With the Sudanese and the regional government
APICORP announced on Sunday its readiness to resume oil exports from the Kurdistan Region via the Turkish port of Ceyhan, but noted its aspiration to conclude written sales and lifting agreements with the governments of Baghdad and the region, which provide transparency and guarantee payment without political interference.
The video for this blogpost is below here:
Below is Apicor’s post on the “x” platform:
As we have always stressed, APICORP member companies are ready to resume oil exports via the Iraq-Türkiye pipeline, after reaching agreements that support the current contractual, commercial and economic terms of the member companies.
We look forward to entering into written sales and lifting agreements with the Government of Iraq and the Kurdistan Regional Government, providing transparency and assurance of payment without political interference.
Apicor member companies remain focused on working with all stakeholders to secure a rapid and mutually beneficial solution.
We agree with Iraqi Prime Minister Mohammed Shia al-Sudani’s statement that accelerating oil exports through ITP will boost Iraq’s economy and meet the needs of its citizens.
A technical team will inspect the pipeline... a new step within the Kurdistan oil export agreement
In a new step towards resuming oil exports from the Kurdistan Region, the negotiating delegation of the regional government announced an agreement with the federal government to resume exports according to the available quantities.
A statement issued by the delegation indicated that an agreement had been reached to "resume the export of the region's oil according to the available quantities," stressing "the formation of a joint technical team to inspect the export pipeline and determine its readiness," and also affirming "the commitment to implementing the provisions of the Federal General Budget Law."
The statement refers to the resolution of the points of contention that the Kurdistan Region's negotiating delegation had spoken about, after the federal government announced its readiness to resume oil exports from the Kurdistan Region.
The points of contention relate to the quantities allocated for local consumption in the region, and the mechanism for paying the dues of production and transportation companies. The regional government called on the federal authorities to expedite the resolution of these issues and obtain the required approvals regarding them.
The Kurdistan Region Oil Industry Association (APICOR) announced earlier today its readiness to resume exporting the region's oil through the Iraqi-Turkish pipeline, after nearly two years of suspension.
“We have consistently maintained that our member companies are ready to resume oil exports via the Iraq-Turkey pipeline, after reaching agreements that support the current contractual, commercial and economic terms of the member companies,” APICORP said in a post on its X platform, noting that it “looks forward to entering into written sales and lifting agreements with the Government of Iraq and the Kurdistan Regional Government, providing payment transparency and assurance without political interference.”
On Saturday, February 22, the federal government announced its readiness to resume oil exports from the Kurdistan Region, in an official position issued following information about “American pressure.”
The Ministry of Oil confirmed in a statement, "the completion of procedures to resume the export of oil produced in the Kurdistan Region via the Ceyhan Port in accordance with the mechanisms set out in the budget law and its amendment and within the production ceiling specified for Iraq in OPEC," and demanded that the regional authorities "deliver the quantities produced from the operating fields to the Oil Marketing Company to begin exporting via the Iraqi-Turkish pipeline and the Ceyhan Port in accordance with the contracts signed with the nominated companies."
Before that, the oil issue topped a meeting between Al-Sudani and the President of the Kurdistan Region, Nechirvan Barzani, in Baghdad, where Al-Sudani pointed out “the importance of proceeding with the implementation of joint agreements, especially in light of the House of Representatives passing the latest amendment to the general federal budget law, in a way that serves the national interest and strengthens the Iraqi economy,” stressing “the need to expedite the start of oil companies in the Kurdistan Region of Iraq to resume oil production and re-export it through the Turkish port of Ceyhan.”
Reuters recently quoted informed sources as saying that there is "American pressure on Iraq to resume the export of Kurdistan Region oil or face sanctions."
Eight sources told the agency that "the administration of US President Donald Trump is increasing pressure on Iraq to allow the resumption of Kurdish oil exports or face sanctions alongside Iran," noting that "increasing pressure from the new US administration was the main driver behind Monday's announcement."
