The Presidents of the Republic and ministers stress the need to resolve the issue of the salaries of the region’s employees in a way that guarantees their rights



Economy News Baghdad

The President of the Republic, Abdul Latif Jamal Rashid, and Prime Minister Mohammed Shia Al-Sudani, stressed on Sunday that the Iraqi government is the body concerned with enforcing the law and protecting the sovereignty of the country, pointing to the importance of resolving the issue of the salaries of the employees of the Kurdistan region.

The Prime Minister’s Information Office said in a statement, seen by “Economic News”, that “the Sudanese met, on Sunday evening, the President of the Republic, Abdul Latif Jamal Rashid, and during the meeting, they discussed the general situation in the country, political, security and economic issues, and stressed the need to unite efforts to consolidate and sustain the security and stability achieved.”

The statement added, “The Sudanese reviewed the results of his participation in the Davos Economic Forum in Switzerland, and the talks he held with the heads of the participating delegations and international financial institutions to strengthen Iraqi relations and strengthen joint cooperation, in a way that serves mutual interests.”

He explained that “the meeting witnessed a discussion on security developments, violations of Iraqi cities and territories, and the violation of sovereignty, undermining stability and threatening the safety of citizens.”

According to the statement, the two sides stressed that “the Iraqi government is the authority to enforce the law and follow up on the measures that ensure the protection of the security and sovereignty of Iraq.”

He added that “the two sides stressed the importance of supporting the government in implementing its ministerial program, especially related to providing services and improving the standard of living for citizens, moving forward with the reform program and reducing cases of corruption, in a way that provides a viable environment for investment and activating the private sector to contribute to the construction and reconstruction of the country.”

The statement continued, “The meeting touched on the need to address the joint files between the federal government and the Kurdistan Regional Government of Iraq, in accordance with the Constitution and the law, and to resolve the issue of the salaries of the region’s employees, in a way that guarantees their rights and secures their strength and source of livelihood.”

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Added 2024/01/21 – 8:36 PM

Sudanese chairs the meeting of the Board of Directors of the Iraq Fund for Development



Prime Minister Mohammed Shia’ Al-Sudani chaired today, Sunday, the meeting of the Board of Directors of the Iraq Fund for Development to review the projects and directions of the Fund in 2024.

The Information Office of the Prime Minister said in a statement, NRT Arabia received, a copy of it, that “the Sudanese, chaired a meeting of the Board of Directors of the Iraq Fund for Development, in the presence of Minister of Education Ibrahim Al-Namis.”

He added, “The meeting witnessed the review of the Fund’s projects and directions in 2024, and part of the Fund’s investment plan, and the focus was on the project of building schools in the investment method as the first project of the Fund, during which the financial aspects and designs that use appropriate modern building materials were discussed, choosing the model that will be adopted in their construction, and stressing the importance of meeting environmental requirements according to designs suitable for temperatures and climate conditions.”

The meeting discussed “other projects that the fund will implement through the private sector, as the focus was on projects that are offered to citizens, in order to provide them with the opportunity to invest in large projects.”

According to the statement, the council decided to set priorities for action and implementation, and to introduce school building projects that replace mud, karafan and falling schools, as well as the vacant land identified.

The President of the Iraqi Trade Bank, Bilal Sabah, Hussein Hamoudi, starts his duties



Economy News Baghdad

The President of the Iraqi Trade Bank, Bilal Sabah Hussein Hamoudi, began his work duties on Sunday.

The bank said in a statement, seen by “Economy News”, that “Bilal Sabah Hussein Hamoudi began today, his duties as president of the Iraqi Bank for Trade and Chairman of the Board of Directors.”

He added that “this came in implementation of the directives of the Prime Minister, after the termination of the assignment of Mohammed Mohammed Javad Kazem from his duties as head of the bank.”


Added 2024/01/21 – 4:07 PM

Revealing the results of an Iraqi-Turkish meeting on the development path

reconstruction and construction


Economy News – Baghdad

The Ministry of Transport, on Sunday, revealed the results of the last meeting between Iraq and Turkey, on the development road project, which was held recently, in Ankara.

The ministry’s media office said, in a statement received by “Economy News”, that “an Iraqi technical team visited last week, the Turkish capital Ankara, and held a meeting with the Turkish side, to discuss the latest developments of the development road project.”

He added, “During the meeting, the delegation reviewed the details of the work on the project directly supervised by Minister Razaq Mohibis Al-Saadawi, which is of great importance and support from Prime Minister Mohammed Shiaa Al-Sudani.”

