Iraqi News

Sunday Morning Iraq Economic News Highlights 4-16-23

Iraq Comes Out Of The List Of Countries Most Indebted To The International Monetary Fund

Iraq  09:42 – 2023-04-16  The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, considered that Iraq’s exit from the list of countries most indebted to the “International Monetary Fund” is an attractive element for investment, as it greatly raises the creditworthiness of Iraq, while experts considered that leaving Iraq carries great positive economic repercussions that must be invested. professionally.

Salih said in a statement reported by “Al-Sabah” newspaper, that “Iraq’s exit from the list of countries most indebted to the (International Monetary Fund) raises the creditworthiness of Iraq significantly in the list of the most worthy countries,” and he explained that “this is an attractive element for investment on the one hand, and on the other hand.”

On the other hand, all international contracting that takes place in Iraq reduces the risks of affecting project costs, in addition to positive repercussions on all external business costs associated with the Iraqi economy.

He noted that “Iraq, since the (Paris Club) agreement signed on 11/21/2004 by former Finance Minister Adel Abdul-Mahdi at the time, got rid of 100 billion dollars of its debt, i.e. 80% was reduced, and the volume of debt was about 130 billion dollars, A deduction from it, according to the agreement, as I mentioned above, is 100 billion dollars, and the rest is scheduled for 20 years, with a grace period of six years.

The advisor to the Prime Minister for Financial Affairs confirmed that “Iraq is committed to fulfilling its debts, whether to companies or creditor countries, and there is great cooperation between the Ministry of Finance and the Central Bank of Iraq in paying installments with their benefits and on time, and since 2009 Iraq began paying interest, and in 2011 it began paying installments with their benefits.” .

With regard to the internal objections that affect the international institutions (the Bank and the Monetary Fund), Saleh indicated that “the reason for the great objections is that the dealings of these two institutions are completely in accordance with the Western system,” and indicated that “in fact – and according to my closeness to my work with (the International Monetary Fund) since From 2003 until now, Iraq has entered into six agreements with (the fund) and has not suffered any harm, and has facilitated many things for Iraq, especially the simple agreement that was for a period of months as an emergency agreement, which helped drop 80% of Iraq’s debts.

A report issued by the “International Monetary Fund” last week indicated that there are 19 countries with debts exceeding one billion US dollars (not including Iraq), out of the total number of creditor countries from the United Nations Economic Foundation, which is 94 countries. https://kirkuktv.net/AR/Details/14636

Al-Mandalawi: We Will Proceed With The Second Reading Of The Budget Law In The Session Tomorrow, Sunday

Iraq  16:21 – 2023-04-15  Today, Saturday, First Deputy Speaker of the House of Representatives Mohsen Al-Mandalawi announced that the Presidency of the House of Representatives had received the report of the Finance Committee related to the draft budget law.

Mandalawi said in a statement, “The Presidency of the House of Representatives has received the report of the Parliamentary Finance Committee related to the draft general budget law.”

He added, “We will proceed to the second reading of the law in the session tomorrow, Sunday.”

https://kirkuktv.net/AR/Details/14625

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A Proposal To List Oil, Gold And Foreign Companies In The Iraqi Stock Exchange

Economy| 12:12 – 04/16/2023  Baghdad – Mawazine News,  Chairman of the Association of Investors of the Iraq Stock Exchange, Alaa Al-Moussawi, said, on Sunday, that the market’s management is making great efforts in training its members and listed companies in order to create a “free, honest, effective, competitive and transparent market.”

Al-Moussawi explained, “The recent past periods witnessed a significant technological development in the market’s performance, which contributed to organizing and simplifying securities transactions in a fair, effective and regular manner, including the clearing and settlement processes for these transactions, and now there are great efforts being made to switch to direct electronic trading (on line) which is now in its experimental stages.

Al-Moussawi expressed his support for the idea ofattracting government companies to be included in the Iraqi Stock Exchange, which leads to the development of these companies by providing the necessary financial liquidity for them, and the establishment of new production lines and modern factories belonging to the company, as well as providing an opportunity for the scientific and professional competencies present in the private sector in order to Participate with the public sector in developing companies to serve the national economy.

