Bondlady’s Corner

  In Bondlady’s Corner

Iraq Economic News and Points to Ponder Friday Afternoon 3-8-24

Tlm724 Administrator Bondlady’s Corner

Trade: We Are Close To Joining The World Trade Organization

Economical 03/06/2024   Baghdad: Al-Sabah  Undersecretary of the Minister of Commerce, Sattar Al-Jabri, said yesterday, Tuesday, that the issue of Iraq’s accession to the World Trade Organization is imminent, while he affirmed the current federal government’s efforts to achieve self-sufficiency and not depend on the importer.

Al-Jabri said that the governmental curriculum developed by the Iraqi government is based on a strategy to keep pace with the development taking place in the global economy, as the government signed bilateral international memorandums of understanding in the field of trade and economics. He stressed that “Iraq is seeking to enter the World Trade Organization and the issue is coming soon.”

The Iraqi government official spoke about the issue of import and export, saying:

There is no trade balance between exported and imported materials, as the monetary mass was going to other countries, and

this is what the government is seeking to address. current by relying on self-sufficiency.

At the beginning of 2024, the Kingdom of Saudi Arabia announced its support for Iraq’s accession to the World Trade Organization, especially after the political obstacles that prevented it were removed.

Experts: We Are Optimistic About The Country’s Financial Situation

The first 03/05/2024    Baghdad: Huda Al-Azzawi   Specialists in financial and economic affairs expressed their optimism about the future outlook for the country’s financial situation, and while they saw that

Prime Minister Muhammad Shiaa Al-Sudani’s statement regarding this aspect and the overall economic file is correct and consistent with reality,

they called for the continuation of steps to leave the unilateral rentier economy to a productive economy.

Advisor to the Prime Minister for Financial and Economic Affairs, Dr. Mazhar Muhammad Salih, said in an interview with “Al-Sabah”:

The basis comes from the strength of the foreign asset reserves that Iraq possesses, which exceeded 100 billion dollars, which is the cover of the national currency, which means that there is complete coverage of cash.

The national source of foreign currency, which provides ideal stability for the exchange rate of the Iraqi dinar, in addition to the fact that these foreign reserves embody the commercial efficiency of Iraq, as these reserves cover more than 15 commercial months, while  the international standard is only three months.”’

He added,  “We must not forget that the surplus in the current account of the balance of payments relative to the gross domestic product also did not fall below (positive 8%), which is a high indicator that reflects the strength of the external sector in the national economy, that is, its stability and growth.”

He pointed out that  “the real growth rate in Iraq’s non-oil gross domestic product has touched (6%), and  it reflects the growth of the activities of important sectors, most notably the reconstruction, construction and housing movement, and the development of the transport and digital communications sector, and  there is a continuing movement in developing the agricultural sector thanks to government support for crops.”   We expect Iraq’s grain production in the next few months to reach 6 million tons.”

The International Monetary Fund Recommends That Iraq Reduce Its Dependence On Oil

Economy |03-3-2024, |Baghdad today – follow-up  Today, Sunday (March 3, 2024), the International Monetary Fund recommended that  Iraq     reduce dependence on oil,  work to increase non-oil revenues and    control public spending, in order to ensure the continuation of economic reforms and achieve sustainable growth.

The final statement of the Fund’s experts at the end of the 2024 Article IV consultation mission indicated that  “Iraq is expected to continue economic growth due to the expansion of public finances,”  but warned of “a significant increase in exposure to oil price fluctuations in the medium term.”

The IMF said,   “Greater declines in oil prices or extending OPEC+ cuts may affect Iraq’s financial and external accounts,” noting

“the risks of escalating regional tensions and their potential impact in the event of an interruption to shipping routes or damage to the oil infrastructure, leading to losses.”

“In oil production, the potential positive impact of a rise in oil prices outweighs the potential positive impact of a rise in oil prices.” He added,  “Iraq needs to  increase non-oil exports and government revenues, and    reduce the economy’s exposure to oil price shocks.”  ‘

The statement stated, “Iraq needs higher and more sustainable growth in the non-oil sector to accommodate the rapidly growing workforce.” The IMF statement indicated that  “the growth of the non-oil sector in Iraq rebounded strongly in 2023, as estimates indicate that Iraq’s real non-oil GDP will grow by 6 percent in 2023 after growth stopped in 2022.”صندوق-النقد-الدولي-يوصي-العراق-بتقليل-اعتماده-على-النفط.html

Economists Urge Expanding Partnership With Europe

The first 03/05/2024    Baghdad: Shukran Al-Fatlawi  Specialists in economic and financial affairs called for expanding the country’s openness to investments with the European side,  especially after the exit of European companies from long-term Russian agreements, indicating that the Prime Minister’s recent visit to the Netherlands represents a gateway to this openness.

