US report: Banking reforms in Iraq usher in a new era of economic growth
A report issued by the American auditing and financial consulting firm Oliver Wyman on Friday confirmed that banking reforms in Iraq are ushering in a new era of economic growth.
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The company said in its report, which was monitored by the Iraqi News Agency (INA), that "Iraq is entering a new phase of dynamic growth and economic opportunities thanks to comprehensive banking reforms led by the Central Bank of Iraq with government support."
The report, which was presented at the Ritter Hotel in Washington, DC, indicated that "the banking sector reform program launched in April 2025 represents a fundamental shift towards building a more efficient and sustainable banking sector, capable of stimulating investment, developing the private sector, and strengthening international financial connectivity."
The detailed presentation was attended by representatives of the US Treasury, the US Federal Reserve, and GP Morgan, as well as several regional and international banks.
Oliver Wyman stated that "the commitment of all Iraqi banks to the reform program starting in September 2025 will allow the Central Bank to evaluate their performance during the period 2026–2028 according to modern global financial, regulatory, and technological standards, enhancing trust and transparency and qualifying them to attract international institutional investors.
" Oliver Wyman expects that "the size of the Iraqi banking sector will reach more than $60 billion by 2035, with returns ranging between 15 and 20%," considering that "addressing current challenges such as reputation and governance will make the reforms a unique investment opportunity in the Middle East and North Africa region."
Baghdad confirms its commitment to the economic and financial reform program
Prime Minister Saleh Mahoud Salman's advisor confirmed on Friday that the government is continuing to implement comprehensive strategic banking reforms, noting that the government is committed to continuing to implement the economic and financial reform program.
Iraq, United States
US Treasury adjusts to weaker intelligence picture after banking changes in Iraq
The end of Iraq's old Federal Reserve-linked dollar system did much to combat Iranian financing. But it also removed key financial intelligence streams which the US Treasury were using to identify hostile elements in the country.
The US Treasury is closely monitoring new anti-laundering and terrorist financing procedures in Iraq's banking sector following a multi-year redesign of its dollar payment system, Intelligence Online understands.
The Trump government has backed efforts, already underway under the previous administration, to transition Iraq away from its reliance on the New York Federal Reserve towards a correspondent banking model for dollar transactions. But the emerging system, in which international wires are executed via the Brussels-headquartered SWIFT
A person with detailed knowledge of the matter said nervousness over the reduced intelligence picture was among reasons why it took the US government so long to shut the old system down. "It was useful to the Treasury because it told them where the money was going", the former official said.
Unique role
In the aftermath of the US invasion of Iraq in 2003, a unique system was created in which the Federal Reserve played a central role processing Iraq-origin dollar payments. The Fed facilitated international wires by sending dollar currency from Iraq's US-based accounts to overseas bank accounts as per instructions from the Central Bank of Iraq (CBI). In parallel, it also delivered pallets of the currency, earned from Iraq's vital oil industry, to the CBI to facilitate local dollar usage - the so-called "auction" system.
Biden era-officials including Wally Adeyemo began coordinating the shift away from the system in around 2023, when the US barred more than two dozen banks from accessing dollars. Iraqi officials, told to combat funding for Iran-linked militias in the country, appointed a group of US compliance consultancies to help improve financial risk monitoring at local lenders (IO, 21/10/24). It is the first step in a long-term project to establish correspondent banking partnerships with American institutions.
But sources said the old overseas dollar wiring system, though opaque, provided the Federal Reserve and US Treasury with a more immediate picture of illicit financing streams. Customers wishing to make dollar wires internationally sent specific account information to the CBI, which relayed it to the Fed for execution. The recipient accounts might only be a link in an onward chain but provided Washington with useful information on financing routes.
Now, in the case of the several Iraqi lenders linked up to US correspondents, the Treasury accesses Iraq-origin dollar transfer records by issuing administrative subpoenas to SWIFT. The intelligence transfers occur rapidly under the aegis of a 2010 EU-US deal on data handling, but are limited to certain categories of wires. Law enforcement also relies on reporting from the US intermediaries.