And Al-Moussawi believed that, “with the aim of increasing the number of shareholders and capital to invest in the market, incentives and privileges should be granted to companies to encourage them to be listed, as well as oblige foreign investment companies operating in Iraq to be listed in the Iraqi Stock Exchange,” suggesting at the same time, “the establishment of a market for commodity trading.” And there will be trading in oil and gold.

Al-Moussawi also urged the need to “create a safe environment in order to attract foreign capital, and work to raise the level of investment awareness in securities among individual and corporate investors, as well as providing transparency and disclosure and providing the investor with all the necessary information that he needs when making his investment decision.” And issuing the necessary instructions and procedures in order to protect the capital and the rights of investors. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=224710

Before The Second Reading Session.. A Parliamentary Committee Discusses The Proposed Additions Within The Budget

Political | 12:30 – 04/16/2023   Baghdad – Mawazine News   The Strategic Planning and Federal Parliamentary Service Committee met today, Sunday, headed by Representative Laila Al-Tamimi.

And the media department of Parliament stated in a statement, “The committee discussed its observations, amendments, and proposed additions within the texts of the federal general budget, with the aim of preparing a report on them and submitting them to the Presidency of the House of Representatives urgently.”

On Sunday morning, the Parliamentary Finance Committee completed its report on the general budget law.   The committee decided to present the report to parliament today, Sunday, and to read it during the second reading of the budget law.

Parliament is scheduled to hold a session this evening, Sunday, and its agenda includes a report and discussion (second reading) of the draft federal budget law for the fiscal years (2023, 2024, 2025). Ended 29/N33   https://www.mawazin.net/Details.aspx?jimare=224711

Parliamentary Finance Completes Its Report On The Budget Law

Political | 08:00 – 04/16/2023  Baghdad – Mawazine News  Today, Sunday, the Parliamentary Finance Committee completed its report on the general budget law.

The committee decided to present the report to parliament today, Sunday, and to read it during the second reading of the budget law.

Parliament is scheduled to hold a session this evening, Sunday, and its agenda includes a report and discussion (second reading) of the draft federal budget law for the fiscal years (2023, 2024, 2025). Ended https://www.mawazin.net/Details.aspx?jimare=224687

International Concern About The Economic Situation In The Middle East.. What About Iraq?

Economy  1,389 views  Alsumaria News – Internationals  A senior official at the International Monetary Fund said today, Saturday, that the chances of banks in the Middle East and Central Asia being exposed to the banking turmoil that the United States and Europe witnessed last month are very limited, but financial pressures exacerbate the pressures resulting from high interest rates, volatile oil prices and the continuation of financial pressures. Inflation rates have been in double digits for years.

The Director of the Middle East and Central Asia Department at International Monetary Fund Jihad Azour, that “the pressures of the banking sector came quickly after more stringent monetary policies that led to raising interest rates and reduced the possibility of obtaining financing,” adding that “there is a growing gap between countries that have good credit and are able to access markets, including Morocco and Jordan and their exporters.” Oil and others, and countries facing problems.

And he added, “We are concerned because the matrix of risks is constantly increasing: high interest rates, volatile oil prices, geopolitical tension, and this is the third year in a row that inflation continues to be in the double digits.”

He stated that “the stability of the financial sector is not the main concern, as it is preceded at the present time by concerns about high debt levels, the risk of social unrest, and the ability to maintain strict policies due to pressures on social conditions.”

