Parliament adds budget amendment paragraph to next Sunday's agenda
I'll translate this later but the title says it all hahaha
Reading verses from the Holy Quran
Circle to
First: Voting on the draft law of the National Intelligence Service to the Defense Committee (Article 26).
Second: Voting on the draft law amending the first law of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2022 - 2014 - 2020) No. 13 of 2023. Finance Committee)
(1) Article)
The video for this blog post is below here:
Mouth
Third: Voting on the draft law amending the fourth amendment to the Industrial Investment Law for the private and mixed sectors No. 20 of 1998 - Investment and Development Committee and Economy, Industry and Trade Committee (1 article).
Fourth: Voting on the proposed law of the Iraqi Programmers Syndicate, the Labor Committee and Civil Society Organizations, the Legal Committee (26 articles).
Fifth: Voting on the proposed law amending the first law of the foundations of equivalence of Arab and foreign certificates and degrees No. (1) of 2020, Higher Education and Scientific Research Committee). Refer to it.
Sixth: The first reading of the draft law regulating service fees in centrally funded state departments and their transfer. Services and Reconstruction Committee) (2) Articles.
Seventh: The first reading of the proposed law amending the first law of the General Authority for Monitoring the Allocation of Federal Revenues Law No. 55 of 2017 (the Finance Committee) (Article).
Eighth: The first reading of the proposed law to protect the rights of minorities (Human Rights Committee) (19 articles).
The session begins at one o'clock in the afternoon
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Jan 13th 2025
Parliamentary Finance: Banking reform enhances Iraq's global financial standing
Kocher told Al Furat News Agency: “Restructuring the banks is very important and has many positives, as these banks have not been reviewed for many years. These measures will contribute to consolidating the national economy and addressing some of the errors that may exist in the current financial system.”
He added: "Reforming banks will lead to their development in line with the conditions of the US Federal Reserve and the SWIFT system, in addition to many international requirements that will contribute to improving the performance of the Iraqi financial sector at the global level."
It is noteworthy that Prime Minister Mohammed Shia Al-Sudani reviewed the plan for the restructuring project of Rafidain and Rashid Banks, and the technical and administrative procedures related to the project, which include a comprehensive review and structural administrative reforms with the aim of providing integrated banking services to citizens and companies.
He explained that the completion rate of the project to restructure Rafidain Bank has reached its final stages, stressing that it will enter into force within the next few days, within the framework of a plan that has been studied and implemented according to the established standards and specifications.
EY Consults on Restructuring of Iraqi State-Owned Banks
Prime Minister Mohammed S. Al-Sudani has chaired a meeting with representatives from Ernst & Young (EY) to discuss the development of state-owned banks, focusing on the restructuring of Al Rafidain Bank and Al-Rasheed Bank.
The restructuring plan includes comprehensive technical and administrative reforms aimed at enhancing banking services for citizens and businesses. The Prime Minister confirmed that the restructuring of Al-Rafidain Bank is nearing completion, with implementation to commence shortly, adhering to international standards.
Al-Sudani emphasised that existing banking structures are insufficient to address current challenges and foster openness. The reforms are designed to modernise operations, ensuring the banks meet global benchmarks and deliver integrated services efficiently.
Parliamentary Finance Committee hosts officials from the Ministry of Finance and the head of the Securities Commission to discuss budget schedules and regional salaries
The Parliamentary Finance Committee in the House of Representatives hosted, today, Monday, officials from the Ministry of Finance and the Chairman of the Securities Commission regarding three files.
A parliamentary source stated, "The Parliamentary Finance Committee hosted today the Chairman of the Securities Commission, Faisal Al-Haims, and the Directors General of the Budget and Accounting Department and the Director of Public Debt at the Ministry of Finance, in continuation of hosting the Minister of Finance."
He added, "The hosting came to discuss the budget schedules, salaries of Kurdistan Region employees, tax reform, and other financial matters."
MP complains of 'deliberate' keeping parliament 'paralyzed', killing oversight performance
Independent MP Ahmed Al-Sharmani confirmed, today, Monday (January 13, 2025), that there is a political intention to keep the Iraqi Parliament paralyzed.
Al-Sharmani said in an interview with "Baghdad Today", "There is a clear intention by political parties to keep the House of Representatives paralyzed and without any real legislative work, as well as to kill the oversight performance, especially related to questioning officials, due to the partisan and political protection of these officials, despite the existence of many indicators against them."
He added, "The current parliamentary session is considered one of the weakest sessions in terms of legislation and oversight, due to the political conflicts between the influential forces, as well as the existence of a political will for the role of parliament to remain paralyzed and not truly meet the aspirations of the Iraqi people or even the representatives, who seek to activate the oversight role."
The current session of the Iraqi Council of Representatives has so far witnessed only a limited number of hosting events, such as hosting the Ministers of Interior and Communications. This is considered small compared to the past four sessions of Parliament, which witnessed many hosting events for ministers .
Foreign Minister arrives in New York to assume presidency of G77 and China
Deputy Prime Minister and Minister of Foreign Affairs, Fuad Hussein, arrived in New York, today, Monday, January 13, 2025, to participate in the ceremony of Iraq assuming the presidency of the Group of 77 and China for the year 2025.
The Ministry of Foreign Affairs stated in a statement received by "Baghdad Today", that "Minister Hussein will hold meetings with the Secretary-General of the United Nations, Antonio Guterres, and the President of the United Nations General Assembly, Mr. Philomon Yang.
It is noteworthy that Iraq achieved a remarkable diplomatic achievement by being officially elected to chair the Group of 77 and China during the 48th annual meeting, which was held at the United Nations headquarters in New York on September 27, 2024, with the participation of Fuad Hussein.
It is worth noting that the Group of 77 and China is the largest group of countries within the United Nations, with 134 member states.
House of Representatives completes second reading of budget
Today, Monday, January 13, 2025, the Council of Representatives completed the report and discussion of the second reading of the draft law amending the first law of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2024 - 2025) No. 13 of 2023.
The Council also completed the report and discussion of the second reading of the proposed law on the trade union organization of workers and craft employees in Iraq.
The House of Representatives adjourns its session
The House of Representatives adjourned its session held today, Monday (January 13, 2025), after voting on a number of laws, without specifying the date of its next session.
Before adjourning its session today, the House of Representatives completed the report and discussion of the second reading of the draft law amending the first law of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2024 - 2025) No. 13 of 2023.
The Council also completed the report and discussion of the second reading of the proposed law on the trade union organization of workers and craft employees in Iraq, and the first reading of the proposed law on the second amendment to the Law on the Rights of Persons with Disabilities and Special Needs No. (38) of 2013.
