Iraq Economic News and Points To Ponder Wednesday Evening 10-23-24
Financial Expert To Nina: Iraq Must Take Several Steps To Transform Its Economy From A Rentier To A Multi-Revenue Economy
Wednesday 23 October 2024 | Economic Baghdad / NINA / Financial and economic expert Safwan Qusay confirmed today, Wednesday, that the transformation of Iraq's economy from a rentier oil economy to a multi-revenue economy requires several steps that must be followed by the authorities responsible for developing the Iraqi economy.
Qusay said in a statement to the National Iraqi News Agency / NINA / that "the current tax reform process must be consistent with the necessity for the investment law to be compatible with the tax law, indicating that Iraq inherited a set of tax laws related to the central economy, so the process of updating them is related to the requirements of global investment that will increase the ability to attract investments and requires stability in these laws."
He added that "Iraq does not need a process of reviewing the rates, but rather needs to comply with international financial reporting standards so that the values appearing in the financial statements are the reality of income, and we need to expand the tax base and review tax allowances in a manner consistent with the purchasing power of the income earner..
We need a process of twinning between local and international laws with direct supervision of what the investor desires, which can restore the tax law sector so that Iraq has an attractive investment opportunity away from the process of subjecting these indicators to laws that are not characterized by sustainability."
He pointed out that "supporting the local product can be done by providing production subsidies and not by imposing taxes on the investment sector. We need to transform the informal market into a formal one because this will pave the way for building a non-oil economy." /End 8 https://ninanews.com/Website/News/Details?Key=1163877
UN Secretary-General Commends Kurdistan Parliament Elections, Calls For Inclusive Government
UN Secretary-General António Guterres has praised the holding of the Kurdistan Region Parliamentary elections in a "calm and peaceful" atmosphere, calling for the formation of an inclusive government as soon as possible. "
The Secretary-General congratulates the Kurdistan Region and its people on the holding of the parliamentary elections on 20 October, which took place in a calm and peaceful atmosphere.
He commends the efforts of the Independent High Electoral Commission, with the support of the United Nations Assistance Mission for Iraq (UNAMI), in preparing for and conducting these elections,"
said Farhan Haq, Deputy Spokesperson for the Secretary-General.
"As the Kurdistan Region awaits the final results, the Secretary-General encourages all political leaders and segments of society to continue to maintain a peaceful atmosphere, and urges political actors to resolve any electoral disputes through existing legal channels and to complete the electoral process with the formation of an inclusive government as soon as possible," he added.
He noted that the Secretary-General "reaffirms the commitment of the United Nations to support Iraq's efforts to consolidate democratic gains and build a prosperous future for the Iraqi people." https://www.radionawa.com/all-detail.aspx?jimare=39899
Oil Prices Decline With The Rise In US Crude Inventories
Wednesday 23 October 2024 | Economic Baghdad / NINA / Oil prices suffered losses during early Wednesday trading, after data showed a larger-than-expected increase in US crude inventories, while the market continues to monitor diplomatic efforts in the Middle East as Israel continues to launch attacks on Gaza and Lebanon.
Brent crude futures fell 31 cents, or 0.4 percent, to $75.73 a barrel, while US West Texas Intermediate crude futures fell 32 cents, or 0.5 percent, to $71.42 a barrel.
The American Petroleum Institute figures indicated on Tuesday that US crude inventories rose by 1.64 million barrels last week, which affected prices, and analysts polled by Reuters expected an increase of 300,000 barrels in crude inventories.
At the same time, gasoline and distillate inventories fell by 3.5 million barrels.
Official US government oil inventory data is scheduled to be released on Wednesday.
In the Middle East, US Secretary of State Antony Blinken held “extensive talks” with Israeli Prime Minister Benjamin Netanyahu and senior Israeli leaders, urging them to get more humanitarian aid into Gaza.
