Iraq Economic News and Points to Ponder Friday AM 10-13-23

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Iraq Economic News and Points to Ponder Friday AM 10-13-23

The International Monetary Fund Is Pessimistic About The Future Of The Iraqi Economy

International Monetary Fund building   Money  and business  Economy News – Baghdad   The International Monetary Fund confirmed that restrictions on foreign currency sales in Iraq have hindered growth in the gross domestic product.

The Fund said in a report on regional economic developments and prospects, seen by Al-Iqtisad News, that “reductions in oil production are having repercussions on oil-exporting countries, as the growth of the gross oil domestic product has slowed following three rounds of sharp cuts in oil production under the OPEC + agreement.” October 2022, April 2023, and June 2023.”

He added that the Gulf countries’ non-oil GDP grew, thanks to the strength of the manufacturing industry and the recovery of the services sector, while in Iraq, restrictions on foreign currency sales hinder growth.

Although the Iraqi Ministry of Planning announced that inflation reached 3.5%, the International Monetary Fund placed Iraq alongside Algeria, which has an inflation rate of more than 9%, and Iran at 30%.

He said, “Inflation is still high in another group of oil exporters, which are Algeria, Iraq, and Iran,” referring to countries with currencies pegged to the US dollar, except for Iraq. Central banks followed in the footsteps of the Federal Reserve, which led to a rise in basic interest rates this year by 100 points. Average basis until August 2023.

The International Monetary Fund noted that Iraq’s primary non-oil balances declined due to the rise in public sector wages, in addition to the increase in the support rate.

The Fund stated that this year, growth is expected to record a noticeable slowdown in oil-exporting countries, reaching 2%, stressing that growth in Iraq will decline due to the reduction in oil production and the impact of rationalizing the use of foreign currency in import-dependent sectors.

He pointed out that in 2024, it is expected that the increase in the wage bill in Iraq will lead to a decline in the public financial position.   240 views 10/13/2023 – https://economy-news.net/content.php?id=36951

The Central Bank Calls For The Opening Of Exchange Offices In Iraq’s Airports

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Economy News – Baghdad    The Central Bank building, which is still under construction in the Jadriya area in Baghdad   The Central Bank of Iraq called on Class A exchange companies to open offices in Iraqi airports in order to facilitate obtaining the dollar currency for travelers.

Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said, “The Central Bank directed the Class A exchange companies to facilitate travelers’ access to the dollar currency through their companies and by opening offices in the airports of (Baghdad – Basra – Najaf – Erbil).”

Khalaf addressed companies wishing to open an office in one or more of the above airports, depending on the geographical area of the spread of their branches, by “submitting their applications to the Central Bank, specifying the airport in which they wish to work.”

The Director General of the Investment Department at the Central Bank, Mazen Ahmed, said a few days ago, in an interview with Al-Iraqiya News Channel, that the Central Bank will open 5 branches of banking offices inside the airports of Baghdad, Najaf, and Basra in order to sell the dollar to travelers, indicating that Erbil Airport will be in the next stage. .

The Central Bank calls for the opening of exchange offices in Iraq’s airports 1697139490834

215 views 10/13/2023 – https://economy-news.net/content.php?id=36952

Iraqi Livestock Is An Important Economic Resource That Faces A Number Of Challenges

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2023-10-12 Shafaq News/ Livestock production has declined over the past years in Iraq, due to low water levels of the Tigris and Euphrates rivers, scarcity of rain, drought, lack of pastures, and high feed prices, in addition to production costs in general, amid calls to support this sector as it constitutes an economic resource. It is important for the country, and thousands of breeders and farmers depend on it.

The difficult conditions that Iraq is witnessing, including the decrease in water releases coming from the Tigris and Euphrates rivers from Turkey, climate changes, and high temperatures, have led to a decrease in water storage and the drying up of the marshes, and despite government moves and the Ministries of Water Resources and Agriculture, the water situation has not improved much, according to a spokesman for Ministry of Agriculture, Muhammad Al-Khuzai.

Al-Khuzaie confirms to Shafaq News Agency, “Water scarcity has caused the death of many animals, and the displacement of breeders to other areas, in order to preserve the remaining animals they have.”

Solve Part Of The Problem

In an attempt to reduce the damage and support breeders, “the Ministry of Agriculture had an initiative to allocate 5 billion dinars to purchase feed and distribute it to breeders,” according to Al-Khuzaie, noting that “feed prices rose worldwide as a result of the Russian-Ukrainian war, which exacerbated the suffering of this sector.”

The Ministry of Agriculture spokesman points out at the conclusion of his speech that “these treatments are to solve part of the problem, and not a solution to the main problem of water scarcity.”

Supports To Increase Production

For her part, the First Deputy Chairman of the Parliamentary Agriculture, Water and Marshlands Committee, Zozan Ali Saleh, explains that “the livestock sector faces many challenges, including the water crisis, the high cost of feed, the spread of epidemics, and the high cost of production,” pointing out that “by resolving the water crisis, it will be solved.” “There are many problems that various sectors suffer from, including the agricultural and livestock sectors.”