The House of Representatives postponed voting on the draft law of the National Intelligence Service, the draft law of the fourth amendment to the Industrial Investment Law for the Private and Mixed Sectors No. (20) of 1998, and the first reading of the proposed law on the protection of minority rights.
Birth of a new bank.. Cabinet votes on banking reforms
The Council of Ministers voted, today, Monday, January 13, 2025, on a number of decisions related to banking reforms.
A statement by the Prime Minister's media office, received by "Baghdad Today", stated that "the decisions that were voted on included establishing a new joint-stock company bank that relies on the latest technologies, and aims to be a partner with companies and businessmen, whether inside or outside Iraq, and to provide financial and banking services to individuals through an integrated digital experience, and to be a leading bank at the regional level."
The statement added, "The bank was also named the First Rafidain Bank, and the bank's capital will be (1) trillion Iraqi dinars, and the state's contribution (government sector, public sector and individuals) will be (24%) of the nominal capital."
He pointed out that "the bank will start with a paid-up capital of no less than (500) billion dinars, and keeping Rafidain Bank as a financial and basic gateway for implementing all government transactions, while continuing to work on its structure with Rashid Bank through a roadmap for developing Rafidain Bank in coordination with the contracted consulting company, Ernst & Young, in addition to authorizing the Central Bank to contract with a consulting company to establish the new bank, and provide support in the various founding operations of the bank, its formations and departments."
The statement stressed the "necessity for the committee formed under the chairmanship of the Governor of the Central Bank, the General Managers of the Central Bank of Iraq, the General Manager of Rafidain Bank, the Undersecretary of the Ministry of Finance, and the Prime Minister's advisors to coordinate with the consulting company regarding the establishment of the aforementioned bank. It also stressed the need to proceed with the plan to transform the Industrial Bank into a private joint-stock company (with a strategic partner), while keeping the status quo as it is currently for the Agricultural Bank, the Real Estate Bank, and the Housing Fund."
JAN 14th 2025
Al-Atwani: Among the priorities of the 2025 budget are securing salaries and governing expenses
The head of the Finance Committee in the House of Representatives, Atwan Al-Atwani, confirmed today, Monday, that among the priorities of the 2025 budget are securing salaries and governing expenses and everything that affects the lives of citizens.
The media office of the head of the Parliamentary Finance Committee stated in a statement received by the Iraqi News Agency (INA), that "Al-Atwani chaired today, Monday, an expanded meeting of the Parliamentary Finance Committee with the advanced staff in the Ministry of Finance to review and discuss a number of financial files and issues. The meeting, which hosted the directors of accounting, budget and public debt in the Ministry of Finance, reviewed the files of the size of spending and available liquidity, the problem of delayed financing, and the percentage of the budget deficit." He added, "The meeting discussed the financial situation in the country and ways to overcome the challenges facing the country's financial policy, the latest preparations for the 2025 budget schedules, and the mechanisms and plans to ensure the financing of salaries and governing expenses during this year. It also reviewed the file of external and internal public debt, where the size of the debt was reviewed, whether inherited from the time of the former regime, or those that were resorted to after 2003 through external and internal loans, and the mechanisms of their repayment schedule, in addition to the measures taken to amend Iraq's credit rating."
According to the statement, Al-Atwani said that "the main goal of the three-year budget was to solve the financing problems, but the condition of the availability of financial liquidity before contracting returned us to square one," adding that "we took the path of positive integration with the executive authority with the aim of enabling it to implement the paragraphs of its government program."
He continued that "the 2025 budget's priorities include securing salaries, governing expenses, and everything that affects the lives of citizens," noting that "the Ministry of Finance must have sound plans and programs to manage financial policy in a way that achieves development."
Economist Nabil Al-Marsoumi ruled out that Iraqi oil exports would be subject to economic sanctions with Trump’s return to the White House, suggesting that the US president would target black oil exports due to their connection to financing “sanctioned countries.” He pointed out that the scenario of reducing oil prices to 50%, as Trump promised, could put Iraq in front of harsh options, including reducing the value of the dinar, as happened in 2020 during Al-Kazemi’s government, in addition to the options of internal borrowing and selling bonds.
Nabil Al-Marsoumi, in an interview with Al-Rasheed Channel :
Trump may work to reduce the price of oil by 50%, and this will negatively affect the Iraqi budget, which will suffer if the price of a barrel falls below $70, and this means more domestic borrowing.
Iraq has no buffers against oil price fluctuations, unlike the Gulf countries that rely on their sovereign funds to compensate for the rate of oil revenues, and therefore there is no talk of problems in covering expenses.
There is a “Chinese wall” on information, but everyone is talking about securing employees’ salaries even if the price of a barrel falls to $50 per barrel, and this is true, but it will create a gap between expenses and revenues, and there are no solutions except borrowing, selling bonds, discounting central bank transfers, or moving towards devaluing the currency, which is what we implemented previously.
I do not think that sanctions will be imposed on Iraq's oil exports, because they will affect the global supply, which means higher prices. However, sanctions may be imposed on exports of petroleum derivatives, specifically black oil, as the global Kepler Foundation has monitored Iraq's export of more than half a million barrels of black oil per day, and this may be used to finance some of the sanctioned countries.
There is no such thing in public finance as a three-year budget. Rather, there is an annual budget rule, and this is applied globally. However, they came up with the three-year budget, although it did not differ at all from the annual budget, because it is also delayed.
The deficit has become actual in Iraq and is no longer planned or hypothetical. The actual deficit reached 16 trillion dinars until October of last year. This real deficit was covered by the domestic debt, which increased by an additional 11 trillion dinars, bringing the total domestic debt to 81 trillion dinars. This affects the banks’ ability to lend.
The Iraqi budget lacks control and rationalization. There is a phenomenon of “spending money” on trips, furniture, and maintenance, leaving a small amount for the investment budget, while there are many expenses that can be reduced, and even the surplus achieved in 2023, amounting to 23 trillion dinars, was settled and spent in full.
Including facilitating the entry of investors.. Al-Haims: The draft law of the Securities Commission includes four important articles
The Chairman of the Securities Commission, Faisal Al-Haims, stressed today, Tuesday, the necessity of passing the Securities Commission Law, while indicating that the law includes four important articles.
Al-Haims told the Iraqi News Agency (INA): "The Parliamentary Finance Committee hosted us in order to discuss the draft law of the Securities Commission, which was read for the first time in Parliament," indicating that "there are several obstacles facing the stock market due to the absence of the law, and we hope that the Finance Committee will help pass the law as soon as possible."
He added that "the draft law was submitted by the Council of Ministers to the House of Representatives in the last chapter of the last legislative year," noting that "the law includes many articles, the most important of which are keeping pace with the current laws in addition to facilitating the entry of investors into the market and transforming the market into a joint-stock company listed on the market."