Capacity building
Those Iraqi lenders now holding correspondent relationships include the state-owned Trade Bank of Iraq and smaller private lender Bank of Baghdad, Intelligence Online understands. Rafidain Bank and First Iraqi Bank are hoping to follow in due course. Separately K2 Integrity, the compliance and investigations consultancy, has also been working with an electronic payments platform, Qi, according to a June press release, which is part-owned by Rafidain Bank and Al-Rasheed Bank.
Last year, the Wall Street Journal reported that US officials had been warning the CBI about abuse of the dollar system since 2012. In one example, the Treasury had tracked dollar requests made to the Fed by three banks - Iraqi Middle East Investment Bank, Al Ansari Islamic Bank and Al Qabidh Islamic Bank - which led to $3.5bn being sent to companies in the UAE linked to Iranian financing.
The changes come at a crucial time for Iraq, with the US announcing a significant reduction in troops in the country on 30 September, just ahead of parliamentary elections in November. Those in turn will lead to appointment of a prime minister, expected to be the incumbent, Mohammed Shia al-Sudani, who came to power with the help of Tehran-aligned forces in the country but has since proven to be a pragmatist, balancing loyalties towards both Tehran and Washington.
Buying "fake American satisfaction"... US sanctions make Iraqi banks "fraud victims" of lobbying firms.
A lengthy article by an American national security expert reveals the secrets behind attempts to “evade” and hide by some networks, banks, and economic activities in…IraqFrom the US sanctions and strict monitoring, through changing the heads of departments, personalities, and boards of directors and contracting with American companies to implement compliance with standards, but all of these operations are “formal” to hide behind and continue financial and economic operations that contradict the policyUSTowards the dollar and its limits.
Sam Butler, an American expert in national security, law enforcement, organized crime, and illicit funds, says that Iraqi banks that are sanctioned, or those that fear being sanctioned and are under American scrutiny, resort to formal means such as changing...Board of DirectorsOr ownership shares, and some of them have begun contracting with American lobbying firms, but these firms are now taking the money and not providing anything to improve compliance with these banks within the United States. In other words, these banks have become victims of fraud by American companies without benefiting from it.
“When a bank is formally blacklisted or restricted for money laundering and illicit activities linked to Iran, that designation is effectively the end of it,” Butler says. “No serious party would risk it.”International institutionIn dealing with it, this classification in itself destroys credibility, but in the opaque Iraqi financial system, credibility is not required to survive, only relationships,” he noted, noting that “in that space, the illusion of reform flourishes, and under pressureBaghdadIn Washington, restricted banks have discovered a new tactic for survival: changing their appearance, not their modus operandi.
He explains that “since the 2023 US dollar sanctions intensified scrutiny of restricted Iraqi banks, a disturbing trend has emerged among some US and international companies contracting with these institutions. Many of them signed contracts, received large advance payments, and then simply failed to do any actual work. A prominent example of this is the lobbying firm BGR Group, headquartered inWashingtonThe capital, which has contracted with one of the Islamic banks inIraqAfter receiving the payment, BGR abruptly canceled the contract without providing any services, or even cooperating with the US government as planned, and never returned the funds. Furthermore, BGR was not registered underRegistration ActForeign Agents Act (FARA), a legal requirement for any legitimate lobbying on behalf of a foreign bank.
He pointed out that “the sanctions have turned weak Iraqi banks into easy prey, and foreign companies have lined up to take advantage of these sanctions,” citing a senior official inCentral Bank of Iraq"Since the imposition of US dollar sanctions on banks in 2023, we have witnessed numerous companies, such as BGR Group, as well as lawyers and law firms, receiving payments from banks and disappearing without delivering anything. We were forced to warn the entire banking sector of this scheme."
