Barzani arrives in Washington after an official invitation
The Prime Minister of the Kurdistan Region of Iraq, Masrour Barzani, arrived in Washington, DC, on an official visit at the invitation of the United States.
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According to a statement by the Kurdistan Regional Government, Masrour Barzani will hold a series of meetings with senior officials in the US government and Congress. He
will also hold talks with American investors and businessmen on developing economic and trade relations.
The statement indicated that the main focus of the Prime Minister's discussions with US officials will be "strengthening and developing relations and the strategic partnership between the Kurdistan Region and the United States, and discussing the latest developments in the general situation in Iraq and the region."
The Kurdistan Regional Government stated that Masrour Barzani will participate, during his visit, in a special dialogue within the Washington Energy Forum titled "The Future of Energy in the Kurdistan Region."
Masrour Barzani will present "the Kurdistan Region's vision and approach for developing the energy sector and highlight investment opportunities in this sector."
According to a statement by the Kurdistan Regional Government, Masrour Barzani will hold a series of meetings with senior officials in the US government and Congress. He
will also hold talks with American investors and businessmen on developing economic and trade relations.
The statement indicated that the main focus of the Prime Minister's discussions with US officials will be "strengthening and developing relations and the strategic partnership between the Kurdistan Region and the United States, and discussing the latest developments in the general situation in Iraq and the region."
The Kurdistan Regional Government stated that Masrour Barzani will participate, during his visit, in a special dialogue within the Washington Energy Forum titled "The Future of Energy in the Kurdistan Region."
Masrour Barzani will present "the Kurdistan Region's vision and approach for developing the energy sector and highlight investment opportunities in this sector."
The Prime Minister of the Kurdistan Regional Government arrives in Washington on an official visit, heading a high-level government delegation.
Erbil (Kurdistan 24)- Kurdistan Regional Government Prime Minister Masrour Barzani arrived in Washington, DC, on Saturday, May 17, 2025, at the head of a high-level government delegation, at the start of a visit in response to an official invitation.
The Prime Minister is scheduled to hold a series of meetings with senior officials in the US administration and Congress. He will also meet with a number of investors, businessmen, and prominent economic figures in the United States, in addition to a meeting with members of the Kurdish community.
Discussions during this visit will focus on ways to advance bilateral relations and strengthen ties between the Kurdistan Region and the United States at various levels. The talks will also cover all developments in Iraq, as well as the current situation in the region as a whole.
As part of strengthening cooperation in the energy sector, the Prime Minister will participate in a special dialogue session at an energy forum in Washington, D.C., titled "The Future of Energy in the Kurdistan Region," where he will present the region's vision and plans for developing this sector and attracting investment.
Ken Shockley: The Kurdistan Region has proven that America can depend on it.
Former US State Department advisor Ken Shockley said that the Kurds are a reliable ally of the United States and have proven themselves trustworthy, and that the United States can rely on them.
Shockley told Kurdistan 24 on Saturday, May 17, 2025, that the Kurdistan Region is a key player in the United States' efforts to advance the region's prosperity and development. At the same time, the Kurdistan Region has proven that the United States can rely on it.
He emphasized that the Kurds are a reliable ally of the United States and enjoy a stable position in the region. He said, "I believe the United States will continue to support the Peshmerga forces as long as they are present in the Kurdistan Region, because the Peshmerga forces helped the United States defeat ISIS."
He added that Donald Trump emphasized the importance of developing the economic sector. The Kurdistan Region boasts numerous economic opportunities in the energy and industrial sectors, so American investment in the Kurdistan Region will continue and increase.
He pointed out that in Iran and Iraq, politics comes first, but in the Kurdistan Region, the people come first in creating a good economic and security environment for citizens.
"I believe the United States is capable of pressuring Iraq to resolve the issue of resuming oil production, financial rights, and other political issues," Shockley said.
For his part, the former advisor to the US Director of National Intelligence on Middle East policy said that the Trump administration is somehow fed up with Iraq, adding that the Kurdistan Region should participate in the development road project.
James Sisco told Kurdistan24 on Saturday, May 17, 2025, that the Kurdistan Region has a good opportunity to improve relations with the United States in a way that serves the interests of both sides.
He added that the Kurdistan Region could view US President Donald Trump's visit to the Middle East as a roadmap, and in this context, it could attract Trump's attention while simultaneously assisting the United States.