Economist describes the establishment of the first Rafidain Bank as an excellent step
Economic expert, Mustafa Akram Hantoush, described the establishment of the first Rafidain Bank as an “excellent step.”
Yesterday, Monday, the Council of Ministers decided to establish the First Rafidain Bank with a capital of one trillion dinars and a government participation rate of 24%.
Hantoush told Al-Eqtisad News, "Establishing the First Rafidain Bank is an excellent step, especially since it will be a mixed sector company."
He added that the new bank will help the state enhance its payment and electronic transaction capabilities, in addition to assisting the Trade Bank of Iraq in transfers and credits.
Iraq to create New State-Owned Bank
The Iraqi Cabinet has approved significant banking reforms, including the establishment of a new, innovative financial institution named Rafidain First Bank.
The new bank aims to lead regional financial markets and provide advanced digital banking services.
Key Details:
- New Bank Creation: Rafidain First Bank will operate as a joint-stock company leveraging the latest technologies to serve businesses and individuals domestically and internationally.
- Capital Structure:
- Initial authorised capital: 1 trillion IQD.
- Government and public stake: 24%.
- Initial paid-in capital: No less than 500 billion IQD.
- Existing Structure: Rafidain Bank will remain central for governmental financial transactions while undergoing restructuring with Rasheed Bank under a roadmap developed with Ernst & Young (EY).
- Operational Support:
- The Central Bank is authorised to contract a consulting firm to oversee the new bank's establishment.
- A dedicated committee, including representatives from the Central Bank of Iraq (CBI), Rafidain Bank, and the Ministry of Finance, will coordinate efforts.
- Industrial Bank Transformation: The Industrial Bank will be converted into a private joint-stock company with a strategic partner.
- Other Institutions: The Agricultural Bank and Real Estate Bank, along with the Housing Fund, will maintain their current structures.
This initiative underscores Iraq's commitment to modernising its banking sector and fostering regional competitiveness.
Iraqis create opportunities from challenges
These days, some media outlets and social networking sites have been active in saying that Iraq is suffering from a financial crisis and a large deficit in securing salaries for employees, retirees, and social care. The strange thing is that some representatives support this and others deny it, and that the two representatives are in one committee called the Parliamentary Finance Committee, while the government, and specifically the Ministry of Finance, confirmed that salaries are fully secured.
It is clear, then, that political tensions, conflicts of interest, and the lack of a sound and accurate economic vision make the people look vaguely at what some media professionals, non-specialist analysts, and some parliamentarians say, which confuses the government’s plans to implement its governmental program, especially with regard to economic, financial, and banking reform.
Our starting point from our close daily follow-up of the reality and capabilities of our national economy and the procedures of the Central Bank to implement its plan for the year 2025 and the daily and joint cooperation and coordination with the Ministry of Finance makes us reassure citizens with transparency and high accuracy that the indicators and data revealed by the Central Bank, the Ministry of Finance, the Ministry of Planning, the World Bank and the International Monetary Fund for the year 2024 that the reform of the Iraqi economy is proceeding according to what was planned in the field of monetary policy, financial policy, investment, sustainable development, services and the transition from a cash economy to a digital economy and work is escalating in the field of activating and diversifying sources of national income and revolutionizing economic sectors other than oil.
The business results in 2024 indicated that the inflation rate in Iraq is the lowest among most Arab, regional and neighboring countries, not exceeding 3.7%, and that the Central Bank’s foreign exchange and gold reserves are the highest in years, and that the liquidity in local currency at the Central Bank currently covers the Ministry of Finance’s need for operational allocations drawn up in the state’s general budget. The important thing is the continuation of daily revenues from Iraqi oil at the scheduled export rates.
So the Iraqi economy is moving from fragility to recovery, and this also confirms that Iraqis create opportunities from challenges.
Al-Sudani, British King discuss enhancing economic partnership and climate cooperation
Al-Sudani's media office stated in a statement received by {Al-Furat News} that "the latter met with the King of the United Kingdom, Charles III, at Buckingham Palace in the British capital, London. During the meeting, bilateral cooperation between Iraq and the United Kingdom was reviewed, as well as ways to establish a productive partnership in various economic and developmental fields. Cooperation in the field of confronting the challenges of climate change and opportunities to enhance cultural cooperation were also discussed."
Al-Sudani expressed his "appreciation for the official invitation he received to visit Britain," stressing "Iraq's determination to consolidate constructive bilateral relations in various fields, in a way that enhances the mutual and sustainable interests of the Iraqi and British peoples."
For his part, King Charles III welcomed the Prime Minister, pointing out the depth of the historical relationship between Iraq and Britain, and the prominent importance that the governments of the two countries attach to developing common interests and understandings at various levels.
Iraq faces economic collapse without reforms: Former Minister warns
Iraq could face severe economic challenges, including the inability to pay public sector salaries within two years, if critical reforms are not implemented, former Electricity Minister Luay Al-Khatib warned on Tuesday.
Describing Iraq’s governance as a system of “fiefdoms,” he emphasized the need for structural reforms to avoid what he called “inevitable collapse.”
In a statement on X, Al-Khatib highlighted the nation’s precarious economic situation, noting that “the deficit in federal budgets has reached 40%.”
He warned that if Iraq continues to draw on cash reserves amid fluctuating or falling oil prices, the value of the local currency could collapse. “In this scenario, the state will struggle to pay public sector salaries within two years,” he said.
Al-Khatib criticized the current governance model, stating, “Since the fall of the dictatorship in 2003, Iraq has been run by fiefdoms prioritizing private and sectarian interests.”
“This has transformed the private sector into a façade for political profiteering, deterring real investments and foreign currency inflow,” he added, attributing Iraq’s ongoing challenges to widespread “corruption” and the absence of social justice and economic sustainability.
Turning to the electricity sector, Al-Khatib dismissed claims of external interference, describing the issue as “entirely domestic and political.” He argued that political interests have obstructed efforts to reform and privatize the sector, leading to inefficiencies and corruption.
“The cost of government subsidies for electricity and oil exceeds $30 billion annually, with $20 billion allocated to electricity alone,” he revealed, describing this financial drain as unsustainable.
He called for “comprehensive reforms,” including restructuring the sector, revising tariffs, automating billing systems, removing illegal connections, and eliminating exemptions.
“These steps are critical to making the sector viable for privatization and attracting global-standard investments,” Al-Khatib said.
The former minister estimated that fully rebuilding Iraq would require over $1.5 trillion, a figure that far exceeds the nation’s oil revenues. “Attracting foreign investment and hard currency is the only viable solution,” he explained, urging the creation of a “secure and competitive investment environment free from political interference and armed groups.”
