Today.. Baghdad International Fair kicks off with the participation of 20 countries and 1000 companies
Minister of Trade Athir Dawood Al-Ghariri announced the completion of all preparations for the launch of the 48th session of the Baghdad International Fair.
Al-Ghariri stressed that "this edition will be distinguished by the diversity and size of the participation, as its activities will start today, Saturday, February 1, and will continue until the 7th, under the patronage of Prime Minister Mohammed Shia Al-Sudani and under the slogan "Investment - Development - Prosperity", with the participation of 20 Arab and international countries and more than 1,000 local and international companies.
He pointed out that "the Baghdad International Fair represents a point of attraction and attraction for foreign investors," adding that "this year will be different from previous versions in terms of the diversity of economic, cultural, and artistic events."
Al-Sudani: Baghdad is living the best days of its youth in terms of development, economy and urban renaissance
Al-Sudani: Iraq's debts have fallen to their lowest levels and investments have exceeded 60 billion dinars
rime Minister Mohammed al-Sudani said on Saturday, February 1, 2025, that Iraq's external debts have fallen to their lowest levels, noting that foreign investments in Iraq have exceeded 60 billion dinars.
The International Monetary Fund warned in a report of a doubling of debt in Iraq, through an increase in the deficit, as it expected “the public finance deficit to reach 7.6% in 2024 and to widen further after that with the expected gradual decline in oil prices in the medium term,” leading to “a near doubling of public debt from 44% in 2023 to 86% by 2029.”
Al-Sudani's media office stated in a statement seen by "Ultra Iraq" that "he opened the 48th Baghdad International Fair this evening, Saturday, with the participation of (1250) companies, in various specializations, representing 22 Arab and foreign countries." He also "delivered a speech in which he welcomed the representatives of the companies and entities participating in this year's session, which witnessed the return of companies that had been absent from previous sessions, which is an important addition to establishing productive and promising partnerships and stronger cooperation that enhances facing challenges and draws a map of economic growth."
Al-Sudani said, "The real standard for success is the citizen's satisfaction and positive interaction with what the executive service apparatus provides, in addition to economic reform," indicating that "Iraq is heading towards the widest urban movement in the field of housing, and work has begun within the new city projects to reach approximately one million housing units."
He added: "We announced a project to add 15-20 thousand megawatts of electricity production to the national grid, and raise production to the highest levels in meeting the demand for energy." He also said: "We worked to achieve actual participation in clean and renewable energy production projects after it was just talk and statements."
He continued: "After implementing the reforms, foreign investments coming to Iraq exceeded 60 billion dinars, which is a clear indication of the reassurance of capital," and "the government provided a business-friendly investment environment, and legal and moral protection enjoyed by investors and companies operating in Iraq."
He pointed out to "building understandings and agreements with international partners and global financial institutions, and granting sovereign guarantees to the private sector to establish a strategic partnership with industrial countries and major economies," stressing that "the government's steps contributed to consolidating the position of the Iraqi economy, raising the level of credit confidence internationally, and reducing external debt to its lowest levels."
He explained that "the people's project development path will be the most effective to link Asia and Europe, passing through Iraq and the Middle East," and that "the door is open to everyone to contribute to the development path, and the opportunities that will be available on both sides for industrial economic cities and free trade zones."
Last year, Mazhar Muhammad Salih, Al-Sudani’s financial advisor, pointed out a “decrease in the amount of external debts due,” which appeared in the “allocations for external debt payments” in the 2024 budget compared to the 2023 budget schedules “with a difference of a decrease of more than one billion dollars,” due to “Iraq’s regularity in paying its external debts due annually, of which only about 20 billion dollars remain.”
As part of its war on counterfeiting, Iraq enhances the security of its currency with improved marks and printing new banknotes
running this article again hmmmmm no pictures this time
Attentions in Iraq are directed towards the efforts made to protect the national currency and enhance its economic security. In this context, the Central Bank of Iraq's disclosure of a set of modern security marks that have been added to the circulating banknotes comes as a qualitative step that reflects the keenness to keep pace with global developments in the field of currency printing and security.
