Dozens of Iraqi companies participate in an investment summit in America

The US Ambassador to Baghdad, Alina Romanowski, announced on Sunday that more than 30 Iraqi companies will participate in a summit related to investment projects in the United States available to foreign companies.

Today, Romanowski wrote in a blog on the “X-Twitter” platform, “Best wishes to the 33 Iraqi companies heading to the SelectUSA Investment Summit in Washington, D.C., next week.”

She added, “The investment process is through linking Iraqi companies with American companies and resources to help them grow their businesses.”

Shafaq.com

The World Bank expects economic growth in Iraq to reach more than 5% in 2026

The World Bank expects that Iraq will achieve economic growth of more than 5% in the year 2026, indicating that the recovery in the oil sector in 2025 will work to enhance growth in Iraq.

The bank said in a report seen by Shafaq News Agency, “Iraq’s economic growth for the year 2022 reached 7.6%, and in 2023 it decreased to – 2.9%.”

He expected Iraq’s economic growth to decline in 2024 to reach 0.3%, to achieve growth in 2025 of up to 3.8%, and to achieve growth in 2026 of up to 5.3%.

The bank’s report indicated that oil-exporting countries outside the Gulf Cooperation Council will help the expected recovery in the oil sector in 2025 boost growth in Iraq and Algeria.

Shafaq.com

The budget is considered “numbers on paper”… revenues for the first 4 months are 15% less than what Iraq expects

Despite the end of the first half of the current year, the Ministry of Finance began distributing estimates of current expenditures, revenues, and investment projects for the year 2024 to the ministries and governorates, in a late measure that came mainly due to the delay in approving the budget schedules, which did not take place until the second of this June by the House of Representatives.

Delay in schedules and spending plans, often making the numbers contained in the budget mere numbers on paper, not similar to the imposed reality, while Al-Sumaria News takes a look at the size of actual expenditures and revenues, not those planned in the budget, for the first four months of this year compared to what is in the budget.

#Revenues are 15% less than planned

The 2024 budget tables indicate that the estimated revenues for the year 2024 amount to 147.8 trillion dinars, which means that Iraq during the current year must achieve this amount, at a monthly average of 12.3 trillion dinars, divided into 10 trillion dinars oil revenues, and 2.2 trillion dinars. Non-oil revenues, bringing the total revenues for 4 months to more than 49 trillion dinars.

However, the reality shows that Iraq’s revenues during 4 months amounted to only 42 trillion dinars, meaning that the revenues achieved are 15% less than what Iraq plans in the budget.

Oil revenues amounted to a monthly average of 9.5 trillion, instead of the 10 trillion per month that was planned, and non-oil revenues amounted to 1.1 trillion instead of the 2.2 trillion dinars planned in the budget, and while it can be said that after June, that is, after the approval of the schedules, it is possible that the rate of non-oil revenues will rise. Oil revenues due to the imposition of new fees, but it is not expected to double from 1 to 2 trillion per month as the budget plans, and even if non-oil revenues increase, oil revenues cannot rise according to government measures, especially since oil prices are volatile and close in the first months. Of the year.

#Expenses are 45% less than planned

As for expenditures, the budget estimates them at 212 trillion dinars, meaning Iraq must spend 17.6 trillion dinars monthly, and within 4 months Iraq must spend 70.6 trillion dinars. However, the truth is that what Iraq spent during the first four months of the current year amounted to More than 37 trillion dinars only, meaning that Iraq spent only 52% of the planned spending.

However, it is expected that the pace of spending will increase after the schedules are approved, as spending is among the government decisions that it can take, unlike oil revenues, and if spending increases, the risk will increase, as the percentage of spending increases and reality approaches the plan, with a decline in the percentage of revenues achieved. Far from its planned size, it will increase the deficit that was not covered by the budget, that is, it can be described as a “sudden deficit” that was not planned for or loans or debts were not allocated to pay it, as happened with the deficit that was originally in the budget and how to address it is planned.