He emphasized the importance of offering incentives to investors that are competitive with those in other regional and global markets.
Al-Khatib concluded by calling for a decade-long commitment to economic reform in line with Iraq’s Constitution. “This process requires uninterrupted, cumulative efforts beyond the authority of a single ministry,” he said, noting that “It demands full Cabinet involvement, political backing, and a nationwide media campaign to educate the public with clear and transparent messaging.”
Al-Sudani confirms Iraq's progress with its plans to expand the energy sector and invest in associated gas
A statement from his office, a copy of which was received by {Euphrates News}, stated that: “During the meeting, the progress of the implementation of the projects undertaken by the company in Iraq was reviewed, as well as its work with the Ministry of Electricity within the framework of the combined power generation stations, and the mechanisms for supplying them with gas for operation, in addition to reviewing the agreement to be concluded between the Ministry of Electricity and Stellar Energy Company, regarding production and distribution.”
Al-Sudani pointed out that "Iraq is proceeding with its plans to expand the energy sector and invest the gas associated with crude oil production in feeding energy production stations, to achieve complete self-sufficiency and benefit from all the gas produced and stop burning it completely."
For his part, Gibson confirmed that the company is working on current projects according to their timetables, indicating "the company's readiness to cooperate with Iraq within its prominent specializations in the field of cooling turbine stations, and the rest of the projects related to the production of electrical energy."
MP asks government to send budget tables
Today, Tuesday, the Iraqi parliament member, Hussein Al-Ameri, called on the government to expedite sending the budget tables for the current year 2025.
Al-Amiri said in a statement to Al-Maalouma Agency, “The delay in sending the schedules negatively affects the completion of projects,” noting that “enhancing non-oil financial revenues through customs and taxes.”
He added, "The government is required to strengthen the economic situation and avoid the financial crisis, as well as control the dollar file, which has been witnessing instability for months."
He pointed out that "the House of Representatives is closely following up on how the budget funds are distributed to ensure that they are effectively used to serve citizens and enhance the national economy."
Al-Amiri stressed the need to “speed up sending the budget tables to the House of Representatives for discussion and voting in a way that guarantees social justice, especially for all Iraqi governorates in general, and the center and south in particular.”
Granting a license to Al-Ameed Exchange Company / Private Joint Stock Company, Category (A)
there is a pdf but I can't copy it
Al-Ameed Company for
I am granted leave
Greetings....
1 We attach herewith the license to practice business as a private joint-stock exchange company under category (A) in the name of Al-Ameed Exchange Company, numbered (91) for the year 2025, granted to you in accordance with the provisions of Article (4), paragraph (2) of the Central Bank of Iraq Law No. (56) for the year 2004 and the Anti-Money Laundering and Terrorism Financing Law No. (39) for the year 2015 and the applicable controls, and the company shall be subject to the control and supervision of this bank.
2- Approval of the appointment of Messrs. Mohammed Hamoudi Hashem, Ahmed Mohammed Hamoudi Asawar Hekmat Sami, Haider Rafid Abdul Hussein, Mohammed Abdul Redha Abdul Hussein, Haider Mohammed Ali, Osama Jawad Nizar Ahmed Nouri Mohammed Sajjad Jassim Mohammed Ali Reza Jassim Mohammed Ali as members of the company’s board of directors, provided that they do not hold this position on a full-time basis, and that the above members are re-elected so that one of Messrs. Mohammed Hamoudi Hashem Ahmed Mohammed Hamoudi is a full-time member of the board of directors and the other is a reserve, as well as for (Sajjad) Jassim Mohammed Ali, Reza Jassim Mohammed Ali).
3 - Approval of the appointment of Mr. Khaled Farhan Yousef as Managing Director, Mr. Haider Rafid Abdul Hussein as his assistant, Ms. Zahraa Mohammed Obaid as Compliance Director, Ms. Ghufran Hussein Kamel as Director of Control and Auditing, and Ms. Rabab Jabbar Falih as Director of the Anti-Money Laundering and Terrorist Financing Unit, provided that they are fully dedicated to these positions and that they are not administrators in other companies, and that we are provided with the minutes of the General Assembly meeting certified by the Ministry of Commerce / Companies Registration Department.
Adherence to the instructions of the exchange companies in force.
Iraq signs a memorandum of understanding with the British Export Credit Guarantee Corporation.. and these are its objectives
The ceremony was held under the patronage of Deputy Prime Minister and Minister of Planning Mohammed Tamim, where the Chairman of the Initiative Committee, Advisor to the Prime Minister Mohammed Sahib Al-Daraji signed on the Iraqi side, while the Director of the Business Group, Adam Harris, signed on behalf of the British Foundation.
The terms of the memorandum include supporting imports of production lines and industrial and agricultural technology for the Iraqi private sector from the United Kingdom.
This memorandum is valid for five years, and comes within the framework of the agreements and memoranda of understanding signed by the Iraqi government with a number of European countries, and aims to raise the efficiency of the Iraqi private sector and achieve integration with the international community.
In another context, the two sides agreed that the British Export Credit Guarantee Corporation would finance a number of vital projects for the Iraqi government, and prepare to increase the financing ceiling for productive government projects.
The signing of the Memorandum of Understanding was preceded by a joint meeting between the Iraqi delegation and the British Foundation, during which mechanisms for joint cooperation between the two sides were discussed, in a way that enhances bilateral relations between the two countries.
Kurdistan Regional Government Prime Minister receives US delegation
Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani on Wednesday received a US delegation headed by Deputy Assistant Secretary of State Victoria Taylor, in the presence of US Consul General to the region Steve Bittner and US State Department Special Envoy to Northeast Syria Scott Bolz.
During the meeting, they discussed ways to enhance bilateral relations, and discussed efforts related to forming the new ministerial cabinet of the regional government, in addition to the latest developments in Iraq and the region.
For her part, the US Deputy Assistant Secretary of State stressed the importance of the Kurdistan Region's position and its role as a partner of the United States of America.
The two sides agreed on the importance of resuming the export of Kurdistan Region oil as soon as possible, in the interest of all parties, especially since its suspension has caused great harm to the Iraqi federal general budget.
Another part of the talks was devoted to discussing the need to secure the financial rights and dues of the Kurdistan Region. In this regard, the Prime Minister stressed that the Region has fulfilled all its obligations within the framework of the general budget, and therefore Baghdad must send the Region’s dues as a federal and constitutional entity.
The meeting also discussed the general situation in Syria, stressing the need to preserve its security and stability, and guarantee the rights of the Kurdish people and all its components.
