Tag Archives: Economy

Iraq’s Prime Minister Mohammed Shia al-Sudani held a meeting with a delegation from the Shura Council of the Kingdom of Saudi Arabia, which is currently visiting the capital, Baghdad. The delegation is headed by Ibrahim Mohammed Al-Qannas. The meeting was characterized by discussions aimed at emphasizing the importance of sustaining …

The world risks a “great fracture” of its economic and financial systems, U.N. Secretary-General António Guterres said on Thursday at a summit with Southeast Asia’s ASEAN bloc, China, the United States and others in Indonesia. In a wide-ranging speech that touched on geopolitical tension, multilateral development finance and climate change, …

Iraq’s Prime Minister,Mohammed Shia al-Sudani, on Wednesday said that Iraq would no longer remain dependent on oil, highlighting that “ready alternatives” will be available after 2028. In a meeting with the Iraqi-American Business Council delegation, led by the Council President and Deputy Head of the U.S. Chamber of Commerce for …

Iraq and Pakistan have agreed to strive for strengthening and expanding the bilateral economic, trade and investment ties in the traditional and non-traditional sectors, and also through “Pakistan-Iraq Business Council” to further augment trade ties between the two countries. This was announced in a joint statement, issued simultaneously here in …

Mohsen Al-Mandalawi, the First Deputy Speaker of the Iraqi Parliament, held an “important” meeting with several leaders of parliamentary blocs today, Friday. The meeting, which was attended by the Chairman and several members of the Parliamentary Finance Committee, was part of efforts to reach an agreement among all political parties …

A classified document has revealed that Saudi Crown Prince Mohammed bin Salman (MbS) threatened to impose significant economic costs on Washington after US President Joe Biden warned Riyadh over its decision to slash oil production last fall. Even though the Saudi government publicly defended its actions politely via diplomatic statements, …

The Governor of the Central Bank of Iraq (CBI), Ali Mohsen al-Allaq, on Saturday, unveiled a new state-owned financial institution, the Social Development Bank, in a bid to drive nationwide economic progress and provide support to a diverse section of the Iraqi society. Al-Alaq shared these developments at the annual …

The Prime Minister of Iraq, Mohammad Shia al-Sudani, on Saturday, said that the ‘Dry Road’ initiative – a project slated to link Iraq with Europe via Turkey– would act as a crucial backbone for a thriving, sustainable economy, unveiling plans for a state-of-the-art industrial city near al-Faw port. In his …

The German economy shrank unexpectedly in the first three months of this year, marking the second quarter of contraction which is one definition of recession. Data released Thursday by the Federal Statistical Office shows Germany’s gross domestic product, or GDP, declined by 0.3% in the period from January to March. …

El Niño is on its way, and when the warm weather pattern arrives, it could take a $3 trillion toll on the global economy, according to new research. That estimate is based on damages inflicted by El Niño in previous years, plus forecasts pointing to a potentially supercharged event this …

India will start withdrawing its highest value currency notes from circulation, the central bank said on Friday, in a move that economists said could boost bank deposits at a time of high credit growth. The withdrawal of 2,000-rupee ($24.5) notes – which the finance ministry’s top official, T.V Somanathan, said …

US President Joe Biden and congressional Republicans enter a critical week for debt-ceiling talks hoping they can find common ground on spending levels and energy regulations to avert a devastating default. Though the two sides did not appear close to an agreement, the White House has not ruled out the …

US President Joe Biden and top Republicans and Democrats from Congress are set to sit down this week to try to resolve a three-month standoff over the $31.4 trillion U.S. debt ceiling and avoid a crippling default before the end of May. The Democratic president is calling on lawmakers to …

The International Monetary Fund (IMF) has projected a reduction in Iraq’s external debt by $1.2 billion in 2023, according to its latest report for May, titled “Safeguarding Macroeconomic Stability Amid Ongoing Uncertainty in the Middle East and North Africa.” The report highlights that “Iraq’s external debt is expected to decrease …

New orders at German factories have registered the biggest plummet since the covid-19 pandemic outbreak in 2020, according to the latest data which has raised fears that Europe’s biggest economy might slip into recession. Demand for new orders declined by 10.7% on a seasonally and calendar-adjusted basis in March 2023 …

The dollar fell on Wednesday before the Federal Reserve is expected to hike rates for possibly the last time this cycle, which could lead to further dollar declines. Investors are concerned that continued rate hikes will weigh on the economy, and fed funds futures traders are pricing in rate cuts …

Iranian oil production has surpassed 3 million barrels per day, Iran’s Oil Minister said on Tuesday according to the Oil Ministry’s website SHANA. “Over the last 20 months, Iran’s oil production has reached levels above 3 million barrels per day and natural gas output has reached more than 1 billion …

United States Treasury has warned that the US government will be unlikely to meet payment obligations by early June if the debt ceiling is not raised. The date is earlier than the Treasury estimated in January, indicating that the United States financial situation is more precarious than previously thought. In …

Spanish Prime Minister Pedro Sanchez on Saturday announced the government would invest 1.3 billion euros ($1.43 billion) in vocational training. The measure will be approved at next week’s cabinet meeting and will create 45,000 bilingual vocational training places, 824 new training centers, and more than 1,500 classrooms for applied technology …

Iraq’s parliamentary finance committee, under the chairmanship of Lawmaker Atwan al-Atwani, resumed its sessions on Wednesday to deliberate over the proposed federal budget law for the years 2023-2024-2025. In a statement released earlier today, the committee reiterated its unwavering commitment to holding regular meetings after the completion and presentation of …