Bondlady’s Corner – Iraq Economic News and Points to Ponder Friday Afternoon 2-23-24


Iraq Economic News and Points to Ponder Friday Afternoon 2-23-24

Tlm724 Administrator Bondlady’s Corner

Association Of Banks: Total Government Electronic Collections Amounted To More Than 418 Billion Dinars

 Economy    Yesterday, 18:34  Baghdad – INA – Wissam Al-Mulla  , today, Thursday, the Iraqi Private Banks Association announced statistics on the number of electronic payment cards and the total government collection, which  it confirmed amounted to more than 418 billion dinars, while indicating that there are 558 government agencies that have deployed electronic payment tools in their institutions.

 The Executive Director of the Iraqi Private Banks Association, Ali Tariq, said in a statement to the Iraqi News Agency (INA):

 “There is great interest and support from the Prime Minister to support the Iraqi economy through his support for the private sector,” indicating that “the launch of the electronic collection project comes as a translation of the vision and strategic objectives.” To develop the financial and banking sector in Iraq. 

He pointed out that “the number of employee cards in Emiratisation services until June 2023 amounted to (8,653,310),” noting that  “the number of cards issued (prepaid, debit, credit) until September 2023 amounted to 17,822,988.”

 He added, “There are 558 government agencies that have deployed electronic payment tools in their institutions,” pointing out that “the total government electronic collection since the activation of the Council of Ministers’ decision to publish electronic payment tools through 586,868 transactions amounted to 418,371,127,093 billion Iraqi dinars.””.–418-.html

Al-Sudani: Economic and banking reform is one of our most important priorities  

February 22 18:04 Information / Baghdad.  Prime Minister Muhammad Shiaa Al-Sudani confirmed on Thursday that the government has placed the issue of economic and banking reform among its most important priorities.

 Al-Sudani said in a statement received by Al-Maalouma on the sidelines of his meeting with Andrew Toure, the Regional President of Visa for Central and Eastern Europe, the Middle East and Africa, and his accompanying delegation,

“The government has placed the issue of economic and banking reform among its most important priorities, and  it seeks and welcomes cooperation in this field,” noting. To approve the electronic payment system in the Council of Ministers.

He praised, “the company’s cooperation in expanding electronic payment technology and digital transformation, whether   through training workers in Iraq or by     contributing to education about the electronic payment process.”

For his part, Andrew expressed “the desire to continue cooperation with the Central Bank of Iraq and all Iraqi banking sector institutions,” noting  “Visa’s interest in supporting the Iraqi government’s plans towards electronic payment and economic and banking reform, by  introducing advanced solutions and technologies to the market, as well as its   readiness to bring expertise, in addition to     employing more Iraqis in its office in Baghdad,  with the aim of reaching 500,000 acceptance points from electronic payment points of sale in Iraq.”السوداني:-الإصلاح-الاقتصادي-والمصرفي-من-أهم-أولوياتنا

Risk Management Process

February 22, 2024     :diamonds: Risk management process..For more, click here

 February 22, 2024 Last updated: February 22, 2024  The Independent/- Iraqi journalist Qusay Shafiq revealed a dangerous issue related to the dismantling of industry in Iraq.

 In a post on his Twitter account, Shafiq addressed the story of the modern paint factory, noting that

 the process of “blind, corrupt investment, especially the mixed sector, represents a serious problem affecting the national economy.”

 He referred to the experience of the Modern Paints Company, which was converted into an investment when the current Prime Minister, Muhammad Shiaa Al-Sudani, was Minister of Industry.

 “It is possible to understand how the situation deteriorated after it was converted into a corrupt investment!!” He explained that

 one of the main reasons for failure is the lack of investor commitment to implement the measures required to revive the company.

 Instead, the investor took advantage of the opportunity to make quick profits at the expense of the company’s resources and infrastructure.

 Such as “selling the treasury and dismantling production lines,” which reflects exploitation that only serves the interests of the investor himself. He added,   “Warehouses and headquarters were rented to people with connections that raise suspicions about the existence of corrupt practices and abuse of influence.”

 He also continued,   “It failed to implement and monitor the agreement between the government and the investor, as  it did not provide sufficient mechanisms to ensure compliance with the investor’s obligations and monitor the proper use of resources.”

