The dollar rises and the dinar falls. The poor pay the price in the Iraqi market.
Nouri explained in an interview with Al Furat News Agency that "the rise in the dollar exchange rate against the dinar means an automatic decline in the purchasing power of the Iraqi dinar, which burdens citizens, especially those with limited income and the poor, given Iraq's reliance on imports of most basic commodities."
He pointed out that "this change in the exchange rate, as recently happened with the increase from 1,200 to 1,320 dinars per dollar, while achieving immediate gains for the Ministry of Finance by boosting national cash liquidity, negatively impacts the standard of living of a large segment of Iraqis."
Over the past few years, Iraq has witnessed sharp fluctuations in the exchange rate of the dollar against the Iraqi dinar, due to internal economic factors and external pressures. Most notable is the near-total reliance on imports to secure essential goods, along with fluctuating oil prices, which form the backbone of the Iraqi economy.
The most prominent of which are "thorium and uranium"... Iraq: Our natural resources are estimated at (16) trillion dollars.
The Prime Minister's financial advisor, Mazhar Mohammed Salih, confirmed on Friday that Iraq ranks ninth globally among countries rich in natural resources, while pointing to a move to invest in strategic minerals whose revenues rival those of oil .
According to the official agency, the Prime Minister's financial advisor, Mazhar Mohammed Salih, "Iraq ranks ninth among the world's ten richest countries in terms of natural resources, with its wealth in precious metals, minerals, and other resources estimated at at least $16 trillion, according to preliminary global estimates ."
He pointed out that "Iraq ranks first in the world in terms of the concentration of natural resources per square kilometer of its vast and diverse geography, particularly in the Mesopotamia Basin region, which is rich in underground resources ."
He explained that "investing in strategic minerals such as thorium and uranium could generate returns comparable to those of oil, as thorium is a cleaner and more important alternative for energy generation compared to uranium." He noted that "linking the value of the national currency to investment in these minerals depends on Iraq's ability to enter value-added chains, which contributes to raising the gross domestic product ."
He added that "the discovery of large quantities of thorium and uranium in southern Iraq represents 'strategic news' that will have a significant impact on diversifying the national economy if exploited optimally, especially if linked to the investment policies associated with the Development Road Project ."
Saleh emphasized that "advancing the exploration and manufacturing processes for these two resources will pave the way for the development of non-oil resources, enhancing Iraq's global geo-economic position. Furthermore, this development will chart the outlines of a new industrial map linked to the path of development, establish a sustainable future, attract major global mining companies with advanced technological capabilities, and provide quality job opportunities within the Iraqi market ."
He pointed out that "this boom in mineral investment will have a positive impact on fiscal and monetary policy, by enhancing monetary stability and increasing national income, which will contribute to improving citizens' well-being ."
He continued, "The importance of thorium and uranium minerals in the global energy market, and the presence of major economic partners such as India, China, and the United States, make Iraq a pivotal player in the field of unconventional fuel resources and an influential center in facilitating international security and energy paths."
An expert warns of the repercussions of the continued halt in Kurdistan's oil exports on the Iraqi economy.
Al-Mashhadani told Efrat News Agency that "Iraq has the ability to compensate for this shortage in light of its commitment to the OPEC+ agreement, which requires it to export 3.12 million barrels per day, noting that the export capacity of the southern fields reaches 3.5 million barrels per day."
He stressed that the problem lies in the continued smuggling operations, estimated at around 250,000 barrels per day via tankers or other methods, without handing over the financial dues to the federal government, explaining that the OPEC+ agreement focuses on production levels, not exports.
He explained that these smuggling operations deduct from Iraq's production share, which leads to significant damage in light of the decline in global oil prices and the failure to adhere to the established quotas. He explained that Iraq is forced to reduce its oil production to remain within the OPEC+ ceiling, which incurs daily losses estimated at 250,000 barrels.
News for THU APR 18 2025
Parliament's Finance Committee expects the budget schedules to be delayed for this reason.
Parliament's Finance Committee said Thursday that the 2025 budget is unlikely to be approved at this time, while predicting a deficit of 60 trillion dinars.