On the other hand, he points out that “if the restricted Iraqi banks have learned one lesson, it is that perceptions can buy time. When sanctions take their toll and access to dollars dries up, they don’t reform, they change their identity—modern, conforming, and in line with international standards—only on paper. Auditors, consultants, lawyers, and lobbyists are brought in to build a paper trail for reform, not real reform. This pattern has become common in Baghdad’s banking sector. When oversight intensifies, boards of directors are reshuffled. Former regulatory officials or Western-trained executives are brought in to signal reform. Compliance departments expand, not to impose oversight, but to implement it.”
He emphasizes that “Washington no longer distinguishes between armed groups and the government structures that enable them, by imposing sanctions on individuals who recently held official positions and government companies, indicatingUSNow that state-linked entities are a legitimate target, this represents a significant escalation, as the parallel economy is no longer seen as existing alongsideIraqi stateRather, it works from within it.”
Among them are Iraqis... The UAE offers new services to Golden Visa holders.
The UAE Ministry of Foreign Affairs has launched a new package offering a host of unique benefits to Golden Residency holders in the country. The ministry has made available, via its official website, a service for issuing a return document in the event of a lost or damaged passport. This facilitates the return of Golden Residency holders if their passport is lost or damaged while abroad.
The service also enables them to submit applications for family members, provided that the residency is valid and that the holder is committed to obtaining a new passport upon returning to the country, according to the official website of the UAE Ministry of Foreign Affairs.
Golden Residency holders benefit from the service, provided they have a valid residency and passport. The return document is valid for one use only and is valid for seven days from the date of issuance.
The UAE Ministry of Foreign Affairs also provides emergency and crisis support services to Golden Residency holders during their travel outside the country and includes them in emergency and evacuation plans.
The package includes the "Support in Emergency and Crisis Situations Abroad" service, which aims to provide assistance to Golden Visa holders when they encounter emergency situations while outside the UAE.
The ministry indicated that this is being done in coordination with missions abroad to ensure the safety of golden residency holders, provide them with the necessary support, and include them in emergency plans by putting in place the necessary measures and procedures to protect them and meet their needs during exceptional circumstances and crises.
The services include "transportation and burial in the UAE" in the event of a death abroad. The aim is to facilitate the repatriation of the remains of Golden Visa holders in coordination with the relevant health and official authorities, ensuring the speedy completion of transactions and providing support to the deceased's family.
MP: The 2025 budget schedules will not be finalized this year, and delaying them threatens the work of ministries and agencies.
MP Thaer Makhif confirmed on Friday that the 2025 budget schedules will not be finalized during the current year, warning of the serious repercussions of delaying it on ministries and government institutions.
In an interview with Al-Maalouma, Makhif said, “The 2025 budget tables were expected to be decided in February or March, but the government did not send the tables to the House of Representatives for review by the Finance Committee before submitting them for a vote, causing a delay that negatively impacted ministries, agencies, and local governments.”
He added that "the absence of schedules has delayed the resolution of project financing issues and the coverage of expenses and financial dues, noting that with the approaching elections in November, sending the schedules to Parliament has become difficult."
He added, "The file may be postponed to the next government, which means a delay of several months before the budget is finally decided, which will exacerbate financial problems, especially with operating expenses rising to high levels."
Sudanese Advisor: Electronic financial inclusion has risen to more than 40%
Prime Minister Saleh Mahoud Salman's advisor confirmed on Friday that the government is continuing to implement comprehensive strategic banking reforms, noting that the government is committed to continuing to implement the economic and financial reform program
"The government is committed to continuing to implement the economic and financial reform program aimed at enhancing the efficiency of the banking system and supporting sustainable development in the country," Mahoud said in a speech he delivered during his participation as a government representative in the banking reform conference organized by the Central Bank of Iraq in cooperation with the international consulting firm (Oliver & Ayman) at the Ritz Carlton Hotel in Washington, DC, on the sidelines of the meetings of the International Monetary Fund and the World Bank.
He stressed that "the banking sector represents a fundamental pillar in the economic reform process," indicating that "the government is continuing to implement comprehensive strategic banking reforms in cooperation with the Central Bank of Iraq, aimed at raising banking standards and enhancing the competitiveness of the financial system."
