The Ministry of Finance is discussing with the World Bank the establishment of a permanent office in Iraq.
On Tuesday, May 20, 2025, Iraqi Finance Minister Taif Sami received a delegation from the European Bank for Reconstruction and Development to discuss joint cooperation, a number of economic and investment issues, and the establishment of a permanent office in Iraq.
The video for this My FX Buddies Blog is below here:
The Ministry of Finance stated in a statement received by Al-Jabal that "the meeting focused on expanding the bank's role in Iraq during the next phase, particularly in the areas of supporting the private sector, financing small and medium-sized enterprises, and providing technical assistance to government agencies, in line with the priorities of the government program to improve the business environment and develop infrastructure."
According to the statement, the two sides discussed "the progress made in the negotiations on the Host Country Agreement, which aims to enable the Bank to establish a permanent office in Iraq, facilitate its mission of providing technical and advisory support, and expand its network of cooperation with local institutions."
Potential areas of cooperation were also reviewed, including renewable energy, transportation, and modernizing the financial sector, which would contribute to attracting investments and stimulating economic growth.
Continuation of the National Emergency With Respect to the Stabilization of Iraq
Continuation of the National Emergency With Respect to the Stabilization of Iraq
On May 22, 2003, by Executive Order 13303, the President declared a national emergency pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) to deal with the unusual and extraordinary threat to the national security and foreign policy of the United States posed by obstacles to the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq.This notice shall be published in the Federal Register and transmitted to the Congress.
Ai summary
- The U.S. is keeping a close eye on Iraq to help it stay stable, which is good for its government and economy.
- This notice shows the U.S. is committed to helping Iraq rebuild, which could make Iraq’s economy stronger over time.
- A stable Iraq could make its currency, the Iraqi dinar, more trustworthy for people who use or hold it.
- The notice says Iraq still has big problems, like issues with rebuilding, keeping peace, and setting up strong government systems. These problems are serious enough to be called a “threat” to the U.S.
- The ongoing emergency means Iraq isn’t fully stable yet, which might worry some people who hope the dinar’s value will go up soon.
- People holding Iraqi dinar hope its value will rise, possibly due to a “revaluation” (where Iraq’s government increases the dinar’s worth compared to other currencies like the U.S. dollar).
- The notice shows Iraq still faces challenges, which could delay any plans to increase the dinar’s value. If Iraq’s economy and government get stronger, it might help the dinar’s value grow, but the ongoing emergency suggests this could take time.
- Some posts on X mention Iraq taking steps like reducing U.S. dollar reliance or improving banking systems, which could support a stronger dinar in the future. But these are not guaranteed, and the notice doesn’t confirm any immediate changes.
- Iraq wants to rebuild its country, keep peace, and make its government and economy stronger. This notice means the U.S. sees these goals as important but recognizes that Iraq still needs help.
- The ongoing emergency status could affect how other countries and businesses view Iraq, possibly making it harder to attract investment or trade, which Iraq needs to grow its economy.
- If Iraq can solve these problems, it might lead to a more stable country and a stronger dinar, which would help its people and businesses.
Washington invites Iraqi and Kurdish officials to visit Washington. What's the connection with armed factions?
High-level Iraqi diplomatic sources revealed that an invitation was sent to senior Iraqi and Kurdish officials to visit...Washington, D.C.Regarding the fate of armed factions inIraq.
The sources continued, "The Prime MinisterKurdistan Region Masrour BarzaniHold meetings withNational Security CouncilThe American is involved in more than one file in this context. The first is arrangements related to coordination between the Kurds and American forces in Iraq to nullify any move by armed factions to threaten American interests in Iraq in the event that sites are targeted by the Kurds.USFor the factions in the coming period."
She stated that "American officials discussed withBarzaniDuring his visit, he dealt with the information circulating about the existence of arrangements between Kurdish figures and others in the Popular Mobilization Forces, who are united by their rejection of what the United States and European countries are working on to end the presence of armed forces outside the control of the state, which carries a targeting of the Popular Mobilization Forces, and what has been worked on to dissolve the party.Kurdistan Workers' PartyFor himself, amidst the rejection of Kurdish leaders.
Erbil signs billion-dollar energy contracts with the US. Baghdad: They are rejected and invalid.
