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An International Classification Indicates The Slow Economic Diversification In Iraq And The Biggest Challenge It Faces
Economy Wednesday 7 July 2021 | 09:42 AM| Number of readings: 99 Moody’s Financial Rating Agency affirmed Iraq’s credit rating at Caa1 with a stable outlook .
Moody’s stated that the confirmation of the rating reflects the credit challenges posed by Iraq’s exceptionally large economic and financial dependence on oil . Moody’s stated that the stable outlook for Iraq balances a number of potential positive and negative drivers . She added that progress in economic diversification is still slow and hampered by the weak business environment and investment climate in Iraq .
It considered that corruption is the biggest institutional challenge facing Iraq .
Moody’s said that Iraq’s political landscape and growing political stability risks threaten to further slow progress on institutional and economic reforms. https://aynaliraqnews.com/index.php?aa=news&id22=149408
Parliamentary Finance Reveals: No Dinars Were Returned To The Iraqi Treasury Through The “Anti-Corruption” Campaign
Political Wednesday 7 July 2021 | 02:29 PM| Number of readings: 136 Member of the Parliamentary Finance Committee, Representative Abdul Hadi Al-Saadawi, confirmed, on Wednesday, that no dinar will be returned to the treasury of Iraq through the anti-corruption campaign .
Al-Saadawi said, “We support any real anti-corruption campaign that ultimately yields positive results, including the recovery of the looted money to the country’s treasury, but what is happening now is that the campaign is a war on paper and came to media marketing .”
Al-Saadawi added, “Any dinar has not been recovered and returned to the treasury of Iraq, although the looted money is very large,” noting that “the country’s economy cannot rise without a real fight against corruption, which represents a major obstacle to any steps to build a strong national economy that invests its capabilities in the presence of natural resources.” It is a huge thing that can change the situation of the country significantly https://aynaliraqnews.com/index.php?aa=news&id22=149433
Because Of “Security Concerns”, The Greek Prime Minister Postpones His Visit To Iraq
Political Wednesday 7 July 2021 | 01:12 PM| Number of readings: 114 Greek media reported, on Wednesday, that Greek Prime Minister Kyriakos Mitsotakis postponed his visit to Iraq, which was scheduled for this week, due to “security concerns.”
The Greek city times website said , “Mitsotakis was scheduled to visit Iraq on Monday, but in the wake of the attacks that took place in the country in recent days, the visit was postponed .”
He added that the schedule of the postponed visit of the Greek Prime Minister included a visit to the capital, Baghdad, and Erbil Governorate in the north .
He referred to the missile attack that targeted Erbil airport last night .
It is noteworthy that Mitsotakis met last month with the Prime Minister of the Iraqi Kurdistan Region, Masrour Masoud Barzani, who visited Athens for the first time .
During the meeting, discussions of cooperation were discussed, with a focus on the economic and cultural sector .Mitsotakis and Barzani stressed their readiness for full cooperation .
The Prime Ministers of Iraqi Kurdistan and Greece also discussed a number of issues of common interest in the region, especially security and stability, as well as respect for the rules of international law.
An International Agency And Organization Support The Iraqi Economy For Local Recovery
Economy Wednesday 7 July 2021 | 04:12 PM| Number of readings: 98 Decades of conflict in Iraq, along with the spread of COVID-19, have severely affected human resources, intensified poverty, and weakened individuals’ ability to find decent and sustainable jobs. The consequences of conflict are particularly severe for vulnerable returnees, IDPs and host communities who still need access to livelihood opportunities and recovery initiatives.
According to a statement by UNAMI, “Eye of Iraq News” received a copy of it today, Wednesday, the Korean International Cooperation Agency (KOICA) will provide its support to the International Organization for Migration (IOM) through a grant of 5 million US dollars.
With this funding from the Korea International Cooperation Agency, IOM Iraq will contribute to local economic recovery and community resilience in Iraq by increasing access to sustainable and decent work. The overall objective of the project is to support job creation, entrepreneurship, and the growth of small and medium-sized enterprises, as well as to encourage productive employment, including for women.
