Latest news with #MazharSaleh
Iraqi News
11-05-2025
- Business
- Iraqi News
Foreign reserves of Iraq's Central Bank decline
Baghdad ( – The Central Bank of Iraq (CBI) reported on Saturday a drop in its net foreign reserves along with a modest decrease in its domestic debt for January 2025. The CBI's net foreign reserves in January 2025 were 128.97 trillion Iraqi dinars ($98.5 billion), according to the bank's report on financial and monetary indicators in Iraq. The figure represents a decrease of 1.41 percent compared to December 2024, when the CBI's foreign reserves were equivalent to 130.18 trillion Iraqi dinars ($99.44 billion), Shafaq News reported. The CBI's foreign reserves in January 2024 reached 140.77 trillion Iraqi dinars ($107.5 billion). The domestic public debt in January 2025 slightly declined to 80.4 trillion Iraqi dinars ($61.41 billion) compared to 80.5 trillion Iraqi dinars ($61.49 billion) in December 2024. Iraq's foreign reserves are one of the most important indicators supporting both domestic and foreign investments, according to Mazhar Saleh, the Prime Minister's Advisor for Financial Affairs, because Iraq has a well-established foreign exchange portfolio that is divided between gold and foreign currency. According to Saleh, Iraq's foreign reserves support macroeconomic stability both domestically and internationally, acting as a buffer against shocks and volatility in the global economy. Foreign reserves provide strong coverage of the monetary base and financial indicators pertaining to commerce and foreign obligations. Iraq, the fifth-largest oil producer in the world, can swiftly and effectively expand its foreign exchange reserves because of its steady international financial flows.
Iraqi News
19-03-2025
- Business
- Iraqi News
Iraq's economic reforms attract Egyptian construction firms
Baghdad ( – The Prime Minister's Advisor for Financial Affairs, Mazhar Saleh, said on Tuesday that Iraq's stability and economic reforms have attracted Egyptian construction firms to engage in major projects in the country. Saleh told Shafaq News that Egypt is a leading country in the construction sector, and its architectural firms have had massive achievements with domestic development projects, which has led them to grow regionally. The Iraqi government's ambition for comprehensive economic reforms has helped to create a favorable investment climate for international businesses, attracting Egyptian corporations to engage in Iraqi development and reconstruction projects. The Iraqi official highlighted that global and Arab investors, including Egyptian firms, have discovered potential prospects to contribute to significant projects in Iraq as a result of the country's political and economic stability. Furthermore, Iraq and Egypt have longstanding and solid historical ties, which have contributed significantly to the development of their economic partnership, according to Saleh. In January, Iraqi Prime Minister Mohammed Shia Al-Sudani and his Egyptian counterpart, Mostafa Madbouly, attended a ceremony where several memoranda of understanding between the two countries were signed.
Iraqi News
17-03-2025
- Business
- Iraqi News
Iraq's foreign reserves grow to $110 billion
Baghdad ( – The Prime Minister's Advisor for Financial Affairs, Mazhar Saleh, confirmed on Sunday that Iraq's foreign reserves, which operate as a buffer against economic volatility, are valued at approximately $110 billion. Saleh told the Iraqi News Agency (INA) that because the country has an established foreign exchange portfolio that is split between gold and foreign currency, Iraq's foreign reserves are one of the most significant indications bolstering both local and foreign investments. Iraq's foreign reserves act as a cushion against shocks and volatility in the world economy by bolstering macroeconomic stability both internally and abroad, according to Saleh. Additionally, foreign reserves offer robust coverage of the monetary foundation and financial indicators related to trade and international debts. Iraq's balance of payments is also showing positive indicators, improving the stability of the Iraqi currency and reducing the effects of changes in the world's oil markets. Iraq is able to swiftly and effectively increase its reserves of foreign currency since it is the world's fifth-largest oil producer and benefits from steady international financial flows. The steady investment climate created by these substantial reserves helps to accelerate the rate of investment and sustain the country's encouraging economic expansion.