On Monday, Iraqi Oil Minister Hayan Abdul Ghani said that Baghdad and Erbil are in the process of putting the final touches to begin "receiving and exporting oil" from the Kurdistan Region "within a week," noting that "the budget law has been amended to receive and export oil from the Kurdistan Region through operating the (Iraqi-Turkish) pipeline to activate this outlet after it stopped for about a year and a half, and arrangements are now being made by all parties to implement this."
According to a White House official, the US administration wants to allow “our Kurdish partners” to open oil exports “for regional security” and also to “help keep gas prices down.”
Iraq's 2025 Budget Schedules "You're Going Where You Are" and the Reason: Amendments to Article 12
Parliamentary Finance: No signs of sending the tables due to the amendments to Article 12 that changed the equation.
Here's what members revealed:Finance CommitteeFor the cadreSumerian.
Swiss Ambassador: Iraq is an important regional player and we seek to be an active element in local investments
The Swiss government appreciated the efforts of Prime Minister Mohammed Shia al-Sudani in developing bilateral relations and supporting investment.
The Swiss Ambassador to Iraq, Daniel Hohn, said during his participation in a dialogue session on the second day of the Baghdad International Dialogue Conference, today, Sunday, in Baghdad, that "there are great efforts made by Prime Minister Mohammed Shia al-Sudani to restore relations between Geneva and Baghdad, and there are also common interests between the two countries, and there are important investment opportunities in Iraq that we seek to work on and enter the Iraqi market."
He added, "We have an Iraqi community that wants to return to Iraq to regain its interests, and we also have interests with Iraq that we are working to support and sustain," indicating that "the Swiss government realizes that Iraq is an important regional player in the region and has many investments, so we seek for Swiss companies to be a contributing and effective factor in achieving these investments."
Leader in the Framework: America is exploiting Iraq's money in the Federal Bank to undermine its autonomy
The leader of the Coordination Framework, Salam al-Zubaidi, confirmed today, Saturday, that the United States is exerting security and political pressure
on Iraq in a number of files, including oil, and undermining its autonomy through the money it deposits in the US Federal Bank. Al-Zubaidi said in an interview with /Al-Maalouma/ agency, that “America is exerting pressure on Iraq politically and security-wise, while Iraq has autonomy and decisions that must be respected by everyone,” indicating that “exporting oil is an internal matter that does not concern the United States, even if the money from Iraqi exports goes to the US Federal Reserve, which undermines Iraq’s autonomy in this matter.”
He added that "re-exporting oil from the Kurdistan Region is an internal matter that concerns the federal government and the Ministry of Oil, and there are many pending files between Erbil and Baghdad in addition to the decision of an international court issued in Paris due to violations committed by the Kurdish side," noting that "during the visit of the President of the Region, Nechirvan Barzani, to Baghdad, it was agreed to remove obstacles and eliminate crises."
He pointed out that "the American pressure should be on the region and not on Baghdad, considering that Erbil is the one that has problems in this issue, but for Washington to come and impose decisions on Baghdad is not correct."
It is noteworthy that international reports revealed that the United States threatened to impose sanctions on Iraq unless Baghdad allowed the resumption of oil exports from the Kurdistan region despite the political and technical problems in this file.
Ramadan between spirituality and the blaze of prices.. Warnings as the holy month approaches
Economic expert Ahmed Al-Tamimi warned, today, Sunday (February 23, 2025), of the rise in food prices with the approach of the month of Ramadan.
Al-Tamimi told Baghdad Today, "There is a fear among the Iraqi street of rising food prices with the approach of the holy month of Ramadan, especially with the presence of some greedy merchants, and this is why we find a rush to the markets these days for shopping, fearing a rise in prices in the coming few days."
