Iraq Economic News and Points to Ponder Thursday Evening 1-11-24
Iraq Economic News and Points to Ponder Thursday Evening 1-11-24
Tlm724 Administrator Bondlady’s Corner
The Prime Minister Appreciates The Efforts Of America And Italy Made To Support Iraq
Local | 01/11/2024 Mawazine News – Baghdad Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Thursday, that the path of reform is long and the government has begun to establish it in the long term.
The Prime Minister's Media Office stated in a statement received by Mawazine News that "Al-Sudani received the ambassadors of the Iraq Economic Contact Group (IECG), which represents the major economic countries, France, Britain, Italy, Spain, the United States, Japan, and Canada, in addition to the ambassador of the European Union."
During the meeting, the Prime Minister appreciated “the efforts made to support Iraq in the various past stages. He also expressed his thanks to the United States and Italy, which chaired the group, for the work and communication they provided,” stressing “continuing cooperation with the next presidency represented by the United Kingdom and France, for example.” Achieving the goals for which this group was formed.”
He reviewed, "The government's vision regarding the economic, financial, banking, and customs reforms that it has begun implementing, and its seriousness in establishing a future work approach, in addition to its efforts in implementing its commitments within the ministerial program, and the five priorities that were included in its executive program."
He touched on "the strategic projects that will be an important basis for Iraq's economic renaissance, which are the path of development and gas and renewable energy projects," noting that "the government is aware that the path of reform is long, but it has begun to establish it in the long term, which will help future governments carry out their tasks." .
For their part, representatives of the contact group expressed “great interest and optimism in government policies in the field of the economy, and pointed to past accumulations that the government has begun to address.”
The Italian ambassador praised "the government's description of achievement, and the preparation of a different budget that includes new ideas such as the Iraq Fund for Development and the provision of sovereign guarantees to the private sector."
The US Ambassador to Iraq also praised "the government's successful steps in the field of banking reforms, and its approach to reforming government banks by relying on major international companies, as well as its move towards activating the electronic payment system."
The French ambassador to Iraq praised "the government's policies in reforming border crossings and customs by adopting the ASYCUDA system and preparing a financial budget for three years."
The meeting concluded with an agreement to form a working group and an action plan for a period of 6 months, interspersed with meetings between representatives of the group’s countries, ministries and advisors to the Prime Minister concerned with following up on the work. This will be followed by holding a meeting chaired by the Prime Minister to evaluate what has been presented.
The US Ambassador Praises The Government's Successful Steps In The Field Of Banking Reforms
Iraq Thursday, January 11, 2024 Baghdad/National News Center Today, Thursday, the US Ambassador to Iraq, Elena Romanowski, praised the government's successful steps in the field of banking reforms and its approach to reforming government banks by relying on major international companies.
The media office of Prime Minister Muhammad Shia Al-Sudani stated, in a statement received by the National News Center, that “Al-Sudani received, today, ambassadors from the Iraq Economic Contact Group (IECG), which represents the major economic countries; France, Britain, Italy, Spain, the United States, Japan, and Canada, in addition to the European Union ambassador.”
During the meeting, Al-Sudani appreciated “the efforts made to support Iraq in the various past stages, and also expressed his thanks to the United States and Italy, which chaired the group, for the work and communication they provided,” stressing “the continuation of cooperation with the next presidency represented by the United Kingdom and France, for example.” Achieving the goals for which this group was formed.”
The Prime Minister reviewed “the government’s vision regarding the economic, financial, banking and customs reforms that it has begun to implement, and its seriousness in establishing a future work approach, in addition to its efforts in implementing its commitments within the ministerial program, and the five priorities that were included in its executive program. He also touched on the strategic projects that will be An important basis for Iraq’s economic renaissance, which is the path to development and gas and renewable energy projects.”
He pointed out, “The government realizes that the path of reform is long, but it has begun to establish a foundation for it in the long term, which will help future governments carry out their tasks.” For their part, representatives of the contact group expressed “great interest and optimism in government policies in the field of the economy.”
They pointed to “the past accumulations that the government has begun to address, as the Italian ambassador praised the government’s description of achievement, and the preparation of a different budget that includes new ideas such as the Iraq Fund for Development and the provision of sovereign guarantees to the private sector.”
In addition, the American ambassador to Iraq praised “the government’s successful steps in the field of banking reforms, and its direction to reform government banks by relying on major international companies, as well as the direction towards activating the electronic payment system.”