Committee member Jamal Kojer said, "We expect the current year's general budget schedules will not reach parliament at this time due to the decline in oil prices, as they were based on a price of $70 per barrel."
He stressed that "if the old rate is adopted, the deficit will be around 60 trillion dinars, in addition to the actual deficit accumulated over the past two years."
Parliamentary Finance expects budget schedules to be delayed due to falling oil prices.
Jamal Kocher said in a press statement, "Due to the decline in oil prices, the budget schedules will be delayed, as they were based on a price of $70 per barrel." He stressed that "if the old price is adopted, the deficit will be around 60 trillion dinars, in addition to the actual deficit accumulated over the past two years."
In another context, Kocher revealed the Finance Committee's intention to amend the General Authority for Revenue Control Law to strengthen oversight mechanisms and regulate tax collection.
He explained that "the General Authority for Revenue Control's law is currently in Parliament, and there is a plan to amend it to suit the needs of the current phase. He explained that the amendments will include a review of the powers and mechanisms it uses to carry out its duties."
He pointed out that "there are many points in the current law that need updating, and the Minister of Planning has asked the parliamentary committee to discuss these amendments and share them with the relevant authorities, noting that the Finance Committee has not yet begun formally studying the amendments."
Government advisor: Iraq "seeks" to develop relations with the United States to confront Trump's tariffs
The Iraqi government has taken measures to mitigate the impact of Trump's tariffs, despite their limited direct impact on the country's economy. At the same time, the government is seeking to develop its strategic relationship with the United States, according to Mohammed al-Najjar, the Iraqi Prime Minister's advisor on investment affairs.
Al-Najjar explained that oil represents the largest portion of Iraq's exports to the United States, while Iraq imports goods and services. He noted that the US administration's exemption of oil imports from tariffs limits their impact on Iraq.
On April 2, the United States imposed a 39% tariff on Iraq, part of a list of customs duties that included a large number of countries around the world. Iraq ranked second among the Arab countries subject to the highest US tariffs, after Syria, whose tariff was set at 41%.
Hours after the tariffs took effect, Trump announced on April 9 that he was suspending them for 75 countries, excluding China. He attributed this to the fact that these countries had refrained from taking countermeasures and were negotiating with his administration regarding trade barriers.
Seeking to Develop Relations with America:
Al-Najjar believes that imposing tariffs will accelerate the development of a strategic relationship between Iraq and the United States, which officials in Baghdad have been striving to achieve for some time. He noted that the government has instructed Iraqi ministries and companies to cooperate more closely with American companies if they provide the services and technologies the country needs, according to Al-Sharq TV.
Regarding Iraq's impact from the drop in oil prices, Mohammed al-Daraji, technical advisor to the Prime Minister, said the government is ready with economic measures to address the ongoing changes in oil prices, which he described as expected. He noted that the focus is also on increasing non-oil revenues, which last year recorded their highest increase.
Market turmoil resulting from the tariff war and OPEC+'s decision to accelerate the return of voluntary crude production cuts has led to a collapse in oil prices. Brent crude fell below $65 a barrel at settlement on Friday, while West Texas Intermediate crude settled at $61.50 a barrel.
Reconstruction: World Bank financing of projects will create jobs and support the private sector.
The Ministry of Construction and Housing confirmed on Thursday that the World Bank's facilities will contribute to improving public services in remote and deprived areas, while explaining that the World Bank's financing of projects will create job opportunities and support the private sector.
“The World Bank’s provision of project financing facilities will contribute to expanding the scope of reconstruction with infrastructure services, such as the construction and rehabilitation of water purification plants and sewage treatment plants, as well as road projects, especially in areas that have not been previously implemented and that need these services,” said ministry spokesman Nabil Al-Saffar in an interview followed by “Al-Eqtisad News.” He pointed out that “they contribute to improving public services, especially in remote and deprived areas or those affected by wars and terrorist operations.”
He added, "These projects contribute to creating job opportunities and supporting the private sector by providing financing and supporting economic reforms in the country." He noted that "an agreement was previously concluded between the Iraqi government and the World Bank for Reconstruction and Development in 2015 to reconstruct areas affected by terrorist operations."
