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Iraqi Minister of Finance: Economic recovery is underway amid the return of commercial financing to normal


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Iraqi Minister of Finance: Economic recovery is underway amid the return of commercial financing to normal

Finance Minister Taif Sami Muhammad said on Monday that economic recovery is underway in the country amid the return of commercial financing to normal.

This came during his participation, along with a delegation of advanced staff in the Ministry of Finance, and a number of representatives of ministries and the Central Bank of Iraq, in the meetings of the International Monetary Fund expert visiting mission held in the Kingdom of Jordan for the period from 14-17/12/2023.

The meeting discussed priorities for correcting public finances through structural reforms, represented by encouraging foreign trade payments to commercial banks and reducing reliance on cash, in addition to expanding the use of point-of-sale devices and electronic payments, and accelerating the completion of the restructuring of government banks.

On the other hand, the meeting discussed the actual expenses and revenues until September 2023, the expected ones for the end of this year, and spending ceilings for the year 2024, in addition to the appointments file contained in Budget Law No. (13) of 2023, financial reforms, bank structuring, customs and tax automation, the unified treasury account, and the comprehensive banking system. Implementing the POS electronic payment system for the purpose of maximizing revenues.

Support for funds for which allocations were made in the general budget was also discussed, in addition to structural reforms to support private sector development, increase job opportunities, reforms to the retirement system, the social protection network, higher revenues and exports, higher economic growth, banking and electricity sector reforms, strengthening governance and reducing... From corruption

The meeting also touched on the role of the Central Bank of Iraq in tightening monetary policy appropriately with the aim of alleviating inflationary pressures by continuing to enhance liquidity management.

A statement issued by the Iraqi Ministry of Finance stated that the Central Bank has made good progress in implementing technical assistance recommendations for managing local liquidity and bridging the time gap between auctions of bank instruments to ensure continuity of liquidity absorption.

Minister Taif said during the meeting that economic recovery is underway amid the return of commercial financing to normal and the large financial expansion, maintaining economic stability and the importance of coordination between monetary and financial policy and ensuring the sustainability of the need to gradually renew financial policy while maintaining spending on the necessary infrastructure and social spending needs and controlling... Wage bill and increased non-oil tax revenues.وزير-المالية-العراقية-التعافي-الاقتص/

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Folks I'll say this & nothing else afterwards on this topic..don't count this as a loss if January 1st comes & goes with no rate change. With all the info that's come out on what Iraq has accomplished & then you have reputable individuals like Breitling who (by the way teaches this stuff) say this will be the beginning of them adding value, you should feel good. I feel 2024 is the year & I do not see this going to 2025 at all! I'm cautiously optimistic right now & definitely feel we are getting off this ride next year. Have a good night!

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