Bondlady’s Corner – Iraq Economic News and Points to Ponder Late Sunday Evening 3-17-24


Iraq Economic News and Points to Ponder Late Sunday Evening 3-17-24

Tlm724 Administrator Bondlady’s Corner

Iraq Is The Axis And Meeting Point Of East And West

 The first 03/17/2024     Baghdad: Huda Al-Azzawi  Experts and specialists in financial and economic affairs called for the implementation of a new strategy based on a different, modern economic philosophy pursued by developed countries in the process of

     diversifying and maximizing state revenues,

     attracting foreign investments and

     achieving development, by

restoring Iraq’s historical pioneering role as an axis, fulcrum and meeting point between East and West, and a vital corridor for trade. Global,  experts also called for increasing intra-trade with neighboring countries as  it is one of the pillars of the successful Iraqi economic strategy.

The Prime Minister’s Advisor for Financial and Economic Affairs, Dr. Mazhar Muhammad Salih, stated in an interview with “Al-Sabah” that  “Iraq is the point of communication between the European continent and the Gulf and Asian markets.”

He pointed out that  “before the country entered into trade restrictions more than fifty years ago, which included wars, conflicts, and a decline in infrastructure, Iraq was one of the best vital economic areas in the world that charts the international trade corridors that travel through it by land from the heart of Europe to neighboring markets and Asia by sea.” Across the Gulf and vice versa. 

He explained,  “The Iraqi commercial corridors represent an ideal commercial attraction through which transit fees are collected, in addition to marketing technical and logistical services to trucks passing through Iraq’s roads and ports.”

 Saleh added,  “Maximizing intra-trade through (transit) trade will undoubtedly   achieve continuous financial returns and   provide an added business cycle that increases growth opportunities in the gross domestic product, and in linking Iraq to the global trading system as a major economic player in the region and the world.”

For his part, political analyst Omar Al-Nasser pointed out, in an interview with Al-Sabah, that

“diversification of economic resources is an important philosophy that the countries of the developed world have begun to adopt, and

the experience of the European Union is the best evidence of that, especially those that suffer from weak possession of natural resources.”  He stated that

 “sustainable development and economic prosperity begin from the gate of

     reducing spending,

     maximizing revenues, and

     multiplying sources of income,” and explained that

“with a realistic look at the state of development, intra-Arab trade rates are still relatively modest and reach only 13.8%, and

they still need more efforts to overcome Unfavorable procedures and effects of customs measures and standards that account for more than 50% of Arab trade exchange, other than the Asian partner, which constitutes 54% of Arab countries’ exports.” 

Al-Nasser stressed that  “Iraq must have new ways in this field, and  think tanks and research must be sought and  their role in providing advice and giving a high dose of support must be sought by drawing up model policies that support this joint with regional neighboring countries at the very least, in order to

     strengthen Investments,

     creating job opportunities, and

     raising trade cooperation and international relations to high levels.” 

He added, “Iraq’s invitation and adoption of a regional conference to stimulate intra-trade and remove the obstacles standing in the way of this joint will increase its standing among the countries of the region and create a real desire to establish clear-cut economic partnerships that will remove the spark of political differences and transform the Middle East region into a real international center of attraction and a mine for energy production.” humanity, economy, and the kiss of the entire world.” 

He explained that  “Iraq’s move to sponsor research, which has a major role in developing different strategies in the field of economic growth and prosperity, will contribute to

     raising the profile of sustainable development,

     strengthening international relations, and

     raising the level of opportunities for cooperation and trade exchange between the countries of the region.”      

An Expert Explains The Details Of The International Agency (Fitch) Report On The Evaluation Of The Iraqi Trade Bank

 Time: 03/17/2024 20:12:48 Read: 1,716 times  {Economic: Al-Furat News} The financial expert and former head of the Financial Supervision Bureau, Salah Nouri, revealed today, Sunday, the most prominent findings in the report of the International Credit Rating Agency (Fitch) on the evaluation of the Iraqi Trade Bank.

