Iraq strengthens partnership with US banks to support economic stability and investment.
Advisor to the Prime Minister, Mazhar Mohammed Salih, confirmed on Wednesday that linking up with US banks provides financing and credit lines for trade and investment in Iraq. He also explained that direct cooperation with more than one US bank reduces the costs of foreign transactions .
“As long as Iraq is within the dollar zone like other OPEC countries, with the US dollar constituting the majority of its financial assets from oil revenues, it is in our country’s interest to deal equally with the US commercial banking system as a global correspondent power for national banks, especially when dealing with more than one US bank operating globally (Global Bank) that has major global branches and arms, ” the official media quoted Saleh as saying, as reported by Mail.
He added, “The Central Bank of Iraq’s efforts to link national banks with major banks and financial institutions in the United States, including more than one bank with international standing, is an important means of providing economic stability and improving the climate for investment, trade, and development in our country through integration with the dollar trade, banking, and investment zone, which remains one of the strongest and most important monetary zones in the world, without a doubt .”
He pointed out that “reducing the costs of foreign banking transactions today requires direct banking cooperation with more than one American bank (Global), and that the Central Bank of Iraq is moving in the right, open, and rapid direction in assessing its priorities to serve the stability of the national economy at the level of foreign banking transactions and implementing them with the required speed and high guarantees .”
Saleh explained that “the second American bank is responsible for providing opportunities for Iraqi banks as a global correspondent bank with multiple branches and operations to quickly implement banking operations, whether in transfers or financing foreign trade for our country’s markets, without obstacles and with transparency and high governance. In addition, it provides financing and credit lines for trade and investment in Iraq, as well as benefiting from digital banking services and highly advanced international standards, which will bring our national banks to the required global level. These are factors that encourage the investment and business climate in our country at the same time, in the midst of integration and cooperation with the international banking system .”
Government advisor: Iraq is in a prosperous and prosperous era despite the difficulties of the international economy.
The Prime Minister’s financial advisor, Mazhar Mohammed Salih, confirmed that operating expenses, which include salaries and other expenses, constitute approximately 57% of total annual spending in Iraq, and are fully covered as construction projects proceed at an accelerated pace.
Saleh explained in a statement to Al Furat News Agency, “This confirms the success of fiscal space management in supporting the country’s financial, economic, and developmental sustainability, even in light of the relative decline in the oil asset cycle.”
He pointed out that this has had a positive impact on citizens’ living conditions, as annual growth in the general price level, or the inflation index, has remained below 4% per year, a key indicator in the country’s stability roadmap and maintaining its standard of living.
Saleh described the current situation as a “prosperous and prosperous era” despite the difficulties facing the regional and global economies.
He noted that Iraq ranks third in the West Asia region in terms of GDP composition, after Saudi Arabia and the United Arab Emirates, among the group of Arab countries with high annual national incomes, according to the latest international indicators and estimates.
Half of it from taxes… Iraq intends to collect 79 trillion dinars in non-oil revenues by 2028.
Revealed Ministry of Planning Today, Tuesday, estimates according to the five-year plan 2024-2028 indicate that 79 trillion dinars will be collected in non-oil revenues, with the percentage of oil revenues declining to 87% of total revenues.
The ministry spokesman said Abdul Zahra Al-Hindawi, that “National Development Plan2024-2028: Oil revenues are expected to decline from 89.2 percent in 2024 to 87.4 percent in 2028, while non-oil revenues are estimated at more than 79 trillion dinars by 2028.
He added, “Revenues were calculated based on what was verified during the first four months of last year and weighted to the remainder of the year, while the estimated estimates of non-oil revenues were calculated for the remaining years of the plan based on the proportionality of their growth rate with the growth rate of output for non-oil activities, which was estimated in the plan at 5.73 percent.
” Al-Hindawi explained that “expectations indicate that total non-oil revenues during the five-year plan period extending to 2028 amount to 79 trillion and 100 billion dinars, of which 21 trillion taxes Direct taxes and 16 trillion and 800 billion dinars in indirect taxes, while the total of other types of non-oil revenues is expected to be 41 trillion and 300 billion dinars.
” He explained that “the plan National development It aims to achieve an economic growth rate of 4.24 percent for the gross domestic product, based on the fact that this rate is commensurate with the available human and material capabilities and existing challenges, taking into account the state of uncertainty and the performance of economic activities for the previous period,” according to Al-Sabah newspaper.
The spokesperson indicated Ministry of Planning…to that “the focus in targeting is on key sectors such as agriculture, industry, and tourism, in addition to physical and service infrastructure activities, according to what was stated in the general framework of the plan. Therefore, expectations indicate that the gross domestic product will increase by more than 214 trillion dinars in 2022, reaching 264 trillion in 2028, and that the contribution of non-oil activities will rise from 39.7 percent in 2022 to reach 42.6 percent.”
