Government Advisor: Electronic Transformation Contributed To Lowering The Dollar Exchange Rate.
Baghdad – INA – Amina Al-Salami The Prime Minister’s financial advisor, Mazhar Mohammed Saleh,
confirmed on Tuesday that the expansion of electronic transactions has contributed to reducing speculation and unreal demand for the dollar, which has lowered its price on the parallel market.
He also indicated that reliance on digital payment tools has led to a decline in the volume of cash dollar trading.
Saleh told the Iraqi News Agency (INA):
“The expansion of the use of bank cards and electronic transactions has contributed to reducing the margin of speculation and the unreal demand for the dollar, especially after linking transfer operations and trade finance to digital data and pre-verification of documents, such as the advance customs declaration.”
He indicated that “citizens’ reliance on digital payment tools, both locally and during foreign travel, has led to a decrease in the volume of cash trading in dollars outside the official system.”
Saleh explained that “this has begun to have positive impacts at the international level, given Iraq’s membership in the Middle East and North Africa Financial Action Task Force (MENAFATF), a regional organization established in 2004 that works to combat money laundering, terrorist financing, and the proliferation of weapons in the region, in line with the 40 recommendations issued by the Financial Action Task Force (FATF) in Paris.”
He pointed out that “Iraq, through its digital advancements, has made tangible progress, particularly
++with enhanced compliance with the requirements of the Financial Action Task Force and international compliance practices.
This has positively impacted Iraq’s current stable credit ratings and opened up broader horizons for better engagement with global correspondent banks,
as we can see from the decline in the dollar exchange rate against the official rate in the parallel market in recent months.” He emphasized that
“modern electronic technology can be leveraged in Iraq through three complementary paths, the most important of which, based on the government’s program, is the
digital transformation of public finances and economic governance, which includes several directions, including:
automating taxes and customs to maximize non-oil revenues,
digitizing government contracts, and
distributing support to eligible groups,
in addition to
enhancing transparency and
combating corruption through the presence of a digital fingerprint for every transaction.”
Regarding innovation and small business technology, Saleh noted that
“digital technology development paths are taking on more modern dimensions,
most notably supporting digital entrepreneurship, such as
e-commerce,
delivery apps,
distance learning, and others.
This is in addition to financing startups in the fields of
artificial intelligence,
smart agriculture, and
solar energy, in addition to building digital platforms for vocational training and market access.”
He added, “There is a trend toward transitioning to a data and knowledge economy in close conjunction,
through the establishment of national data centers, the use of artificial intelligence in planning,
and the enhancement of internet infrastructure and the achievement of equitable access to it in accordance with global standards for digital justice.
We also emphasize the importance of supporting the higher education sector in digital and technical specializations.”
He pointed out that “these trends will undoubtedly contribute to creating sustainable jobs, reducing operating costs, and increasing the productivity of the national economy in a promising digital era for Iraq.” https://ina.iq/ar/economie/239703-.html
Government Advisor: Localizing The Pharmaceutical Industry Saved More Than $1 Billion Annually.
Baghdad – INA Hamoudi Al-Lami, the Prime Minister’s advisor for industry and private sector development, revealed significant developments in the field of localizing the pharmaceutical industry in Iraq on Tuesday.
While noting that localization has saved more than $1 billion annually,
he confirmed that 34 factories are currently operating at full capacity and that there are 178 applications to establish pharmaceutical factories. Al-Lami told the Iraqi News Agency (INA):
“Since the first week of its formation, the government has begun implementing a program to localize the pharmaceutical industry.
The Council of Ministers issued decisions in 2023 supporting this trend,
whether for existing projects by expanding them or by providing facilities for new projects,
by granting loans to investors wishing to establish new factories or develop their existing projects.”
He added, “The government has provided facilities regarding the required guarantees, including opening credits guaranteed by production lines.
The Cabinet’s decisions also included measures to support the provision of raw materials needed to operate existing and future industrial projects, in addition to reviewing the prices of medicines purchased by the Ministry of Health from national factories.
Prices have been more than doubled,
which has led to an increase in the value of contracts with the General Company for Drug Marketing from 144 billion dinars at the beginning of the government’s term to more than 600 billion dinars so far.
This represents the value of locally produced medicines and constitutes about a quarter of the cost of imported medicines, which means saving more than a billion dollars annually so far.”
He confirmed that “the number of applications to establish pharmaceutical and medical supplies factories has reached 178 by July 1, up from 100 previously.
These applications include factories for the production of medicines, medical supplies, surgical sutures, intravenous solutions, syringes, and other medical devices, thanks to the government support provided to investors.”
He explained that “the number of pharmaceutical factories producing in the country has increased to 34, compared to 22 factories when the current government was formed.