On January 19, the Central Bank of Iraq unveiled the security marks of the circulating banknotes, with the aim of educating the public, as well as companies and commercial banks that deal with these banknotes on a daily basis, reviewing these improved security marks, through a technical bulletin, in which it indicated the introduction of prominent marks on the new banknotes to enable the visually impaired to identify the banknote denominations by touch.
Mazhar Muhammad Salih, the economic advisor to the Prime Minister, confirmed in a statement followed by Al-Rasheed, that Iraq's decision to print a new currency is a natural decision that comes within the state's efforts to protect its national currency and enhance its security.
Salih explained that since the first issuance of the currency in 1934, Iraq has printed its currencies at the largest international printing companies, with the exception of the blockade period when the state was forced to resort to local printing.
He pointed out that Iraq still relies on the largest international companies specialized in printing currency, which are companies with a good reputation and high reliability and adhere to the highest international safety standards. He pointed out that this matter is of great importance to the economic security of Iraq and global security in general.
He added that Iraq reprinted its currency after 2003 with the largest international companies, including British and German companies. He explained that reprinting currency is a routine procedure that is carried out periodically to replace damaged papers and introduce new security improvements to the currency to protect citizens from counterfeiting and money laundering.
He stressed that these procedures come within the framework of the state's keenness to protect citizens' economic rights and ensure the stability of the Iraqi economy. He pointed out that the Central Bank of Iraq is the only body authorized to issue currency in accordance with the law, and there is strict security control over the printing and circulation process to prevent the entry of counterfeit currency into the country.
Saleh stressed that the cost of reprinting a single currency is very simple, not exceeding cents compared to its benefits, and that this procedure is an integral part of the policy of central banks around the world to maintain the stability of national currencies and protect national economies.
Economist: The Iraqi market is centralized and 40 investment laws need to be reviewed and amended
Al-Mashhadani added to Al-Furat News Agency that "talking about attracting investments is not limited to a specific region, but rather depends on the general situation in the country."
He explained that "the investment climate in Iraq requires several factors, including the political factor and the conflict between the blocs, in addition to the investment laws that need to be reviewed, as their number has reached about 40 laws."
He pointed out that "there are paragraphs in these laws related to the economy in general."
Al-Mashhadani pointed out that "the Iraqi government is moving towards a capitalist economy and following a market economy according to the principle of supply and demand, which means that the government cannot interfere in all economic details."
He pointed out that "the current laws were enacted a long time ago, and are not compatible with the nature of the current stage."
Fadlallah: Iraq pays the region's debts to American companies under external pressure
Political analyst Ali Fadlallah confirmed today, Saturday, that Iraq is paying the region's debts to American companies under external pressure.
Fadlallah said in a statement to Al-Maalouma Agency, “The Kurdistan Regional Government is disposing of the capabilities of the Iraqi people away from the authority of the federal government, exploiting the situation to achieve personal interests.”
He pointed out that "some international parties, especially the United States, exerted pressure on the federal government regarding the budget law, which led to the approval of additional financial sums for the regional government to pay its debts to American companies."
He explained that "this matter reveals the exploitation of the Iraqi people's resources and confirms the weakness of the federal government and its procedures, in addition to the fragility of the political class."
He stressed "the need to take a firm stance by the political class and the federal government to end this exploitation and prevent the regional government from achieving personal gains at the expense of the national interest."
Economist: Washington's policies towards Iraq prevented the revival of its financial resources
Economic expert Rashid Al-Hamdani confirmed on Saturday that the United States, since its occupation of Iraq in 2003 until now, has been following an economic policy that has transformed the economic recovery and made its fate linked to the financial policy of the US Federal Reserve Through its dominance over oil sales resources and preventing the entry of major international companies to establish projects that develop and stimulate its economy.
Al-Hamdani said in a statement to Al-Maalouma Agency, “The United States, with all its successful administrations, still represents an obstacle to the development of economic activity in Iraq by imposing economic restrictions that prevent the country’s economy from recovering, and by following monetary policies that have harmed Iraq for known reasons."
