8.8% Growth Expected in Iraq this year
By John Lee. GDP growth is forecast to hit 8.8 percent this year, according to the World Bank's latest Global Economic Prospects report. This represents a small reduction on the previous forecast of 8.9 percent, issued in April. Growth projections for the following two years remain unchanged, at 4.5 percent in 2023 and 3.0 percent in 2024. […]
Iraqi Parliament passes urgent Food Security Bill
By Al Monitor staff. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraqi parliament passes urgent food security bill The Iraqi judiciary had blocked a previous version of the legislation, which empowers the government to address rising food prices and shortages resulting from […]
PM announces new Ministry of Electricity and Alternative Energy
By John Lee. The Iraqi Prime Minister has announced that the Ministry of Electricity is to be renamed the "Ministry of Electricity and Alternative Energy". At a press conference in Baghdad, Mustafa al-Kadhimi (pictured) said it is unreasonable to build gas power stations when there is not enough gas available, so the new ministry will […]
Fitch Rates Iraq's RTB Bank 'CCC+'
By John Lee. Fitch Ratings has assigned the Erbil-based Region Trade Bank for Investment and Finance Private Shareholding (RTB) a Long-Term Issuer Default Rating (IDR) of 'CCC+', and Viability Rating (VR) at 'ccc+'. It says the privately-owned bank has minimal market shares in Iraq, no competitive advantages and limited distribution capabilities. More here. (Source: Fitch […]
Preparations made for Iraqi e-Government Project
By John Lee. A meeting has been held in Baghdad to prepare for the World Bank-funded project to modernize Iraq's public financial management systems. The meeting was attended by the Director General of the Administrative and Financial Department, Mr. Hassan Al-Magouter, and a team from Irish-based consultancy AARC, which signed a contract in December to […]
UNOPS awards Contracts for ICT Equipment in Iraq
By John Lee. The United Nations Office for Project Services (UNOPS) for has awarded a series of contracts for the provision and delivery of ICT equipment and licenses in Iraq: Lot 1 - Laptops: Sidra Almuntaha'a. Contract value $43,100; Lot 2 - Desktops: Canon for Trading Computers and Electronic Supplies Ltd. Contract value $887,200; Lot […]
Start-Ups On The Move, Networking Event in Erbil
SPARK and Startups Without Borders are hosting the Startups On The Move networking events, a series of ecosystem events happening in June, to connect entrepreneurs from diverse backgrounds with key ecosystem players in the Middle East. The events are part of the Startups on the Move incubation programme, launched with support from Google.org, which involves […]
Italy donates EUR 2m for Iraqi Stabilization
Italy reaffirms its commitment to Iraq's stabilization with EUR 2 million contribution The Ministry of Foreign Affairs and International Cooperation of Italy, through the Italian Agency for Development Cooperation (AICS), is supporting the United Nations Development Programme (UNDP) with an additional EUR 2 million (approximately US$ 2.26 million) to assist communities affected by the Islamic […]
Iraqi Finance Minister issues Up-Beat Vision for Economy
By John Lee. Iraqi Finance Minister, Dr. Ali Allawi, has presented his vision for the Iraqi economy. In the 27-page document, he says that the changing world order following the war in Ukraine is expected to lead to a period of sustained high oil prices, providing Iraq with an opportunity to address its structural imbalances, […]
KRG Judicial Council disputes Supreme Court ruling over Oil
By John Lee. The Judicial Council of Kurdistan Region of Iraq has issued a statement saying that the provisions of its oil law (Law No. 22, 2007) do not violate the Iraqi Constitution and therefore should be recognized as "standing laws". The statement follows months of dispute between Baghdad and Erbil regarding control of the […]
Saudi Arabia and Iraqi discuss Connecting Electricity Grids
By John Lee. Iraq's Minister of Oil, Ihsan Abdul-Jabbar Ismail, has met with the Saudi Minister of Energy, HRH Abdulaziz bin Salman, to discuss connecting their respective electricity grids. They also discussed enhanced energy cooperation between the two countries, and the work of the Saudi-Iraqi Coordination Council. Iraq and Saudi Arabia signed a memorandum of […]
New US Ambassador presents credentials to Iraqi President
By John Lee. Ambassador Alina L. Romanowski has presented her credentials to serve as U.S. Ambassador to Iraq to President Barham Salih and Foreign Minister Fuad Hussein. She later met with Prime Minister Mustafa al-Kadhimi to discuss the U.S.-Iraq strategic partnership. Ambassador Romanowski thanked President Barham Salih, Prime Minister Mustafa al-Kadhimi, and Minister Fuad Hussein […]