This is the same number that has remained since the establishment of the first pharmaceutical factory in 1956 until the formation of this government.” He explained that
“the new factories are operating at full capacity and have contributed to increasing the coverage rate of locally produced medicines.” Al-Lami explained that
“locally produced medications are subject to the highest international standards,
the same specifications as those approved globally.
They are also subject to strict pharmaceutical oversight using the latest technologies.
Clinical trials are underway for complex medications, such as those for blood diseases and cancer,
which have begun to be produced locally after technology transfer from international companies.”
He concluded his remarks by saying,
“The Prime Minister’s directives emphasize that the effectiveness and safety of pharmaceutical production are a red line,” noting that, “during the tenure of the current government, 38 new medications have been added to treat high blood pressure, 33 new medications to treat diabetes, and 58 types of antibiotics covering the needs of adults and children in various forms.
Local production of 25 cancer medications has also begun through technology transfer.” ttps://ina.iq/ar/economie/239730-.html
Experts: Economic Partnerships Are An Important Step To Drive Development.
Economic 2025/07/30 Baghdad: Shukran Al-Fatlawi Economic experts have commended the government’s efforts to revive bilateral partnerships with international capital and organizations, stressing that this step will increase sustainable development rates and boost Iraq’s production capacity in various fields.
They noted that the Development Road project is one of the most prominent gateways for attracting foreign partnerships with both the public and private sectors.
According to experts, economic partnerships represent a real key to diversifying sources of income and a step toward eliminating rentierism, which has severely impacted the Iraqi economy.
These partnerships also play a role in strengthening the capabilities of government institutions through
resource management and reform implementation.
Sustainable Development
Executive Director of the Iraq Development Fund, Mohammed Al-Najjar, said, “Iraqi-global economic partnerships are the first gateway to achieving sustainable development for the country.” He noted that the Development Road project represents a key link in achieving economic partnerships with advanced global efforts.
Al-Najjar added that the advanced global effort is looking at Iraq with great interest, as it is a virgin labor market that provides renewed job opportunities in more than one sector, and this matter is considered a privilege and an attractive element within the Iraqi labor market that can be invested in the form Which revives the economy.
Implementation Transparency
Economic researcher Imad Al-Muhammadawi told Al-Sabah that economic advisory partnerships represent a fundamental pillar in supporting development efforts in Iraq, noting that
their success requires effective government commitment, political stability, and transparency in implementation.
He also emphasized the importance of expanding these partnerships to include nnovation, technology, the green economy, clean energy, and other sustainable projects that serve the public interest,
while taking into account the need to monitor performance evaluation to ensure sustainable results.
Development Path
Al-Muhammadawi stated that at the forefront of international economic partnerships that can achieve significant positive results for Iraq is the “Development Road Project,” which aims to link the port of Faw to the Turkish border strip and Europe to the north, and the Arabian Gulf to the south,
to transport goods between the Gulf and Europe.
He described it as a major pivotal economic reform program that
will have a positive impact on all sectors,
in addition to reducing the costs of transporting goods between Europe and Asia,
reaching India and China, not to mention achieving stability.
And international security.
The spokesman pointed out that economic partnerships represent a fundamental pillar in supporting development efforts in the country, noting that
cooperation between Iraq and international institutions or donor countries works to exchange expertise, provide technical advice, and support economic policies.
He explained that these partnerships include multiple areas,
foremost among which are
tax and financial reform,
restructuring economic institutions,
improving the business and investment environment,
developing the private sector, and
enhancing financial inclusion,which means
“improving individuals and companies’ access to financial sector services and products and integrating them into banking systems to facilitate transactions.”
Preparing Plans
For her part, economic researcher Suhad Al-Shammari explained in an interview with Al-Sabah that
Iraq has opened its doors to investment to countries with significant economic experience, noting that
the country is witnessing the preparation of clear five- and ten-year plans for the economic and service sectors, both domestically and internationally, due to its virgin investment resources.
These could move Iraq forward significantly,
supporting its rentier economy that relies solely on oil,
making it immune to oil price fluctuations and
away from regional variables.
At the same time, she indicated that international consultations have
contributed to the preparation of data-based economic policies, and have
achieved important steps towards
reforming subsidies and
increasing transparency in the management of public funds, in addition to
helping to enhance Iraq’s ability to negotiate and engage in regional and international economic initiatives.
International Customs System
It’s worth noting that the country has multiple economic and financial contracts and partnerships,
in addition to the “Development Road Project,” represented
by the official launch of the TIR system in Iraq, effective April 1, 2025, complementing this project.
This will reduce shipping times and strengthen Iraq‘s position as a regional trade corridor.
The TIR system is an international customs transit system that allows goods to pass from the country of origin to the country of destination in sealed loading containers with customs control along the supply chain, helping transport companies and customs authorities save time and money. Big on the border. https://alsabaah.iq/118278-.html