He continued, saying that the Kurdistan Region should participate in the development road project, as this project will be an important link in developing its economy, and it can strengthen relations with Türkiye and prevent smuggling to Iran.
Cisco added that there should be a direct meeting between Prime Minister Masrour Barzani and Donald Trump to exchange views openly and explain the bigger picture of the Middle East.
Cisco said the Trump administration is somewhat disturbed by Iraq because it is closer to Iran and not economically independent.
For his part, former US diplomat Peter Calbert noted on Saturday, May 17, 2025, that Prime Minister Masrour Barzani's visit to the United States came at a particularly opportune time, coming after US President Donald Trump's visit to the Middle East.
"The Kurdistan Region appears to be an island of stability in a turbulent region and is the largest supporter of the United States in the Middle East. No Americans have been killed in violence in the region so far," Calbert told Kurdistan 24.
He added, "It is certainly an appropriate time to visit Washington and meet with American officials. The visit will have an important agenda."
He added that Prime Minister Masrour Barzani is expected to discuss the situation in the Middle East, developments in Syria, and oil exports to global markets.
He emphasized that US officials naturally want to resolve the issue of resuming oil exports from the Kurdistan Region, as they want to increase global oil exports. Among other topics to be discussed, according to Peter Galbraith, is Trump's call for the new Syrian administration to take control of ISIS prisons.
Earlier this evening, former US Deputy Assistant Secretary of State Mark Kimmitt confirmed that the US would take a position on any attack on the Kurdistan Region, pointing to the friendship and partnership between the United States and the region.
"The United States is a friend of the Kurdistan Region, and we have common interests," Kimmitt told Kurdistan 24 on Saturday, May 17, 2025. "The United States helped in the war against ISIS, alongside the Peshmerga forces, who defended heroically and were victorious."
He added, "If the United States decides to send military reinforcements to the Peshmerga forces and Baghdad attempts to obstruct the delivery of that aid, the United States will pressure the federal government until it reaches the Peshmerga forces."
Regarding the Kurdistan Regional Prime Minister's visit to the United States, Mark Kimmitt said, "The Prime Minister will meet with senior US officials, certainly members of Congress and the leadership of the Departments of State, Defense, and Treasury."
Kurdistan Regional Government Prime Minister Masrour Barzani arrived in Washington, DC, on Saturday evening, February 24, 2024, in response to an official invitation.
The Prime Minister was accompanied by a government delegation, and during his visit, he held a series of meetings with senior US officials at the White House, the State Department, and Congress.
The meetings focused on ways to strengthen relations between the Kurdistan Region and the United States, as well as discussing the latest developments in Iraq and the region.
The delegation accompanying the Prime Minister included the Minister of Peshmerga, the head of the Department of Foreign Relations, and a number of officials.
James Sisco: A direct meeting between Masrour Barzani and Donald Trump is essential.
A former advisor to the US Director of National Intelligence on Middle East policy says the Trump administration is somehow fed up with Iraq, adding that the Kurdistan Region should participate in the development road project.
James Sisco told Kurdistan24 on Saturday, May 17, 2025, that the Kurdistan Region has a good opportunity to improve relations with the United States in a way that serves the interests of both sides.
He added that the Kurdistan Region could view US President Donald Trump's visit to the Middle East as a roadmap, and in this context, it could attract Trump's attention while simultaneously assisting the United States.
He continued, saying that the Kurdistan Region should participate in the development road project, as this project will be an important link in developing its economy, and it can strengthen relations with Türkiye and prevent smuggling to Iran.
Cisco added that there should be a direct meeting between Prime Minister Masrour Barzani and Donald Trump to exchange views openly and explain the bigger picture of the Middle East.
He noted that the Trump administration is somewhat disturbed by Iraq because it is closer to Iran and not economically independent.
For his part, former US diplomat Galbraith noted on Saturday, May 17, 2025, that Prime Minister Masrour Barzani's visit to the United States came at a particularly opportune time, coming after US President Donald Trump's visit to the Middle East.
"The Kurdistan Region appears to be an island of stability in a turbulent region and is the largest supporter of the United States in the Middle East. No Americans have been killed in violence in the region so far," Galbraith told Kurdistan 24.
He added, "It is certainly an appropriate time to visit Washington and meet with American officials. The visit will have an important agenda."
