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Washington, D.C. – On May 13, 2024, the Executive Board of the International Monetary Fund (IMF) concluded Article IV consultations with Iraq and examined and approved staff assessment.
Internal stability has improved since the new government took office in October 2022, facilitating the adoption of Iraq’s first three-year budget, which necessitated a major financial expansion starting in 2023, supporting that strong recovery in Iraq’s non-oil economy after a contraction in 2023. 2022.
Iraq has largely not been affected by the conflict in the region, and domestic inflation fell to 4% by the end of 2023, reflecting lower international food prices, the currency’s revaluation as of February 2023, and the return of trade finance to normal.
Continued financial expansion is expected to boost growth in 2024.
*Evaluation of the Executive Board*:
Executives approved the content of the staff assessment, welcoming the strong economic recovery, low inflation, and improved local conditions that led to the implementation of the first-ever three-year budget.
The managers agreed that the immediate implementation of customs and revenue management reforms, the full implementation of the unified Treasury account, strict control and the limitation of the use of extrabudgetary funds and government guarantees, are essential to support fiscal consolidation.
Managers praised the central bank’s efforts to tighten monetary policy and strengthen the liquidity management framework.
Better coordination between financial and monetary operations would help absorb excess liquidity and promote the transition of monetary policy.
Directors agreed that accelerating the restructuring of large state-owned banks is essential. They were supported by the modernization of the private banking sector, by facilitating the establishment of correspondent banking relationships, reducing regulatory uncertainties, and enhancing the efficiency and competitiveness of private banks.
The directors agreed that improving governance and anti-corruption are also essential, and encouraged further strengthening the anti-money laundering and terrorist financing framework, strengthening public procurement and business systems, and addressing shortcomings in the electricity sector.
Directors welcomed renewed efforts towards WTO accession and encouraged authorities to improve coverage and timing of statistics.
Directors welcomed the authorities’ request to create a policy coordination tool.
The next Article IV consultations with Iraq are expected to take place in the standard 12-month session.
158 views
Added 2024/05/16 – 8:51 PM
Economy News — Baghdad
Prime Minister Mohammed Shiaa Al-Sudani on Thursday reiterated Iraq’s orientation towards expanding petrochemical projects.
The Prime Minister’s Media Office said in a statement received by “The Palm News” that “Sudani received the delegation of the American engineering company KBR, which is specialized in sustainable technological solutions.”
He explained, “The meeting witnessed a review of the company’s overall business in Iraq, in cooperation with Iraqi oil companies in the field of oil production, and enhancing the benefit of the associated gas, and the possibility of participating in integrated energy projects, and the formulas of participation and investment was also discussed, in order to achieve the highest returns and benefit to Iraq from the oil wealth.”
The Prime Minister pointed out that “the government’s approach to attracting productive partnerships, based on resource development, and providing the necessary and successful investment environment, as well as the government’s financial, banking and tax reform, enhances the possibility of positive participation.”
He reiterated “Iraq’s orientation towards expanding petrochemical projects, the production of oil derivatives, fertilizer projects, and other promising industrial projects, which welcome foreign expertise and investments, establish a diversified and solid Iraqi economy, and create more job opportunities, which was confirmed by the government program.”
85 views
Added 2024/05/16 – 3:30 PM
Kurdistan WomenUS State DepartmentKurdistan Regional GovernmentExport Oil
2024-05-16 10:56ShareFont
Shafaq News/ Today, Thursday, the Prime Minister of the Kurdistan Regional Government discussed with the US Assistant Secretary of State for Energy Affairs, Jeffrey Payette, the importance of resuming the export of Kurdistan Region’s oil, and the two sides exchanged views on developing the energy sector, opportunities to benefit from clean energy, and joint projects in order to improve the electricity conditions in Iraq. And the Kurdistan Region.
A statement from the Presidency of the Regional Government received by Shafaq News Agency said that Prime Minister Masrour Barzani received on Thursday US Assistant Secretary of State for Energy Affairs Jeffrey Payette in the presence of the US Ambassador to Iraq Elena Romanowski, pointing out that the two sides exchanged views on developing the energy sector and opportunities for using clean energy. And renewable energy, plans and projects to improve the electricity situation in Iraq and the Kurdistan Region.
The statement indicated that the two sides agreed on the importance of resuming oil exports from the Kurdistan Region, the suspension of which cost Iraq billions of dollars.
The statement noted that after the meeting, the Prime Minister and the US Assistant Secretary of State visited the Mass Global power station in Birdawood and the Khurmala power station and fields belonging to the CAR Group in Erbil Governorate, and they visited the departments of the two stations.
In a press conference, according to the same statement, the two sides stressed the importance of strengthening the energy sector in Iraq and the Kurdistan Region, especially the use of clean energy, taking into account environmental protection and reducing air pollution.
The statement indicated that Masrour Barzani expressed his pleasure to hear that the United States attaches importance to developing the energy sector in Iraq and the Kurdistan Region and supports Iraq and the Kurdistan Region so that they can achieve better steps and progress in these sectors.
For his part; According to the statement, the US Assistant Secretary of State announced his country’s support for a strong and developed Kurdistan within the framework of a federal Iraq, expressing his joy at witnessing the progress of the energy industry in the region within the level of international standards. “When I see this scene, I remember many oil production areas in America and this place is the (Oklahoma) in miniature.”
