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TheBinational

Country risk, from the local press

Iraq · Country watch

Iraq Stimulates Growth, Dollar Surges, Lafarge CEO Change

Iraq's $2.7B economic boost, a surging dollar, and Lafarge's CEO change impact business conditions.

· · 5 sources

The picture Mixed

Iraq's business conditions are mixed today. A $2.7 billion economic stimulus boosts growth prospects, but the surging dollar increases import costs. Lafarge Iraq's CEO change may shift strategies in the construction sector.

In this briefing Ali al-Zaidi · Government of Iraq · Tarek Sharobime · Medhat Ismail · Lafarge Iraq · US dollar · Iraqi dinar

Regulation

  • finance
  • public-sector

Iraq pledges $2.7 billion for economic growth

a portrait of a man on a five dollar bill
Rob / Unsplash

Iraqi Prime Minister Ali al-Zaidi announced a $2.7 billion package aimed at stimulating economic growth, according to Iraqi News. The package, equivalent to 3.5 trillion Iraqi dinars, includes various executive funding measures. This initiative is part of a broader strategy to enhance economic stability and growth in Iraq. The funds will be directed towards key sectors to boost development and infrastructure projects.

Impact Lenders and contractors in Iraq gain from the $2.7 billion economic stimulus package.

Sources: Iraqi News ↗

Disruption

Nothing significant reported today.

Internal tension

Nothing significant reported today.

Safety & health

Nothing significant reported today.

Companies

  • manufacturing
  • construction

Lafarge Iraq appoints Tarek Sharobime as CEO

Lafarge Iraq has appointed Tarek Sharobime as its new Chief Executive Officer, succeeding Medhat Ismail, according to Iraq Business News. The company, part of the Swiss Holcim Group, praised Ismail's contributions to sustainability and innovation during his tenure. Sharobime's appointment signals a continuation of Lafarge's commitment to growth and development in Iraq's construction sector.

Impact Lafarge Iraq's partners and clients may experience changes in strategic direction with the new CEO.

Sources: Iraq Business News ↗

Markets

  • finance

US dollar surges past 160,000 IQD in Iraq

Current Federal Reserve Notes as of June 2018
Current Federal Reserve Notes as of June 2018 US Federal Reserve, Public domain via Wikimedia Commons

The US dollar surged past the 160,000-dinar mark across Iraq's parallel currency exchanges on Monday, as reported by Iraqi News. This sharp increase in exchange rate volatility highlights ongoing economic challenges in the country. The rising dollar value affects import costs and purchasing power, impacting both businesses and consumers.

Impact Importers and financial institutions face increased costs due to the dollar's surge to 160,000 IQD.

Sources: Iraqi News ↗

Trade

Nothing significant reported today.

Politics

Nothing significant reported today.

Also today in Iraq

Sources in this briefing

Sources: each headline links to the original article on the publisher's site.

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