TNT – “Tidbits From TNT” Saturday 11-25-2023

CandyKisses:  Al-Rafidain launches a campaign to rely on electronic payment and open bank accounts for citizens

Baghdad Today – Baghdad

Today, Saturday (November 25, 2023), Rafidain Bank announced the launch of a campaign to rely on electronic payment and open bank accounts for citizens.

The bank’s media office said in a statement received by “Baghdad Today” that “the mobile field teams of the branches of Rafidain Bank are conducting intensive visits to the owners of shops, commercial centers, universities and other sectors to review the banking services and facilities provided to customers and the procedures for opening bank accounts and the trend to adopt electronic payment in daily financial transactions.”

Tishwash:  Advisor to the Prime Minister: Starting a new phase of the relationship with China

The Prime Minister’s Advisor for Investment Affairs, Muhammad Al-Najjar, announced today, Saturday, the importance of the relationship between Iraq and China, while announcing a platform for Iraqi and Chinese businessmen.

Muhammad al-Najjar told the official agency, during the establishment ceremony of the Iraqi-Chinese Business Council, under the patronage of Prime Minister Muhammad Shia al-Sudani, that “China was distinguished by several characteristics, including that it is the only country that was able to save 400 million people from the poverty line within 20 years, and this is an experience.” It is great and everyone must benefit from it.

The second characteristic is its transition from a 100% state-controlled communist economy to a real shared economy that has become productive.”

Al-Najjar added, “The third characteristic, which is very important as it relates to the experience that China has acquired over 4,000 years of civilization, is how to develop a team capable of managing the country’s variables,” indicating that “Iraq views China as a friend and as a country that shared its concerns in a stage of abandonment.” A lot about him.”

He continued, “We seek to learn a lot from China regarding how to change the framework and systems of the state,” noting, “China has a principle called special economic zones, and this is an experience that must be benefited from in Iraq to change our economic reality.”

Al-Najjar pointed out, “In 1979, China’s gross domestic product did not exceed 120 billion, but today China is the second largest economy in the world over 40 years of changes that occurred not only on a political basis, but on an economic and political basis simultaneously.” He expressed his hope to “begin a new phase of the relationship with China.”

He stressed that “renewable commercial and industrial projects will be held between Iraq and China,” adding, “The Iraqi-Chinese Business Council will be a platform for businessmen from both countries.”   link

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Tishwash:  Moody’s maintains Iraq’s rating at “Caa1″… What does this mean?

Moody’s credit rating agency maintained its rating for Iraq’s economy at the level of “Caa1” and maintained a stable future outlook.

The agency said in its report that the classification comes under accreditationIraqEconomic, financial and external impact on the oil and gas sector, resulting in significant exposure to oil price fluctuations and carbon transition risks.

High global oil prices prompted a major shift in Iraq’s financial and external accounts, which supported the reduction of public debt and led to a noticeable recovery in the foreign exchange reserve position of the Bank of Iraq.IraqCentral Bank to reach its highest levels ever, according to the agency’s report.

“Moody’sShe said in her report that, nevertheless, the presence of “a three-year expansionary budget and limited reform momentum will lead to a continuous and recent deterioration in financial indicators, as well as deepening gaps.”IraqStructural,” the agency also expected that the ceiling for local and foreign currencies would remain unchanged.

Last July, it announced, “Moody’sReducing the assessment of Iraq’s economic strength to “ba2”, she said that this assessment balances the size of the economy and the abundance of natural resources with instability and turmoil in economic growth, weak infrastructure, and the economy’s lack of diversity.

IraqIt is the second largest oil producer in OPEC, with an average of 4.5 million barrels per day, of which it exports about 3.4 million barrels, as the state relies on revenues from selling crude to cover about 95% of its expenses. anticipationInternational Monetary FundIn a previous report, oil production in the country would shrink by 5% this year against the backdrop of the decision of the main members of OPEC+ to reduce production.

A report “Moody’s“The statement expected that it would lead to an escalation of the conflict between…IsraelAndagitation, regionally with participationIranAnd the United States, which is currently a weak scenario according to the agency, will have material repercussions on…Iraq, through a number of many transmission channels.

The report added: “Any escalation in tensions in the Gulf would threaten to disrupt maritime transport routes through…Strait of Hormuz, on which it dependsIraqin most of its oil exports.”

*Additional points from the report “Moody’s“:

– Oil’s dominance of government revenues and exports will imply immediate and significant pressures on public finances and liquidity, with the overall impact depending on how long this disruption continues.

– AdoptionIraqThe decline in external financing and the reserves provided by the recovery in foreign exchange reserves confirm a group of factors relieving pressures on public finances.

Extremely weak governance of institutions constrains the effectiveness of policies, the government’s ability to respond to domestic and external shocks, and the competitiveness of the economy.

-Deep political division and vulnerabilityIraqBeing affected by geopolitical tensions, increasing social pressures resulting from high rates of youth unemployment and inadequate access to basic services, all exposeIraqto the risks of political events.  link