Iraq Economic News and Points To Ponder Thursday Evening 10-3-24
World Bank: Iraq Has Made Progress In Improving The Business Environment
Economy | 03/10/2024 Mawazine News – Economy The Ministry of Finance announced today, Thursday, that Iraq has made progress in improving the business environment that will make it competitive globally.
A statement by the Ministry of Finance received by Mawazine News stated that "the World Bank issued today, Thursday, the Business Ready 2024 (B-READY) report, which showed that Iraq is witnessing a major transformation in improving the business environment, and clarified the progress made by Iraq in vital areas such as regulatory frameworks, public services, and operational efficiency."
The report showed some positive developments and achievements that Iraq has achieved in making the business environment more attractive and effective for local and international companies, including:
1. "Stability of the regulatory framework" as Iraq has made significant progress in creating a more stable and business-friendly regulatory framework. It has succeeded in improving the ease of doing business by simplifying company registration processes and eliminating minimum capital requirements.
This improvement contributes to making Iraq more attractive to entrepreneurs, especially small and medium-sized enterprises (SMEs) that play a key role in creating job opportunities and diversifying the economy. (Positive Impact):
Aligning Iraq’s trade regulations with international standards has facilitated cross-border transactions and created a more stable and predictable environment for investors.
2. “Improving Access to Utilities and Infrastructure” Iraq has made significant progress in the utilities sector, which is essential for businesses to operate.
The government has reduced the time it takes to access basic services such as electricity and water. Infrastructure investments are underway to improve the reliability of service delivery in the future.
(Positive Impact): These reforms have already reduced operational disruptions and increased investor confidence in the market, although further improvements are needed.
3. “Strengthening Labor Market Regulations” Iraq has introduced new labor market regulations aimed at protecting workers and promoting market inclusiveness. Achievements include equal pay policies, anti-discrimination regulations, and support for collective bargaining rights.
The government has also expanded public employment services and training programs to meet the needs of the private sector. (Positive Impact): These reforms have helped create a more flexible and inclusive labor market, making Iraq more globally competitive.
The statement of the Ministry of Finance continued, “Despite the positive points documented in the report, it was based on outdated data collected in 2023 by the Business Ready team from the private sector - and the data reflects the stage that preceded its collection before the current government’s reform initiatives and the general stimulus budget came into effect in full.
Given that the government has given great attention to the private sector, the business environment has developed significantly over the past two years and will continue to develop at an accelerated pace in the coming months and years when the fruits of the reforms are fully reflected, including what has been achieved, such as: reforming a significant number of laws and instructions, tax and customs reforms, electronic payment, e-commerce, digital transformation, reforming state-owned companies, guarantees granted to the private sector, and others.
Therefore, the report did not fairly show Iraq’s journey towards reform and the progress achieved in many areas, including establishing a more stable regulatory framework.”
He concluded: “The Iraqi government is committed to continuing economic reforms, and the impact of the general budget and reform initiatives will appear in future reports based on updated data, which is what the World Bank should have done originally in the report issued today.” https://www.mawazin.net/Details.aspx?jimare=255574
Customs: Our Revenues During 7 Months Of The Current Year Exceeded One Trillion Dinars
Money and business Economy News – Baghdad The General Authority of Customs announced, on Thursday, that customs revenues exceeded one trillion dinars during 7 months of the current year 2024, indicating that it is about to implement real reform measures that will positively affect the level of revenues.
The head of the authority, Hassan Al-Akeili, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "customs revenues during the year 2022 were 807 billion dinars, and in the year 2023, revenues rose to one trillion and 33 billion, an increase of 28%, while the current year 2024 and until last July, revenues reached one trillion and 145 billion dinars."
He pointed out that "the Authority hopes that revenues will reach 2 trillion dinars by the end of this year, although the current rate is still below the level of ambition," stressing that "the Authority is about to implement real customs reform measures that will positively affect the level of revenues."
