The Ministry of Finance postpones the submission of the 2025 budget schedules, and first-half revenues exceed 60 trillion dinars.
Financial and economic affairs expert Haider Al-Sheikh revealed today, Tuesday (August 12, 2025), that the Ministry of Finance informed the General Secretariat of the Council of Ministers of postponing the submission of the federal budget tables for the year 2025.
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In an interview with Baghdad Today, Al-Sheikh said, "The Ministry of Finance has officially informed the General Secretariat of the Council of Ministers that it will postpone sending the schedules for the draft federal budget law for 2025 until the relevant authorities complete the audit of the allocations."
He explained that "the Prime Minister's directive to the Ministry of Finance to release bonuses, promotions, and service calculations for state employees, as well as the Ministry of Finance's letter to the General Secretariat of the Council of Ministers, confirm that there are no budget schedules for this year."
He added, "Oil and non-oil revenues generated from January to July 2025 amounted to more than 60 trillion dinars, an amount sufficient to pay employee salaries as planned in last year's operating budget."
He stressed that "oil and non-oil revenues are expected to reach more than 130 trillion dinars by the end of this year, sufficient to pay the salaries of employees and retirees, the social safety net, in addition to food ration card and energy bills, and operating expenses."
The federal budget preparation process in Iraq faces recurring challenges, most notably the volatility of global oil prices, political pressures over allocations, and technical issues in auditing government spending. Delays in submitting budgets to the Council of Ministers and then Parliament often lead to the disruption of investment projects and the postponement of development plans. Meanwhile, the government continues to rely on operating expenses to cover salaries and basic expenses, a pattern that occurred in previous years when budgets were approved in the second half or even at the end of the year.
The Central Bank of Iraq discusses the banking reform plan with Oliver Wyman.
On Tuesday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, discussed with the international company Oliver Wyman the details of the banking reform plan submitted by the Iraqi Private Banks Association, as part of efforts to develop the banking sector and align it with international standards.
The Central Bank stated in a statement received by Shafaq News Agency that Al-Alaq and the relevant team held a meeting with Oliver Wyman to discuss what was stated in the letter of the Iraqi Private Banks Association regarding the banking reform plan.
Al-Alaq confirmed in the statement that the Central Bank had completed an extensive discussion, during which attendees expressed an understanding of the points contained in the letter and ways to flexibly adapt some of the plan's provisions to facilitate implementation. The company has begun studying available avenues to present the best proposals and ideas in this regard as soon as possible.
The statement continued, "This is confirmed by what the bank announced during the months-long plan preparation period, which stated that the goal of the plan is to achieve a real project to build and stabilize the banking sector to operate safely and effectively in accordance with international practices and standards and local laws, in order to enhance governance, compliance, and risk management, to transition banks to an economic role that enhances the development process and provides services with the highest levels of efficiency and effectiveness, using the best practices and modern technologies."
The bank emphasized that the plan would "enhance local and international confidence in the Iraqi banking sector, particularly since implementing the plan and adhering to its provisions will lead to the restoration of relationships between all banks that meet the plan's requirements and internationally accredited correspondent banks, particularly those that do not currently have international banking relationships."
Al-Alaq: The banking reform plan will boost international confidence and restore relations with correspondent banks.
Governor of the Central Bank of Iraq (CBI) Ali Al-Allaq affirmed on Tuesday that the banking reform plan will enhance international confidence and restore relations with correspondent banks.
A statement by the CBI media office, received by the Iraqi News Agency (INA), said: "The Governor of the CBI, Ali Mohsen Al-Allaq, and the specialized team held a meeting with Oliver Wyman to discuss what was stated in the letter of the Iraqi Private Banks Association regarding the banking reform plan."
The statement added that Al-Allaq confirmed that "the CBI completed an extensive discussion in which the attendees expressed understanding of the axes mentioned in the letter and ways to adapt some provisions of the plan flexibly to facilitate implementation steps, and the company has begun studying the available means to present the best proposals and ideas in this regard as soon as possible."
