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Shafaq News
11-05-2025
- Business
- Shafaq News
Dollar dives in Iraq: Factions' gambit or economic progress?
Shafaq News/ The recent appreciation of the Iraqi dinar against the US dollar has stirred concern among economists, who argue that the shift is not backed by structural reforms or sustainable changes in foreign currency management. Instead, they warn that the current trend may be short-lived and vulnerable to sudden reversals driven by political or security tensions. On Thursday evening, Baghdad's al-Kifah and Al-Harithiya currency exchanges closed with a rate of 142,700 IQD per 100 USD, while exchange shops in local markets were selling dollars at 144,000 IQD and buying at 142,000 IQD. In Erbil, the capital of the Kurdistan Region, the rate stood at 142,900 for selling and 142,800 for buying. Serious Risk 'This drop poses a significant risk,' said Kazem Al-Shammari, a member of the parliamentary Economic Committee. 'The dinar's current strength is artificial. It's not rooted in daily usage or public confidence. A large amount of cash remains hoarded in homes.' Al-Shammari emphasized that the public's purchasing power relies on the economy's overall strength. 'If the economy weakens, no exchange rate can compensate. Those celebrating this drop in the dollar may be misreading the situation,' he said. With parliament currently in recess, Al-Shammari said discussions will soon shift to the Central Bank governor to understand whether this decline is deliberate or reactive, and what corrective measures are being considered. Factions Tactics? Economic researcher Ahmed Eid attributed the current dip in the parallel market dollar rate to short-term factors, including a reduction in official import volumes, tighter border controls, and enhanced surveillance of cash movements. 'The drop in demand reflects recent financial shifts within Iraq's market,' Eid told Shafaq News. He pointed to expanded dollar sales by official banks and broader coverage of legitimate demand (travel, medical expenses, education) as having relieved pressure on the black market. However, Eid warned that these gains are tenuous. 'Many economic offices affiliated with political factions and armed groups have scaled back operations under international pressure. This pause is likely tactical, not permanent.' According to Eid, these unofficial networks were key drivers of dollar demand, often involved in money transfers and currency smuggling. Their current dormancy has eased demand, but it could reverse quickly. 'This is not true stability. It's conditional and could collapse with the return of smuggling networks or political disruption,' Eid warned. Government Measures? In contrast, Dr. Mudher Mohammad Salih, the Prime Minister's financial advisor, praised the dinar's rebound as a sign of effective policy execution. He credited the Central Bank with enabling private-sector trade financing, expanding direct dollar sales, and reducing the need for costly intermediaries. These measures have made foreign currency more accessible to travelers and small traders, reducing reliance on black-market exchanges. Economic expert Nawar Al-Saadi agreed, noting that electronic payment expansion has weakened the public's dependence on physical dollars, particularly among travelers. 'We've seen a clear effort to absorb excess dinar liquidity, encouraging shifts to other safe havens like gold,' Al-Saadi said. He added that non-oil financial inflows, lower import demand, and greater control over illegal outflows have helped stabilize supply-demand dynamics in Iraq's FX market. While recent trends suggest a more stable currency environment, experts remain divided. Some cite temporary compliance by illicit networks and reduced demand as key, while others credit government reform measures. Still, many agree: without deeper structural change, the current dinar strength may prove temporary, particularly if regional volatility or political instability returns.
