Economy
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Iraq Focuses on Infrastructure at AIIB 2024 Meeting
Taif Sami Mohammed, Iraq’s Minister of Finance and Governor to the Asian Infrastructure Investment Bank (AIIB), participated in the 9th Annual Meeting of the AIIB in Samarkand, Uzbekistan, on September 25-26, 2024. Held under the theme “Building Infrastructure for All,” the meeting brought together representatives from 109 countries. Minister Mohammed…
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Iraq Signs €262 Million Deal with Erste Group
Iraq’s Ministry of Finance has signed a major loan financing agreement with Austria’s Erste Group Bank to support the modernisation of the country’s agricultural sector. The agreement, worth 262 million euros, was signed by Iraq’s Finance Minister Taif Sami Mohammed and the Austrian Ambassador to Baghdad, with the funds directed…
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Prime Minister Al-Sudani Launches First Phase of Ur Tourist City Project in Dhi Qar
Prime Minister Mohammed Shi’a Al-Sudani, accompanied by Minister of Culture, Tourism, and Antiquities Dr. Ahmed Fakkak Al-Badrani, inaugurated the first phase of the Ur Tourist City project during his recent visit to Dhi Qar Governorate. This initial phase includes the construction of a cultural centre, an open-air Sumerian theatre, a…
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Ministry of Planning Partners with TÜV Austria to Ensure Quality of Imports
To uphold the quality and safety of imported products, the Ministry of Planning has authorised the Austrian company TÜV Austria to issue certificates of conformity in the country of origin. A contract was signed between TÜV Austria and the Ministry of Planning, granting TÜV Austria the license to conduct inspections…
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UNCTAD Project: Key Customs Changes Expected
On Sunday, July 21, 2024, Minister of Finance Mrs. Taif Sami Muhammad chaired a coordination meeting that could significantly impact the operational efficiency and international trade relations of the General Authority of Customs. This meeting, attended by the Director Generals of the General Authority of Customs, the Legal Department, the…
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USD to IQD Soars: Iraqi Exchange Rate Update
The Iraqi Dinar (IQD) has been caught in a wave of volatility against the US Dollar (USD) recently. Today alone, the exchange rate jumped sharply, with an exchange of 150,250 dinars per $100 . This represents a significant increase compared to yesterday’s rate of 148,850 dinars per $100, reflecting a…
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Iraq Considers New Economic Vision
Prime Minister Mohammed S. Al-Sudani chaired the regular meeting of the Ministerial Council for Economy, focusing on the need to reevaluate and reform unproductive economic decisions and policies. He highlighted the importance of addressing ineffective practices and affirmed the necessity of making firm, sound decisions for meaningful reform. The Prime…
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Iraq’s Economic Growth Hinges on Oil Sector Recovery: World Bank
The World Bank is cautiously optimistic about Iraq’s economic future, projecting growth exceeding 5% by 2026. This optimism hinges on a crucial factor: recovery in the nation’s oil sector. Iraq’s economy is heavily reliant on oil revenue. As a major oil producer and exporter, the country’s financial health is therefore…
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Iraq’s De-Dollarisation Efforts and Diversification
Iraq is making a bold move to reduce its reliance on the US dollar. In a recent effort to boost its own currency, the Iraqi dinar (IQD), the government outlawed the use of USD for local transactions in May 2023. This follows the earlier decision to permit trade with China…
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Iraq and OPEC+ States to Extend Production Cuts until 2025
Iraq, along with other OPEC+ countries including Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, participated in an in-person meeting in Riyadh during the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM). The meeting aimed to strengthen the precautionary efforts of OPEC+ to support the stability and…
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