He added, "The competent supervisory authorities in the Ministry of Interior and the Ministry of Commerce must monitor prices in the markets on a daily basis to prevent any manipulation of prices and raise the prices of some food items that are in high demand during the month of Ramadan. This sends messages of reassurance to citizens."
Ramadan is a special time for Muslims, when people come together in a special spiritual and social atmosphere. However, many face increasing economic challenges during this month, most notably the rise in prices of food and basic products, which burdens low-income families.
There are many reasons for this increase in prices, including increased demand for food, some traders taking advantage of this opportunity to raise prices, in addition to problems related to supply chains and economic inflation. In some countries, governments are seeking to take control measures to limit these increases, such as imposing fixed prices or providing support for some basic commodities.
Iraq to release final results of population census Monday
“Iraq’s Planning Minister Mohammed Ali Tamim will hold a press conference tomorrow, Monday, to announce the final results of the general population and housing census,” read a statement from the planning ministry.
ERBIL, Kurdistan Region of Iraq - Iraq’s planning ministry announced Sunday that it would release the final results of the population census in 24 hours, more than three months after the long-overdue process was held across the country, including the Kurdistan Region, spanning around 20 days.
“Iraq’s Planning Minister Mohammed Ali Tamim will hold a press conference tomorrow, Monday, to announce the final results of the general population and housing census,” read a statement from the planning ministry.
The press conference will be attended by "ministers, representatives, heads of agencies, the representative of the Secretary-General of the United Nations, international agencies, ambassadors, governors, undersecretaries of ministries, and heads of a number of Arab statistical agencies," in addition to "advisors, experts, and university presidents,” the statement detailed.
The preliminary results for the census, announced on November 25, had counted over 45 million, including 6.3 million in the Kurdistan Region.
The preliminary results showed the male population in the country, 22,784,062, was slightly higher than the female population, which stood at 22,623,833.
The number of households in the country is 7,898,588, with the average household size being 5.3 persons. Nearly 89 percent of households are headed by men, while only 11 percent are headed by women.
Iraq’s working age (15-64 years) population was placed at 60 percent of the overall population, those aged below 15 years old accounted for 36 percent, while those aged 65 and older made up less than four percent.
Iraq conducted its first population and housing census in nearly four decades last week. A count in 1997 excluded the Kurdistan Region provinces.
Central Bank Discusses National Assessment of Money Laundering and Terrorist Financing Risks
The attendees discussed the clarifications of the requirements for weaknesses and threats necessary to update the national and sectoral assessment of money laundering and terrorist financing risks, the outcomes of the mutual assessment process, the action plan and the treatments that must be implemented.
Media Office
Oliver Wyman joins EY in Iraq bank restructuring
London-based EY and America's Oliver Wyman will help to restructure Iraq's banks
- Iraq appoints EY and Oliver Wyman
- Two largest public banks may merge
- Others may go private
Iraq has hired two of the world’s most prominent financial consulting firms to help restructure its banking sector, which has been wrecked by long-term violence, according to an adviser to the prime minister.
London-based EY and Oliver Wyman of the US will prepare a roadmap for a plan that could include merging the country’s two largest public banks, according to Mudhar Saleh, an adviser to Iraq’s prime minister, Mohammed Al-Sudani.
Iraq has seven major state banks and more than 50 national and foreign units, including 27 Islamic banks, according to a report last year by Bismayacity, a news website.
“The government and the monetary authorities are working together for comprehensive reforms in the national banking system with the aim of bolstering its position,” Saleh told Iraq’s Al-Forat TV this week.
He said the government has hired EY to carry out a “comprehensive evaluation” of state banks in pursuit of a “clear vision for the development of the banks and for their effective integration into the world financial system”.
Saleh said Oliver Wyman has also been selected to conduct a comprehensive study as part of the restructuring plan.
Last month, the Iraqi cabinet announced plans for restructuring public banks, including the creation of a giant new institution.