At the end of the meeting, “a joint report was signed between the two sides, which included an important number of points agreed upon, in the presence of the Italian consulting company.”

“The two sides agreed on a number of technical issues on the project,” the statement continued, noting that “the two sides also agreed to hold periodic technical meetings monthly.”

He explained that “the Turkish side pledged to train Iraqi railway cadres within the framework of the development road project, and the details will be agreed later.”


Government and central meetings in Davosel shortening the time towards financial and banking reform



Economy News – Baghdad

Samir Al-Nusairi

On the sidelines of the Davos Forum at its 54th session held in Switzerland last week, the Prime Minister, the Prime Minister and his accompanying delegation, and the Governor of the Central Bank continued to hold meetings, understandings and negotiations with the World Bank, the International Monetary Fund, the President of the European Bank for Reconstruction, JPMorgan Bank and global financial institutions with the aim of accelerating the measures implemented by the government in cooperation with the Central Bank towards achieving financial and banking reform.

In implementation of the twelve government curriculum (financial and banking) in which the government’s program for the financial and banking sector and strategic policies and procedures were drawn up in paragraphs (1-7).

To restructure the public budget, manage public money, reduce the pressure of consumer spending in favor of projects and programs for sustainable development, pressure public debt to a minimum, limit external borrowing for investment and service projects. The borrower repays the loan from the project revenues, establish the Iraq Fund for Development and include it in the general budget in 2023.

Controlling the border crossings, reforming the tax system and making, maximizing revenues for economic productive sectors other than oil, and reaching their percentage in budget revenues over the next 3 years to 20%. The main and important goal is to reform the banking and private sector, according to paragraph (7), which considers financial and banking reform is the beginning of the successful economic reform, with a focus on structuring and enabling government banks, reconsidering their work, and enabling private banks to be able to support investment and development in a real way. It is indeed initiated by the government and the Central Bank with contractual and negotiating procedures with the international auditing and advisory company Ernst Andy Young and under the supervision and direct follow-up of the Prime Minister and his confirmation that the company’s global programs are applicable and differ from previous experiences and to ensure the achievement of the goal according to the time period planned to complete the project in full.

The meeting with the CEO of JPMorgan Bank of America on the sidelines of the Davos Forum held in Switzerland, asking him to cooperate with the Central Bank and banks to open accounts for Iraqi banks to regulate foreign trade financing and help accelerate digital transformation applications and the use of electronic payment technologies, in addition to the diligent follow-up of the Minister of Finance and the Governor of the Central Bank of Iraq.

With regard to banking reform, the Central Bank has made great efforts to implement what was stated in the government curriculum in the face of the challenges faced by the reform process, where in 2023, the organization of foreign trade financing and digital transformation in the banking sector was achieved, the imminent launch of a national lending strategy, the establishment of a Rida Bank to finance small and medium enterprises, and the work is continuing to reduce the exchange rate fluctuation of the monetary dollar in the parallel market. In general, the plans of the Central Bank aim at my mirrors:

First – Developing and reclassifying the Iraqi banking system, enhancing citizens’ confidence in it and providing financial solvency that enables it to meet requests quickly and when requested.

2-Transforming banks to their primary function of lending for sustainable development.

3. Banks that do not provide loans and banking facilities that help in development lose their meaning as banks, which requires a specific position on them from the Central Bank.

4. Banks are the lever of development and the importance of the Ministry of Finance and the Central Bank to support banks, develop their functions and rely on their own capabilities in dealing with sober international correspondent banks, to be organized by the international banking system in accordance with international standards and to obtain the internationally approved classification.

v. Withdraw funds outside the banking cycle and enter them into the banking system by providing comprehensive banking products and services to customers without slack, smoothly, easily and transparently.

All the above objectives Although the period set for implementation according to the government’s timetable ranges from (1-4) years, the government and central bank strategy for 2024 will shorten the time and achieve most of the above goals. There are banks that are moving towards the required development and banks that still need an additional period of time to achieve the goals, and there are troubled banks that are now making exceptional efforts from the bank to the central and management of these banks to rehabilitate them.

What concerns us here is the real functional role of banks in providing loans and banking facilities and moving from the role of banking to the developmental role. There are two important observations that must be taken into account with regard to providing loans and banking facilities to stimulate the economy.

