The US State Department allows non-essential employees and their families to leave Bahrain and Kuwait.
US media reported on Wednesday that the State Department has allowed non-essential employees and their family members to depart Bahrain and Kuwait.
The video for this My FX Buddies Blogpost is below here:
The Associated Press reported that the State Department "has allowed non-essential employees and their families to leave Bahrain and Kuwait."
This gives them the freedom to choose between staying or leaving the country.
Two US officials said on Wednesday that the US State Department is preparing to issue an order for non-essential staff to leave its embassy in Baghdad due to the possibility of regional unrest.
The UK Maritime Trade Operations (UKMTO) said in a note on Wednesday that it was aware of rising tensions in the Middle East, which could lead to an escalation of military activity, directly impacting maritime operations.
The authority advised ships to exercise caution when passing through the Gulf, the Gulf of Oman, and the Strait of Hormuz.
TUE JUN 10 25
With the participation of more than 300 international entities, the Investment Commission announces details of the first investment forum in Iraq.
The National Investment Commission announced details of Iraq's first investment forum on Tuesday, noting that the forum has strategic objectives to accelerate economic development .
The head of the commission, Haider Makiya, told the Iraqi News Agency (INA): "The upcoming investment forum, which the commission is organizing in coordination with the Iraqi Economic Council and under the direct supervision of the Prime Minister's Office, is the first of its kind since its establishment, and carries strategic goals to accelerate the wheel of economic development in the country ."
He added, "The forum seeks to introduce the 141 available investment opportunities that have received official approvals and are ready to be presented to local, Arab, and foreign companies," noting that "the opportunities cover diverse sectors, including industry, housing, renewable energy, communications, pharmaceuticals, agriculture, and others ."
He added, "The forum aims to attract the largest possible number of foreign and Arab companies to participate in infrastructure projects in Iraq, in addition to introducing international expertise to quality projects, in line with the investment law that requires the employment of skilled and unskilled Iraqi workers in projects ."
Makiya pointed out that "the event will be attended by more than 300 international entities, including countries and companies, representing a historic opportunity to showcase Iraq's investment potential ."
Billions in remittances and almost zero returns... Where do the import money go?
The Iraq Future Foundation for Economic Studies and Consultations announced on Tuesday that total remittances abroad over the past five years have exceeded $300 billion, noting that the interest the state received from these funds was minimal compared to the amount transferred.
The head of the institution, Manar Al-Obaidi, said in a report seen by Al-Sa'a Network that "more than 400 trillion dinars left the country, and the state received only 2% of that."
He explained that "reviewing the Central Bank of Iraq's data for the period from 2019 to 2024, we find that the total official financial transfers allocated for imports amounted to approximately $311 billion, equivalent to 415 trillion Iraqi dinars," adding that "this enormous figure represents the amount of money that officially left Iraq to import goods and services."
Al-Obaidi added, "However, the shocking paradox, according to Ministry of Finance data, is that the total amount collected in customs taxes during the same period did not exceed 8.5 trillion dinars. In other words, Iraq only benefited from customs duties by 2% of the value of the transferred funds, which is an extremely small percentage compared to what is supposed to be collected."
He continued: "If we assume an average customs tariff rate of 7% (a reasonable estimate that takes into account the existence of exemptions and high fees on certain goods), the amount that should have been collected exceeds 29 trillion dinars, meaning that we are facing a financial loss of more than 21 trillion Iraqi dinars - a conservative figure, and it may in reality be much larger."
He pointed out that "this huge revenue gap cannot be explained solely by exemptions or lower fees, but is the result of deep loopholes in the Iraqi customs system."
The Central Bank reveals the volume of credit in Iraq.
The Central Bank of Iraq announced on Tuesday that total credit had reached more than 71 billion dinars by the end of March 2025.
The bank stated in official statistics reviewed by Al-Sa'a Network that "total credit at the end of last March of this year amounted to 71 billion and 288 million dinars, a decrease of 2.78% compared to last February, which amounted to 73 billion and 188 million dinars."
He added that "the credit was distributed between credit provided to the central government amounting to 24 billion and 738 million dinars, credit provided to public institutions amounting to 2 billion and 489 million dinars, and credit provided to the private sector amounting to 44 billion and 61 million dinars."
Credit is a contractual agreement in which a borrower receives a sum of money or something else of value and undertakes to repay it to the lender later, usually with interest.
"A time bomb"... The Iraqi economy is at risk due to Jordanian banks.
A specialist in the financial and banking sector.Mustafa HantoushOn Tuesday, Jordanian banks described the control of remittances as a "time bomb."
He stressed the "need to take measures, either dismantling the banks, which is unacceptable, or having real instructions that are consistent with international models, not a model that is tailored to the needs of the individual."IraqIt is not applied at all.
Money goes to powerful parties. An economist reveals a customs flaw that cost Iraq tens of trillions.
An economic expert revealed a customs irregularity that is causing Iraq to lose trillions of dinars, noting that more than 400 trillion dinars have left the country over the past six years, of which only 2% has returned.
Economic expert Munir al-Obaidi wrote in a blog post on his social media account on Tuesday, June 10, 2025, that "when reviewing the Central Bank of Iraq's data for the period extending from 2019 to 2024, we find that the total official financial transfers allocated for imports amounted to approximately $311 billion, equivalent to 415 trillion Iraqi dinars," indicating that "this enormous figure represents the amount of money that officially left Iraq to import goods and services."
Al-Obaidi added, "The shocking paradox, according to the Ministry of Finance's data, is that the total amount collected in customs taxes during the same period did not exceed (only 8.5 trillion dinars!), meaning that Iraq only benefited from customs duties by 2% of the value of the transferred funds. This is an extremely small percentage compared to what is supposed to be collected."
The economist conducted an approximate equation, assuming an average customs tariff rate of 7% (a logical estimate, taking into account the existence of exemptions and high fees on certain goods), to explain that "the amount that should have been collected exceeds 29 trillion dinars. We are facing a financial loss of more than 21 trillion Iraqi dinars - a conservative figure, but it may in reality be much higher."
Why is there such a big gap in Iraqi customs?