He explained that, "according to this agreement, 20 projects were completed, distributed among 20 districts and sub-districts within three governorates (Salah al-Din, Diyala, and Anbar), including the rehabilitation of water and sewage stations, with the number of beneficiaries reaching approximately 3 million people, in addition to a number of projects to equip specialized equipment for the municipal, water, and sewage sectors."
Iraqi government banks suspend loans and advances
An informed source stated on Thursday that some government banks, including Rafidain Bank, have suspended granting loans and financial advances to citizens.
The source told Shafaq News Agency, "Some government banks, particularly Rafidain Bank, have stopped granting loans and advances so far, despite the passage of five months of the current fiscal year. Others have issued loans and advances, but on a very limited basis."
He added, "The main reason behind banks' failure to perform their credit role, including granting loans and advances, is the lack of financial allocations."
The source also pointed out that "many citizens have called on Parliament, the Finance Committee, and the government to intervene to release loans, advances, construction loans, and home purchase loans."
Both Rafidain and Rashid Banks provided loans and advances to employees and citizens for various purposes, such as construction, land purchases, car purchases, and other purposes, at a specific interest rate and for a predetermined period.
What are the consequences of basing the budget on an oil price of $55?
Economic analyst Abdul Rahman al-Mashhadani warned on Thursday of the repercussions of basing the oil price at $55 per barrel on the general budget law. He noted that this measure will lead to a financial deficit exceeding 80 trillion dinars, threatening a stifling economic crisis in the country.
Al-Mashhadani told Al-Maalouma, “Adopting a price of $55 per barrel in the budget is unrealistic in light of the ongoing fluctuations in global markets, and could result in a huge financial deficit that would exacerbate Iraq’s economic and financial crises.”
He added, “Some experts believe that reducing the price of oil to $55 per barrel could increase the fiscal deficit, reflecting the inaccuracy of this budgeting mechanism.” He emphasized that "continuing this approach could lead Iraq to a real economic catastrophe."
Al-Mashhadani pointed out that "the only solution lies in the government's deliberate reduction of operating and investment expenditures and its efforts to diversify sources of income instead of relying entirely on oil revenues." He called for "the development of a comprehensive economic reform plan that relies on the private sector, agriculture, industry, and tourism as alternative and sustainable sources."
A number of experts suggested that calculating the price of a barrel of oil at $55 is the most appropriate option to address the current financial crisis, given the realism it provides in the estimates and the avoidance of falling into a larger budget deficit.
In a meeting with Al-Sudani, Oman offers a digital partnership to Iraq.
According to a statement from his office, a copy of which was received by {Euphrates News}, Al-Sudani welcomed the Omani minister and sent his greetings to the Sultan of Oman.
Al-Sudani pointed out that "the level of development, employment, and investment in Iraq, including the telecommunications sector, has advanced and improved, thanks to the political, security, and social stability the country is witnessing, as well as the economic renaissance," stressing that "the many commonalities between Iraq and the Sultanate of Oman provide an opportunity to develop economic and investment cooperation between the two countries."
For his part, Al-Maawali praised Iraq's achievements on various fronts, reviewing "the results of his discussions in Baghdad," and affirming "the readiness of his country's public and private sectors to cooperate with Iraq in the field of the digital economy and digital government."
Al-Maawali also expressed his country's "readiness to cooperate in the ports and airports sectors by investing in projects related to various Iraqi airports."
Omani Minister to Al-Sudani: We are ready to invest in projects related to Iraqi airports.
Omani Minister of Transport and Communications, Saeed bin Hamoud Al Maawali, expressed his country's readiness to invest in projects related to various Iraqi airports on Thursday .
The office of Prime Minister Mohammed Shia Al-Sudani stated in a statement received by ( IQ ), that "the latter received, today, Thursday, the Omani Minister of Transport, Communications and Information Technology, Saeed bin Hamoud Al-Maawali, and expressed his welcome to the Omani minister, sending his greetings to the Sultan of Oman ."
