Experts: Digital transformation is essential to enhance financial performance and combat corruption.
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The pillar of the emirate
Iraqi banks are making significant strides in the digital transformation race, driven by increasing competition in the financial sector, while fintech companies are offering innovative and rapid solutions. Experts consider the digitization of the banking sector a natural consequence of the comprehensive digitization of the economy and a gateway to improving financial performance and enhancing transparency.
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In this context, economic expert Dr. Mahmoud Dagher described digital transformation as "an important gateway to developing the banking sector, settling payments, and improving the financial performance of the national economy as a whole." Speaking to Al-Sabah, he added that since 2023, the government has focused on developing electronic payment activity by promoting point-of-sale (POS) systems and the use of barcodes, smartphones, and digital payment transition tools. This has led to the electronic settlement of trillions of dinars and the tangible start of the digital transformation process. Dagher expected that the end of this year, 2025, would witness the settlement of payments fully digitally, noting that this reflects the extent of digital development in the country. He emphasized that the establishment of digital banks would be a key factor in driving the digital transformation process, calling for the engagement of government institutions and the private sector in these efforts.
For his part, economic expert Asaad Al-Rubaie considered digital transformation an urgent necessity to keep pace with the rest of the world, noting that automating routine processes reduces time and human error, and enables the provision of fast, easy, transparent services available around the clock and from anywhere.
Al-Rubaie explained that digital transformation enables the analysis of massive data, helping governments and companies predict problems and make decisions based on accurate figures. It also contributes to combating corruption by reducing human intervention and preventing corrupt individuals from influencing operations.
He added that digital transformation supports innovation, creates new job opportunities in the technology sector, and drives the knowledge economy. However, he emphasized that Iraq is still in its early stages of development due to significant challenges, including weak energy and communications infrastructure, unstable internet service, and the absence of comprehensive digital legislation. Despite these challenges, Al-Rubaie noted that the government has achieved important steps, such as establishing the E-Government Authority, launching the national card, an accreditation platform for electronic payments, and converting daily government transactions to the electronic payment system. He also introduced electronic services in the Ministries of Education and Higher Education, the Ministry of Interior, and the banking sector, in addition to including the private sector, such as telecommunications companies.
Al-Rubaie emphasized that the government's continued development of a comprehensive strategic plan to address challenges will be pivotal to the success of the digital transformation, noting that there is a clear will to enhance and accelerate this transformation despite the unstable circumstances.
European Union: We support Iraq's transition to economic and investment recovery
Iraq and the European Union affirmed, on Monday, their commitment to continuing constructive dialogue on all common issues, and supporting the country's transition from the security recovery phase to economic and investment recovery.
The Ministry of Foreign Affairs stated in a statement received by the Mail that "Iraq and the European Union issued a joint statement following the conclusion of the fourth meeting of the Cooperation Council between the two sides at the ministerial level, which was held in the Duchy of Luxembourg on Sunday, October 19, 2025. The statement was issued under the follow-up of Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein, who headed the Iraqi delegation during the meeting, in coordination with the European Union delegation headed by High Representative for Foreign Affairs and Security Policy Kaya Kallas."
The statement stressed that "the two sides discussed the priorities of bilateral relations, most notably the issues of migration, trade, democracy, human rights, development cooperation, and energy, stressing their commitment to continuing constructive dialogue on all issues of common interest."."
In the statement, the European Union praised "the constructive diplomatic role played by Iraq in calming the situation in the Middle East", stressing its "continued support for Baghdad on this path".
He also pointed to "the remarkable progress made by Iraq in consolidating internal stability and preparing for the legislative elections scheduled for November 11, 2025, as a decisive step in strengthening the democratic process in the country."
The statement reaffirmed "the European Union's support for Iraq in its transition from the security recovery phase to economic and investment recovery", noting at the same time "the efforts of the Iraqi government in returning and rehabilitating its citizens detained in the camps located in northeastern Syria".
‘Not going to be part of any war,’ says Iraq FM Fuad Hussein amid ongoing global tensions
European Union: We support Iraq's transition to economic and investment recovery
Iraq and the European Union affirmed, on Monday, their commitment to continuing constructive dialogue on all common issues, and supporting the country's transition from the security recovery phase to economic and investment recovery.
The Ministry of Foreign Affairs stated in a statement received by the Mail that "Iraq and the European Union issued a joint statement following the conclusion of the fourth meeting of the Cooperation Council between the two sides at the ministerial level, which was held in the Duchy of Luxembourg on Sunday, October 19, 2025. The statement was issued under the follow-up of Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein, who headed the Iraqi delegation during the meeting, in coordination with the European Union delegation headed by High Representative for Foreign Affairs and Security Policy Kaya Kallas."
The statement stressed that "the two sides discussed the priorities of bilateral relations, most notably the issues of migration, trade, democracy, human rights, development cooperation, and energy, stressing their commitment to continuing constructive dialogue on all issues of common interest."."
In the statement, the European Union praised "the constructive diplomatic role played by Iraq in calming the situation in the Middle East", stressing its "continued support for Baghdad on this path".
He also pointed to "the remarkable progress made by Iraq in consolidating internal stability and preparing for the legislative elections scheduled for November 11, 2025, as a decisive step in strengthening the democratic process in the country."
The statement reaffirmed "the European Union's support for Iraq in its transition from the security recovery phase to economic and investment recovery", noting at the same time "the efforts of the Iraqi government in returning and rehabilitating its citizens detained in the camps located in northeastern Syria".
Iraqi Foreign Minister: We are ready to export more oil to Europe.
A joint delegation from the Kurdistan Region and Iraq met with the European Union's foreign policy chief. The Iraqi foreign minister said, "We are ready to sell more oil to Europe if it needs it."
With the aim of strengthening relations between the Kurdistan Region and Iraq on the one hand, and the European Union on the other, in the areas of migration, democracy, human rights, economy, and energy, the European Cooperation Council has extended an invitation to a joint delegation from the Kurdistan Region and Iraq.