Pezeshkian says he is willing to negotiate with Trump, "but" on one condition
Iranian President Masoud Pezeshkian set one condition for his US counterpart-elect Donald Trump to hold direct negotiations on Wednesday (January 15, 2025).
"Trump must first prove that he will keep his word," Pezeshkian told reporters after leaving the Iranian cabinet building when asked about his willingness to negotiate directly with Trump.
"Trump must first prove that he will keep his word, and if he does, we will talk to him," he added.
Pezeshkian also said that his country is not afraid of war, but it is not looking for it, during his interview with the American NBC News network.
The Iranian president denied that his country had planned or was planning in the future to assassinate Trump because of his assassination of Quds Force commander General Qassem Soleimani in 2020.
In an interview followed by "Baghdad Today" on Wednesday, Pezeshkian added that the Zionist regime and other governments claim that Tehran is behind the plan to assassinate the US President-elect, and this is a lie.
He explained that "Tehran never intended to assassinate US President-elect Donald Trump, and what is being said about the conspiracy against Trump is a plan by Israel and other countries to increase hostility towards Iran," noting that "Iran did not have any plan to assassinate anyone. We did not try to assassinate Trump and we will never do so."
On the dawn of January 3, 2020, Trump announced his responsibility for issuing the decision to assassinate General Qassem Soleimani as he left Baghdad International Airport, accompanied by the deputy head of the Popular Mobilization Authority, Jamal Jaafar (Abu Mahdi al-Muhandis) and eight of their guards.
Pezeshkian says he is willing to negotiate with Trump, "but" on one condition
Iranian President Masoud Pezeshkian set one condition for his US counterpart-elect Donald Trump to hold direct negotiations on Wednesday (January 15, 2025).
"Trump must first prove that he will keep his word," Pezeshkian told reporters after leaving the Iranian cabinet building when asked about his willingness to negotiate directly with Trump.
"Trump must first prove that he will keep his word, and if he does, we will talk to him," he added.
Pezeshkian also said that his country is not afraid of war, but it is not looking for it, during his interview with the American NBC News network.
The Iranian president denied that his country had planned or was planning in the future to assassinate Trump because of his assassination of Quds Force commander General Qassem Soleimani in 2020.
In an interview followed by "Baghdad Today" on Wednesday, Pezeshkian added that the Zionist regime and other governments claim that Tehran is behind the plan to assassinate the US President-elect, and this is a lie.
He explained that "Tehran never intended to assassinate US President-elect Donald Trump, and what is being said about the conspiracy against Trump is a plan by Israel and other countries to increase hostility towards Iran," noting that "Iran did not have any plan to assassinate anyone. We did not try to assassinate Trump and we will never do so."
On the dawn of January 3, 2020, Trump announced his responsibility for issuing the decision to assassinate General Qassem Soleimani as he left Baghdad International Airport, accompanied by the deputy head of the Popular Mobilization Authority, Jamal Jaafar (Abu Mahdi al-Muhandis) and eight of their guards.
Advisor to the Prime Minister: Iraq is witnessing an expected investment boom in 2025
Amina Al-Salami
Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed today, Wednesday, that the Iraqi economic path is moving in the right development direction for the coming years, while indicating that economic growth in 2024 constitutes an incentive to expand economic activities in Iraq.
Saleh said, in a statement to the Iraqi News Agency (INA): "There is a principle in the economy called the economic accelerator, which means that the growth in the non-oil GDP, which reached 6% in 2024, will be positively reflected in the strength of national investment in 2025."
He added, "The Iraqi economy will witness a high investment boom in 2025 thanks to the economic accelerator factor in the investment field, in addition to the high positive growth effects of national income in 2024."
He pointed out that "businesses and investors are affected by the results of the basic idea behind the economic accelerator, which indicates that any increase in demand for goods and services as a result of national income growth in 2024 could lead to increased investment in capital such as machinery, equipment and labor in 2025."
He continued, "businesses and activities need to expand their production capacity to meet the growing demand for goods and services, which will lead to a positive accumulation in the national economy's production capacity in 2025, and this is what can be expected, especially if it is accompanied by a good agricultural season and a wet year in the coming months."
He added, "Iraq's economic path is moving in the right development direction for the coming years in a remarkable and positive way, thanks to the cooperation of the private and public sectors together."
Iraq and strengthening power centers in the region
Iraq is playing all the required political roles in bringing the viewpoints of the countries neighboring Syria or that have played a major role in what is happening on the Syrian ground closer together. Despite the international, Arab and Islamic efforts being made to prevent the conflict and prevent it from expanding to include the region, the signs of expansion and the voice of the conflict are louder than the voice of calm. The regional player still wants to impose its control over the situation in Syria and impose its control over the cities and provinces there. Turkey is the one behind Hayat Tahrir al-Sham, led by “Abu Muhammad al-Julani,” who is wanted by the Iraqi judiciary and sentenced to death in absentia. In addition, the United States of America has allocated a reward of 10 million dollars for anyone who provides any information about him, which changes the rules of the game for Washington and makes al-Julani a strategic partner for it during the coming era.
Turkey is the main player in the overthrow of the Assad regime, which came after a rift between Turkey and Syria over the refugee crisis, with the number of displaced people reaching more than two million, and in which Assad refused to negotiate with Ankara unless the withdrawal of Turkish forces that are operating in large parts of Syria was discussed, which created a state of rift between the two sides, so Erdogan and Gan rushed to open channels of dialogue with the militants and support them in order to be a pressure card on Assad in order to sit at the negotiating table with the Turks.
The other player is the Russians who remained silent in the face of the militants’ advance and the withdrawal of the Syrian army, which also did not do its duty in defending or repelling the militants coming from Idlib towards other Syrian cities, reaching Damascus, without any opposition. This is what surprised Syria’s allies and the way they dealt with the militants’ attack, which according to reports was not their intention to reach Damascus, but rather was a pressure card used by the Turks to bring Assad to the negotiating table and end the issue of the displaced, which is beginning to exhaust the Turks and cause them economic and social crises in Turkey.
The third player in this conflict are the Israelis, who contributed greatly to helping the militants reach Damascus. As soon as the latter fell, they made a quick move to control southern Syria and build bases for themselves. This was actually achieved through Netanyahu’s first meeting with the Israeli army in Mount Hermon, imposing a fait accompli on the ground in Syria, and attempting to cut off supplies between Iran and southern Lebanon, specifically Hezbollah.
The fourth player is the Ukrainians, who provided military and logistical support to Hayat Tahrir al-Sham, providing drones, and training militants in Hayat Tahrir al-Sham. The goal of this support is to open a front for them in Syria, relieve Russian pressure on the Ukrainians, and give them the opportunity to drag the Russian army into a confrontation with the armed groups led by al-Julani. This did not happen, and the Russians were able to read the situation carefully and accurately and distanced themselves from the confrontation with the militants in Syria.
