IMF Promises to Support Iraq's Digital Transformation

[6ly410]

IMF Promises to support Iraq's Digital Transformation

Economic News Agency - IMF promises to support digital transformation in Iraq (economy-news.net)

   

The Iraqi delegation, headed by Finance Minister Taif Sami, concluded on Thursday its talks with the Article IV mission of the International Monetary Fund (IMF) staff in Amman.

The Ministry of Finance said in a press statement that "during the talks, they reviewed the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development structure, financial sustainability and maximizing non-oil revenues."

According to the statement, the Iraqi delegation stressed that "the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement and customs sectors, and to enhance efforts to participate in the private sector through investment incentives, infrastructure and reconstruction," noting "its intention to continue discussions and consultations during the Fund's periodic annual meetings."

The IMF mission praised "the good progress achieved in many financial and monetary aspects, in the areas of transparency, control, provision of financial statements and rationalization of expenditures, in addition to the return of growth in the non-oil sector strongly during 2023 with a noticeable decline in inflation rates, and its reflection on the decline in food and energy prices."

The mission noted "the positive developments from the return of trade finance operations to normal and the stability of the foreign exchange market following the implementation of anti-money laundering and combating the financing of terrorism controls on cross-border payments," welcoming "government plans aimed at strengthening public financial management, including welcoming the steps taken by the government towards establishing a unified treasury account, improving cash liquidity management and increasing the tax base, as well as reviewing the tariff structure and achieving further targeting in the country." Social support and care."

The mission also expressed optimism that "the level of understanding and progress achieved with the Iraqi government and the steps of coordination and joint consultations that will be completed in the near term will contribute to addressing the financial problems posed by the circumstances of international conflicts and their accompanying economic impacts," explaining that "structural reforms aimed at stimulating economic diversification and creating jobs led by the private sector are pivotal to achieving sustainable and inclusive growth."

According to the statement, priorities include creating equal opportunities for the private sector through banking and electricity sector reforms, reducing distortions in the labor market, and continuing efforts to strengthen governance and reduce the spread of corruption.

Article IV consultations are bilateral meetings held annually between the IMF and member states, after which a team of IMF staff meets with the member country and conducts formal consultations with IMF officials.

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Added 2024/02/29 - 4:43 PM

[Laid Back]

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IMF Promises to support Iraq's Digital Transformation

Economic News Agency - IMF promises to support digital transformation in Iraq (economy-news.net)

   

The Iraqi delegation, headed by Finance Minister Taif Sami, concluded on Thursday its talks with the Article IV mission of the International Monetary Fund (IMF) staff in Amman.

The Ministry of Finance said in a press statement that "during the talks, they reviewed the implementation of the economic reform program and the improvements achieved by the Iraqi government in the field of development structure, financial sustainability and maximizing non-oil revenues."

According to the statement, the Iraqi delegation stressed that "the Fund promised to support development programs to advance public financial management, digital transformation, banking, retirement and customs sectors, and to enhance efforts to participate in the private sector through investment incentives, infrastructure and reconstruction," noting "its intention to continue discussions and consultations during the Fund's periodic annual meetings."

The IMF mission praised "the good progress achieved in many financial and monetary aspects, in the areas of transparency, control, provision of financial statements and rationalization of expenditures, in addition to the return of growth in the non-oil sector strongly during 2023 with a noticeable decline in inflation rates, and its reflection on the decline in food and energy prices."

The mission noted "the positive developments from the return of trade finance operations to normal and the stability of the foreign exchange market following the implementation of anti-money laundering and combating the financing of terrorism controls on cross-border payments," welcoming "government plans aimed at strengthening public financial management, including welcoming the steps taken by the government towards establishing a unified treasury account, improving cash liquidity management and increasing the tax base, as well as reviewing the tariff structure and achieving further targeting in the country." Social support and care."

