Bondlady’s Corner

Iraqi News Highlights Wednesday Afternoon 5-3-23

Tlm724 Administrator Bondlady’s Corner

Al-Halbousi: Iraq Is Looking Forward To Strengthening The Partnership With The United States

Parliament Speaker Muhammad al-Halbousi affirmed that Iraq is looking forward to strengthening the existing partnership with the United States of America, within the framework of the strategic framework agreement.  And the media office of the Speaker of the House of Representatives stated in a statement: “Al-Halbousi received the Assistant Secretary of State of the United States of America for Middle East Affairs, Barbara Leaf, and her accompanying delegation, and the meeting discussed bilateral relations and strengthening cooperation between the two countries in various fields, in addition to discussing a number of regional and international issues.” and files of common interest.

Al-Halbousi said, according to the statement, that “Iraq is looking forward to strengthening the existing partnership with the United States of America within the strategic framework agreement, and that the House of Representatives supports the government in implementing its government program in order to achieve development in all fields.”

For her part, the US Assistant Secretary of State indicated her country’s commitment to work to strengthen partnership and support Iraq’s pursuit of development and stability.

Sudanese Advisor: The Measure Of Success Of Governments Is Restoring Public Confidence

Political | 03:05 – 03/05/2023   Baghdad – Mawazine News   The media advisor to the Prime Minister, Hisham Al-Rikabi, confirmed today, Wednesday, that the measure of success for governments is restoring public confidence.

Al-Rikabi said, in a tweet to him on the “Twitter” platform, followed by Mawazine News, that “the measure of success for governments is restoring public confidence in them.”

He added, “What the well-known journalist George Qirdahi spoke today at the Mineral and Petrochemical Investment Conference about the Sudanese government is an extrapolation of the reality of this government and its success in winning over the street.”

Al-Sudani: Iraq Is Capable Of Creating A Developed National Industry That Competes With International Industries

Posted On2023-05-03 By Sotaliraq   2023-05-03  Prime Minister Muhammad Shiya’ al-Sudani said, on Wednesday, that Iraq is capable of creating a developed national industry that competes with international industries.

This came in a special dialogue on the sidelines of the first conference on mineral and petrochemical investment, fertilizers and cement held by the Ministry of Industry and Minerals under the slogan (Our mineral wealth is our sustainable economy towards a green manufacturing industry).

“We are heading with promising plans for development, economy and reconstruction,” Al-Sudani said during the dialogue, calling on investors to seize the investment opportunities presented at the conference.

And he stressed that “we must think about other sectors that contribute to the gross domestic product other than oil, the most important of which is industry and agriculture,” noting that Iraq is the first in the world in sulfur reserves and the second in phosphate reserves, in addition to many untapped minerals.

He also indicated that there are natural resources that should be optimally invested, adding: We determine the partner’s need from the private sector for the numbers of workers, and the rest is borne by the state.

He added that creating a supportive private sector to provide job opportunities is one of the priorities of the Iraqi state, and we are ready to provide all support and facilities to the local and foreign private sectors.

In turn, the Minister of Industry and Minerals, Khaled Batal Al-Najm, inaugurated the conference with a speech in which he said that the conference is the first of its kind to be held by the Ministry of Industry, and we look forward to establishing a real partnership with internal and external private sector companies.

He stressed the ministry’s endeavor to contribute to the industrial sector in the domestic product and provide job opportunities to achieve the goals of national development through the optimal exploitation of mineral resources.

The minister also pointed out that the government decided to hold this conference to encourage participation opportunities to exploit our wealth by establishing factories that keep pace with the industrial development in the world.

He continued by saying that the ministry’s vision is to focus on strategic industries that contribute to creating job opportunities for Iraqi youth, pointing out that the ministry’s vision has made room for the private sector through the establishment of its own projects or through partnership contracts with government sector companies.

Al-Najm also said that the Ministry of Industry is fully supportive of the private sector, enabling it and benefiting from its capabilities in the ministry’s companies through serious partnership contracts to achieve integration between the public and private sectors.

He pointed out that the ministry has developed solutions to many of the problems of the private sector as a first reform package, in addition to supporting the mixed sector and solving its problems, stressing the need to continue completing the industrial development map to be a work approach for development events in the industrial sector.

The first day of the conference also included a dialogue session with the Minister of Industry and Minerals and the President of the Federation of Iraqi Industries, during which they talked about the direction and vision towards integration between the public and private sectors and the facilities and support provided to the private sector wishing to participate with the Ministry’s companies to establish factories and new industrial projects.

