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Tishwash:
Oliver Wyman Company and lifting sanctions on banks banned from the dollar
The Central Bank of Iraq has contracted with Oliver Wyman, a global consulting firm that has the ability to “restructure companies to succeed in difficult times, build a new strategy in banking, and be a leader in risk, strategy, and human resources, helping clients navigate a dynamic environment across four global firms.”
A firm like Oliver Wyman can therefore help sanctioned Iraqi banks understand the sanctions imposed on them, work on strategies to mitigate their impact, and even help remove these sanctions in some cases.
Legally, the firm can help Iraqi banks understand international laws and sanctions applicable to them, identify any legal risks associated with their activity, and then provide recommendations on how to improve banks’ compliance with international sanctions, and develop plans to mitigate risks.
In addition, the firm will help Iraqi banks communicate with international government agencies to learn more about the sanctions imposed on them, or to request “exceptions or mitigations,” by providing training programs for employees in Iraqi banks to develop their skills in the field of sanctions compliance.
From the above, we conclude that Oliver Wyman can play an important role in helping Iraqi banks understand and implement international sanctions effectively, and then submit a recommendation to the Treasury Department and the Federal Reserve that paves the way for lifting the sanctions. link
Parliamentary Economy Committee Discusses Amending the “Investment Law”
The Iraqi legislative arena is currently witnessing intensive discussions about the fourth amendment to Investment Law No. 13 of 2006, as amended, in light of the significant expansion of investment activity in the country in recent years.
These discussions come within the framework of efforts aimed at improving the investment environment and addressing the gaps in the current law.
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In a press interview followed by “Economy News”, member of the Economic Committee, Diaa Al-Hindi, confirmed that the proposed amendment is “important and necessary” due to the many problems that the current law suffers from, explaining that “the current law requires fundamental amendments in several aspects, including the mechanism for selecting heads of bodies and members of the board of directors in bodies, in addition to the conditions for granting and withdrawing investment licenses, additional extensions, and grievance procedures.”
Al-Hindi pointed out that the amendment seeks to address those issues that the current law did not adequately address, which negatively affects the investment climate in Iraq. link
Business Impact Conference – Iraq (BICI) kicks off in Erbil
36 companies collaborate to create positive, inspiring and sustainable work environments
The Business Impact Conference – Iraq (BICI) kicked off today in its first session with the distinguished participation of 36 Iraqi companies, where entrepreneurs and business leaders meet to start the process of collective learning on how to create positive and sustainable work environments. The conference aims to promote the concepts of trust, unity, and diversity within Iraqi work environments, which contributes to improving performance and increasing productivity in the long term.
On the first day of the conference, the sessions began with a welcoming speech followed by a general introduction to the conference objectives and its importance in the local context. The agenda included interactive sessions and open discussions aimed at exploring and developing effective working practices.
The first session, titled “Building Positive Work Environments,” was led by Mr. Fahim Da’at Al-Thakreen, Founder of Popcorn Marketing, who provided valuable insights on how to create a work environment that encourages collaboration and innovation.
This was followed by a “Trust” session presented by Heba Hamadeh, General Manager of Cedars International School, which focused on the role of trust in strengthening relationships within teams and clients. The program also included small study sessions and group discussions to deepen understanding and exchange experiences among participants.
After a lunch break and group photos, the conference resumed with a session on “Unity and the Power of Diversity,” presented by Ali Alwan, HR Manager at Ramlah Real Estate Development. This session discussed how to leverage cultural and intellectual diversity to achieve integration and unity in the workplace. The first day concluded with a session on “Fixing the Roots, Not the Branches,” which focused on an open discussion to explore radical solutions to the challenges facing workplaces.
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The conference continues tomorrow for its second day, focusing on growth and collective activism. The fifth session, titled “Growth,” will be led by Rawaa Al Saqr, founder of Sagerlabs, who will present practical strategies for driving growth in companies. After group study sessions and a short break, the “Activity” session will bring participants together for an artistic workshop that promotes team spirit and creativity.
The second day concludes with the “BICI Process and Units” session, which will review the outcomes of the conference and identify next steps to enhance business impact in Iraq. link
Fouad Hussein discusses with the US Ambassador the details of the international coalition conference against I--S in Washington
Iraqi Deputy Prime Minister and Foreign Minister Fuad Hussein discussed with US Ambassador to Baghdad Alina Romanowski on Saturday the details of the international coalition conference against I--S, which will be held in Washington next month.
The Iraqi Foreign Ministry said in a statement, a copy of which was received by Kurdistan 24, that “Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein received today, Saturday, August 31, 2024, the US Ambassador to Iraq, Alina Romansky.”
