The dollar market is on “one leg”.. A new mechanism and the exchange rate is threatened!
The Central Bank of Iraq is preparing to stop dealing with the electronic platform for dollar transfers abroad, at a time when experts have warned against raising the exchange rate to a higher level in light of the news circulating about this.
The video for this blogpost is below here:
The electronic platform was launched in early 2023, and it represents a system for auditing dollar transfers before they are executed, instead of the audit that the US Federal Reserve used to conduct after execution.
Banks, companies and merchants in Iraq faced some challenges before adapting to the new method, but they finally underwent a series of trainings that the employees of these banks received before fully adapting to the platform’s work.
Exchange rate hike
In light of these moves, news has been raised about a move towards a new adjustment to the exchange rate, which has raised economists’ concerns about the potential impact of this move on the economic process in general.
Experts stressed that sudden changes in monetary policy could create additional confusion in the markets and undermine confidence in the financial system.
Economic expert Mustafa Akram Hantoush said, “Changing the exchange rate in the current situation is useless, because the problem is not in purchasing power, but in the demand for the dollar outside the platform due to small traders, trade with Iran, and some materials that are imported outside the platform due to high customs duties or their ban, in addition to the citizens’ desire to save the dollar.”
Hantoush added to Al Jarida that “it is better to find solutions to the increasing demand for the dollar outside the platform instead of resorting to changing the exchange rate, because that will complicate the monetary situation even more than it is now.”
clear policy
According to an official at the Central Bank of Iraq, dealing with the dollar file was based on various opinions built on a series of studies and field research.
The official, who preferred to remain anonymous, explained to Al Jarida that “the bank adopted two main approaches to address the crisis. The first is to expand the use of international currencies such as the Chinese yuan, the Indian rupee, the UAE dirham, and finally the Saudi riyal, with the aim of reducing dependence on the dollar. The second approach focuses on developing the operational capabilities of local banks to become more qualified to participate in transfer operations.”
For his part, banking researcher Mahmoud Dagher explained that “the fluctuation of the Iraqi dinar exchange rate came as a result of two decisions to reduce the value of the dinar in 2020 and then raise it in 2023, which represents a clear intervention in the fixed exchange rate system, which created ongoing economic confusion.”
Dagher told Al Jarida that “any new change in the exchange rate reflects the absence of benefit from previous mistakes, as wrong interventions in monetary policy lead to adverse results that increase the instability of the financial market.”
As for the economic expert, Adi Al-Alawi, he confirmed that “the biggest mistake that the government can make is to manipulate the dollar exchange rate through sudden decisions, because that has a direct impact on the national economy and shakes investors’ confidence in the financial system.”
Al-Alawi added to Al-Jarida that “the government’s continued taking of ill-considered decisions regarding the exchange rate will lead to the erosion of international and local confidence in the Iraqi economy, which will weaken the ability to attract the necessary investments to improve the economic reality.”
These are from yesterday
Parliamentary Finance: The three-year budget is not the ideal solution and does not replace the annual budget
In his interview with Al Furat News Agency, Kocher pointed out that "the government was late in sending and preparing budgets in previous years, which led to resorting to the tripartite option to facilitate the implementation of projects."
He explained that "the three-year budget may be a temporary solution, but it is not the ideal alternative or the final solution. The annual budget is the most appropriate for any government to ensure financial and executive stability."
He added, "The government's delay in sending the budget over the years pushed Parliament to opt for the three-year budgets, even though this system is not in line with the financial timings stipulated in the Financial Management Law."
Challenges facing Iraq
Koger pointed out that "the government's failure to adhere to the timetables specified in the law made it difficult to prepare an annual budget, which prompted Iraq to move towards a three-year budget in an attempt to reduce the negative effects resulting from the continuous delay."
World countries and annual budget
Koger said that all countries in the world adopt an annual budget, which contributes to their financial stability and allows governments to plan public spending strategically and flexibly.
It is noteworthy that the financial advisor to the Prime Minister, Mazhar Muhammad Salih, said in a press statement that Article 77/Second of the Federal General Budget Law No. 13 of 2023, which regulates the preparation of the three-year budget, stipulates that the government sends the budget tables for the years 2024 and 2025 to the House of Representatives for approval before the end of the previous fiscal year.