He added that Prime Minister Masrour Barzani is expected to discuss the situation in the Middle East, developments in Syria, and oil exports to global markets.
He emphasized that US officials naturally want to resolve the issue of resuming oil exports from the Kurdistan Region, as they want to increase global oil exports. Among other topics to be discussed, according to Peter Galbraith, is Trump's call for the new Syrian administration to take control of ISIS prisons.
Earlier this evening, former US Deputy Assistant Secretary of State Mark Kimmitt confirmed that the US would take a position on any attack on the Kurdistan Region, pointing to the friendship and partnership between the United States and the region.
"The United States is a friend of the Kurdistan Region, and we have common interests," Kimmitt told Kurdistan 24 on Saturday, May 17, 2025. "The United States helped in the war against ISIS, alongside the Peshmerga forces, who defended heroically and were victorious."
He added, "If the United States decides to send military reinforcements to the Peshmerga forces and Baghdad attempts to obstruct the delivery of that aid, the United States will pressure the federal government until it reaches the Peshmerga forces."
Regarding the Kurdistan Regional Prime Minister's visit to the United States, Mark Kimmitt said, "The Prime Minister will meet with senior US officials, certainly members of Congress and the leadership of the Departments of State, Defense, and Treasury."
Kurdistan Regional Government Prime Minister Masrour Barzani arrived in Washington, DC, on Saturday evening, February 24, 2024, in response to an official invitation.
The Prime Minister was accompanied by a government delegation, and during his visit, he held a series of meetings with senior US officials at the White House, the State Department, and Congress.
The meetings focused on ways to strengthen relations between the Kurdistan Region and the United States, as well as discussing the latest developments in Iraq and the region.
The delegation accompanying the Prime Minister included the Minister of Peshmerga, the head of the Department of Foreign Relations, and a number of officials.
Stopgap spending: Iraq's budget ambitions clash with fiscal reality
this says to me something has got to happen soon
A widening gap between Iraq’s budgetary ambition and its fiscal capacity is forcing the government into stopgap financing measures, exposing how vulnerable the country’s oil-dependent economy remains to even modest shifts in global energy markets.
Despite a record three-year budget approved in 2023, the government has resorted to reallocating tax trust funds to cover public sector wages, in an unusual move that lawmakers see as a “clear signal” of tightening liquidity.
This budget, passed under Law No. 13, is based on a crude oil benchmark of $70 per barrel, but revenues briefly exceeded expectations early in the year, with oil trading around $75. However, prices have since fallen below $62 following the removal of OPEC+ production limits, cutting into the country’s main revenue stream.
With oil accounting for nearly 90% of government income, the fiscal impact has been immediate. Lawmaker Zuhair al-Fatlawi confirmed that the government had drawn from contractor-held tax deposits to meet payroll obligations. “This reflects a shortfall in liquid funds,” he told Shafaq News. “Routine revenue flows are proving inadequate.”
Ministries such as Health and Water Resources are operating without full allocations. Capital projects in Babil, Al-Diwaniyah, and Karbala have either slowed or halted due to inconsistent disbursements. “Some regions are funded, others are left waiting,” al-Fatlawi emphasized.
Revenue Rigidity
Prime Minister Mohammed Shia al-Sudani’s Financial and Economic Advisor, Mudher Mohammad Saleh, defended the fiscal approach, pointing to mechanisms within the budget law that allow for flexibility. “The budget operates on the principle of fiscal space,” he explained. “It enables borrowing, resource reallocation, and controlled spending adjustments.” The government is authorized to borrow up to 64 trillion Iraqi dinars ($48.89B) if needed.
Iraq’s vulnerability is less about the oil price itself and more about the absence of diversified revenue sources. Non-oil tax collection remains underdeveloped, and budget execution is inconsistent across agencies. “Oil volatility is a risk, but institutional rigidity is the larger issue,” said a Baghdad-based analyst.
Notably, payment delays to contractors are triggering liquidity problems in the private sector, and further disbursement lags could freeze project pipelines and reduce market activity in a heavily state-led economy.
“Liquidity stress is contagious in Iraq’s fiscal ecosystem,” public finance expert Mustafa al-Faraj affirmed. “When escrow funds are repurposed, it undermines financial discipline and signals deeper structural imbalance.”