Iraqi News
25-02-2025
- Business
- Iraqi News
Iraq sets significant employment target
Baghdad ( – The Iraqi government has set significant objectives to reduce double-digit unemployment, despite continuing challenges. In a recent statement to the Iraqi News Agency (INA), the Prime Minister's Advisor for Financial Affairs, Mazhar Saleh, said that the government plans to gradually lower the unemployment rate from double-digit to a single-digit rate of four percent. Saleh argued that the country's industrial sector could accommodate 60 percent of unemployment. The Iraqi official revealed steps aimed at improving Iraq's financial system, adding that the country's development strategy for the years 2024-2028 suggests five percent growth in the non-oil sector as part of its economic diversification initiatives. There is also a plan to form a sovereign credit guarantee committee to boost the industrial sector with loans from Western and Japanese banks. According to Saleh, the state of Iraq would guarantee these loans, and it would cover 85 percent of the costs. The Iraqi Prime Minister, Mohammed Shia Al-Sudani, revealed in late October that measures taken by the Iraqi government contributed to reducing the unemployment rate in the country from 16.5 percent to 14.4 percent. Iraq's unemployment rate, which climbed to 15.6 percent in 2023, is a serious source of worry. The figure represents a considerable increase over the long-term average of around 10.01 percent since 1991. A high number of young people are dissatisfied with government efforts to generate job opportunities, which may result in a loss of knowledge and more emigration. This situation is exacerbated by a scarcity of opportunities in the private sector, since many fresh graduates see little opportunity in Iraq and consider job opportunities elsewhere. To better prepare people for open jobs, proposals include enhancing training programs and establishing specialist divisions dedicated to job placement. Although unemployment in Iraq is a severe problem, particularly for young people, there is ongoing discussion about the necessary adjustments and initiatives that might assist in alleviating this pressing issue.
Iraqi News
10-02-2025
- Business
- Iraqi News
Iraq's financial revenues surpass $103 billion in 11 months
Baghdad ( – The Iraqi Ministry of Finance revealed on Monday that Iraq's financial revenues during the first 11 months of 2024 exceeded 135.32 trillion Iraqi dinars ($103.26 billion). Data released by Iraq's Finance Ministry in February 2025 for the period between January and November 2024 revealed that revenues from oil steadied at about 88 percent, making oil the primary source of funding for the general budget. Iraq's financial revenues generated from oil exports in the first 11 months of 2024 reached 119.33 trillion Iraqi dinars (nearly $91.06 billion), while the country's non-oil revenues amounted to 16.29 trillion Iraqi dinars ($12.43 billion), constituting 12 percent of Iraq's general budget. The Prime Minister's Advisor for Financial Affairs, Mazhar Saleh, has previously said that the main reasons for the economy's ongoing dependence on oil are political instability, previous conflicts, and the imposition of an economic embargo on Iraq. In an attempt to improve its financial situation, Iraq is focusing on increasing non-oil revenue through better tax collection techniques without imposing new taxes. Iraq's economy is highly dependent on oil exports, making it vulnerable to fluctuations in the commodity's price on a worldwide scale. For instance, the 2024 budget is based on an oil price of $70 per barrel, which is lower than previous projections and takes into account the continuing instability of the oil market. Saleh had stated that while 2024 was stable, expected income deficits in 2025 will necessitate more monetary control. Non-oil revenue is expected to increase dramatically. The Iraqi Parliamentary Finance Committee has projected that non-oil profits might reach $22 billion by 2025. This effort to diversify revenue streams in the face of declining oil prices is notable. According to forecasts, non-oil revenue will increase dramatically. Non-oil profits might reach $22 billion by 2025, according to estimates from the Iraqi Parliamentary Finance Committee. This is a significant effort to diversify revenue streams in the face of declining oil prices.