Al-Obaidi said that this huge revenue gap cannot be explained solely by exemptions or lower fees, but rather is the result of deep loopholes in the Iraqi customs system, most notably:
- Diverting import routes to the Kurdistan Region's ports, where fees are collected within the region and not transferred to the federal treasury.
- Fictitious imports whose goods do not exist on the ground - mere financial transfers without corresponding goods.
- Forging invoices and reducing the value and number of shipments, to evade fees.
-Smuggling and importing through unofficial ports that are not subject to central control.
"The Bitter Truth"
The economic expert stated that "no less than 20 trillion Iraqi dinars—perhaps more—have been lost from the Iraqi state over the past six years, channeled to influential entities that finance themselves from this gap and are working with all their might to prevent any real reform of the customs system."
He asked, "How do we explain that 415 trillion dinars left the country for imports, but the state only received 8 trillion in customs revenues?" He responded at the same time that "there is no longer room for patchwork. The current customs system has proven its failure and drained the state. The solution does not lie in a simple amendment here or there, but in completely abolishing customs in its current form and replacing it with a direct value-added tax on every financial transfer made for the purpose of imports. This will ensure: (effective and transparent financial collection without evasion, depriving corrupt parties of exploiting the ports, and directing revenues to the state treasury to cover the deficit and meet the needs of citizens)."
Al-Obaidi pointed out that "with every trillion wasted, an opportunity to build a school, a hospital, or an electricity grid is wasted. How much these twenty trillion dollars could have changed the reality of Iraq's cities and governorates."
Washington calls on Baghdad and Erbil to resolve the salary crisis: Successful dialogue will enhance Iraq's attractiveness for investment.
The US State Department called on the federal government in Baghdad and the Kurdistan Regional Government on Tuesday to work to resolve the crisis over the salaries of Kurdistan Region employees through "constructive and consistent dialogue," warning that the continuation of the crisis could negatively impact the investment climate in Iraq.
"The United States is closely monitoring the Kurdistan Region's employee salary crisis," State Department spokeswoman Tammy Bruce said during a press conference in Washington, attended by a Shafaq News Agency correspondent. She stressed that "resolving the disputes between Baghdad and Erbil on this issue must be done through constructive dialogue consistent with constitutional responsibilities."
She added that addressing the salary crisis "will send a clear signal that Iraq is creating a conducive environment for attracting investment, including from American companies," noting that success in this regard "will also contribute to strengthening broader cooperation between the two parties, such as reopening the Iraq-Turkey pipeline and expanding energy exploration operations."
The spokeswoman confirmed that US Secretary of State Marco Rubio, in his recent meetings with senior Iraqi officials, "reaffirmed Washington's support for a strong and cohesive Kurdistan Region," adding that "this constitutes a pivotal element in the US-Iraq relationship."
Bruce's remarks come at a time when tensions over the salaries of Kurdistan Region employees are escalating after the regional government accused Baghdad of withholding salary payments, a move Erbil described as "unconstitutional" and "part of a policy of political pressure on the region."
The federal government links salary disbursements to the full delivery of oil exports to the state-owned SOMO and transparency in non-oil revenues, which Erbil considers unfair conditions that exceed the region's authority.
Parliament awaits the arrival of the budget schedules.
After a period of waiting, the general budget schedules for the year (2025) return to the forefront of the government and the House of Representatives’ concerns, amid anticipation of its final path, with the announcement of the representatives’ readiness to hold an extraordinary session in order to end this file urgently.
Member of the Finance Committee, MP Jamal Koujar, expects the tables of the 2025 General Budget Law to reach the House of Representatives soon, noting that their arrival is linked to the government completing the process of officially preparing them. In a statement to Al-Sabah, Koujar confirmed the House's readiness to hold an extraordinary session immediately after the tables are officially received, with the aim of discussing and approving them quickly.
The MP explained that the Finance Committee does not expect the session to witness a lengthy or in-depth discussion regarding the new budget schedules, given that they will not witness any fundamental changes compared to last year's budget, which was approved over three years without any significant amendments. He pointed out that this reflects a clear trend in Parliament towards facilitating the procedures for approving the schedules with the aim of ensuring the rapid activation of financial spending and the continued implementation of projects and services during the remaining period of the year.
Koger also pointed out that even if there are some minor amendments to the draft budget, the prevailing trend is to pass the law as it was received by the government, in order to preserve the stability of the financial and economic process, and avoid any delay that might negatively affect government performance and needs. Citizens.
An expert reveals the reasons for the dollar's decline in Iraq.
Al-Anzi explained to Al-Furat News Agency, "This situation negatively impacts desire and increases demand for the dollar, which prompts governments in neighboring countries to reduce imports to Iraq."
He pointed out that "the local market is witnessing an abundance of many local products, which reduces the need for black market traders to demand dollars."
SRSG Dr. Al Hassan briefing to the UN SC on developments in Iraq and UNAMI | 10 June 2025
link
https://www.youtube.com/watch?
The text of his speech
Dr. Mohamed Al Hassan, Special Representative of the UN Secretary-General for Iraq, delivered a briefing to the UN Security Council on Tuesday, at the start of which he highlighted "Iraq's drive towards more stability, more prosperity, and closer regional integration."
With just over six months remaining before UNAMI's mandate ends, Dr Hassan assured members that the UN Mission continues to pursue a structured transition according to schedule. He added:
"I wish to reiterate my confidence in the resilience of the Iraqi people and the determination of their leaders. Iraq is a nation of profound history, strength, potential, and pride. By working together, Iraqis can continue to make meaningful strides towards further stability, prosperity and human rights for all."
Full text of the briefing:
Madame President,
Distinguished representatives of Council members,
Allow me to begin by expressing my joy to seeing (a dear friend and colleague) preside over the work of the Council. Let me express my profound appreciation to members of this esteemed Council for their attention, support, and guidance. I am so delighted to seeing the distinguished representatives of Iraq and Kuwait participate in today's session. A word of gratitude must be given to the Secretary-General of the United Nations for his continued engagement in the Middle East, including his recent visit to Baghdad for the Arab Summit.