The Kurdistan Region delegation was headed by the head of the Regional Government's Department of Foreign Relations, Safeen Dizayee, while the Iraqi delegation was headed by Fuad Hussein, Iraqi Minister of Foreign Affairs. They were received by Kaya Kallas, the European Union's High Representative for Foreign Affairs and Security Policy.
Following the meeting, Kallas emphasized, in a statement to Kurdistan 24 correspondent Barzan Hassan, the need to diversify the European Union's energy sources, emphasizing that Europe does not want to be tied to a single energy source.
Discussing the content of the meeting with the joint delegation from the Kurdistan Region and Iraq, Kallas explained that the discussions focused on developing public services, the oil and energy file, and the phenomenon of illegal immigration.
For his part, Iraqi Foreign Minister Fuad Hussein told the media that Iraq exports approximately 15% of its oil to Europe and is prepared to supply it with larger quantities if necessary. He added that Iraq has moved beyond talking about security alone and is now playing a pivotal role in the region.
It's worth noting that relations between the European Union, the Kurdistan Region, and Iraq date back to 2005, when the EU opened offices in Erbil and Baghdad.
Since 2022, the Council of the European Union has annually extended an official invitation to the joint delegation from the region and Iraq to participate in the meetings of the European Cooperation Council.
Iraq between debt figures and economic reality: a reading of stability indicators and sources of concern
Amid escalating media and societal debate over the reality of public debt in Iraq, the Central Bank of Iraq confirmed that the ratio of public debt to GDP does not exceed 43%, a ratio it described as "moderate and within safe limits" according to international standards, while economic opinions ranged between those who see it as a positive indicator and those who place it in a circle of concern due to the structure of the unilateral Iraqi economy dependent on oil.
The Central Bank's statement issued on Sunday came in direct response to a wave of criticism and analysis that described some financial indicators as worrying, stressing that the actual deficit in the general budget for the years 2023–2025 did not exceed 35 trillion dinars, or only 18.2% of the planned deficit of 191.5 trillion dinars, which the bank considered evidence of the high coordination between it and the government in managing public debt and controlling debt.
The government, for its part, stressed that these figures reflect "financial success" in reducing the deficit and reducing reliance on borrowing, while the total external debt that must be repaid does not exceed $13 billion, of which $4 billion dates back to before 2003 and has been scheduled, while stressing that more than half of these debts are not due before 2028, at a time when Iraq maintains its international reputation by not defaulting on any external commitment.
But this seemingly reassuring picture has not gone uncritically, as banking researcher and academic Ali Daadoush believes that debt ratios, although they seem theoretically safe, remain worrying in an economic reality that depends on one source, which is crude oil, whose prices Iraq has no control over. He added that the rise in domestic debt to 91 trillion dinars, most of which is within the government banking system, indicates the government's increasing reliance on domestic financing through treasury bonds and borrowing from government banks, warning of the effects of this on the liquidity available to the private sector and inflation rates, as well as weakening real investment spending and increasing the burden of future interest.
In this context, the Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Saleh, explained that domestic debt does not represent more than 18% of total hedge debt, and that it has undergone precise plans to restructure it in cooperation with international companies, to transform it into productive investment tools within a national fund, with the aim of stimulating the economy and transforming commitments into development opportunities.
The issue of cash reserves, which Daadoush described as a "double-edged sword," was not absent from the scene, as Iraq has foreign reserves amounting to $61 billion, including $11 billion in American bonds, covering more than 9 months of imports, which enhances the stability of the Iraqi dinar and market confidence, but at the same time, makes Iraq vulnerable to fluctuations in American financial policies.
The government, for its part, announced that it had completed the first phase of restructuring public debt and submitted recommendations to convert about 20 trillion dinars into investment instruments, and is awaiting approval by the Council of Ministers, considering this a new reform approach that differs from previous policies that were content with recycling debt without linking it to development.
Ultimately, while the financial authorities confirm that the country is moving towards financial sustainability and gradual economic reform, fears remain that the Iraqi economy will be exposed to oil market fluctuations and limited non-oil revenues. Between official optimism and academic caution, the next stage appears to be a real test of Iraq's ability to transform monetary stability indicators into a productive and sustainable economic reality.
Central Bank: Iraq's public debt is lower than that of the United States and several other Arab countries.
Samir Fakhri, Director General of the Statistics and Research Department at the Central Bank, said, "Total public debt is divided into domestic and external debt. Domestic debt, as of the end of last September, amounted to 90.6 trillion dinars."
He added, "The domestic debt is divided into more than 50% in favor of the Central Bank, and less than 50% in favor of banks, whether private or government-owned," indicating that "the majority of the debt owed to banks is owed to government-owned banks, i.e., from government to government."
He pointed out that "the external debt has reached $54 billion, and is divided into three parts: the largest part, namely $40.5 billion, dates back to before 2003. It is a suspended debt, and we are not currently bearing any burdens on it, whether interest or debt service, from 2003 until today."
He continued, "The second part is the Paris Club debt, which amounted to $120 billion, 80% of which has been written off, leaving $24 billion. With what Iraq has paid, only $3.8 billion remains, which was supposed to be covered until the end of 2028." We note here that the external debt curve is declining.
He pointed out that "the third portion amounts to approximately $10 billion, and is related to investment spending. It is a long-term debt of twenty years, owed to a group of countries and organizations, including Japan's JICA, Germany's Siemens, Spain, and Britain. Thus, the total debt amounts to approximately $10 billion. If we exclude the forty and a half billion, the remaining amount is approximately $13 billion."
He emphasized that "if we convert these debts into dollars multiplied by the current exchange rate and add them to the domestic debt, the total debt-to-GDP ratio would reach approximately 43%. However, if we exclude the suspended debt of $40 billion, the public debt ratio would be around 30 to 31% of GDP."