The IMF has noted that delayed infrastructure investment can cut expected GDP impact by up to 40%, weakening the effectiveness of public spending even when funding is eventually restored.
Tools Available, but Reforms Lag
Iraq’s Central Bank holds more than $100 billion in foreign reserves, offering a strategic buffer. However, economist Safwan Qusay cautioned against using reserves to plug structural gaps. “These reserves are meant for external stability, not internal liquidity.”
Qusay advocated for accelerating domestic reforms: enforcing utility payments, monetizing idle public assets, and revising land-use fees. “The state needs to act more like an investor and less like a passive payer,” he emphasized, estimating that if prices stay below projections, Iraq could face monthly shortfalls exceeding $1.5 billion.
In that scenario, options include tapping domestic bond markets or seeking external financing—a move that could further test fiscal credibility.
Disparities in budget transfers across provinces have also raised concerns about equity and governance. With the next national elections set for November 2025, prolonged underfunding in public services may carry political consequences, particularly in provinces already expressing frustration over project delays and financial uncertainty.
For now, Iraq is not in immediate fiscal crisis, but the warning signs are evident. Reliance on short-term measures to manage a structurally rigid and oil-dependent system has narrowed policy space, and without faster reform and revenue diversification, fiscal pressures could escalate into grave economic and political risks.
Al-Sudani: Baghdad will remain a source of strength and power and a pillar in Arab decision-making.
Prime Minister Mohammed Shia al-Sudani affirmed on Saturday that Baghdad will always remain an arena for joint Arab action, a source of strength and power, and a pillar of Arab decision-making.
Al-Sudani said in a post on the X platform, followed by "Al-Eqtisad News," "I extend my sincere thanks, on behalf of Iraq, government and people, to the Arab brothers who participated in the Baghdad summits; the Arab and development summits, whose outcomes we hope will contribute to achieving the aspirations of our peoples everywhere in the Arab world."
He added, "Baghdad will always remain an arena for joint Arab action, a source of strength and power, and a pillar in Arab decision-making, which was embodied in its hosting of our brothers, and the initiatives and decisions that emerged from it that keep pace with the scale of the challenges we face today."
He concluded by saying: "The hearts and hands of Iraqis are always open to every effective step that shapes the future, and every effort that supports stability and development, limits the spread of conflicts, and fulfills the hopes of our peoples."
UN Secretary-General: We are pleased with the positive development taking place in Iraq.
UN Secretary-General António Guterres expressed his satisfaction on Saturday with the progress made by Iraq. While noting that the time is right to conclude the UNAMI mission in Iraq by the end of this year, which reflects the maturity of the Iraqi political process, he emphasized that the 34th Arab Summit is being held at a critical moment for the Middle East.
"I am pleased to be in Baghdad again to participate in the Arab League summit, at a crucial moment for the Middle East," Guterres said at a press conference on the sidelines of the Arab Summit in Baghdad, as monitored by Al-Eqtisad News. He explained that "the ground is shifting beneath our feet, but these radical transformations are not natural forces, but rather the results of specific choices, and the solutions are in the hands of decision-makers."
He added that "these solutions must focus, first and foremost, on making the most of the region's enormous potential," adding: "We all know that the peoples of the Arab world aspire to a better future, and that there are demands for justice, dignity, and rights."
He pointed out that "in Lebanon, the ceasefire, territorial integrity, and adherence to international resolutions must be respected. As for Syria, the Syrian people yearn for a comprehensive political transition that heals national wounds and strengthens Syria's integration into the international community and economy, while also ensuring that the imposed sanctions are lifted."
He continued, "The situation in Gaza is beyond description. There is a blockade, starvation, and a violation of international law, and it must stop." He explained, "The collective punishment imposed on the Palestinian people cannot be justified."
He explained, "We need a permanent ceasefire and to ensure the free flow of humanitarian aid into Gaza."
Regarding the situation in Sudan, Guterres stressed, "Yesterday we held an important meeting with the Secretary-General of the League of Arab States and representatives of the African Union to continue coordinating peace initiatives in Sudan. We have unofficial representatives in Addis Ababa to facilitate coordination between the three mechanisms working towards a peaceful solution."
Regarding the Iraqi file, Guterres said, "I am pleased with the progress made by Iraq," stressing that "at the end of this year, the United Nations mission in Iraq will officially conclude, reflecting the maturity of the Iraqi political process."