A statement by the Kurdistan Regional Government, a copy of which was received by Al-Furat News Agency, stated that the two agreements were concluded between the Kurdistan Regional Government and the American oil companies "HKN Energy" and "Western Zagros."
The two agreements, estimated to be worth tens of billions of dollars, aim to develop the Kurdistan Region's oil and energy sector and strengthen its economic infrastructure, according to the statement.
In his speech, Barzani expressed his gratitude to the American Chamber of Commerce for its efforts in preparing for the signing of the two agreements, stressing that these agreements are an indicator of the security and stability of the Kurdistan Region and a boost to its economic development efforts.
The Prime Minister added that the two companies, which have been operating in the Kurdistan Region for many years, have played an effective and influential role in serving the interests of the people of the Kurdistan Region and Iraq alike, while simultaneously achieving benefits for their companies and their country.
Barzani added that the regional government is fully committed to developing the energy sector, especially since the reforms represent an important step toward ensuring 24/7 electricity supplies to all residents of the Kurdistan Region. He expressed his hope to contribute to providing electricity to other areas of Iraq.
Concluding his remarks, the Prime Minister congratulated the people of Kurdistan and Iraq on this important achievement, which will contribute to advancing economic development in the Kurdistan Region.
Barzani highlighted the depth of the historical and distinguished friendship between the Kurdistan Region and the United States, pointing to years of joint cooperation in confronting dictatorship and terrorism and achieving security and stability. He emphasized that today's shared goals are numerous, and that the existing partnership goes far beyond combating terrorism and military cooperation, in the belief that the prospects for economic development and energy investment can be deepened, expanded, and strengthened more broadly.
For its part, the Federal Ministry of Oil announced today its complete rejection of the measures taken by the Ministry of Natural Resources in the Kurdistan Regional Government regarding its contract to invest in the Miran and Topkhana-Kurdimir fields in Sulaymaniyah Governorate.
A statement issued by the ministry stated that these measures "violate decisions issued by the Federal Supreme Court." The statement noted that the Federal Court of Cassation had affirmed the illegality of contracts concluded after the Federal Supreme Court's decision in case number 59/Federal 2012 and its unified 110/Federal 2019.
The ministry emphasized that, despite Iraq's need to maximize gas investment and meet local demand for power generation, "the measures taken by the regional government constitute a clear violation of Iraqi law." It emphasized that oil resources belong to all Iraqis, and that any investment in these resources must be undertaken through the federal government.
Accordingly, the Ministry of Oil confirmed the invalidity of these contracts based on the Iraqi Constitution and Federal Court rulings.
MP: The Baghdad Summit reflected a positive image of Iraq and will open the doors to investment.
Amer Al-Fayez, a member of the Parliamentary Foreign Relations Committee, praised the Iraqi government's success in organizing the recent Arab Summit in Baghdad. He said the summit reflected a positive image of Iraq and will have tangible repercussions in the near future, particularly in attracting foreign investment.
Al-Fayez said in a press statement that "despite the limited attendance of heads of state at the Arab Summit, the meetings and outcomes of the summit were positive," noting that "the event reflected the current political and security stability in Iraq."
He added, "Iraq today plays a pivotal role in the region and has hosted major world leaders on numerous occasions, which confirms the effectiveness of its foreign policy." He denied that the absence of a number of leaders was evidence of weak diplomatic relations.
Al-Fayez stressed that "the heads of Arab states informed the Iraqi government of their inability to attend for personal reasons, but that does not mean they are unwilling to visit Baghdad or support its regional position."
.png)
Iran receives proposal for new negotiations with Washington
Iranian Deputy Foreign Minister for Legal and International Affairs Kazem Gharibabadi confirmed on Tuesday (May 20, 2025) that his country had received a proposal for a new round of indirect negotiations with the United States and was currently carefully studying it.
Gharibabadi said in a statement to Iranian state television, followed by Baghdad Today: "We have received a proposal regarding the next round of indirect negotiations between Iran and the United States, and we are in the process of reviewing and evaluating it by the relevant authorities."
Gharibabadi did not provide further details about the content of the proposal or the party that submitted it. However, these statements come amid intense diplomatic activity over the past few weeks aimed at reviving the stalled nuclear negotiations.
Wall Street Journal correspondent Lawrence Norman revealed yesterday that preparations are underway for a round of nuclear talks between Tehran and Washington later this week in Rome, Italy, indicating a possible preliminary agreement through unofficial channels.