According to the statement, the Prime Minister pointed to "the development and advancement of the level of development, the labor sector, and investments in Iraq, including the telecommunications sector, thanks to the political, security, and social stability and the economic renaissance the country is witnessing," stressing that "the many commonalities between Iraq and the Sultanate of Oman are an opportunity to develop economic and investment cooperation between the two countries ."
For his part, Al-Maawali praised Iraq's achievements on various fronts and reviewed the results of his discussions in Baghdad.
Al-Maalouli affirmed "the readiness of his country's public and private sectors to cooperate with Iraq in the field of the digital economy and digital government."
He also expressed his country's readiness to cooperate in the ports and airports sectors by investing in projects related to various Iraqi airports , according to the statement.
Experts: The US has moved a third of its naval forces to the Middle East in preparation for a major war.
Satellite images revealed that the United States has moved a third of its naval forces to the Middle East, appearing to be preparing for a major war if negotiations with Iran over the nuclear issue fail.
Erem News reported that, according to satellite images from specialized websites, the aircraft carrier CVN-70 Carl Vinson was spotted, along with a number of other warships from the Carrier Strike Group 1 (CSG-1).
At the same time, the guided-missile cruiser CG-59 Princeton and two Arleigh Burke-class destroyers, believed to be DDG-104 Sterett and DDG-108 Wayne E. Meyer, were observed patrolling off the coast of Oman.
The destroyer DDG-108 Wayne E. Meyer departed its home port of Pearl Harbor, Hawaii, as part of Carrier Strike Group 11 (CSG-11) alongside the aircraft carrier CVN-68 Nimitz, which is currently operating in the Pacific Ocean.
The Pentagon had previously announced the deployment of three US aircraft carriers to the Middle East: the aircraft carrier USS Nimitz (CVN-68), the aircraft carrier USS Abraham Lincoln (CVN-72), and the aircraft carrier USS George Washington (CVN-73).
Aircraft carriers are powerful and advanced military units and an important strategic asset for the US Navy, tasked with carrying out military missions in various countries around the world.
The US Naval Institute confirmed that the number of military vessels deployed by the US in the Middle East and Indian Ocean region has reached approximately 96, representing one-third of the total US naval force.
According to previous statements made by military sources to "Erem News," the large mobilization of this number of naval vessels stems from strategic and geopolitical reasons that have contributed to the US increasing its naval presence in the Middle East.
Military sources confirmed that the mobilization of a third of the US Navy in the Middle East, as witnessed in recent days, is not related to minor tensions or limited conflict. Rather, these sources believe that the United States and Israel are preparing for a major war.
It is noteworthy that the US naval buildup in the Middle East in recent days has been accompanied by the deployment of approximately one-third of the US B-2 bomber fleet, a quarter of the B-52 fleet, and a tenth of the B-1 fleet to its military bases in the region.
A senior Saudi envoy meets Khamenei in Tehran.
Saudi Defense Minister Khalid bin Salman affirmed on Thursday during his meeting with Iranian Supreme Leader Ali Khamenei in Tehran that his visit aims to expand relations with Iran and cooperate in all fields.
"I came to Tehran with an agenda to expand relations with Iran and cooperate in all areas," the Saudi minister said, according to Iranian media. "We hope that constructive talks will lead to stronger relations between Saudi Arabia and Iran than in the past."
Iran's Tasnim news agency quoted Khamenei as saying during the meeting, "The relationship with Saudi Arabia is beneficial to both countries, and we can complement each other." The news agency noted that the meeting was attended by Major General Mohammad Bagheri, Chief of Staff of the Iranian Armed Forces.
The Saudi-Iranian negotiating table is expected to witness a number of issues, while the Saudi minister will hold a number of meetings to discuss bilateral relations between the two countries and discuss a number of issues and topics, according to what was reported by the Saudi Press Agency (SPA).
The visit comes less than two weeks after a phone call between Iranian President Masoud Pezeshkian and Saudi Crown Prince Mohammed bin Salman, during which they discussed regional developments and reviewed a number of issues of mutual interest.
