Iraq Economic News and Points To Ponder Tuesday Afternoon 7-2-24
Expert identifies reasons for Iraq’s economic growth forecast to exceed 5% in 2026
Time: 2024/07/01 20:48:59 Read: 2,249 times
Expert identifies reasons for Iraq’s economic growth forecast to exceed 5% in 2026
{Economic: Al Furat News} The economic expert, Qusay Safwan, identified the reasons for expectations of economic growth in Iraq reaching more than 5% in 2026.
Safwan told {Euphrates News} that: "The International Monetary Fund's expectations went towards the external view of the Iraqi economy in light of the success of the government of Mohammed Shia al-Sudani in reducing external debts from $20 million to $9 million, which gives reassurance to the status of the Iraqi economy for the coming years, considering that the interest on those debts will be low."
He added, "There are also projects that the government of al-Sudani has started at the level of stopping gas flaring and investing associated gas in supplying electricity, meaning reducing outward cash flows to reduce the import of electricity and gas, as well as completing the Faw port in mid-2025 and entering the operational testing phase until it is linked to the European Union."
Safwan continued, "This means adding non-oil revenues, and these indicators indicate a positive outlook that could contribute to reclassifying Iraq's credit rating from C3 Plus to B Minus," noting that "the possibility of Iraq's GDP rising to 5% in the event of adding initiatives by the Central Bank to pay small and medium-sized projects, which is currently at a rate of $270 billion annually."
He added, "Iraq is currently a partner with the International Finance Corporation, which is trying to rebuild Iraqi airports, and there are two billion dollars that will be pumped into developing and expanding Baghdad International Airport, which indicates that there is confidence in Iraq's ability to operate these amounts and return them to lenders."
Safwan stressed that "the process of developing the energy sector in terms of gas and oil through licensing rounds will contribute to increasing Iraq's future revenues, as it is looking forward to 6 million barrels for export purposes, meaning that there is a possibility of increasing the ability to spend oil revenues on investment projects," noting "the importance of transforming understandings into a studied reality in the field of foreign investment."
The World Bank expected Iraq to achieve economic growth of more than 5% in 2026, noting that the recovery in the oil sector in 2025 will contribute significantly to enhancing this growth.
In its report, the bank stated that Iraq's economic growth for the year 2022 reached 7.6%, and in 2023 it decreased to -2.9.
The report also expected that Iraq's economic growth would decline to -0.3% in 2024, achieve growth of 3.8% in 2025, and reach 5.3% in 2026.
The report indicated that oil-exporting countries outside the Gulf Cooperation Council, such as Iraq and Algeria, would benefit from the expected recovery in the oil sector in 2025, which would help boost economic growth in these countries. LINK
Chairman Of The Securities Commission: The Value Of Traded Shares During The First Half Of 2024 Amounted To 321 Billion Dinars
Market Economy News – Baghdad The Chairman of the Securities Commission, Faisal Al-Haimas, announced today, Tuesday, the stock trading indicators on the Iraq Stock Exchange during the first half of 2024, as the value of traded shares amounted to 321,951,474,384 Iraqi dinars.
Al-Haimas said in a statement followed by "Al-Eqtisad News": "The number of shares traded during the first half of the current year amounted to 281,150,586,973 shares," noting that "the number of listed companies and companies registered in the market amounted to 109 joint-stock companies, distributed between regular and secondary trading platforms and unlisted companies."
Al-Haimas added: “The government bonds that were traded are construction bonds with two issues, and reconstruction bonds with three issues,” stressing that “the number of companies registered on the ISX-OTC platform for unlisted companies increased to 6 companies after accepting three new companies at the end of June 2024.”
The Chairman of the Securities Commission explained that “the number of companies whose shares were traded during the first half of this year amounted to 87 companies.”
The number of traded shares reached 281,150,586,973 shares, and the value of traded shares reached 321,951,474,384 dinars.
Al-Haimas pointed out that “the ISX60 index closed in the last session of June at 882.03, recording a decrease of 1.25% from the closing of 2023, while the ISX15 index closed at 1005.49 points, achieving an increase of 0.5% from its starting value in the base session.”
Al-Haimas concluded his statement by saying: “The number of contracts executed during the first half of the year reached 86,268 contracts, which reflects continuous activity and dynamic movement in the Iraq Stock Exchange.” 07/02/2024 - https://economy-news.net/content.php?id=44820
Implementation Of The Comprehensive Banking System Of Rafidain Bank In 31 Branches
Economy | 08:47 - 02/07/2024 Baghdad - Mawazine News Rafidain Bank announced today, Tuesday, the implementation of the comprehensive banking system in the Pharmacists Branch in Basra, thus joining the branches that have activated the comprehensive system in Baghdad and the governorates, in addition to the border crossing branches (Zurbatiya - Safwan - Arar - Trebil).
The bank confirmed in a statement today that "the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the scheduled timings to include all the bank's branches in the implementation of the system, especially since one of the priorities and adoptions of the government program is the electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions."
He added, "Thus, the number of branches that have implemented and completed the system becomes (31) branches, in an important step to strengthen the banking system, achieve its requirements, and leave paper work and move completely to electronic systems." https://www.mawazin.net/Details.aspx?jimare=250611
Global Oil Price Stability
Economy | 10:12 - 02/07/2024 Follow-up - Mawazine News
Oil prices stabilized on Tuesday, remaining near their highest levels in two months reached in the previous session, driven by expectations of increased fuel demand during the summer travel season and the possibility of a cut in US interest rates.
Brent crude futures rose slightly by 20 cents to $86.80 a barrel, after rising 1.9% in the previous session to record the highest closing level since April 30.
US West Texas Intermediate crude rose 13 cents to $83.51 a barrel, after rising 2.3% to its highest level since April 26. https://www.mawazin.net/Details.aspx?jimare=250618
Central Bank Sells About $269 Million In Auction Today
Banks
Economy News – Baghdad The Central Bank of Iraq announced on Tuesday its sales of hard currency, which amounted to more than $269 million in today's transactions, according to the official exchange rate of 1310.
The bank's data showed that the total internal cash withdrawals amounted to $30,250,000, while the total amounts of transfers abroad, including remittances and credits, amounted to $239,000,000, while the total sales amounted to $269,250,000. https://economy-news.net/content.php?id=44821
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Provoking Thoughts and Points To Ponder On Adversity:
Adversity has ever been considered as the state in which a man most easily becomes acquainted with himself, being free from flatterers. - Samuel Johnson
In all things preserve integrity; and the consciousness of thine own uprightness will alleviate the toil of business, soften the hardness of ill-success and disappointments, and give thee an humble confidence before God, when the ingratitude of man, or the iniquity of the times may rob thee of other rewards. - Barbara Paley
He knows not his own strength who hath not met adversity. - Samuel Johnson
Adversity leads us to think properly of our state, and so is most beneficial to us. - Samuel Johnson
In the depth of winter, I finally learned that there was in me an invincible summer. - Albert Camus
http://famousquotesandauthors.com/topics/adversity_quotes.html