First: The nature of the activities of banks depends on the nature of the activities of the economic sectors, and that economic activity is concentrated in foreign trade (imports), so it requires controlling imports, supporting the local product, and supporting the private industrial sector, which the government is currently working to promote with calculated executive procedures and with the cooperation of all other sectors.

Second: It is necessary to provide the legal environment and extend the authority of law in order to eliminate the phenomenon of default in the payment of loans by making legislative amendments and treating private sector debts similar to the debts of the government sector as excellent debts payable, which will help the expansion of the private banking sector to grant bank financing of all kinds.

The other important thing is to move the public and private banking sector to a sober and sophisticated economic sector that is committed to international regulations, rules and standards for compliance, anti-money laundering, financial reporting and risk management, and thus to be actually a lever for development.

And contributing to the revitalization of the economic cycle by activating and supporting the financing of small and medium enterprises and large development projects through which the construction of a solid national economy and sustainable development is achieved that ultimately serves the Iraqi people and their aspirations for a better life.

This means that each government or private bank has a targeted plan for the four years specified in the government curriculum and under the supervision and follow-up of the Central Bank in the fields of development of payment systems and modern banking technologies, moving from cash dealing to dealing with modern electronic payment methods in accordance with international standards, offering new banking products to stimulate financial inclusion, work to build capacity, train and qualify human resources, achieve the goal of investing in human capital and develop the structural structure of the banking sector.

Banks also pay attention to the application of financial stability standards, which are financial safety indicators such as the capital adequacy rate, liquidity ratio, profitability ratio such as the ratio of profit and net profit to capital, the ratio of return on assets, the ratio of return on shareholders’ equity, the ratio of activity cost, leverage and the ratio of the employment of funds, in addition to the adoption of indicators to measure performance efficiency.

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Added 2024/01/21 – 9:37 AM

Parliamentary Finance puts 7 important files on Sami’s Taif table related to the 2024 budget

  • Time: 2024/01/21 16:21:25
  • Read: 195 times


{Local: Al-Furat News} The Finance Committee headed by Atwan Al-Atwani and the presence of its members hosted on Sunday, 21/1/2024, Minister of Finance Taif Sami to discuss a number of important financial files based on the regulatory aspect.

Al-Atwani welcomed, according to the statement, {Al-Furat News} received a copy of it, at the beginning of the hosting of the Minister of Finance, stressing: “The importance of holding the meeting to discuss financial issues, spending, and completing the tables for the budget of 2024, in addition to the topics of added amounts for the purchase of energy, compensation of employees, examiners, and the implementation of projects included within the government plan,” adding that “there are meetings and field visits to institutions to see all the details.”

“The Finance Committee also discussed the possibility of diversifying non-oil revenues and not relying on oil revenues, and the need to move towards multiple revenues to achieve self-sufficiency and end the deficit, as well as the financial amounts for the year 2023,” the statement added.

For her part, the Minister of Finance presented an explanation on the procedures for financing institutions and implementing the tripartite budget after its publication in the Official Gazette, as well as the project financing and opening accounts to state departments, explaining that the financing of projects is carried out according to the allocations and listing requirements, stressing the importance of modifying the components and abuses, in coordination with the Ministry of Planning in addition to the subject of the region’s revenues.

The committee also listened to the problems facing the ministry in preparing the budget schedules for 2024, the plan to fill the deficit, paying foreign debts, financing institutions, and provincial projects, discussing the development of appropriate solutions, and the ministry took its role in finding alternatives.

The interventions of the members of the Finance Committee included the allocations of the provincial projects and how to include them in the tables of the budget 2024, in addition to the subject of the customs tariff, and the estimated price of oil according to the estimates, with the verification of non-oil revenues for the budget.

At the end of the meeting, the committee requested all data and details of the actual expense and deficit, through official letters, stressing the speedy preparation of budget schedules and sending them to the committee for review and vote.المالية-النيابية-تطرح-7-ملفات-مهمة-على-طاولة-طيف-سامي-تتعلق-بموازنة-2024

Al-Maliki Assures The US Ambassador The Need To Activate The Agreements Concluded Between The Two Countries



Earth News / The head of the State of Law Coalition, Nuri al-Maliki, received in his office on Sunday, the Ambassador of the United States of America to Iraq Elena Romansky.

The two sides reviewed, according to a statement by Al-Maliki’s office and received by Earth News, “the future of bilateral relations between the two countries, as well as the escalation of tensions in the region and the repercussions of the Al-Aqsa Flood operation and Baghdad’s keenness on the need to end the Zionist aggression and open humanitarian corridors to enter aid.”

