Government advisor: Iraq is in a prosperous and prosperous era despite the difficulties of the international economy.
Saleh explained in a statement to Al Furat News Agency, "This confirms the success of fiscal space management in supporting the country's financial, economic, and developmental sustainability, even in light of the relative decline in the oil asset cycle."
He pointed out that this has had a positive impact on citizens' living conditions, as annual growth in the general price level, or the inflation index, has remained below 4% per year, a key indicator in the country's stability roadmap and maintaining its standard of living.
Saleh described the current situation as a "prosperous and prosperous era" despite the difficulties facing the regional and global economies.
He noted that Iraq ranks third in the West Asia region in terms of GDP composition, after Saudi Arabia and the United Arab Emirates, among the group of Arab countries with high annual national incomes, according to the latest international indicators and estimates.
Finance: Work is underway to implement the ASYCUDA system in customs.
The Ministry of Finance confirmed on Tuesday that it is proceeding with automation programs across the ministry's sectors, while noting that work is underway to implement the ASYCUDA system in the customs sector.
Ahmed Al-Dahlaki, Director General of the Ministry's Financial and Accounting Training Center, said, "The Ministry of Finance is proceeding with the automation and comprehensive system across the ministry's sectors, including the banking sector." He explained that, "Work is underway to implement the ASYCUDA system in the customs sector, with UN experts training employees to implement it."
He added that "other departments within the ministry are working on digital transformation and automation," noting that "part of the Financial and Accounting Training Center's work is capacity building, and the center offers intensive courses for this purpose."
Baghdad seeks alternatives to Iranian gas due to US sanctions
Foreign Minister Fuad Hussein confirmed that US sanctions on Iran have prompted Baghdad to seek alternatives to importing Iranian gas.
In a press interview followed by the Iraq Observer, Hussein said, "US sanctions imposed on Iran have prompted Baghdad to seek alternative sources to import Iranian gas, which supplies approximately 33% of Iraq's electricity."
He pointed out that negotiations are underway with several countries, including Türkiye, Jordan, and Gulf states, to secure electricity needs.0
Do you have a card? Electronic payment has been expanded.
The Iraqi Private Banks Association confirmed that the government has played a major role in achieving partnerships between the public and private sectors.
In his speech at the Union of Arab Banks conference currently being held in Cairo, under the title "Partnerships between the Public and Private Sectors," Wadih Al-Handhal, head of the Iraqi Private Banks Association, said that the private banking sector has begun to expand significantly following the partnership with the government, represented by the expansion of electronic payments, and government institutions contracting with companies and banks to develop the infrastructure for government electronic payments.
He added, "Electronic payments via bank cards in 2024 reached more than 21.1 trillion dinars, through more than 58 million transactions, compared to more than 7,000 transactions in 2017. This is a very significant development."
To support small and medium-sized enterprises, a financing partnership was signed with the German Development Bank.
he Ministry of Planning announced today, Tuesday, the signing of a strategic financing partnership between the International Labor Organization and Iraqi financial institutions, within the framework of the Small and Medium Enterprises Development and Enhancement Project, funded by the German Development Bank (KfW).
Sabah Jundi Mansour, Director General of Economic and Financial Policies at the Ministry of Planning, explained in a statement received by Kalima News that "the importance of this partnership lies in supporting economic policies that focus on creating sustainable job opportunities and enhancing social protection, especially for vulnerable groups," noting that "the project represents a practical step toward activating responsible investment and linking financing tools to fair and comprehensive development policies."
He pointed to "the role of Iraqi financial institutions in embracing qualitative cooperation with the International Labour Organization, which will enhance financial inclusion and open new horizons for entrepreneurship and local development."
It is worth noting that "this partnership is part of joint efforts to support Iraq in achieving the Sustainable Development Goals, particularly Goal 8 on decent work and economic growth, and Goal 1 on eradicating poverty."
Iraq strongly supports Washington-Tehran negotiation
Fuad Hussein:
Any potential agreement between the US and Iran would not come at the expense of other regional actors, Fuad Hussein said an interview with Asharq News.