 The scenario to which the Modern Paints Company was subjected also appears, including the plundering, dismantling, and sale of state lands!” Shafiq concluded,

  “This case should be an important lesson for the government and concerned parties in implementing industrial and investment policies instead of mortgaging state factories and companies into the hands of corrupt investors who exploit the story of industrial development in corrupt partnership contracts with the government.”اعلامي-يكشف-عن-موضوع-خطير-يتعلق-بتفكيك/

Is There Enough Time For The Sudanese Government To Get Out Of The “One-Rent” Prison?

     February 22 /Information/report..   After the major reconstruction campaign led by the Sudanese government in Baghdad and a number of Iraqi provinces,

this government began to develop a plan to multiply the country’s revenues and remove it from the revenues of the single rent represented by oil.

 90 percent of Iraqi revenues depend on oil, which is the sole financier of the state treasury,  making federal budgets captive to the impact of the rise and fall of oil prices.

 The first sector with multiple revenues for the country is energy investment, especially the gas that Iraq loses from the oil extraction process.

 In this regard, the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, announced earlier the signing of “important” contracts for the investment of natural and associated gas, stressing that the  “neglect” of natural and associated gas has caused Iraq to lose many development opportunities.

He added,  “For many years, Iraq has depended on oil as a basic resource for the economy and money, and natural and associated gas were neglected, which caused us to lose many development opportunities, in addition to the environmental impacts associated with the oil industry.”

He added,  “We have begun treatments to develop the oil industry and invest in neglected ones, and we have signed important contracts to invest in natural and associated gas,” adding that  “the sixth round will be signed soon, which targets important areas of natural gas fields.”

 He pointed out that  “investing in gas will end the waste of gas wealth that costs Iraq approximately 4 billion dollars annually,” pointing out that they have placed the government’s top priorities as “making room for the private sector and international companies, and providing facilities for them.”

He stated that  oil “still represents a primary source of energy in the world, and has its importance in politics, economics, development, and the environment, and its importance to countries that depend on it, whether for production or consumption.”

 The Iraqi Prime Minister stressed that the government “has paid attention, since its formation, to the energy file in all its details, most notably what relates to oil and natural and associated gas,” stressing

 cooperation with major companies in the field of energy, including the recent agreement with the French company Total, to achieve integration in energy investment.

 And make Iraq an active player in the gas market during the next few years.”

 He noted that  the world “is searching today for alternatives to traditional energy, and is moving towards alternative energy sources, which will be competitive with oil and gas within a few years,” urging the necessity of “making plans to keep pace with global transformations toward alternative energy.”

 Industry represents one of the most important sectors that provides the country with large, reliable financial resources that fill budget shortfalls.

 Economist Bassem Antoun called for attention to the industrial sector, because it could be an essential resource for any country. Antoine told Al-Maalouma,

  “The Sudanese government has begun to take good steps to revitalize the industrial sector by granting soft loans to industrialists.”

However, Antoine pointed out an important problem, which is the failure to implement laws and regulations in this regard, which contributed to the exit of a group of merchants who still stand as a barrier to prevent the implementation of these laws and legislations.

 In addition, a member of the Parliamentary Services Committee, MP Baqir Al-Saadi, revealed the government’s plans to revive the industrial sector. Al-Saadi told Al-Maalouma,

  “The Sudanese government has adopted a tripartite plan to revive Iraq’s largest industrial complexes in 9 governorates through investments, modernization of production lines, and creating a partnership in the supply of important materials and equipment.”

He added,  “The revival of the industry will provide thousands of job opportunities within a short period, pointing to the ability of the Iraqi markets to absorb the products, and

this is what creates a positive situation and the continuation of the project to revive important industries during the next 3 years.”

For her part, the representative for Dhi Qar Governorate, Ola Al-Nashi, announced that government approvals had been obtained to reactivate and develop four vital factories in the governorate. Al-Nashi told Al-Maalouma,

 “The approvals of the Ministry of Industry and Minerals were obtained to complete the industrial city file and connect it with electricity, to pay attention to the Nasiriyah Textile Factory and the Ur Company, to develop mechanisms for marketing their products, and to restart the Chibaish dairy factory.”

Although the Sudanese government has the intention to advance the industrial sector and other sectors, such as agriculture, this matter depends on the time that will reveal in the coming days giant projects that can provide the Iraqi budget with more funds. Ended / 25 ADهل-يسعف-الوقت-حكومة-السوداني-للخروج-من-سجن-الريع-الواحد

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