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Iraq Economic News and Points to Ponder Wednesday Afternoon 1-8-25

Presidencies Discuss Preparations For 2025 Elections And Financial Liquidity For Ministries And Governorates

Time: 2025/01/08 20:00:05 Read: 182 times  {Politics: Al Furat News} The presidencies held a meeting today, Wednesday, at the Baghdad Palace, which included the President of the Republic, Abdul Latif Jamal Rashid, the Speaker of the House of Representatives, Mahmoud Al Mashhadani, and the President of the Supreme Judicial Council, Judge Faiq Zidane.

The attendees, according to the Presidency of the Republic, discussed preparations for the 2025 parliamentary elections and the need to provide logistical and technical requirements for the Independent High Electoral Commission.

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In the financial aspect, the issue of cash liquidity and financing ministries and governorates from the investment budget and the regional development budget were discussed. The need to meet the financial obligations of institutions and ministries and follow the standards of oversight and auditing of expenditures to protect public money and reduce corruption was emphasized.

The meeting discussed the delay in presenting some important draft laws prepared by the Presidency of the Republic to the sessions of the Council of Representatives, and the need for joint work and coordination between the Presidency of the Republic and the Council of Representatives to include the delayed draft laws on the Council's session program was emphasized, as they are related to the interests and work of citizens.

The attendees stressed the need to support the government in completing and completing the paragraphs of its program by improving the reality of services, improving the living conditions of citizens, supporting the Iraqi economy, and encouraging the private sector in a way that contributes to achieving comprehensive development.

Regarding the current developments in the region, emphasis was placed on consolidating security, peace and stability in the region, and the importance of supporting international efforts and endeavours to contain crises and find solutions to problems and issues through constructive dialogue that enhances international peace and security.   LINK

The World Bank Announces The Date For Submitting The Feasibility Study, The Path Of The Development Road Project And Its Details

economy | 08/01/2025  Mawazine News – Baghdad  The World Bank announced its readiness to submit the feasibility study, the path and details of the development road project by next February.

A statement by the House of Representatives received by (Mawazine News) stated that "the head of the Finance Committee, Atwan Al-Atwani, received today, Wednesday, a delegation from the World Bank headed by (Jean-Christophe Carré), Regional Director for the Middle East, to discuss supporting the railway rehabilitation project within the Development Road Project.

The meeting reviewed "the economic and regional vision for the Development Road Project and its strategic importance in stimulating investment movement, maximizing non-oil revenues and providing job opportunities, and also discussed the possibility of the private sector contributing to its implementation."

The meeting also discussed the multi-stage support provided by the World Bank for the Development Road Project, including modernizing and rehabilitating the current railway network and linking it from southern Iraq through the north and reaching Turkey.

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Al-Atwani reiterated his emphasis on the government's control over the infrastructure of the Development Road so that this important project that connects Iraq to the countries of the world is not subject to influences.

The head of the committee indicated that "our vision is for the Development Road Project not to be just a transit point, but rather we seek to be a gateway to stimulating various economic and commercial activities and developing infrastructure, calling on the World Bank delegation to present new visions and ideas regarding achieving optimal investment for this huge project Which is hoped to make Iraq an economic corridor linking Asia to Europe.

He stressed the need to expedite the submission of the feasibility study related to the railway development plan within the development road project, and to contribute to mobilizing international expertise and attracting the private sector to invest in it in a way that serves the country's interests.
Al-Atwani concluded:

We look forward to holding joint workshops and expanded meetings with the World Bank, to provide a full briefing on the project details and discuss its details in a way that secures broad parliamentary support for this borrowing, indicating that "the Finance Committee supports any loans with economic feasibility and that greatly benefit the Iraqi economy, especially since investment in the railway sector is a successful trend and achieves a large financial return.

For his part, the World Bank delegation appreciated the valuable comments presented by Al-Atwani within the framework of the rapid transition from the planning and vision stage to the implementation stage, stressing the World Bank team's readiness to submit the feasibility study, the project path and its details by next February.   https://www.mawazin.net/Details.aspx?jimare=258330

Dollar Prices Rise Again Against Dinar In Baghdad And Erbil Markets

Economy |  08/01/2025  Mawazine News – Economy  The exchange rate of the dollar against the Iraqi dinar rose on Wednesday afternoon in Baghdad markets, while it stabilized in Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange.

The dollar price also rose with the closing of the Al-Kifah and Al-Harithiya stock exchanges to record 151,000 dinars per 100 dollars, while it recorded 150,800 dinars per 100 dollars this morning.

The selling prices stabilized in exchange shops in the local markets in Baghdad, where the selling price reached 152,000 Iraqi dinars per 100 dollars, while the purchase price reached 150,000 dinars per 100 dollars.

As for Erbil, the dollar recorded stability, where the selling price reached 150,950 dinars per 100 dollars, and the purchase price reached 150,850 dinars per 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=258341

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Chairman Of The Integrity Commission Stresses The Importance Of Developing Mechanisms To Prevent And Combat Corruption

Political |  08/01/2025  Mawazine News – Baghdad   The Chairman of the Federal Integrity Commission, Mohammed Ali Al-Lami, discussed with the President of the Karkh Court of Appeal, Judge Khaled Taha, today, Wednesday, effective ways to prevent and combat corruption and develop its mechanisms.

The Chairman of the Integrity Commission, Mohammed Ali Al-Lami, said in a statement received by (Mawazine News): "The task of combating corruption requires strenuous efforts and everyone should contribute to it, whether official or popular activities,"

noting that "the Commission realizes the great burden placed on the judiciary in considering corruption cases, especially since its investigators work under the supervision of investigating judges and are aware of the grave responsibility borne by the judiciary, especially the large number of reports and criminal cases that need to be resolved."

He pointed out "the importance of providing a safe environment free of corruption that leads to encouraging investment and attracting investors," indicating "the importance of developing mechanisms to prevent, protect against, combat and prosecute corruption perpetrators."

He pointed out that "the oversight work undertaken by the Commission is not limited to the investigative and punitive aspect, but also includes the preventive and educational awareness aspects, which are no less important than the deterrent aspect,"

 noting that "what the other departments of the Commission are doing to develop culture in the public and private sectors values ​​personal integrity and honesty, respect for the ethics of public service, and adopting transparency and submission to accountability and interrogation, through public awareness and education programs."

For his part, the President of the Karkh Court of Appeal, Judge Khaled Taha, stressed, according to the statement, "the partnership and joint work with the oversight agencies to preserve public money," praising "all efforts aimed at achieving the supreme interest of the country and moving towards achieving the rule of law, pursuing the corrupt and recovering looted funds."

He added that "the goal of the judiciary and other competent authorities working under its supervision is to treat and not just accuse," noting "the high level of coordination and cooperation between the judiciary and integrity and the relentless pursuit of completing cases and issuing appropriate decisions against the accused."   https://www.mawazin.net/Details.aspx?jimare=258327

 

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