The mission also expressed optimism that "the level of understanding and progress achieved with the Iraqi government and the steps of coordination and joint consultations that will be completed in the near term will contribute to addressing the financial problems posed by the circumstances of international conflicts and their accompanying economic impacts," explaining that "structural reforms aimed at stimulating economic diversification and creating jobs led by the private sector are pivotal to achieving sustainable and inclusive growth."

According to the statement, priorities include creating equal opportunities for the private sector through banking and electricity sector reforms, reducing distortions in the labor market, and continuing efforts to strengthen governance and reduce the spread of corruption.

 

Looks like the IMF is happy with the latest developments in Iraq.

 

Go Iraq 🇮🇶 

Go development 

Go Economic growth 

Go stronger dinar

[screwball]

Yep and if you go back to 2016/2017 imf in country reports they have to remove MCP, their currency must be freely tradeable in their words they “must make a sizeable fiscal adjustment” 🎯⏰💣🎉

[screwball]

Fiscal space to fund social security and welfare and major projects..

[screwball]

Remember we are still under a program rate..

[horsesoldier]

If I had a dollar for every promise made in this arena over the last 20 years, I wouldn't need the RV: I'd already be a Bazillionaire. 😎

[6ly410]

16 hours ago, screwball said:

Remember we are still under a program rate..

Not much longer imo 

[6ly410]

Hours maybe? 

[rvmydinar]

12 hours ago, 6ly410 said:

Hours maybe? 

[md11fr8dawg]

15 hours ago, horsesoldier said:

If I had a dollar for every promise made in this arena over the last 20 years, I wouldn't need the RV: I'd already be a Bazillionaire. 😎

BINGO!!!

[RJG]

Iraq Makes Progress on e-Payments

4th March 2024 in Iraq Banking & Finance News

By John Lee.

The Central Bank of Iraq (CBI) has reported an increase in foreign reserves to 148 trillion dinars [$113 billion] and deposits in the banking sector to 131 trillion dinars [$100 billion], which it says indicates a positive trend in monetary stability and financial growth.

According to the state-run Iraqi News Agency (INA), the CBI also announced the establishment of the National Company for Electronic Payment Systems, highlighting a strategic move towards modernizing and enhancing electronic payment infrastructure in Iraq.

INA quotes Deputy Governor Ammar Khalaf as saying that inflation in Iraq has fallen from 7.5 percent at the start of 2o23 to 4 percent at the end of 2023.

He added that Point of Sale (POS) devices increased from 10,000 in 2022 to over 20,000 in 2023, and ATMs from 2,223 in 2022 to roughly 3,000 in 2023,

Initiatives such as the establishment of Riyada Bank for SME financing and the strengthening of entities like the Deposit Insurance Company and Loan Guarantee Companyreflect the Central Bank’s commitment to supporting economic growth and financial inclusion, it added.

(Source: INA)

https://www.iraq-businessnews.com/?p=216688

[RJG]

The Minister of Finance emphasizes the move towards digital transformation and the use of electronic systems

 

 

Sweeteners

   

 

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Economy News - Baghdad

On Monday, Finance Minister Taif Sami stressed the move towards automation, digital transformation, and the use of modern electronic systems.

The Ministry of Finance said in a statement, seen by Al-Eqtisad News, that “Today, the Ministry’s Opinion Board held its regular meeting, headed by Finance Minister Taif Sami Muhammad, to discuss a number of listed topics and make the necessary recommendations regarding them, in the presence of a number of general directors of departments, banks and bodies.” affiliated with the Ministry.

She added, "The meeting discussed reviewing the recommendations of the committees formed in the meetings of the opinion body for the previous sessions, the stages of progress and completion rates, and listening to a number of proposed amendments in a way that allows for the possibility of developing the ministry's performance and adapting it to the requirements of modern financial management and what the financial and business sector is witnessing at the present time," noting that “The meeting focused on continuing efforts and capabilities to implement the recommendations of the Council of Ministers within the framework of the government program to develop financial and banking performance, and move towards automation, digital transformation, and the use of modern electronic systems to ensure the advancement of the work reality to provide the best services to citizens.”