He explained that "the government has prepared a three-year general budget for the first time, which allows for long-term financial planning, achieving stability in resource management, and enhancing the confidence of local and international investors."
In the context of diversifying revenues and reducing dependence on oil, he explained that "the government has achieved tangible progress in automating the customs system by implementing the United Nations (ASYCUDA) system, which has led to a clear increase in customs revenues in addition to a significant improvement in tax revenues," noting that "the government has implemented a program to restructure government banks (Al-Rafidain, Al-Rasheed, Industrial, and Agricultural) in cooperation with international consulting companies, With the aim of raising its efficiency and enhancing its ability to provide modern financial services.
He pointed out that "the government launched programs to expand the use of electronic payment and partnerships with financial technology companies, which contributed to raising the financial inclusion rate to more than 40% after it was less than 10% two years ago, which was praised by the World Bank and the International Monetary Fund," stressing "the government's support for small and medium enterprises by providing financing and resources to create new job opportunities and stimulate the local economy."
Salman stated that "the banking reforms currently being worked on constitute a turning point in the history of Iraq's economic development, and that the government is determined to support all local and international institutions working to develop the banking sector, as it is a pivotal part of the economic growth and financial stability plan."
He noted that "the government extended its appreciation to the Central Bank, banks, and international and local advisory teams working in this field".
Highest since 2003: Confirmation of rising non-oil revenues and calls for economic reform
Representative Basem Naghmish expected, on Wednesday, that Washington would resort to imposing economic sanctions on Iraq, exploiting the pretext of "mismanagement" in the oil sector.
Naghmish told Al-Maalouma Agency, “The United States has become accustomed to using titles such as mismanagement or corruption as a cover to interfere in the affairs of countries, and there are indications that it is trying to follow the same approach with Iraq in the oil file.”
He added, "There is fear that these accusations will be exploited to impose sanctions that may affect oil exports," stressing that "their goal is to keep Iraq weak and influence its sovereign decision."
Earlier, Representative Intisar Al-Moussawi considered Trump's statement about Iraqi oil evidence of America's arrogant outlook, and Washington's treatment of Iraq as a source of wealth rather than a sovereign state.
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Al-Sudani: The volume of Arab and foreign investments that entered Iraq exceeded (102) billion dollars.
Prime Minister Mohammed Shia Al-Sudani confirmed today, Friday, that the volume of Arab and foreign investments that entered Iraq exceeded (102) billion dollars.
A statement from his office said, "Prime Minister Mohammed Shia al-Sudani received today, Friday, a group of sheikhs and dignitaries from the Latifiya, Yusufiya, and Mahmoudiya regions, as well as their academic and intellectual elites. He affirmed his pride in these meetings with the various segments of society, indicating that the Latifiya, Yusufiya, and Mahmoudiya regions represent a color of the Iraqi body, which is fraternal with various Arab tribes."
Al-Sudani explained that the people of these areas south of Baghdad have suffered from the tragedies of terrorism, which has spared no one, and have made many sacrifices. He emphasized that the foundation and core of the victory over terrorism are our tribes and the solidarity of our community.
He expressed his appreciation for the positions of the national and societal forces, and the role of the Iraqi tribes that represent the foundation of building the state, stressing that it is the government's duty to provide services and address the challenges faced by these areas, and that the priorities of the government program have been strongly directed towards service projects and infrastructure projects. The service and engineering effort has also implemented basic projects in the districts of Yusufiyah, Mahmoudiyah and Latifiyah, and is continuing to work in a manner that proves the government's seriousness in construction and reconstruction.
He continued, "We have intensified our efforts to complete (2,583) projects that have been stalled and halted for years in all parts of Iraq. We have also worked to launch new projects in all governorates, within the specificity of each governorate," noting that "the increase in the population in cities, especially Baghdad, has caused great pressure on services, stressing the development of solutions and treatments according to clear plans and vision, which resulted in important infrastructure projects in all governorates."