Saleh stressed to Shafaq News Agency the necessity of “supporting livestock by providing fodder and vaccines, granting loans to farmers, along with veterinary medical care, providing agricultural production requirements, and encouraging farmers to use modern methods of agriculture and use modern irrigation systems, so that there are foundations for increasing production and a supply.” “Good for the Iraqi economy.”

High Prices Of Animal Products

The agricultural expert, Khattab Al-Damen, attributes the decline in livestock productivity to the same reasons mentioned by Zozan Ali Saleh, stating, “The decline in production led to a decline in the quantities produced of meat, milk, poultry, and fish, so their prices rose clearly.”

Speaking to Shafaq News Agency, Al-Damen calls on the government, especially the Ministries of Agriculture and Water Resources, to “manufacture feed locally to reduce costs and provide it at subsidized prices, as well as provide veterinary supplies to farmers, to increase livestock production at lower costs, which will help stabilize prices.”   LINK

Iraq Is Working To Establish A Factory For The German Mercedes Company

Muhammad Sahib Al-Daraji   Reconstruction and building   Economy News – Baghdad:  The Prime Minister’s advisor, Muhammad Sahib Al-Daraji, confirmed that Iraq is working to establish factories for Mercedes and MAN.

Al-Daraji said, during his visit as part of an official delegation to Saudi Arabia, “Our visit includes several goals, including visiting the factories of MAN and Mercedes companies, because there is a memorandum of understanding between the Iraqi Military Industrialization Organization and a Saudi international company to invest in building factories of MAN and Mercedes companies in Iraq.”

He added, “We discussed with the Saudi public and private sector many investment opportunities in the residential, agricultural and industrial sectors.” The Iraqi-Saudi Investment Company was also established, the Saudi Investment Protection Law was approved, and 3 billion US dollars were allocated from the Saudi side to invest in Iraq.

309 views 10/13/2023 – https://economy-news.net/content.php?id=36948

Do Not Come Back.” The Text Of The Leaflet That Israel Delivered To The Residents Of Gaza

Posted On2023-10-13 By Sotaliraq   Israel warned the residents of the Gaza Strip to approach the security wall as the intensity of the escalation in the Gaza Strip increased, amid speculation that Israel would move towards a ground attack. The latter informed the residents of the Strip to evacuate their homes and head towards the south.

The text of the statement delivered by the Israeli army to the residents of the Gaza Strip stated: “To the residents of Gaza City, terrorist organizations have begun the war against the State of Israel. Gaza City has become a battlefield. You must evacuate your homes immediately and head to the south of the Gaza Valley.”

The statement added:

For your security and safety, you must not return to your homes until further notice by the Israeli army.

Public and known shelters in Gaza City must be evacuated.

It is forbidden to approach the security wall, and anyone who approaches exposes himself to death.

On Friday morning, Israeli army spokesman Jonathan Conricus conveyed a statement to the media and a message to the residents of Gaza, ahead of a possible ground attack expected soon.

Conricus said, in a video clip previously published by the official Israeli army page on the “X” platform, “Twitter”:

The past hours have been relatively quiet compared to the past six days.

The rocket fire is still continuing, and the “terrorists” are still attacking the Israelis, or at least trying to.

Hours ago, we sent a message in Arabic to the residents of Gaza.

As a humanitarian step in order to reduce civilian casualties, we are asking Gazans to evacuate their homes and head south, towards Wadi Gaza, which is an area known and visible to everyone.[/size]

The Israeli army also published a written statement on Friday morning, in which it said through its spokesman that it “calls on all residents of Gaza City to evacuate their homes and head south.”

The army asked residents to “be present south of Wadi Gaza, as shown on the map.”

The spokesman explained that Hamas “opened the war against Israel, and Gaza City is witnessing military operations.”

He added: “He will not be allowed to return to Gaza City unless a statement is issued allowing this.” It is forbidden to approach the fence area with Israel.”

The spokesman said that Hamas militants “are hiding inside Gaza City in tunnels under homes and inside densely populated buildings.”

He continued: “O residents of Gaza, you must go south to preserve your personal security and the security of your families.” LINK

Points to Ponder on The Four Agreements:

If you can implement these 4 things into your daily life  your  life will change — and it will be  more  harmonious —  with less  suffering –  and less  negative  Karma — it would be most helpful if you could  print these out – paste to an index card and carry with you or  place where you can be reminded of them until they are  fully into your conscious mind — just  a kind heartfelt suggestion – your  choice — 

The Four Agreements – Don Miguel Ruiz 


Agreement 1 – Be impeccable with your word – Speak with integrity. Say only what you mean. Avoid using the word to speak against yourself or to gossip about others. Use the power of your word in the direction of truth and love. 

Agreement 2 – Don’t take anything personally – Nothing others do is because of you. What others say and do is a projection of their own reality, their own dream. When you are immune to the opinions and actions of others, you won’t be the victim of needless suffering. 

Agreement 3 – Don’t make assumptions – Find the courage to ask questions and to express what you really want. Communicate with others as clearly as you can to avoid misunderstandings, sadness and drama. With just this one agreement, you can completely transform your life. 

Agreement 4 – Always do your best – Your best is going to change from moment to moment; it will be different when you are healthy as opposed to sick. Under any circumstance, simply do your best, and you will avoid self-judgment, self-abuse and regret.