Madame President,
Distinguished Representatives,
Between my last report, six months ago, and now so many things have happened in Iraq which I will not list here, however, with your permission, I would like to mention the most notable developments at the forefront of which is Iraq's drive towards more stability, more prosperity, and closer regional integration.
My profound appreciation goes to the Government of Iraq for the humanitarian aid it has provided to the people of Gaza, Lebanon, Yemen, and Syria. Not to mention, its support to the new peace initiative between Türkiye and the Kurdistan Workers' Party, which, if implemented in good faith, will bring peace, security, and stability to the region at large.
Madame President,
Distinguished Representatives,
Iraq is well on its way to another national parliamentary election, set for 11thof November this year. Iraq's Independent High Electoral Commission (IHEC), with UNAMI's technical support, are making notable progress in preparing for this election. Voter registration is set to conclude in the coming days and nearly three-quarters of total voters have completed biometric registration so far.
Yes, there are challenges, including logistical concerns. But IHEC is committed to doing its best towards a free, fair and transparent election, with the participation of all Iraqis without fear and intimidation. UNAMI will spare no effort in providing the most professional technical support towards this end, including efforts to promote the widest participation of women, youth and minorities.
Meanwhile, six months after the successful parliamentary elections in the Kurdistan Region of Iraq last October, the formation of a regional government is still pending. Needless to say, a spirit of compromise, focusing on shared objectives rather than partisan divisions, is the key to overcome this protracted impasse. There is no doubt in my mind that the concerned parties in the Kurdistan Region of Iraq will be able to form a competent government that will serve the interests of the people of Kurdistan Region of Iraq and Iraq at large.
In here, I would further like to emphasize that the Baghdad-Erbil relationship is a partnership that necessitates ongoing dialogue and collaboration, grounded in the Constitution of Iraq, to effectively address and resolve any outstanding issues between the two sides.
Madame President,
Distinguished Representatives,
More than 800 Iraqis returned ten days ago from al-Hol camp in northeast Syria to Al Amal center in Iraq, showing the Government of Iraq's commitment to accelerating the return process of its citizens with the support of the United Nations. It is nevertheless essential that adequate resources are invested in supporting a dignified reintegration of returning families, and in ensuring a fair judicial process for the detainees who are being repatriated. And, while Iraq continues to make important strides in addressing returns from northeast Syria, the situation of Iraq's internally displaced persons continues to demand urgent attention.
Hundreds of thousands of individuals remain displaced in Iraq, including 100,000 primarily Yazidis from Sinjar who live in IDP camps and informal settlements throughout Iraq under precarious conditions. Yes, the Government of Iraq's recent recognition of Yazidis land rights, with over 1,300 ownership letters and nearly 100 title deeds distributed this year, was a significant milestone. The Iraqi government has also been proactive in offering compensation to Yazidi survivors and other minorities. However, creating sustainable conditions for the returns require more coherent political, administrative and security measures, in addition to significant investment in job creation and local services. The Government of Iraq needs to accelerate the adoption of a comprehensive national plan for durable solutions. The return process cannot just be physical relocation, it needs to be a meaningful process that rebuilds lives, livelihoods, and hope for the future.
I say it loudly that the Yazidi's in Iraq have suffered immensely beyond description at the hands of ISIS, and we in the United Nations, through you and your support, call on those concerned in Iraq and the (neighboring countries) to take all necessary measure to protect this community and restore their dignity, respect, appreciation and rightful humanitarian standing. Especially given that, to this day, a number of Yazidi men and women remain in a state of near-forced captivity after Da'esh ravaged their lives, Iraq, and the region as a whole. We believe it is essential to end this injustice against the indigenous Iraqi Yazidi people and to ensure their return to their homes and areas with dignity and honor.
Madame President,
Distinguished Representatives,
Commitment to human rights is at the heart of Iraq's stability and development. In January, Iraq was reviewed by the Human Rights Council under the Universal Periodic Review, a process designed to support and expand the promotion and protection of human rights in every country. A total of 263 recommendations are currently being considered by Iraq for adoption at the next session of the Human Rights Council. Progress is also being made on a draft law on minority rights and towards the adoption of a national strategy to counter hate speech. The United Nations is ready to continue supporting these and other human rights initiatives and engage with the Government of Iraq - our partner and the partner to the United Nations - in exploring options for continuing such support after UNAMI's departure.
Among the files related to human rights that must be addressed immediately and without delay is the file of the missing individuals and those imprisoned without fair, transparent, and legal trials. However, our confidence in the Iraqi judiciary is very strong, and we hope that all these matters will be addressed according to Iraqi laws and regulations, in a way that restores hope to thousands of families who have long awaited news of the fate of their loved ones. We believe that the Iraq of the future must be reconciled with itself and its neighbors, and Iraq is capable of that, based on equality and justice for all. I mean here justice and equality for all Iraqi's regardless of their affiliation. This is the Iraq that we aspire to see, and we have total confidence in the ability of Iraq and Iraqis to achieve that.
Madame President,
Distinguished Representatives,
Turning to the issue of missing Kuwaiti and third-country nationals, I welcome the increase in field missions and the use of advanced technology to identify potential burial sites. However, there is a need to redouble these efforts, strengthen cooperation and coordination, including in the search for witnesses, towards finding the remains of the 300 Kuwaiti missing persons and provide long-overdue answers to their families.
I also reiterate the importance to expedite the search to locate and return missing property, including the national archives of Kuwait, especially after the recent welcome decision to reactivate the Iraq-Kuwait joint committee on missing Kuwaiti property.
On other outstanding issues between Iraq and Kuwait, the resumption of meetings of the Iraq-Kuwait joint technical and legal committees concerned with the delimitation of the maritime border beyond marker 162 is a welcome development. Continued efforts to rebuild trust and confidence between the two brotherly countries are essential for forging a more stable and cooperative future.
We highly appreciate the positions of the Iraqi President and the Iraqi Prime Minister regarding the decision of the Supreme Constitutional Court regarding the so called "Khor Abdulla" agreement. We can only emphasize the importance of making decisions that contribute to maintaining security and stability, respecting the principles of the United Nations Charter, fostering good neighbourly relations, and refraining from interference in internal affairs. We also take this opportunity to reiterate UNAMI'S offer to extend its good offices in this regard should both sides request it.