The head of the State of Law Coalition stressed “the importance of strengthening relations of friendship and cooperation, and continuing to sustain and develop them to serve the interests of the two friendly peoples,” pointing to “the need to activate the agreements concluded between the two countries, especially the Strategic Framework Agreement, which is consistent with the importance of the current stage.”

Nuri Al-Maliki referred to “the many crises facing the region, especially the events in occupied Palestine, Lebanon, the Red Sea, northern Syria and Iraq,” calling for “the speed of action to ease tension and end mutual attacks that may threaten the widening of the war.”

In turn, the US ambassador renewed her country’s support for the stability of Iraq, stressing “continuing dialogues between the two countries in order to promote partnership projects in various important and vital sectors.”

Several people including US nationals injured in rocket strike at military base in Iraq

20 JAN, 13:22

The US nationals sustained light injuries, Baghdad Today reported

CAIRO, January 20. /TASS/. Several people, including US nationals were injured in the rocket strike at the Al-Asad airbase in western Iraq, Baghdad Today reported.

According to the report, several Iraqi servicemen and two Americans from the base maintenance staff were injured in the attack. The US nationals sustained light injuries, the report specifies.

Meanwhile, the Iraqi Commander-in-Chief Spokesman Yahya Rasoul confirmed that one Iraqi serviceman was injured in the attack, adding that damage was caused to the headquarters building of the 29th Brigade, deployed at the base.

Previously, the media reported that the Al-Asad airbase, used by the international coalition forces, was attacked by more than 20 rockets. According to Al Hadath, Shia militias are responsible for the attack.

Previously, Shia militias warned the US that they will increase the number of armed operations in Syria and Iraq, because “Washington continues supporting the Israeli army, which kills civilians in the Gaza Strip and in south Lebanon.”.

Yahya Rasool: The bombing of Ain al-Assad caused damage to Iraqi forces

PoliticsBreakingThe Lion’s EyeIraqi Armed FactionsThe Iraqi Armed Forces

2024-01-20 11:59Font

Shafaq News / Major General Yahya Rasoul, spokesman for the Commander-in-Chief of the Armed Forces, announced on Saturday, damage and injuries as a result of targeting the Ain al-Assad air base.

“A number of rockets landed near the headquarters of the 29th Brigade, the 7th Division of the Al-Jazeera Operations Command within the Ain al-Assad Iraqi base,” Rassoul said in a statement to the government agency.

“The targeting caused the injury of an Iraqi soldier and damage to the headquarters of Brigade 29,” Rassoul added.

He pointed out that “the base of Ain al-Assad has headquarters for our military parts in addition to an Iraqi training camp at the base.”

“The Iraqi security forces supported by the intelligence effort will reach the perpetrators to bring them to justice to receive their reward,” Major General Rasul continued.

The Ain al-Assad base, which hosts US troops in Iraq, was bombed, causing minor injuries to Americans, a U.S. official said earlier on Saturday.

The U.S. official, who spoke on condition of anonymity, said initial reports indicate that the base was hit with ballistic missiles, and possibly other types of missiles, adding that the assessment is ongoing.

The U.S. official said the additional assessment does not clarify whether the Ain al-Assad base was bombed by missiles or shells and the situation is being assessed.

The official said preliminary assessments are subject to change indicate that U.S. personnel sustained minor injuries while a member of the Iraqi Security Forces was seriously injured.

In turn, AFP quoted Iraqi security sources and a US military official as saying that about ten missiles were fired on Saturday at the military base, where US soldiers and forces from the international coalition against jihadist organizations are deployed.

A U.S. military official, speaking on condition of anonymity, said several missiles “hit the Ain al-Assad air base” in Anbar province.

He confirmed that a “preliminary assessment of the damage” is now underway, but the “preliminary” information indicates that “a member of the Iraqi security forces was seriously injured.”

Washington has so far counted more than 100 attacks against its forces in Iraq and Syria since Oct. 17.

In response to those attacks, Washington launched several strikes in Iraq on militants in Iran-allied factions.

Iran-allied factions object to U.S. support for Israel in its war against Hamas, which erupted with an unprecedented attack by the Palestinian movement on southern Israel on October 7.

Iraq has nearly 2,500 American troops, while about 900 American troops are deployed in Syria, as part of Washington’s efforts to prevent the resurgence of ISIS.سیاسة/يحيى-رسول-قصف-عين-ال-سد-وقع-ضرارا-في-القوات-العراقية