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Views 58

Added 03/04/2024 - 4:38 PM

https://economy-news.net/content.php?id=41111

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[RJG]

Central Bank: Iraqi society prefers to use cash in daily transactions

Ammar Hamad, Deputy Governor of the Central Bank of Iraq

 

Drains

   

 

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Economy News - Baghdad

 

 

The Central Bank of Iraq announced today, Monday, the use of the best internationally approved systems and standards in the field of electronic payment, while indicating that it spends hundreds of millions of dollars annually to develop infrastructure systems to build an important base for the development of electronic payment in Iraq.

The Deputy Governor of the Central Bank, Ammar Khalaf, said in his speech at the first Iraqi Digital Economy Forum, “The digital financial transformation in Iraq began with the localization of the salaries of state employees and the opening of bank accounts, the primary purpose of which is to use electronic payment in daily transactions, whether inside Iraq.” Or outside it.”

Khalaf added, “Iraqi society prefers to rely on cash in daily transactions, but the government’s efforts to support digital transformation, especially in the financial sector and other sectors, gave a strong impetus to the Central Bank over the past year and it continues to encourage and activate electronic payment in Iraq by issuing many Among the laws, controls and instructions that encourage the use of electronic payment in Iraq.

He pointed out that "some ministries responded quickly to the directives of the Central Bank and the Iraqi government, especially the Ministry of Oil by making collections at gas stations and others via electronic payment, as well as the Passports Directorate, which obligated payment to be electronic, in addition to the General Traffic Directorate and other ministries." Stressing that "all this support gives a very strong and significant impetus to electronic payment."

He pointed out that "the Central Bank has been the only influencer for many years, as it has embraced the importance of digital transformation in most of its transactions, and spends hundreds of millions of dollars annually to develop infrastructure systems to build an important base for the development of electronic payment in Iraq through the use of the best internationally approved systems and standards in this field." ".

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165 views

Added 03/04/2024 - 12:56 PM

https://economy-news.net/content.php?id=41104

[RJG]

The Association of Private Banks praises the government’s support for digital transformation

March 6, 2024

Baghdad/Iraq Observer

Today, Wednesday, the Iraqi Private Banks Association praised the government’s interest in digital transformation in all institutional joints, while Huawei confirmed that it provides technology services to telecommunications and digital security companies.

The executive director of the association, Ali Tariq, told the official agency, followed by “Iraq Observer,” that “there is a government interest in digital transformation in all institutional joints, one of which is the banking and financial sector, which is one of the basics of digital transformation in services, whether governmental or provided through the private sector.”

Tariq added, “The development of the private sector and financial institutions in terms of digital transformation and the adoption of information technology will be a fundamental issue for the overall change in digital transformation in Iraq.”

He continued, "The association brought together banks and financial institutions in Iraq in cooperation with Huawei to see what is happening in the world in terms of transformations in financial services that provide modern methods of banking and financial services. Therefore, the banking and financial sector must keep pace with these developments and adopt the latest global technology to keep pace with what exists outside Iraq." .

Tariq noted that “the banking sector is one of the sectors that react quickly with regard to adopting technology because many services are provided through mobile applications, banking applications, or adopting financial and banking services remotely, and this is in the interest of the financial sector to provide an easy service to the citizen.”

He added, “We are now in the first educational phase to spread awareness to the banking sector about existing technologies, and the next phase will be a phase of cooperation to build technical infrastructure and better technical financial services.”

In turn, William Shi, General Manager of Sales for the Enterprise Business Division at Huawei Middle East and California, said: “We have been working in Iraq for 20 years in the field of technology and we have approximately a thousand employees.”

Shi added, “In Iraq, we officially entered the banking sector and provided many technological services to telecommunications and digital security companies.”

He pointed out that “we provided scholarships to five thousand university students, and the company continued to work in Iraq during the time of the Corona pandemic despite the suspension of many telecommunications companies.”
https://observeriraq.net/رابطة-المصارف-الخاصة-تشيد-بدعم-الحكوم/