In this context, allow me to point a fact that the State of Kuwait was a victim of invasion... to turn the page on the past, there must be serious and joint efforts to restore confidence. This needs practical steps and promises translated into reality, away from politicization, with focus on what unites the two countries and the brotherly people, in a way that strengthens partnership and positive relations, and promotes unity over division.
Madame President,
Distinguished Representatives,
With just over six months remaining before UNAMI's mandate ends, I would like to assure members of the Council that the Mission continues to pursue a structured transition according to schedule and in close cooperation with the Government of Iraq, whom I would like to warmly thank for their help, assistance and coordination. I would also like to report to the esteemed Council that we have closed UNAMI's offices in Mosul and Kirkuk and we are gradually reducing our staffing levels, seeking to balance the Mission drawdown with our continuing mandated tasks, and this, as you are aware, in a context of serious financial constraints impacting the United Nations as a whole.
I wish to reiterate my confidence in the resilience of the Iraqi people and the determination of their leaders. Iraq is a nation of profound history, strength, potential, and pride. By working together, Iraqis can continue to make meaningful strides towards further stability, prosperity and human rights for all.
I conclude my remarks by reiterating my complete confidence in Iraq and Iraqi people and the ability of this ancient nation, which is among the founders of the United Nations, to reclaim its civilization status. We in the United Nations are committed to support and assist Iraq and the Iraqi people to the best of our ability, and we will spare no effort in achieving that, based on our belief in this country, its capabilities and the potential of its people.
Thank you.
With the participation of 160 countries... Iraq at Expo Belgrade 2027
The international conference on preparations for Expo Belgrade 2027 kicked off Tuesday in the Serbian capital, Belgrade, with the participation of delegations representing more than 160 countries from around the world, including Iraq, which is seeking to register a distinguished and effective participation in this global event.
Iraq participated in this international conference through an official delegation headed by Mohammed Hanoun Karim, Deputy Director General of the Iraqi Exhibitions Company at the Ministry of Trade and head of the Iraqi delegation. Karim emphasized that Iraq's participation comes with direct support from the Iraqi government and the Ministry of Trade, and aims to highlight Iraq's bright image in international forums and strengthen its presence on the global economic and cultural map.
In a press statement to Shafaq News Agency, Hanoun explained that Iraq aspires to present an integrated national pavilion that reflects its ancient civilization and highlights its development aspirations in the economic, cultural, and investment fields. He stressed that participating in Expo Belgrade 2027 represents a unique opportunity to enhance international cooperation and attract global attention to investment opportunities in Iraq.
Hanoun confirmed that the first day of the conference included a review of the organizational plans for the Expo, a presentation on the Expo site, and the infrastructure being developed in Belgrade.
The Iraqi delegation also participated in a number of technical sessions alongside other delegations, where they exchanged views on the mechanisms for designing pavilions and organizing accompanying cultural and commercial programs.
Hanoun also said, "At the conference, we emphasized Iraq's commitment to building effective partnerships with participating countries and organizations, and leveraging international expertise in managing and implementing major events, thus enhancing Iraq's readiness to participate in the exhibition in accordance with the highest international standards."
It's worth noting that Expo Belgrade 2027 is one of the most prominent global events held every five years. It serves as a platform for interaction between peoples and cultures and a showcase for innovations and future visions for sustainable development.
Delaying the 2025 budget turns Iraqis' livelihoods into hostages to political tensions.
Fears of economic and social repercussions amid exploitation of the issue in election propaganda
The delay in approving the 2025 federal budget schedules in Iraq threatens financial stability, disrupts service and development projects, and delays the disbursement of salaries and benefits, amid warnings that the financial issue could become a political bargaining chip between blocs amid a heated election season.
Despite more than half a year having passed since the start of the fiscal year, the Iraqi government has yet to submit the 2025 budget schedules to the Council of Representatives. Observers warn that the delay is causing widespread repercussions for Iraqi families, particularly vulnerable groups and those dependent on social welfare and temporary contracts.
Social researcher Ruqayya Salman confirms that the turmoil in financial policies and the delayed budget are disrupting service projects and delaying salary payments, exacerbating living crises and the lack of job opportunities. She points out that vulnerable groups and the middle class are particularly suffering from rising prices and unauthorized spending, threatening social balance and exacerbating feelings of frustration and alienation among citizens.
Salman explains that the delay in budget-related projects, particularly in the areas of education, health, and infrastructure, deepens the gap between citizens and the state, impacts mental and social health, and increases rates of migration, unemployment, and domestic violence. She emphasizes the need to keep the financial issue separate from political disputes.
Political analyst Majash'a Al-Tamimi believes that the delay in approving the budget is not merely an administrative shortcoming, but rather a direct reflection of the budget's transformation into an electoral pressure card. He adds that the lack of legislative stability allows for unplanned expenditures and deprives governorates of their rights, harming employees and citizens alike.
Al-Tamimi warns that the continuation of this situation could lead to the absence of a federal budget in 2026 if the government formation process is delayed after the elections. This will force the state to rely on temporary spending, in accordance with the Financial Management Law, and restrict its ability to launch new projects or address sudden crises.
This procrastination is reflected in the level of services in the governorates. Deputy Speaker of Parliament for Regions and Governorates, Jawad Al-Yasari, points out that Muthanna and Karbala governorates suffer from weak financial allocations due to the adoption of outdated population criteria in distributing funds. He calls for a review of allocations to reflect population growth.
For her part, Mahdia Al-Lami, a member of the Parliamentary Services Committee, believes that governorates such as Diwaniyah, Babil, Salah al-Din, and Anbar are suffering from a severe decline in services due to the lack of adequate allocations. She explains that the completion rates of infrastructure projects do not exceed 6% in some areas, while daily protests by contractors in Baghdad continue due to delayed payments.
Legal expert Abbas Al-Aqabi explains that corruption in Iraq is no longer limited to the theft of funds, but also includes the disruption of projects and the delay in disbursing allocations. These practices can be challenged in court under Article 93 of the Constitution, given the harm they pose to the public interest.