The bank, to be called First Rafidain Bank, will have a paid-up capital of 500 billion Iraqi dinars ($382 million), to be raised later to one trillion dinars ($764 million). The government will control 24 percent, according to a cabinet statement cited by the Baghdad Today news website.
The plan also includes transforming the government-owned Industrial Bank into a private joint stock company while seeking a strategic partner, the statement said.
The cabinet decided to maintain the current status of other public banks such as the Agricultural Bank, the Real Estate Bank and the Housing Fund, according to the statement.
An independent Iraqi economist said last month the restructuring plan could include the merger of Rafidain and Rasheed banks, previously Iraq’s two dominant institutions.
Salah Nouri, an analyst at the Baghdad-based Iraqi Institute for Economic Reform, said the main reason for restructuring the two banks is the accumulation of bad loans extended before the US-led 2003 invasion of Iraq.
“I believe that the restructuring plan calls for the creation of two parallel banks, one for Rafidain and one for Rasheed, to which the bad assets will be transferred. Afterwards, there will be a merger of Rafidain and Rasheed with the healthy assets and of the two parallel banks with the bad assets,” Nouri said.
Huge" wealth.. What do you know about "precious" minerals in Iraq?
Economy Sumerian
is witnessingIraqAn important shift in its economic strategy, as the government is moving towards diversifying sources of income and strengthening non-oil sectors, with the project to localize precious metals among the most prominent projects on this path.And decidedThe CouncilThe Industrial Coordination Committee on February 16th localized the manufacture of precious metals, including gold and jewelry, in addition to cosmetic products, with a focus on providing all necessary facilities for those wishing to establish their own factories.
And occupiesIraq28th place globally and 4th in the Arab world - afterSaudi ArabiaLebanon and Algeria - in the classificationCountriesThe highest gold reserves in the world, according toThe Council GlobalFor gold.
According to the latest table published by the Council, "Iraq raised its gold holdings to 162.7 tons, representing 12.7% of its total other reserves."
The Central Bank also resolvedIraqiRanked first in the Arab world and seventh globally on the list of banksCentralMost purchased gold in 2024, according to the Gold Council dataGlobalThe volume of purchases reachedIraqAbout 20 tons of gold.
A qualitative leap,
confirmed Abdul Hassan Al-Ziyadi, a member of the Businessmen Union Council.IraqiThe new government’s plans in the industrial field, especially its orientation towards localizing precious metals, will represent a qualitative leap for Iraq, and will enable it to achieve leaps at the level ofGlobalIn the field of investment.
Al-Ziyadi said that the project of localizing precious or rare materials, or the rare metals industry, is one of the successful projects in Iraq, because the landIraqIt contains sufficient and surplus raw materials to launch such projects.
He pointed out thatIraqIt has rare and precious resources, and is one of the good and fruitful spots for gold, and other projects such as phosphate, and other precious metals, especially in Anbar Governorate.
Al-Ziyadi explained thatIraqHe began to think about using these resources and supporting the localization project to develop and benefit from it, stressing that the current government is ready to work and develop the work of its institutions, and direct it towards investment and encouraging investments.
He pointed out thatIraqHe began to think about building economic institutions of good benefit, and he also began to think about the precious metals that he could exploit to develop his economy.
Huge wealth awaits investment
and is consideredIraqA country rich in its diverse mineral resources, as these resources are spread across its various governorates, and Anbar Governorate is the richest governorate in this field.
*According to the Iraqi Phosphate General Company, affiliated with the Ministry of Industry, surveys have revealed the availability of huge and confirmed reserves of phosphate amounting to about two billion confirmed and unexploited tons, with unconfirmed quantities that may exceed 7 billion tons.
*Iron ore, as its presence is particularly concentrated in the desert southwest of Anbar, where the underground reserve is estimated at about 60 million tons.
*Anbar governorates also have a large reserve of uranium in the Akashat area within the phosphate layer formations in the Western Desert.
