Approximately $60 billion is invested in Iraq, according to a government advisor
The technical advisor to the Prime Minister, Mohammed Sahib Al-Daraji, confirmed today, Thursday, that the volume of investments in Iraq reaches about $60 billion, while revealing a decrease in the external debt to $9.8 billion.
Al-Daraji said in a statement to the Iraqi News Agency (INA): “Iraq’s gross domestic product exceeded $260 billion, which makes the ratio of external debt compared to the domestic product at a very low level, which opens the door to a new phase of external financing, but with well-studied conditions,” noting that “Iraq’s external public debt witnessed a significant decrease, as it decreased from $20.9 billion to $9.8 billion.”
He stressed, “The importance of financing being directed towards productive projects capable of paying their debts on their own, instead of focusing on consumer or ill-studied projects.”
Regarding current investments, Al-Daraji pointed out that “the volume of local and foreign investments in Iraq amounts to about 60 billion dollars, most of which are in the real estate and housing sector, which is a good thing,” stressing the “need to strengthen the role of the Iraqi investor and support him to diversify investments.” He pointed out that “there is a large cash mass among citizens outside the banking system, which makes it economically useless if it remains stored in homes,” calling for “transferring this money to investment projects that contribute to transforming it into assets that support the national economy and enhance sustainable development.”
Iraq is close to achieving a major achievement in international trade
Announced International Federation For land transport (IRU), today, Thursday, readiness Iraq To carry out the first historic transport operation via the international road transport system (TIR), in a historic step towards enhancing commerce Across the border.
The union confirmed in a statement received by SumerianNews, “Iraq is close to achieving a major accomplishment in commerce International, where it will soon witness the first transport operation under the umbrella of the internationally recognized system for customs transit,” noting that “this step reflects the commitment Iraq By updating the sector commerce And adopting international practices.
A specialized workshop was also organized, focusing on the importance of the United Nations international agreements, such as the TIR Convention and the Dangerous Goods Convention, highlighting the role of these agreements in simplifying commerce And to enhance security and reduce accidents, according to the statement.
The union stressed the “importance of cooperation Between the public and private sectors to ensure smooth implementation of the two mentioned systems, which contributes to enhancing the position of Iraq in commerce Regional and international.”
The union pointed out that “this step represents a new beginning for Iraq in the field of transportation and international trade, with the adoption of the best international practices to enhance efficiency and economic growth.”
Iraq, World Bank discuss continued joint work to enhance economic stability
The Ministry of Finance and the World Bank agreed, today, Thursday, to continue coordination and joint work to enhance economic stability in the country.
The ministry stated in a statement received by Al-Maalouma Agency, that “Taif Sami received today the World Bank representative in Iraq, Emmanuel Salinas, in the presence of the Regional Director for Human Development, Fadia Saadeh, and the accompanying delegation, to discuss ways to enhance cooperation between the two sides in supporting development projects and implementing economic reforms.”
She stressed: “The importance of partnership with the World Bank in financing programs aimed at achieving sustainable development, and the Iraqi government’s commitment to implementing financial and economic reforms to ensure the stability of the national economy,” noting that “these reforms aim to enhance sustainable growth, improve the management of financial resources, combat corruption, and enhance transparency in government institutions.”
For his part, the World Bank representative praised the “Iraqi government’s efforts to improve the economic environment and enhance transparency and efficiency,” stressing “the bank’s readiness to provide more technical and financial support in line with Iraq’s development priorities.”
The two parties stressed the “continuation of coordination and joint work to achieve strategic goals and enhance economic stability in the country.”
Central Bank: Stimulating hoarded money in homes is one of the most important challenges of the stage
An official at the Central Bank of Iraq said that “stimulating the money hoarded in homes and transferring it to the banking sector is one of the most important challenges facing the current stage.”
The representative of the Central Bank of Iraq at the Baghdad International Fair, Athraa Taha Juma, stated that “the government is working to develop regulatory frameworks that support the transition to a digital economy, especially in the field of electronic payment.
” She explained that “the transition that Iraq is witnessing towards a digital economy is important.”
Juma pointed out that “one of the most important challenges facing the current stage is gaining citizens’ confidence in electronic payment products, which will contribute to stimulating the money hoarded in homes and transferring it to the banking sector, as this transformation is part of a larger strategy aimed at stimulating the national economy by investing money in a way that serves major projects in the country.”
