Iraq Economic News 6-19-2024
Parliamentary Finance: Iraq Needs To Be Liberated From Oil Power In The Field Of Revenues
June 12, 2024 Baghdad/Iraq Observer Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, confirmed that although Iraq possesses all the elements that enable it to advance its economy and liberate itself from oil power in the field of revenues, it lacks unity of decision and vision in the field of directing the economy to its correct destination.
Al-Kadhimi told Iraq Observer, “There is a major imbalance in the Iraqi economy.
If we continue to rely on oil as the country’s sole resource, as approximately 90% of the country’s revenues are derived from it, then this dependence is not guaranteed, given that the oil wealth is not stable in price in global markets, in addition to “The wise countries are moving towards non-oil revenues.” He added, “There are already steps taken by the government, but they are not at the level of ambition to increase revenues, including encouraging internal industry and agriculture.
Also, the fact that the border crossings remain without control, especially those in the Kurdistan region, is one of the most prominent reasons behind the faltering of the internal industry, as the national product remains without protection from the government.”. He continued,
“The increase in non-oil revenues, customs, border crossings, taxes, and all services provided by the Ministry of Electricity and other service ministries must be offset by these huge amounts spent on the ministries, revenues that strengthen the state’s balance and treasury in light of the annual budget, in addition to initiatives to support the private sector and investment that… “It would attract and absorb large numbers of labor.” He pointed out that
“Iraq has the qualifications to start with non-oil revenues,
but the system that the economy has followed since 2003 and
what was imposed by the occupation and the
destruction of the infrastructure of most factories and the
failure to solve the problem of electrical energy until now
is considered the main obstacle to the launch of the private sector in the various fields that support The Iraqi economy is important and essential revenues.” He concluded by saying,
“An example of this is what happened currently in self-sufficiency in wheat, and
the wheat crop has now reached 6 million tons of production for this year, but
in return it cost the government approximately more than a trillion dinars, considering that the government took the initiative to buy a ton at a rate of 150 thousand dinars in support of farmers, while in If it is imported, it reaches the governorates at a price of 400 thousand dinars.
Therefore, the issue of reforming the Iraqi economy requires a
government decision,
parliamentary support, and
support from the political blocs, in addition to
understanding from the popular bases.
https://observeriraq.net/المالية-النيابية-العراق-بحاجة-الى-الت/
International Finance: Economic Reform In Iraq Is Witnessing An Increasing Pace, And We Have Invested About Two Billion Dollars
Money and business Economy News _ Baghdad The representative of the International Finance Corporation in Iraq, Bilal Zaghir, confirmed today, Tuesday, that the institution’s investment in Iraq has reached nearly two billion dollars since 2005, while indicating that economic reform is witnessing an increasing pace.
Zaghir said in an interview with the Iraqi News Agency, followed by “Al-Iqtisad News,” that “the work of the International Finance Corporation dates back to the year 2005, and over the years we have been able to invest nearly two billion dollars in a wide range of sectors,” indicating that “our work in Iraq will extend out of our belief in future prospects.”
“For Iraq, the pace of economic reform will accelerate, and this will reflect positively in creating other investment opportunities in all sectors, whether industrial, infrastructure, or in the financial and banking sector.”
He added, “The International Finance Corporation is the arm of the World Bank that is concerned with developing the private sector by providing the necessary financing for private sector projects in addition to providing advisory services. Therefore, the framework of the institution’s work expands to include a wide range of financial services to all companies operating in Iraq in addition to providing consulting services”.
Zaghir continued, “The IFC’s thinking relates to a group of sectors whose importance we believe and whose importance we share with the Iraqi government, whether investing in the Iraqi industrial sectors, where they are productive and an alternative to imports, and the second part relates to the financial sector, both its banking and non-banking parts, in addition to the importance of investing in infrastructure and improving the services provided.”
For Iraqis throughout the country,” pointing out that “the main point is our work and encouraging the private sector and working with it.”
https://economy-news.net/content.php?id=44398
Iraq Is Second In The Arab World To Produce Hydroelectric Power
Hydropower Energy Economy News – Baghdad Iraq ranked second among the largest Arab countries with the largest hydropower capacity in operation, according to recent data issued by the Global Energy Monitor platform.
The total hydropower capacity in operation in 7 Arab countries (Egypt, Iraq, Sudan, Syria, Morocco, Lebanon, and Algeria) is more than 10.2 gigawatts.
Egypt topped the list of Arab countries with the most operational hydroelectric capacity, reaching 2,778 gigawatts, and in second place on the list was Iraq, with a capacity that stabilized at 2,436 gigawatts, followed in third place by Sudan, with a hydroelectric capacity of 1.85 gigawatts.
Fourth, Syria ranked on the list of Arab countries with the most hydroelectric power capacity, with an operating capacity of 1,585 gigawatts, and Morocco came in fifth place, with a capacity of 1,395 gigawatts.
Lebanon also came on the list with an operational hydroelectric capacity of 0.108 gigawatts, and finally Algeria ranked on the list of Arab countries with the most hydroelectric capacity, with a capacity of 0.100 gigawatts. https://economy-news.net/content.php?id=44424
Stability In Dollar Exchange Rates In Baghdad, Basra And Erbil
Wednesday 19, June 2024 12:24 | Economical Number of readings: 327 Baghdad / NINA / The exchange rates of the dollar against the Iraqi dinar witnessed stability today, Wednesday, in Baghdad, Basra, and Erbil. Below is a list of dollar selling prices:
$100 = 147,000 dinars in Baghdad
$100 = 146,800 dinars in Basra
$100 = 147,000 dinars in Erbil.
https://ninanews.com/Website/News/Details?key=1133156
Provoking Thoughts and Points To Ponder On Adversity:
As there is no worldly gain without some loss, so there is no worldly loss without some gain…. Set the allowance against the loss, and thou shalt find no loss great. – Francis Quarles
Never complain about your troubles; they are responsible for more than half of your income. – Robert R. Updegraff
A problem is a chance for you to do your best. – Duke Ellington
Emergencies have always been necessary to progress. It was darkness which produced the lamp. It was fog that produced the compass. It was hunger that drove us to exploration. And it took a depression to teach us the real value of a job. – Victor Hugo
Many men owe the grandeur of their lives to their tremendous difficulties. – Charles Haddon Spurgeon
It is often hard to distinguish between the hard knocks in life and those of opportunity. – Frederick Phillips
Fire is the test of gold, adversity of strong men. – Marcus Annaeus Seneca
http://famousquotesandauthors.com/topics/adversity_quotes.html