*Anbar's mineral resources do not stop there, as silica is concentrated in the Western Desert region, and appears in the form of layers of white sand, where the reserve amounts to about 75 million tons.
*As for gold, it is found in the governorates of Anbar and western Nineveh.
* Huge quantities of sulfur are concentrated in Anbar, Salah al-Din and Nineveh, and the reserves are estimated at more than 600 million tons.
* As for sodium sulfur, it is widespread in Salah al-Din Governorate and the general reserve is estimated at about 22 million tons.
* As for quartzite, it is widespread in the Rutba area in Anbar and its reserves are estimated at about 16 million tons.
* Celestite (strontium sulfur) is widespread in the governorates of Najaf and Karbala, where it appears in the form of sandy rock lenses, and the country's reserve is estimated at about 0.8 million tons that are not exploited.
* Glass, its presence is concentrated in Anbar Governorate in the form of shiny surface sand in the plains and plateaus, and the existing quantities are estimated at about 400 million cubic meters.
* Lead is found in the governorates of Dohuk and Sulaymaniyah in the Kurdistan Region in the form of sedimentary carbonate rocks, and the reserve is estimated at more than 50 million tons.
*Statistics indicate the presence of dolomite in the provinces of Anbar and Muthanna, where the country's reserves are estimated at about 330 million tons.
*As for gypsum, it is concentrated in Nineveh, Kirkuk and Salah al-Din, and its reserves are estimated at about 130 million tons.
*Lime is found in Anbar, Muthanna, Najaf, Nineveh and Kurdistan, and its reserves are estimated at about 8 thousand million tons.
*Silver is found in the regions of KurdistanIraqWithin volcanic rocks.
* Bauxite is concentrated in Anbar, and its reserves are estimated at about one million tons.
* Feldspar sands are concentrated in Najaf Governorate, and its reserves are estimated at about 2.3 million tons.
* Quartz is concentrated in Anbar and the city of Faw, located on the waters of the Arabian Gulf in Basra, where its reserves are estimated at about 855 million cubic meters.
* As for copper, it is found in Sulaymaniyah Governorate, and its volume estimates vary between 10 and 20 million tons.
Reducing the exit of currency
To talk about the extent of the decision's impact on the market, economic expert Salah Nouri believed that it is too early to determine the level of prices and quality for the gold and jewelry industry, because the Cabinet's decision has not yet begun to be implemented.
Nouri explained that importing gold and precious metals constitutes a high percentage of total imports, and therefore this decision will contribute to reducing the exit of foreign currency (dollar) from the country, noting that the Ministry of Trade has been tasked with facilitating the import of raw materials for manufacturing purposes in coordination with the Central Bank.He added that the manufacture of gold and jewelry insideIraqIt is supposed to make its local prices lower than its import price, warning that this industry may face the risks of fluctuations in global gold prices, which may in turn affect the stability of the local market.
Diversifying budget resources
Government advisor Alaa Al-Fahd confirmed that activating the precious metals localization sector will have an effective role in bringing outIraqFrom total dependence on oil as a major source of budget revenues.
Al-Fahd said thatIraqToday, it has the ability to diversify its sources of income by localizing the precious metals industry, which will have a positive impact on the economy.IraqiBy diversifying revenues and activating this vital industry, noting thatIraqHe has large reserves of gold that can be exploited in local manufacturing instead of importing ready-made gold jewelry from abroad.
Al-Fahd explained that Iraqi lands are rich in many undiscovered precious metals, and that these potential discoveries will directly contribute to increasing reserves and diversifying the economy, stressing that this requires conducting economic feasibility studies to determine the extent of the impact of these minerals and activating the industry.
He stressed that the matter is not limited to owning these minerals, but rather requires developing realistic plans to activate these industries and develop the economy, stressing that paying attention to these industries and localizing them in Iraq, in addition to providing facilities and attracting foreign investments, will have a direct impact on the economyIraqiAl
-Fahd pointed out that this requires a government decision, and that this decision is available today, and it is a message to attract development investments in this field to activate the mining industry in Iraq, especially since there is a basis and ownership of these natural resources that can be exploited to strengthen the economy.
