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


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

Tlm724 Administrator Bondlady’s Corner

Sudanese Advisor: The World Bank Plays A Positive And Supportive Role For The Iraqi Economy

Economy | 05:45 – 04/03/2024  Mawazine News – Baghdad,  the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Wednesday, that the World Bank plays a positive and supportive role for the Iraqi economy, and its team in Baghdad represents the advisory arm for the government program.

Saleh said, “The World Bank Group in Iraq launched its new relationship with our country in accordance with what was stipulated in UN Security Council Resolution 1483 in May 2003, and it is undertaking the task of mobilizing financial and technical assistance to support Iraq’s efforts to restore confidence in the economy, build its foundations, and reduce the burden of its debt, in cooperation with the Fund.” International Monetary.

He added, “After years of wars and conflicts that affected the country’s infrastructure since the 1980s and Iraq’s severance and isolation from the world and multilateral international organizations, the bank contributed by taking its active role after the year 2003, especially in managing a number of development financing funds for the benefit of our country’s economy.”

He continued, “This was done by managing the funds provided by donor countries to Iraq under the Madrid Donors Conference held in October 2003, or by contributing to supporting the private sector through the role assumed by the International Finance Agency (IFC) as one of the arms of the World Bank Group active with the private sector.”

As well as through the Bank’s role in supporting some aspects of development and facilitating ways of stabilizing our economy, including providing soft loans provided by the World Bank to support the national economy on various occasions during the last twenty years, specifically during the dual financial and security crisis to confront the ISIS terrorist gangs and the decline in oil prices after… The year 2014.”

He added, “The World Bank also played a role in improving the governance of economic life and rebuilding the requirements of a more powerful and modern digital and development era for the benefit of our country in many areas, in addition to contributing to rebuilding livelihoods by enabling social welfare programs and providing them with plans and programs that address issues of combating poverty.”

He pointed out, “The World Bank works closely with international partners to support economic reforms, specifically in the financial, banking, and public finance sectors.”

Saleh continued, “The World Bank today is not only a financing institution, but rather a bank that provides knowledge and its tools based on its accumulated experience that has reached nearly eighty years.

Since its founding in 1945, Iraq was at the forefront of the founding countries of the World Bank Group and the International Monetary Fund, and this is how the bank is viewed.” The International Bank is currently considered an “information and knowledge bank.”

Stability In Dollar Exchange Rates In Baghdad, Basra And Erbil

Wednesday 03, April 2024 12:04 | Economical Number of readings: 200 

Baghdad / NINA / The exchange rates of the dollar against the dinar witnessed stability this Wednesday morning in Baghdad, Basra and Erbil.    Below is a list of dollar selling prices:

$100 = 147,200 dinars in Baghdad  * $100 = 147,300 dinars in Basra *  $100 = 147,600 dinars in Erbil.

The Financial Advisor To The Prime Minister Reveals The Size Of Iraq’s External And Internal Debts

Mazhar Muhammad Salih, the financial and economic advisor to the Prime Minister, revealed the size of Iraq’s foreign and internal debts, while indicating a government plan to pay them.

Saleh told Baghdad Today that Iraq’s external debt is very small and constitutes less than 30% of the country’s gross domestic product, and this percentage is less than the standard and safe percentage, which is 60% according to European Union standards. He explained

that Iraq has A plan to repay these debts, the remainder of which is less than $20 billion, approximately one-third of which will be repaid during this year and may decrease significantly over the next few years.”

He added that the largest debt is internal, and this debt does not pose any risk, as it is within government financial institutions, and is not a debt between individuals and the government, and about (98%) is debt between the government, government banks, the Central Bank of Iraq and the Ministry of Finance,” indicating that “there is a plan To settle these debts in the future in a way that does not constitute any burden.”

The financial advisor to the Prime Minister pointed out that “the internal debt is estimated at 50 billion dollars, but it is within the official government financial institution, and the Central Bank controls approximately (64%) of it,” stressing that “The external debt is the most important and Iraq is committed to paying it.

The American Ambassador: Benefiting From Kurdistan’s Oil Can Help Iraq Towards Energy Independence

Energy   Economy News – Baghdad  The US Ambassador to Iraq, Alina Romanowski, confirmed that benefiting from the Kurdistan Region’s oil and gas will help Iraq towards independence in the field of energy.

Romanowski said on the X platform: “In preparation for the Sudanese Prime Minister’s visit to the United States, I discussed with Federal Oil Minister Hayan Abdul-Ghani Iraq’s independence in the field of energy for the benefit of the Iraqis.”

The American ambassador added: “Benefiting from the oil and gas found in the Kurdistan Region of Iraq can help Iraq on its path toward energy independence.”

It is noteworthy that the Iraqi Ministry of Electricity intends to purchase gas from the Kormor field in Sulaymaniyah Governorate in the Kurdistan Region to meet the needs of production stations “in the northern region.”  Views 63  Added 04/03/2024 –

A Slight Increase In The Prices Of Basra Heavy And Light Crude Oil

Economy | 10:59 – 04/03/2024  Mawazine News – Baghdad  The prices of Basra Heavy and Medium crude oil rose slightly today, Wednesday, with the rise in oil prices in global markets.

Basra Heavy crude prices rose 42 cents to reach $83.43, and Basra Medium crude prices rose 42 cents to reach $86.81.

Global oil prices rose as a larger-than-expected decline in US crude inventories and escalating geopolitical tensions raised investor concerns about tight supplies.

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Provoking Points To Ponder On Failures and Mistakes

 Virtually nothing comes out right the first time. Failures, repeated failures, are finger posts on the road to achievement. The only time you don’t want to fail is the last time you try something…. One fails forward toward success.- Charles F. Kettering

A clever man commits no minor blunders.- Johann von Goethe

Sometimes a noble failure serves the world as faithfully as a distinguished success.- Edward Dowden

No man ever progressed to greatness and goodness but through great mistakes.- Frederick W. Robertson

The credit belongs to the man who is actually in the arena; whose face is marred by dust and sweat and blood; who strives valiantly; who errs and comes short again and again; who knows the great enthusiasms, the great devotions, and spends himself in a worthy cause; who, at the best, knows in the end the triumph of high achievement; and who, at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who know neither victory nor defeat.- Theodore Roosevelt