He added, "The obstacles placed by the US administration in preventing Iraq from developing its economic and financial activity, the most prominent of which is the continued dominance of oil sales funds and linking them to the US Federal Reserve and preventing the entry of major international Companies to establish projects that develop and activate its economy, in addition to its support for terrorist groups and its involvement in a long war with ISIS, which has drained its economy very significantly.”
The United States of America continues to dominate Iraq through political, security and economic agreements that Washington sets out according to what primarily serves its interests. The American administration has sought to circumvent political agreements in order to block the path of parties trying to rid the country of their control over Iraqi oil sales money.
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Iraq's dollar reserves exceed $100 billion
Antoine told {Euphrates News} that: "The Iraqi gold reserve is good and it is preferable for the reserve to be larger than it is now and commensurate with the size of Iraq's dollar reserve, which currently amounts to more than 100 billion dollars."
He explained that "these assets must be converted into production in the economic and private sectors to create job opportunities for the unemployed and reduce poverty rates," stressing "the need for local reliance in production and not resorting to imports."
Antoine pointed out "the importance of converting surplus cash liquidity into a productive sector that is capable of protecting the country and providing food security in all sectors."
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed via {Euphrates News} Iraq's gold reserves, which are estimated at about 152 tons.
Salih explained that its approximate value in the country's foreign investment portfolio is about 14 billion dollars, which constitutes about 13% of the total diversification of that portfolio, which is distributed in standard proportions between other foreign currencies.
Iraq imports over 50 kilograms of gold daily: Ministry
Iraq imports between 50 to 75 kilograms of gold daily excluding the Kurdistan Region, the planning ministry said on Wednesday, adding that gold imports are only allowed through airports.
“50 to 70 kilograms of gold is imported daily through the airports,” Iraqi planning ministry spokesperson Abdul Zahra al-Hindawi told Rudaw.
The imported gold arrives through Baghdad, Basra, Najaf, and Kirkuk airports, according to Hindawi.
While the amount of gold imported does not include the Kurdistan Region, Hindawi said that the ministry has expressed its readiness to coordinate with authorities in the Region to organize the process and obtain accurate numbers.
Gold is also imported through Erbil and Sulaimani airports, both of which have a center for inspecting gold and expensive jewels.
Government regulations in Iraq only permit gold to be imported through the airports.
In late December, a gold inspection center was opened in Kirkuk airport, which authorized the import of gold.
Sheikh Mustafa Abdulrahman, president of the Kurdistan Region’s Importers and Exporters Union, told Rudaw in December 2023 that the Kurdistan Region has become the center of gold trade in the region.
Agreement between blocs to vote on amending the budget law
The House of Representatives will vote tomorrow, Sunday, on the draft amendment to the three-year federal budget law. Meanwhile, the Parliamentary Finance Committee confirmed that there is consensus among the parliamentary blocs to vote on the draft amendment, according to identical sources monitored by Al-Masry.
In turn, the Media Department of the Council of Representatives published the agenda of the fourth session of the new legislative term, consisting of 4 paragraphs, the first of which is voting on the draft law amending the first law of the Federal Budget Law of the Republic of Iraq for the fiscal years (2023-2024-2025) No. 13 of 2023.
It is noteworthy that the member of the Finance Committee, Dr. Narmin Marouf, said during the meeting of Prime Minister Mohammed Shia Al-Sudani with the Speaker of the House of Representatives, his deputies, and the heads of the parliamentary blocs, on the evening of 1/29/2025, “The heads of the blocs agreed with the Prime Minister on the importance of passing the amendment to Article 12 of the Budget Law, and it is expected that this amendment will be voted on during the next week.”
Dr. Narmin Marouf added, “According to the amendment, the actual value of the Kurdistan Region’s oil production and transportation was determined at (16) dollars per barrel, and this amount is given as an advance to the Kurdistan Region until the actual value of the oil production and transportation from each of the Kurdistan Region’s fields is determined separately by the competent advisory bodies after 60 days of implementing the Federal General Budget Law.”
On 11/5/2024, the Council of Ministers approved the proposal to amend Article (12/Second/C) of the Triennial Budget Law No. (13 of 2023), and set the actual value rate for the production and transportation of Kurdistan Region oil at (16) dollars per barrel. The first and second readings of the amendment project were completed in the House of Representatives, and it was scheduled to be voted on in the session of 1/13 of the Council, but the vote was postponed due to the opposition of some blocs.