He added that the Ministry of Finance has announced that it is in the process of preparing the general budget schedules for the year 2025, in accordance with the constitutional mechanisms adopted by the aforementioned Triennial Budget Law.
Saleh noted that the federal general budget tables for the year 2025 will be based on the constants of Federal Budget Law No. 13 of 2024, taking into account international and regional economic conditions and their changes, in a way that ensures that the provisions of the budget tables for the year 2025 are adapted within the available legal texts, in addition to relying on the performance of the indicators of the general budget tables for the year 2024.
PM Al-Sudani and Italian defense minister address regional stability and cooperation
link
On Saturday, the Iraqi Prime Minister Mohammed Shia Al-Sudani, met with the Italian Defense Minister, Guido Crosetto.
According to a statement by the PM’s media office, the meeting discussed bilateral relations and ways to strengthen them across various sectors, particularly in security, to achieve mutual benefits for both nations.
“The Prime Minister praised Italy’s role in supporting Iraq through the International Coalition and NATO Mission. He expressed Iraq’s readiness to cooperate with friendly countries to stabilize the region, emphasizing its impact on global security,” the statement added.
Regarding the situation in Syria, the Iraqi PM stressed the importance of collective efforts to help Syrians manage their country’s affairs without interference that compromises Syria’s sovereignty and territorial integrity. He also noted that the Iraqi government is evaluating developments in Syria to make informed decisions regarding its evolving situation.
For his part, Crosetto conveyed greetings from Italian Prime Minister Giorgia Meloni, and expressed her anticipation of Al-Sudani’s visit to Italy.
Crosetto affirmed Italy's eagerness to expand ties with Iraq by building on the existing partnership and cooperation. He also reiterated Italy’s commitment to supporting regional stability and acknowledged Iraq’s progress in re-establishing its regional role.
Al-Sudani and Talabani agree to form the regional government
Prime Minister Mohammed Shia al-Sudani and the Patriotic Union of Kurdistan's Bafel Talabani stressed today, Saturday, the necessity of supporting dialogues between national forces to form the Kurdistan Regional Government .
Al-Sudani's media office stated in a statement received by "Mil" that the latter "received the head of the Patriotic Union of Kurdistan, Pavel Talabani, and discussed with him the overall situation in the country and the importance of the political forces supporting the government's efforts to implement the objectives of its program, and proceeding to achieve comprehensive development to improve the service and economic realities."
The statement added, "The meeting included discussing common visions on all national files and issues, and the necessity of supporting dialogues between the national forces in the Kurdistan Region of Iraq to form the regional government, after the success of organizing the parliamentary elections last October, and in order to enhance cooperation and coordination between the federal government and the new regional government on various security, political and development issues."
Masrour Barzani discusses regional developments with Trump's national security nominee
The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, discussed, in a phone call today, Saturday, with Congressman Michael Waltz, who was recently chosen by US President-elect Donald Trump as an advisor to the National Security Council, a number of important issues.
A statement by the regional government received by Shafaq News Agency stated that during the phone call, the two sides discussed the latest developments in Iraq, the Kurdistan Region and the region in general, and stressed the importance of strengthening bilateral relations and joint work to maintain security and stability in the region.
The Prime Minister congratulated the Congressman on his selection as an advisor to the National Security Council, praising his extensive experience in security files and issues related to the region.
The two sides also exchanged views on the results of the recent elections in the Kurdistan Region and the United States, and stressed the importance of democratic change and enhancing joint international cooperation and coordination in this context.
Part of the talks was devoted to discussing the pivotal role of the Kurdistan Region as a reliable partner in the region, as well as its commitment to shared values and goals that promote peace and security. Both sides agreed on the need to intensify joint efforts to overcome challenges and obstacles, in order to ensure the continuation of stability in the region.