He explained that supporting the budget by activating this sector is inevitable, as any industry will contribute to raising production capacities and increasing production, which leads to the development and activation of the industry, pointing out thatIraqThese transformation industries are needed to exploit the available infrastructure for minerals.
Al-Fahd explained that all opportunities are available today for investment in this field, and that investment in this sector is no less important than investment in any other sectors that contribute to developing the economy and supporting the budget, especially in light of the fluctuations in oil prices, stressing the need to search for alternative sources of income and revitalizing the industrial, agricultural and tourism sectors.
Al-Fahd stressed that these sectors can contribute effectively to achieving revenues and diversifying the economy, indicating thatIraqHe should follow suit.CountriesThe Arab and Gulf countries have emerged from their dependence on oil and have begun to stimulate other industries and develop their natural resources.
The Real Estate Bank discusses its strategic plan for 2025
A statement by the Real Estate Bank received by the Iraqi News Agency (INA) stated that "the Director General of the Real Estate Bank, Abbas Shihab Al-Jawahiri, held an important expanded meeting with department managers, branch managers and unit officials to discuss the Real Estate Bank's strategic plan for 2025, through which he presented the stages of progress of credit and expansion projects in banking products that the bank is working to provide during the year 2025, while facing challenges and discussing solutions and proposals to overcome them in a way that ensures the smooth flow of work." He added, "The stages of progress of the projects that were implemented during the year 2024 were reviewed in implementation of the directives of the Prime Minister and the Minister of Finance, most notably: implementing the electronic collection and payment service POS with a completion rate of 100% in the bank's branches and a number of investment complexes and outlets that exceeded 6,000 outlets." He continued, "In addition to implementing the electronic collection service on the mobile application platform with a 100% completion rate, as well as implementing the first part (residential real estate loans) of the Real Estate Bank operations automation project with a 100% completion rate, in addition to obtaining the necessary approvals for direct contracting with the Ministry of Construction, Housing, Municipalities and Public Works to demolish and rebuild the bank branches owned by the bank and spread across the governorates of Iraq to show them in a decent civilized appearance and start contracting procedures." He pointed out that "Al-Jawahri presented during the meeting a number of goals and projects that must be implemented during the first half of 2025, most notably:
1. Work to zero out the annual residential real estate loan interest that was granted to citizens from the recovered funds that were implemented during 2023 and 2024.
2. Start granting loans to finance citizens wishing to purchase sustainable clean energy systems.
3. Launch the service of submitting residential real estate loan applications through the electronic platform launched by the National Data Center / General Secretariat of the Council of Ministers.
4. Activate banking operations in the bank's departments and branches and adhere to banking instructions.
5. Start issuing bank cards (Visa Card) after the bank obtained all the required licenses during 2024.
6. Provide a service to localize employee salaries for the public and private sectors, while providing incentives and privileges that will accompany the localization process.
7. Start deploying ATMs in the bank's branches and important locations.
The statement confirmed that "it was Also discussing the most important issues that contribute to supporting the needs of employees and motivating them to move forward by providing the best services, helping citizens and overcoming routine, and emphasizing through this the importance of continuous communication between the various departments and branches to ensure providing the best services to customers and overcoming work obstacles, stressing that raising the level of institutional performance is one of the priorities of the Real Estate Bank, within its strategy to advance the reality of the banking sector and support economic development in Iraq. He explained that "at the end of the meeting, Al-Jawahiri extended his sincere thanks to all employees of the bank for their achievements during the previous stage in light of the developments taking place in the Real Estate Bank and facing challenges with determination and continuous follow-up."