Regarding financing the three-year budget deficit, Fakhri explained that “the deficit within the budget law was approved by Parliament for a period of three years. It is a planned deficit, not an actual one, of approximately 64 trillion dinars per year, meaning a total of 192 trillion dinars for the three years. What was actually spent as real debt is approximately 35 trillion dinars.” He indicated that “if we divide 35 trillion by the planned deficit, the percentage will be approximately 18.2%,” noting that “the debt was 56 trillion dinars until the end of 2022, and from 2022 until today, 35 trillion has been added to it, bringing the total to approximately 90.6 trillion dinars that we mentioned.”
He added, "One of the most important indicators of monetary policy is the consumer price index (inflation), which is currently close to zero. If we compare it with neighboring countries like Iran and Turkey, we find a clear difference in inflation rates between them and Iraq, in addition to the exchange rate gap."
He stressed that "the focus must be on financing the deficit, so it must be directed towards investment spending, as this leads to growth in non-oil revenues."
Fakhry touched on some of the debt ratios in neighboring countries, noting that "in Egypt, public debt amounts to 90% of GDP, in Algeria: 49%, in Morocco: 70%, in Lebanon: 160-170%, and in Saudi Arabia: 29%, despite being a strong and industrially advanced economy."
He pointed out that "major industrialized countries, such as the United States, have a public debt of 120%, while Japan's debt ratio is 250%."
Iraq's Internal Debt in Numbers: From Currency Printing to the Three-Year Budget
Since 2003, Iraq has been trapped in a vicious financial cycle, plagued by recurring crises and changing governments. However, the only constant is resorting to domestic debt as a temporary savior during each financial crisis or oil price downturn. Whenever revenues dwindle, the state resorts to financing through banks or the Central Bank to cover the deficit, secure salaries, and continue spending, without generating new resources or restructuring the economy.
This policy, which began as an exceptional option, has evolved over the years into a permanent approach, with domestic debt becoming part of the state's financial structure rather than a temporary solution.
From the war on ISIS to the COVID-19 pandemic, to the massive budgets under the government of Mohammed Shia al-Sudani, domestic debt has increased dramatically, increasing the fragility of the economy. The debt has become a direct reflection of the absence of institutional reform and the weak coordination between fiscal and monetary policy.
Economic expert Nabil Jabbar Al-Tamimi, in a clarification posted on his official Facebook page and followed by Baghdad Today, believes that Iraq's domestic debt has, over the past two decades, been a financial emergency tool used by successive governments in every crisis, given the absence of sustainable economic alternatives. He points out that the government typically borrows from three main sources: private banks through bonds or limited facilities, national bonds directed to the public, and treasury transfers provided by the Central Bank through liquidity injections or money printing.
Al-Tamimi identifies three stages in which domestic debt rose significantly:
War on ISIS (2014–2017)
During this period, domestic debt jumped from approximately 5 trillion dinars in 2013 to 48 trillion dinars in 2017, before gradually declining to 38 trillion dinars in 2019.
According to Al-Tamimi, this was due to the state's need to secure liquidity following the collapse in oil prices and the costs of war. The central bank was the primary financier, printing money to cover massive operational and military expenses.
This financing facilitated the state's continuity, but it triggered the first real wave of inflation since 2003 and reopened the debate about the limits of the central bank's independence.
COVID-19 pandemic (2020–2022)
With the outbreak of the pandemic and the decline in demand for oil, domestic debt rose again, from 38 to 70 trillion dinars.
Analysis of this period shows that the monetary policies adopted by the government—including adjusting the exchange rate and financing expenditures through domestic debt instruments—provided a temporary respite, but they also increased the cost of living and weakened confidence in monetary policy.
Debt here became not only a means of financing, but also a reflection of the fragility of the financial structure, which relies on oil as the basis for its survival.
Al-Sudani's government and the three-year budget (2023–2025)
Al-Tamimi believes that domestic debt increased during Al-Sudani's government from 70 to approximately 91 trillion dinars, a result of financing the deficit in the largest budget in Iraq's history.
Data show that the bulk of the debt came from the Central Bank, while borrowing from private banks and national bonds constituted a small percentage.
This financial expansion, despite rising oil prices, reveals the continued reliance on domestic debt to cover operating expenses rather than stimulate productive sectors, making debt an economically unproductive tool.
According to Al-Tamimi's analysis, the discrepancy between the policies of the Central Bank and the government reflects a lack of institutional coordination. The former seeks to curb inflation by controlling liquidity, while the latter continues to borrow to secure its monthly obligations.
This contradiction has transformed domestic debt from a means of financial balance into a source of economic pressure that threatens long-term monetary stability.
Most domestic debt is not investment debt that can reproduce wealth or create jobs. Rather, it represents short-term operational obligations that “pain the pain, not cure the disease,” as economists describe it.
Without genuine institutional reform, domestic debt will remain a closed loop between the treasury and the central bank, expanding with each crisis and temporarily extinguished with each rise in oil prices.
Ministry of Commerce: Launching a Comprehensive Investment Plan to Develop the Private Sector and Diversify the National Economy
The Ministry of Commerce announced the launch of a comprehensive investment plan aimed at developing the private sector and enabling it to fulfill its role as a key partner in the sustainable development process.
In a statement received by Al-Rabia, the official spokesperson for the Ministry of Commerce, Mohammed Hanoun, said that this plan comes within the framework of a national strategy aimed at diversifying the Iraqi economy and reducing dependence on oil revenues by creating a business environment that encourages and attracts local and foreign investment.
Hanoun added that the ministry is working to update the legislative and regulatory structure of the trade sector in line with World Trade Organization standards. He noted that the new procedures include simplifying trade transactions, facilitating investor entry, and enhancing transparency in granting commercial licenses.
