Iraq Out Of The List Of Major Countries Holding US Bonds
Money and business Economy News – Follow-up The US Treasury announced on Tuesday that Iraq is no longer a major foreign holder of US bonds.
According to the Treasury report for September, which showed that Iraq was not among the top 20 countries holding US bonds, after it was ranked among the top holders last year with holdings of $32.6 billion.
The report indicated that “Japan topped the list of major countries in holding US bonds, with holdings amounting to $1.123 trillion, followed by China in second place with holdings amounting to $772 billion, while the United Kingdom came in third with $764 billion, the Cayman Islands in fourth place with $420 billion, Luxembourg in fifth place with $417 billion, and Canada in sixth place with $370 billion.”
]The report explained that Saudi Arabia was the only Arab country that maintained its position among the 20 largest holders of US bonds, as its holdings amounted to $143.9 billion.
The report indicated that the total holdings of US bonds by countries around the world in September amounted to 8 trillion and 872 billion dollars.
US bonds are a type of debt instrument issued by the US government to raise money, and many countries buy them as a safe investment.
In the past years, many Arab and foreign countries, including Iraq, owned large amounts of these bonds, and over time, Iraq’s holdings of US bonds decreased until it left the list of the 20 largest countries holding these bonds. Views 25 12/18/2024 – https://economy-news.net/content.php?id=51026
Industrial Fraud Threatens The Local Economy And Undermines National Industries
Published on: December 18, 2024: Al-Mada/Follow-up Regulating the control of goods is an essential step to support local factories and limit excessive imports, which contributes to strengthening the national economy and its ability to withstand and grow. However, the phenomenon of industrial fraud represents a major challenge facing the Iraqi industrial sector, as it negatively affects the reputation of local products and undermines efforts to increase local production.
Industrial Fraud And Its Consequences
Counterfeit products are increasingly prevalent in local markets, where low-cost goods are imported from neighboring countries and then repackaged and sold as local products. These goods are often of lower quality, eroding consumer confidence and causing significant damage to national industries.
Mohammed Hassan Jabr, a local shop owner, explained that the weak production capacity of Iraqi factories is pushing many traders to import counterfeit goods. He added that this embarrasses traders in front of customers who notice a clear difference in price and quality.
For his part, economic expert Mustafa Akram confirmed that industrial fraud appears largely in products such as cigarettes, chicken, and table eggs, where imported products are repackaged to appear as Iraqi. He pointed out that these practices lead to the deterioration of the local market and increased reliance on imports instead of enhancing local production.
Legal And Regulatory Challenges
Despite the existence of Consumer Protection Law No. 1 of 2010, its implementation faces major challenges, according to legal expert Jamal Al-Asadi.
Al-Asadi explained that the penalties imposed on industrial fraud, such as imprisonment and financial fines, are difficult to implement due to the lack of effective oversight in the markets.
Recommendations To Combat Industrial Fraud
To address this phenomenon, Hussein Abbas, from the Economic Crime Directorate, recommended taking firm measures, including:
1. Strengthening oversight: Increasing cooperation between relevant ministries to ensure the application of Iraqi specifications to local and imported products.
2. Reissuing import licenses: Imposing strict control over all imported goods by issuing new import licenses.
3. Activating border testing laboratories: Approving testing laboratories at border crossings to ensure the quality of imported products.
4. Implementing a goods tracking system: Adopting a goods tracking system to ensure their compliance with standards.
5. Organizing follow-up teams: Forming field teams to reduce market manipulation and control violations.
The phenomenon of industrial fraud poses a major challenge to the Iraqi economy, as it negatively affects the confidence of consumers and local industries. While oversight and enforcement of laws are essential tools to combat this phenomenon, current efforts need to be intensified and coordinated more among the relevant authorities to ensure the provision of high-quality products that enhance the status of national industries. Source: Agencies https://almadapaper.net/389139/#hathalyoum
Al-Sudani’s Advisor: Iraq Will Soon Go From Debtor To Creditor – “Only 9 Billion Foreign Dollars Left”
Mazhar Mohammed Salih, the financial advisor to the Prime Minister, announced that Iraq has emerged from the dangers of foreign debts, and has gotten rid of this burden for the first time, indicating that the remaining debts to international parties constitute only less than 9 billion dollars and will be paid until 2028.
Iraq within safe range to pay off $20 billion in foreign debt – Financial Advisor
Saleh explained in a statement to the official newspaper, which was followed by the 964 network , that “Iraq, after getting rid of the heavy burden of its debts, has transformed from a country indebted to others to a country that can be a creditor to others,” noting that the country is called the “young creditor” because it possesses a degree of youth in the economic aspect, which raised its credit rating, despite the problems of the region.