Al-Alaq from Erbil Exhibition: Our pavilion explains banking services and receives citizens' complaints.
link there wa a video but it's in arabic and I can't translate it
We receive a lot of inquiries.
Central Bank Governor Ali Al-Alaq spoke on Thursday about the Central Bank's participation with a special pavilion at the 17th Erbil International Book Fair. He said the objective of the participation is to explain banking services and answer citizens' inquiries, stressing that the pavilion also receives transaction complaints.
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Government advisor: Salary localization has nothing to do with the 2025 budget, and the Financial Management Law ensures safe implementation.
Saleh pointed out in a statement to Al Furat News Agency that "this system enjoys priority in regular monthly payments, and is implemented through the banking system and in accordance with ensuring safety measures for banking liquidity without conflict, and under the direct supervision of the financial and monetary authorities in terms of commitment, controls and timing."
Saleh pointed out that "the matter is not related to the budget schedules for the year 2025, as the current budget in this regard is legally covered by Federal Financial Management Law No. 6 of 2019, as amended, as well as the provisions of the Triennial General Budget Law No. 13 of 2023, as amended, which provides great flexibility in implementation."
He explained that "the Federal Financial Authority gives legal priority to mobilizing spending within the cash flow budget, as monthly salaries, pensions and social care come as a top priority to provide payments and financial obligations due monthly according to their precise dates and with certainty."
Al-Sudani: The development and reconstruction witnessed by Iraq in various fields has contributed to the creation of many investment opportunities.
Prime Minister Mohammed Shia Al-Sudani stressed that the development and reconstruction witnessed by Iraq in various fields contributed to the creation of many investment opportunities.
A statement by his media office stated that Al-Sudani received, today, Thursday, the Chairman of the Rixos International Hotel Group, Fattah Tamince.
Al-Sudani stressed the government's interest and keenness to develop the tourism sector, in light of an attractive and safe environment for investments supported by important reforms in this direction.
The Prime Minister explained that the government's interest in developing the infrastructure in Baghdad and the governorates is to prepare them to receive international tourism companies wishing to establish their tourism and hotel projects in Iraq.
Al-Sudani pointed to the great tourism heritage in Iraq, including archaeological sites and religious and cultural centers that qualify it to achieve important leaps, and be a leading tourist country and attract companies specialized in tourism to work in it.
For his part, Tamins reviewed the activities of the Rixos Group inside Iraq, and provided details of the latest developments related to its projects in the country, and a detailed account of its projects in 22 countries, stressing that the heads of major international tourism and hotel companies praise the distinguished investment reality in Iraq in light of the investment facilities provided by the government, and they express their desire to work in Iraq.
A responsible source revealed to Mail the details of the meeting between Al-Sudani and Al-Sharaa.
A responsible source revealed details of the meeting between Prime Minister Mohammed Shia al-Sudani and Syrian President Ahmed al-Sharaa in Doha on Thursday.
The source told Mail that "Prime Minister Mohammed Shia al-Sudani made a quick visit to the State of Qatar, during which he met with the Emir of the State of Qatar, Tamim bin Hamad Al Thani, and Syrian President Ahmed al-Sharaa."
He added that "the tripartite meeting came as a result of the rapidly evolving events in the region, particularly what is happening in Syria," noting that "the Prime Minister affirmed that Iraq is closely monitoring developments in this neighboring country and the military presence of the occupying entity on its soil."
The source continued, "The Prime Minister reiterated Iraq's firm and principled position calling for a comprehensive political process and the protection of components and social, religious, and national diversity in Syria, as well as the protection of holy sites, houses of God, and places of worship."
He explained that "the Prime Minister stressed the importance of the new Syrian government taking practical and serious steps to combat the terrorist organization ISIS."
A budget hanging on an oil thread.. The cost per barrel reveals the depth of the rift between Baghdad and Erbil.
Member of the Oil and Gas Committee, MP Ali Shaddad, confirmed today, Friday (April 18, 2025), that Article (12) of the Triennial Budget Law represents one of the most prominent reasons for the delay in sending the 2025 budget tables to the House of Representatives, explaining that it sparked a sharp dispute between the federal government and the Kurdistan Regional Government.