Burathanews.com

The latest from the Swiss banks.. Sudanese advisor: The recovered funds were deposited in the Central Bank

The Prime Minister’s Advisor for Oversight and Integrity, Muayyad Al-Saadi, confirmed today, Friday, that Iraq’s recovered funds were deposited in the Central Bank, pointing out the existence of a comprehensive plan to combat corruption and recover smuggled funds.

Al-Saadi said, according to the official agency, that “Prime Minister Muhammad Shiaa Al-Sudani paid great attention and daily follow-up to anti-corruption measures, and worked in different directions,” noting that “teams were formed to receive news and reports about corruption, follow up on them, uncover them, and refer them to the Integrity and Public Prosecution Commission for the purpose of holding them accountable.” Violators will be prosecuted and the money will be recovered.”

He continued, “Among the trends that have been focused on is the periodic evaluation through semi-annual and annual reports through the regulatory agencies that follow up on the procedures of ministries and governorates in the field of combating corruption on a daily basis, as well as the issue of digital transformation and the procedures of the unified storage system for the purpose of controlling, following up and knowing funds.” Balances and their movement,” noting that “all of these measures serve to combat corruption.”

Faceiraq.org

Parliamentary Committee: Amending the Investment Law in the next legislative term

USD-Iraqi dinarA member of the Parliamentary Investment Committee announced the committee’s intention to amend the Investment Law.

Muhammad Al-Zayadi told {Al-Furat News} agency, “There is no investment in the country due to the lack of clarity in the investment law, which constitutes a major problem, but after the end of the legislative recess, the committee will work on amending the investment law.”

He added, “The political situation has nothing to do with the law because it is related to the service aspect, and the goal of amending the law is to be at the level of moral investment in the country.”

It is noteworthy that the Parliamentary Investment Committee justified its effort to amend some investment laws in order to attract foreign investments and capital because some paragraphs of the laws related to investment conflict with sustainable development in Iraq, including the Investment Law, the Companies Law, and others.

Alforatnews.iq

Saleh: The tripartite budget gave the government flexibility to implement its medium-term plans

The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed that the Federal General Budget Law No. 13 of 2023 (the tripartite budget) granted the executive authority high flexibility in implementing the state’s medium-term financial plan for the years 2023, 2024, and 2025.

Saleh told {Al-Furat News} agency, “In implementation of the provisions of Article 2/77 of the law above, which stipulates that the government shall submit financial schedules related to expenditures, public revenues, and the planned deficit for the fiscal years 2024 and 2025, in order to provide a flexible space that allows for the implementation of the general budget in an efficient and reliable manner.” In accordance with the constants stipulated in Law No. 13 mentioned above.”

He pointed out that “the matter relates to the schedules for the fiscal year 2025 and the possibilities of approving expenditures that may arise in the next fiscal year, or the exhaustion of other expenditures whose deadlines have expired in terms of timing, or the expiration of expenditure commitments and the replacement of new commitments for expenditures during the next fiscal year, and in appreciation of the circumstances surrounding the economy.” Overall, the Federal Ministry of Finance, as a supreme financial authority, in cooperation with the Ministry of Planning (which is the ministry concerned with development projects and overall investment spending), will undoubtedly undertake to provide the necessary adjustments in the financial tables that will be presented for the year 2025 so that they can be studied, starting with the Ministerial Council for the Economy and in accordance with the contexts stipulated by it. Federal Financial Management Law No. 6 of 2019, as amended, then the financial tables in question receive the approval of the Council of Ministers, so that they can be approved in the House of Representatives.”

At the same time, Saleh noted that “there is high and continuous coordination between the parliamentary finance committee concerned with following up and monitoring financial developments in the country and in accordance with the constitution, and between the plans, programs and mechanisms adopted by the financial authority in implementation, which are mutual constitutional guarantees to achieve the country’s supreme interests in development and economic stability.” “To the fullest extent.”