Zawya
13-03-2025
- Business
- Zawya
Egypt's FY 2023/24 development plan hits 98.5% implementation rate
Egypt's Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat has reviewed the implementation of the fiscal year (FY) 2023/24 economic and social development plan with the Economic Committee of the House of Representatives. Al-Mashat, participating in a meeting of the committee chaired by MP Mohamed Suleiman, reported an implementation rate of approximately 98.5% of the targeted plan, which was estimated at EGP 1,650bn. The meeting, also attended by deputy chairs Mohamed Abdel Hamid, Kamal El-Din El-Shafei, and Tarek Hassan Ammar, as well as the committee's secretary and members, focused on the plan's achievements and ongoing efforts to align future targets with Egypt's Vision 2030 and the government's work program. Al-Mashat highlighted the total investments implemented in the 2023/24 plan amounted to approximately EGP 1,626bn, with a growth rate of 5.8% compared to the previous fiscal year. The minister confirmed that despite significant challenges faced by the Egyptian economy, there has been noticeable improvement in several sectors, particularly in economic growth during the first quarter of the current fiscal year. This growth, she said, was driven by the non-oil manufacturing, tourism, transport, and storage sectors. She expects the Egyptian economy to achieve 4% growth in the current fiscal year. Al-Mashat also reviewed the government's efforts to govern public investments to enhance macroeconomic stability, achieve fiscal discipline, maintain public debt sustainability, and combat high inflation rates. She stated that these efforts have resulted in increased private-sector investments in the first quarter of the current fiscal year. 'Intensive meetings with ministries [are being held] to discuss the targets of FY 2025/26 development plan, taking into account Egypt's Vision 2030 targets and the Government's work program,' Al-Mashat said. Regarding public investments, Al-Mashat outlined that approximately EGP 926bn were implemented, with a growth rate of 6.3% compared to the previous year and an implementation rate of 88% of the targeted amount of EGP 1,050bn. Consequently, the percentage of public investments relative to total investments dropped to about 57% compared to the targeted 64%, which is in line with the state's strategy of promoting private-sector-led economic development. She affirmed that private-sector investments increased to reach EGP 700bn in FY 2023/24, with a growth rate of 5.3%, exceeding the target of EGP 600bn by 116%. This raised their share of total investments to about 43% compared to the targeted 36% in the plan. Al-Mashat noted that this significant increase in private-sector investments helped compensate for the decline in total public investments, reflecting the state's direction to boost private-sector investment activities in line with the State Ownership Policy Document. Investments in infrastructure sectors accounted for approximately EGP 180.6bn, or 57.9% of total public investments, which was lower than the targeted 66.3%. According to Al-Mashat, these allocations were directed towards human development sectors, with an increase in their share of the current year's plan, reaching 42.4% of total public investments, reflecting the state's commitment to supporting human development sectors, as outlined in constitutional requirements. Al-Mashat also pointed out that investments in local development during the year amounted to about EGP 23.2bn, representing 7.5% of total public investments, exceeding the targeted 7.2%. The Upper Egypt governorates received about 35% of total local development investments during the year, compared to 21.4% in the previous year.
Daily News Egypt
13-03-2025
- Business
- Daily News Egypt
Egypt's FY 2023/24 development plan hits 98.5% implementation rate
Egypt's Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat has reviewed the implementation of the fiscal year (FY) 2023/24 economic and social development plan with the Economic Committee of the House of Representatives. Al-Mashat, participating in a meeting of the committee chaired by MP Mohamed Suleiman, reported an implementation rate of approximately 98.5% of the targeted plan, which was estimated at EGP 1,650bn. The meeting, also attended by deputy chairs Mohamed Abdel Hamid, Kamal El-Din El-Shafei, and Tarek Hassan Ammar, as well as the committee's secretary and members, focused on the plan's achievements and ongoing efforts to align future targets with Egypt's Vision 2030 and the government's work program. Al-Mashat highlighted the total investments implemented in the 2023/24 plan amounted to approximately EGP 1,626bn, with a growth rate of 5.8% compared to the previous fiscal year. The minister confirmed that despite significant challenges faced by the Egyptian economy, there has been noticeable improvement in several sectors, particularly in economic growth during the first quarter of the current fiscal year. This growth, she said, was driven by the non-oil manufacturing, tourism, transport, and storage sectors. She expects the Egyptian economy to achieve 4% growth in the current fiscal year. Al-Mashat also reviewed the government's efforts to govern public investments to enhance macroeconomic stability, achieve fiscal discipline, maintain public debt sustainability, and combat high inflation rates. She stated that these efforts have resulted in increased private-sector investments in the first quarter of the current fiscal year. 