IOM Iraq Chief of Mission Gerard Waite said: “During the ISIS crisis, millions have been displaced and the local economy devastated; the loss of livelihood opportunities and the lack of vital services in areas of origin pose clear obstacles to the return of those who remain displaced across Iraq.
He added, “This partnership with the Korea International Cooperation Agency will enhance IOM’s efforts to address protracted displacement and create the necessary conditions for sustainable return.” “Since the COVID-19 pandemic hit the world, youth unemployment has become more serious than before. In Iraq in particular, the ISIS and COVID-19 crisis has had a disastrous impact on society,” said Lee Dong-hyun, country director of the Korea International Cooperation Agency.
He also added, “We hope that this project will contribute to the recovery from the social and economic damage caused to the vulnerable population in Iraq.” Project interventions will target the most vulnerable populations in Baghdad, Nineveh and Kirkuk, with a focus on durable solutions for IDPs, specifically access to livelihoods and employment. The grant will also be earmarked to help businesses in conflict-affected areas recover from damage, restart operations, and provide much-needed jobs in the local community.
To facilitate sustainable job creation, IOM Iraq will provide vocational training; farmer training; on-the-job training; and support the establishment or expansion of small businesses through business support packages.
Sustainable job opportunities will be created by supporting small and medium-sized enterprises with grants through the Enterprise Development Fund. In addition, IOM Iraq will use a referral system to match individuals who are identified and trained in the individual livelihood assistance component of the project with employment opportunities created through businesses supported under the Enterprise Development Fund.
IOM’s approach includes an active component of community engagement, particularly in initial engagements with the community, to identify livelihoods needs and priorities. The project will also ensure that women are supported to participate meaningfully in Iraq’s economic recovery and development.
Under this project, IOM will work closely with the Government of Iraq, local authorities, community, religious and tribal leaders, the private sector and other relevant stakeholders to mitigate challenges related to limited economic opportunities and limited access to basic services in the targeted areas.
Blackshart: The Attacks On Erbil Are An Affront To The Rule Of Law And Push The Country Towards The Unknown
Wednesday 07, July 2021 11:36 | political Number of readings: 422 Baghdad / NINA / – The Special Representative of the Secretary-General of the United Nations in Iraq, Jeanine Hennis-Plasschaert, stressed that the continuous attacks on Erbil, which were repeated last Tuesday night, are an affront to the rule of law.
“These ongoing attacks, last night again in Erbil, are an affront to the rule of law, and such actions are pushing the country towards the unknown, and the Iraqi people may pay a heavy price,” Plasschaert said in a tweet on Twitter today, Wednesday. ruthless armed forces.
Last night, Tuesday night, Erbil International Airport was attacked by a drone loaded with explosive materials.
In a statement issued by it regarding the operation targeting the airport, the Kurdistan Counter-Terrorism Service confirmed that “the attack did not result in any human or material damage, and caused fire to the airport’s grass and bushes.” / End 9 https://ninanews.com/Website/News/Details?Key=914263
Bahraini banks sign a memorandum of understanding with the Iraqi Private Banks Association
The Bahrain Association of Banks signed with the Association of Iraqi Private Banks a memorandum of understanding aimed at achieving fruitful cooperation between the two associations in the field of exchanging experiences and knowledge and strengthening banking cooperation in all fields, during a recent remote meeting. The memorandum was signed by Mr. Adnan Ahmed Yousef, Chairman of the Board of Directors, and Mr. Wadih Nuri Al-Handal, Chairman of the Board of Directors of the Association of Iraqi Private Banks.
This memorandum stems from the message of the Bahrain Association of Banks and the Association of Iraqi Private Banks, and their tasks in defending the interests of banks and financial institutions and highlighting their role in sustainable development programs through close cooperation with regulatory authorities and all partners and stakeholders, as well as effectively promoting their effective contribution to promoting and attracting investments. .
