KTFA:

Clare:  Sudanese Advisor: Iraq's external debt has fallen to 9 billion dollars

6/5/2024 Baghdad

The technical advisor to the Prime Minister, Muhammad Sahib Al-Daraji, said that the value of foreign loans to Iraq amounted to about 9 billion dollars.

Al-Daraji added: “A specialized committee has been formed to reveal the amounts borrowed by Iraq from 2003 to the end of 2023.”

He pointed out that "the committee is monitoring where the money went and what projects were completed with these loans and which are still being completed? And what is lagging behind?"

The Sudanese advisor confirmed, "Iraq was able to cancel approximately 31 external loans, leaving those loans worth 8 billion and 900 million dollars."   LINK

Clare: Prime Minister: The coming period will be the beginning of major projects

6/5/2024

Prime Minister Muhammad Shiaa Al-Sudani confirmed: “The coming period will be the beginning of large projects.”  LINK

Ryan1216:  I pray a new rate is introduced along with the beginning of the major projects

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Clare:  FinTech in Iraq: How is Iraq reshaping its financial future?

6/5/2024

Financial technology (FinTech) has become a major driver of innovation in the global banking sector, providing innovative solutions to facilitate financial services and increase their efficiency.

In Iraq, banks have begun to adopt these technologies, which has contributed to improving customer experience and expanding the scope of financial services provided. The Iraqi Deposit Insurance Company plays an important role in supporting this trend, as it is a pillar of financial stability, by encouraging banks to adopt financial technology and providing a regulatory environment supportive of innovation.

Financial technology has demonstrated its ability to enhance financial inclusion in Iraq, as it can provide affordable and accessible financial services to wide segments of society, especially in remote and rural areas. Through mobile applications and online banking, individuals and businesses can access a variety of financial services, such as money transfers, paying bills, and obtaining loans, without having to visit bank branches.

The Iraqi Deposit Insurance Company is working to enhance the use of financial technology in Iraq, through cooperation with banks and financial technology companies to develop innovative solutions that meet the needs of the Iraqi market. The company is also working to provide the necessary regulatory framework to ensure the security and safety of digital financial services, and to protect consumer rights.  LINK

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Clare:  Iraq intends to purchase 8 air defense systems for $2.5 billion

6/4/2024  Baghdad - 

Military sources revealed, today, Tuesday, Iraqi negotiations with Korea, through which Iraq seeks to purchase the "M-Sam 2" anti-missile and anti-aircraft system from South Korea, as part of a deal that could be worth about 2.56 billion dollars. 

Iraq has expressed in an “urgent” request its desire to possess 8 systems of these air defense batteries, also known as “Xionggong-2,” according to the sources.

The Cheonggong-2 system provides effective defense against aircraft, cruise and ballistic missiles, intercepts incoming threats with direct collision, and features an advanced radar for simultaneous detection and tracking of multiple targets. It has an operating range of up to 40 km, and can confront missiles at altitudes of up to 15 km.   LINK

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Clare: The Iraqi budget is moving toward “publishing and disbursing” without presidential approval

6/5/2024

Member of the Parliamentary Finance Committee, Jamal Kujar, revealed on Wednesday an important step towards approving Iraq’s budget for the current year. 

Koger told Shafaq News Agency that the House of Representatives voted on the budget law schedules and sent them in an official letter to the Ministry of Justice for the purpose of publishing them in the Iraqi newspaper Al-Waqe’i.

He stated that the budget schedules do not need to be approved by the Presidency of the Republic, given that Parliament voted last year on the three-year budget law.

He added, after publishing the budget tables in the Official Gazette, the Ministry of Finance and the Ministry of Planning will disburse operational and investment expenses, allocations and financial dues to ministries, institutions, bodies and government agencies, in addition to disbursing the governorates’ dues as specified in the budget tables.

The Iraqi Parliament voted, the day before yesterday, Monday (May 3), on the budget schedules for the current year 2024.

The budget included securing scholarships for university and school students, and increasing employee allocations by 4 trillion to secure the salaries of employees, new appointees, and retirees, and implementing the terms of contracts, appointments, and those whose contracts were terminated.

It also included allocating an amount of one trillion and 250 billion dinars to secure the increase in retirees' salaries, and allocations for disbursing end-of-service rewards to civilian and military retirees.

As well as increasing social welfare allocations to include more than 650,000 new families, increasing the capital of the Real Estate Bank by 500 billion dinars to cover citizens’ lending requests for housing, and allocating an amount of 5 trillion dinars to secure farmers’ entitlements to purchase wheat and barley crops.   LINK

Clare: Signing a cooperation agreement between an Iraqi bank and a German institution to finance private sector projects

6/5/2024

Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani opened the work of the second specialized workshop to support the private industrial construction sector, during which a cooperation agreement was signed between the Trade Bank of Iraq (TBI) and the German Export Credit Corporation, to finance private sector development projects, within the sovereign guarantees initiative. Governmental.