Economist Dr. Mustafa Hantoush told Al-Sabah:

There is a real opportunity for Iraq to partner with Europe, especially since the latter has had long partnerships with Russia and Ukraine in the field of energy. ‘

He pointed out that Europe is currently isolated due to recent events, noting that it is possible to exploit this partnership as an oil country and cooperate with European companies,

especially as they are looking for countries to market their products, including animal products and seeds. Hantoush pointed out that

most countries in Europe are looking for partnerships to market their products, especially with oil-producing countries, and

Iraq is one of those countries, as it has enormous oil wealth, and the country also needs their expertise in the field of livestock and seeds.

For his part, economic expert Safwan Qusay said that the recent visit of Prime Minister Muhammad Shiaa Al-Sudani to the Netherlands is a key to convincing the European investor to partner with Iraq.

President Of The Federal Court: Iraq Is Currently Taking Steady Steps To Build The State

Politics |Yesterday, |Baghdad Today – Baghdad  The President of the Federal Supreme Court, Jassim Muhammad Aboud Al-Amiri, confirmed today, Thursday (March 7, 2024), that “Iraq is currently taking steady steps to build the state.”

A statement by the Supreme Judiciary received by “Baghdad Today” stated that Al-Amiri met during his visit to Amman with Jordanian Prime Minister Bisher Al-Khasawneh and confirmed that  “Iraq achieved a great victory over terrorism,” adding that  “Iraq is currently taking steady steps to build the state.” He pointed out that

“Iraq is very keen to build international relations with all countries of the world on the basis of mutual respect and common interests, with the exception of the Zionist entity that is usurping Palestine.”

He pointed out that “the Federal Supreme Court in Iraq seeks to cooperate with all constitutional courts for the purpose of consolidating constitutional values.” Al-Amiri noted  “discussing the mechanism of joint cooperation and exchanging legal expertise in order to achieve the interests of the two countries.”

For his part, the Jordanian Prime Minister stressed “the special status of Iraq,” stressing “the Kingdom’s keenness to strengthen relations in various fields with Iraq.”رئيس-المحكمة-الاتحادية-العراق-حالياً-يتجه-بخطوات-ثابتة-لبناء-الدولة.html

Al-Alaq: Supporters Of The Islamic Banking Sector

Economical 03/07/2024   Baghdad: Al-Sabah  The Governor of the Central Bank, Ali Al-Alaq,  expressed his support for the work of Islamic banks, and  stressed the progress of government steps to remove the obstacles that hinder the development of their work.

A press statement issued by the Association of Banks explained that Al-Alaq met with the delegation of the Iraqi Association of Islamic Banks within the framework of a serious approach and effective action to support banking work and the private sector.

He explained that the meeting included a discussion of ways to advance the vital Islamic banking sector to support the national economy, especially since many private banks were subject to the suspension of their transactions in the US dollar.

Al-Alaq indicated that the Central Bank is seeking by all means to support the banks, stressing that there are moves at a high level by the government to stop… On solutions, in addition to emphasizing professionalism and commitment to international standards.

In turn, the Executive Director of the Association, Ahmed Al-Rubaie, said:

The meeting was positive and fruitful, appreciating the efforts made by the Central Bank, especially since  there are steps confirmed by the results achieved through the move to open direct communication channels for banks. Local cooperation with its foreign counterpart in correspondence and commercial exchange to find outlets for dealing in currencies other than the dollar, including the Emirati dirham, the Turkish lira, the euro, and others.


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Provoking Points to Ponder on Decisions

It is the characteristic excellence of the strong man that he can bring momentous issues to the fore and make a decision about them. The weak are always forced to decide between alternatives they have not chosen themselves.  – Dietrich Bonhoeffer

Alternatives, and particularly desirable alternatives, grow only on imaginary trees.  – Saul Bellow

The more one does and sees and feels, the more one is able to do, and the more genuine may be one’s own appreciation of fundamental things like home, and love, and understanding companionship. – Amelia Earhart

Our danger is not too few, but too many options … to be puzzled by innumerable alternatives. – Sir Richard Livingstone

The absence of alternatives clears the mind marvelously. – Henry Kissinger