These developments come at a time of escalating tensions in the region, particularly with repeated warnings from the International Atomic Energy Agency (IAEA) of the repercussions of the failure of the diplomatic track to address Iran's nuclear program, which is witnessing rapid technological progress.
Observers, for their part, believe that Gharibabadi's statements reflect Tehran's cautious desire to test the seriousness of the new proposals, particularly in light of increasing economic pressures and complex regional balances. They point out that the next round could be decisive in determining the fate of the entire negotiating process.
Rush at TBI as Kurdistan speeds up “My Account” rollout
Long queues formed outside the Trade Bank of Iraq (TBI) in al-Sulaymaniyah of Iraqi Kurdistan on Tuesday as public employees rushed to complete their registration for the My Account (HISABI) system.
“We arrived early this morning after being informed that the cards were ready,” said Nour al-Din Wali, a government employee from the Garmian Administration. “Without this card, we cannot receive our May salary.”
The My Account initiative—launched under Prime Minister Masrour Barzani and supported by the Central Bank of Iraq (CBI)— allows employees to freely choose among six participating private banks to open their salary accounts and gain access to over 19 monthly banking services, including loans, transfers, and payments, for a nominal fee of 2,500 IQD ($1.9).
The project complements a parallel government initiative, the “domiciliation” system, which assigns employees to specific banks based on agreements between the Ministry of Finance, accounting units, and financial institutions.
Both programs aim to reduce cash dependency, enhance payment security, and combat corruption through improved financial transparency.
The KRG has mandated that all public employees register by May 27, in line with a Federal Supreme Court decision calling for unified salary disbursement mechanisms nationwide.
How will a potential agreement with Washington affect Iran's economy?
While talks between Iran and the United States continue in earnest, concerns remain that they could stall, potentially leading to tightening sanctions, particularly on oil exports. These concerns are heightened by the continued risk of activating the "trigger mechanism" and the return of UN sanctions against Tehran, as the mechanism approaches its expiration in October 2025.
These data raise questions about whether the Iranian economy is sounding alarm bells. Economic indicators point to a marked deterioration in the country's situation. According to the latest data from the Statistical Center of Iran, the monthly inflation rate rose from 3.3% in March 2025 to 3.9% in April of the same year, meaning that Iranian households spent approximately 3.9% more on the same basket of consumer goods compared to the previous month.
Annual inflation rose from 37.1% to 38.9%, while the annual inflation rate crossed the 33% mark, reaching 33.4%. Given these indicators, economic forecasts are increasingly troubling. The International Monetary Fund recently indicated that Iranian economic growth will slow, while the World Bank warned of the possibility of the Iranian economy entering negative growth.
In addition, prominent Iranian economist Musa Ghanejad warned in an interview with Etemad newspaper that the continuation of the current situation threatens economic collapse. He said, "I agree with those who believe that the Iranian economy is getting worse by the day. If we compare the current situation with several years ago, we notice a significant decline, especially in purchasing power, which has deteriorated due to high inflation, while wages have not increased sufficiently."
Ghanezhad added that about 50% of Iran's population lives below the poverty line, compared to 15% to 20% about 20 years ago, indicating a significant deterioration in the standard of living. He also described the country's infrastructure as suffering from a real crisis, noting that Iran, despite being a country rich in oil and gas, suffers from a shortage of electricity in the summer and a shortage of gas in the winter, a situation that reflects the fragility of the economic situation.
Regarding the impact of the ongoing nuclear negotiations between Tehran and Washington, the prominent Iranian economist said, "It is enough to observe the reaction of the currency market to understand the importance of these negotiations. As soon as positive news about the negotiations is released, we witness a sharp decline in the dollar's value. At the beginning of this year, with the resumption of talks, the exchange rate fell by up to 25%."
He emphasized that this impact is not limited to the currency market alone, but extends to the capital market, and that economic prospects are improving in general, making the impact of the talks immediate and significant.
In concluding his remarks, Ghani Nejad stressed the need to quickly resolve Iran's position on the negotiations and the trigger mechanism, warning that failure to reach an agreement could restore the maximum pressure policy and plunge the Iranian economy into a worse phase. Nevertheless, he expressed cautious optimism about the possibility of reaching an agreement, but cautioned that the success of the agreement depends on its stability and market confidence, as any fragile agreement will not have the desired impact on the Iranian economy.