The statement emphasized that "the Central Bank, as announced during the months-long plan preparation period, aims to achieve a real project to build and stabilize the banking sector, enabling it to operate safely and effectively in accordance with international practices and standards and local laws. This is to enhance governance, compliance, and risk management, transforming banks into an economic role that enhances the development process and provides services with the highest levels of efficiency and effectiveness, utilizing the best practices and modern technologies.
" It continued, "The Central Bank emphasizes that the plan will enhance local and international confidence in the Iraqi banking sector, especially since implementing the plan and adhering to its provisions will lead to the restoration of relationships between all banks that meet the plan's requirements and internationally accredited correspondent banks, especially banks that do not currently have international banking relationships."
According to the statement, the Central Bank thanked all banks for their engagement with the plan and their fruitful cooperation with the Central Bank to achieve common goals in the public interest, stressing that "the success of the plan depends on the cooperation of all concerned parties."
He pointed out that "the bank has succeeded in many aspects during the past period and hopes to succeed in proceeding with this plan and completing it in the best possible way."
Are salaries at risk? An economist explains the truth.
However, economic expert Abdul Rahman Al-Mashhadani believes there is no concern in this regard.
Al-Mashhadani explained, in a statement to {Euphrates News}, that: "The operating budget is mainly limited to salaries and some minor operating expenses," noting that "the salary disbursement mechanism will continue normally thanks to the existence of a financial allocation designated for it."
He added, "Oil revenues cover approximately 80% of these salaries, in addition to other expenses, while borrowing, such as issuing bonds from the Central Bank, will be used to cover the remaining financial gap."
The expert stressed that "controlling the financial situation will be possible despite the current decline in oil prices, which keeps salaries away from any potential risks."
Iraq faces challenges in approving its annual budgets amid economic volatility and fluctuating oil prices. These concerns center on the government's ability to secure salaries and operating expenses, given the delay in approving upcoming budgets. This raises questions about the financial stability of employees and the state as a whole.
The Kurdistan Regional Government sets conditions for salary transfers through banks
The Kurdistan Regional Government sets conditions for salary transfers through banks
Aziz Ahmed, Deputy Director of the Kurdistan Regional Government's Office of the Prime Minister, announced on Tuesday, August 12, 2025, the main points of the Kurdistan Regional Government's project to transfer salaries through banks, or the "Ahsabi" project.
Ahmed explained in a post on his official account on the X platform that approved banks must have a sufficient number of cash withdrawal devices and tools.
In addition, advanced technical requirements must be met, including connectivity to the global banking system and the use of digital technology.
Ahmed indicated that obtaining the approval of the Central Bank of Iraq is a prerequisite for implementing this project.
He also emphasized that withdrawing salaries through direct transfer outlets is not permitted under the project, in accordance with the instructions of the Central Bank of Iraq.
This project comes within the framework of the Kurdistan Regional Government's efforts to modernize and improve the salary payment system and enhance financial transparency.
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Talabani: The key to the solution is to re-export the region's oil.
Deputy Prime Minister of the Kurdistan Region, Qubad Talabani, expressed his pride in the historical relations between Kurdistan and the United States on Monday.
His media office said in a statement that "Talabani received, in Erbil today, the new US Consul General to the Kurdistan Region, Gwendolyn Green," noting that "Talabani welcomed the new consul during the meeting, while praising the former consul, Stephen Bittner, for his cooperation and continuous efforts, especially in the field of bringing the views of the Kurdish political parties closer together."
During the meeting, Talabani noted, according to the statement, his "pride in the special and historic relations between Kurdistan and the United States, which are built on shared values," stressing the need to "strengthen those values in Kurdistan."
According to the statement, the two sides stressed "the need to form a strong, unified government in Kurdistan within the near future." Talabani considered the re-exportation of the region's oil a key to a radical solution to the problems of salaries and the budget, noting that "efforts are continuing to resume exports."
Relations: 10 banks are unable to return customer deposits, and lack of confidence keeps 80% of funds outside banks.
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The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Tuesday (August 12, 2025), that about 80% of the Iraqi currency is stored outside banks in homes due to the lack of confidence in the banking system.
Al-Alaq explained in a press statement followed by "Baghdad Today" that "the reform document for the year (2025) aims to modernize banks according to international standards and attract global partnerships," stressing that "the banking reform document represents a strategic step to enhance confidence in the Iraqi banking system and address shortcomings."
