Iraq Launches Customs Automation Project
By John Lee. Iraq's Minister of Finance, Taif Sami (pictured), inaugurated the Customs Automation Project as Umm Qasr Port on Sunday. The project aligns with the requirements of the global Automated System for Customs Data (ASYCUDA), forming part of the Ministry's strategy to apply international customs standards. The system's implementation aims to achieve financial discipline, […]
Int'l Finance Corp (IFC) ready to cooperate with Iraq
By John Lee. A delegation from the International Finance Corporation (IFC), led by Ms. Hala Sheikh Rouh, Vice President of the IFC for the Middle East, was received by Prime Minister Mr. Mohammed Shiaa Al-Sudani on Tuesday. The meeting involved discussing areas and prospects of cooperation between Iraq and the IFC, which is part of […]
UNHCR Projects in Iraq
By John Lee. UNHCR, the UN Refugee Agency, has said that in 2023 it built, rehabilitated or equipped five public healthcare centres in Iraq. It said it also built or rehabilitated fifteen public schools and completed 27 infrastructure projects. More here. (Source: UNHCR)
IMF: Iraq Economic Growth "to Continue amid Fiscal Expansion"
By John Lee. An International Monetary Fund (IMF) mission met with the Iraqi authorities in Amman during February 20-29 to conduct the 2024 Article IV consultation. Some key data from their report: Economic Growth: Non-oil GDP growth: 6% in 2023. Overall growth projected to rebound in 2024. Inflation: Declined from 7.5% in January 2023 to […]
IOCs Deny Claims of Agreement to Export Kurdish Crude
By John Lee. An industry group representing international oil companies (IOCs) in Iraqi Kurdistan has denied claims by government officials that an agreement has been reached to resume oil exports through the Iraq-Turkey Pipeline (ITP). The Association of the Petroleum Industry of Kurdistan (APIKUR) said it has not seen any proposals from Baghdad or Erbil […]
Iraqi PM lays Foundation Stone for Al-Ghazlani City
By John Lee. Iraqi Prime Minister Mohammed Shiaa Al-Sudani laid the foundation stone for the Al-Ghazlani City housing project in Nineveh on Monday morning. The city, the second to be built as part of an initial phase of five cities, will comprise 28,000 housing units over 4,800 hectares. The second phase will see 11 residential […]
Iraq's Ministry of Oil withholds Feb Export Revenue
By John Lee. Iraq's Ministry of Oil has announced some preliminary oil export figures for February, but has not disclosed the value of oil exports for the month. This follows an increasing trend of delayed or missing oil export data from the Ministry. Total exports of crude oil: 99,592,311 barrels. Oil fields in central and […]
Toyota signs MoU for Iraq Electricity Network
By John Lee. Ziad Ali Fadel, the Minister of Electricity, presided over the signing of a memorandum of understanding for the second phase with the Japanese company Toyota [Toyota Tsusho], aimed at enhancing the networks and capabilities of electrical system. The Japanese Ambassador to Iraq was also present at the signing ceremony. According to the […]
Iraq Makes Progress on e-Payments
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), […]
Stimulating Decent Work and Affordable Housing in Iraq
Joint Programme Launched to Stimulate Decent Work and Affordable Housing in Iraq A multi-partner programme to foster decent work opportunities for Iraqi youth and addressing the need for affordable housing, especially among lower-income and vulnerable populations was launched in Baghdad today. The European Union (EU) has provided 20 million Euros to the United Nations Human […]
Emirati Company eyes Iraqi Renewable Energy Market
By John Lee. Iraq's Minister of Electricity has held discussions with a delegation from the Emirati company AMEA Power, which specialises in renewable energies. During the meeting, they reviewed the current status of Iraq's electrical system and the government's efforts to enhance service quality and reliability through strategic projects. The Minister welcomed Emirati companies interested […]
Iraqi Court Rulings "Undermine Kurdish Autonomy"
From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraqi federal court rulings undermine Kurdish autonomy, critics say Iraq's Federal Supreme Court (FSC) has stirred controversy over fresh rulings on public sector salaries and elections in the Kurdistan region. Observers say the […]