He explained that "UN agencies will continue to work in Iraq to support development, organize elections, and provide technical support to the Iraqi government."
Iraq's debt "very safe" below 33% of GDP
Iraq’s total public debt remains below 33% of the country’s gross domestic product (GDP), securing a low-risk standing in global credit rankings, an Iraqi official confirmed Friday.
Speaking to Shafaq News, Mazhar Mohammed Saleh, financial adviser to the prime minister, noted that Iraq wiped out nearly $100 billion in legacy foreign debt through the 2004 Paris Club agreement, most linked to pre-1990 conflicts under the former regime. The remaining debt was restructured over two decades, with the final installment—a $2.7 billion bond—due for full repayment by 2028.
During the war against ISIS, Iraq borrowed about $12 billion to support its national budget. The majority of these loans, especially those from the International Monetary Fund, have been repaid.
In the coming four years, Iraq must repay $9 billion in external debt. A similar amount, mainly from international development funds, is dedicated to rebuilding areas liberated from conflict. External debt currently represents roughly 8% of GDP, which Saleh described as “very safe.”
Domestic public debt totals 85 trillion Iraqi dinars (around $65 billion), with half held in the Central Bank of Iraq’s investment portfolio and the remainder mostly with state-owned banks or issued as bonds and treasury bills. Saleh attributed this accumulation to three significant downturns in oil revenues over recent years.
Internal debt, however, makes up about 25% of GDP. Combined with external obligations, Iraq’s total public debt stays below 33%—well under the widely accepted 60% threshold for sustainable debt levels.
Saleh also highlighted an unresolved $40 billion in debt dating to the Iran-Iraq war that remains unsettled despite the 2004 Paris Club deal. These “odious debts,” owed to eight countries, are expected to be written off by at least 80% under the agreement, pending verification.
The summit establishes promising economic partnerships.
The Baghdad Summit concluded amid general satisfaction with the substantive issues raised, addressing chronic challenges that have impacted the development process in the Arab world for decades. Arab leaders emphasized the importance of advancing joint development efforts as a key tool for advancing national economies and strengthening Arab cooperation, thus achieving mutual benefit between Arab efforts and the international community seeking to invest in the Arab market. Iraq emerged as one of the most prominent poles of this trend, given its strong foundations in the energy sector and promising development opportunities at the regional and international levels, particularly with its adoption of the "Development Road" project, a strategic driver for international trade between East and West.
The Prime Minister's Financial Advisor, Dr. Mazhar Mohammed Saleh, described the presence of Arab leaders at the Baghdad Summit as a victory for Arab economic issues, emphasizing that many of the participating countries are seeking to advance their economies to more advanced and integrated levels.
Saleh pointed out that the development road project represents a major investment attraction at both the Arab and international levels. It is a strategic project linking the Arabian Gulf to Europe via Iraq and Turkey, making it a potential catalyst for massive investments in the transportation, logistics, and port sectors across various Arab countries.
He added that Iraq possesses the third-largest oil reserves in the world, in addition to promising opportunities in the field of renewable energy, making it one of the most important pillars of energy and development in the region and the world. These factors, according to the speaker, constitute a strong incentive for the success of the summit and strengthen Iraq's economic and strategic position simultaneously.
Meanwhile, the head of the Baghdad Chamber of Commerce, Firas Rasool Al-Hamdani, stressed that Arab countries possess enormous natural and human resources that qualify them to be an effective economic center at the global level, noting that human resources represent the main axis in operations.
Economic development.
Al-Hamdani explained that there is a real possibility of achieving integration between Arab markets, provided this is done within rules that achieve mutual benefit for all parties. He indicated that the presence of Arab delegations at the Baghdad summit and their follow-up of the discussions reflects a serious desire to move toward this common goal.
He pointed out that global partnerships constitute a fundamental support factor for these ambitions, provided that they are based on a unified Arab vision that enhances the region's economic position and places it...
On the global influence map.
The path to development... a gateway to integration
Al-Hamdani explained that the development road project represents the first key to Arab economic partnership, given its major strategic importance for the entire region. He emphasized that the road will serve as a platform for launching broad Arab and international partnerships, opening up new horizons in the fields of transportation, logistics, ports, and supply chains.