Financial expert Abdul Rahman Al-Shaikhli confirms that the projects were included in the three-year budget approved by Law No. 12 of 2023. However, the drop in oil prices from $70 to $55 per barrel caused a financial deficit that forced the government to halt funding for investment projects.
Al-Sheikhly reassures that the government will guarantee the salaries of state employees, retirees, and social welfare, even if the price of a barrel of oil falls to $40, emphasizing that the current priority is to ensure the state's vital obligations under the current financial circumstances
A parliamentary committee identifies weaknesses in the banking sector: cash stocks are stored in homes.
Member of the Parliamentary Economy and Trade Committee, Kazem Attia Al-Shammari, confirmed on Tuesday that there is a clear weakness in the Iraqi banking system. He pointed out that a large amount of cash in circulation remains outside the banking system and stored in citizens' homes, exacerbating the liquidity crisis facing the government.
Al-Shammari told Al-Maalouma News Agency that “the lack of citizen confidence in the banking system continues to constitute a real obstacle to the development of this sector,” noting that “the banking window system suffers from a clear defect, which negatively impacts the performance of banks.”
He added that "huge amounts of cash are stored in citizens' homes, far from banks, which has led to weak monetary flows and a decline in liquidity in the official market, hindering the state's ability to finance some of its obligations."
Al-Shammari pointed out that "the Iraqi banking sector still lags behind modern banking standards and lacks effective financial activities. Many banks also fail to fulfill their obligations to customers, which deepens the trust gap and prevents deposits."
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Iraq included.. Pentagon: Declaring the highest level of readiness and monitoring the escalating tensions
The US Department of Defense (Pentagon) confirmed on Wednesday that it had authorized the voluntary departure of US military families from several locations within the US Central Command (CENTCOM) operational area, which includes Iraq and other countries in the Middle East.
A Pentagon official told Shafaq News Agency, "The safety and security of our service members and their families remains our top priority, and CENTCOM continues to monitor escalating tensions in the Middle East."
"Defense Secretary Pete Hegseth has approved the voluntary departure of military families from multiple locations within the Central Command's operational area," the official added.
He noted that US Central Command is working "in close coordination with our counterparts in the US State Department, along with our allies and partners in the region, to maintain the highest levels of readiness to support any mission, anywhere in the world, at any time," without elaborating.
This comes shortly after a US embassy spokesperson in Baghdad told Shafaq News Agency: "President Trump is committed to the safety of Americans, both at home and abroad. Based on this commitment, we are continually assessing the appropriate situation for staff at all our embassies. Based on our latest assessment, we have decided to reduce the size of our mission presence in Iraq."
However, the Iraqi government sought to reassure public opinion and the international community. An Iraqi government official told Shafaq News Agency on Wednesday evening: "These American measures are not limited to Iraq alone, but also include other countries in the region. We have not recorded any security indicators that would warrant this evacuation."
The Iraqi official emphasized that "all security indicators and briefings support the growing readings of stability and the restoration of internal security, and that Arab and foreign diplomatic missions operating in Iraq enjoy the widest range of safe operations, freedom of communication, and effectiveness, throughout the country, not just in the capital, Baghdad."
This comes at a time of escalating regional tensions, following statements by Iranian Defense Minister Aziz Nasirzadeh, in which he threatened that his country would "strike US bases in the region if a conflict erupts with Washington over the nuclear talks."
Warplanes spotted over Ramadi
I witnessedRamadi cityinAnbar GovernorateWarplanes were spotted over the city.
he added, "this operation was carried out based on accurate intelligence information."
Al-Karawi: We filed a lawsuit against the government due to the delay in the budget schedules
Member of the Parliamentary Finance Committee, Mustafa Al-Karaawi, revealed today, Tuesday, that the committee has filed a lawsuit against the government due to its delay in sending the budget schedules.
Al-Karaawi said in a statement to / Al-Maalouma / agency, that “the suspension of new employment and appointments is based on Article (14) of the Budget Law, which stipulates the suspension of contracting and appointment, with the exception of 150 job grades regulated within the budget text, in addition to some excluded categories in institutions affiliated with the Ministry of Education.”
He explained that "these exceptions have already been implemented or government institutions have begun implementing them. As for new contracts or daily wages, there is no explicit text in the budget that allows them to proceed with them, which makes them a subject of continuous discussion in Parliament sessions, especially with regard to the confirmation of contracts."
He added that "the first half of the year is about to end, and the budget has not yet been included on Parliament's agenda," stressing that "this matter constitutes a clear violation of the Budget Law, especially Article 77/Second Paragraph."
He pointed out that he "filed a lawsuit with the Public Prosecution Office more than two weeks ago, due to the delay in sending the budget and the existence of financial violations related to the Kurdistan Regional Government's allocations, as more than 4 trillion dinars spent were above the approved allocations."
Al-Karawi confirmed that "the Public Prosecution Office has begun investigation procedures to find a solution to the crisis," suggesting that the reason for the government's delay in sending the budget is the lack of financial liquidity and the absence of real solutions to the financing and cash crises, in addition to ignoring fluctuations in oil prices.
It is noteworthy that the budget for the years (2023-2025) was legislated in a three-part formula for the first time in Iraq's history, but the government has not sent its annual schedules yet, which has sparked angry parliamentary and popular reactions.
Al-Ziyadi: Parliament will hold its session on July 9, and the election law is off the agenda
Representative Mohammed Al-Ziyadi confirmed, on Tuesday, that the House of Representatives will hold its next session on July 9, indicating the possibility of voting on a number of important laws, with the exception of the elections law.
Al-Ziyadi explained in a statement to the Al-Maalouma Agency, that “the Independent High Electoral Commission, according to the law, requires that the elections law be ready at least six months before the election date, which is no longer possible under the current timing.”
He pointed out that "talk about amending the law has become unrealistic, especially since the first session of the last legislative term will be held on July 9, which makes it impossible to pass or amend the law during this period."
He added that "political differences over some laws were the reason for the disruption of parliamentary sessions during the past period," expressing his "hope that the current parliamentary session, in its final term, will succeed in passing a number of pending and important laws."
It is noteworthy that the House of Representatives had previously called for holding emergency sessions during the legislative recess in order to vote on important laws.