A letter of authorization was also signed to finance the project to establish a plate glass factory in the Najaf Governorate in the amount of 110 million euros, between the Iraqi Trade Bank and the German banks (Commars Bank) and (Aka Bank).

Mr. Al-Sudani viewed an exhibition that included the private industrial sector’s products of construction materials, praising the efforts made to provide them.

The Prime Minister said in his speech during the opening of the workshop that sovereign guarantees provided financial support from German, Italian and Japanese financial institutions, amounting to 200 million dollars, adding that there are understandings with the French side in the amount of 1 billion euros, for the construction of industrial projects within the sector. private.

He added that the steps of networking and implementing the ASYCUDA system are an important step in automating customs and facilitating the entry of goods, stressing that tax accounting procedures have witnessed a jump due to the facilities provided.

Al-Sudani went on to say, “We are on the verge of a qualitative shift in the procedures for registering companies within the electronic procedures,” noting that “a vision will be reflected in the form of procedures on the financing side and facilitating borrowing from banks.”

The Prime Minister revealed that the government is conducting a study to reform the Industrial Bank to be an effective tool in implementing plans and programs that drive industrial development.

He considered that these agreements are an important indicator of external contributions to the Iraqi economy, specifically in the industrial sector.

Al-Sudani continued by saying, "We are continuing in the housing and construction sector in general, and this requires extensive construction materials."

He concluded his speech by saying that the available factories for various construction materials cover only a quarter of the need according to the projects that will be undertaken, especially residential city projects.  LINK

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Clare: Al-Sudani: Understandings with France amounting to one billion euros to build industrial projects... and it promises a qualitative shift

6/5/2024

Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani opened the work of the second specialized workshop to support the private industrial construction sector, during which a cooperation agreement was signed between the Trade Bank of Iraq (TBI) and the German Export Credit Corporation, to finance private sector development projects, within Government Sovereign Guarantees Initiative.

A letter of authorization was also signed to finance the project to establish a plate glass factory in Najaf Governorate in the amount of 110 million euros, between the Iraqi Trade Bank and the German banks (Commars Bank) and (Aka Bank).

Al-Sudani viewed an exhibition that included the private industrial sector’s products of construction materials, praising the efforts made to provide them.

He stressed, during his speech, that the main goal of this workshop is to emphasize the need for construction industries, pointing to government support for the industrial sector, and removing the problems and obstacles facing this vital sector, which represents a fundamental engine of the economy, and helps address the problem of unemployment by providing job opportunities, Noting that the support of the Ministry of Industry and industrialists and all the decisions required by the Council of Ministers are on their way to implementation, he confirmed that 8 projects are on their way to implementation in light of the provision of sovereign guarantees to support the private sector.

The Prime Minister referred to the important package issued by the Council of Ministers yesterday, which included measures related to supporting the industrial sector, including those related to providing land for the construction of projects, and providing the necessary fuel for operation. He stressed that the government has put in place measures to improve the business environment, expand electronic payment and collection, and improve Tax accounting procedures and automation of customs procedures.

Al-Sudani explained that this package was completed through discussion with the relevant departments as it was discussed in the Council of Ministers, and greater powers were granted to the competent departments in the Ministry of Industry to overcome any red tape or delay, and he directed that a periodic report be presented to monitor procedures in the event of obstruction or diligence. 

In appreciation of the Prime Minister’s position in support of industrialists, which resulted in a package of decisions taken by the Council of Ministers yesterday, the Federation of Industries decided that June 4 would be National Industry Day.

The following are the most important things that were stated in the Prime Minister’s speech during the opening of the workshop:

Sovereign guarantees provided financial support from German, Italian, and Japanese financial institutions, amounting to $200 million.

There are understandings with the French side amounting to 1 billion euros, for the construction of industrial projects within the private sector.

- Networking steps and implementing the ASYCUDA system are an important step in automating customs and facilitating the entry of goods.

- Tax accounting procedures witnessed a jump due to the facilities provided.

We are on the verge of a qualitative shift in company registration procedures through electronic procedures.

We have set a vision that will be reflected in the form of measures on the financing side and facilitating borrowing from banks.

We are studying the reform of the Industrial Bank to be an effective tool in implementing plans and programs that drive industrial development.

These agreements are an important indicator of external contributions to the Iraqi economy, specifically in the industrial sector.

We are working in the housing and construction sector in general, and this requires extensive construction materials.

The available factories for various construction materials cover only a quarter of the need according to the projects that will be undertaken, especially residential city projects. LINK