Investment Authority: Large companies are keen to enter Iraq.
The National Investment Commission confirmed on Tuesday that there is significant interest from major companies in entering Iraq.
Chairman of the National Investment Commission, Haider Makiya, said in a statement reported by the official news agency and seen by Al-Eqtisad News, that "Iraq has witnessed a significant influx of foreign investments over the past two years, exceeding $64 billion."
He explained that "this figure reflects the success of the investment planning that was completed in 2023, and we began to reap its fruits in 2024 and 2025," noting that "most of these investments belong to major companies that operate directly within Iraq."
He added that "the Prime Minister clearly indicated in the House of Representatives the size of these investments, which exceeds $60 to $63 billion."
The Ministry of Finance is discussing with the World Bank the establishment of a permanent office in Iraq.
On Tuesday, May 20, 2025, Iraqi Finance Minister Taif Sami received a delegation from the European Bank for Reconstruction and Development to discuss joint cooperation, a number of economic and investment issues, and the establishment of a permanent office in Iraq.
The Ministry of Finance stated in a statement received by Al-Jabal that "the meeting focused on expanding the bank's role in Iraq during the next phase, particularly in the areas of supporting the private sector, financing small and medium-sized enterprises, and providing technical assistance to government agencies, in line with the priorities of the government program to improve the business environment and develop infrastructure."
According to the statement, the two sides discussed "the progress made in the negotiations on the Host Country Agreement, which aims to enable the Bank to establish a permanent office in Iraq, facilitate its mission of providing technical and advisory support, and expand its network of cooperation with local institutions."
Potential areas of cooperation were also reviewed, including renewable energy, transportation, and modernizing the financial sector, which would contribute to attracting investments and stimulating economic growth.
Oil Minister: The Iraqi Oil Services Center will transfer well revenues to the state treasury.
Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani Al-Sawad, explained today, Tuesday (May 20, 2025), that the establishment of the Iraqi Center for Oil Services will transfer financial revenues from oil extraction and well drilling to the state treasury instead of going to foreign companies.
Al-Sawad said in a statement to Baghdad Today, "The well-drilling operations require a number of supporting operations that will be under the control of the center, which will save money for the state treasury."
He pointed out that "the center has actually proceeded with updating specialized equipment in a number of oil companies, particularly the Basra Oil Company," explaining that "Basra Oil Company purchased some equipment years ago, and after its arrival in Iraq, the selling companies refused to deliver the software to Iraq. However, the company preserved this equipment, and it has now been updated, and it will enter service as important equipment in the oil sector."
Last Friday, the Oil Minister inaugurated the Iraqi Oil Services Center in Basra Governorate, a move he described as significant in achieving self-sufficiency in vital sectors. This move aligns with the government's directives and decisions within the government program, as well as creating national partnerships with the private sector and relevant entities in the oil industry.
PM Barzani, US Congressman discuss Erbil-Washington ties
On Wednesday, Kurdish Prime Minister Masrour Barzani discussed strengthening Kurdistan-US ties with Congressman Abe Hamadeh in Washington.
The meeting followed the signing of two energy agreements during Barzani’s visit, aimed at strengthening infrastructure and attracting foreign capital to the Kurdistan Region.
Energy remains a strategic sector for the Region, which continues to pursue independent development amid ongoing disputes with Baghdad over oil revenues and export authority.
Hamadeh, a US lawmaker of Kurdish descent, called the agreements a “positive development” for Iraq’s economy and stressed the importance of sustained engagement between Washington and Erbil.
Barzani then congratulated Hamadeh on his election to Congress, highlighting his support for Kurdish interests in US policymaking.
The Kurdistan Region has previously partnered with the United States in counterterrorism and regional stability initiatives.
Masrour Barzani holds a meeting with US Congressman Joe Wilson.
Kurdistan Regional Government Prime Minister Masrour Barzani met in Washington on Tuesday with US Congressman Joe Wilson. The two sides exchanged views on ways to strengthen bilateral relations and consolidate ties between the Kurdistan Region and the United States.
Kurdistan Regional Government Prime Minister Masrour Barzani held a meeting in Washington, D.C., on Tuesday, May 20, 2025, with US Congressman Joe Wilson.
During the meeting, the two sides exchanged views on ways to strengthen bilateral relations and consolidate ties between the Kurdistan Region and the United States.