Al-Maliki warns against attempts to circumvent the political process
The leader of the State of Law Coalition, Nouri al-Maliki, warned today, Saturday, of attempts to circumvent the political process in Iraq.
Al-Maliki said in a speech at the founding conference of the heads of the tribes and sheikhs of the clans of Karbala, that “the remnants of ISIS and the dissolved Baath Party, who have other interests in their hearts, want sedition to destroy the achievements of the people after they got rid of the era of the abhorrent dictatorship.”
He added, "There are pressures being exerted to abolish the Accountability and Justice Commission and release terrorists. We will not abolish the Accountability and Justice Law and we will not allow terrorists to leave prisons."
He pointed out that "there are those who want to repeat the Syrian experience in Iraq, but Iraq is a stable and democratic country, but we have gaps and breaches in our society that we must pay attention to."
Al-Maliki continued, “The sectarians and Baathists began to move without the security services noticing, but as long as we are present and have weapons in our hands, they will regret it.
MP expects Parliament to fail to hold its session tomorrow, Sunday, and reveals the reasons
I hope this is wrong
Today, Saturday (February 1, 2025), the Deputy Chairman of the Parliamentary Committee for Regions and Governorates, Jawad Al-Yassari, expected that the parliament session would not be held tomorrow, Sunday, while he revealed the reason for that.
The leftist told Baghdad Today, "The political and parliamentary differences are still ongoing and intense regarding amending the budget law, although this paragraph was included in the first paragraphs of tomorrow's session, Sunday, without any prior agreement to vote on the amendment."
He added, "The session will most likely not be held tomorrow, Sunday, as there are major parliamentary objections to the amendment, especially from the representatives of the center and the south, and there will certainly be a parliamentary boycott to thwart the session and pass it, and for this reason the session will not be held due to the deep differences."
The media department of the House of Representatives published the parliament’s agenda for tomorrow’s session, Sunday, which includes four paragraphs, including amending the federal budget law for the years (2023, 2024 and 2025).
The session also includes voting on the proposed first amendment to the law on the basis of equivalence of Arab and foreign certificates and degrees, in addition to voting on a decision to recommend to the Ministry of Education to reinstate the system of attempts.
The last item on the agenda includes the report and discussion of the “second reading” of the proposed private higher education law.
Tomorrow.. The Iraqi Parliament votes on the Kurdistan Region’s oil article by amending two paragraphs
The Finance Committee of the Iraqi Council of Representatives announced on Saturday that the Council of Representatives will vote tomorrow, Sunday, on the government proposal to amend Article 12 of the General Budget Law.
Committee member, Jamal Kocher, explained to Shafak News Agency, "The draft amendment to Article 12 of the budget law includes two paragraphs, the first of which relates to the costs of producing and transporting the Kurdistan Region's oil after determining the actual estimated costs through the advisory body."
He added, "The second paragraph stipulates that if the federal and regional governments do not agree on the costs of production and transportation, the Ministry of Oil shall choose a party to determine those costs, and as a result the cost of extracting oil from the oil fields in the region shall be calculated."
He stressed that "voting on amending the law will help the government send the 2025 budget tables to the House of Representatives for approval."
The Finance Committee of the Iraqi Council of Representatives announced last Tuesday that the committee's meetings would resume to discuss the paragraph on amending Article 12 of the General Budget Law in the coming days.
Committee member, Hussein Mounes, told Shafaq News Agency, "The budget law includes calculating the cost of extracting a barrel of oil from the region at $6, and the amendment sent by the government calculated the cost at $16 per barrel."
Mounes explained that "the draft amendment to the budget law will make the government pay the costs of extracting 400 thousand barrels per day from the region's oil fields and wells," adding that "increasing the cost of extraction will cause an increase in the deficit in the general budget."
Member of the Parliamentary Finance Committee, Jamal Kojer, had expected, during an interview with Shafaq News Agency on January 7, that the financial budget tables would be sent in February, while he indicated the possibility of delaying its passage due to disagreements over Article 12.