MP: Six months have passed and the budget schedules have not yet reached Parliament
Member of Parliament Yasser Hashem expressed his surprise on Wednesday at the government's delay in submitting detailed schedules for the 2025 general budget law to Parliament, despite six months having passed since the beginning of the year. He stressed that "there is no justification for this delay."
Hashem told Al-Maalouma News Agency, “The 2025 budget schedules should have reached the House of Representatives earlier this year, especially after the adoption of the three-year budget to overcome annual financial complications.”
He added that "the delay in submitting the schedules reflects a flaw in the government's performance and directly impacts the work of ministries and institutions that rely on the operating budget," noting that "many projects and financial commitments are on hold pending the approval of these schedules."
Hashem continued, saying, “Despite the passage of half a year, the government is still late in submitting detailed schedules without offering convincing explanations,” stressing that “the negligence lies with the executive authorities, not with Parliament, which cannot proceed without receiving the necessary data from the government.”
Economic Council: The Iraq Investment Forum will launch 150 investment opportunities in 12 economic sectors.
The head of the Iraqi Economic Council, Ibrahim al-Baghdadi, affirmed that Iraq represents a fertile and promising ground for investment in various sectors, noting that the Iraq Investment Forum represents a pivotal event for showcasing ready-made investment opportunities that align with the country's developmental aspirations.
Al-Baghdadi told the Iraqi News Agency (INA): “Iraq enjoys a strategic geographical location that makes it a key link in the international transportation network, in addition to possessing natural and human resources that qualify it to be an attractive environment for long-term investments.” He pointed out that “the forum’s agenda includes dialogue sessions and various topics that highlight the most prominent government measures supporting investors, in addition to presenting strategic projects such as the development road, which enhances economic integration in the region and constitutes an important axis for sustainable development.”
He pointed out that "more than 150 investment opportunities will be presented during the forum, distributed across 12 economic sectors, including the energy and renewable energy sector, which includes 27 investment opportunities in 13 governorates, including projects for thermal power plants, solar power, wind energy, and electricity generation from waste." He pointed out that "the oil and gas sector will include two investment opportunities to establish a refinery and a factory in Basra and Wasit, while the heavy and medium industries sector will include 21 opportunities, including chemical, manufacturing, and food industries in 10 governorates."
He added that "the industrial and free zones will include nine opportunities, including the establishment of industrial and pharmaceutical cities and free zones in Karbala, Maysan, Diwaniyah, Anbar, Basra and Nineveh," noting that "the investment opportunities also include projects in the agricultural and livestock production sectors, which include 20 opportunities in five governorates on vast agricultural areas."
He continued, "The opportunities also include the health sector, with 10 opportunities to establish hospitals and specialized centers in seven governorates," stressing that the projects also include housing and real estate development, with 25 opportunities including residential complexes and new cities providing more than 150,000 housing units in 11 governorates."
He pointed out that "tourism and entertainment include nine opportunities in Dhi Qar, Najaf, Nineveh, Babylon, and Karbala, including tourism projects and entertainment cities, in addition to investment opportunities in the transportation and ports sector to establish cable cars and a civilian airport."
Al-Baghdadi stated that "the forum will also address a number of issues, including sports and youth, where 10 opportunities will be presented, including sports cities and facilities in nine governorates, in addition to opportunities related to trade and warehouses, including eight investment opportunities, including warehouse complexes and commercial facilities in Kirkuk, Nineveh and Maysan, in addition to opportunities in the communications sector, through providing two opportunities to establish data centers and install submarine cables for international communications in Al-Faw."
Al-Baghdadi emphasized that "the forum is an effective platform for direct communication between local and foreign investors, on the one hand, and Iraqi ministries and agencies, on the other. He pointed out that Iraq aspires to become a regional hub for investment and development in the region, with government support and encouragement from the private sector."
The Central Bank of Iraq announces the latest statistics on its foreign exchange reserves
The Central Bank of Iraq announced, on Wednesday, an increase in its foreign currency reserves during May 2025.
The bank stated in official statistics, reviewed by Shafaq News Agency, that "the Central Bank's foreign reserves as of May 22 of this year amounted to $98.83 billion, equivalent to 128.479 trillion Iraqi dinars, an increase from May 1, when reserves amounted to $97.943 billion, or the equivalent of 127.326 trillion dinars."
He added, "These reserves also increased from April, when they reached $98.089 billion, equivalent to 127.516 trillion dinars."
The bank indicated that "reserves decreased from last year's 2024 figure of $100.276 billion, or the equivalent of 130.347 trillion dinars, and are also lower than the 2023 figure of $111.736 billion, or the equivalent of 145.257 trillion dinars."
Al-Sudani affirms Iraq's pivotal role in the region and the importance of partnership with friendly countries.
A statement issued by the Prime Minister's media office, received by {Euphrates News}, stated that "Al-Sudani received the ambassadors of the European Union to Iraq, and the ambassadors of the permanent members of the UN Security Council, where they discussed ways to enhance bilateral cooperation and develop relations to serve common interests."
During the meeting, the Prime Minister pointed out that "the Arab Summit conference, recently hosted by Baghdad, resulted in outcomes, decisions, and initiatives that contribute to supporting development and strengthening relations between Arab countries," noting that "the government is proceeding to address internal issues in accordance with legal and constitutional processes, ensuring justice and equality among all citizens."
According to the statement, the ambassadors praised "Iraq's regional and international role and its efforts in ensuring the success of the Arab Summit and its outcomes, which contributed to strengthening economic relations." They affirmed their support for the Iraqi government's policy in resolving internal issues, particularly the outstanding issues between the federal government and the Kurdistan Regional Government, as well as its steps to promote minority rights, consolidate civil peace, and ensure a decent living.
Al-Sudani stressed a number of regional and international issues, stating:
The necessity of ending the suffering of the Palestinian people, warning against the continued starvation policy practiced by the occupation government in Gaza, which represents a form of genocide.
Iraq is keen to perform its regional role through legal, diplomatic, and humanitarian frameworks, while emphasizing the need not to enter into any conflict.
Iraq is closely following the Iranian-American negotiations, expressing its hope that they will lead to a balanced and fair agreement, avoiding escalation.