Iraqi, Kurdish finance ministries do thorough review of budget payments
The federal and regional finance ministries have reviewed federal payments to the Kurdistan Region for the first 11 months of the year, Iraq’s deputy finance minister said on Saturday. This is part of efforts to resolve disputes over the payments and ensure funds are available to pay civil servant salaries. | |
The Parliamentary Legal Committee reveals to (Al-Mada) the date for resuming Parliament sessions.. This is the most important thing that will
be passed
The Parliamentary Legal Committee set, on Saturday, the date for resuming the sessions of the House of Representatives, while revealing the most prominent laws that will be passed during the current session.
Committee member Raed Al-Maliki said in an interview with (Al-Mada), "Parliament sessions will resume on January 9, 2025, which is the first chapter of the fourth year of the current session of the Council."
He added, "Parliament will proceed with the legislation of a number of laws, most notably amending the Drug Law, the Intelligence Service Law, the laws regulating the right to demonstrate, the Iraqi Media Network, amending the amnesty and personal status laws, and other laws."
These developments come at a time when the Iraqi parliament is witnessing repeated disputes over controversial laws, such as personal status, general amnesty, land recovery, oil and gas, which has led to the postponement of sessions or the disruption of the passage of laws on more than one occasion.
Parliament is currently seeking to avoid political tensions and ensure the passage of laws in a manner that serves the stability of legislative work.
The Speaker of the House of Representatives, Mahmoud Al-Mashhadani, confirmed after his election to the position that the controversial laws will be put to a unanimous vote, away from political bickering that may hinder the progress of legislative work.
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these are from today
Al-Sudani: Iraq has regained its leading role in the region and has become an influential and effective country
Prime Minister Mohammed Shia al-Sudani confirmed today, Sunday, that Iraq has regained its leading role in the region and has become an influential and effective country in its surroundings.
Al-Sudani's office stated in a statement received by "Mil" that "Al-Sudani met in the city of Mosul, today, Sunday, with a group of tribal sheikhs and representatives of the various components and spectrums in Nineveh Governorate . "
Al-Sudani stressed his keenness to "meet the sheikhs, dignitaries, religious men and elite of the province's people," indicating that "his visit to Nineveh comes within the government's work methodology to follow up on the affairs of citizens in the various provinces, lay the foundation stone for a number of projects, follow up on work at Mosul International Airport, and set the tenth of next June as the date for its opening . "
The statement continued, "All the projects that were launched today in Nineveh were destroyed by terrorism, and in the days of celebrating Victory Day over the terrorist gangs, we are rebuilding the ruins of the dark era of ISIS and working to launch new projects . "
Al-Sudani confirmed that "a series of infrastructure projects will be launched in the governorate within 30 days, and the second phase of the ring road project will begin to alleviate traffic congestion in the city," stressing that "the wheel of construction and reconstruction in the governorate continues with the solidarity of its people."
The statement explained that "the true image of the Iraqi people triumphed over what terrorism wanted in targeting security and peaceful coexistence among all components and sects," explaining that "the strife of terrorism and the foreign agenda harmed society in Nineveh, and tried to drive a wedge of division among Iraqis."
He pointed out that "Iraq today is on the right track in building a state that respects the citizen, adheres to the constitution, and builds its institutions in a way that meets the aspirations of the citizens," stressing that "Iraq has regained its leading role in the region and has become an influential and effective country in its surroundings . "
The statement pointed out that "Iraq today is putting forward initiatives, solutions and positions that are consistent with the challenges in the region . "
The statement concluded: "We took the initiative to make contacts and visits with sister countries, and launched an initiative to establish security in Syria. We presented an Iraqi paper at the Aqaba Conference in Jordan regarding Syria, and it was welcomed by all brothers . "
2025.. The year of cautious optimism in Iraq
The international economics specialist, Nawar Al-Saadi, revealed, on Saturday, the future financial and economic expectations for Iraq at the beginning of the new year 2025 .
Al-Saadi told Shafaq News Agency, "The future economic and financial expectations for Iraq at the beginning of the new year carry a mixture of optimism and caution, as they depend largely on a set of economic, political and regional factors that directly affect the country's financial and economic stability ."
