Bondlady’s Corner – Iraq Economic News and Points to Ponder Monday AM 3-4-24


Iraq Economic News and Points to Ponder Monday AM 3-4-24

Tlm724 Administrator Bondlady’s Corner

Sudanese: Lowering The Exchange Rate Means Giving The Dollar To Illegal Trade

 Politics, |Baghdad Today – Baghdad   Prime Minister Muhammad Shiaa Al-Sudani said this evening, Sunday (March 3, 2024), that lowering the exchange rate means giving the dollar to illegal trade.

Al-Sudani stated during his participation in the opening of the activities of the Al-Rafidain Dialogue Forum in Baghdad, that  “the financial situation in Iraq is at its best and that  commercial transactions are collected through commercial institutions.” He added,  “We give the student, the patient, the merchant, the contractor, and the investor the dollar at the official rate.” Al-Sudani pointed out that

 “the notes recorded on Iraqi banks from the US Treasury are from the time of previous governments.” He pointed out that  “economic reform was one of the most important priorities of the government program.” Al-Sudani noted that  “the salaries of employees and retirees constitute the largest cash block in the financial budget.”

 It is noteworthy that Iraq relies on the platform for selling currency directly to local banks and companies, which was previously known as the daily dollar auction, as one of the mechanisms for preserving the value of the Iraqi dinar and combating speculative operations in the parallel market.

The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed on February 6 that “some groups are trying to stay away from the platform for selling foreign currency in order to evade taxes or customs or the presence of illegal trade,” indicating

“the possibility of meeting all requests for the dollar,” adding that “the bank has no problem.” In offering or selling the dollar. He pointed out that  “the bank is in a comfortable position to respond to requests to buy dollars.

 We have sufficient reserves, and soon we will launch a mechanism to ensure that only real travelers get the dollar.”السوداني-خفض-سعر-الصرف-يعني-منح-الدولار-للتجارة-غير-الشرعية.html

Including Facilitating Legitimate Trade.. Customs Explains The Advantages Of Implementing The Electronic System

 local   Basra – IA – Saad Al-Sammak   Today, Sunday, Director General of the General Authority of Customs, Hassan Al-Ugaili, explained the advantages of implementing the electronic system in the country, while defining the duties of the Authority in three main axes.

 Al-Ugaili said in his speech during the inauguration of customs automation at the Umm Qasr port, followed by the Iraqi News Agency (INA):

 “The efforts of the General Authority of Customs, which were made over several years and with direct support by the Minister of Finance and direct follow-up from the Prime Minister, culminated this day in the electronic system that  We hope that it will cover all the activities of the General Authority of Customs and customs activity.” Al-Ugaili added,

  “The General Authority of Customs is committed to carrying out its duties, which focus on three main axes, the   first of which is facilitating legitimate trade, as the current government has issued a set of decisions that help facilitate legitimate trade, and the  General Authority of Customs is responsible for implementing those decisions, including:

      canceling tax deposits that were collected.” At border crossings, which were obstructing or delaying the completion of customs transactions, as well as

     canceling the import license for most imported materials, and

     reducing duties on some imported materials.” He continued,

“The General Authority of Customs has begun reviewing many procedures and moving towards simplifying procedures.

 Today, the electronic system is one of the tools of the General Authority of Customs to facilitate legitimate trade.

 According to the system, transactions are supposed to be completed in a faster manner and with unified customs procedures, meaning that there will be no discrepancy in procedures between one center and another.”

Pointing out that, “Under the system, the discretionary power of the employee will be greatly limited and thus the system will be dealt with, as there will be no role for people’s moods in completing these transactions.”