The last player, under whose auspices and protection all this movement is taking place, is the American player, who seeks to find a new map for the Middle East and has handed over the entire file to the Israelis in order to redraw this map according to their interests and protect their security in the region. This is what is completely consistent with the speech that Netanyahu gave at the United Nations session, in which he presented the new map of the scene in the Middle East and seeks to implement it with Washington.
One last thing remains: Iraq rejected external dictates, and this was reflected in its rejection of any orders given to Iraq during the visit of the representative of the Secretary-General of the United Nations to the supreme religious authority in Najaf al-Ashraf, where the authority rejected these dictates and considered them interference in Iraqi affairs and affecting its sovereignty and decision-making, and it declared frankly that the Iraqi decision is made in Iraq.
Iraqi Parliament fails to meet quorum, delays key laws
On Wednesday, the Iraqi Parliament failed once again to hold its regular session due to the boycott by most political blocs.
Today’s session agenda included a vote on the draft law governing the Intelligence Service and a first reading of a proposed amendment to the Retirement Law.
A parliamentary source told Shafaq News, "The session was postponed due to a lack of quorum, as some political blocs refused to enter the parliament hall, despite the bell being rung."
Recently, political tensions in Iraq have sharply escalated over several key stalled laws, most notably the General Amnesty Law and the Retirement Law, which have led to the disruption of numerous parliamentary sessions.
Parliament conforms to World Bank on the importance of government infrastructure in development
The Parliamentary Finance Committee confirmed to the World Bank delegation, today, Wednesday, the importance of keeping the infrastructure of the development path in the hands of the government.
The media department of the Council of Representatives stated in a statement received by the Iraqi News Agency (INA), that "the head of the Finance Committee, Atwan Al-Atwani, received a delegation from the World Bank headed by Jean-Christophe Carré, Regional Director for the Middle East, to discuss supporting the railway rehabilitation project within the Development Road Project," indicating that "the meeting reviewed the economic and regional vision of the Development Road Project and its strategic importance in stimulating investment movement, maximizing non-oil revenues and providing job opportunities, and also discussed the possibility of the private sector contributing to its implementation."
It added that "the meeting also discussed the multi-stage support provided by the World Bank for the Development Road Project, including modernizing and rehabilitating the current railway network and linking it from southern Iraq through the north and reaching Turkey."
Al-Atwani stressed, according to the statement, that "the infrastructure of the Development Road should be in the hands of the government so that this important project that links Iraq to the countries of the world is not subject to influences," noting that "our vision is for the Development Road Project not to be just a transit point, but rather we seek to be a gateway to revitalizing various economic and commercial activities and developing the infrastructure."
Al-Atwani called on the World Bank delegation to "present new visions and ideas regarding achieving optimal investment in this huge project, which is hoped to make Iraq an economic corridor linking Asia to Europe," stressing "the need to expedite the submission of the feasibility study related to the railway development plan within the Development Road project, and to contribute to mobilizing international expertise and attracting the private sector to invest in it in a way that serves the country's interests."
He continued: "We look forward to holding joint workshops and expanded meetings with the World Bank, to provide a full briefing on the project details and discuss its details in a way that secures broad parliamentary support for this borrowing," stressing that "the Finance Committee supports any loans that are economically feasible and bring great benefit to the Iraqi economy, especially since investment in the railway sector is a successful trend and achieves a large financial return."
For his part, the World Bank delegation appreciated "the valuable comments submitted by the Chairman of the Finance Committee, Atwan Al-Atwani, within the framework of the rapid transition from the planning and vision stage to the implementation stage," stressing the World Bank team's readiness "to submit the feasibility study, the project path and its details by next February."
Al-Haims Highlights Key Reforms in ISC Bill to Boost Market Access
Chairman of the Securities Commission-ISC Faisal Al-Haims emphasised today the importance of passing the ISC Law, noting that the draft includes four critical provisions aimed at enhancing market access and modernization.
In a statement to the Iraqi News Agency (INA), Al-Haims said, “The Parliamentary Finance Committee hosted us to discuss ISC Bill, which has undergone its first reading in Parliament.”
He explained that “the absence of the law presents several challenges for the stock market, and we hope the Finance Committee will assist in expediting its passage.”
He added, “The draft law was submitted by the Cabinet to the House of Representatives during the last session of the previous legislative year.”
Al-Haims highlighted that “the law encompasses numerous provisions, with key points including alignment with current regulations, facilitating investor access to the market, transforming the stock market into a joint-stock company, and listing it on the exchange.”
Shell Oil Company announces its readiness to increase its investments in Iraq
Shell Oil Company CEO Wael Sawan announced today, Wednesday, January 15, 2025, the company's readiness to increase its investments in Iraq.
A statement by the Prime Minister's media office, received by "Baghdad Today", stated that "Prime Minister Mohammed Shia al-Sudani received today, Wednesday, at his residence in the capital, London (Sawan), and during the meeting, cooperation between Iraq and the company, which is one of the most important oil, gas and petrochemical companies in the world, was discussed, especially since the government announced many investment opportunities in these sectors."
The company's CEO announced "readiness to increase investments in Iraq, especially in the field of associated gas, in addition to investing in the free gas sector, for which the government has offered a licensing round to invest in several regions of Iraq."
Al-Hashemi criticizes Al-Sudani's visit... Our money saves Britain's collapsing economy!
Economist Ziad Al-Hashemi presented a pessimistic view of the Iraqi Prime Minister's visit to Britain, considering that it came at a time when the British economy is suffering from stifling crises that may force his government to resort to borrowing from the International Monetary Fund.
Al-Hashemi stated in a post on the (X) platform that “the British economy is going through its worst phase in decades, with a financial deficit of nearly $100 billion, weak economic growth, high inflation rates, capital flight, and weak investment.”
He pointed out that "the contracts signed by Iraq with the British side during this visit will inject huge Iraqi funds into the British economy, which is a boost to a weak economy suffering from deterioration."
Al-Hashemi asked: “Did the Iraqi Prime Minister have a complete understanding of the weakness of the British economy? Was this situation exploited to achieve additional security and geopolitical gains for Iraq before signing the contracts? Or did the historic opportunity pass without being exploited?”
He concluded by saying, “Negotiation is an art that requires people who have a complete vision and understanding of the circumstances of the other party, in order to exploit them in a way that achieves the greatest possible interests for Iraq.”
MP denies rise in food prices: Markets are stable - Urgent
Member of the Economy and Trade Committee, Muhammad Al-Ziyadi, denied , today, Wednesday (January 15, 2025), the rise in food prices in local markets.