He added that "international estimates indicate an improvement in Iraq's economic growth rates, according to reports from the International Monetary Fund, which expected the Iraqi economy to grow by 1.4% next year, with an expected increase of 5.3% in 2025. This growth reflects the recovery of the economy after the challenges it faced in the past years, especially after the economic contraction of 2.2% in 2022, and economic growth will be mainly driven by the stability of oil prices and increased investments in non-oil sectors ."
Al-Saadi pointed out that “there are fears of a deterioration in the financial situation due to the expected deficit in the state’s general budget, as the deficit is expected to widen to 7.6% of GDP during the coming year, compared to 1.3% this year. This deficit is attributed to fluctuations in oil prices, which are the main source of government revenues, and the economic situation is further complicated by the heavy dependence on oil, which constitutes about 90% of Iraq’s revenues. Any decline in its global prices could lead to severe financial pressures on the government .”
“Other challenges relate to inflation rates, which are expected to rise slightly to 3.5% in 2025. This rise reflects the effects of financial pressures and internal economic challenges, including higher prices for goods and services as a result of increased production and import costs. In terms of oil production, Iraq is expected to continue to maintain a high level of production, with plans to boost its production capacity to around 4 million barrels per day by the first quarter of 2025. However, the success of these efforts will remain linked to political stability and relations with OPEC, in addition to achieving long-term investments in energy infrastructure, ” he added.
Al-Saadi continued: “With regard to the banking sector, the government seeks to implement structural reforms to improve the efficiency of the banking system and increase transparency. These reforms come within a larger vision to develop the Iraqi economy and diversify sources of income away from excessive dependence on oil .”
The international economics expert concluded his speech by referring to all the aforementioned data, saying that “Iraq may be facing hot economic and financial events at the beginning of the new year, and the main challenge lies in the government’s ability to manage these challenges effectively through balanced financial and economic policies that aim to enhance economic stability and diversify the economy to achieve sustainable growth.”
Project to remove zeros from Iran's deteriorating currency
The Iranian government has submitted a bill to the Islamic Consultative Assembly to remove four zeros from the national currency and convert its unit from the rial to the toman.
The government of Masoud Pezeshkian stated that the purpose of preparing this bill and submitting it to parliament is to “reduce the problems caused by chronic inflation and the decline in the purchasing power of the national currency,” which in recent years has led to a significant increase in daily transactions and a “clear decline in the reputation of the national currency” compared to other currencies.
Tasnim News Agency reported that this bill was approved by the second government of President Hassan Rouhani in August 2019, and has now been submitted to the parliament as an emergency bill in the fourteenth government.
An attempt is being made to preserve the “reputation” of the national currency by removing four zeros, while the Iranian rial is currently the least valuable currency in the world, and its value continues to decline, as it was exchanged against the dollar for more than 760,000 Iranian rials.
Although removing four zeros from the national currency may make trading easier in the market, the government has not explained how it expects inflation to be reduced by removing four zeros from the national currency.
Politician: Iraq has no fear of Trump reaching the White House
Independent politician Wael al-Rikabi confirmed on Sunday that Iraq will not be negatively affected by the arrival of US President Donald Trump to power in the United States, pointing out that there is an Iraqi desire to arm from new sources other than the United States.
Al-Rikabi said in an interview with Al-Maalouma Agency, “Iraq has nothing to worry about Trump coming to power in the White House or Biden staying, as it is committed to all international agreements and controls in a way that made it a pivotal state, and the visits that the country has witnessed recently are evidence of that," indicating that "Iraq is the focus of attention of all countries for what it possesses of capabilities and energies, and the state of chaos cannot be returned to it, and it has not broken "any official international agreement."
He added, "The process of changing power in America concerns the United States, and there are agreements between us and them, although the United States violated these agreements," noting that "the Americans did not provide Iraq with the sufficient weapons required, such as air defenses, and Washington did not cooperate with successful Iraqi governments in this file.”
He pointed out that "there is a desire in Iraq to arm itself with countries other than the United States after the recent events in the region, and Iraq is currently able to overcome this issue, and the existing weapons make the situation reassuring," noting that "everyone knows the extent of the United States' defense and support for the Zionist entity at the expense of the countries of the region."