 He explained that   “the other axis that the General Authority of Customs is working on is protecting or implementing the state’s decisions in the field of restriction and prevention, and  this protects the consumer and society from the entry of prohibited materials,” noting that  “the third axis of the Authority is revenues or collection, as  the system will collect according to Electronic mechanisms that are clear, transparent and announced at the same time, meaning that  they provide real-time data to the decision maker at the level of the Ministry of Finance or at the government level that the revenues received by this body are in the amount and at the moment when the information is requested.” He pointed out that

“the system offers great advantages that we will feel by implementing it, as well as the dealing agents of customs clearance companies and the extent of the benefit achieved from this system in their work, as they can complete customs clearance procedures online.”   https://www/–.html

On Her First Visit To Iraq, The Vice President Of The International Finance Corporation Seeks To Support The Role Of The Private Sector

 Last updated: March 3, 2024  Independent/- Hala Sheikh Rouhu, Vice President of the International Finance Corporation for the Middle East, Central Asia, Turkey, Afghanistan and Pakistan, is making her first visit to Iraq this week to support the role of the private sector in achieving sustainable development.

 During her three-day mission, Ms. Sheikhrouhu will meet Prime Minister Mohamed Shiaa Al-Sudani and also participate in high-level discussions with government officials and representatives. Meetings will also be held with representatives of the private sector and women entrepreneurs.

This visit confirms the International Finance Corporation’s commitment to supporting sustainable economic development in Iraq and its continuation of presenting its initiatives aimed at promoting private sector growth and economic diversification.

The International Finance Corporation has been and continues to be a partner of Iraq in its development journey, having invested and mobilized more than $1.9 billion since 2005 to support the private sector in the country.

 Projects that IFC has supported over the past years include:

 In the field of industry promotion: The International Finance Corporation invested up to $130 million in the Iraqi Doha Cement Industries Company with the aim of promoting energy-saving and climate-friendly technologies, and enhancing the sustainable production of cement clinker, thus creating 2,700 new job opportunities.

 In the field of supporting food security: The International Finance Corporation led a financing package worth $112.5 million for “Turki Agro” company to develop a modern agricultural industrial complex in the port of Umm Qasr in Iraq, with the aim of enhancing production.

 The sweetener consists of soybean flour and soybean oil, which is estimated to contribute to making the production of Sama Al-Manar Company, a subsidiary of Turki Agro Company, in Iraq one of the largest non-oil commodity exports.

 In the area of promoting trade: IFC led a groundbreaking financing package worth $125 million to establish a multi-purpose shipping terminal at Umm Qasr Port in Basra. The project is expected to boost trade,  It improves connectivity with global markets and stimulates economic growth.

Modernization of Baghdad International Airport: The International Finance Corporation signed an agreement to advise the government on structuring a public-private partnership project to rehabilitate, expand, finance, operate and maintain Baghdad International Airport and make its facilities, safety and services compatible with international standards, which will be the first public-private partnership project at an airport in Iraq.

 It is noteworthy that the International Finance Corporation (IFC), a member of the World Bank Group, is the largest global development institution whose work focuses on the private sector in emerging market countries.

 The Foundation operates in more than 100 countries around the world, using its capital, expertise and influence to create markets and create opportunities in developing countries.

Government Advisor: We Will Transfer Pharmaceutical Manufacturing Technology To Iraq And Produce It Locally With The Same Effectiveness

 Economy    2-03-2024, Baghdad – INA – Muhammad Al-Talbi,  Adviser to the Prime Minister for Industry Affairs and Private Sector Development, Hamoudi Al-Lami, reviewed today, Saturday, the  mechanism for transferring technology for manufacturing medicines that are not produced in Iraq, while confirming that  locally produced medicines will be as effective as foreign medicines and will be sold for a quarter of their value.

Al-Lami said to the Iraqi News Agency (INA):

“The Prime Minister directed the transfer of pharmaceutical technology that is not produced in Iraq, and  it must be through international companies governed by the controls of the Ministry of Health, and the  company must be registered with the Ministry and have international certificates in order to allow the transfer of technology from them.”. 

He added,  “The transfer of technology takes place in three stages over a period of five years.

