Iraq Economic News and Points to Ponder Wednesday Afternoon 3-19-25

Prime Minister: Iraq Is Witnessing A Comprehensive Development Renaissance.

Buratha News Agency1362025-03-19  Prime Minister Mohammed Shia al-Sudani affirmed on Wednesday that Iraq is witnessing a comprehensive development renaissance, while indicating that 323 power stations are under construction and implementation as part of the campaign to rehabilitate distribution networks and install power stations.

In his speech during the launch of the implementation works of the projects to rehabilitate distribution networks and install power stations via a closed-circuit television, the Prime Minister stated that "the start of work on rehabilitating electricity distribution networks in various governorates comes within the framework of the largest campaign to resolve power grid bottlenecks in preparation for the summer of 2025."

He added that "323 power stations are currently being built and implemented as part of this campaign," noting that "the government is working according to a well-thought-out technical plan, independent of any investment from political or societal entities."

He also explained that "the government has made significant efforts in the energy production sector and is seeking to diversify its sources to ensure the stability of the country's electricity system."

The Prime Minister concluded by stressing that "Iraq is witnessing a comprehensive development renaissance."    https://burathanews.com/arabic/news/457789

The Central Bank Of Iraq Explains The Reasons For The Decline In Its Foreign Reserves During The Third Quarter Of 2024.

Wednesday, March 19, 2025, | Economic Number of reads: 169  Baghdad / NINA / The Central Bank of Iraq announced, on Wednesday, a decline in its foreign exchange reserves during the third quarter of 2024, explaining the reasons that led to this decline.

The bank stated in a report that "Iraq's foreign exchange reserves decreased by 0.52% during the third quarter of 2024, reaching 143.35 trillion dinars, compared to the same period in 2023, when reserves amounted to 144.10 trillion dinars."

The bank attributed this decline to "the Central Bank's resort to withdrawing cash liquidity from the market by strengthening cash sterilization operations, as part of its efforts to maintain monetary stability."

The report added, "As a result of these measures, cash receipts increased from 18.46 trillion dinars to 20.09 trillion dinars during the same period."

It also indicated that "the decline in oil prices from $82.2 to $77.3 during the same period was another factor in the decline in foreign reserves."

The bank explained that "the increase in receipts led to the depletion of a portion of net foreign reserves, and the issued currency increased from 100.06 trillion dinars to 104.13 trillion dinars, as a result of the increase in public spending, which in turn led to an increase in public debt."

The central bank stressed that "despite this decline, it still has large net foreign reserves compared to the money supply, which makes it in a relatively safe position, according to global financial standards that set the minimum at 20%."  https://ninanews.com/Website/News/Details?key=1192853

Telecommunications Announces The Imminent Launch Of An E-Commerce Platform In Iraq.

Local |  03/19/2025  Mawazine News – Baghdad  The Ministry of Communications announced on Wednesday the preparation of the infrastructure and warehouses for the opening of branches of international e-commerce companies in Iraq, while indicating the imminent launch of an e-commerce platform in Iraq.

The Director General of the General Company for Postal and Savings Services at the Ministry of Communications, Zainab Abdul Sahib, said: “Plans have been made for the year 2025, after we have established the basic infrastructure.

Planning began in 2023, starting with this government, towards transforming the postal services into automated services (digital transformation) to keep pace with the development taking place in countries around the world.”

Regarding e-commerce, Abdul Sahib explained that “there is an effort to bring Amazon and Shein to open branches in Iraq, not as agents. The land, infrastructure, and warehouses have been prepared near the airport,” noting that “the effort is to have an e-commerce platform in the near future, which is currently being analyzed and referred.”  https://www.mawazin.net/Details.aspx?jimare=260243

The Prime Minister's Advisor Calls For Encouraging Investments And Improving The Business Environment In Iraq.

Time: 2025/03/19 Read: 1,185 times {Economic: Al Furat News} The Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, called for focusing on economic development programs and encouraging local and foreign investments by providing tax incentives and improving the business environment.

Saleh also pointed out in a statement to Al Furat News Agency the importance of launching development projects that contribute to creating job opportunities, especially for young people, with the aim of reducing unemployment and poverty.

These projects include the Riyada Project and the Riyada Bank, in addition to activating the activities of the Iraq Development Fund and the Sovereign Guarantees Committee to finance strategic industrial projects.

Saleh emphasized the need to strengthen social protection programs to mitigate the repercussions of economic crises on the poor. These programs are managed with high professionalism, contributing to building buffers that protect the national economy from regional influences and tensions.  LINK

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