Al-Akeili added, "The estimated amount of the authority's revenues in the budget is 2 trillion dinars, and we are on track to reach it by the end of the year." 141 views 2024/10/03 https://economy-news.net/content.php?id=48308
Oil Jumps Nearly 2% On Middle East Supply Concerns
03 October 2024 | Economic Baghdad / NINA / Oil prices rose on Thursday evening, amid investor concerns that the expansion of the war in the Middle East could disrupt crude supplies from the region.
Brent crude futures rose $1.41, or 1.91 percent, to $75.31 a barrel, while West Texas Intermediate crude futures rose $1.45, or 2.07 percent, to $71.55 a barrel.
Market concerns are growing about the possibility of Israel targeting Iranian oil infrastructure, raising the specter of retaliation from Iran.
Analyst Ashley Kelty, of Panmure Gordon, told Reuters that there are concerns that such an escalation could prompt Iran to close the Strait of Hormuz or attack Saudi infrastructure, as it did in 2019.
The strait is a major logistics point through which a fifth of daily oil supplies pass. / End9
Central Bank Governor: New Mechanism For Financial Transfers To Türkiye In Euros Launched
Banks Economy News – Baghdad The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, confirmed on Thursday the launch of a new mechanism for financial transfers to Türkiye, implemented in the euro.
A statement by the Central Bank, received by "Al-Eqtisad News", stated that "the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received the Ambassador of the Republic of Turkey to Iraq, Anil Bora Inan, with a delegation of representatives of Turkish banks operating in Iraq."
The statement added, quoting Al-Alaq, that "the meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism carried out in euros and implemented within Turkey through its banks," stressing that "this mechanism, which is being applied for the first time, will simplify trade coverage operations with high fluidity and speed."
The statement explained that "the attendees discussed ways to provide the requirements of the new mechanism; in order to make it a success and accommodate the large number of transfers from merchants and the business sector."
The statement continued, "the representatives of the banks expressed their readiness to implement the new mechanism and provide the regulatory and supervisory requirements, in coordination with the international auditing company," and they also indicated "their efforts in the context of expanding their channels with approved correspondent banks."
The statement indicated that "the Turkish ambassador praised the efforts of the Central Bank in managing the process of transformation in external transfers, and the measures taken by the bank to organize and facilitate the transformation processes," praising "his meeting with the Governor of the Central Bank and the continuous and direct coordination between the Central Bank's management and authorized banks." - https://economy-news.net/content.php?id=48312
In Iraqi Dinars.. The Iraqi Government Opens Accounts To Deposit Donors’ Money
Local | 03/10/2024 Mawazine News – Baghdad The Iraqi government announced, on Thursday, the opening of accounts in the Trade Bank of Iraq (TBI) to receive donations from citizens, institutions and businessmen.
A statement by the Prime Minister's Office, received by Mawazine News, added that "within the framework of Iraq's continued support for the people of Gaza and Lebanon, the Iraqi government has decided to open accounts in the Trade Bank of Iraq (TBI) to receive donations from citizens, institutions and businessmen, in response to the directives of the supreme authority and the desire of the Iraqi people to strengthen the steadfastness of our brothers in the face of the Israeli aggression."
Opened bank accounts:
- Account for the relief of the people of Gaza:
Name: Office of the Prime Minister - Relief of the people of Gaza
Number: IBAN IQ07 TRIQ 9890 1101 4345 001
Account for the relief of the people of Lebanon:
Name: Office of the Prime Minister - Relief of the people of Lebanon
Number: IBAN IQ07 TRIQ 9890 1101 4346 001
The Prime Minister and members of the Council of Ministers donated a month's salary each to support these two accounts.
An electronic application will also be announced later, allowing citizens, public service employees and businessmen to donate easily without having to visit the bank. The Federal Supreme Audit Bureau will have to conduct continuous audits of these accounts to ensure transparency and integrity in the management of donations.
This approach reflects the spirit of solidarity and cooperation among peoples in the face of humanitarian crises. https://www.mawazin.net/Details.aspx?jimare=255567
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