It is noteworthy that several representatives and political forces warned of the danger of the Iraqi army's weak armament in light of the events taking place in the region, the latest of which was the control of terrorist groups over Syria and the threat of the Zionist entity to target Iraq.
During 2025.. Cautious anticipation of the economic and financial reality in Iraq
Economic expert Ahmed Al-Tamimi confirmed today, Sunday (December 22, 2024), that Iraq is heading towards a cautious situation regarding its economic and financial situation during the year 2025.
Al-Tamimi told Baghdad Today: “Expectations and data confirm that Iraq is facing hot events at the beginning of the new year, and these events will have repercussions and reflections on the country’s financial and economic reality, especially with the imminent assumption of the presidency of the White House by US President-elect Donald Trump, and the fear of imposing some sanctions and financial tightening on Iraq in order to limit the smuggling of the dollar as well as limiting the Iranian role through these economic pressures.”
He added, "There is extreme caution regarding the financial and economic reality of Iraq at the beginning of the new year, especially since the Iraqi economic situation is greatly affected by any security or political event, and for this reason everyone is anticipating the coming days, and this matter has led to a decline in the buying and selling of real estate and other valuable items, for fear of any expected economic and financial shock."
The Parliamentary Finance Committee confirmed last Monday that the situation in Syria does not affect the Iraqi economy or the dollar exchange rate in the local market, noting that “the government and the Central Bank have taken several important measures to confront the security and economic challenges in the country, especially in light of the deteriorating situation in Syria.”
The Road Ahead for Iraq’s underdeveloped Stock Market
Iraq’s stock market considered a vital pillar for channeling savings into investments, remains underdeveloped and overshadowed by regional counterparts. Authorities are striving to revitalize the market to attract investors and promote economic diversification, however, challenges such as political instability, limited industrial and agricultural sectors, and bureaucratic hurdles continue to impede progress.
Market Overview
The Iraq Stock Exchange (ISX) was established in 1992 as the Baghdad Stock Exchange under Law No. 24 of 1991. It was later renamed in 2003, listing 113 private and mixed companies at its inception. However, despite its long history, the ISX lags behind neighboring markets in trading volume and overall activity.
Foreign investors remain hesitant, citing Iraq’s political and economic instability, as well as complex administrative and legal procedures for opening accounts and transferring profits. These barriers contribute to the market’s small size and limited appeal.
Economic Challenges and Market Dynamics
Muzher Mohammed Saleh, financial advisor to Iraq’s prime minister, highlighted the structural issues plaguing Iraq’s economy. “The country inherited a mono-reliant economy heavily dependent on oil revenues, exacerbated by decades of war, sanctions, and economic isolation,” Saleh told Shafaq News.
“Unfortunately, the industrial and agricultural sectors, which are essential for diversifying the stock market, are significantly weak.”
These two sectors collectively contribute only 6–7% of Iraq’s GDP, according to Saleh, with most activities being individual rather than corporate. He revealed that the stock market’s underdevelopment mirrors the broader structure of Iraq’s economy, where banking institutions dominate due to the liberalized, oil-dependent economy.
Notably, over 50% of ISX’s activity stems from banking institutions.
“The government’s new economic strategy focuses on fostering a production-oriented partnership between the public and private sectors to enhance economic diversification,” Saleh added. He noted that the success of the stock market hinges on achieving broader economic diversity and strengthening foundational sectors like industry and agriculture.
Market Constraints
While regional markets in the Gulf and North Africa have modernized rapidly, Iraq’s stock market has struggled to keep pace. Broker Mohammed Madloul pointed out that neighboring markets like Egypt and the UAE provide 24-hour stock price tickers in public spaces, allowing citizens to trade shares outside traditional hours. By contrast, trading in Iraq is restricted to specific hours, limiting transaction opportunities.
“In Iraq, the market’s size and activity are constrained,” Madloul said. “Many stocks trade at values below one Iraqi dinar, reflecting the limited scope of investments.” However, he acknowledged some progress in the banking sector, noting that the market capitalization of listed companies grew from 6.88 trillion dinars (about $5.2 billion) in 2021 to 10 trillion dinars in 2024 (about $7.6 billion.)