“We see increasing vulnerabilities again, which is why countries are being encouraged to do more structural reforms, to increase their growth by at least 1 or 2 percent… They have a window of opportunity as governments are now willing to do more, not put money in,” he added. in the vaults of central banks.

and expect  International Monetary Fund  Last Thursday, GDP growth in the Middle East and North Africa region slowed to 3.1% in 2023 from 5.3% a year earlier.

and put  International Monetary Fund Iraq Egypt is at the top of the list of the highest growing Arab economies in 2023, and according to the Fund, the economies of both countries are expected to grow by 3.7%, which is a greater percentage than the expected growth in other Arab countries such as the UAE, Palestine and Saudi Arabia.  LINK

A Proposal To List Oil, Gold And Foreign Companies On The Stock Exchange

Economical  2023/04/16  Haider Fleeh Al-Rubaie   The Iraq Stock Exchange revealed that the shares that were traded during the first quarter of this year reached (226) billion shares, with a financial value of (260) billion dinars, indicating that the number of companies that were present during the trading sessions in the first annual quarter amounted to 82 companies,

On the other hand, specialists in economic affairs believe that these indicators represent a clear recovery in the culture of trading, stressing the need to oblige foreign investment companies operating in Iraq to be listed in the Iraqi market, and to seek to issue new laws that allow public sector companies to list their shares in the stock exchange as well.

In order to expand the work of the Stock Exchange, the specialists urged the necessity of expanding the market’s activity, establishing a market for trading commodities, and for there to be trading in oil and gold.

The quarterly report of the Stock Exchange, which singled out the Iraq Stock Exchange, stated that “the number of trading days for the first quarter of this year amounted to 60 days, with 21 sessions in January, which witnessed the trading of 71 billion shares, with a financial value of 62 billion dinars, and the participation of 74 companies.” .

The report indicated that the month of February witnessed the holding of 19 sessions, during which the participants traded 146 billion shares, with a value of 186 billion dinars, with the presence of 73 companies. One billion dinars, and the participation of 65 companies.

The report noted that the market indices increased significantly compared to the same period last year, as the number of shares traded increased by 25.8%, and the value of traded shares increased by 56.2%, in addition to the increase in the value of the ISX60 price index by 1%. (9.5)% from the close of 2022.

In turn, the head of the Association of Investors of the Iraq Stock Exchange, Dr. Alaa Al-Mousa, indicated during his speech to “Al-Sabah” that “the market management is making great efforts in training its members and listed companies in order to create a free, honest, effective, competitive and transparent market and provide infrastructure necessary to serve the national economy and assist companies in building the necessary capital for investment.

Al-Moussawi explained that the recent past periods witnessed a “significant technological development in the performance of the market, which contributed to organizing and simplifying securities transactions in a fair, effective and regular manner, including clearing and settlement processes for these transactions, and now there are great efforts being made to switch to direct electronic trading (on line) which is now in its experimental stages.

Al-Moussawi expressed his support for the idea ofattracting government companies to be included in the Iraqi Stock Exchange, which leads to the development of these companies by providing the necessary financial liquidity for them, and the establishment of new production lines and modern factories belonging to the company, as well as providing an opportunity for the scientific and professional competencies present in the private sector in order to participate. With the public sector in developing companies to serve the national economy.

Al-Moussawi believes that, with the aim of increasing the number of shareholders and capital to invest in the market, incentives and privileges should be granted to companies to encourage them to be listed, as well as oblige foreign investment companies operating in Iraq to be listed in the Iraqi Stock Exchange, suggesting at the same time, the establishment of a market for commodity trading and that there be Trade for oil and gold.

Al-Musawi also urged the need to “create a safe environment in order to attract foreign capital, and work to raise the level of investment awareness in securities among individual and corporate investors, as well as providing transparency and disclosure and providing the investor  https://alsabaah.iq/75351-.html

300 Million Dollars A Month.. The Revenues Of The Region’s Outlets Are In “The Pockets Of Parties And Clans.”

Politics / Security / Economy  Kurdish politician Latif Al-Sheikh confirmed today, Saturday, that the revenues and revenues of the outlets in the Kurdistan region go to the pockets of the ruling parties.

In an interview with (Baghdad Today), the Sheikh said, “The border crossings are controlled by the ruling parties, and there are crossings in Sulaymaniyah belonging to families and clans that have partisan influence.”

He added, “The monthly revenues of the outlets exceed $300 million, but they are not included in the budget of the Ministry of Finance in the regional government, but rather go to the parties directly.” LINK