Alforatnews.iq

Iraqis threaten to block an international road and topple “heads and chairs” in protest against the deterioration of electricity

Shafaq News/ Protesters from Al-Khalis district, north of Diyala, threatened on Friday to block an international road passing through the city and topple “heads and chairs” if the problem of deteriorating electricity situation in their areas is not resolved.

Ammar Al-Salami, a cleric and one of the protest organizers, said in a statement he delivered at the protest at the district center, attended by Shafaq News Agency, “The Khalis District Center and all the villages are delivering a denunciatory message during these afternoon hours that they will gather to demonstrate and block the Baghdad-Kirkuk road if it is not blocked.” A solution to the electricity problem, especially in Khalis, as the conditions of the judiciary are deteriorating at various levels.”

He added, “This is a message of condemnation. What is happening is an insult to the city of Khalis and its sacrifices that caused the officials to sit on their chairs,” threatening that “if the problem of the deteriorating reality of electricity is not solved, we will stage a massive demonstration in which the heads and chairs they are sitting on will fall.”

Al-Salami pointed out that “the demands of the people of Khalis are to cancel the whistle-stop clock, increase the share of Khalis from 100 to 130 megawatts, follow up on the employees of the electricity distribution stations responsible for the unfair programmed cut-off of the electrical current, and address poor services.”

Shafaq.com

Al-Moussawi: Election of a new speaker of parliament will accelerate the legislation of the oil and gas law

Member of the Parliamentary Oil Committee, Zainab Al-Moussawi, announced the election of a new Speaker of Parliament who will expedite the legislation of the oil and gas law.

Al-Moussawi told {Al-Furat News} that: “Until now, there are no indications from the Sunni blocs to agree on a candidate for the presidency of the Iraqi parliament, due to the {Sunni-Sunni} differences and the splits that occurred within the Taqadum Party headed by Muhammad al-Halbousi.”
She pointed out that “in the event of a Sunni agreement, the vote will take place immediately after the end of the legislative term holiday, as the Shiite and Sunni political blocs are ready to vote.”
Al-Moussawi confirmed, “The vote of members of Parliament on choosing a new candidate for the presidency of the Council will accelerate the approval of the suspended laws, including the oil and gas law, as the law within the committee is largely mature.”

Alforatnews.iq

Demand to prevent the new American ambassador from entering Iraq

Member of the Popular Legal Movement, Ahmed Shahid Al-Shammari, demanded that the new US Ambassador, Tracy Jacobson, be prevented from entering Iraq because of what he described as her blatant interventions.

Al-Shammari said in an interview with the Maalouma Agency, “The new American ambassador, Tracy Jacobson, is not popular, indicating that the blatant American interventions are aimed at destabilizing Iraq.”

He added, “The American administration is still continuing its interference in the internal affairs of Iraq in various security, political, and even economic fields, and is trying to use the terrorist file again to incite the Iraqi street,” calling on the government to prevent the new ambassador from entering Iraq and accept her as her country’s ambassador to Baghdad.

Calls began to be made to the Iraqi government and the Presidency not to accept Jacobson as the US ambassador to Iraq because of her statements, which are considered blatant interference in the internal affairs of Iraq.

Almaalomah.me

Kurdistan Federation: Legislating the oil and gas law will resolve the disputes between Baghdad and Erbil

The spokesperson for the Patriotic Union of Kurdistan parliamentary bloc, Suzanne Mansour, said on Wednesday that legislating the oil and gas law would be sufficient to resolve the disputes and outstanding issues between Baghdad and Erbil.

Mansour said in an interview with the Maalouma Agency that the oil and gas issue has been stuck between Baghdad and Erbil for many years, noting that “recourse to the constitution lies in legislating the oil and gas law.”

She added, “The draft oil and gas law is still with the government and we are waiting for the law to be enacted in the House of Representatives,” noting that “approving the law would regulate the relationship between Baghdad, Erbil, and the oil-producing provinces.”
She continued, “There is a committee formed by both sides in Baghdad and Erbil to solve all problems, including the oil and gas law.”

Almaalomah.me