PoliticsIraqJeanine Hennis-PlasschaertUN Security Council
2024-05-16 09:18ShareFont
Shafaq News/ The representative of the Secretary-General of the United Nations in Iraq, Jeanine Hennis-Plasschaert, indicated on Thursday that there is progress in some of the country’s political, security and economic files, while she confirmed the presence of some failures.
In her last briefing to the UN Security Councils, regarding Iraq, and followed by Shafaq News Agency, Plasschaert said: “In the year 2024, we are witnessing an Iraq that is developing rapidly, and we are also witnessing a renaissance in the fields of service provision and reconstruction at various levels.”
The UN envoy stressed the need to expedite the election of a new president for the Iraqi Council of Representatives, saying: “With the upcoming parliamentary vote, which is now expected to take place the day after tomorrow, Saturday, there is hope that the new president will be named sooner.”
Plasschaert pointed out that “the political stagnation still hinders the formation of the local government in Diyala and Kirkuk governorates, despite the passage of five months since the provincial council elections were held.”
She explained, “The fight against ISIS is still a source of complexity for everyone, and portends future problems in Iraq, even though the security environment in Iraq has become more stable,” stressing the need to ensure the safe return of the displaced to their homes, without coercion.
Economy | 03:37 – 05/16/2024
Mawazine News – Baghdad
The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, announced today, Thursday, the repayment of International Monetary Fund loans to Iraq since 2003, and while he indicated that their total did not exceed 8 billion dollars, he confirmed that they had been repaid in full.
Saleh said, according to the official agency, “Since 2003, the International Monetary Fund has provided several loans to Iraq that were aimed at supporting macroeconomic stability and implementing financial reforms. Between the years 2003 and 2021, Iraq obtained several financing programs from the International Monetary Fund, including loans.” Emergency and relatively long-term financial assistance.
He added, “In the first years after 2003, the Fund provided significant support to Iraq through various programs, including the SBA Credit Readiness Program and the Rapid Financing Instrument. For example, in 2016, the International Monetary Fund approved an SBA Credit Readiness Program worth 5.34 Billions of dollars to support economic reforms in Iraq, and Iraq received two-thirds of the above amount, and it was paid in full within five years.”
Saleh continued, “In 2021, Iraq requested an emergency loan worth $6 billion from the International Monetary Fund, and it appears that the loan was not materialized because it was not linked to one of the Fund’s programs at the time,” noting that “methods of cooperation with the International Monetary Fund have been targeted to support government reforms.” And confronting the economic crises that resulted from the decline in oil prices, which were linked to fluctuations in the balance of payments and its effects on economic activity.”
He stated, “Since 2003, the value of loans and financial aid granted by the International Monetary Fund to Iraq has amounted to several billion dollars, and their total does not exceed 7 to 8 billion dollars, and they have been fully repaid, with a focus when granting loans on implementing programs linked to supporting macroeconomic stability and implementing reforms.” necessary finances.
03:19
| 2024, May 16
The fourth – Baghdad
The head of the United Nations Mission in Iraq, Jenin Blaskhart, is scheduled to give her last briefing at the UN Security Council meeting on Thursday, May 16, via a television circuit and then leave Iraq permanently, to conclude her missions that began in January 2018,
It is also scheduled that the mission “will close at the request of an Iraqi with the remaining Resident Coordinator of the work of the United Nations, and the closure will include the sections of elections, political affairs and human rights, and that Jenin Blaskhart will leave Iraq today.”
https://alrabiaa.tv/article/86955/86955-اليوم..-بلاسخارت-تقدم-إحاطتها-الأخيرة-حول-العراق
EconomyBreakingCorruption In IraqMoney Laundering
2024-05-16 03:28Font
Shafaq News/ Governor of the Central Bank of Iraq Ali Al-Alaq announced on Thursday the successful use of the electronic external transfer platform in combating money laundering.
This came during Al-Alaq’s participation, in the Arab Forum of Anti-Corruption Authorities and Financial Investigation Units in the Kingdom of Saudi Arabia, according to a statement issued by the bank’s media and received by Shafaq News.
Al-Alaq delivered a speech on the efforts of the Central Bank of Iraq in spreading financial transparency and collecting and exchanging information on the real beneficiary at the international level, stressing the recent measures taken by the Central Bank of Iraq, represented in the use of the electronic external transfer platform, which effectively contributed to determining the identity of the real beneficiary and prevented the use of external transfers as a means of money laundering operations.
He pointed out that the use of the cash sale platform contributed to the arrival of foreign currency to real beneficiaries of travelers or students outside Iraq, as well as other cases that need foreign exchange according to the law.
The Chairman of the Integrity Commission, Haider Hanoun, also participated in the same forum, and will present Iraq’s measures to combat corruption and its role in achieving development and economic growth.
Hanoun pointed out that international reports that talked about growth in the Iraqi economy represented a rise in domestic product, an increase in non-oil revenues and a decrease in inflation.
The head of the body warned that corruption is causing low investment rates and the budget deficit.
https://www.shafaq.com/ar/اقتصـاد/العلاق-يعلن-نجاح-منصة-التحويلات-ال-لكترونية-في-مكافحة-غسل-ال-موال
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