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Iraqi PM arrives in London on last leg of European tour


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  • 15 hours ago

    Al-Dami for (Degla): If the results of the European tour were implemented, it would create about a million jobs

  • 15 hours ago

    Al-Dami for (Tigris): The results of Al-Kazemi's visit to Europe need implementation on the ground

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Britain appoints Iraqi professor Sinan al-Shabibi as chairman of monetary policy committee   Agency of the orbit - Baghdad The British central bank issued a decision on Monday to

Seem that both would be appropriate, if you add in some Purchasing Power. j/s Evening DV hope everyone has a Great Weekend..B-Safe... 

Baghdad and London agree to more cooperation in three areas    2020-10-22 07:45 Shafaq News / The Prime Minister, Mustafa Al-Kazemi, met today, Thursday,

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  •  Time: 10/24/2020 16:01:32
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Britain declares its full readiness to support Iraq
  
 

 

Foreign Minister Fuad Hussein met with Mr. Tom Tugendhat, Chairman of the Foreign Relations Committee in the British Parliament, and discussed security, political, economic, and health developments in Iraq, as well as files of mutual interest, and the importance of strengthening bilateral relations between the two countries at various levels, and the Minister invited British companies To seize the opportunity of the existence of fertile land for investment and serious work in Iraq, amid government support for the sincere efforts coming to build and rebuild the country, and to help advance its economic and service reality.
The Minister praised the effective British role in fighting the terrorist organization ISIS within the international coalition, stressing the importance of continuing this cooperation in various fields, including continuing to train Iraqi forces and exchanging intelligence information to prevent the return of terrorist groups' activity.
He affirmed that the terrorist organization ISIS is still a threat to Iraq, neighboring countries and the world at large, and its members are trying to reorganize themselves in Iraq, Syria and some African countries.
For his part, Representative Tom affirmed his country's full readiness to support Iraq, strengthen its position in the international and regional community, encourage British companies to work in Iraq, and coordinate with Iraq in this regard by discussing investment opportunities.

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6 hours ago, yota691 said:
  •  Time: 10/24/2020 16:01:32
  •  
  •  Read: 156 times
Britain declares its full readiness to support Iraq
  
 

 

Foreign Minister Fuad Hussein met with Mr. Tom Tugendhat, Chairman of the Foreign Relations Committee in the British Parliament, and discussed security, political, economic, and health developments in Iraq, as well as files of mutual interest, and the importance of strengthening bilateral relations between the two countries at various levels, and the Minister invited British companies To seize the opportunity of the existence of fertile land for investment and serious work in Iraq, amid government support for the sincere efforts coming to build and rebuild the country, and to help advance its economic and service reality.
The Minister praised the effective British role in fighting the terrorist organization ISIS within the international coalition, stressing the importance of continuing this cooperation in various fields, including continuing to train Iraqi forces and exchanging intelligence information to prevent the return of terrorist groups' activity.
He affirmed that the terrorist organization ISIS is still a threat to Iraq, neighboring countries and the world at large, and its members are trying to reorganize themselves in Iraq, Syria and some African countries.
For his part, Representative Tom affirmed his country's full readiness to support Iraq, strengthen its position in the international and regional community, encourage British companies to work in Iraq, and coordinate with Iraq in this regard by discussing investment opportunities.

Excellent articles!

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Calls to create the requirements to attract sober companies

 
  Baghdad: Morning
 
Experts and specialists in financial and economic affairs considered that the prime minister's European tour, which included France, Germany and Britain, is a step to attract sober international companies, and while they called for the necessity of preparing the main requirements for the coming of these companies to work in Iraq, they stressed the importance of using international expertise to advance vital economic sectors.
Economic expert Salem Al-Bayati said in a statement to "Al-Sabah": "Iraq is a vital economic country, but its internal tools are inactive," indicating that "activating these tools comes through cooperation with sober and effective institutions and companies to restructure the Iraqi economy."
 
Economic fundamentals
He added that "international companies have become more eager to come to Iraq under conditions, given the economic elements available in it in various fields," pointing out that "laying down the lines of agreements, protocols, memoranda, or finding work outlets with developed countries such as France, Germany, Britain and other countries." Advanced is a necessary step in light of a difficult economic situation in Iraq, especially in vital sectors such as electricity, industry and others. "
He pointed out that "the prime minister's European tour is a positive step for organizing mechanisms according to laws and regulations, stressing that investment companies in general, whether owned by the state or the private sector, are looking for an attractive and safe environment and laws that guarantee safety of work, as well as cooperation with state institutions at home to prepare the requirements." .
He continued: "This is not the first experience. Rather, there are global experiences that preceded Iraq in several countries, and relied on sober companies and created an industrial and economic renaissance until they had the capacity to produce themselves.
 
