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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Sanctioned banks again.. An expert lists challenges that have made Iraq "awash in corruption"

    Rocky
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    corruption - Sanctioned banks again.. An expert lists challenges that have made Iraq "awash in corruption" Empty Sanctioned banks again.. An expert lists challenges that have made Iraq "awash in corruption"

    Post by Rocky Sat 26 Aug 2023, 4:38 am

    Sanctioned banks again.. An expert lists challenges that have made Iraq "awash in corruption"
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    Baghdad today - Baghdad
    Today, Friday (August 25, 2023), economist Abdul Rahman Al-Mashhadani identified challenges besieging the investment climate in Iraq, while he revealed that the 14 banks that were recently removed from the currency window refuse to return deposits to their owners.
    Al-Mashhadani said, in an interview with "Baghdad Today", that "it is not possible to create investment and attract internal and external capital without the availability of a secure environment that gives reassurance to investors and companies in order to turn out for investment vacations with their various addresses in Iraq."
    He added, "The investment climate in Iraq is still inappropriate and discouraging for several reasons, security at first, which is the prevailing belief, but there are challenges no less important, including political conflicts, in addition to laws and legislation that need to be reviewed, accompanied by fluctuations in the dollar exchange market."
    Al-Mashhadani explained, "The investment base in Iraq is not solid enough to be able to attract money, in addition to the red tape and corruption in the joints of the state, despite the government's efforts and steps to encourage investment and facilitate procedures, but investors deal with the general vision, which is that we are in a country mired in corruption."
    He pointed out, "There are other reasons that impede investment mechanisms, for example, that the 14 banks that were recently removed from the currency window refuse to return deposits that are in dollars to their owners and offer an alternative that is payment in dinars, despite the need for companies and people to pay their obligations, pointing out that These complications have negative effects on the investment file in general.
    complications
    In a related matter, a member of the Parliamentary Agriculture Committee, Representative Hussein Mardan, said today, Friday (August 25, 2023), that there are five complications facing financial investment in Iraq.
    Mardan said in an interview with "Baghdad Today", that "investment in its general sense needs a stable environment, and with a reading of the situation in Iraq after 2003, which was characterized by repeated security disturbances, gives us an indication of the magnitude of the challenges, especially since any investment needs years in order to provide its environment."
    He added, "Corruption is one of the most prominent complications facing financial investment in Iraq, as well as legislation, laws, and flexibility in dealing with banks, not to mention the presence of countries that use currency as a "geopolitical" weapon in crises, which makes the matter open to challenges."
    Mardan pointed out, "Iraq's location and natural resources are important incentives that can be invested in creating a positive climate in attracting financial transactions, but on the other hand, the matter faces complications, the most prominent of which is the need for a banking environment with strategic depth."
    Iraq is the second largest oil producer in OPEC, with an average of 4.5 million barrels per day, of which it exports about 3.4 million barrels, as the Iraqi government relies on revenues from the sale of crude to cover about 95 percent of its expenditures, and oil reserves in Iraq are considered the fifth largest oil reserves. Confirmed in the world, amounting to 145 billion barrels.
    revive the economy
    In the same regard, the economist, Adel Al-Dalfi, says that incoming (foreign) investment in Iraq will have a major role in reviving the economy, especially since the Iraqi economy is a rentier economy that depends on oil, and therefore it is necessary to face the challenges associated with that in the context of falling and rising prices. Oil, and the economy is constantly dependent on these indicators.
    The economist refers to the plan of the Prime Minister, Mohamed Shia Al-Sudani, to diversify the economy and develop non-oil sectors, with the aim of opening a broad climate for Arab and foreign investors and overcoming the difficulties in front of them, through several measures, including the amendment of Resolution No. 245 of 2019, which determined The capabilities of the National Investment Commission, and the amendment came to grant the Commission wide powers of administrative and legal movement, by offering to reduce bureaucracy in the procedures taken.
    central bank
    Among the measures that Al-Dalfi refers to, in the context of encouraging foreign investment, is the encouragement of the Central Bank to grant loans to investors if the completion rate of existing projects reaches 25 percent.
    And the Iraqi economist adds: "These measures contribute to employing the labor force and building Iraq, which has not missed real projects for development and construction since 2003," explaining that the recent package of amendments would change many things in Iraq. It also points to attracting Baghdad to a number of businessmen and companies, providing them with various capabilities and facilitating investment avenues within that vision.
    A number of businessmen visited Iraq recently, including Egyptian businessman Naguib Sawiris, who announced on his Twitter page about a "giant project in Baghdad", as part of a group of projects that the government aims to attract foreign investment to.
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