Prime Minister Haider al-Abadi has made enacting new reforms the cornerstone of his platform since assuming office. He has recently tried to enact a series of new policies via executive orders, but Parliament blocked his efforts, stating that he will need their approval to proceed.
Despite the setback, Abadi is intent on advancing his reforms, which should ease concerns in the region. He is expected to work closely with Parliament to introduce new solutions to curb corruption, modernize infrastructure and stimulate the economy. Iraq is also making significant progress on multiple other fronts, which should affect the value of the Dinar in 2016.
Iraq News – Russia Expected to Extend Support in Campaign Against ISIS
A number of new changes are impacting the social and economic direction of Iraq. The economy is expected to rise as the government unveils new initiatives, global oil prices continue to rebound and progress is made in the campaign against ISIS.
Vladmir Putin Announces Plans to Attack ISIS
Russian President Vladmir Putin had previously pledged to offer aid to Iraq in its fight to quash militant resistance of the Islamic State of Iraq and Syria. He was been hesitant to follow through on these promises, but recently renewed his commitment after a Russian plane was allegedly taken out by ISIS terrorists. Russia has responded by sending 4,000 troops and missile systems to Syria in retaliation.
“We have calculated all possible threats. We have sent not only fighter jets, bombers and helicopters, but also missile systems,” stated Colonel General Viktor Bondarev, head of the Russian air force.
Russian support is expected to reduce the costs the Iraqi government has faced fighting the insurgents. It will also weaken resistance, thereby enabling the government to reclaim captured territories.
Abadi Targets Corruption
Corruption was a major cause for concern while Abadi’s predecessor was in office. A couple members of the former Maliki Administration have been indicted on corruption charges. The most recent was former environment minister Sargon Lazar Slewa, who was sentenced to two years in prison by a Baghdad court on Thursday. The details of the case have yet to be released, but the conviction illustrates the central government’s dedication towards ending official corruption.
Economy – Iraq Rises in Global Prosperity Index
Iraq is quickly putting its lackluster year behind it. Oil prices are beginning to recover, which bodes well for the central government. There are other indicators that the economy is improving, which will inevitably affect the value of the Dinar.
Iraq Rises in Global Prosperity Index
Legatum Institute conducts an annual analysis of 142 different countries and ranks them by their levels of prosperity. According to their recent global prosperity index, Iraq rose among other countries. They are currently ranking 123rd, which is a five spot increase from the previous year.
The report breaks up the index into several factors. Iraq actually ranks near the median of other polled countries in terms of economic performance. The Legatum Institute report shows the country is ranking 81st on the Economy sub-index.
The reason that Iraq didn’t rise higher in the prosperity index is that it still faces serious security challenges with the ongoing fight against ISIS. The country is only ranking 135th on the Safety and Security sub-index, but this rating could improve in the 2016 report as the central government makes strides in the war against the militants.
Dinar Value and Exchange Rate – Trading Remains Stable
A couple of weeks ago, the outlook for the Iraqi Dinar had been relatively neutral. However, recent trends appear to have stabilized the value of the currency, which is encouraging for Dinar traders.
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