Tishwash: Al-Nusairi confirms that the Central Bank’s approach to banking reform and development contributes to accelerating Iraq’s accession to the World Trade Organization.
During his participation in the specialized workshop held by the Ministry of Trade to discuss Iraq’s accession to the World Trade Organization, Samir Al-Nusairi, Economic and Banking Advisor, emphasized the role of the banking sector in contributing to accelerating Iraq’s accession to the organization and the important role of the financial and banking sector in it.
He pointed to the measures achieved in 2023 and 2024 by the Central Bank in cooperation with the government, mainly regarding the regulation of foreign trade financing, the electronic platform, and direct work between banks and international correspondent banks
Based on the approved reform and development methodology, official data, and monetary policy indicators for 2024 and the plan for 2025 and 2026, in cooperation with international consulting companies specialized in this field, and compliance with financial globalization and international standards adopted by WTO member states.
Al-Nusairi explained the main points of the banking reform project launched by the Central Bank this month in the presence and participation of the Prime Minister.
He pointed out the customs war launched by the US administration and its effects in the medium and long term on the principles of unifying customs duties.
Customs duties of the member states of the organization, and what are the means of confrontation that will be adopted by the World Trade Organization and the CAT organization concerned with regulating customs duties at the international level.
The workshop was attended by members of the National Governmental Committee for Joining the Organization, in which Iraq currently holds observer status along with 21 other countries, out of 166 countries with full membership.
Representatives of relevant ministries, the private sector, and unions were also present. link
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Tishwash: Al-Karawi: Failure to send budget tables is a constitutional violation.
Member of the Parliamentary Finance Committee, MP Mustafa Al-Karawi, confirmed on Friday that the government’s delay in sending the budget tables constitutes a clear violation of the provisions of Article (77/Second) of the Budget Law, calling on the House of Representatives to take its role in holding the government accountable for this legal violation.
Al-Karawi told Al-Maalouma, “The government was legally obligated to submit budget schedules before the end of the previous fiscal year, but four months have passed without it complying with this, which constitutes a clear violation of the law and a failure to fulfill its constitutional duties.”
He added, “The delay in the 2024 and 2025 budget schedules is a serious indicator of administrative and oversight shortcomings within the relevant projects government institutions, which negatively impacts and implementation plans.”
Al-Karawi pointed out that “90% of the budget depends on oil revenues, at a time when the global market is experiencing sharp fluctuations, which makes basing a three-year budget on an unstable resource an ill-considered move.”
He pointed out that “the 2024 budget arrived late, was sealed by prior political agreement, and was not subject to a genuine review within Parliament. Despite containing fundamental problems, the results of which have begun to become apparent through the suspension of projects and the delay in referral and implementation.”
Al-Karawi stressed that “Parliament is required to exercise its oversight role and hold the government accountable for this negligence, which could cause significant harm to the national economy and development plans.” link
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Tishwash: The most prominent of which are “thorium and uranium”… Iraq: Our natural resources are estimated at (16) trillion dollars.
The Prime Minister’s financial advisor, Mazhar Mohammed Salih, confirmed on Friday that Iraq ranks ninth globally among countries rich in natural resources, while pointing to a move to invest in strategic minerals whose revenues rival those of oil .
According to the official agency, the Prime Minister’s financial advisor, Mazhar Mohammed Salih, “Iraq ranks ninth among the world’s ten richest countries in terms of natural resources, with its wealth in precious metals, minerals, and other resources estimated at at least $16 trillion, according to preliminary global estimates .”
He pointed out that “Iraq ranks first in the world in terms of the concentration of natural resources per square kilometer of its vast and diverse geography, particularly in the Mesopotamia Basin region, which is rich in underground resources .”
He explained that “investing in strategic minerals such as thorium and uranium could generate returns comparable to those of oil, as thorium is a cleaner and more important alternative for energy generation compared to uranium.” He noted that “linking the value of the national currency to investment in these minerals depends on Iraq’s ability to enter value-added chains, which contributes to raising the gross domestic product .”
He added that “the discovery of large quantities of thorium and uranium in southern Iraq represents ‘strategic news’ that will have a significant impact on diversifying the national economy if exploited optimally, especially if linked to the investment policies associated with the Development Road Project .”
Saleh emphasized that “advancing the exploration and manufacturing processes for these two resources will pave the way for the development of non-oil resources, enhancing Iraq’s global geo-economic position. Furthermore, this development will chart the outlines of a new industrial map linked to the path of development, establish a sustainable future, attract major global mining companies with advanced technological capabilities, and provide quality job opportunities within the Iraqi market .”
He pointed out that “this boom in mineral investment will have a positive impact on fiscal and monetary policy, by enhancing monetary stability and increasing national income, which will contribute to improving citizens’ well-being .”
He continued, “The importance of thorium and uranium minerals in the global energy market, and the presence of major economic partners such as India, China, and the United States, make Iraq a pivotal player in the field of unconventional fuel resources and an influential center in facilitating international security and energy paths link