He also revealed that only (10%) of the banks expressed reservations about the plan, while there are (10) banks under liquidation due to their inability to return customers’ deposits.
Edita Food Industries expedites entry into Iraqi Market
Egypt's Edita Food Industries has established of a UAE-based holding company, Edita Investments Holding LTD, which has invested IQD 960.7 million [USD 730,000] in Ahramat Al-Nile for General Trading and Food Industries Limited -- formerly Tuma Jebur Abbas (TJA) -- in Iraq, via a capital increase.
Operations in Iraq are expected to begin by the end of 2025, following a partnership agreement signed with TJA in January 2025.
Edita has relocated one of its Bakery lines to Baghdad to expedite entry into the Iraqi market.
The company says the move is part of its expansion plan, "tapping Iraq's fast-growing market while capitalizing on its established presence in the core cake and bakery segments."
Iraqi Embassy in Washington: Iraq is not subordinate to any country's policy.
The Iraqi embassy in Washington confirmed on Wednesday that Iraq is not subordinate to any country's policies.
The embassy said in a statement received by ( IQ ): "In response to the statements made by the US State Department spokesperson during her recent press conference, we affirm that Iraq is a fully sovereign state and has the right to conclude agreements and memoranda of understanding in accordance with the provisions of its constitution and national laws, and in a manner consistent with its supreme interests."
He added, "Iraq enjoys friendly and cooperative relations with a large number of countries around the world, including its geographical neighbors, the United States of America, and other friendly countries, and is keen to build these relations on the foundations of mutual respect and common interests," stressing that "Iraq is not subservient to the policies of any country."
She pointed out that "Iraq's decisions stem from its independent national will. In this context, the security agreement recently signed with Iran comes within the framework of bilateral cooperation to maintain security and control the common border, in a way that achieves the stability and security of the two countries and serves the security of the region as a whole."
U.S. Sanctions Loom Over Iraq if PMF Law Passed, Al-Alusi Cautions
Iraqi politician Mithal al-Alusi warns of 'catastrophe' and severe U.S. sanctions if a law for the PMF (Hashd al-Shaabi) is passed, alleging a senior Iranian official visited Baghdad to push the legislation and that the groups are a tool for Iran.
An Iraqi politician has issued a stark warning that Iraq faces "catastrophe" and severe U.S. sanctions if it approves a controversial draft law for the Popular Mobilization Forces (PMF or locally known as Hashd al-Shaabi), alleging that a senior Iranian official recently visited Baghdad specifically to pressure political parties into passing the legislation. Mithal al-Alusi, the founder of the Iraqi 'Ummah' Party, stated that the main purpose of a visit by Ali Larijani, advisor to Iran's Supreme Leader, was to ensure the law's passage, which he claims would cement the influence of groups loyal to Tehran and drag Iraq into regional conflict.
In a detailed statement during his participation in the Kurdistan24 news bulletin on Monday, Al-Alusi addressed Larijani’s visit, the implications of the PMF law, and the threat of American retribution.
While Iranian media reported that Larijani arrived in Baghdad to sign a security agreement and discuss regional developments, Al-Alusi asserted that the visit's primary objective is to pressure Iraqi political factions regarding the draft law.
He contended that the visit reveals that the party from which the PMF takes its orders "is not Iraqi," drawing a parallel with how the Lebanese Hezbollah does not take orders from the Lebanese government.
The politician drew a sharp distinction between what he termed Iraqi and non-Iraqi religious authorities, or Marja'iyyahs. "The Marja'iyyah of Sistani, the Marja'iyyah of Najaf, and the Marja'iyyah of Sadr, these are Iraqi Marja'iyyahs and they reject the Hashd al-Shaabi draft law," Al-Alusi indicated.
He added, "Hashd al-Shaabi and its groups are followers of the Marja'iyyah of 'Wilayat al-Faqih,'* which is not an Iraqi Marja'iyyah, and this is proof that they take orders from outside the country."
While stressing a desire for good relations with Iran, Al-Alusi stated, "we do not want Iraq to become a tool and a battlefield for Iran's failed wars," and called for the Iraqi government to clarify the nature of any new security agreement with Tehran.