The first stage begins with secondary packaging from the foreign company and continues for one or two years at most, while

      providing requirements,

     training cadres, and

     preparing supplies.

 Then we begin the manufacturing stage inside Iraq.” Al-Lami continued,

“After the end of five years as a maximum, the technology will be completely transferred, by owning the entire pharmaceutical file and manufacturing in Iraq,” warning that,

“The Ministry of Health does not allow tampering with the supply of medicine and then packaging it inside and claiming that it is Iraqi, and strict procedures are applied.” Al-Lami stated,

 “The transfer of technology will bring foreign companies to Iraq as a first stage, and  then we will enter the stage of establishing pharmaceutical factories for those major international companies in the country.” He stressed,

 “The Prime Minister’s directives stressed that the

   Iraqi medicine must be of the best international specifications and that

   there be competition in price with the foreign medicine, meaning that the

 citizen will take the medicine manufactured locally at a subsidized price of up to a quarter of the foreign value, with the same effectiveness.”–.html

Automation At Border Crossings: Hope For Improving The Economy And Combating Corruption

Last updated: March 3, 2024  Independent/- Since the fall of the dictatorship in 2003, Iraqis have dreamed of transforming the state system from paper to automation through the electronic governance portal.

 Border crossings, customs, and taxation are among the departments that suffer most from corruption and waste, which costs the state treasury huge sums estimated at $7 billion annually.

 Hope in the Sudanese government:

 The Sudanese government gives hope for implementing the automation system in departments and bodies such as border crossings, customs and tax.

Benefits of implementing an automation system:

     Reducing evasion of customs duties and taxes.

     Availability of detailed information on import content.

     Reducing human interference in monitoring, evaluation and demarcation processes.

     Providing a detailed statistical information base on the country’s foreign trade.

    Availability of speed in completing customs transactions.

 Great countries are role models:

 Great countries tend to keep pace with technological progress by following a strategy of reducing expenses and maximizing revenues, and this can only be done by making governance an integral part of the structure of building an institutional state.

 Benefits of implementing an automation system in the customs and border ports sector:

     Achieving stability, economic leaps, and stability at various levels in the short and long term.

     Contributing to reducing the spread of corruption in this joint and cutting the way for waste and tampering with public money.

     Protecting the Iraqi state, society, and economy from prohibited, suspicious, and smuggled goods that are unfit for consumption and use.

 Prime Minister Muhammad Shiaa Al-Sudani’s support for the Customs Authority:

     This support contributed to achieving a significant and clear leap and improvement in the Authority’s work. The Authority’s reports in 2023 show an increase in the revenues of some border crossings that implemented a local electronic system.

 Implementing an automation system at border crossings, customs and taxation is necessary to improve the economy and combat corruption, and the Sudanese government gives hope in achieving this goal.

To read more current and reliable Iraqi news please visit BondLady’s  Corner:  

Provoking Points to Ponder on Decisions 

Human foresight often leaves its proudest possessor only a choice of evils.  – Charles Caleb Colton

When one bases his life on principle, 99 percent of his decisions are already made. – Anonymous

The best we can do is size up the chances, calculate the risks involved, estimate our ability to deal with them, and then make our plans with confidence.  – Henry Ford

In case of doubt, decide in favor of what is correct.  – Karl Kraus

Each man must for himself alone decide what is right and what is wrong, which course is patriotic and which isn’t. You cannot shirk this and be a man. To decide against your conviction is to be an unqualified and inexcusable traitor, both to yourself and to your country, let men label you as they may.- Mark Twain

People “died” all the time. … Parts of them died when they made the wrong kinds of decisions-decisions against life. Sometimes they died bit by bit until finally they were just living corpses walking around. If you were perceptive you could see it in their eyes; the fire had gone out … you always knew when you made a decision against life. … The door clicked and you were safe inside- safe and dead. – Anne Morrow Lindbergh