He emphasized that the private sector will be an effective partner in implementing investment projects, whether in the fields of logistics, warehousing, transportation, or marketing, with the aim of improving the efficiency of the national economy and enhancing its competitiveness.
The official spokesperson explained that the Ministry is proceeding with the implementation of this plan in cooperation with the Private Sector Development Council and relevant economic entities, noting that the next phase will witness the launch of joint projects that will contribute to the employment of the workforce and the development of national industries.
Hanoun concluded his statement by stating that the Ministry of Trade believes that the private sector is the true engine of economic growth, and that empowering it represents the cornerstone for building a diversified and sustainable economy capable of facing challenges, providing job opportunities, and enhancing economic stability in Iraq.
Despite the limited announced height.. Economist warns: Inflation is devouring the purchasing power of Iraqis
Economic affairs expert Ahmed Al-Tamimi warned today, Monday (October 20, 2025), of the living repercussions of high inflation rates in Iraq, despite describing the recent increase as “minor”, stressing that the continuation of this trend may weaken the purchasing power of citizens and negatively affect economic and social stability.
Al-Tamimi said in an interview with "Baghdad Today" that "the Ministry of Planning's statement about the increase in the general inflation rate by 0.2% during the month of September compared to the month of August, although it seemed slight, reflects continuous pressures on prices, especially in basic goods and services that directly affect the lives of citizens”.
He explained that "inflation rates in Iraq are affected by several factors, most notably the fluctuation of exchange rates, the increase in the cost of transportation and services, and the rise in the prices of imported food products”, indicating that this limited increase “may indicate a gradual upward trend unless control and coordination measures are taken between financial and commercial authorities”.
Al-Tamimi added that "the continuation of inflation, even at low rates, leads to the erosion of purchasing power, especially among those with limited income”, calling on the government to “adopt balanced economic policies that focus on supporting local production and reducing dependence on imports, while strengthening market control and improving exchange rate management to ensure price stability”.
Iraqi markets are witnessing frequent price fluctuations as a result of the fluctuation of the dinar exchange rate against the dollar, and the rise in transportation and import costs, which has made the inflation file one of the most prominent challenges facing economic policies seeking to achieve living stability for citizens.
An economist calls for the establishment of a government bank to guarantee depositors' funds.
Economic expert Basil Al-Obaidi confirmed on Monday that one of the most prominent reasons for the shortage of cash liquidity in Iraqi banks is the lack of confidence of citizens in the safety of their deposited funds. This has led many to store large sums of money, whether in Iraqi dinars or foreign currencies, at home instead of depositing them in banks.
Al-Obaidi said in a statement to the Al-Maalouma Agency, that “citizens’ reluctance to deposit their money in banks has led to a decrease in the amount of liquidity available to the Central Bank and banking institutions, which has negatively affected economic activity and commercial movement in the country.”
He added, "Many citizens fear losing their money or not being able to withdraw it when needed, due to the weak safeguards in some banks, which prompts them to keep it at home, which exposes them to several risks, including emergency accidents or theft."
Al-Obaidi called on the Central Bank of Iraq to "establish a governmental guarantee bank whose mission would be to provide full insurance coverage for deposits in banks after they are licensed by the Central Bank, with the aim of reassuring and guaranteeing their rights.
He also called for raising the interest rate on fixed and floating deposits, to encourage citizens to deal with the formal banking system instead of keeping their money outside the economic cycle."
Iraq Vision 2050
The government's launch of Iraq's Vision 2050 at this opportune time, despite its delay, represents a bold step in light of the significant challenges facing the Iraqi economy. Therefore, the vision needs to be examined, evaluated, analyzed, and discussed by economic experts and academics, so that it is ready for implementation and achieve the desired successes in rebuilding the Iraqi economy. We have discussed here in more than one article, Saudi Arabia's Vision 2020-2030, and we hoped and called for benefiting from this experience and reflecting it in achieving economic stability for our country. Now, our hope has been fulfilled with the recent announcement of Iraq's Vision 2025-2050.
In order to mature the elements of success of this vision, it is necessary to compare the two visions in order to achieve the vision’s objectives.
The difference between the two visions is very large and vast, and this is clearly evident in the Saudi environment, which has been secure and economically stable for decades, which facilitates the implementation and execution of the vision’s provisions. One of the most important reasons for the ease of implementation is related to the Kingdom’s possession of a solid infrastructure that can support new projects, bear them, and guarantee their success rate. Returning to Iraq’s Vision 2050, the need dictates starting with establishing the infrastructure after eroded and dilapidated infrastructure, and here the time factor will play its role in achieving the vision’s objectives.
Perhaps Saudi Arabia’s success in facilitating the implementation of its vision is based on the ease of partnership or the theory of dual agency partnership, which Dr. Mazhar Muhammad Salih in his recent article, which means the partnership between the government and the private sector as a basis for achieving success, therefore the starting point must begin with launching this partnership or partnership so that the infrastructure we establish is solid, strong, more secure, and helps in achieving economic stability and sustainable development goals.
Thus, the partnership between the public and private sectors is the best response to those who doubt the possibility of achieving the goals of Iraq Vision 2050. The mere announcement of the vision gives hope for a prosperous future awaiting the Iraqi economy, which requires the right start in infrastructure (participatory or collaborative). This approach and vision require the exertion of efforts and cooperation by all state institutions and society, supported by the momentum of correct economic media.
I believe that the results of the 2024 general population census may help and facilitate tasks, based on the information base on projects and their priorities in all governorates, to enable the implementation of the vision’s plans, programs, and projects while providing accurate or close to the truth numbers, and this is a helpful and additional factor. We hope not to put sticks in the wheels of the bright and purposeful beginning and to support it with everything available. It is true that we are approaching new elections and a new government that must It must complete its goals and adopt Vision 2050, which is a vision for building Iraq, not a vision specific to a specific governmental phase. Rather, we must move forward and complete the journey, not return to the way we have done, erasing what our ancestors have built.