Article 12 of the draft budget law includes compensation for the Kurdistan Regional Government for the costs of production and transportation of oil extraction in the region.
It is noteworthy that the representative of the Kurdistan Democratic Party bloc, Jiay Timur, confirmed earlier to Shafaq News Agency, that "the Iraqi government previously calculated in the budget law the cost of extracting oil at $6, and this is a very small number," noting that "foreign companies that work on extracting oil at a cost of up to $26 per barrel."
In June 2023, the Iraqi Parliament voted on the draft general budget law for the fiscal years (2023, 2024, 2025).
Oil and budget disputes cost Kurdistan citizens
The roots of the salary crisis in the Kurdistan Region go back to 2014, when disputes escalated between the federal government in Baghdad and the Kurdistan Regional Government over the management of the oil and budget files, in addition to the repercussions of the war on ISIS, the decline in oil prices, and the subsequent spread of the Corona pandemic in the world.
Many attempts have been made since then to find compromises between the two parties, most notably the financial agreements that stipulated the disbursement of the region’s share of the budget in exchange for its commitment to export specific quantities of oil. Despite these agreements, they have not been fully implemented due to the continued lack of trust and political differences between the two sides.
Baghdad stopped sending the region's share of the budget, and the regional government responded by exporting oil independently. This conflict led to disruption in salary payment mechanisms, which began a series of delays and financial accumulations.
As the disputes continue, the citizens of the region bear the greatest burden. Calls have recently increased from political and economic activists for the necessity of implementing the decisions of the Federal Court, which confirmed the right of citizens to receive their salaries without any delay, while the biggest challenge remains finding a final solution that guarantees the sustainability of paying salaries and keeping the issue away from politicization.
The representative of the Patriotic Union of Kurdistan parliamentary bloc, Karwan Yarowa Weiss, demanded listening to a number of teachers, instructors and employees who have been on strike in front of the United Nations office in Sulaymaniyah for five days, which has led to the deterioration of the health of a number of them due to their refusal to eat and drink, in addition to the cold weather.
Yaro Weiss also called on the Speaker of the House of Representatives and the Prime Minister to send a committee to listen to their demands, before the health of the strikers deteriorates further.
He stressed the need to implement the settlement decision and find radical solutions to the problem of paying teachers and employees' salaries in the Kurdistan Region.
It is noteworthy that the segment of teachers and employees in Sulaymaniyah has been calling for several years, through all civil means, to find a solution to the problem of delayed salary disbursement and localisation, in addition to their continuous demands for promotion and job advancement.
It is noteworthy that the member of the Finance Committee, Dr. Narmin Marouf, said during the meeting of Prime Minister Mohammed Shia Al-Sudani with the Speaker of the House of Representatives, his deputies, and the heads of the parliamentary blocs, on the evening of 1/29/2025, “The heads of the blocs agreed with the Prime Minister on the importance of passing the amendment to Article 12 of the Budget Law, and it is expected that this amendment will be voted on during the next week.”
Dr. Narmin Marouf added, “According to the amendment, the actual value of the Kurdistan Region’s oil production and transportation was determined at (16) dollars per barrel, and this amount is given as an advance to the Kurdistan Region until the actual value of the oil production and transportation from each of the Kurdistan Region’s fields is determined separately by the competent advisory bodies after 60 days of implementing the Federal General Budget Law.”
On 11/5/2024, the Council of Ministers approved the proposal to amend Article (12/Second/C) of the Triennial Budget Law No. (13 of 2023), and set the actual value rate for the production and transportation of Kurdistan Region oil at (16) dollars per barrel. The first and second readings of the amendment project were completed in the House of Representatives, and it was scheduled to be voted on in the session of 1/13 of the Council, but the vote was postponed due to the opposition of some blocs.
Kurdistan smuggles oil and Baghdad pays the price.. When will the unfair equation end?
In a scene that reflects a deep imbalance in the relationship between Baghdad and the Kurdistan Region, oil smuggling from the region abroad continues at a time when the United States is demanding that the Iraqi government pay $5 billion in compensation for the work of its companies in Kurdistan.