“This growth highlights a potential for expansion, albeit focused heavily on the banking sector.”
Weak Private Sector
Economic expert Durgham Mohammed Ali attributed the ISX’s small size to the lack of large companies and a strong private sector in Iraq. “The market reflects the weak state of Iraq’s developmental sectors and the public’s lack of trust in it,” Ali told Shafaq News. “The ISX remains technically underdeveloped compared to Gulf markets.”
Ali criticized the lack of efficient investment portfolio management and regulatory constraints imposed by the ISX’s oversight body. “These restrictions limit the operations of brokerage firms and discourage robust investment activities,” he said. “The performance of the market is directly tied to the efficiency of listed companies, which remain weak.”
Modernization Efforts
Despite these challenges, efforts are underway to modernize Iraq’s stock market. Taha Ahmed Abdul-Salam, ISX’s executive director, stressed the importance of stability and long-term corporate vision for attracting investors.
“The number of listed companies has increased from 105 to 107, and we are working to add more,” Abdul-Salam told Shafaq News. “This expansion is essential for attracting new investors.”
Abdul-Salam revealed that the ISX has signed an agreement with the Egyptian Exchange to implement a new Order Management System (OMS), enabling investors to trade via smart devices. “We expect to launch this system by June or July next year,” he said. This modernization is seen as a critical step toward making the market more accessible and competitive with regional counterparts.
The dollar market is on “one leg”.. A new mechanism and the exchange rate is threatened!
The Central Bank of Iraq is preparing to stop dealing with the electronic platform for dollar transfers abroad, at a time when experts have warned against raising the exchange rate to a higher level in light of the news circulating about this.
The electronic platform was launched in early 2023, and it represents a system for auditing dollar transfers before they are executed, instead of the audit that the US Federal Reserve used to conduct after execution.
Banks, companies and merchants in Iraq faced some challenges before adapting to the new method, but they finally underwent a series of trainings that the employees of these banks received before fully adapting to the platform’s work.
Exchange rate hike
In light of these moves, news has been raised about a move towards a new adjustment to the exchange rate, which has raised economists’ concerns about the potential impact of this move on the economic process in general.
Experts stressed that sudden changes in monetary policy could create additional confusion in the markets and undermine confidence in the financial system.
Economic expert Mustafa Akram Hantoush said, “Changing the exchange rate in the current situation is useless, because the problem is not in purchasing power, but in the demand for the dollar outside the platform due to small traders, trade with Iran, and some materials that are imported outside the platform due to high customs duties or their ban, in addition to the citizens’ desire to save the dollar.”
Hantoush added to Al Jarida that “it is better to find solutions to the increasing demand for the dollar outside the platform instead of resorting to changing the exchange rate, because that will complicate the monetary situation even more than it is now.”
clear policy
According to an official at the Central Bank of Iraq, dealing with the dollar file was based on various opinions built on a series of studies and field research.
The official, who preferred to remain anonymous, explained to Al Jarida that “the bank adopted two main approaches to address the crisis. The first is to expand the use of international currencies such as the Chinese yuan, the Indian rupee, the UAE dirham, and finally the Saudi riyal, with the aim of reducing dependence on the dollar. The second approach focuses on developing the operational capabilities of local banks to become more qualified to participate in transfer operations.”
For his part, banking researcher Mahmoud Dagher explained that “the fluctuation of the Iraqi dinar exchange rate came as a result of two decisions to reduce the value of the dinar in 2020 and then raise it in 2023, which represents a clear intervention in the fixed exchange rate system, which created ongoing economic confusion.”
Dagher told Al Jarida that “any new change in the exchange rate reflects the absence of benefit from previous mistakes, as wrong interventions in monetary policy lead to adverse results that increase the instability of the financial market.”
As for the economic expert, Adi Al-Alawi, he confirmed that “the biggest mistake that the government can make is to manipulate the dollar exchange rate through sudden decisions, because that has a direct impact on the national economy and shakes investors’ confidence in the financial system.”
