Government Advisor: Iraq’s Foreign Reserves Are Its First Line Of Defense In The War.
Money and Business Economy News – Baghdad The Prime Minister’s Advisor for Financial and Economic Affairs, Mazhar Muhammad Salih, affirmed on Wednesday that Iraq possesses fundamental coordination flexibility at three levels between monetary, fiscal, and oil policies, which can form an important umbrella of resilience in the event that regional tensions escalate and exports through the Strait of Hormuz are affected.
Saleh said in a press interview that “activating these policies in a coordinated and participatory manner gives the national economy the ability to absorb shocks,” explaining that “resorting to land transport of oil containers – although it represents only between 10% and 15% of the average oil exports passing through the Strait of Hormuz – can constitute a complementary option to secure part of the export flows.”
He added that “the rise in oil prices as the war intensifies gives Iraq what is known as the opportunity cost to maximize added value, even with the decrease in quantities, the increase in transportation costs, and the costs of some large fields ceasing to operate,” indicating that “managing exported quantities flexibly is integrated with managing global prices to achieve the best possible return for the general budget.”
Saleh stressed that “foreign reserves represent the most important pillar of stability in such circumstances, as they play a pivotal role in supporting monetary and financial stability, and providing the necessary cover for financing foreign trade and maintaining the stability of the exchange rate.”
He pointed out that “borrowing to support public finances, if managed wisely, can be an important alternative to support the liquidity of the general budget and ensure the continuity of operational and investment spending,” noting that “the national economy currently possesses real resilience against potential external shocks.”
He concluded by saying that “the time factor remains the strategic determinant in crisis management, as good time management and enhanced coordination between economic policies, along with maintaining the financial and living stability of citizens, will transform the shock from a prolonged crisis into a manageable and controllable challenge.” https://economy-news.net/content.php?id=66357
Al-Rafidain Bank Launches The 58th Batch Of The Leadership And Excellence Initiative
banks Economy News – Baghdad Rafidain Bank announced on Wednesday the launch of the 58th installment of its Leadership and Excellence Initiative.
In a statement received by “Al-Eqtisad News,” the bank said, “The 58th installment of the Leadership and Excellence Initiative, supporting small and medium-sized enterprises, has been launched with a total amount of 1 billion Iraqi dinars, benefiting 89 individuals.”
The statement added, “This installment is a continuation of efforts to finance entrepreneurs and young people within the framework of the Central Bank of Iraq’s initiative.”
It further stated, “The number of beneficiaries financed has reached 5,638, and the total value of funds disbursed to date has reached 71,941,000,000 Iraqi dinars, reflecting the bank’s commitment to supporting entrepreneurial projects that contribute to building the national economy.” https://economy-news.net/content.php?id=66347
Airlines In The Region Are Losing Around $500 Million A Day
Money and Business Economy News – Follow-up WEGO Chief Business Officer Mamoun Humaidan said that daily losses for airlines are estimated at between $250 million and $500 million per day for companies that use the region’s airports as a transit point.
He added that low-cost airlines are the most affected due to their lower profit margins.
Hamidan said that the aviation sector’s problem has now branched out to include route changes and rising costs, and he expects IATA to intervene to solve the problem.
He noted that things were promising yesterday with the opening of some special flights to evacuate stranded travelers.
Meanwhile, travel company stocks suffered sharp losses yesterday, with their market value falling by $22.6 billion, amid escalating geopolitical concerns that have disrupted air travel globally.
Shares of U.S. airlines such as Delta Air Lines, United and American Airlines fell between 2% and 4%.
In Europe, shares of TUI fell by 10% and Lufthansa shares declined by 5.2%, while British Airways owner IAG lost about 5.5%.
Analysts from JPMorgan, Goodbody and Citigroup noted that Wizz Air is the most exposed in Europe due to its large presence in Israel.
On the other hand, Jefferies estimates that a 5% increase in fuel costs could reduce Delta and United’s 2026 profits by between 5% and 10%, while American Airlines’ profits could fall by about 35%.
The chaos in the global aviation sector worsened after airlines cancelled thousands of flights and changed the routes of others in the air, following the closure of large areas of airspace in the Middle East after military strikes carried out by the United States and Israel inside Iranian territory.
The widespread closure of airspace caused disruptions to extend to areas as far away as Brazil and Australia, as airlines were forced to cancel or divert flights that normally fly over the region.https://economy-news.net/content.php?id=66312
The Closure Of Iraqi Airspace To All Aircraft Has Been Extended For (72) Hours.
Money and Business Economy News – Baghdad The Civil Aviation Authority announced on Wednesday that the closure of Iraqi airspace has been extended for 72 hours.
A statement issued by the authority and received by “Al-Eqtisad News” stated that it “decided to extend the closure of Iraqi airspace to all incoming, departing and transiting aircraft for 72 hours starting from 12:00 noon on Wednesday, March 4, 2026 (09:00 UTC) until 12:00 noon on Saturday, as a temporary precautionary measure.”
He noted that “the decision is based on the ongoing assessment of the security situation and developments in the regional situation, and will be reassessed in light of new developments. Airlines and relevant authorities will be notified of any updates later.” https://economy-news.net/content.php?id=66356
Trade: The Fees For Collecting The Items On The Ration Card Are 1,000 Dinars Per Person Without Any Increase.
Localities Economy News – Baghdad The Ministry of Trade confirmed on Wednesday that the fees for collecting the items on the ration card amount to (1000) dinars per person, without any increase.
The ministry explained in a statement received by “Al-Eqtisad News” that “the items of the food ration are fully secured, and that the preparation processes are continuing according to the approved schedules to ensure that they reach citizens smoothly and without shortage or manipulation.”
The ministry added that “its monitoring teams in the Department of Commercial and Financial Control are continuing their field campaigns in coordination with the security services to monitor the work of agents and detect violations, in addition to monitoring commercial markets and auditing food prices.”
The ministry reiterated its “commitment to securing the items on the ration card in accordance with the approved regulations, and ensuring the smooth flow of distribution in a way that preserves the citizens’ food supply and enhances confidence in the procedures followed.” https://economy-news.net/content.php?id=66349
Labor And Social Affairs: Agreements Signed With 3 Countries To Develop The Labor Market
Money and Business Economy News – Baghdad The Ministry of Labor and Social Affairs signed three memoranda of understanding with Morocco, Pakistan and Bangladesh, aimed at developing and regulating the labor market and enhancing cooperation in the areas of vocational training and skills development.
The Director of the Department of Labor and Vocational Training at the Ministry, Osama Majeed Al-Khafaji, told Al-Sabah, as reported by Al-Eqtisad News: “This step comes within the framework of a comprehensive strategy that the Ministry is working to implement to develop the labor market, through building international partnerships based on the exchange of experiences and regulating the movement of labor according to clear legal frameworks.”
He added that the memorandum of understanding with Pakistan focuses on strengthening cooperation in the field of labor regulation and the exchange of experiences, while the agreement concluded with Bangladesh includes coordination mechanisms in the areas of vocational training and skills development, along with regulating contracting procedures and protecting workers’ rights.
Al-Khafaji added that the third memorandum of understanding with the Kingdom of Morocco aims to exchange experiences in the fields of vocational training and qualification of personnel, and to benefit from successful experiences in developing training programs and linking them to the needs of the labor market.
He explained that the agreements came within the framework of a government direction to enhance international cooperation in the labor sector and open new horizons for skilled labor, in line with economic development plans and to enhance the ability of the Iraqi labor market to absorb competencies and organize them according to modern professional standards. https://economy-news.net/content.php?id=66344