He emphasized that the most important aspect of this phase is the transition from proposals to practical implementation, noting that Iraq, given its geographic location and wealth, can be a key enabler of this transformation. He called for activating frameworks for joint cooperation and strengthening trust among Arab countries to make this project a major economic lever serving all parties.
For his part, economic expert Dr. Adnan Bahiya stated that the economy represented the most important aspect of the summit, emphasizing that the main focus of much of the attendees was economic integration and investment exchange among Arab countries to strengthen ties and integration among Arab countries, rather than attracting foreign investment.
Investment gaps
Bahiya added to Al-Sabah that Iraq has very large investment gaps that are attractive to Arab capital and expertise, the most important of which are the areas of housing, real estate, renewable and clean energy projects, the localization of light industries, the automotive industry, agriculture, animal husbandry, green hydrogen, petrochemical industries and other fields, pointing out that a number of Arab countries have demonstrated advanced levels in the fields of energy, industry and agriculture and have become competitors to Western countries.
Surface constructions
The "Development Road" project promises to be a vital area for investment in Iraq through the surface construction needed within this project and the development hubs and industrial cities that have been proposed or are being proposed to be established near Iraqi cities. To activate local industries.
trade exchange
Dr. Ahmed Hadhal pointed out that the Arab Summit in Baghdad addressed key economic issues, including unifying or reducing customs tariffs to facilitate trade, confronting oil price fluctuations, enhancing joint Arab investments, particularly in agriculture and renewable energy, to achieve food security, launching an Arab fund to support affected countries, and collective action to address the challenges of food and water security, thus contributing to enhancing Arab economic integration and sustainable development.
Iraq exception
He stressed the need to exempt Iraq from the unification of customs tariffs, given that 98 percent of its exports are oil, and a large proportion of local demand depends on imports. This means it loses a portion of its customs revenues, which are among the most important types of revenue after taxes to achieve financial sustainability if the customs systems are properly automated. Furthermore, they are an important tool to support emerging local industries. Therefore, the focus has shifted towards attracting solid companies to engage in the development of the agricultural, industrial, manufacturing, and energy sectors.
Point of light
Economic expert Dr. Ikram Abdel Aziz described the Baghdad Summit as a "light spot" in the history of Iraq's political and economic transformation. She also described it as a gain for Arab countries, given the potential for economic integration and interconnectedness. She explained that yesterday's summit marked the beginning of a renewed push for joint Arab action in various sectors, including industry, agriculture, and services, as well as banking and communications.
capital flow
In an interview with Al-Sabah, Abdelaziz said that the Arab Summit represented a promising opportunity to diversify economic activities in the country through the influx of Arab capital and attracting investments, noting that Iraq can benefit from the contribution of Arab investments to the “Development Road” project. The summit is a great opportunity to attract Arab investments, especially those from the Gulf countries with financial abundance, including Saudi Arabia, the UAE and Qatar, and to invest these investments in the oil, gas and technology sectors, and to benefit through partnerships in agricultural projects in Arab countries such as Egypt, Sudan and Algeria.
Bridges of trust
For his part, academic Dr. Amr Hisham echoed his colleague's opinion, emphasizing that the Arab Summit in Baghdad represents an opportunity to attract Arab investments, most notably the Development Road Project. He explained that it is a good opportunity to showcase Iraq's standing and the progress it has achieved, thereby strengthening bridges of trust with the Arab world.
financial surpluses
He explained that when wealthy Arab countries, including those with financial surpluses, invest their money in investments, they calculate their economic feasibility. He emphasized that the development road project is a large one, requiring $17 billion to complete its phases, and that the Iraqi government alone cannot provide this amount. Therefore, the doors are open to an influx of Arab and regional investments.
Bridges of Cooperation
For his part, Dr. Majid Abu Kalal, an economic researcher, told Al-Sabah: “The Arab Summit serves as a bridge for cooperation between Iraq and neighboring countries,” noting that holding the Arab Summit in Baghdad had a significant developmental impact through understandings and initiatives that connect the country. Economically in Arab countries.
strategic relations
He expressed optimism that the initial understandings would develop into a strategy between Iraq and Arab countries, as well as the beginning of sustainable strategic relations, not just trade deals. He explained that Iraq's integration into the Arab economic system would be accompanied by mutual investment and capital transfers.