Al-Ziyadi told Baghdad Today, "The talk about an increase in food commodities is incorrect. There has been stability in these prices for a long time, not to mention the clear control of the relevant government agencies over market prices, especially in light of the food basket's support for the food ration."
Al-Ziyadi added, "The competent regulatory authorities monitor the markets on a daily basis, especially the wholesale markets in Baghdad and all the governorates, and any manipulation by some merchants will be held accountable, and for this reason there is control and there is no increase in the prices of food commodities."
The rise in food prices affects the movement of markets in Iraq, as well as the degree of citizens’ readiness for the holy month of Ramadan in the coming days, as citizens suffer from the consequences of the dinar exchange rate crisis against the dollar, despite government efforts and attempts to control prices.
Al-Sudani: Iraq is among the most attractive countries for investment during the past two years
Prime Minister Mohammed Shia al-Sudani confirmed on Wednesday that Iraq is among the most attractive countries for investment during the past two years, indicating that investment opportunities in Iraq are the most at the level of the countries of the region.
The media office of Prime Minister Mohammed Shia al-Sudani stated in a statement, which was reviewed by "Al-Eqtisad News", that "Prime Minister Mohammed Shia al-Sudani participated, on the sidelines of his visit to the United Kingdom, in the financial symposium held in London, in the presence of major British financial companies, Iraqi private sector companies, and a number of government officials from both countries."
According to the statement, al-Sudani pointed out during the symposium "the importance of this visit, which represents a new era in the relationship between the two friendly countries," indicating that "Iraq has concluded a strategic agreement with the United Kingdom, in addition to agreements and memoranda of understanding between ministries and relevant authorities, and others signed by the private sector with British companies, stressing the need to translate these understandings into practical, useful, fruitful and implementable formulas."
Al-Sudani spoke about the stable situation in Iraq, which has become a promising country for development, investment and work in all fields, pointing out that it has achieved real reforms based on reliance on the private sector.
He explained that most of the economic reforms came with proposals from the private sector to facilitate the business environment and provide the best ways to work.
Al-Sudani said during the financial symposium that “reforming the financial and banking sector was a priority,” stressing “taking a series of steps to restructure government banks and contract with Ernst & Young, and the Central Bank contracting with Oliver Wyman.”
Al-Sudani added: “We have cooperation with the US Treasury, and today all transfers are made through correspondent banks and with reliable steps,” indicating: “We have provided sovereign guarantees to the private sector to reduce risks in productive projects in the country.”
The Prime Minister pointed out that “the Iraq Development Fund works as a new idea for the state in embracing and empowering the private sector,” noting that “the investment law in Iraq is the best in the region, as it enables investors to freely transfer profits and capital.”
He continued, saying: “Investment opportunities in Iraq are the most among the countries of the region, and Iraq is among the most attractive countries for investment during the past two years,” indicating: “We have noticed a desire among international companies to expand investment in Iraq and open new projects,” referring to “the need for an Iraqi and foreign banking sector capable of absorbing these operations and covering investment activity.”
He stressed that “Iraq needs insurance companies, and this sector must be strengthened through innovation, expanding digital insurance, and risk analysis,” explaining: “We are working to transfer expertise and knowledge to Iraqi cadres and enhance their capabilities in global investment methods.”
He concluded by saying: “The Iraq Investment Forum will be held next April, and we invite you to visit Iraq and take a closer look at the available opportunities.”
Will the implementation of the Oil and Gas Law stop the series of smuggling in the region?
MP Nazim Al-Shabli, a member of the Oil and Gas Committee, revealed today, Wednesday, that the Kurdistan Region does not want to hand over oil revenues to the federal government.
Al-Shabli said in a statement to Al-Maalouma Agency, “The oil and gas law, which in turn limits oil smuggling in the region, is subject to political differences,” noting that “the importance of enacting the law is to control oil revenues after the procedures to stop the region's exports through the Ceyhan crossing and the intervention of international courts."
He added, "The region has no real desire to send oil imports, in addition to the continuation of oil smuggling operations."
He pointed out that "the enforcement of the oil and gas law in turn limits oil smuggling and obliges the region to send oil revenues, and stressed the need to send the draft oil and gas law for discussion and approval in the House of Representatives."
Al-Salami: Failure to fund the governorates is a clear violation of the budget law
MP Hadi Al-Salami confirmed today, Wednesday, that not funding the governorates is a clear violation of the budget law, calling on the government to take immediate action to address the crisis.
Speaking to Al-Maalouma, Al-Salami pointed out that he “followed the demonstrations organized by groups of contractors and company owners from various governorates in front of the Ministry of Planning in Baghdad, to demand the accumulated funds in exchange for completing their projects.” "
He added, “This delay in funding has led to the suspension of a large number of projects, which has negatively affected the level of services in various governorates.”
Al-Salami explained that “a complaint was filed against the Ministries of Finance and Planning due to their failure to finance the governorates with the amounts allocated to them, which is a violation of the budget law and applicable laws.”
He pointed out that "the demonstrations witnessed in Baghdad today are a confirmation of what he had previously warned about regarding the lack of financial liquidity," calling on "the government to move quickly to secure the funds needed to settle the dues of contractors and companies "
He concluded by saying: “Reviving projects and completing them according to the scheduled timeframes requires disbursing the due funds and releasing the necessary advances.”
It is noteworthy that hundreds of contractors and company owners from various governorates organized a large demonstration in front of the Ministry of Planning to demand the disbursement of their dues and the release of the necessary advances to complete the projects.
Al-Eidani: Al-Sudani's visit to Britain resulted in removing Iraq from the red list for risk assessment
Basra Governor Asaad Al-Eidani revealed on Wednesday that the investment status in Iraq was raised from the red list to the orange list during Prime Minister Mohammed Shia Al-Sudani’s visit to London. In what he described as an important achievement, he revealed that new security and financial agreements were reached with Britain during the visit.
Al-Eidani, who accompanied the visiting Iraqi delegation to Britain, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "Prime Minister Mohammed Shia al-Sudani's current visit to Britain resulted in the transformation of the risk assessment in Iraq from the red list to the orange list in terms of the investment environment, and this is an important achievement and we may advance to yellow."
He added, "The businessmen accompanying the Prime Minister on the visit welcomed the new assessment, which may be transformed to yellow at a later time."
He continued, "Many British businessmen have concluded agreements with the Iraqi side in several fields, including education and universities, and a number of British businessmen have agreed with their Iraqi counterparts to establish joint laboratories."
He pointed out that "the Prime Minister held a meeting today with the British Home Secretary, and many topics related to security were discussed, especially the file of exchanging expertise between the Iraqi and British Interior Ministries."