Experts: Digital transformation is essential to enhance financial performance and combat corruption.
link
The pillar of the emirate
Iraqi banks are making significant strides in the digital transformation race, driven by increasing competition in the financial sector, while fintech companies are offering innovative and rapid solutions. Experts consider the digitization of the banking sector a natural consequence of the comprehensive digitization of the economy and a gateway to improving financial performance and enhancing transparency.
In this context, economic expert Dr. Mahmoud Dagher described digital transformation as "an important gateway to developing the banking sector, settling payments, and improving the financial performance of the national economy as a whole." Speaking to Al-Sabah, he added that since 2023, the government has focused on developing electronic payment activity by promoting point-of-sale (POS) systems and the use of barcodes, smartphones, and digital payment transition tools. This has led to the electronic settlement of trillions of dinars and the tangible start of the digital transformation process. Dagher expected that the end of this year, 2025, would witness the settlement of payments fully digitally, noting that this reflects the extent of digital development in the country. He emphasized that the establishment of digital banks would be a key factor in driving the digital transformation process, calling for the engagement of government institutions and the private sector in these efforts.
For his part, economic expert Asaad Al-Rubaie considered digital transformation an urgent necessity to keep pace with the rest of the world, noting that automating routine processes reduces time and human error, and enables the provision of fast, easy, transparent services available around the clock and from anywhere.
Al-Rubaie explained that digital transformation enables the analysis of massive data, helping governments and companies predict problems and make decisions based on accurate figures. It also contributes to combating corruption by reducing human intervention and preventing corrupt individuals from influencing operations.
He added that digital transformation supports innovation, creates new job opportunities in the technology sector, and drives the knowledge economy. However, he emphasized that Iraq is still in its early stages of development due to significant challenges, including weak energy and communications infrastructure, unstable internet service, and the absence of comprehensive digital legislation. Despite these challenges, Al-Rubaie noted that the government has achieved important steps, such as establishing the E-Government Authority, launching the national card, an accreditation platform for electronic payments, and converting daily government transactions to the electronic payment system. He also introduced electronic services in the Ministries of Education and Higher Education, the Ministry of Interior, and the banking sector, in addition to including the private sector, such as telecommunications companies.
Al-Rubaie emphasized that the government's continued development of a comprehensive strategic plan to address challenges will be pivotal to the success of the digital transformation, noting that there is a clear will to enhance and accelerate this transformation despite the unstable circumstances.
Al-Sudani: Our financial situation is at its best, and the deficit is a legacy of previous governments.
Talking about debt is electoral, not technical.
Prime Minister Mohammed Shia al-Sudani affirmed on Monday that Iraq's financial and economic situation is at its best, and that the fiscal deficit is the result of flawed policies inherited by the previous government. He pointed to the reduction of the budget deficit to 34 trillion dinars, and explained that economic reforms require a strong and cohesive parliamentary coalition.
rime Minister Mohammed Shia al-Sudani met today, Monday, with a group of Arab and foreign media professionals to discuss various local, regional, and international issues, files, and events.
His Excellency expressed his keenness to host media professionals and researchers from around the world to accurately convey the reality of the situation in Iraq, particularly in light of the ongoing reconstruction, building, and development campaign across various sectors.
The Prime Minister stressed that the financial and economic situation of Iraq is at its best, and that the indicative deficit is due to the wrong policies that the government inherited from the previous period, pointing to the reduction of the financial deficit in the budget to (34) trillion dinars, and the maintenance of financial stability.
Mr. Al-Sudani emphasized that economic reforms require a strong and cohesive parliamentary coalition, which is one of the most important pillars upon which the next government will be formed.
The following are the highlights of the Prime Minister's meeting with Arab and foreign journalists and media professionals:
Citizens are an important partner in shaping the future of the political process in Iraq, and broad participation in the elections will enable any government to make important decisions.
We were hoping for the Sadrist movement's presence in the elections, and we made attempts to convince it to reverse its decision to boycott.
Those who carry a weapon have the choice of joining the security services or moving to political work. This path has been agreed upon and we are proceeding with its implementation.
Iraq is an important tourist destination, and we have achieved a boom in tourism sector revenues of (40%).
The development path will establish a new Iraq, with investment opportunities worth $450 billion.
Talking about the external debt comes in an electoral atmosphere, not a technical one, and it does not exceed (13) billion dollars, which is much less than the countries of the region and the world.
Iraq's $41 billion debt to the Paris Club is a legacy of the former regime, and our government is not responsible for the debts of that era.
The representatives who objected to the debt voted on the budget and are aware of its details, which include the deficit amounts and borrowing to cover the deficit.
We currently produce between (24-28) thousand megawatts of energy, and we have contracts with the American company (GE) to add (24) thousand megawatts, which is the largest contract in the history of Iraq.
We will sign an agreement with the American company Xerleit Energy to supply American gas to Iraq, and we are continuing the procedures for transferring the fixed platform project at the Faw Port for the import and export of gas.
We have settled the oil issue with the Kurdistan Region of Iraq, which has been pending since 2009. Discussions are underway regarding non-oil revenues, which do not affect the continued payment of salaries.
We signed an agreement with Türkiye that stipulates that Turkish companies will implement water management projects in Iraq, and we approved seawater desalination projects as part of the strategic solutions.
Our Arab depth is a space for closer relations and shared interests based on economic projects, most notably the Development Road Project.
Ain al-Asad base is under the authority of the Iraqi army, and there are advisors tasked with maintaining cooperation and coordination. ISIS terrorists do not pose a threat to security in Iraq.
Appointing President Trump's envoy to Iraq is an important step, especially since he is of Iraqi origin, and we wish him success in his mission.
The embassies of Iraq and Syria in Baghdad and Damascus are operating and providing their services, and we have security cooperation and coordination to monitor ISIS and drug gangs.