He pointed to "launching projects to relieve traffic congestion, infrastructure, and hospitals because they are important to the citizen," indicating that "in light of the current circumstances in the region and the wars it has witnessed, our government has been able to achieve many accomplishments in nearly 3 years," noting that the volume of Arab and foreign investments that entered Iraq exceeded (102) billion dollars, despite the events in the region, stressing that "Arab and foreign companies in Iraq have provided approximately 500 thousand job opportunities for our youth."
He continued, "The government has developed a systematic study to rehabilitate and operate Baghdad International Airport according to international standards, and (14) international coalitions have applied to obtain the opportunity to develop it," stressing that Iraq is qualified to take off thanks to its opportunities and important investment environment. It is not possible to continue to rely on oil revenues, and Iraq has many industrial, agricultural, and tourism resources, in addition to the commercial role through development.
He stressed the need for "active participation in the elections, and for competition to be professional, free from deception, distortion, and falsification. Competition must be based on programs and projects, not intimidation, enticement, and bribery, as this approach does not build a state." He emphasized the need for "our people to continue to support the law, the state, its institutions, and national projects."
Expert Report Sheds Light on Iraq's Economic Structures and U.S. Policy
A new expert report details Iraq's "shadow economy," where militia-linked banks and companies evade U.S. sanctions to fund Iranian proxies. The analysis follows recent Treasury sanctions targeting this "financial backbone" embedded within Iraq's official economy.
A new report by U.S. national security expert Sam Butler, published Thursday by The Arab Weekly, sheds light on what he describes as Iraq’s “shadow economy,” a network of banks, companies, and financial actors allegedly used to evade American sanctions and sustain Iranian proxy groups operating inside the country.
In the report, titled “Washington Sanctions Expose Iraq’s Shadow Economy,” Butler examines the aftermath of the U.S. Treasury Department’s October 9 sanctions, which targeted militia-linked business networks and revealed what Washington called an “entire economic architecture built on militia finance.”
According to Butler, the sanctions expose how Iraq’s financial system has been transformed into a hub for money laundering and covert financing operations tied to Iran’s Revolutionary Guard Corps (IRGC) and its affiliated militias, including Kata’ib Hezbollah and Asa’ib Ahl al-Haq.
Butler said the sanctions came just days after his earlier article, “The Dark Side of Iraq’s Economic Boom,” published on October 4, in which he warned that Baghdad’s skyline “was rising on a foundation of dirty money.” He noted that his prediction was confirmed when Washington moved to sanction militia-linked business empires that had embedded themselves deep within Iraq’s official economy.
“On October 9, the U.S. Treasury imposed sweeping sanctions on Iraq’s militia-linked business networks, describing them as the ‘financial backbone’ of Iran’s proxy operations in the region,” Butler wrote. He added that the sanctions not only targeted specific figures but also “unveiled an entire economic system built on corruption, militia finance, and the manipulation of reconstruction funds.”
In his new report, Butler argues that over the past year Iraq has projected an image of rapid growth and reconstruction—new towers, cranes across Baghdad, and an influx of investment. But beneath this image, he says, lies an economy “dominated by political patrons, militia financiers, and networks tied to Tehran.”
He describes a “silent merger” between the Iraqi state and its shadow structures, where ministries award contracts to front companies and banks launder millions for Iran’s proxies. “What began as insurgency has become infrastructure,” he wrote, noting that entire sectors, from construction to commerce, are now fueled by militia-controlled capital.
Butler cites U.S. Treasury statements that accuse Iran-backed militias of infiltrating Iraq’s security and financial systems, using corruption and extortion to monopolize resources and weaken the country’s sovereignty. According to the Treasury, these groups are responsible for attacks against U.S. personnel and allies across the Middle East.
The sanctions list includes Kata’ib Hezbollah’s commercial arm, Muhandis General Company, and its agricultural front, Baladna Investments, both accused of diverting government contracts and laundering money under the pretext of reconstruction. Also named were Aqeel Meften, the head of Iraq’s National Olympic Committee, and his brother Ali Meften, accused of using a commercial bank to move funds for Iran’s Quds Force.