Hussein also highlighted the impact of US sanctions on Iran, which have forced Iraq to seek alternative sources for gas imports. Iranian gas supplies feed about 33% of Iraq’s electricity needs. He noted that Baghdad is in talks with several countries, including Turkiye, Jordan, and Gulf states, to secure alternative energy supplies.
The Iraqi foreign minister said his discussions in Washington also covered the situation in Syria, revealing that the US administration has presented eight conditions to the new Syrian leadership. Among the conditions, Hussein described the issue of foreign armed groups as particularly sensitive, calling it a major source of concern for neighboring countries and the broader international community.
During his meetings with US and European officials, Hussein said he emphasized the need to push for a comprehensive political settlement in Syria and called for the lifting of sanctions on Damascus, citing the humanitarian suffering of the Syrian people.
Stability in Syria is critical for Iraq, Hussein added. "We care deeply about the situation in Syria because developments there affect us both negatively and positively," he said.
Hussein ruled out the possibility of an Arab summit being held during US President Donald Trump’s upcoming regional visit.
The White House announced that President Trump would visit Saudi Arabia, Qatar, and the United Arab Emirates between May 13 and May 16.
Foreign Minister Hussein arrived in Washington on April 24 for an official visit during which he held a series of bilateral meetings with senior US officials. His visit aimed to strengthen bilateral ties between Iraq and the United States and explore ways to expand cooperation in political, security, and economic fields, alongside discussions on regional and international issues of mutual concern.
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Iraq invites Mike Waltz to visit Baghdad and see the positive developments on the ground.
US National Security Advisor
Foreign Minister Fuad Hussein invited US National Security Advisor Mike Waltz on Tuesday to visit Iraq and observe the "developments" taking place in the country on the security, political, and economic levels.
The Foreign Minister meets with the US National Security Advisor at the White House to discuss regional issues and bilateral relations.
On Tuesday, April 29, 2025, at the White House in Washington, D.C., U.S. National Security Advisor Mike Waltz received Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein. The meeting was attended by Eric Trager, Middle East and North Africa Policy Officer, and Matt Vilansky, Director of the Iraq and Syria Office.
At the beginning of the meeting, Mr. Waltz welcomed the Minister's visit, stressing the importance of continuing dialogue and coordination between the two countries.
For his part, Minister Fuad Hussein gave a detailed presentation on his visit to Washington, outlining its objectives and the outcomes of the bilateral meetings he held with senior US officials.
The two sides discussed the security situation in the region and current challenges. They also discussed the progress of the ongoing negotiations between the Islamic Republic of Iran and the United States of America, emphasizing the importance of reaching agreed-upon outcomes consistent with President Donald Trump's policy of resolving regional issues through peaceful means.
On another topic, the meeting addressed the issue of oil exports from the Kurdistan Region of Iraq and the outstanding issues between oil companies on the one hand, and the regional and federal governments on the other.
The two sides also reviewed developments in Syria and ways to support regional stability.
At the conclusion of the meeting, Minister Fuad Hussein affirmed that the security situation in Iraq is stable and secure, noting that Baghdad is preparing to receive Arab leaders on May 17th during the Arab Summit.
He also invited the US National Security Advisor and his team to visit Iraq and observe the positive developments the country is witnessing on the security, political, and economic levels.
The Iraqi economy is under threat. An expert warns of the repercussions of relying on oil
Economic expert Faleh Al-Zaidi warned on Tuesday of the repercussions of Iraq's continued reliance on oil revenues without taking actual steps to diversify the national economy, stressing that this approach makes the country vulnerable to fluctuations in global markets.
Al-Zaidi explained in a statement to the Al-Maalouma Agency that “oil revenues are by nature subject to fluctuations in the international market and are beyond the direct control of the Iraqi government,” noting that “global political factors often affect oil prices.”
He pointed out that "the trade policies pursued by former US President Donald Trump, including the imposition of tariffs, contributed to an economic recession that affected several countries, including Iraq."
Al-Zaidi added that "the success of the ongoing negotiations between the US and Iran will have a positive impact on the region, but it has two contrasting effects on Iraq. On the one hand, lifting sanctions on Iran may contribute to increasing oil production and improving gas supplies, which would address some of the electricity shortage problems in Iraq. On the other hand, the increase in oil supply may lead to lower prices."