The French ambassador to Iraq also praised “the government’s policies in reforming border crossings and customs by adopting the ASYCUDA system and preparing a financial budget for three years.”
According to the statement, “The meeting concluded with an agreement to form a working group and an action plan for a period of 6 months, interspersed with meetings between representatives of the group’s countries, ministries, and advisors to the Prime Minister concerned with following up on the work. This will be followed by holding a meeting chaired by the Prime Minister to evaluate what has been presented.” https://nnciraq.com/245552/
Association Of Banks: The Private Banking Sector Is The Most Traded In The Iraq Stock Exchange
President of the Iraqi Private Banks Association, Wadih Al-Handal Economy News – Baghdad The head of the Iraqi Private Banks Association, Wadih Al-Handal, announced on Thursday that the private banking sector will be the most traded on the Iraqi Stock Exchange during the year 2023.
Al-Handal said in a statement, reported by the official news agency, and seen by Al-Iqtisad News, that “the banking sector constitutes 93.94% of the total trading in the year 2023 in the Iraq Stock Exchange, with 647.8 billion shares traded out of a total of 689.6 billion shares.”
He added, "The value of traded shares amounted to 512.7 billion dinars," noting that "the private banking sector witnessed significant development over the past year, despite the challenges it faced in financing foreign trade."
He pointed out, "Bank stocks witnessed significant growth during the year 2023, as some banks' growth reached more than 200% due to increased demand for the sector from Iraqi and foreign investors."
He continued, "The banking sector witnessed an increase in its capital during the past year, in addition to the acquisition of some Iraqi banks by a number of Arab banks, and the entry of some Arab banks into the Iraqi market." 119 views 01/11/2024 - https://economy-news.net/content.php?id=39342
Weekly Trading Indicators For The Iraqi Stock Exchange
Market Economy News – Baghdad During the second week of January 2024, the Iraq Stock Exchange organized five trading sessions from Sunday, 01/07/2024, to Thursday, 01/11/2024. During this week, the following indicators were achieved:
1. The number of shares traded during this week reached more than (6) billion shares.
2. The value of shares traded this week amounted to more than (6) billion dinars.
3. The market trading index closed for the first session of the week at (872.74) points, while the index closed at the end of the week at (866.99) points, achieving a decrease of (0.66%) from its close at the first session.
4. During the week (4025) purchase and sale contracts were executed on the shares of companies listed in the market. Views 59 01/11/2024 - https://economy-news.net/content.php?id=39336
An Economist Determines Why Iraq Is Moving Towards Internal Debt
Money and business Economy News – Special The economic expert, Mustafa Hantoush, revealed today, Thursday, the reason for Iraq’s move toward the theory of internal debt, while clearing is considered the “best option” to return these debts.
Hantoush said, in an interview with Al-Eqtisad News, that “Iraq, in recent years, has begun to move towards the theory of internal debt, due to the accumulation of funds in several funds, including the Retirement Fund, which relates to the state’s transactions amounting to more than 7 trillion dinars, the Social Security Fund, in addition to To the banks of Al-Rafidain, Al-Rasheed, and Al-Iraqi Trade Banks.
He added, "These banks now have deposits in very large amounts, and thus the state headed toward internal debt that amounted to more than 70 trillion dinars."
The economic expert called for "returning the debt to the retirement fund," noting that "there are two theories for restoring the internal debt. The first is related to repayment. This is a long theory, as governments will not be able to repay in this way in light of the presence of interest."
The other theory, according to Hantoush, is “clearing, which may bring about settlement operations for some internal debt, which has some risks, but it may be the solution available to the Iraqi state.”
Earlier today, an informed source revealed that the size of the Ministry of Finance’s internal debt had reached about 70 trillion dinars, indicating that the rise in internal debt was not a good indicator, especially since the government possesses liquidity, and it must work to structure the internal debt.
Views 89 Added 01/11/2024 - https://economy-news.net/content.php?id=39329
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Provoking Points To Ponder on Adversity:
True knowledge comes only through suffering.- Elizabeth Barrett Browning
Suffering raises up those souls that are truly great; it is only small souls that are made mean-spirited by it.- Alexandra David-Neel
He disposes Doom who hath suffered him.- Emily Dickinson
Suffering has always been with us, does it really matter in what form it comes? All that matters is how we bear it and how we fit it into our lives.- Etty Hillesum
We are healed of a suffering only by experiencing it to the full.- Marcel Proust
http://famousquotesandauthors.com/topics/adversity_quotes.html
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