KTFA – Some “Thursday News” Posted by Clare at KTFA 5-9-2024


Clare:  The House of Representatives adjourns its session

5/9/2024  Baghdad

Today, Thursday (May 9, 2024), the House of Representatives adjourned its 24th session, chaired by Al-Mandalawi and attended by 170 delegates.

The Council’s Media Department stated in a statement, received by “Baghdad Today”, that “First Deputy Speaker of Parliament Mohsen Al-Mandalawi adjourned the work of Session No. 24 of the fifth electoral session of the third legislative year/first legislative term, in the presence of 170 deputies.”

The session culminated in a vote on the Iraqi National Security Law, in addition to a report and discussion of other laws, according to a previous statement.

He also completed the report and discussion of the draft law to return real estate to its owners, which is covered by some decisions of the (defunct) Revolutionary Command Council, in addition to completing the first reading of the law on the second amendment to the Independent High Electoral Commission Law No. (31) of 2019.    LINK

Suzie:  I can only assume by the “loud” silence, that nothing happened today with the WTO,  just IMO

Margarita:  a quick google search of iraq wto found this-

Will Iraq join the WTO?

 ABU DHABI, 27th February, 2024 (WAM) — Atheer Daoud Al Ghurairi, Minister of Commerce of Iraq, has confirmed that Iraq has completed the requirements to join the World Trade Organisation (WTO) after completing economic reforms and improving the business environment.Feb 27, 2024


Clare:  Erbil receives the 27th branch of the International Development Bank


The International Development Bank announced on Tuesday the opening of its new branch in the city of Erbil in the Kurdistan Region, which is the twenty-seventh branch in the country. 

In his speech during the opening ceremony, the bank’s authorized director, Saad Faiq, said, “The opening of our new branch in Erbil reflects our commitment to providing innovative and advanced financial services that meet the needs of our customers,” noting that “this opening is part of our strategy to enhance the presence in vital areas and support development.” economic in Iraq.

Faeq praised what he called “the vital role played by the Central Bank of Iraq in supporting the bank’s endeavors, which enables it to provide advanced financial solutions and enhance confidence between the bank and its customers.”  

For his part, Director of the Marketing, Sales and Product Development Department, Wissam Al-Amri, said that this opening confirms the International Development Bank’s commitment to continuing innovation and development in the financial services sector, aiming to achieve excellence in performance and striving to fulfill the aspirations and needs of its customers everywhere.

The International Development Bank has the largest ATM network in Iraq, with 400 ATMs, 5,000 direct points of sale (POS) in all Iraqi governorates, and 7,000 POC outlets.

According to him, the bank has thus acquired a large market share in Iraq from the total commercial financing and comprehensive banking operations. 

He has significant and continuous contributions to supporting SMEs (medium, small and large companies), by financing a large number of huge projects in various economic sectors and granting loans and credit facilities. 

Its management says that the bank today has a wide network of correspondent banks around the world and in more than 20 countries, which supports commercial financing operations and foreign transfers for the bank’s customers.   LINK


Clare:  Sudanese announces the signing of an agreement with Japan to finance small and medium enterprises in Iraq

5/9/2024  Baghdad

Prime Minister Muhammad Shiaa Al-Sudani announced today, Thursday, the signing of a financing agreement with Japan to finance small and medium enterprises in Iraq.

This came in a speech conveyed by his media office on the sidelines of his visit to Babil Governorate and the inauguration of a number of projects there.

Al-Sudani pointed out, in his speech, that this development is a success story in the private sector, stressing the unlimited support from the government.

For the sake of more job opportunities, as it currently accommodates approximately 4,000 opportunities within the company’s activities, in addition to increasing production and providing its surplus in the future for export outside Iraq.

The Prime Minister called on businessmen and private sector companies to take advantage of the investment opportunities offered and the sovereign guarantees provided by the state through the three-year budget law.

Al-Sudani announced the signing of an agreement with Japan to finance small and medium enterprises, amounting to $300 million, which will contribute to revitalizing and establishing the national industry.  LINK

Clare:  The Association of Private Banks counts the percentage of shares traded on the stock market during a month 

5/9/2024 Baghdad

The representative of the Iraqi Banks Association, Ali Tariq, confirmed today, Thursday, that the Iraqi stock market relies heavily on the banking sector, while he counted the value of banking shares traded during the month of last April.

