Iraq Economic News and Points to Ponder Late Wednesday Evening 4-9-25
Workshop With An American Economic Delegation.. Abu Raghif: The Next Phase Will Witness Qualitative Opportunities In The Fields Of Communications And Digital Transformation
Wednesday, April 9, 2025, | Economic Number of reads: 102 Baghdad / NINA / The capital, Baghdad, hosted, on Wednesday, an expanded workshop organized by the US-Iraq Business Council, in cooperation with the American Chamber of Commerce, with the attendance of a high-level economic delegation that included 101 figures representing about 60 American companies operating in the energy, technology and health sectors.
During the opening of the workshop, Chairman of the Communications and Media Commission, Nawfal Abu Raghif, affirmed Iraq's commitment to protecting freedom of expression and opinion, and promoting a transparent competitive environment that guarantees the quality of services and keeps pace with international standards.
He added: "The commission is working to adopt advanced oversight mechanisms to regulate the market in accordance with the applicable law and approved media regulations," noting the need to achieve a balance between freedom of expression, content regulation and intellectual property protection, while adhering to media pluralism in accordance with the constitution and the law.
He also touched on the commission's openness to experienced international companies, especially American companies, which have a proven track record in the field of economic development and the transfer of modern technology, indicating: "The next phase will witness qualitative opportunities in the fields of communications and digital transformation."
The Chairman of the Commission responded to inquiries and interventions from representatives of American companies, which focused on work mechanisms, regulatory legislation, and facilitating procedures, in addition to prospects for future partnerships, stressing the Commission's welcome of all initiatives that contribute to supporting the business environment and technical development in Iraq./ https://ninanews.com/Website/News/Details?key=1196702
Al-Sudani Sponsors The Signing Ceremony Of Memoranda Of Understanding Between The Iraqi And American Chambers Of Commerce.
Political | 09/04/2025 Mawazine News – Baghdad Prime Minister Mohammed Shia Al-Sudani sponsored, on Wednesday, the signing ceremony of a memorandum of understanding, within the framework of cooperation principles with GE Vernova, which includes projects for combined cycle gas power plants with a capacity of approximately 24,000 megawatts, in a plan that is the largest and most modern in the history of Iraq, with the possibility of securing external financing from international banks.
A statement from the media office received by Mawazine News stated that Al-Sudani sponsored the signing ceremony of a second memorandum in the electricity file, which also included cooperation principles, between the Ministry of Electricity and the UGT Renewable Group to establish an integrated solar energy project with a capacity of (3,000) megawatts, battery energy storage systems of up to 500 megawatts/hour, modernizing electricity transmission and distribution lines, and establishing up to (1,000 km) of new infrastructure for high-voltage direct current transmission,
in addition to a two-year period for technology transfer, training, operation and maintenance, with funding from the US Export-Import Bank, the British Export Agency, and JP Morgan as the arranging bank.
The Prime Minister sponsored the signing ceremony of a third memorandum of understanding between the Federation of Iraqi Chambers of Commerce and the American Chamber of Commerce, as part of efforts to strengthen bilateral economic cooperation.
The memorandum includes nine articles aimed at expanding communication between institutions, companies, organizations, and businesspeople in Iraq and the United States, strengthening existing economic, cooperative, scientific, and technological relations, and developing cooperation between small and medium-sized enterprises in both countries. https://www.mawazin.net/Details.aspx?jimare=260678
Saleh: Cooperation Between Fiscal And Monetary Policies Ensures Sustainable Economic Stability
Economy | 09/04/2025 Mawazine News – Baghdad The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Saleh, explained on Wednesday the mechanism for bridging and financing the budget deficit. He pointed out that the state's general budget is based on an oil price of $70 to counter market fluctuations, stressing that cooperation between fiscal and monetary policies ensures sustainable economic stability.
Saleh said, "Since the federal general budget was enacted under Law No. 13 of 2023, as amended (the three-year budget for 2023, 2024, 2025), it has been based on conservative oil prices to counter oil market fluctuations. This includes adopting a price of $70 per barrel of crude oil, an export capacity of 3.4 million barrels of oil per day, and an annual spending ceiling of nearly 200 trillion dinars, with a planned deficit of approximately 64 trillion dinars."
He explained that "the planned deficit, if realized, turns into an actual deficit that is financed (according to the degree of deficit) from domestic sources and a small number of committed external sources, based on actual need, especially in financing development projects."
He added, "Internal sources of deficit financing are loans provided by the government banking system, often to finance the general budget when a deficit occurs, as a bridge loan. With the exception of the first quarter of fiscal year 2025, nothing has occurred that requires significant borrowing, except for less than 6% of the total planned annual balance to date."
He pointed out that "there is close and precise cooperation between fiscal and monetary policies, and they are proceeding closely together to build sustainable financial stability in our country to confront any shock of a sudden drop in global oil prices and its repercussions on financing the state's general budget."
He continued, "This is in order to maintain spending related to securing salaries, wages, pensions, social welfare, the basic services program, and support for farmers, all of which are constants in spending in fiscal year 2025, while proceeding with basic service projects (education, health, sewage networks, electricity, water, and roads)." https://www.mawazin.net/Details.aspx?jimare=260682
Al-Sudani To The American Chamber Of Commerce Delegation: Iraq's Trade Balance Does Not Suffer From A Deficit
Economy | 09/04/2025 Mawazine News – Baghdad Prime Minister Mohammed Shia al-Sudani confirmed on Tuesday that Iraq's trade balance does not suffer from a deficit.
A statement from his office received by Mawazine News stated that "Prime Minister Mohammed Shia al-Sudani received today, Wednesday, a large economic delegation from the American Chamber of Commerce, and a number of American company presidents and investors, in the presence of the Chargé d'Affaires at the US Embassy in Iraq."
Al-Sudani reviewed, according to the statement, "the facilities and measures taken by the government to enable businessmen and companies to enter the Iraqi market, which now has many promising opportunities," indicating that "Iraq provides a wide and diverse market for various products, goods and services."
Al-Sudani stressed that "the Iraqi people have accomplished a lot in confronting terrorism and laying the foundations for its development renaissance," noting "the importance of bilateral relations with the United States and their sustainability, especially since Iraq today is a distinguished democratic model in the region."
He said: "Due to the war of the 1980s, the siege of the 1990s and the war on terrorism throughout the past two decades, development in Iraq has been delayed in all sectors," noting that "Iraq is a virgin land for investment opportunities in all sectors."
He stressed that "Iraq is an industrial and agricultural country, and represents the shortest corridor between global trade from the East and the West, which passes through Turkey to Europe." He explained that "the development road project will be the shortest economic corridor linking Asia to Europe, and the least expensive for transporting goods."
He noted that "Iraq possesses minerals that have not yet been exploited, and it is the world's largest country in sulfur reserves, and the second largest in phosphate."
He continued, "Iraq produces 4 million barrels of oil per day, but the associated gas is flared, and at the same time we import gas to operate power plants."
He continued, "Our government has developed a vision for projects, and contracts with international companies have begun to be implemented, and gas flaring will stop by early 2028." He explained that "Iraq is among the top ten countries in the world in terms of natural gas reserves."
He continued, "There are those who paint a negative picture of the situation in Iraq, which is unfair and inaccurate."
He added, "Iraq has witnessed the entry of numerous investment companies to implement projects in the fields of energy, housing, industry, and agriculture, and the value of investment licenses has reached $88 billion."
Al-Sudani concluded: "We have granted sovereign guarantees to the private sector to implement projects in various fields." https://www.mawazin.net/Details.aspx?jimare=260679
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