Attracting to invest
For his part, a member of the Parliamentary Finance Committee, Representative Naji Redis, stressed "the importance of providing the main requirements to attract sober European companies to work in Iraq."
In a statement to Al-Sabah, Redis said, "We hope that, through the prime minister's recent visits and European tour, there will be a benefit to the Iraqi economy, not protocol visits within a theoretical framework that has not achieved change on the ground in terms of economic reality."
He added, "Most of the heads of previous governments met with international companies and did not benefit from their experience in supporting and developing the Iraqi economy, because the country lacks an attractive investment environment," noting that "the coming of international companies to work in Iraq requires preparing the main requirements and an attractive investment environment and stability at the level." Security, political and financial, and this has not yet been achieved in Iraq. "
He stressed that it is "difficult for sober companies to come in light of the current situation in Iraq."
Prime Minister Mustafa Al-Kazemi made a European tour that included France, Germany and Britain, during which he met with officials and companies of that country, with the aim of strengthening bilateral relations and joint cooperation in various fields.
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The United Kingdom affirms its full support for Iraq

Monday 26th October 2020 16

The United Kingdom affirms its full support for Iraq

 
Baghdad: Morning
Britain affirmed its full readiness to support Iraq and strengthen its position in the international and regional community. This came during a meeting between Foreign Minister Fuad Hussein with the Chairman of the Foreign Relations Committee in the British Parliament Tom Tugendhat, where they discussed security, political, economic, and health developments in Iraq, as well as files of common interest, And the importance of strengthening relations between the two countries at various levels. Minister Hussein - according to a statement by the Ministry of Foreign Affairs - called on British companies to seize the opportunity of the presence of fertile ground for investment and serious work in Iraq, amid government support for the sincere efforts coming to build and rebuild the country, and to help advance its economic and service reality.The Foreign Secretary praised the effective British role in fighting the terrorist organization "ISIS" within the international coalition, stressing the importance of continuing this cooperation in various fields, including continuing to train Iraqi forces and exchanging intelligence information to prevent the return of terrorist groups' activity, and affirmed that "ISIS terrorist organization is still It poses a threat to Iraq, neighboring countries and the world at large, and its members are trying to reorganize themselves in Iraq, Syria and some African countries.
For his part, the British official affirmed his country's full readiness "to support Iraq, enhance its position in the international and regional community, encourage British companies to work in Iraq, and coordinate with Iraq in this regard by discussing investment opportunities."
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Iraq’s Prime Minister Bets Big on Economic Reforms

Bobby Ghosh, Bloomberg News

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LONDON, ENGLAND - OCTOBER 22: Iraqi Prime Minister Mustafa Al-Kadhimi leaves Downing Street after a meeting with British Prime Minister Boris Johnson on October 22, 2020 in London, England. (Photo by Dan Kitwood/Getty Images)

LONDON, ENGLAND - OCTOBER 22: Iraqi Prime Minister Mustafa Al-Kadhimi leaves Downing Street after a meeting with British Prime Minister Boris Johnson on October 22, 2020 in London, England. (Photo by Dan Kitwood/Getty Images) , Photographer: Dan Kitwood/Getty Images Europe

(Bloomberg Opinion) -- Can a leader with neither a popular mandate nor a political machine reform Iraq’s economy? Caretaker Prime Minister Mustafa al-Kadhimi intends to find out.

Last week, his cabinet approved a white paper for economic reform, mapping out over 95 pages a soup-to-nuts overhaul in three to five years. Finance Minister Ali Allawi said the goal was to “create a strategic and policy framework for a new Iraqi economy.” If it is faithfully executed, Iraq will “have a restructured and more dynamic economy, that is the point of it.”

The need for reform is urgent and existential. Although Iraq is the second-biggest producer in OPEC, Kadhimi’s government is struggling to pay public wages and for essential food and medical imports. Even as the coronavirus pandemic spikes, Baghdad is scrounging for loans, investments and aid — from the International Monetary Fund, from Saudi Arabia from the U.S.