According to Al-Alusi, passing a law for the PMF is an attempt to secure a massive budget for these groups, estimated between two to three billion dollars, which he noted is several times more than the budget of the Kurdistan Region.
He warned that this "huge budget" goes to "unknown sources." He further cautioned that in the context of the recent 12-day war between Israel and Iran, there is an effort to "ignite the region militarily and create war," describing it as a "kind of madness" that Iraq does not need.
The most severe warning from Al-Alusi concerned the potential for U.S. sanctions.
He expressed fear that sanctions would be placed on the state itself, forcing the Iraqi citizen to pay the price while politicians with billions stored abroad would remain insulated. "I believe Iraq cannot withstand the severity of the American sanctions and a catastrophe will occur," he stated.
Al-Alusi believes that America desires a stable Middle East and that if "this game continues, perhaps all of Iraq will be dragged into a war that we do not need," noting that Israel's problem is with Iran and its proxies.
Al-Alusi also leveled serious accusations against the armed factions, stating that since their establishment in 2014, they have not recognized the law and were responsible for a "political coup" after the elections.
"These groups, in the areas where they have authority, produce narcotics, traffic in them, and violate the law," he indicated. He stressed that these militias are "above the law and the armed forces," rendering the title of "Commander-in-Chief of the Armed Forces" a theoretical phrase without real value.
Al-Alusi concluded that these groups function as "Iran's long arm in Iraq," akin to Hezbollah in Lebanon, serving as Tehran's strategic wing in an effort to militarize the region.
*: The Guardianship of the Islamic Jurist (Wilayat al-Faqih) is a Shiite doctrine granting a qualified Islamic jurist authority over political and religious affairs in the absence of the Imam, forming the basis of Iran’s system under the Supreme Leader.
The Houthis announce the implementation of four military operations against Israel.
Houthi military spokesman Brigadier General Yahya Saree stated in a video statement that these operations successfully achieved their objectives.
Yahya Saree pointed out that the operations are a victory for the oppressed Palestinian people and a response to the crimes of genocide and starvation in the Gaza Strip.
The spokesman stated that they were facing a genocide that history would certainly not forget, explaining that history would not forget the positions of the complicit and negligent parties, nor the positions of the conspirators who participated in carrying out the crime.
Corruption, my dear, is the reason. Corruption, corruption.
0:03
And the quota system and the polarization. Where do we hide our faces?
0:06
Where do we go? Where do we go? How do we go?
0:09
I mean, the bottom line.
0:11
To the abyss, to the identity. You only, only once.
0:13
Your shame, only once.
0:15
I'm bored, I swear I'm bored.
0:16
Come, come.
0:16
We come home from work, tired from work.
0:20
We want to sleep. We want electricity at home to relax.
0:23
We're tired, there's none.
0:24
What do you do?
0:25
I'm a decoration. There's no electricity. We don't want to go back.
0:28
We sleep. We want to organize. Electricity has moved to
0:30
May God have mercy on him. There's no electricity in Iraq.
0:32
In Iraq, there isn't any.
0:33
What's the reason? 2003 so far
0:35
The trumpet of corruption is now the last thing
0:38
They've spent more than 80 liras a dollar
0:40
More and more, but now the last thing they've started is catching up with
0:43
They've started catching up with the generators on gas
0:45
They're taking gas, it's now with the ampere generators
0:47
One for 15,000
0:48
Expensive
0:49
You can't draw amperes to run an air conditioner
0:52
You can run an electric cooler, what does it take? It takes five minutes
0:55
Two hours
0:56
Especially his eyes. There are people now. I'll bring
0:59
Now there are forty, I mean, visitors, visitors
1:02
What are these visitors? The world's generators are made with their own money
1:04
Coming to spend
1:05
Operating generators
1:06
By God, they're going to get out From our homes because of electricity
1:08
I mean, visitors to Imam Hussein, I mean, I'm leaving
1:10
I'm running an electric car, and I don't know where we'll go.
1:13
Iraq is on the brink of collapse.
1:16
The electricity is gone. There's no electricity. Come with us, brother.
1:22
It's working, yes.
1:23
Yes, the electricity is off. Our interests are at a standstill.
1:27
For the sake of electricity, it will come to you later.
