Iraq Economic News and Points To Ponder Thursday Afternoon 10-8-26
Parliamentary Finance: The Government Received Debts Of About 210 Trillion Dinars
Money and business Economy News _ Baghdad A member of the Parliamentary Finance Committee, Yousef al-Kalabi, on Thursday, that the Iraqi government has received a difficult financial situation in light of the accumulation of debt and the decline in oil revenues.
Al-Kalabi said in a statement seen by "Economy News": "The government of Al-Kadhimi despite the high exchange rate of the dollar and the accompanying problems of bearing the burdens of the citizen handed the Sudanese government a cash surplus of 70 trillion dinars."
He added that "the Sudanese government handed the current government outstanding debts of about 210 trillion dinars in conjunction with the cessation of the sale of oil for more than six months due to the events of the Strait of Hormuz," noting that "these developments put the country in front of major financial challenges that require urgent action to address them."
He explained that "the current government has received a financial department suffering from major problems at a time when Iraq depends mainly on oil revenues to finance the general budget and pay the salaries of employees," pointing out that "the continued disruption of oil revenues threatens the ability of the state to meet its financial obligations."
He stressed the need to "reveal the authorities responsible for flooding the state with debts and wasting public funds and projects that have been implemented at double costs," calling for firm measures against those involved in corruption and waste of public money.
Source denies holding a meeting between the Governor of the Central Bank and the Parliamentary Finance on the exchange rate of the dollar https://www.economy-news.net/content.php?id=74762
SEC: We Are Working To Build A Strong And Attractive Market For Investment
Money and business Economy News _ Baghdad The Chairman of the Securities Commission, Faisal Al-Hims, said on Thursday that the capital market is a tool to finance companies and direct savings towards investment, while pointing to work to build a strong and attractive market for investment.
Al-Hims said at the World Investor Day 6 conference that "Iraq is now in a stage where it opens a new economic page, entitled diversification of the economy and expansion of investment opportunities, and building partnerships based on trust and common interests."
He explained that "the capital market is not just a space for trading, but a tool to finance companies and direct savings towards investment, and transforming opportunities into projects that contribute to the growth of the national economy."
He added that the Securities Commission is working to build a more efficient and transparent market through the development of legislation, strengthening governance and disclosure, keeping pace with digital transformation and establishing investor protection.
He added that "the market begins with confidence, and confidence begins with information, and the more aware the investor, and the more transparent the market, we are closer to a strong Iraqi financial market and attractive to investment."
https://www.economy-news.net/content.php?id=74766
Al-Zaidi: Good Quantities Of The Dollar Will Arrive In The Coming Days And Will Be Pumped Into Trading
Money and business Economy News – Baghdad Prime Minister Ali Faleh al-Zaidi said on Thursday that in the coming days, good quantities of the dollar will arrive and we will pump it to circulation.
The Information Office of the Prime Minister, in a statement received by "Economy News" that "Prime Minister Ali Faleh al-Zaidi confirmed before the House of Representatives that in the coming days, good quantities of the dollar will arrive, and we will pump it to circulation."
The Prime Minister added, according to the statement, "We have established the Generations Fund to finance projects in various sectors, and this will have a significant developmental impact."
“We are in a very intense battle with corruption, and the economy must be treated with an economic mentality.”
He added: "We live in a force majeure and an undeclared siege because of the war and the closure of the Strait of Hormuz, and we do not want to borrow so as not to cause more straining the economy." https://www.economy-news.net/content.php?id=74790
Al-Zaidi: The Difference In The Exchange Rate Previously Was Acquired By Speculators
Money and business Economy News – Baghdad Prime Minister Ali al-Zaidi confirmed on Thursday before parliament that the difference in the exchange rate previously was acquired by speculators.
Al-Zaidi said, in a speech to the House of Representatives, according to a statement issued by the Prime Minister's Information Office: "I received the task and the size of the public debt exceeds 208 trillion dinars, and the government is required to provide 10 trillion dinars per month, and despite the crisis we provided salaries," explaining that "three options were in front of us; the first to go to compulsory savings and leave the employee to live on promises, and the second distribution of salaries every 45 days, and the third resort to borrowing and flooding the country with debt, which is already burdened with it. "
He continued: "The mission was received and our economy is trapped due to the interruption of oil exports and the closure of the Strait of Hormuz," noting that "the difference in the dollar exchange rate previously was acquired by speculators."
He added: "We have proceeded to implement the project of one million residential plots and the construction of new cities, and we will lay the foundation stone for the projects of residential plots in the holy city of Karbala, Najaf and Nineveh on Saturday."
He said that "some of the prejudices tried to create a gap between us and the various segments of our people," noting that "next month will witness the doubling of the release of the dues of farmers and contractors." https://www.economy-news.net/content.php?id=74788