Iraq's continued support for the Syrian people and its encouragement of the new administration to launch a comprehensive political process based on the principle of citizenship.
Supporting political consensus in Lebanon and the formation of a government, while condemning attacks that hinder stability and reconstruction.
Keenness to strengthen relations with the State of Kuwait, and to address missing persons and archive files within the framework of bilateral cooperation.
Commemorating the fall of Mosul and the events of the ISIS invasion in 2014, praising the positions of friends who supported Iraq in confronting terrorism.
Considering diversity in Iraq as a source of strength and internal cohesion, not a cause for concern.
Parliamentary Legal Committee: No serious steps have been taken to pass the Oil and Gas Law yet.
Parliamentary Legal Committee member Dara Sekanyani confirmed on Wednesday that no serious steps have been taken to pass the oil and gas law. He noted that passing the law requires consensus and understanding between the parties, something that has not yet been achieved.
“All parties are talking about the importance of approving and passing the oil and gas law, which was included in the government’s work program and was scheduled to be passed, but no serious steps have been taken to pass it yet,” Sekanyani said in a press statement. He explained that “passing the oil and gas law concerns all of Iraq and requires understanding between all parties. It requires some kind of agreement and consensus, but so far this consensus and understanding has not been achieved between the political parties in Iraq and the region.”
He added, "If the oil and gas law is passed, the oil and gas issue between the Kurdistan Regional Government and the federal government will be resolved, and some of the issues between them will be resolved, provided that all parties commit to implementing the law after its passage."
After 19 days, a financial shift directly affects Iraqis' pockets.
Nineteen days separate Iraq from implementing a ban on cash payments in government institutions and adopting all government payments electronically. This is a "strategic" step to improve governance, reduce corruption, promote economic growth, and promote a cultural shift toward transparency and modernity, according to the Prime Minister's advisor for financial affairs, Mazhar Mohammed Salih.
However, this shift comes at a time when economic experts believe that awareness of the importance of electronic payments remains limited, particularly in rural areas and among the elderly. There is a significant gap between urban and rural areas, where infrastructure and awareness are weak, and where there are few outlets for effective coverage.
The Iraqi government has decided to ban cash payments at government institutions starting next July, and to adopt all government payments electronically. To this end, it has launched awareness campaigns to encourage the adoption of electronic payment systems and move away from the traditional cash-based culture.
Limited development
Economic expert Ahmed Abdel Rabbo asserts that "there has been a significant improvement in awareness, but it remains limited. Electronic payment card ownership has reached 45% of adults (approximately 20 million cards), with bank accounts growing. There is also a significant gap between urban areas (such as Baghdad) and rural areas, where infrastructure and awareness are weak."
Speaking to Shafaq News Agency, Abdul Rabbo pointed out the "need to encourage citizens to prefer electronic payments to avoid the risk of theft or damage to cash, especially with 95 trillion Iraqi dinars hoarded outside banks."
In addition, Abdel Rabbo stresses the importance of "expanding the number of retail outlets, as they do not exceed 50,000 devices, while the country needs 800,000 devices for effective coverage."
Based on the above, Abdel Rabbo calls on the Central Bank to launch a campaign to enable vulnerable groups (such as rural residents) to access banking services, increase the percentage of account holders, and develop infrastructure such as internet networks and POS devices .
The importance of electronic payment
Economist Munir al-Abidi agrees with Ahmed Abd Rabbuh, stating that "Iraqis' awareness of the importance of electronic payments is still developing, gradually increasing with the introduction of smart card payments and the proliferation of banking applications, particularly among youth and urban residents."
However, Al-Abidi added to Shafaq News Agency, "Awareness of the importance of electronic payments remains limited in rural areas and among the elderly, due to weak trust in the banking system, a lack of financial literacy, and fear of electronic fraud."
Regarding the most important factors influencing the adoption of electronic payment, Al-Abidi summarizes them as "the availability of infrastructure (internet, points of sale), trust in banks and service providers, financial awareness and digital education, government incentives (such as subsidies, discounts, and partial obligation), and the acceptance of these methods by merchants and small businesses."
Great benefits
Al-Abidi asserts that "expanding the use of electronic payment systems brings significant benefits to both the state and its citizens. For the state, it contributes to reducing cash transactions, which reduces tax evasion and increases financial transparency. It also enhances the efficiency of government spending management and facilitates oversight of financial flows."
For citizens, "electronic payment provides ease and security in conducting transactions, grants them faster access to salaries and services, reduces the risk of theft and carrying cash, and enables them to access the financial system and benefit from loan, savings, and insurance services," according to Al-Abidi.
For his part, the Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Saleh, said, "The steps the country is taking to adopt electronic payments are consistent with the e-governance mandated by the government program in terms of speed, accuracy, quality, and timing."
Saleh explained to Shafaq News Agency, "The importance of electronic payment in state institutions is specifically summarized in its economic, administrative, and cultural aspects. It is a strategic tool for improving governance, reducing corruption, and promoting economic growth and cultural transformation towards transparency and modernity."
In this regard, "it can enhance the strength of the unified treasury account system in terms of the speed of financial collection and the unity of flows in cash budget accounts with high-level governance without fragmentation or slowdown," according to Saleh.
Electronic collection
He explained, "Government e-collection strengthens collection activities by controlling the flow of cash resources (such as fees, taxes, and wages), which reduces waste and increases state resources, thus better narrowing the gap between revenues and public expenditures, especially for non-oil revenues."
Another benefit of electronic payments, Saleh continued, is that "electronic payments reduce cash manipulation and informal collection, and make money movements highly traceable and auditable, as all electronic transfer transactions are subject to a central digital system, allowing for easy auditing and review."
He added, "At the same time, electronic payment helps citizens quickly settle payment obligations, particularly those related to services (such as paying electricity bills, passports, various fees, and taxes) easily over the phone or the internet, without having to stand in long, time-consuming queues."
He adds, "It's no secret that the culture of electronic payments helps integrate citizens into the digital environment and reduces fear or skepticism about digital transactions. This culture is closer to implementing the 'financial inclusion' strategy than providing banking services to the most vulnerable segments of society and gradually integrating them into the country's banking system. This encourages savings, financial planning, and spending control."