The two parties also agreed to form a joint committee to consult and agree on implementing and following up joint plans and programs and setting implementation mechanisms.
On this occasion, Mr. Adnan Ahmed Yousef, Chairman of the Board of Directors of the Bahrain Association of Banks, said, “Bahrain has had a rich and diversified banking experience over the past five decades, which has greatly enhanced it in its response to the repercussions of the Corona pandemic.
We are working in the Association to employ this rich experience in supporting and strengthening cooperation With Arab banks, at the forefront of which is the Association of Iraqi Banks, and Iraqi banks, with which we have strong brotherly relations and have broad prospects for diversifying and developing them during the next stage.”
On the other hand, the head of the Iraqi Private Banks Association, Mr. Wadih Al-Handal, said, “The Iraqi Private Banks Association has a long history in developing the banking sector, at various technical, administrative, advisory, human resources and other levels, and this memorandum will contribute to opening horizons with the Bahraini banking sector . ”
He added, “This memorandum will enhance joint work between Iraqi and Bahraini banks, transfer experiences between the two parties, in addition to holding training courses at a high level .”
Al-Handal valued the role played by the Bahrain Association of Banks, and we affirm that the Association of Iraqi Private Banks is working with the Central Bank of Iraq and other parties to create a solid banking sector.
The two parties will work through the memorandum of understanding to exchange experiences, studies and relevant research, depending on the resources available to them. The two parties will also cooperate in providing consultations, conducting joint research and studies that fall within their competence, and organizing and implementing conferences, workshops, seminars and events in various common fields,
in addition to To cooperate in the field of organizing training programs related to the rehabilitation of banking cadres and according to the common interests and needs between the two parties, and in line with the current and future needs of the banking sector in Bahrain and Iraq, and to exchange information and its sources and databases between the two parties, and to coordinate at the level of executive departments and their committees in order to exchange experiences information and joint research.
Views 400 Date Added 07/06/2021 https://economy-news.net/content.php?id=25628
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad Today, Wednesday, the exchange rates of the US dollar recorded a slight decrease in the main stock exchange in the capital, Baghdad, while it remained at the same prices in the local markets and banking shops.
Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded 147,050 Iraqi dinars for 100 US dollars, after it recorded, during its opening yesterday morning, 147,100 dinars for every 100 dollars.
While the selling prices in exchange shops in the local markets in Baghdad stabilized at 147,500 Iraqi dinars, and the purchase prices at 146.500 dinars per 100 US dollars.
Views 67 Date Added 07/07/2021 https://economy-news.net/content.php?id=25635
The central bank’s hard currency sales exceed $205 million
Economie| 02:00 – 07/07/2021 Baghdad – Mawazine News, the Central Bank of Iraq’s sales fell, on Wednesday, from hard currency to record more than 205 million dollars.
Today, the Central Bank auction for the sale and purchase of foreign currencies witnessed a decrease in its sales by 1.44%, to reach 205 million and 582 thousand and 988 dollars, which it covered at a base exchange rate of 1460 dinars per one dollar.
The purchases amounting to 174 million, two thousand and 988 dollars went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 31 million and 580 dollars went in cash. Ended 29/A 4 https://www.mawazin.net/Details.aspx?jimare=159713
The Stock Market Improved Its Results In Wednesday’s Session
Iraqi Stock Exchange «Economy News» Market Economy News – Baghdad The Iraq Stock Exchange Index improved its results in today’s session, Wednesday.
The index rose by 1.01% after trading 613.2 million shares, valued at 731.1 million dinars.
The shares of Al-Mamoura Real Estate Company were the gaining companies, while the shares of the Al-Khair Financial Investment Company were the losers.
In turn, foreign investors sold 7 million shares, worth 37 million dinars, after executing 15 transactions on the shares of one company. Views 76 Date Added 07/07/2021 https://economy-news.net/content.php?id=25644