national level to the external level."
He added, "Diversifying the economy, sustainable development and moving away from the rentier economy remain among the challenges facing the rise of soft power.
This is what the government program is working on with great care, supported by the prevailing trend in economic, social and political thought circles in Iraq on an ongoing basis through the process of national support for comprehensive economic development programs for the state and government, to build a better Iraq forever." https://economy-news.net/content.php?id=52914
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