1:29
A tax will come to you. A trust. Projects will come to you.
1:32
Stopped. Let's assume this is a small project, even if it's insulated.
1:36
Amount of money opened to develop Iraq.
1:40
With the country's increasing infrastructure, there must be.
1:43
Development will take place. I don't know. The Ministry of Planning is inactive.
1:46
The Ministry of Planning is paralyzed. Well, corruption is rampant.
1:51
Is electricity on the Ministry of Electricity?
1:53
Professor Ministry of Planning Ministry of Planning
1:56
They determine your electricity needs. They determine your development needs.
2:00
How much will they increase your demands?
2:02
Requests for electricity provision mean you're gone now.
2:06
This father is an interest that will be levied with taxes.
2:09
This levy means less, less, less.
2:14
Among the necessities of life, the least necessities of life.
2:17
Electricity and water were provided a little while ago.
2:20
The water is cut off. Abu al-Muwalida turned it off. Why?
2:24
Even his generator isn't working now. Even his generator isn't working now.
2:26
The one who cuts off the generator tells you that I...
2:29
The radiator isn't working. The temperature is high.
2:31
Okay, if it's on, it means the generator is working.
2:34
The generator breaks down here.
2:36
We're the problem. They're between us. We can't
2:38
Now, now, there's no electricity, no generator, no water.
2:41
There isn't any.
2:41
Yes, here, now, in this hot area.
2:45
There are multi-story buildings that have been closed.
2:50
They are completely uninhabitable. Don't even see them.
2:53
So, you're living in Baghdad now.
2:55
Half of the capital, that's what you're saying to the people who
2:56
are in the governorate. What do they say? May God help them.
Visitors are now piling up in Karbala Governorate
3:03
The Holy City and Najaf, and there is no electricity, and most of them
3:07
Projects now, now, in terms of citizen service
3:11
Food and drink need electricity, good
3:15
Citizens now neither smell the air
3:17
Neither eats nor drinks, meaning death
3:20
Truly, the air has become electrified
3:22
Recently, if it's not ducted, if it's not ducted
3:24
Where can you live? Baghdad has become different in the first place.
3:28
Has no electricity been found, where are we? Look
3:30
Countries
3:31
The capital of goodness is the capital
3:32
The capital, the capital of our Baghdad, you, my dear
3:35
It's been a minute, my brother. It's been a minute. It's been a minute. The student, what's your name? Your Highness
3:39
ISIS member, Your Highness, terrorist, by God, this is me, a student.
3:42
I came to demand my rights. We built the simplest electricity.
3:44
Your tiles, we built them for you, father. Electricity, I want, I want.
3:47
Now you're alive. Will you help the city's glory? Glory.
3:50
The capital.
3:51
Yes, why is it like this? Why is the triangle doomed?
3:54
I'll tell you, you said they spent more on it.
3:56
From $80 million and more.
3:58
Billion
3:58
Billion, you're welcome.
4:00
Electricity, where is the electricity? Where did I see it? Zero.
4:02
There is no trumpet of corruption. So-and-so is this so-and-so.
4:04
So-and-so is this blind. Let's humiliate him. Let's humiliate him.
4:08
The student, the student, no, by God, this is his wife.
4:11
They did something to you. They did parties. What
4:14
I mean, no, let's not demand. No, by God, you are this.
4:16
Your life, this is your life. Go after electricity. Don't get tired.
4:19
God
4:20
I mean, in 2019 and after 2020, he was here in the square.
4:23
The investigation was about electricity demonstrations.
4:25
Homeland
4:25
On electricity, on the homeland. We originally want it.
4:27
On electricity, we want a real homeland. The homeland includes.
4:30
Electricity includes water. We are living now.
4:32
Like humans, by God, you can stay for an hour.
4:34
In your house for two hours. You can't. We can't.
4:37
Baghdad and Iraq have become unsuitable for student housing.
4:40
By God, this is a joker. I don't know what else, Dad. Joker.
4:43
I'm leaving. Give us a chance, my dear. Give us
4:46
How much room do you have to go out and demand our rights, Joker
4:50
I don't know a client
Iraqi Dinar & Market Stability: Inflation Now Under 3%!
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