We support dialogue with Iran, away from pressure policies, because they will not be beneficial or lead to an agreement. Stability is important for the countries of the region, which represent the lungs of the world in terms of energy.
Failure to resolve the Palestinian issue means continued unrest and conflict in the region, and the Palestinian people are the ones who decide their fate by establishing their independent state with Jerusalem as its capital.
Trump hands the keys to Baghdad to a hashish dealer.. The resistance is happy with Mark Al-Kaldani.
The messenger starts from the seed and plants himself
Baghdad is still trying to understand US President Donald Trump's last words about Iraq: that it has "a lot of oil that it doesn't know how to invest." He uttered them briefly after he glimpsed Prime Minister Mohammed Shia al-Sudani from afar among the leaders of the peace summit in Sharm el-Sheikh. But Trump's surprises are endless. While Baghdad was waiting for an ambassador to end the nearly two-year-old uncertainty in the relationship between the two countries, Trump decided to appoint a special envoy for Iraq affairs, Mark Savaya. This indicates a special situation and an abnormal situation, despite the Iraqi government repeatedly talking throughout the past period about its success in transforming the relationship between Baghdad and Washington into a "normal bilateral relationship of equals," especially after the decision to withdraw US forces from the country.
The envoy is different from all of Trump's envoys around the world. He is neither a senior diplomat nor a billionaire real estate expert. Rather, he is a legal and official marijuana dealer, well-known in Michigan, which has the largest Arab communities, especially Iraqis. Trump credits him with being part of the team that persuaded Muslims to vote for Trump and turned the tables on the Democrats. It is widely reported that "Mark Savaya" is an Iraqi Chaldean Christian who immigrated to America after Desert Storm, which prompted Trump to describe him as having "deep experience in Iraq."
Despite what is close to an Iraqi consensus that “Savaya” is the strangest envoy the United States has chosen for special affairs in the world, quick calls conducted by the 964 Network with those in the know in Baghdad’s political salons from various backgrounds revealed some hesitation in assessing the consequences of the new decision. Some felt that this choice entailed belittling a country the size of Iraq for two reasons: the first is the disregard for the “normalcy” that Baghdad was waiting for, and the second is that the appointed person’s CV is not cut from the cloth of politicians and diplomats.
However, another group of Iraqi political parties, especially those opposed to the United States, responded positively to the news of the new visitor, because “Savaya” - unlike Thomas Barak, the envoy to Lebanon - is new to politics and has little experience in the corridors of balance-making that Iraqi leaders have trained in for two decades. Some say that fears have subsided with the selection of this seemingly “easy man,” recalling other experiences with “inexperienced foreigners” who were confused by Iraqi skills and maneuvers to escape pressure. In a brief comment, a prominent Iraqi politician told the 964 network that “Savaya” speaks Arabic and the Iraqi dialect, and has visited Baghdad several times before his appointment. Until now, he has no business interests in Iraq, but many officials in Baghdad know him, which explains their “relative reassurance.”
Official cannabis for medicine and recreation
Mark Savaya, CEO of Future Grow Solutions, has been involved in the medical and recreational marijuana business in Michigan, creating vast job opportunities. His company's business model is based on growing marijuana, producing its products, and selling them directly.
“It’s nice to start from seed and sell your own product,” Savaya told Fox 2 in 2020. “It’s a process you go through instead of buying marijuana from other grow centers. We grow it ourselves and make sure it’s clean.”
The Coordination Framework rejects the nomination of Trump's envoy.
maybe he is a good guy if they don't want him haha
The Coordination Framework on Monday rejected the appointment of Mark Savaya as US Special Envoy to Iraq, describing the decision as a "blatant interference" in Iraqi affairs and an attempt to impose "hegemony" over it.
In a press interview, Framework member Imran al-Karkoshi said, "The appointment of US President Donald Trump as a special envoy to Iraq is unacceptable. The person appointed is someone who lacks any diplomatic or political experience in such a sensitive position, especially in a country facing major security, political, and economic challenges."
He added, "This decision constitutes blatant interference in Iraq's internal affairs and reflects the United States' desire to impose its hegemony over Iraqi decision-making."
He continued, "Mark Savaya is a businessman who owns a series of commercial projects in the United States and has no background that qualifies him to assume a position that requires diplomatic experience and accurate knowledge of Iraqi politics. This appointment raises serious questions about the US administration's intentions in dealing with Iraq at the present time."
The Coordination Framework member concluded by saying, "Iraq will not be an arena for American score-settling or influence exerted under any diplomatic cover, and the US administration must be well aware of this."
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Energy expert: 70% of the articles of the oil and gas law have been agreed upon
An oil and gas expert says that 70% of the articles of the oil and gas law have been agreed upon and the rest needs political dialogue and negotiations.
The big picture: The oil and gas law was supposed to be completed in 2007 and voted on in the Iraqi parliament, but due to conflict and indifference of Iraqi parties, year after year, the enactment of the law was hampered.
Official Statement: د. Govand Sherwani, a university professor and oil and gas expert, told AVA that the oil export agreement will help to pass the oil and gas law in the sixth session of the Iraqi parliament, provided there is no political interference. Sherwani said the
biggest problem between Erbil and Baghdad on the oil issue is the failure to pass the oil and gas law, which should have been passed in 2007, but fortunately 70% of the articles of the draft law have been agreed.
On the other hand, the expert said that the three-year Iraqi budget law contains many shortcomings and all to the detriment of the Kurdistan Region, if the technical and financial issues are corrected, there is an opportunity in the 2026 budget law.
Al-Gharibawi: Political divisions prevent the approval of the oil and gas law.
Representative Basem Al-Gharibawi expressed his deep regret on Monday over the failure to enact the oil and gas law during the current parliamentary session, noting that the depth of political differences makes it difficult to reach an agreement on this law.