“The U.S. Treasury’s actions,” Butler wrote, “offer a rare X-ray of an economy rewired for corruption and powered by militia capital.”
In his analysis, Butler also details what he calls Iraq’s culture of “cosmetic compliance,” in which restricted banks under U.S. scrutiny hire auditors, consultants, and public relations firms to project an image of reform while their illicit activities continue. He cites examples such as the Union Bank of Iraq, which recently partnered with an international accounting firm in what U.S. officials described as “window dressing” rather than real reform.
According to Butler, the International Development Bank (IDB) and several other institutions have been quietly restricted from accessing U.S. dollars—an informal enforcement process he refers to as “silent blacklisting.” Despite the restrictions, many of these banks remain operational by reshuffling ownership structures and rebranding themselves through new leadership.
“The façade of reform has evolved beyond paperwork,” Butler wrote. “Iraq’s banks have entered a new phase of image laundering—swapping auditors and executives while the same power networks remain in control.”
Butler emphasizes that the October 9 sanctions represent more than a punitive measure—they mark a strategic escalation in Washington’s campaign to dismantle Iran’s financial networks in Iraq. He quotes senior U.S. officials who say the Treasury’s ultimate goal is to disrupt the systems that allow these networks to appear legitimate.
“The message from Washington is clear: legitimacy cannot be laundered,” Butler concludes. “This is not just about militias operating in the shadows; the shadows have moved into the heart of Iraq’s economy.”
He warns that the sanctions’ long-term effect will likely reshape Iraq’s financial landscape, as any institution found to be entangled with militia-linked funding could face exclusion from the global banking system. “The cranes may still be moving,” Butler writes, “but the ground beneath them is beginning to shift.”
A representative confirms that the budget schedules have not arrived and will be postponed to the next
parliament.
MP Thaer Makhif confirmed on Friday that the 2025 budget schedules will not be finalized during the current year, warning of the serious repercussions of delaying them on ministries and government institutions.
Makhif said, "The 2025 budget schedules were expected to be decided in February or March, but the government did not send the schedules to the House of Representatives for review by the Finance Committee before submitting them for a vote, causing a delay that negatively impacted ministries, agencies, and local governments."
He added, "The absence of the schedules has delayed the resolution of project financing, expenditure coverage, and financial dues, noting that with the approaching elections in November, sending the schedules to Parliament has become difficult."
He continued, "The issue may be postponed to the next government, which means a delay of several months before the budget is finally finalized, which will exacerbate financial problems, especially with operating expenses rising to high levels."
Intense competition
MP: Forming the next government will take six months
link
MP Mukhtar al-Moussawi confirmed today, Friday (October 17, 2025), that forming the next government may take no less than six months, attributing this to several reasons related to the nature of the current political scene.
Al-Moussawi said in an interview with "Baghdad Today" that "the level of competition between political forces in the upcoming elections is the highest and most intense since 2003, whether within the components or between them," indicating that "the volume of spending on electoral propaganda during this session is the largest ever compared to previous sessions."
He added, "It is difficult so far to determine the participation rate in the November 11 elections, but all forces realize that they will be pivotal and fateful elections in the Iraqi political scene," noting that "the intersections between political forces and the difference in visions regarding alliances will make the process of forming the government a complex matter that requires a period of no less than six months."
Al-Moussawi pointed out that "reaching the necessary consensuses to hold the first session of the House of Representatives and choose the President of the Republic and then the Prime Minister and his two deputies will require great efforts and deep understandings," expressing his hope that "the popular participation rate will exceed 50 to 60%, because the broader the participation, the more influential and effective the change will be."
These statements come at a time when the Iraqi political arena is witnessing intense preparations for the parliamentary elections scheduled for next November 11, amid an atmosphere of sharp polarization and unprecedented competition between political forces.
Transformations in the New World Order: Will Iraq Become a Part of the Regional Changes Following the Sharm El-Sheikh Summit Outcomes?