Shaddad's media office said in a statement received by "Baghdad Today", that "the budget schedules for the year 2025, which the government is supposed to send to the House of Representatives for approval, may be delayed due to the lack of agreement on Article (12) of the Triennial Budget Law, in addition to the decline in oil prices."
He added that "the decline in oil prices will contribute to the exacerbation of the financial deficit in the budget," indicating that "the latter was built on the basis of an estimated price per barrel of (70) dollars, which is no longer realistic in light of the decline in prices, in addition to the accumulated deficit from the past two years."
Shaddad continued, "The government is concerned about the financial obligations that may be imposed by the budget schedules," noting that "the latter has announced on more than one occasion that it is suffering from a severe shortage of financial liquidity."
He stressed that "this shortage will not affect the salaries of employees and retirees, but it may lead to delays in the disbursement of certain financial dues, such as bonuses and promotions, as well as delays in the release of governorate budgets."
Al-Karawi: Failure to send budget tables is a constitutional violation.
Member of the Parliamentary Finance Committee, MP Mustafa Al-Karawi, confirmed on Friday that the government's delay in sending the budget tables constitutes a clear violation of the provisions of Article (77/Second) of the Budget Law, calling on the House of Representatives to take its role in holding the government accountable for this legal violation.
Al-Karawi told Al-Maalouma, “The government was legally obligated to submit budget schedules before the end of the previous fiscal year, but four months have passed without it complying with this, which constitutes a clear violation of the law and a failure to fulfill its constitutional duties.”
He added, “The delay in the 2024 and 2025 budget schedules is a serious indicator of administrative and oversight shortcomings within the relevant projects government institutions, which negatively impacts and implementation plans.”
Al-Karawi pointed out that “90% of the budget depends on oil revenues, at a time when the global market is experiencing sharp fluctuations, which makes basing a three-year budget on an unstable resource an ill-considered move.”
He pointed out that "the 2024 budget arrived late, was sealed by prior political agreement, and was not subject to a genuine review within Parliament. Despite containing fundamental problems, the results of which have begun to become apparent through the suspension of projects and the delay in referral and implementation."
Al-Karawi stressed that “Parliament is required to exercise its oversight role and hold the government accountable for this negligence, which could cause significant harm to the national economy and development plans.”
Economist sets oil price to bridge budget deficit
The economic expert spokeNabil Al-MarsoumiToday, Friday, April 18, 2025, on the relationship between public expenditures inIraqAnd public revenues, while the price of a barrel of oil was set to overcome the budget deficit.
Ansar Allah: Our operations will continue until the aggression on Gaza stops and the siege is lifted
Brigadier General Yahya al-Sari'i, the military spokesman for the Ansar Allah movement, announced on Friday that Yemeni air defenses had successfully shot down an American MQ-9 drone. He indicated that the American military buildup and aggression against our country would lead to further confrontation.
In press statements monitored by the Iraqi News Agency (INA), Saari'i said, "A military operation was carried out targeting a military target in the vicinity of Ben Gurion Airport in the occupied Jaffa region with a ballistic missile."
He added, "For the second consecutive month, the forces continue to effectively and responsibly confront the American aggression against our country and to confront escalation with escalation." He explained that "a dual military operation was carried out targeting the American aircraft carriers Truman and Vinson and their warships in the Red and Arabian Seas." Saree confirmed that "Yemeni air defenses succeeded in shooting down an American MQ-9 drone while it was carrying out hostile operations in the airspace of Sana'a Governorate," noting that "the American military buildup and aggression against our country will lead to further confrontation and will only push us to remain steadfast in our support for the oppressed Palestinian people." He continued, "The enemy will reap nothing from escalating aggression against our country except disappointment, failure, and defeat," noting that "Yemen will not back down from continuing its support operations for the Palestinian people until the aggression on Gaza stops and the siege is lifted." Saree concluded by saying, "The recently arrived American aircraft carrier will not achieve what four previous carriers failed to achieve."
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