KTFA – Some “Thursday Iraq News” Posted by Clare at KTFA 2-29-2024

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Clare:  Iraq signs a memorandum of understanding with the Japanese company Toyota

2/29/2024- Baghdad

The Minister of Electricity, Ziyad Ali Fadel, sponsored today, Thursday, the signing of a memorandum of understanding with the Japanese company Toyota. To develop the networks and capabilities of the electrical system.

A statement from the ministry, received by Mawazine News, said: “The memorandum was signed in the presence of the Japanese ambassador and stipulates that the Japanese company will finance and implement a number of special projects in the production, transportation and distribution sectors, and joint committees will be formed between the two parties to determine the list of projects proposed for implementation and their priorities.”

The statement continued, “After concluding the memorandum of understanding, the Minister of Electricity expressed his great appreciation for Japan’s role in supporting Iraq and the contribution of Japanese companies to its reconstruction operations, especially in the energy sector,” reiterating his “call on foreign companies to seize the available investment opportunities and implement various projects in the electricity sector.”   LINK

Clare:  The launch of the Erbil International Motor Show with the participation of 120 international companies (photos)

2/29/2024

Today, Thursday, the city of Erbil witnessed the opening of the ninth edition of the Erbil International Motor Show, while 120 companies participated, half of them Chinese and eight international companies, most notably Mercedes-Benz, Ford and BMW.

Shafaq News Agency correspondent said, today, the ninth Erbil International Exhibition for cars, spare parts and accessories was opened with the participation of 120 car companies, and it specializes in spare parts and includes 200 brands.

He added that 60 companies from China and eight major international companies such as Ford and Mercedes-Benz are participating, consisting of 13 brands, and the event will continue until the 3rd of next month.

The reporter added that the exhibition opens daily from 11-7 p.m., and provides the possibility of buying and selling cars, spare parts, and registering commercial car agencies.  LINK

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Clare:  The International Monetary Fund promises to support digital transformation in Iraq

2/29/2024

Today, Thursday, the Iraqi delegation, headed by Finance Minister Taif Sami, concluded its discussions with the Article IV mission of International Monetary Fund experts in Amman.

The Ministry of Finance said in a press statement, “During the discussions, the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing non-oil revenues were reviewed.”

The Iraqi delegation confirmed, according to the statement, that “the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction,” indicating “its intention to continue discussions and consultations during the Fund’s periodic annual meetings.” “.

The Fund’s mission praised “the achievement of good progress in many financial and monetary aspects and in the areas of transparency, control, provision of financial statements and rationalization of expenditures, in addition to the strong return of growth in the non-oil sector during 2023 with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices.” .

The mission noted “the positive developments in the return of trade financing operations to their normal path and the stability of the foreign exchange market following the implementation of anti-money laundering and counter-terrorism financing controls on cross-border payments,” welcoming “government plans aimed at strengthening public financial management, including welcoming “With the steps taken by the government towards establishing a unified treasury account, improving cash flow management and increasing the tax base, as well as reviewing the customs tariff structure and achieving more targeting in social support and care.”

The mission also expressed its optimism about “the level of understanding and progress achieved with the Iraqi government and the coordination steps and joint consultations that will be completed in the near term that will contribute to addressing the financial problems imposed by the circumstances of international conflicts and their accompanying economic impacts,” explaining that “purposeful structural reforms are continuing to stimulate economic diversification.” “Creating job opportunities led by the private sector is a pivotal factor in achieving sustainable and inclusive growth.”

According to the statement, priorities at this level include creating equal opportunities for the private sector by implementing reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing to make efforts to strengthen governance and limit the spread of corruption.

It is noteworthy that Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets the member country and conducts formal consultations with its officials.   LINK

Clare:  Al-Sudani: The investment environment in Iraq has become promising, welcoming and open

2/29/2024

On Thursday, Prime Minister Muhammad Shiaa Al-Sudani described Iraq’s investment environment as “promising, welcoming and open after the financial, administrative and banking reforms carried out by the government he heads.”

This came during his reception of a delegation from the Turkish company Limak, which specializes in transportation and construction projects, headed by the company’s founder Nihat Ozdemir, according to a statement issued by the Presidency of the Council of Ministers.

At the beginning of the meeting, Al-Sudani pointed out the investment and development opportunities that the company can contribute to in Iraq, especially in the areas of infrastructure and transportation projects, and what is related to the development road projects and the Grand Al-Faw Port, as well as road, bridge and industrial city projects in various governorates.

The Iraqi Prime Minister reiterated the government’s welcome of companies with high technical and operational experience, explaining that the investment environment in Iraq has become a promising, welcoming and open environment, especially after the financial, administrative and banking reforms took their course, and the private sector was qualified to conclude fruitful partnerships with international companies.     LINK

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Clare:  The International Monetary Fund indicates a decline in inflation rates and the stability of the foreign exchange market in Iraq

2/29/2024

The International Monetary Fund indicated a “significant decline” in inflation rates, which was reflected in the decline in food and energy prices, in addition to the stability of the foreign exchange market in Iraq, as announced by the Ministry of Finance.

The ministry stated in a statement that an Iraqi delegation headed by Finance Minister Taif Sami concluded today, Thursday, its discussions with the Article IV mission of International Monetary Fund experts in Amman, during which the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development infrastructure, financial sustainability, and maximizing… Non-oil revenues.

The statement quoted the delegation as confirming that the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement, and customs sectors, and to enhance private sector participation efforts through investment incentives, infrastructure, and reconstruction, indicating its intention to continue discussions and consultations during the Fund’s periodic annual meetings.

The statement added that the Fund’s mission praised “the strong return of growth in the non-oil sector during 2023, with a noticeable decline in inflation rates, and this is reflected in the decline in food and energy prices.”

According to the statement, the mission “noted the positive developments in the return of trade financing operations to their normal course and the stability of the foreign exchange market following the implementation of anti-money laundering and anti-terrorist financing controls on cross-border payments.”

It is noteworthy that the International Monetary Fund’s Article IV consultations are bilateral meetings held annually between the International Monetary Fund and member states, after which a team of Fund experts meets with the member country and conducts formal consultations with its officials.   LINK