With the Sharm el-Sheikh summit convening a few days ago, expectations are that the regional equation may witness a radical shift, with policies moving towards re-confining arms to the state.
Analyses indicate that the US plan aims to restore the security balance in the region and reduce the ability of any armed factions to operate outside the framework of official state institutions.
Egypt, Qatar, and Turkey, along with the United States, signed the US president's ceasefire document for the Gaza Strip.
This came during a summit held in the Egyptian city of Sharm el-Sheikh with the participation of regional and international leaders, in a move described by US President Donald Trump as "a great day for the Middle East."
According to experts, this shift will encompass a wide geographical area extending from Palestine and Lebanon, through Syria and Yemen, all the way to Iraq, within the framework of what can be called a new regional order that does not accept the presence of military or ideological protrusions outside state institutions.
In turn, security expert Ahmed Al-Sharifi confirmed that "the region is moving towards gradual disarmament, starting with Hamas, then moving on to Syria, Yemen, Lebanon, and finally Iraq, as part of a regional vision to re-confine the possession of weapons to the state."
Al-Sharifi told the Iraq Observer, "This approach aims to prevent any armed factions from maintaining military capabilities outside of state institutions, while Hamas will become a model for ending the manifestations of weapons, to be applied to countries in the region that host armed factions."
He added, "This policy will be implemented through multiple mechanisms, including special operations and international pressure, not conventional warfare, while preserving the state's role as the exclusive institution that possesses weapons and controls security."
Al-Sharifi predicted that "the next phase will witness the implementation of this approach in Iraq as well, reflecting a comprehensive regional policy to impose order and authority on all armed groups," emphasizing that "peace in the region requires restricting weapons to the state and controlling power within its official institutions."
Political and religious parties view the militias' weapons as more than just a combat tool, but rather a defense of the country and religious beliefs. Their presence is considered justified and legitimate in light of the increasing security threats facing Iraq from within and without.
These parties emphasize that the armed factions have played important roles in protecting cities and communities, especially during periods when the state suffered from weak security institutions and the rise of ISIS.
Conversely, another group believes that the continued presence of weapons outside state control weakens national security and undermines the security services' ability to enforce the law and protect borders. It also negatively impacts Iraqi positions regionally and internationally, making Iraq vulnerable to blackmail or external influence through these factions.
Analysts believe that the failure to resolve this issue will slow the building of strong, unified state institutions and create a permanent state of political and security instability, making any reform or development in the country dependent on the government's ability to impose control over weapons and integrate factions within the official state framework.
NATO praises Iraq's key role in strengthening regional security and stability
NATO on Thursday praised Iraq's key role in strengthening regional security and stability during a visit by Foreign Minister Fuad Hussein to the alliance's joint command headquarters in Naples, Italy.
"Hussein was officially received by the Commander-in-Chief of the Joint Command in Naples, Admiral Stewart B. Munch, in the presence of Nicola Fontana, Italian Ambassador to Baghdad, and a number of senior coalition leaders," the State Department said in a statement.
"The Foreign Minister held a meeting with Admiral Munch, who congratulated the Minister on Iraqi National Day, and stressed the coalition's commitment to strengthening a constructive partnership with Iraq," the statement said.
"During the meeting, NATO's efforts to support the capabilities of Iraqi security and military institutions were presented, and ways to develop cooperation taking into account existing agreements, especially in the field of training and exchange of expertise with the Iraqi Ministry of Defense.
According to the statement, Hussein "appreciated the level of developing relations between Iraq and NATO," and "the important role of the NATO envoy in Iraq," and "the Iraqi government's readiness to provide all necessary facilities.
For his part, Admiral Munch "expressed his deep appreciation for the cooperation of the Iraqi government in implementing partnership and training programs," and "praised Iraq's key role in strengthening regional security and stability.
"The meeting discussed current regional and international developments, and stressed the importance of continued coordination and consultations between Iraq and NATO to address common challenges and contribute to the maintenance of international security and peace," the statement said
Mazhar Saleh: Iraq is focusing on diversifying the economy and attracting foreign investment.