He pointed out that "there was also a financial meeting, and an agreement was signed between the Trade Bank of Iraq and British financial institutions. There is also a financial meeting attended by the Prime Minister that could discuss support for the Iraqi private sector from British financial institutions, especially after raising the risk assessment from red to orange."
Central Bank: Closing the electronic platform enhances financial stability
Two weeks after the Central Bank of Iraq implemented its decision to close the electronic platform for foreign transfers, opinions differed in economic circles regarding the impact of this measure on the financial situation in Iraq, especially in light of the current economic and political conditions.
Despite the initial criticism the decision sparked, many experts and observers believe it is a “necessary step” to address the economic challenges Iraq is currently facing, especially in terms of reducing pressure on the central bank’s reserves and enhancing the stability of the exchange rate in the local market.
The Central Bank of Iraq confirmed that closing the platform will not affect the movement of remittances at all, as remittances through this platform until 12/23/2024 represent less than 7 percent of total sales, according to a source in the bank.
The source explained to Al-Sabah that "the aim of this step is to control financial operations and work within the international scope in the process of foreign transfers and adopt the method of correspondent banks, which contributes to enhancing the stability of the financial sector in light of the current circumstances."
The Central Bank also indicated that the strengthening of the balances of Iraqi banks that have correspondent banks abroad will continue as is, explaining that this does not mean stopping the "currency sale" operations, but rather a change in their mechanisms within a method followed all over the world. He added that the mechanism for strengthening bank balances has changed, as it is now done directly through the accounts of Iraqi banks with correspondent banks, instead of the accounts that were done through the Central Bank, and that this new mechanism is dedicated to meeting the needs of imports and foreign trade of goods, commodities and services, which contributes to supporting the financial and economic stability of Iraq.
For his part, the economic advisor to the Prime Minister, Mazhar Mohammed Salih, explained that the Central Bank had previously financed foreign trade through the currency sale window to perform two basic functions: the first is to intervene in the money market to absorb liquidity and maintain the stability of the exchange rate, and the second is to finance foreign trade for the private sector. However, the Central Bank faced major challenges due to the requirements of the Federal Reserve and the US Treasury to ensure that the dollar is not used in ways that conflict with US foreign policy and national security. Salih added to Al-Sabah that "the new transfer system is based on a direct relationship between local Iraqi banks and foreign correspondent banks with a focus on compliance issues and combating money laundering."
He pointed out that the Central Bank has strengthened the dollar accounts of Iraqi banks in foreign correspondent banks, which has reduced the direct intervention of the Central Bank and allowed a greater role for foreign banks in auditing commercial operations.
Saleh stressed that the Central Bank has taken steps to diversify the foreign currency portfolio, including the use of the Euro, the UAE Dirham, and the Chinese Yuan, to facilitate transactions with major trading partners, noting that the new mechanisms aim to facilitate foreign trade and enhance control over money transfer operations, while ensuring that goods and services reach the country properly and without violations.
The financial advisor to the Prime Minister also noted that "these new measures do not affect the flow of supplying the Iraqi economy's need for dollars, but they are a major development aimed at enhancing transparency and compliance with international and local laws."
In contrast, financial and banking researcher Mustafa Hantoush believes that the Central Bank of Iraq is trying to avoid the damages resulting from exporting the dollar by adopting monetary policies and currency management that ensure reducing its liability without affecting its financial strength.
Hantoush told Al Sabah that he believes that the Central Bank seeks to avoid this responsibility by authorizing foreign banks that have accounts in correspondent banks with the approval of their branches or foreign owners.
He also pointed out that if the Central Bank wanted to reduce the gap in the dollar, it should open the door to competition between banks and rely on a basket of currencies to expand the options available in the market, calling for amending the criteria for evaluating local banks and raising their financial capabilities, which would contribute to achieving stability and increasing competitiveness, and thus stabilizing the dollar price.
He also suggested the possibility of transferring the dollar to trading platforms in the stock market, to be sold to those entitled to it through direct transactions instead of sending the dollar exclusively to banks, stressing the need to organize these operations by switching to the "Forex" market, and implementing mechanisms that ensure that funds are not transferred until the goods arrive with the banks' guarantee.
He explained that these measures would increase tax revenues and limit illegal trade, which would contribute to strengthening the national economy.
For his part, economic expert Nabil Jabbar Al-Tamimi said: “The transfer platform at the Central Bank of Iraq was a mechanism for conducting financial transfers for merchants and importers through local banks, as the platform supervised these operations.”
He added to Al-Sabah, saying: “The Central Bank has created the necessary conditions for conducting transfers by establishing direct relations between local banks and international banks through major correspondent banks, which means that transfers can be conducted in accordance with international standards without the need for an electronic platform.”
Al-Tamimi explained that the Central Bank has replaced the electronic platform with regular and natural transfer mechanisms, through solid local banks, which provides merchants with direct ways to transfer money, stressing that these mechanisms contribute to their obtaining the dollar at the official price, which helps in gradually reducing inflation as a result of the stability of the official dollar price.
He also stressed that "with this measure, the need to deal in the unofficial dollar on the black market is reduced, which enhances the stability of the financial market in Iraq."
Washington urges Iraqi parliament to speed up approval of federal budget
this is from KuWAITI News
The United States urged the Iraqi parliament on Wednesday to expedite the passage of Iraq's .federal budget after the proposed amendments were reviewed in a parliamentary session held earlier this week We have worked with the Government of Iraq (Baghdad) and the Kurdistan Regional Government (Erbil) to reach a permanent"budget agreement that will facilitate sustainable oil production in the Kurdistan Region of Iraq,"
State Department Spokesperson .Matthew Miller said in a press briefing at the department's headquarters .We saw the review of the budget amendment this week and urge its swift adoption," Miller added" In the same context, Miller pointed out that Deputy Assistant Secretary of State for Iraq and Iran Victoria Taylor was visiting Iraq "to hold diplomatic discussions focused on the stability and security of the Kurdistan Region of Iraq and supporting political parties ".to form a comprehensive Kurdistan Regional Government in a timely manner He stressed that "the formation of a new government (in the region) will allow for the promotion of human rights, economic
".development, and the strength of the Kurdistan Region of Iraq as part of a stable, sovereign, and secure Iraq The Finance Committee of the Iraqi Council of Representatives met last Saturday with Finance Minister Taif Sami to discuss proposed amendments to some articles of the 2025 budget law, including issues related to the oil file, salaries, and the budget of .the Kurdistan Region of Iraq The Iraqi parliament also completed last Monday the review and discussion of the second reading of the draft law amending the first federal budget law for Iraq, while media outlets quoted Iraqi parliamentarians as expecting that the parliament will vote on the proposed amendment soon.
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