The Iraqi President: There is an international welcome to the formation of the Iraqi government, so that Baghdad will play a greater role in many issues

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The new Iraqi president, Abd al-Latif Rashid - Sputnik Arabic, 1920, 22.12.2022



Follow us viaIraqi President Abd al-Latif Jamal Rashid said that there is an international welcome for the stability of Iraq and the formation of the government.

According to a statement published by “Alsumaria News”, Rashid said: “There is a global welcome to the formation of the government by the international community, which demands that Iraq have a key role in many issues.”

Iraqi President Abd al-Latif Rashid - Sputnik Arabic, 1920, 12.12.2022

Iraqi President: The most important challenge facing us is the water problem with neighboring countriesDecember 12, 07:36 GMTThe Iraqi president’s statements came during his reception of a delegation from 

the Al-Rafd Center for Media and Strategic Studies, headed by the Director of the Center, Dr. Abbas Al-Jubouri, at the Presidential Palace in the capital, Baghdad.Rashid said, “We believe in a strong Iraq in terms of democracy and its economic and service approach,” pointing out that: “Iraq is for everyone, and it is our duty to strengthen it.”

He stressed that his country is going through “a period of political and security stability,” calling on the media “to convey this positive image to the world, which will facilitate attracting investments to support the economy.”

The Iraqi president called on studies and research centers to “study the various public issues in an integrated manner, with a focus on local issues, suggesting that the media and analysis centers monitor the negatives to correct them and highlight the positives for their development and to convey the true picture about the growing stability in Iraq,” according to the statement’s expression.He called on them to highlight the crisis of the displaced and the displacement centers, ” 

and the bad conditions in which they live, in order to expedite finding appropriate solutions and returning them to their areas after their rehabilitation and reconstruction.”


Fitch confirms Iraq at ‘b-‘ with stable outlook

Economy Breaking Iraqi Economy Fitch Agency

2022-12-22 09:07Font

Twilight News / Fitch Ratings confirmed the default rating in Iraq at “B-” with a future outlook.

The agency said in a report seen by Shafaq News that Iraq’s rating “B-” reflects its heavy dependence on commodities, weak management, political risks, and an undeveloped banking sector, balanced with rising foreign exchange reserves and low interest costs on government debt.

He added that high oil prices improved many credit measures in Iraq in 2022, but the absence of structural, economic or financial reforms and continued political risks constrain the rating.

He pointed out that the main weaknesses of political risks: Local and regional political risks and weak governance will continue to restrict classification, pointing out that Iraq’s consistently low scores reflect through governance indicators of political instability, corruption, government ineffectiveness, weak institutions and insecurity (although the bulk of oil production and export facilities are located away from areas that posed the highest security risks).

He pointed out that the budget surplus will swell to about 10% of GDP in 2022, driven by higher oil revenues, while political instability and lack of budget have somewhat restricted spending growth, noting that 12% oil production growth, in line with OPEC+ production agreements, pushed real GDP by nearly 10%, while nominal GDP is likely to grow by 36%, pushing the economy above levels reached in 2013-2014 in terms of strong population growth).

The agency predicted the budget surplus would shrink as it would be a much smaller surplus in 2023 at 2.2% of GDP. Assuming spending increases by at least 10%, to IQD 135 trillion, and oil revenues will be moderate, with Brent crude averaging $85 per barrel versus $100 a barrel in 2022.

He pointed out that the Ministry of Finance is currently preparing a draft 2023 budget for sending to parliament, but the 2023 budget is unlikely to include fiscal reforms as outlined in an October 2020 white paper.

The agency forecast a budget deficit in 2024 of about 3% of GDP, assuming the average price of Brent crude fell to $65 a barrel, which despite some rise in production would lead to a nominal drop in government spending (to IQD 128 trillion, as we assume).اقتصـاد/فيتش-ت-كد-العراق-عند-b–مع-نظرة-مستقرة

The Industrial Bank announces the start of selling dollars for travel purposes

economy| ? 09:59 – 22/12/2022


Baghdad – Mawazine News
The Industrial Bank announced on Thursday the directives of the Central Bank to sell dollars for travel purposes.

The bank said in a statement received by Mawazine News that “at the directives of the Central Bank of Iraq, the procedures for selling dollars for travel purposes of no more than 10,000 US dollars per customer deposited in the belonging card issued by the Industrial Bank at a price of (1465) dinars per dollar were initiated.”

He added that “for citizens who want to obtain the dollar for the above purposes, they should check with the bank’s branches in Baghdad and the provinces for the purpose of opening the account, obtaining the card and depositing the Iraqi dinar equivalent to the amount in dollars they wish to fill in their cards.” Finished 29/n33