Out of debt
For many years, foreign debts have been a huge burden on the Iraqi state treasury, to pay off the debts of countries, banks and international organizations, due to the absurd wars that have been waged in the country since the 1980s, and after 2003 during the pursuit of ISIS gangs that were seizing cities and destroying their infrastructure, and the state’s revenues remained largely mortgaged to pay off those debts.However, the recent shift towards an effective and successful economic policy has led to Iraq’s depletion of the largest part of it, and it has become beyond the danger of the dictates of banks and creditors abroad.
A step in the right direction for the current government in its program for developing the Iraqi economy. For the first time, the Iraqi state is getting rid of the burden of foreign debts that have shackled it economically after the war from 1980 to the present. Currently, the remaining debts to international parties constitute only less than 9 billion dollars to be paid from now until 2028, and the percentage of these debts in relation to the gross domestic product does not constitute a burden on the state, as they constitute an estimated 5 percent of the gross domestic product, and the global standard allows 60 percent of the gross domestic product to be foreign debts. At this stage, Iraq has become a well-fortified country in the matter of foreign debts.
More precisely, it has become outside the risks of external debt, which gives the country a high credit rating in the field of global credit rating, with the existence of integrated coordination between the Central Bank of Iraq and the Ministry of Finance in paying debt dues, whether debt services "interest and installments" or paying debts at once, and it is also credited to the performance of these economic institutions that were able to take good steps despite the existence of cases of corruption here and there, which the government is still working to combat by all means. The practice of successful policies by the public finance on the issue of debts, through financial reinforcement to extinguish external debts, and borrowing at a lower rate, led to positive results that were reflected in their reality on the Iraqi economy as a whole, and by the year 2028 there will be no external debts due.
Steps in the right direction in the government's economic policy that supports its foreign policy, and Iraq has the opportunity to transform into the most important global economic country, especially since foreign investments are keeping in mind that Iraq is a country with diverse resources and raw materials necessary for large strategic industries, a large portion of which is in the field of energy production.
Despite the crisis and difficult conditions that the region and the regional environment in particular are going through, we see that Iraq has also succeeded in distancing itself as a state from conflicts and wars that could drain its wealth, capabilities, and human and natural resources. Successful policy is for the decision to be correct and effective in crises and to yield benefits that have multiple aspects in the present and the future.
Governmental treatments to achieve financial balance
The Parliamentary Finance Committee downplayed concerns about a financial deficit in the upcoming budget, stressing that the government has many tools to achieve financial balance.
The Finance Committee's assurances came at a time when the "legislative authority" is awaiting the arrival of the budget schedules to study and discuss them, amid expectations that they will include financial treatments to ensure a balance between revenues and expenditures.
Finance Committee member Jamal Koujar said in an interview with Al-Sabah: “The government has several options to address any financial deficit in the budget, including resorting to internal borrowing through banks.”
Koger explained that “there are two types of deficits, the first is called the ‘real deficit’ which reflects the actual gap between revenues and expenditures, while the second is an estimate calculated based on estimates of expected revenues.”
Official data showed that tax revenues increased during the year (2024) to more than (3.5) trillion dinars, reflecting a noticeable improvement in the management of this vital sector and support for the state treasury. A week after the Ministry of Finance announced the financing and disbursement of salaries to most ministries and official departments, which came as confirmation of the absence of any impact on governing expenditures, the Ministry of Labor and Social Affairs set the end of this week as the date for disbursing social assistance salaries for the month of March, which includes more than two million and (126) thousand families, coinciding with the advent of the holy month of Ramadan. The ministry’s spokesman, Najm Al-Aqabi, told Al-Sabah: “The ministry has completed the procedures for disbursing salaries and social protection network allowances for the month of March, which coincides with the holy month of Ramadan. The number of covered families supported by men has reached more than one million and (545) thousand families, with a total amount exceeding (371) billion dinars. As for the families supported by women, their number has reached more than (581) thousand families, with a total amount exceeding (88) billion dinars.”
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