Al-Gharibawi said in a statement to Al-Maalouma, “The oil and gas law is one of the strategic laws that was supposed to be passed several sessions ago, but the deep divisions between political blocs, particularly regarding the mechanisms for managing wealth and its distribution between the center, the region, and the governorates, prevented agreement on it.”
He added, “There is insistence from some parties to impose their vision in a manner that contradicts the constitution, which has led to the failure of understandings.” He pointed out that the current political climate does not allow for the birth of the law in light of the current tensions and narrow interests.
He pointed out that "postponing the law will exacerbate problems related to natural resource management and negatively impact economic development and fairness in the distribution of revenues," calling on political blocs to "prioritize the national interest over narrow factional interests and develop a clear roadmap to resolve the points of contention."
Al-Ghariri: Iraq's negotiations to join the World Trade Organization are ongoing.
Minister of Trade Athir Dawood Al-Ghurairi confirmed on Monday that Iraq's negotiations to join the World Trade Organization are ongoing, while pointing out that regional cooperation and integration are the way to achieve peace, stability and sustainable development.
A statement by the Ministry of Trade received by the Iraqi News Agency (INA) stated that "Minister of Trade Athir Dawood Al-Ghurairi participated in the 16th session of the United Nations Conference on Trade and Development (UNCTAD), held in Geneva with the wide participation of representatives of countries and international and regional organizations."
The minister stressed, according to the statement, that "collective action and regional integration represent a fundamental pillar for building a more stable and equitable economic system in light of the transformations and challenges witnessed by the world," stressing that "open regional agreements can support the multilateral trading system and promote sustainable development."
Al-Ghurairi indicated that "Iraq, which continues its negotiations to join the World Trade Organization, sees regional initiatives as an opportunity to enhance its institutional readiness and align its legislative and investment frameworks, enabling it to effectively integrate into the global economy."
He explained that "regional integration represents a pillar for development and reconstruction, and that cooperation in the areas of infrastructure, simplifying customs procedures, encouraging investment, energy, agriculture, and services contributes to enhancing competitiveness and diversifying the national economy."
At the end of his speech, the Minister praised UNCTAD's significant role in supporting Iraq during its accession to the World Trade Organization, stressing that "regional cooperation and integration are the path to achieving peace, stability, and sustainable development."
Iraq continues negotiations to join the World Trade Organization.
Minister of Trade Athir Dawood Al-Ghariri affirmed that Iraq is continuing its negotiations to join the World Trade Organization, noting that regional initiatives are an opportunity to enhance institutional readiness and align legislative and investment frameworks.
Iraq Keeping a Small Contingent of US Military Advisers Due to IS Threat in Syria
Iraq’s prime minister said Monday that a small contingent of U.S. military advisers will remain in the country for now to coordinate with U.S. forces in Syria combating the Islamic State group.
Washington and Baghdad agreed last year to wind down an American-led coalition fighting IS in Iraq by this September, with U.S. forces departing some bases where they have been stationed.
Iraqi Prime Minister Mohammed Shia al-Sudani told a small group of journalists in Baghdad that U.S. military advisers and support personnel are now stationed at the Ain al-Asad air base in Western Iraq, a base adjacent to the Baghdad airport, and the al-Harir air base in northern Iraq
Al-Sudani noted that the agreement originally stipulated a full pullout of U.S. forces from Ain al-Asad by September, but that “developments in Syria” since then “required maintaining a small unit” of between 250 and 350 advisers and security personnel at the base.
He said they would work "to support counter-ISIS surveillance and coordination with the al-Tanf base” in Syria.
He added that “other U.S. sites are witnessing gradual reductions in personnel and operations.”
After the fall of former Syrian President Bashar Assad in a lightning rebel offensive in December, fears arose in Iraq of an IS resurgence taking advantage of the ensuing security vacuum as well as of weapons abandoned by the former Syrian army.
Al-Sudani maintained that the extremist group, which seized wide swathes of territory in Iraq and Syria a decade ago “no longer poses a significant threat inside Iraq.”
Iraq has sought to balance Iraq’s relations with the United States and Tehran and to avoid being pulled into regional conflicts, a policy that the prime minister said he will continue.
“We put Iraq first, and we do not wish to act as a proxy for anyone,” he said. “Iraq will not be a battlefield for conflicts.”
At the same time, al-Sudani urged the U.S. to return to negotiations with Iran, describing the Trump administration’s “maximum pressure” approach to curtail Iranian influence as “counterproductive.”
“Iran is an important and influential country that must be treated with respect and through direct dialogue,” he said.
There have been tensions between Baghdad and Washington over the presence of Iran-backed militias in Iraq. The Popular Mobilization Forces, a coalition of militias that formed to fight IS, was formally placed under the control of the Iraqi military in 2016 but in practice still operates with significant autonomy.
The Iraqi parliament has been considering legislation that would solidify the relationship between the military and the PMF, drawing objections from Washington.
Al-Sudani did not directly address the proposed legislation but said his government’s program “includes disarmament and national dialogue to remove any justification for carrying weapons."
“We encourage all factions to either integrate into state institutions or engage in political life,” which could include becoming political parties and running for election, he said.
Iraq is preparing for parliamentary elections next month that will determine where al-Sudani serves a second term.
“Armed factions that have transformed into political entities have the constitutional right to participate” in those elections, the prime minister said.
The Prime Minister stresses the importance of resorting to the constitution to achieve development
Central Bank of Iran increases gold reserves to promote financial independence, strengthen national currency
The Central Bank of Iran increased its gold reserves as part of a strategic policy aimed at strengthening the Iranian national economy and reducing dependence on foreign currencies.
Yekta Ashrafi, Deputy Governor of the Central Bank of Iran for Development and Management, said, according to the Iranian Mehr News Agency on Sunday, "The Central Bank has adopted a deliberate policy to increase its gold reserves over the past two years."