He added that “Iraq has gotten rid of the burden of foreign debts for the first time, which had shackled it economically,” noting that “what remains of its debts to international parties constitutes only less than 9 billion dollars that will be paid between now and the year 2028.”
He stressed that “Al-Sudani placed reforming the country’s financial system among the priorities of the government program, which resulted in achieving important steps during the past two years.”
He explained that “debts are paid off through allocations in the federal general budget,” noting that “the ratio of debt to GDP does not constitute a burden on the state, as it amounts to an estimated 5 percent of GDP.”
He considered Iraq “a well-fortified country, in terms of external debt, and that it is outside the risks of external debt, which gives the country high credit at the present time,” noting that “internal debts are confined within the government banking system.” https://964media.com/487617/
Antoine: The Situation In Syria Greatly Affects The Iraqi Economy
Information / Baghdad.. Economic expert Basem Antoine confirmed today, Wednesday, that the situation in Syria greatly affects the Iraqi and Syrian economies.
Antoine said in an interview with Al-Maalouma Agency that “the current situation in Syria has a direct impact on Iraq, especially since Iraq represents a vital market for Syrian industries.”
He explained that “despite Iraq’s ability to search for alternatives, Syria will suffer greatly, with the possibility of many factories shutting down as a result of the absence of markets to sell their goods, in light of the Syrian people’s fear of the ongoing process of change.”
He added, “Some people downplay the impact of the Syrian situation on Iraq, but the reality indicates a profound impact due to the common border that extends for about 650 kilometers between the two countries.”
He pointed out that “the displaced Syrians in Iraq can return to their country to form an important workforce, which may restore activity to the Syrian market and ease Iraq’s economic burdens, but it requires accurate studies to avoid the repercussions of the crisis on both countries.”
He explained that “what is happening in Syria is not just a political conflict, but rather part of an economic war targeting the industrial and productive center of gravity that Syria represents in the region, which further complicates the economic situation in both countries.” LINK
{Sabah} Discusses The Reasons For The Bankruptcy Of Major International Companies
Economic 12/18/2024 The bankruptcy storm has hit many European, Canadian and Japanese companies recently. One of the most important causes is the weak economic growth that has become clear in Europe, and has an intertwined political, economic and military dimension. This conflict has been strongly reflected in economic policies, supply chains, energy markets and global trade, directly affecting the European, Canadian and Japanese economies. It is unlikely that the results of this storm will be short-term or temporary due to the overlap of many factors, about the causes of corporate bankruptcy.
Economic expert Dr. Adnan Bahiya explained to Al-Sabah that “the reason for the bankruptcy of global companies is the implementation of sanctions on Russia, which halted reliance on Russian gas and oil, leading to a severe crisis in Europe. These sanctions were a disaster for Europe and an economic blockade that affected it more than the Russian bear.”
Increase Spending
Bahiya added that “another reason for the bankruptcy of many international companies is that European countries have allocated huge resources to armament and increased military spending within their defense budgets to confront security threats. This situation has imposed additional pressure on public budgets, which have begun to show exhaustion, at a time when their economies are suffering from inflation and weak growth.”
Spending Gap
He explained that, “through this situation, European governments were forced to impose higher taxes and reduce social spending to close the gap in military spending and to overcome the impact of sanctions and the economic blockade on Russia, which was a cheap market and a major trading partner for most industrialized European countries, which dealt a major blow to the exports and investments of European companies.
Bahiya continued: “Thus, supply chains in Europe were disrupted, especially raw materials, grains and minerals, which increased production costs and reliance on expensive imports from alternative sources. The rise in American gas and oil for Europe came as an alternative to Russian gas, and led to a significant increase in European production and industrial costs.”
Economic Cycles
For his part, academic Dr. Amr Hisham explained to Al-Sabah the causes of companies’ bankruptcy. There are structural factors with the presence of economic cycles, or the causes may be a shock that the economy is exposed to, or the cause of companies’ bankruptcy may be the presence of a wave of inflation.
Global Economies
He continued: “The rise in interest rates raises costs for companies, as well as borrowing costs, and these factors lead to the bankruptcy of many companies,” noting that “there are two undesirable situations in global economies, which are recession and inflation, and these difficult situations are sought by those concerned with economic affairs to avoid or address in ordncourage Investment
He pointed out that those concerned with economic affairs tend to lower interest rates, which encourages the expansion of credit and encourages investment because the cost of borrowing is lower and repayment is easier, pointing out an important point, which is that the issue of bankruptcy for companies must be under clear legal provisions and be developed with regard to the Iraqi legislator, so that the process of dealing with bankruptcy is facilitated and fraud and deception of people and the theft of their inputs are reduced. https://alsabaah.iq/107367-.html