Al-Alawi added to Al-Jarida that “the government’s continued taking of ill-considered decisions regarding the exchange rate will lead to the erosion of international and local confidence in the Iraqi economy, which will weaken the ability to attract the necessary investments to improve the economic reality.”
Parliamentarian: The central and southern governorates have not received their full shares of the budget
MP Ahmed Al-Sharmani confirmed today, Sunday, that the oil-producing central and southern governorates have not received their full financial dues stipulated in the general budget.
Al-Sharmani said in an interview with Al-Maalouma Agency, “The oil-producing provinces that have border crossings with neighboring countries and generate profits for the state have not received their dues from the three-year financial budget, which are dues guaranteed by the constitution," indicating that "instead of their financial shares being positively reflected on services and citizens, many important projects in these provinces have remained suspended due to the non-payment of their dues."
He added, "The issue of the petrodollar must be activated in a real way and everyone must be given his due," stressing "the necessity of withholding any allocations to the Kurdistan Region outside the constitutional title and official law and that its rights be given according to the constitution.”
He pointed out that "citizens should not be discriminated against, in the south and center or the north and western regions, and rights must be disbursed equally and not on the basis of political favors, party alliances, and agreements related to the upcoming whether electoral phase."
It is noteworthy that the parliament is witnessing a state of ongoing controversy over amending the general budget law for next year, including Article 12 related to the oil of the Kurdistan region and the costs of extracting and exporting it, while representatives pointed to the increase in the deficit rate.
Al-Mashhadani: Parliament is keen to approve the budget schedules
Speaker of the House of Representatives Mahmoud Al-Mashhadani stressed the keenness of the House of Representatives to approve the budget schedules as soon as possible.
This came during his reception yesterday, Sunday, of the Minister of Finance, Taif Sami.
According to a statement received by "Al-Sabah", "The Speaker of the House of Representatives discussed with the Minister of Finance a number of issues of common interest, and the budget schedules for next year 2025 and working to approve them in Parliament after the Finance Committee completes its study and audit in accordance with legal procedures."
Al-Mashhadani stressed that "work is being carried out in accordance with the internal regulations of the House of Representatives and the mechanisms in place for approving laws," indicating that "the Council is keen to approve the budget schedules as soon as possible in a way that serves the interests of government institutions and meets the needs of citizens."
The meeting also discussed mechanisms for developing cooperation between the House of Representatives and the Ministry of Finance, to overcome obstacles and face urgent challenges facing the two institutions.
Al-Mashhadani also received the Saudi Ambassador to Iraq, Abdulaziz Al-Shammari, yesterday, Sunday.
The meeting discussed the overall Iraqi-Saudi relations, ways to develop them and mechanisms for working to strengthen them, in a way that serves the interests of the two countries in the economic and political fields.
The meeting also addressed current issues in the region, most notably the aggression on the Gaza Strip and its effects on Lebanon, the ongoing change in Syria, and mechanisms to stand by peoples in their just causes.
According to a statement received by Al-Sabah, the Speaker of Parliament stressed "the need to give priority to Iraqi-Saudi cooperation at the current stage, as they are two brotherly countries with many things in common, and this cooperation can have positive effects in the region."
In addition, the Speaker of the House of Representatives received the Minister of Foreign Affairs of the Sultanate of Oman, Badr Al-Busaidi, and his accompanying delegation.
The meeting discussed the positive relations between Iraq and the Sultanate of Oman, and the need to work on expanding the partnership base to serve common interests and facilitate entry visas for citizens of the two brotherly countries.
The meeting addressed current issues on the Arab and regional scene.
The Speaker of the House of Representatives praised the positive positions of the Sultanate in serving the interests of Arab countries in general, and Iraq in particular.
Houthis announce targeting of US aircraft carrier USS Truman and a number of destroyers
The Houthi Ansar Allah group in Yemen announced today, Sunday, targeting the American aircraft carrier "USS Harry S. Truman" and a number of its destroyers.
A statement by Ansar Allah said, “The Yemeni armed forces succeeded in thwarting an American-British attack on our country, as the aircraft carrier USS Harry S. Truman and a number of its destroyers were targeted, coinciding with the start of the aggressive attack on our country yesterday evening.”
