Iraq Economic News and Points to Ponder Wednesday Evening 11-13-24
What Did Iraq Achieve In Its Meetings With The US Treasury, And Did It Succeed In Controlling The Sale Of The Dollar?
Economy 2024-11-12 | 4,949 views Alsumaria News – Economic The Central Bank of Iraq announced progress in the procedures for controlling external transfers and cash dollar sales and providing protection for the banking and financial sector from the risks of money laundering operations, following the ongoing discussions of the Central Bank of Iraq with the Federal Bank and the US Department of the Treasury.
The bank’s governor, Ali Al-Alaq, said in press statements,
“The ongoing quarterly meetings with the Federal Reserve Bank and the US Treasury Department within the framework of organizing operations and coordination between the two sides, which have close relations, led to agreement on procedures and formulas that are consistent with best practices and international standards, the latest of which was the plan related to organizing operations.”
External transformation through rebuilding it according to new standards and methods.” Al-Alaq stressed that
"Iraq has achieved 95% progress with regard to procedures for controlling external transfers, cash dollar sales, and providing protection for the banking and financial sector from the risks of money laundering operations."
In July 2023, the US Treasury Department imposed sanctions on 14 banks, preceded by months of similar sanctions that included 4 other Iraqi banks after they were accused of money laundering.
The Iraqi government, through the Central Bank of Iraq, has been continuing its negotiations for about two years with the US Treasury Department to lift sanctions on these banks, all of which are private banks.
The International Monetary Fund Praises The Development Of Financial And Banking Aspects In Iraq
November 13, 2024 Baku / Iraq Observer follow-up Kristalina Georgieva, Director of the International Monetary Fund, today, Wednesday, during her meeting with the Iraqi President, Abdul Latif Jamal Rashid,
praised the positive developments that Iraq has witnessed in the financial and banking aspects and in the field of stimulating the investment environment.
The Presidency of the Republic stated in a statement received by “Iraq Observer,” that
“Rashid received, at his residence in the Azerbaijani capital, Baku, Kristalina Georgieva, Director of the International Monetary Fund, as part of his participation in the United Nations Climate Conference (COP29).” During the meeting,
they “reviewed the cooperation relations between Iraq and the International Monetary Fund and ways to strengthen them in the context of supporting the development path in Iraq,” where the President of the Republic affirmed during the meeting that
“Iraq
is seeking to implement integrated programs and
plans to stimulate the economy and
support the financial and banking reform process. He also thanked the IMF.”
“The international community for what it did to support Iraq’s budget during the crises it faced and overcame.” The President of the Republic also stressed
“the importance of completing coordination and joint cooperation in order to continue efforts to
combat corruption,
support investment, and
develop the private sector in order to
build a strong, cohesive, and recovering economy.”
For her part, Crystalina explained that
“the main mission of the International Monetary Funds is to provide support to countries’ budgets in times of crises, and
this is what the Fund did with Iraq during a difficult period, but it overcame it, and
she praised the positive developments that Iraq witnessed in the financial and banking aspects and in the field of stimulating the investment environment.” https://observeriraq.net/صندوق-النقد-الدولي-يشيد-بتطور-الجوانب/
Financial Inclusion And Banking Structuring
Economical 11/13/2024 Muhammad Sharif Abu Maysam The current government’s interest in the banking sector has become remarkable to the point where it can be said that the government is actually undertaking the “Financial Inclusion Programme,” which
those in charge of it aim to deliver services to all regions of the country and include all societal and age groups with these services with the aim of encouraging all citizens to open bank accounts, and then Withdrawing the public’s hoarded cash mass, which the Central Bank estimates at about 70 percent of the issued cash, and circulating it in the activities of the banking arena, with the aim of raising credit rates and contributing to creating real development.
On this basis, the Prime Minister’s Office recently issued a statement in this regard, which pointed out some of the challenges facing efforts to reform the financial and banking system, as one of the priorities of the government programme, while the statement identified a number of steps with the aim of confronting these challenges and ensuring the strengthening of confidence in the financial and banking sectors. Facilitating the economic development process and raising financial inclusion indicators.
However, the clear intersection between the government’s approach and the banking restructuring program indicates a number of observations that are directly related to these steps, such as the contradiction between what was stated in the content of these government steps, and the banks’ procedures regarding restructuring, as
some government banks have taken great steps in The issue of restructuring, which appears to have been limited to the merger of large numbers of operating government bank branches, which included branches on the outskirts of the governorate centers and in their centre, which undermined the service space in which these banks operate, and
this completely intersects with the financial inclusion program, which determined Al-Bayan is one of its tools by "providing banking services to different segments of society, including districts and sub-districts in villages and rural areas."
The steps mentioned in the statement, which are in the process of intensifying efforts, did not refer to the issue of the conditions that were previously set regarding raising bank capital rates to about 450 billion dinars by the end of December 2024, which obligated all private and government banks in this regard.