He stressed the need to "diversify the Iraqi economy and develop alternative sources of income," warning that "continued reliance on oil will force the country to resort to borrowing if global prices decline."
It's worth noting that Iraqi oil prices fell today in conjunction with a decline in global oil prices as investors lowered their expectations for demand growth due to the ongoing trade war. Iraq has witnessed significant volatility in oil prices since Trump imposed tariffs on most countries around the world, causing a global economic recession.
What does cash flow have to do with it? Parliamentary Finance Committee: The government is not serious about submitting the 2025 budget.
Member of the Parliamentary Finance Committee, Jamal Kocher, confirmed today, Tuesday (April 29, 2025), the lack of seriousness of the Iraqi government in sending the 2025 budget tables, explaining the reasons for that.
"The Iraqi government is not serious about sending the 2025 budget tables, even though the House of Representatives is fully prepared to receive those tables and vote on them urgently if they arrive," Kocher told Baghdad Today.
He explained that "the government is reluctant to send the schedules due to its lack of sufficient cash flow," noting that "funds from previous budgets have not yet been disbursed due to the ongoing liquidity crisis, which means the government does not see the need to send the schedules at this time."
The Iraqi government has been facing a severe liquidity crisis for months due to declining oil revenues, increased public spending, and the failure to implement the 2023 and 2024 budgets.
This has led to the postponement of numerous government projects and plans, amid warnings of negative repercussions for the economy and basic services. Meanwhile, the House of Representatives awaits approval of the 2025 budget before the end of the current parliamentary session.
BP CEO Auchincloss bullish about ‘pretty profitable’ Iraq deal
Chief executive Murray Auchincloss says production would be 'quickly' cashflow poistive
link
Published 29 April 2025, 07:23
BP chief executive Murray Auchincloss is bullish about the UK supermajor's recently signed deal with the Iraqi government to redevelop the Kirkuk oil and gas fields, calling it "pretty profitable" and quick to generate cash.
At the time the contract was signed, Auhcincloss said the deal offered “a better margin” than at its Rumaila field investment in southern Iraq, pointing out that it has access to Iraqi gas for the first time and offers exploration upside via a tentative deal that could allow it to tap estimated resources of up to 20 billion boe.
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Zain Iraq Inks Gaming, eSports Deal with
s part of its commitment to empowering Iraqi youth, Zain Iraq has announced a landmark memorandum of understanding with KRAFTON Europe, the global powerhouse behind hit titles such as PUBG: Battlegrounds. This partnership underscores Zain Iraq's dedication to meeting evolving consumer needs while embracing cutting-edge gaming and electronic sports technologies.
The strategic MoU will launch collaborative initiatives and projects under the Zain esports brand to enhance player experiences and develop Iraq's growing gaming and esports sectors. Both companies will explore delivering Krafton's premium gaming portfolio to Iraqi subscribers, alongside organizing specialized activities and events tailored to the aspirations of the local esports community.
Krafton, established in 2007 as a South Korean video game holding company, oversees multiple game development studios focused on creating immersive and engaging gaming experiences for global audiences. Beyond PUBG, Krafton develops and publishes diverse gaming titles across PC, mobile, and console platforms.
What do the 2025 budget tables include?
Regarding the budget, it has two parts. The first part
0:03
is related to amending the texts. There was one paragraph that was
0:07
amended and approved, which is the costs of transporting
0:10
crude oil production in the Kurdistan Region.
0:13
It became 16
0:15
dollars, and with the formation of committees between the region
0:19
and the central government, that is, to study
0:22
the issue, and then it will become
0:24
meaning the final amount, but currently, as a stage
0:28
the first 16 dollars
0:30
The second part, which relates to the budget, which
0:32
is the issue of budget tables, and this part, which
0:37
is related to the work of ministries and government institutions,
0:40
has not yet been submitted to the Council of Representatives
0:43
to take legal form. This part is supposed to
0:46
be included in the texts, but it has not been included, that is,
0:51
subject Contracts are in the texts, but the expected part
0:55
is the budget tables related to
0:59
revenues and expenditures, each ministry and its allocations
1:03
and related financial matters.
in case you missed the last episode here you go!
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