He explained that "the operation was carried out with eight cruise missiles and 17 drones. The operation led to the downing of an F-18 aircraft while the destroyers were trying to confront the Yemeni drones and missiles, and most of the enemy warplanes left Yemeni airspace for international waters in the Red Sea to defend the aircraft carrier while it was being targeted."
The statement added that the hostile attack on Yemeni territory failed, and the aircraft carrier USS Harry S. Truman withdrew after being targeted from its previous location towards the northern Red Sea, after being subjected to more than one attack by the missile force, naval forces, and the air force.
He added, "The Yemeni Armed Forces, while confirming their success in confronting and thwarting the American-British aggression, renew their emphasis on their readiness to confront any American-British-Israeli foolishness during the coming period, and warn the Israeli and American enemy against aggression against Yemen, and that the Yemeni Armed Forces will use their full right to defend Yemen and continue to support the Palestinian people until the aggression against Gaza stops and the siege on it is lifted."
after Tel Aviv strike, Netanyahu vows to act against Houthis "with force and determination"
Israeli Prime Minister Benjamin Netanyahu vowed on Sunday to act against the Houthis "with force and determination", the day after they launched a missile from Yemen that landed in Tel Aviv and injured 16 people.
"Just as we acted forcefully against the armed wings of the Iranian axis of evil, we will act forcefully, resolutely and shrewdly against the Houthis," Netanyahu said in a video clip broadcast by his office.
The Israeli Prime Minister accused the Houthis of threatening global navigation and the international order.
The Israeli army announced yesterday, Saturday, that a "missile" launched from Yemen hit Israeli territory near Tel Aviv after attempts to intercept it failed.
Medics said 16 people suffered minor injuries from glass shards, while 14 others suffered bruises as they rushed to shelters. The Houthis claimed responsibility for launching the missile.
This is not the first time he has said this
Mossad chief advises attacking Iran instead of Houthis
The Hebrew newspaper Yedioth Ahronoth revealed that the head of the Israeli intelligence agency Mossad, David Barnea, advised the security and military institutions that instead of attacking Yemen, they should strike Iran.
"We have to move forward - if we just attack the Houthis, it won't help," David Barnea said during discussions in the political cabinet, the newspaper's correspondent, Moriah Esraf, told reporters.
"Over the past 24 hours, there has been a major debate at the top of Israel's security establishment - and this proposal comes from one of the most important figures in the security establishment," he added.
The quoted statements of the Mossad chief, meaning that “we must attack Iran in response to the Houthi attacks,” indicate that an escalation of tensions is on the way.
The Israeli Broadcasting Corporation also said, quoting Israeli security officials, that "the occupation army is preparing for another attack in Yemen," explaining that "this time Israel will try to involve other countries in the attack."
An Israeli official indicated that "the occupation government conveyed a message to the Americans that it expects an increase in their attacks on the Ansar Allah group (the Houthis), adding, "We conveyed a message to the international coalition confirming that the Houthi attacks threaten the stability of the region."
The Hebrew newspaper "Israel Hayom" quoted a political source as saying that "the conflict with the Houthis is escalating," noting that "Israel's goal is to fully mobilize Washington to increase the attack on them."
In turn, the deputy head of the media authority of the Ansar Allah group (Houthis), Nasr al-Din Amer, said yesterday, Saturday, that "the group has developed its missiles and capabilities," stressing that "the battle against the Israeli occupation is escalating."
Amer, editor-in-chief of the Houthi-controlled Yemeni news agency Saba, pointed out that “the Yemeni group entered this battle against the Israeli occupation knowing its cost,” stressing that “Yemen does not fear Israeli attacks and is prepared for all scenarios.”
Amer stressed that "the Houthi operations against the Israeli occupation are effective and influential," noting that "Israel has reached the conviction that it is no longer protected by impregnable air defenses." He stressed that "the Yemeni group will not stop its operations against Israel as long as it continues its aggression against Gaza."
Link to the hit piece on RV believers
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