By John Lee. Iraq's Minister of Finance met with a delegation from the German Agency for International Cooperation (Deutsche Gesellschaft für Internationale Zusammenarbeit, GIZ), the European Union, and the German Embassy in Baghdad, alongside representatives from the Central Bank of Iraq (CBI), the Federal Integrity Commission, the Federal Board of Supreme Audit (FBSA), and the […]
By John Lee. Iraq's Cabinet has revised an earlier decision to merge its Agricultural, Industrial and Real Estate Banks. At the start of 2024, the Cabinet approved a contract with UK-based professional services firm Ernst & Young (EY) to study the merger of Industrial Bank, Real Estate Bank, and Agricultural Bank [Agricultural Cooperative Bank?] into […]
By John Lee. The Iraqi government has given brick factories 18 months to switch from using "black oil" to liquefied gas. "Black oil" or "dark oil" is also sometimes referred to as "residual fuel oil", "bunker oil" or "heavy fuel oil (HFO)". It is a heavy, viscous byproduct of the refining process for lighter fuels […]
By John Lee. Prime Minister Mohammed Shia al-Sudani received Mr. Jamie Dimon, the CEO of JPMorgan Chase, and his accompanying delegation on Wednesday, during his visit to the Washington DC. During the meeting, they discussed the government's efforts in implementing financial and banking reforms, aiming to revitalize the economic situation and achieve development. They also […]
By John Lee. Finance Minister Satif Sami has met with Jean-Christophe Carre, the Regional Director for the Middle East at the World Bank, along with the bank's Special Representative in Iraq, Richard Abdulnour, and a number of experts and specialists. The meeting discussed development project priorities and ways in which the World Bank can support […]
By John Lee. On the sidelines of the World Economic Forum (WEF) in Davos, Iraqi Prime Minister Mohammed Shia Al-Sudani met with Mr. Ajay Banga, the President of the World Bank Group. The meeting focused on discussing cooperation between Iraq and the World Bank in various economic sectors, contributing to supporting the government's efforts and […]
By John Lee. The Iraqi Cabinet has approved a series of contracts with UK-based professional services firm Ernst & Young (EY), aimed at reforming Iraq's banking and insurance sectors: The first contract involves a comprehensive study on the restructuring of the state-owned Rafidain Bank and Rasheed Bank, with recommendations and a roadmap expected within six […]
By John Lee. Prime Minister Mohammed Shia Al-Sudani has presided over a meeting to monitor the progress of customs automation and network integration. The meeting included representatives from the United Nations Conference on Trade and Development (UNCTAD). During the meeting, detailed reports on the first phase of implementing the global system for customs automation and […]
By John Lee. Prime Minister Mohammed Shiaa Al-Sudani has led a meeting to discuss and monitor progress on the implementation of the Unified Treasury Account. The meeting also focused on the continued rollout of electronic payment points (POS) and explored potential incentives for citizens to encourage electronic payments. During the meeting, comprehensive updates were presented […]
By Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Significant challenges face Kadhimi's economic reform project Mustafa al-Kadhimi's government is working on presenting an economic reform plan in the coming days, at a time when Iraq faces complex economic […]
By Simon Kent. The Kurdish Regional Government has announced a plan to implement a series of economic reforms in the face of a growing recession. Currently, the region has debt of up to $18 billion, a crisis made far worse by expenditures in the war against ISIS, the collapse in oil prices and a bloated […]