Saleh concluded his remarks by saying, "Electronic payment is not just a technical tool; it is part of the vision to modernize the Iraqi state administratively, economically, and culturally. Its widespread adoption is a crucial step toward a transparent digital economy, improving government performance and bringing services closer to citizens in the age of the digital economy."
Iraq to Attract Investment through New IPOs
The Iraqi Securities Commission (ISC) has announced new efforts to enhance the attractiveness of the Iraq Stock Exchange (ISX), focusing on corporate governance and expanding the base of listed companies.
State-run Iraqi News Agency (INA) quotes ISC board member Wadhah al-Taha as saying that the launch of a corporate governance guide marks a key step toward strengthening the investment climate.
He noted that the Commission plans to introduce new companies through initial public offerings (IPOs) aimed at encouraging domestic investors to engage with profitable firms that offer regular dividends. This is expected to boost investor confidence and increase market activity.
Al-Taha added that these reforms send a message to international investors that Iraq's capital market is moving toward greater transparency, sustainability, and effective risk management.
He also highlighted Iraq's recent integration into an international platform that includes nine global markets, placing the ISX under international observation and accelerating the need for reform.
The Commission's broader strategy includes:
- Strengthening the corporate governance framework
- Expanding training programmes
- Increasing the number of high-quality, profitable listed companies
- Diversifying market offerings to reduce risk and enhance returns
Currently, 103 companies are listed on the ISX, but investor activity is concentrated on only 20-25 firms. The Commission aims to widen the range of active, reliable investment opportunities.
NOT GOOD STUFF
Reuters: US embassy in Iraq prepares for evacuation as security risks increase
Reuters news agency reported, citing an Iraqi security official and a US source, that the US embassy in Iraq is preparing to implement an order to evacuate its forces due to increased security threats in the region.
The Associated Press also quoted US officials as saying that the embassy is preparing to issue orders for the departure of non-essential staff.
According to these sources, the evacuation decision came as a result of escalating tensions and security warnings.
Iranian Defense Minister Aziz Nasserzadeh warned on Wednesday that Tehran would target US military bases in the region if the nuclear talks fail and a conflict with the United States erupts.
Israeli Channel: Tel Aviv's preparations for a possible attack against Iran have reached their final stages.
Israel's Channel 12 reported that preparations for a potential Israeli attack on Iranian nuclear facilities have reached their final stages, with final steps, such as munitions transfers and operational planning, underway.
Earlier, Israeli media reported a 40-minute conversation between Donald Trump and Benjamin Netanyahu, and said the Israeli prime minister held a security meeting on Iran's nuclear program with ministers and senior security officials following the phone call.
The US State Department allows non-essential employees and their families to leave Bahrain and Kuwait.
US media reported on Wednesday that the State Department has allowed non-essential employees and their family members to depart Bahrain and Kuwait.
The Associated Press reported that the State Department "has allowed non-essential employees and their families to leave Bahrain and Kuwait."
This gives them the freedom to choose between staying or leaving the country.
Two US officials said on Wednesday that the US State Department is preparing to issue an order for non-essential staff to leave its embassy in Baghdad due to the possibility of regional unrest.
The UK Maritime Trade Operations (UKMTO) said in a note on Wednesday that it was aware of rising tensions in the Middle East, which could lead to an escalation of military activity, directly impacting maritime operations.
The authority advised ships to exercise caution when passing through the Gulf, the Gulf of Oman, and the Strait of Hormuz.
US State Department: We have decided to reduce our mission in Iraq based on the latest assessment.
The US State Department announced on Wednesday the reduction of its diplomatic mission in Iraq, based on the latest assessment. It noted that President Trump is committed to preserving the safety of Americans at home and abroad, following statements reported by Reuters that the US embassy was prepared for an orderly evacuation due to increased security risks in the region.
The Foreign Ministry said in statements to Al Jazeera:
President Trump is committed to keeping Americans safe at home and abroad.
We continually assess the appropriate status of staff at our embassies, in line with President Trump's commitment.
Based on our latest assessment, we have decided to reduce our mission in Iraq.
Iraq included.. Pentagon: Declaring the highest level of readiness and monitoring the escalating tensions
The US Department of Defense (Pentagon) confirmed on Wednesday that it had authorized the voluntary departure of US military families from several locations within the US Central Command (CENTCOM) operational area, which includes Iraq and other countries in the Middle East.
A Pentagon official told Shafaq News Agency, "The safety and security of our service members and their families remains our top priority, and CENTCOM continues to monitor escalating tensions in the Middle East."
"Defense Secretary Pete Hegseth has approved the voluntary departure of military families from multiple locations within the Central Command's operational area," the official added.
He noted that US Central Command is working "in close coordination with our counterparts in the US State Department, along with our allies and partners in the region, to maintain the highest levels of readiness to support any mission, anywhere in the world, at any time," without elaborating.
This comes shortly after a US embassy spokesperson in Baghdad told Shafaq News Agency: "President Trump is committed to the safety of Americans, both at home and abroad. Based on this commitment, we are continually assessing the appropriate situation for staff at all our embassies. Based on our latest assessment, we have decided to reduce the size of our mission presence in Iraq."
However, the Iraqi government sought to reassure public opinion and the international community. An Iraqi government official told Shafaq News Agency on Wednesday evening: "These American measures are not limited to Iraq alone, but also include other countries in the region. We have not recorded any security indicators that would warrant this evacuation."
The Iraqi official emphasized that "all security indicators and briefings support the growing readings of stability and the restoration of internal security, and that Arab and foreign diplomatic missions operating in Iraq enjoy the widest range of safe operations, freedom of communication, and effectiveness, throughout the country, not just in the capital, Baghdad."
This comes at a time of escalating regional tensions, following statements by Iranian Defense Minister Aziz Nasirzadeh, in which he threatened that his country would "strike US bases in the region if a conflict erupts with Washington over the nuclear talks."
Warplanes spotted over Ramadi
I witnessedRamadi cityinAnbar GovernorateWarplanes were spotted over the city.
he added, "this operation was carried out based on accurate intelligence information."
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Iraq’s Banking Revolution: Your Iraqi Dinar, Digitized
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