Tariq said, during a dialogue session, on the twentieth anniversary of the founding of the Securities Commission, under the slogan (The Importance of the Financial Services Sector in Supporting the Iraqi Economy) and attended by the “Al-Iqtisad News” correspondent, that “the profitability of private sector companies is the first motivator for every investor, and the strength of the market and the growing movement Trading comes from companies’ profitability and revenues.”

He added, “The market relies heavily on the banking sector, which traded during last April 17.6 billion shares out of 21.6 billion shares in the entire market, which constitutes 81% of the total trading in the month.” 

He explained that “the banking sector is considered the most important in the stock market,” pointing out that “the citizen is able to use the mobile phone to trade and view share prices, and the need to focus on reaching the citizen at his home and workplace.”

Tariq stated, “All private banks are listed in the Iraq Stock Exchange according to the instructions of the Central Bank of Iraq,” stressing that “preventing some banks from dealing in dollars directly affected the market and the prices of their contributions in the market.”LINK


Clare:  Government Advisor: The Securities Commission represents the governance base for promoting financial market reform

 5/9/2024  Baghdad

Today, Thursday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, summarized the importance of the Securities Commission and its tasks, while noting that the Commission represents the governance base in promoting financial market reform, and is responsible for supervising the correct rules in the Iraqi market.

Saleh said, in his speech during the twentieth anniversary of the founding of the Securities Commission, under the slogan (The Importance of the Financial Services Sector in Supporting the Iraqi Economy), “In the name of Prime Minister Muhammad Shiaa Al-Sudani, we extend to the Securities Commission, its Chairman and its staff, our warmest congratulations on the occasion of the twentieth anniversary of the founding of this edifice.” The important financial supervisory authority that assumed the duties of regulating the Iraqi Stock Exchange securities, which is the basis for ensuring high, stable, organized and growing financial markets through the application of regulations designed to protect the rights of users and maintain the integrity of the financial market.

He added, “The Securities Commission, with its regulatory, supervisory, and auditing apparatus, constitutes the central body responsible for supervising the correct rules, monitoring irregular activities, and investigating market violations.”

He continued: “The Securities Commission also represents the governance base in promoting transparency and reform in the work of the financial market, and the important role of the Securities Commission is evident in regulating broker-dealers and other market participants by supervising the depository center and updating the data of persons associated with brokerage companies.”

He added: “There is no secret of the important role played by the Securities Commission in coordination with international securities organizations and bodies, especially in adopting standards in the field of strengthening the efficiency of financial markets and communicating with international organizations related to financial markets, which has strengthened the role of the Securities Commission and the Iraqi Stock Exchange.”

 Finance in preparing Iraq for the World Trade Organization, which is the international organization that essentially emerged from the system of financial globalization, as the trade in financial services became an integral part of global trade.   LINK


Clare: Al-Sudani launches a package of new service projects in Babylon


Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani launched a package of new service projects in Babil Governorate worth (1,276,740,000,000) dinars.

Al-Sudani’s media office said in a statement received by {Al-Furat News}, “Prime Minister Muhammad Shia’ al-Sudani, during his visit to Babil Governorate, today, launched a package of new service projects worth (1,276,740,000,000) dinars.”

He added, “The projects include:

-Integrated projects for sewage, sewage, and rainwater in (Al-Qasim, Al-Hashimiyeh, and Al-Madhatiya districts), with a total amount of (364,500,000,000) dinars.

-An integrated project for sewage, sewage and rainwater networks for Al-Kifl district, amounting to 134.2 billion dinars.

-A link road with the highway (Basra – Baghdad), via the Imam – Anana district – to Al-Ibrahimiya in the Hindiyah district, at a cost of 320 billion dinars.

-Management and operation of Imam al-Sadiq Hospital (peace be upon him), by a specialized foreign company for $60 million.

– Referring the large Hilla sewer project/second phase to implementation at a cost of $287 million.   LINK