'Intensive meetings with ministries [are being held] to discuss the targets of FY 2025/26 development plan, taking into account Egypt's Vision 2030 targets and the Government's work program,' Al-Mashat said. Regarding public investments, Al-Mashat outlined that approximately EGP 926bn were implemented, with a growth rate of 6.3% compared to the previous year and an implementation rate of 88% of the targeted amount of EGP 1,050bn. Consequently, the percentage of public investments relative to total investments dropped to about 57% compared to the targeted 64%, which is in line with the state's strategy of promoting private-sector-led economic development. She affirmed that private-sector investments increased to reach EGP 700bn in FY 2023/24, with a growth rate of 5.3%, exceeding the target of EGP 600bn by 116%. This raised their share of total investments to about 43% compared to the targeted 36% in the plan. Al-Mashat noted that this significant increase in private-sector investments helped compensate for the decline in total public investments, reflecting the state's direction to boost private-sector investment activities in line with the State Ownership Policy Document. Investments in infrastructure sectors accounted for approximately EGP 180.6bn, or 57.9% of total public investments, which was lower than the targeted 66.3%. According to Al-Mashat, these allocations were directed towards human development sectors, with an increase in their share of the current year's plan, reaching 42.4% of total public investments, reflecting the state's commitment to supporting human development sectors, as outlined in constitutional requirements. Al-Mashat also pointed out that investments in local development during the year amounted to about EGP 23.2bn, representing 7.5% of total public investments, exceeding the targeted 7.2%. The Upper Egypt governorates received about 35% of total local development investments during the year, compared to 21.4% in the previous year.
Zawya
12-03-2025
- Business
- Zawya
Egypt: Minister of Planning, Economic Development, and International Cooperation Reviews the Implementation of the 2024/2023 Development Plan with the Economic Committee of the House of Representatives
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, participated in a meeting of the Economic Committee of the House of Representatives, chaired by MP Mohamed Suleiman. The meeting was attended by the committee's deputy chairs, MP Mohamed Abdel Hamid, MP Kamal El-Din El-Shafei, and MP Tarek Hassan Ammar, the committee's secretary, and the members of the committee, to discuss the implementation of the 2023/2024 economic and social development plan. The Minister of Planning, Economic Development, and International Cooperation clarified that the ministry is working on establishing a national narrative for economic development that includes foreign direct investment strategy, industrial development strategy, human development, entrepreneurship, and other sectors to drive economic development efforts. H.E. Dr. Al-Mashat emphasized the importance of setting unified targets that reflect Egypt's Vision 2030 and the government's work program. H.E. Dr. Rania Al-Mashat confirmed that despite the significant challenges the Egyptian economy faced in previous periods, there has been noticeable improvement in several sectors, particularly in economic growth during the first quarter of the current fiscal year, driven by the non-oil manufacturing, tourism, transport, and storage sectors. She expects the Egyptian economy to achieve a 4% growth in the current fiscal year. H.E. Minister Al-Mashat also reviewed the government's efforts to govern public investments to enhance macroeconomic stability, achieve fiscal discipline, maintain public debt sustainability, and combat high inflation rates, all of which have resulted in increased private sector investments in the first quarter of the current fiscal year. H.E. Dr. Al-Mashat noted that the ministry holds meetings with various ministries to discuss the targets of the investment plan for the next fiscal year, with full coordination to align these targets with current developments and ensure they align with Egypt's Vision 2030 and the government's program. H.E. Minister Al-Mashat highlighted the achievements made in the 2023/2024 economic and social development plan. She emphasized that the ministry continues its role in monitoring the implementation of the plan, which aligns with the state's efforts for sustainable and comprehensive development and reducing development