Nouri said {to Al-Furat News} that:

 “The defaulted debts {loans} are subject to recovery, the

first of which is the bank’s debts to the Kurdistan Regional Government, and

this debt has been since Hamdiya al-Jaf took over the management of the bank and continues to do so, in addition to the loans granted to many Iraqi companies supported by politicians {according to Agency information}. He pointed out,

“There are risks to the bank’s ability to continue its activity due to the

     loans granted and not refunded, and the

     government’s significant interference in the bank’s management decisions, especially the text in the Federal General Maronite Law that the

     bank must finance part of the general budget deficit.”  Nouri continued,  “The  

     weakness of the bank’s management and doubts about the

     credibility of the annual financial statements prepared by the bank.

An answer will also be prepared by the bank’s management to the questions and evaluation scores issued by the credit rating agency.”

He stated that “the report indicated the possible repercussions of international foreign banks’ reluctance to deal with the bank as correspondent banks for government imports.”خبير-يوضح-تفاصيل-تقرير-الوكالة-الدولية-فيتش-الخاص-بتقييم-مصرف-التجارة-العراقي

Iron And Steel Company: Iraq Is On The Verge Of A Major Industrial Revolution

 Iron material  Economy News – Baghdad  The General Company for Iron and Steel in Basra Governorate revealed, on Sunday, the government’s agreement with a Chinese company to establish an industrial city with an area of ​​3,000 dunams.

While it saw that Iraq is on the verge of a major industrial revolution, it confirmed that Prime Minister Muhammad Shiaa al-Sudani is interested in supporting the iron and steel industry and supporting the product. the local.

The Director General of the company affiliated with the Ministry of Industry and Minerals, Abbas Hayal, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that

“there is great governmental interest and from the highest executive authority, represented by Prime Minister Muhammad Shiaa Al-Sudani, in industrial projects that have been halted for more than two decades.” For a period of time, the General Iron and Steel Company stopped working in 2003 before it resumed work.

He added,  “The government’s interest does not depend only on making allocations in the budget law, but there is personal follow-up by the Prime Minister, through the Minister of Industry and Minerals, for the development and progress of work and achievement.

An official position is submitted monthly to the Prime Minister, and  he follows up and overcomes obstacles in many matters through “Make quick decisions and even communicate directly with the relevant ministers.”  

He continued, “Our company is not the only one specialized in iron and steel.

Rather, there are companies in the private sector that also produce rebar, for example.

We had a meeting with the Prime Minister about two weeks ago under the auspices of the Board of Advisors, and there is a special committee formed to follow up on the development of the national industry, and in fact,  among the demands was to protect the product.”

The National Bank, the government and the Council of Ministers were truly supportive and decisions were actually issued to protect the national product, especially rebar.”  ]

He noted that  “with the large reconstruction and construction movement and

the drive to build more than a million housing units,

there are existing factories in Iraq and new factories currently being built in several governorates, and

there is a tendency for the government to contract with one of the large Chinese companies in the field of iron and steel, and it was visited in China before.”

A delegation headed by the Minister of Industry and Minerals, Khaled Battal, and I was one of the members of the Iraqi delegation, and

now there are negotiations during this period, and

two days ago there was a meeting in the Ministry of Industry and Minerals.”

 He pointed out,  “Also this week we have meetings with the Chinese company.

This company was granted three thousand dunums of iron and steel land,

and a large industrial city will be built.

This matter receives the care and attention of the Prime Minister, and

this will bring about a major industrial revolution within the country in addition to the existing factories.” Including the iron and steel factory,

     to meet the local need not only

     in terms of prices, but also

     in consumer protection and the

     high quality of the Iraqi rebar produced in our company with high quality.

Sometimes there is no control over the border crossings and some types of rebar are entered that are not within the specifications. “required.” He noted that

“the iron and steel factory in Basra has been halted since 2003, and

 its capacity after the completion of work on it will reach more than 600 thousand tons and the contract capacity is more than 500 thousand tons, and

we will begin production at contract capacities,” pointing out that

“during the next few months we will witness the opening of the steel factory.” Which produces (billet) and which is complementary to the (rolling mill) factory, and

Iraqi production will meet an important aspect of the national need.” 

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Provoking Points to Ponder on Decisions 

There is no more miserable human being than one in whom nothing is habitual but indecision.  – William James

In not making the decision, you’ve made one. Not doing something is the same as doing it. – Ivan Bloch

There is a time when we must firmly choose the course we will follow, or the relentless drift of events will make the decision for us.  – Herbert B. Prochnow

You can only predict things after they’ve happened.  – Eugene Ionesco

It is the mark of a good action that it appears inevitable, in retrospect.  – Robert Louis Stevenson