The statement indicated that “during the meeting, the ongoing negotiations regarding a ceasefire in Gaza and sending aid, especially medical aid, to the S---p were discussed.”
He added, “The military operation carried out in the Anbar desert was referred to, which resulted in the neutralization of 15 I--S t--------s. The minister praised the joint cooperation between the Iraqi and American forces and the success of this important operation.”
He added that the meeting “touched on the conference of the international coalition against I--S scheduled to be held in Washington early next month, and Iraq’s participation in it. It is worth noting that this coalition includes 87 partners, and was established primarily to fight the t-------t organization I--S in Iraq and Syria, and the conference will be at the level of foreign ministers of the participating countries.”
The statement concluded by saying, “The United Nations General Assembly meetings to be held next month, which will be attended by dozens of world leaders, were discussed. The role of the two countries in these meetings and the required coordination between them to hold bilateral meetings on the sidelines of the participation of the two countries’ delegations in New York were also discussed.” link
Source: Dinar Recaps
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Tishwash:
Finance: Iraq maintains its credit rating and foreign exchange reserves level
The Ministry of Finance confirmed, on Sunday, that Iraq has maintained its credit rating and the level of foreign currency reserves.
The ministry said in a statement, seen by “Al-Eqtisad News”, that “in the latest report issued by Standard & Poor’s Credit Rating Agency (S&P), Iraq maintains its credit rating at B- / B with a stable outlook, indicating financial and economic stability in Iraq.”
It added, “The new rating reflects the ongoing economic and financial reform policy pursued by the Ministry of Finance, in addition to maintaining the level of foreign currency reserves that exceed the external public debt and fulfilling other external financial obligations as a result of the stability of crude oil prices.” It continued,
“The agency’s report indicated the possibility of improving Iraq’s credit rating in the event of an increase in the economic growth rate, diversification of the state’s oil and non-oil public financial revenues, an increase in the per capita income share of the national income, and the continuation of financial and economic policy reform measures.” link
Prime Minister’s Advisor Announces Increase in Non-Oil Revenues Compared to Previous Years
The Prime Minister’s Advisor for Financial Affairs, Mazhar Mohammed Saleh, announced today, Sunday, that non-oil revenues have increased compared to previous years, while pointing to two factors that contributed to maximizing revenues.
Saleh told the Iraqi News Agency (INA): “There are tangible positive indicators in the growth of non-oil revenues for the year 2024 compared to previous years that reached record levels,” explaining that “the development of oil and non-oil revenues (at the semi-annual level) between 2023 and 2024 has shown a distinctive growth in revenues in general, and non-oil revenues in particular, as these available financial digital data indicated tangible levels of financial revenues.”
He pointed out that “oil revenues (semi-annual) for the year 2023 amounted to 53.88 trillion dinars, while non-oil revenues amounted to nearly 0.42 trillion dinars (during the six months of the same year 2023),” indicating that “oil revenues in the first half of the year 2024 amounted to 58.80 trillion dinars, while non-oil revenues (at the end of the first half of the year 2024) rose to reach 7.18 trillion dinars.”
He added: “This is a major development in the public financial capabilities during the current year to maximize its resources from non-oil sources,” adding that they are “clear trends that have taken their practical course, relying primarily on a new approach to tax reforms (in both direct and indirect forms).”
Saleh added, “The positive development in non-oil revenues is due to two important factors, the first: the broad applications of government policies in the field of public finance reform (organizationally and procedurally) through paths that are in line with the principle of maximizing non-oil revenues stipulated in the government’s program for financial reform, which stipulates raising the contribution of non-oil revenues to 20% of total annual revenues compared to the previous low rates.”
Saleh stated that “the Council of Ministers approved earlier this year 8 new packages to reform the country’s tax system, led by the principle of expanding tax bases, especially those that are hidden, evading or neglecting annual tax accounting. Two of these packages have been launched to date, and the rest of the packages will be launched sequentially and gradually within the government’s reform policy in the financial field and maximizing the state’s resources from sources of income and wealth outside the oil sector.”
He pointed out that “the second factor stems from the importance of implementing e-governance processes, especially the serious progress in implementing digital service systems in cooperation and technical and organizational assistance provided with financial and commercial bodies and institutions affiliated with the United Nations.”
He explained that “the adoption of digital applications at border crossings and customs sites, which have taken important aspects of auditing and estimation operations, in addition to the expansion of the scope of digital customs and tax collection related to electronic payment, has worked to maximize non-oil financial resources and control cash flows for the benefit of the treasury, which is a matter that has begun to serve the integration of procedures for implementing the unified treasury account and imposing financial discipline on cash flows in the federal public finance at the same time link
Source: Dinar Recaps
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