She noted that the entry of new quantities of gold into the country reflects a strategic awareness by economic decision-makers of the importance of enhancing the resilience of the national currency and enhancing the ability to withstand economic shocks.
She explained that holding gold as a safe haven contributes to the stability of financial markets and reducing exchange rate fluctuations and inflation. She noted that this policy falls within the framework of risk management and diversification of reserve assets, thus preserving the purchasing power of the Iranian rial.
Ashrafi added that "diversifying the reserve asset basket is a key objective of the new policy," noting that international experience shows that countries with diverse currency and gold reserves are less affected by financial crises and more capable of implementing independent monetary policies.
Ashrafi indicated that increasing gold reserves gives the Central Bank greater independence in its monetary decisions and enables it to manage liquidity and confront economic shocks without relying on external cash flows. She noted that the bank's latest policy is based on several strategic objectives, most notably:
Protecting against external shocks in light of sanctions and global volatility by owning tangible, non-confiscable assets; enhancing investor confidence by demonstrating the rational and stable management of national resources; and preparing the infrastructure for the development of modern financial instruments such as gold-backed bonds or digital assets based on the precious metal.
Ashrafi concluded her statement by emphasizing that the policy of increasing gold reserves over the past two years represents a strategic choice aimed at enhancing financial independence and consolidating economic stability, allowing the Central Bank greater room to maneuver in the face of global economic challenges and crises.
Mr. Khamenei: We will use our missiles again if necessary.
During his meeting this morning with sports champions and winners of the International Science Olympiad, Ayatollah Khamenei said, "The US president boasts of saying, 'We bombed and destroyed Iran's nuclear industry.' Well... he can enjoy his delusions!"
He added, "The US president's ridiculous statements are nothing more than an attempt to raise the morale of the frustrated Zionists. Through these ridiculous actions, he tried to boost the morale of the Zionists and appear strong, but if he really has that power, he should calm the millions of protesters against him in various US states."
In a related context, he pointed out, "Iranian missiles have turned some Zionist centers to ashes, and the enemies could not have imagined that. These missiles are made by our youth, and if necessary, we will use them again."
Ayatollah Khamenei also addressed the sports and science medal winners, saying, "Your achievements during the 'soft war' are doubly valuable... because the enemy seeks to sow frustration and despair among the people... With your efforts and determination, you have brought joy to the faces of Iranians and restored hope to the hearts of young people."
He concluded by saying, "These medals you have won in recent months, in my opinion, are more valuable than any other medal, because they came at a time when the country is waging a fierce soft war... a war in which the enemy seeks to weaken morale, spread frustration, and sow doubt in the nation's capabilities... But with your achievements, you have moved against this trend... and demonstrated in practice the strength of Iranian youth and the might of the people, which is evident in you. These medals are the strongest response to the enemy, and your response was clear and effective
Iranian Supreme Leader: Trump boasts of destroying Iran's nuclear industry...let him continue his delusion.
Iranian Supreme Leader Ali Khamenei attacked US President Donald Trump on Monday (October 20, 2025), describing his recent statements as “ridiculous” and an attempt to “boost the morale of frustrated Zionists.”
During his meeting with sports champions and winners of the International Science Olympiad, Khamenei said, "The US president boasts that they bombed and destroyed Iran's nuclear industry. Let them continue with this illusion." He added, "The enemy never imagined that Iranian missiles would be capable of striking and destroying the depths of its research centers."
He explained that "the missiles that reached deep within some of the enemy's research centers were manufactured by our youth, and we did not purchase them from anyone," noting that "the armed forces and our defense industries possess other missiles that will be used when necessary."
Khamenei emphasized that "Trump's ridiculous statements are nothing more than an attempt to boost the morale of the Zionists and present himself as strong. But if he truly possesses this power, let him calm the millions of protesters against him in the United States."
Khamenei's remarks come amid escalating tensions between Washington and Tehran, and an exchange of threats regarding Iran's nuclear and missile programs, amid fears that the region could slide into a new military confrontation.
Oil, Investment & Recovery: Iraq’s PM Talks Future with CNBC
The Kuwaiti dinar is the strongest Arab currency against the dollar and the British pound, trading at $3.6 per Kuwaiti dinar and 2.4 pounds per pound.
According to most economic sources, the Kuwaiti Dinar (KWD) is considered the strongest Arab currency and even the strongest currency in the world against the US dollar.
In the rankings, strong Arab currencies generally top the list:
- Kuwaiti Dinar (KWD)
- Bahraini Dinar (BHD)
- Omani Rial (OMR)
- Jordanian Dinar (JOD)
The main reason for the strength of the Kuwaiti dinar (and the Bahraini dinar and the Omani rial) is:
- Oil and natural gas wealth and abundant exports.
- Stable fiscal and monetary policy is formulated by the central bank.
- Pegging to a range of world currencies (in Kuwait) or to the US dollar (in Bahrain and Oman).
As for the Jordanian dinar, its strength is mainly due to its price being pegged to the U.S. dollar, which has created high price stability and demand.
As for the Iraqi dinar, among the currencies, compared to the dollar is considered one of the weakest currencies in the region and the world.
While the Kuwaiti dinar, Bahraini dinar, and Omani rial are considered the strongest currencies in the world, the Iraqi dinar is considered one of the weakest Arab currencies.
In recent years, the Iraqi dinar ranks almost last among Arab currencies, only ahead of currencies such as the Lebanese lira, the Syrian lira and the Yemeni rial.
According to some international reports, the Iraqi dinar ranks in the middle and towards the end of the world rankings when the value of the currency unit is calculated in dollars.
For example, some sources indicate that the Iraqi dinar could be around 141st in the world rankings, depending on its value against the dollar (in rankings that include about 180 to 200 currencies).
Official central bank rates (which are often used):
- 1 US dollar is $\ 1310 Iraqi Dinars, and it should be noted that these ranks and figures are constantly changing according to research and classification of different economic institutions and market changes.
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