Speaking to Al Furat News Agency, Saleh pointed to "developing tourism, particularly religious and heritage tourism, given Iraq's historical and cultural assets. He also highlighted the need to encourage investment in technology and education to build a sustainable knowledge economy, improve the business environment by reducing administrative red tape, combating corruption, and providing legal guarantees for investors."
He added, "The government is working to increase non-oil revenues, such as taxes, customs duties, and government services, while ensuring fair distribution," noting that "the current government program aims to raise non-oil revenues to 79 trillion dinars by 2028, reflecting the trend toward true economic diversification."
Saleh explained that "investment is linked to political and security stability, and the government has focused on attracting foreign investors, protecting their capital, and limiting the flight of domestic capital by providing a reliable investment environment. It has also focused on transforming the decline in non-oil sectors into opportunities and strengthening the legal and institutional infrastructure to ensure investor protection and resolve commercial disputes."
He concluded by saying, "Political and security stability are essential conditions for attracting investment, accompanied by the implementation of legal and institutional reforms to ensure a safe and attractive business environment."
Baghdad Remembers Paul Bremer and "Family Banks"... Al-Mada Symposium: This Is How Our Banking System Disrupted - Photos
In the presence of Al-Sudani's advisor
Al-Mutanabbi Street (Baghdad)
Al-Mada Foundation for Media, Culture and Arts held a session at Al-Mada House on Al-Mutanabbi Street titled “Banking Reforms: The Solutions Phase.” The session featured a scathing critique of the state of Iraqi banks. The panel featured a number of financial and economic experts and specialists, including the Prime Minister’s advisor for financial affairs, Mazhar Mohammed Salih; advisor to the Iraqi Private Banks Association, Samir al-Nusairi; spokesman for the Central Bank of Iraq, Alaa al-Fahd; and economic expert Mustafa Akram Hantoush. The attendees reviewed the nature of the legislation and laws, holding Paul Bremer, the US civil administrator of Iraq until 2004, responsible for the failure, as well as the phenomenon of “family banks” that has dominated banking activity over the past two decades.
Samir Al-Nusairi - Advisor to the Iraqi Private Banks Association:
The comprehensive banking reform project launched by the Central Bank of Iraq in collaboration with Oliver Wyman and sponsored by the government will identify banks that will keep pace with developments and those that will adhere to these standards. We all hope that, after three years and after these banks implement the standards, programs, and policies approved by this company in cooperation with the Central Bank, our confidence in the banking sector will be restored.
As for the criticisms directed at private banks, which focus more on speculation than development lending, this is one of the challenges facing the banking sector, and the reform project will certainly overcome this reality by implementing the standards of the comprehensive banking reform project.
The current laws and legislation introduced by Bremer in 2004 are the problem that led to this situation. Therefore, we always emphasize that the legislation needs to be reviewed. The Banking Law, the Central Bank Law, and the Iraq Stock Exchange Law are the primary solutions to overcome these challenges.
Alaa Al-Fahd, the official spokesman for the Central Bank :
The Central Bank's plan for the next phase to achieve monetary and banking stability is to shift toward financial inclusion, electronic transformations, and the transition to digital banking, which is part of the modern global system. It also requires high transparency and oversight of banking operations to ensure they are at par with international standards, adopting the latest technology, and working on cybersecurity, which is crucial at this stage. It also aims to change ownership aspects of banks, shifting from family ownership to attracting foreign contributions, whether through opening new branches or contributing to existing banks.
There are no complications in banking procedures and currency exchange. Today, we are doing our best to achieve smoothness and ease through correspondence. However, what has delayed the process is the scrutiny of commercial transactions by correspondent banks. However, these procedures are better than before because they are conducted with high transparency, high oversight, and also smoothly. Most requests are not rejected if they are genuine and represent foreign trade.
Steps will be taken to strengthen oversight of banks and ensure their compliance with international standards, through international firms contracted with Oliver & Ayman, KPMG, and others. These firms currently play a very important role as advisors and restructuring partners.
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