The conference aims to increase economic awareness of Iraq’s resources and their ability to advance the country’s economy and revitalize strategic industries in Iraq to achieve industrial and economic development. It will discuss over two consecutive days the future of minerals and investment in mining by presenting investment opportunities and projects available to the Ministry’s companies in the sectors of mining, petrochemicals, fertilizers and cement.

In the various governorates, it will also include extensive dialogues and discussions within the axes of the conference that target the aforementioned sectors.   LINK

The International Monetary Agency Expects A Slowdown In The Growth Of The Economies Of Arab Countries In 2023

Economy   Wednesday, May 3, 2023 10:21 am  Follow-up / National News Center   The International Monetary Fund expects growth to slow in the Middle East and North Africa this year – and next year, with the start of restrictive policies aimed at combating inflation and the start of oil production cuts in oil-exporting countries.

In its report on growth prospects for the Middle East and North Africa, the fund said that the growth of the economies of the Middle East and North Africa region is expected to slow sharply this year, to reach 3.1 percent and 3.4 percent next year, compared to growth of 5.3 percent in 2022, for several years.

Most notably, the restrictive measures taken by countries to combat sharp rises in inflation rates, unprecedented rises in interest rates, and the ongoing repercussions of the Ukrainian crisis.

For Egypt, estimates indicate a slowdown in growth from 6.6 percent in 2022 to 3.7 percent in 2023 due to restricted financing conditions and the devaluation of the pound in the previous period, in addition to high inflation that will lead to the erosion of household purchasing power and weak growth in external demand.

The International Monetary Fund revised an increase of 0.3 percentage points for the growth of the Middle East and North Africa region last year in 2022 to 5.3 percent compared to October estimates, due to the strong economic performance in the oil-exporting countries (especially the Gulf economies) and Egypt.

However, the Fund warned of significant declines in the pace of growth due to the decline in oil production in the Gulf states, in compliance with the voluntary reduction decisions announced by the OPEC Plus countries, despite its assertion that oil-producing countries will benefit greatly from the high price levels of raw materials and will enable them to continue build up its financial reserves.

The Fund also expected that real GDP growth in oil-exporting countries from the Middle East and North Africa region would slow from 5.7 percent in 2022 to 3.1 percent in 2023, with this pace generally continuing in 2024, as a result of the oil production cuts that were agreed upon.

The IMF, despite the warning messages it sent to a number of countries, including Egypt, of the need to continue combating inflation and adopting a flexible exchange rate to protect the economy from external shocks, however, it reaffirmed that the economic conditions of the countries of the region are still much better than the average global growth, with the support of the reforms adopted by governments. And the durability of the financial sector, which succeeded in withstanding the Corona and Ukraine crises.

The IMF’s expectations showed that Morocco will achieve faster growth this year, due to the recovery of the agricultural sector after a severe drought in 2022, while growth remains weak in the non-agricultural sector.

The fund said, “The pace of growth is expected to gradually accelerate in emerging market and middle-income economies in the region (the Middle East and North Africa) in 2024, to reach 4.4 percent.

The Fund warned of exacerbating food insecurity and increasing poverty in fragile, low-income countries due to prolonged droughts and the cost of living crisis.

Commerce Announces The Launch Of The Electronic Deposit Service For Iraqi Companies

Wednesday 03 May 2023 16:05 | Economical Number of readings: 169

Baghdad / NINA / – The Ministry of Commerce announced today, Wednesday, the launch of the electronic deposit service for Iraqi companies, in cooperation with the National Data Center.

The ministry stated in a statement, “The Companies Registration Department in the Ministry of Commerce launched the Iraqi companies’ deposit service electronically in cooperation with the National Data Center in the General Secretariat of the Council of Ministers through the Ur electronic portal. ”

And he continued, “The department is moving towards electronic governance and a comprehensive digital transformation to work to improve institutional performance and support sustainable development to eliminate corruption in order to improve government services,” pointing out that ”

The Director General of the Department, Rashad Khalaf Hashem, said, according to the statement: “The service is characterized by the process of providing services electronically, which enables the citizen to automatically calculate and know the details of the required fees, activate the electronic payment feature for service fees, and transparency in the use of the service that enables follow-up of the transaction and receipt of notifications via mobile phone.” As well as shortening the time and effort of the citizen and the employee together.

Dollar Exchange Rates Continue To Rise In The Local Markets

Economy| 01:00 – 03/05/2023   Baghdad – Mawazine News  Today, Wednesday, the exchange rates of the dollar against the dinar recorded an increase in the local markets in all the country’s governorates.

A Mawazine News correspondent said, “The buying and selling prices witnessed an increase in the exchange rates of the dollar in exchange shops in the local markets, as the selling price reached 144,000 dinars per 100 dollars, while the purchase prices reached 142,000 dinars per 100 dollars in the capital, Baghdad.”

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