{Political: Euphrates News} Prime Minister Mohammed Shiaa Al-Sudani received a group of members of the House of Representatives.
During the meeting, Al-Sudani stressed, according to a statement from his office, {Euphrates News} received a copy of it, “the importance of integration and coordination between the executive and legislative authorities; in order to support the work of the government and its program, which includes many priorities that concern citizens and state institutions, through its focus on service and reform aspects in various fields.”
The Prime Minister pointed out “the importance of proceeding with the adoption of laws aimed at improving the investment environment, developing the economy and meeting the terms of reform adopted by the government; in order to strengthen and diversify the resources of the state.”
{Economy: Euphrates News} The financial adviser to the Prime Minister, Mazhar Mohammed Saleh, signed the approval of the budget schedules in the middle of April.
“The budget schedules are supposed to be decided in mid-April probably,” Saleh said in a press statement. He added that “the tripartite federal general budget, which was stated in Law No. 13 of 2024, did not be without the principle of its annuality in the issue of preparing the annual schedules and submitting them to the House of Representatives for approval, specifically for the two years (2024, 2025).” He stressed, “The law on the approval of the tripartite budget constitutes an expression of an exchange of trust between the legislative and executive authorities to manage public financial affairs in our country to ensure the continued implementation of investment projects and the communication in the adoption of new projects in an integrated and planned manner.” Saleh continued that “annual government spending constitutes about 50% of the value of GDP directly, and exceeds 80% indirectly by affecting the work cycle and the general activities of the market and building its positive expectations and stability.” He pointed out that “the three-year budget was the first experiment that was adopted in the financial history of the country and was adopted based on an explicit legal text contained in the Federal Financial Management Law No. 6 of 2019 as amended, so it became necessary to document this financial experience rich in its economic contents and evaluate its results and the requirements for its implementation in the future when proceeding with its adoption again, including the proposal to study an appropriate amendment to some provisions of the Financial Management Law in light of what was produced by the experience of the application of the Tripartite Federal Public Budget Law.” The Council of Ministers, a few days ago, received the budget schedules from the Ministry of Finance, and began work on them to sign and later send them to the House of Representatives.
{Local: Al-Furat News} Finance Minister Taif Sami discussed, today, Monday, with the Regional Director for the Middle East at the World Bank, Jean-Christophe Carré, support for the economic and financial reform program.
A statement from the Finance Ministry, a copy of which {Al-Furat News} received, stated that: “During the meeting, priorities for development projects and ways to support the World Bank to strengthen the financial and business sectors and improve the investment environment were discussed, and emphasis was placed on continuing bilateral coordination to promote sustainable development, in addition to discussing the Bank’s support for the government program.” For economic reform in Iraq.
Sami referred to the Ministry’s efforts and plans towards accelerating the pace of financial and banking reforms in line with the Iraqi government’s vision aimed at consolidating the foundations of the national economy, creating economic balance, and correcting the course of financial policy in Iraq.
For his part, the bank representative pointed out “the continuation of serious and fruitful cooperation with the Iraqi government, in everything related to providing the necessary support in terms of expertise for development projects and reforms related to the financial and business sector.”
{Economic: Al-Furat News} The Central Bank announced, on Monday, the percentage of cash credit to the total deposits for the Iraqi banking sector, which amounted to (52%) during 2023, confirming its increase compared to 2022, which was recorded (47%), while in 2021 it was about (55%).
“Despite the record of the rise, it did not exceed the standard percentage set by this bank, which is (75%),” the bank’s media said in a statement received by {Euphrat News}.
He pointed out that “that percentage aims to maintain sufficient liquidity for banks to face customer withdrawals and conduct financial banking activities.”
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