gaps. H.E. Dr. Al-Mashat pointed out that the total investments implemented in the 2023/2024 plan amounted to approximately 1,626 billion Egyptian pounds, with a growth rate of 5.8% compared to the previous fiscal year and an implementation rate of about 98.5% of the targeted plan, which was estimated at 1,650 billion pounds. H.E. Minister Al-Mashat outlined the total public investments implemented, which amounted to approximately 926 billion pounds, with a growth rate of 6.3% compared to the previous year, and an implementation rate of 88% of the targeted amount of 1,050 billion pounds. As a result, the percentage of public investments relative to total investments dropped to about 57% compared to the targeted 64%, in line with the state's strategy of promoting private-sector-led economic development. Regarding private-sector investments, H.E. Minister Al-Mashat affirmed that they increased to reach 700 billion pounds in 2023/2024, with a growth rate of 5.3%, exceeding the target of 600 billion pounds by 116%, raising their share of total investments to about 43% compared to the targeted 36% in the plan. The significant increase in private-sector investments helped compensate for the decline in total public investments, reflecting the state's direction to boost private-sector investment activities in line with the State Ownership Policy Document. H.E. Dr. Al-Mashat added that the plan's implementation maintained the main development priorities of the state, particularly in human and social development sectors such as school education, higher education, scientific research, and health services, which accounted for approximately 107.9 billion pounds. These investments exceeded the target, reaching 34.6% of total public investments compared to the targeted 24.4%. This was achieved despite a decline in the volume and growth rate of investments, which was accompanied by a slowdown in economic growth. Additionally, infrastructure sectors accounted for approximately 180.6 billion pounds, or 57.9% of total public investments, which was lower than the targeted 66.3%. These allocations were directed towards human development sectors, with an increase in their share of the current year's plan, reaching 42.4% of total public investments. This reflects the state's commitment to supporting human development sectors, as outlined in constitutional requirements. H.E. Minister Al-Mashat also pointed out that investments in local development during the year amounted to about 23.2 billion pounds, representing 7.5% of total public investments, exceeding the targeted 7.2%. The Upper Egypt governorates received about 35% of total local development investments during the year, compared to 21.4% in the previous year. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Muscat Daily
18-02-2025
- Business
- Muscat Daily
'GCC turns oil crisis into economic diversification opportunity'
Muscat – A sharp decline in oil prices in recent years led to budget deficits and impacted credit ratings of Gulf Cooperation Council (GCC) countries. However, instead of seeing this as a setback, the region used the crisis as an opportunity to accelerate economic diversification efforts, according to H H Sayyid Dr Adham bin Turki al Said, Chairman of Economic Committee at Oman Chamber of Commerce and Industry (OCCI). Speaking at a symposium titled 'Economic Diversification in the Gulf States: Measurement Indicators and the Role of the Private Sector', H H Sayyid Dr Adham emphasised the importance of reducing dependence on oil revenues. 'Oman Vision 2040 has identified key sectors – industry, logistics, food security and tourism – as the foundation for economic diversification,' he said. He added that other sectors, such as healthcare, education and information technology, also hold potential for growth. Organised by the Economic Committee of OCCI in collaboration with Konrad-Adenauer-Stiftung's Regional Programme Gulf States and Smart Portal for Investment and Consulting, the symposium focused on assessing economic diversification efforts across the region. Experts from Oman, Germany, the GCC and other countries participated in discussions to evaluate progress and identify challenges. H H Dr Adham stressed that the private sector plays a critical role in driving diversification. 'The sector finds many promising opportunities in market trends. This symposium aims to analyse the current landscape and challenges while introducing mechanisms to enhance economic diversification efforts across the Gulf,' he said. He highlighted the role of the Economic Diversification Platform in raising awareness and assisting policymakers in formulating strategies to support long-term economic growth. The second day of the symposium featured round-table discussions with specialists from the GCC, Germany, European countries and the United States. The sessions explored key economic variables influencing growth in the Gulf, methods for measuring economic diversification, and potential areas for improvement in the composite index used to track progress.