Conditions will deteriorate before any prospect of improvement: The economy may shrink by as much as 10% this year, and the IMF expects Iraq’s budget deficit to reach 22% of gross domestic product, the worst in the Middle East and North Africa. The World Bank predicts per capita GDP will fall to $4,282, the lowest level since 2006.

While those grim numbers reflect 2020’s double whammy of low oil prices and the coronavirus pandemic, the economy was dysfunctional long before those crises. Its poor performance fed the widespread antigovernment sentiment that brought down Kadhimi’s predecessor, Adel Abdul Mahdi, a year ago.

Like Kadhimi, Abdul Mahdi was a compromise candidate agreed upon by bickering factions in parliament. He made only desultory attempts at reform and got nowhere. At the root of the economic mess is the well-established tendency of political parties to pad government rolls with their supporters, leading to a bloated wage bill equivalent to 25% of gross domestic product. A political weakling, Abdul Mahdi never summoned the courage to challenge the system.

Kadhimi deserves kudos for trying, but can he get anywhere? Much will depend on whether the political parties that gave the prime minister his job will let him do it. The white paper must be debated in parliament and win the endorsement of the biggest beneficiaries of the patronage system. He is counting on them to recognize that it can no longer be sustained.

Allawi, the finance minister, is cautiously hopeful that the political parties will recognize that something’s got to give. “There is less denial, before it was all denial,” he told the Associated Press.

Yet the government has already made one attempt this year to cut the wage bill, only to back down in the face of parliament’s intransigence. And it is an ill omen that, within hours of the white paper’s release, a member of parliament’s finance committee dismissed it as no different from Kadhimi’s previous effort.

The prime minister seems game to fight for the reform agenda; the path of least resistance would have been to wait until the general election next summer, when he can seek a mandate for change. But he will need help.

The most logical place to look is from within the protest movement that brought down Abdul Mahdi. As I have argued, Kadhimi has an opportunity to co-opt the revolutionary fervor of young Iraqis who are fed up with their political elites. But he has not yet made a serious effort to do so.

At another time, he might have turned to the U.S. for succor: American pressure still counts for something among the Sunni and Kurdish factions of parliament, and a generous helping of U.S. aid might stave off an economic emergency. But the Trump administration, in the final stretch of an election campaign, is less interested in assisting Kadhimi than in threatening him with the closure of the U.S. embassy in Baghdad.

If Trump wins reelection on Nov. 3, his interest in Iraq is unlikely to extend beyond bringing home the few remaining American soldiers. If Joe Biden becomes president, he might be more charitably inclined toward Kadhimi, but even in the best-case scenario, no material assistance will be forthcoming before early spring.

In the meantime, the prime minister is looking for assistance from Europe. As yet he has only received words of encouragement from London and Berlin, but no big checks.

That leaves Kadhimi’s reform push hanging on not much more than good intentions and tightly crossed fingers.

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

Edited by 6ly410
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Financial advisor, Dr. Mazhar Muhammad Saleh
  

 money and business


Economy News - Baghdad

The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, revealed that Iraq desperately needs an international financial and economic alliance to help it in the current financial crisis.

In Britain, during Al-Kazemi's visit, he announced the formation of the Economic Contact Group for Iraq, which is a financial alliance that includes the Group of Seven, the International Monetary Fund, the World Bank, the Central Bank of Iraq, the Ministry of Finance and the Parliamentary Finance Committee.

Saleh said in his speech to "Al-Eqtisad News", " Iraq, due to the Corona pandemic, the crisis of its oil resources, and its harmful repercussions on the national economy, is in dire need of an international financial and economic alliance from the great countries, similar to the statement of the Tokyo Summit of the Seven Big Countries in May 2016, which supported Iraq economically in May 2016." Confronting its economic crisis and fighting ISIS terrorism . "

He added that the former financial alliance form at the Tokyo Conference in 2016 to support Iraq financially and economically to cope with the budget deficit and the balance of payments due to the deterioration 2014-2017 oil prices and the day of Iraq signed an agreement to prepare credit with the International Monetary Fund SBA Fund to provide amount of loan 5.2 billion dollars as well as pledged to the World Bank 3 billion dollars to support the budget, then the Kuwait Conference for the Reconstruction of Iraq was held. In addition to the grants provided by the European Union and others through the United Nations for the reconstruction of areas liberated from terrorism . "

 
 
Number of observations 233   Date of addendum 10/27/2020
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