Trade balance
He believed that trade activity between Iraq and its neighboring and North African countries would provide the country with a clear trade exchange that would impact the trade balance in the interest of Iraq and the Arab countries participating in the summit. He expressed his hope that understandings had begun before the summit and that there would be an announcement of economic initiatives that would have a developmental impact on all countries participating in the summit, including Iraq.
Al-Sudani launches the "Arab Covenant" for economic reform.
Prime Minister Mohammed Shia al-Sudani launched the "Arab Covenant" initiative for economic reform on Saturday, while also announcing the launch of the Arab Solidarity Fund initiative for the reconstruction of Gaza.
During his speech at the Arab Summit for Economic and Social Development, Al-Sudani said, "Joint Arab action is the path to the advancement of nations, and human resources are among their most valuable assets."
The Prime Minister proposed establishing a mechanism to evaluate development performance, stressing that the development summit serves as a platform for consolidating Arab partnerships.
Al-Sudani pointed out that "the Iraqi government has launched a package of financial reforms and development projects, and has supported the health and education sectors," while also revealing "the launch of the upcoming Arab Reform Era initiative."
He continued, "A series of initiatives were launched within the framework of the development summit and the initiative of the Joint Arab Security Coordination Room in Baghdad, in addition to the establishment of the Arab Center for Combating Terrorism in Baghdad and the Center for Combating Drugs in Baghdad, in addition to the establishment of the Arab Center for Combating Organized Crime in Baghdad."
During his speech, the Prime Minister also confirmed the launch of the Arab Solidarity Fund initiative for the reconstruction of Gaza.
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Trump: Tehran wants to reach an agreement with Washington on its nuclear program
Trump: Iran will not be able to obtain a nuclear weapon
US President Donald Trump announced on Friday evening that Tehran wants to reach an agreement with Washington regarding its nuclear program .
He told Fox News that he would prefer not to resort to military action with Iran .
He reiterated that Iran will not be able to obtain a nuclear weapon .
The US President confirmed that he informed Tehran that any agreement would be very beneficial to it .
Earlier on Friday, Iranian Foreign Minister Abbas Araqchi said that Tehran had not received any written proposals from the United States regarding a potential nuclear agreement, just hours after US President Donald Trump announced that Iran had received such a proposal .
Araghchi added on the X platform that Iran had not received any proposals, "either directly or indirectly ."
He continued: "At the same time, the messages reaching us, and reaching the world, remain confusing and conflicting. However, Iran remains resolute and clear in its position: Respect our rights, lift your sanctions, and we will reach an agreement ."
He stressed that "there is no scenario in which Iran would give up its legitimate and acquired right to enrich uranium for peaceful purposes, a right guaranteed by the Nuclear Non-Proliferation Treaty to all its members." Araghchi concluded his post by saying, "We always welcome dialogue based on mutual respect and always reject any dictation or imposition ."
Trump said earlier today that Iran had received a proposal from Washington regarding its nuclear program and knew it needed to move quickly to resolve the decades-long dispute. "They have a proposal," Trump told reporters aboard Air Force One after departing the UAE. "And more importantly, they know they have to move quickly or something bad will happen."
During the Baghdad Summit, Iraq prepares to present a modern economic vision, the outlines of which were drawn up by Sudan.
Iraq is peparing today, Saturday, to present a modern economic vision stemming from nationalist trends outlined by Prime Minister Mohammed Shia al-Sudani during the Arab Summit. Meanwhile, the presence of Arab leaders and monarchs in Baghdad marks a turning point in regional relations and consolidates Iraq's openness to its Arab surroundings.
The Executive Director of the Iraq Development Fund, Mohammed Al-Najjar, said, "Iraq is preparing to present a modern economic vision stemming from national trends whose outlines were shaped by Sudan." He pointed out that, "This vision includes new partnership paths and advanced investment methods that are in line with the nature of the current economic phase and challenges."
Al-Najjar emphasized that "the presence of Arab leaders in Baghdad represents a turning point in regional cooperation relations and consolidates Iraq's openness to its Arab surroundings." He added that "the Iraq Development Fund today represents an attractive and diverse investment base capable of absorbing capital and companies seeking to enter the Iraqi market, which is characterized by its vastness and rapid growth."
Did you miss the last episode of My FX BUddies? Catch it below:
Rolls-Royce Officially Enters Iraq 🇮🇶 | First-Ever Dealership Announced! 🚘💎
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