Goldman Sachs on Tuesday forecast oil prices to average $76 a barrel in 2025 based on a moderate surplus of crude and spare capacity from producers in OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia.
Oil found some support amid signs of recovering demand from China, the world’s largest crude importer, amid Beijing’s efforts to stimulate the world’s second-largest economy. Some analysts have recently raised their oil demand forecasts. https://ninanews.com/Website/News/Details?key=1163788
$255 Million In Iraqi Central Bank Sales During Today's Auction
Banks Economy News – Baghdad The Central Bank of Iraq announced today, Wednesday, its sales of hard currency, which amounted to more than 255 million dollars in today's transactions, according to the official price of 1310.
The bank's data showed that the total internal cash withdrawals amounted to $3,400,000, while the total amounts of transfers abroad, including remittances and credits, amounted to $252,166,587, while the total sales amounted to $255,566,587. https://economy-news.net/content.php?id=49057
Ministry Of Communications: Great Success For The Iraqi Post In The Digital Transformation Of Financial Transactions
Local | 10/23/2024 Mawazine News – Baghdad The Ministry of Communications confirmed on Wednesday that the Iraqi Post has achieved remarkable progress in the digital transformation of financial transactions, which enhances confidence in the postal and savings system.
The spokesman for the Ministry of Communications, Omar Abdul Razzaq Musaheb, explained in a statement received by "Mawazine News", that "the General Company for Post and Savings has achieved great success in the digital transformation of financial transactions, as old postal notebooks, which have been used for decades, have been converted into easy-to-use electronic cards, enabling citizens to follow up on their balances and financial transactions via the electronic application "Ki".
He added that "the digital transformation has contributed to achieving its desired goals of reducing corruption and manipulation of citizens' deposits, which has enhanced citizens' confidence in the financial procedures adopted by the Post and Savings Company", noting that this transformation came in implementation of the government's program that emphasizes the importance of electronic payment and digital transformation, instead of traditional cash transactions.
Abdul Razzaq stressed that "the Central Bank of Iraq is fully aware of all the financial activities of the General Postal and Savings Company through monthly reports submitted by the company," explaining that "the reports that aim to reduce the importance of this achievement or mislead public opinion with false information come from bankrupt parties seeking to obstruct the reconstruction and development efforts in the ministry." https://www.mawazin.net/Details.aspx?jimare=256153
Sudanese Advisor: The Government Succeeded In Attracting Investments Worth $100 Billion
Politics | 10/23/2024 Mawazine News – Baghdad The Prime Minister's Advisor for Investment Affairs, Mohammed Al-Najjar, confirmed on Wednesday that the Iraqi government has achieved great success in attracting investments worth $100 billion over the past two years, noting that there are more large projects in various sectors.
Al-Najjar, who also holds the position of Director of the Iraq Development Fund, explained that the contract recently signed with Elsewedy Electric includes investments worth $5 billion and the establishment of three industrial cities in Iraq.
He added that the contract includes the opening of a joint Iraqi-global fund specializing in introducing industry and advanced education to the country, within the projects to establish an industrial and economic city aimed at attracting investors in addition to other various projects.
Al-Najjar pointed out that "the contract is a pioneer of its kind," as it will enable the fund to represent the Iraqi government side, which will open investment opportunities for local and Iraqi investors and Gulf funds to prepare another fund to localize smart industry in Iraq.
He explained that there are three potential areas for the location of the economic city, taking into account the service of the workforce and the surrounding cities and governorates, as options are currently being studied in central and southern Iraq.
The Iraq Development Fund had previously announced the signing of a memorandum of understanding with the Egyptian global company Elsewedy Electric, which aims to establish an Iraqi investment fund under the name of the “Localization Fund” to attract local and international investments to develop strategic projects in several sectors, in addition to developing economic alternatives in the fields of agriculture, industry and services, in order to reduce dependence on oil.
https://www.mawazin.net/Details.aspx?jimare=256160
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