The Prime Minister expressed his thanks and appreciation to the United States, particularly Congressman Wilson's continued support for the Kurdistan Region.
For his part, Congressman Wilson reiterated his unwavering support for a strong Kurdistan, congratulating the Kurdistan Regional Government on the energy agreements signed in Washington yesterday.
Iranian Foreign Ministry: We have rejected holding the fifth round of nuclear negotiations with the US.
A senior Iranian source in the Iranian Foreign Ministry revealed on Tuesday (May 20, 2025) that his country had received, via the Sultanate of Oman, a date for holding the fifth round of indirect nuclear negotiations with the United States within the past two days, stressing that "Iran has rejected holding this round."
The source told Baghdad Today that recent statements by US officials were "empty of substance" and not based on any political logic, believing them to be the reason for the faltering negotiations between Tehran and Washington.
He added, "The Islamic Republic received a message via the Sultanate of Oman regarding the date for holding the fifth round of nuclear negotiations in the Italian capital, Rome, next Saturday. However, Tehran has not agreed to this proposal because we are still carefully studying the current situation."
The Iranian official likened the atmosphere surrounding the negotiations to a battlefield and a real political struggle, not just diplomatic talks.
He continued, "Supreme Leader Ali Khamenei clearly expressed the Islamic Republic's position on the irresponsible American statements," stressing that "the irrational American positions we have witnessed in recent days have cast a negative shadow over the negotiating process." He explained, "We hope that the American side will soon return to rationality and realize that verbal escalation does not serve any negotiating process."
These statements come amid escalating tensions in the indirect negotiations between Iran and the United States regarding the nuclear issue, amid ongoing disagreements over key issues, most notably uranium enrichment and US sanctions.
In a related development, Italian Foreign Minister Antonio Tajani announced his country's readiness to host a new round of negotiations between Iran and the United States, stressing Rome's close monitoring of the progress of these talks.
Tajani said, "We are closely following developments in the negotiations between Iran and the United States, and we believe that the Iranian nuclear issue must be resolved through dialogue and diplomacy."
He added, "We declare our readiness to once again host negotiations in the capital, Rome, if the concerned parties decide to resume talks."
At the first commemoration of the anniversary of the death of former Iranian President Ebrahim Raisi, Supreme Leader Ayatollah Ali Khamenei said that indirect negotiations conducted during Raisi's presidency "did not yield results," adding, "And even now, we do not think they will lead to anything, and we do not know where they will lead."
In a strongly worded message to Washington, Khamenei directly criticized the American rhetoric, saying, "The Americans must stop their nonsense. Their claim that they will not allow Iran to enrich is empty talk and a grave mistake. The Islamic Republic does not wait for anyone's permission, and I will explain to the people why they insist on the enrichment issue in this manner."
The US Embassy offers the Minister of Finance the development of program and performance budget preparation tools.
The Ministry of Finance discussed with the US Embassy on Tuesday the development of tools for preparing program and performance budgets. The two parties agreed to continue coordination and organize training workshops for ministry employees in a number of technical specialties.
The Minister of Finance discusses with the US economic team budget support and developing financial capabilities.
Finance Minister Taif Sami received the economic team from the US Embassy in Baghdad on Tuesday to discuss ways to cooperate within the FSVC program to enhance Iraq's economic and financial capabilities.
The two sides discussed mechanisms to support the general budget and aspects of technical cooperation between the Ministry and the US side in the areas of budget preparation and government accounting, through the program and performance budget implementation mechanism.
Minister Sami emphasized the importance of leveraging international expertise to support ongoing reforms, noting that the ministry is working to modernize administrative and financial systems and enhance transparency and financial discipline, in line with the priorities of the government program and to consolidate economic stability.
For its part, the US team expressed its willingness to provide technical and advisory support, particularly in developing tools for preparing program and performance budgets, improving accounting systems, and developing financial information systems.
The two parties agreed to continue coordination and organize training workshops for Ministry employees in a number of technical specialties, in support of implementing best practices in public finance management and achieving sustainable development.
US officials: Israel preparing to strike Iranian nuclear facilities
CNN reported on Tuesday, citing unnamed US officials, that new intelligence obtained by the United States indicates that Israel is preparing to strike Iranian nuclear facilit
Why $87 Billion Is Flowing Into Iraq: A New Economic Era Begins 🎥
.jpeg)
No comments:
Post a Comment