Otherwise, these banks will be merged or Liquidation,
if we know that some government banks, many of whose branches have been merged, still have large numbers of branches, and these branches still provide their daily services to large numbers of the public, while they are vulnerable to merger or liquidation, so that some departments are unable to take some Decisions related to developing services, because they realize that the fate of their banks will end in merger or liquidation, and
this is what makes the intersection clear in the government’s approach regarding developing the performance of banks and expanding the scope of services with the structuring program implemented by the relevant authorities. https://alsabaah.iq/105828-.html
Iraq Is Recording 4% Economic Growth And Moving Towards Sustainable Diversification
Economical 11/13/2024 Baghdad: Shukran Al-Fatlawi The increase in growth in the Iraqi economy by 4% reflects the beginning of a positive shift towards sustainable economic diversification.
According to International Monetary Fund forecasts, this growth reflects the country's efforts to reduce dependence on non-renewable natural resources and shift to an economy that relies on other sectors.
Specialists consider that the development project initiated by the government represents a qualitative step towards restructuring the national economy.
They point out that this project includes developing a strong infrastructure, developing the industrial and agricultural sector, in addition to attracting foreign and local investments, which will enhance Iraq's ability to face future economic challenges. In this context, experts point out that
Iraq has already begun implementing some of the recommendations of international conferences, such as the Munich Conference and other economic forums held in Washington and Riyadh, as the government seeks to attract international companies and enhance the role of the private sector in the economy.
The government's approach to multi-pronged development programs is part of a comprehensive strategy aimed at transforming the Iraqi economy from one that relies mainly on oil to one Diverse and sustainable.
Development Plan
The expert in economic affairs, Dr. Adnan Bahia, in an interview with “Al-Sabah,” explained that the
World Bank, in its adoptions regarding Iraq, depends on a large number of important factors, the most important of which is the existence of the development plan for the next five years, which it prepared in a way that guides the development process in Iraq, which is being implemented. Through it, the dispersed development trends are limited to one correct direction.
Government Programme
Bahiya promised the existence of an ambitious government program for the past years and the current year that achieves a large number of achievements, the
most important of which is the work to complete the files of lagging projects, as their number has decreased by more than half, pointing out that this is a good indicator for growth. He noted that the
Economic Process
stability of oil prices, even in light of the unstable political and security atmosphere in the Middle East and the world, where prices range from 70 to 80 dollars per barrel, encourages the continuation of the economic process in the country, since the Iraqi economy depends on oil for 95 percent of its capabilities and revenues. He hinted that the
current policies in the field of combating corruption and returning looted and smuggled funds out of Iraq are important, especially if those funds are exploited to create an advanced industrial, agricultural and service base that will transform the country. In the right direction.
Advanced Ranks
Economic affairs researcher, Suhad Al-Shammari, told “Al-Sabah” that the
International Monetary Fund’s reports confirm that Iraq ranks highly in the Arab world in terms of expected economic growth, amounting to 4 percent, ahead of Morocco, Kuwait, Bahrain, Oman, Algeria, Jordan, and Qatar. Al-Shammari attributed
Correct Planning
the reason for this to the role of the state and the current government in proper management and planning to enhance the growth of the economic sector and protect the local market from the economic fluctuations that are plaguing the region, as well as providing the Iraqi citizen’s requirements for social welfare salaries and a food basket, which made a clear difference in protecting the local market from fluctuations. Exchange rate. She continued that the
investment and service projects that began with the government curriculum and directly with the current government by launching them and the international conferences, in which I participated, including the Munich and Riyadh conferences, brought Iraq back to the global platform. She added that
Foreign Investments
Iraq is an important geopolitical player, possessing the potential to secure foreign investments and joint cooperation between Iraqi and foreign private sectors, stressing that
the country is capable of finding a substitute for oil and has all the solid economic components, as evidenced by the efforts of most countries to contribute to important projects, including the development project, which is considered a transition. Quality in the Iraqi economy. https://alsabaah.iq/105827-.html
Economist: Oil Pollution In The Tigris River Is Causing Iraq Huge Losses
November 13 20:45 Information/special.. Economist Nabil Al-Marsoumi confirmed on Wednesday that Iraq has suffered major financial losses as a result of oil pollution in the Tigris River. Al-Marsoumi said in an interview with the Maalouma Agency,
“Oil pollution and hospital waste in the Tigris River, as well as pollutants emanating from brick factories and oxidized asphalt, lead to great damage at the level of health, agriculture, livestock, and fish deaths.
It also damages drinking water and the air, forcing Iraq to... To spend huge sums of money to purify water and combat pollution in all cities of the country. He added,
"Iraq is among the rare countries in the world that do not count environmental costs, while studies are supposed to be conducted on this subject and the transition to a green economy is encouraged."
Over the past few years, cases of oil pollution have been repeated in the Tigris River, leading to the cutting off of drinking water to some areas, the death of fish, and the damage to crops that rely on river water for irrigation. Ended 25 B
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