The equation seems clear: the region is smuggling oil secretly and making financial gains, while Baghdad bears the financial and legal burdens. So how long will this economic bleeding continue? Does the region need a political and security awakening to put things back on track?
Kurdistan and oil smuggling: who wins and who loses?
Smuggling is taking place via the Turkish Kurdistan-Ceyhan pipeline, away from Baghdad’s supervision,
using intermediary companies that hide the true source of the oil and sell it on international markets.
Beneficiaries of smuggling
The first and last beneficiary is the Kurdistan Regional Government, which receives direct revenues without returning to the Iraqi treasury, followed by foreign oil companies, most of which are American, operating in the region and reaping huge profits despite legal disputes, in addition to countries and smuggling networks that benefit from the difference between the official price and the price on the black market.
Baghdad is the most affected
A- Huge financial losses: Iraq's losses due to oil smuggling are estimated at billions of dollars annually.
B- Budget deficit: Baghdad is forced to compensate for the lost revenues from oil smuggling .
C- Legal and international pressure: Washington is pressuring the Iraqi government to pay compensation to American companies operating in Kurdistan, even though these companies operate outside the legal framework of the central government.
D- The United States is demanding that Iraq pay $5 billion in compensation to its companies operating in the region.
At the same time, Washington has not exerted any serious pressure on Erbil to stop illegally exporting oil, which raises a legitimate question: Why does Washington support the entrenchment of the oil and economic division between Baghdad and Erbil?
As the Kurdistan Region continues to reap profits from Iraq's wealth, while Baghdad bears the legal and financial costs, this unfair situation forces the Iraqi government to make decisive decisions to end this crisis. Are we witnessing the end of the era of smuggled oil, or will politics continue to control the economy?
Parliamentary Finance: 4 billion owed by the region have not been transferred to Baghdad
Member of the Parliamentary Finance Committee, Mohammed Nouri, revealed today, Saturday, that the Kurdistan Region has not fully delivered oil and non-oil revenues to the federal government, indicating that there are violations related to the failure to transfer the due amounts.
Nouri explained in a statement to / Al-Maalouma / agency, that “the region has not fully delivered any revenues to the federal government,” justifying this “by the lack of salaries, which is incorrect, as salaries are delivered monthly from the federal government to the region regularly."
He added that "there are large non-oil revenues, exceeding four billion, that have not been transferred to the federal government, in addition to the existence of unofficial oil export operations, carried out through smuggling and illegal outlets such as deserts and ports." "
He stressed that "these violations require immediate action by the federal government to ensure the implementation of laws and address violations that affect financial justice between the governorates."
It is noteworthy that the regional government is demanding the payment of employees' salaries without fulfilling its financial obligations from oil revenues and border outlets.
Venezuela releases 6 Americans after meeting between Maduro and Trump's envoy
US President Donald Trump announced the return of six American citizens who were detained in Venezuela, after Trump's special envoy Richard Grenell met with Venezuelan President Nicolas Maduro.
Trump confirmed the news in a post on the "Truth Social" platform, where he wrote: "I was just informed that we are bringing home six hostages from Venezuela."
Grenell also posted a photo on the "X" website showing him with the freed Americans on a plane, which sparked widespread interaction on social media.
According to the White House, Grenell's visit to Venezuela focused on the Trump administration's efforts to return Venezuelan refugees who are currently not accepted by the United States, in addition to working to release detained Americans.
The administration of US President Donald Trump previously announced the cancellation of the decision to extend "Temporary Protected Status" that allowed more than 600,000 Venezuelans to remain in the United States.
“The people of this country want to get rid of this group. They want their communities to be safe,” Homeland Security Secretary Kristi Noem said as she announced the decision.
“We will continue to process and evaluate all of these individuals who are in our country,” she added.
Former President Joe Biden extended TPS for 18 months just days before Trump returned to the White House, vowing to carry out mass deportations of immigrants.
TPS is granted to foreigners who cannot return to their countries safely because of war, natural disasters or other “exceptional” circumstances.
Trump sought to end the program in his first term but faced legal resistance.
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