Apple Pay: A step towards expanding the umbrella of electronic payments
The Cabinet recently approved recommendations to move forward with activating Apple Pay services in Iraq, as part of the government's efforts to strengthen the digital infrastructure and expand the reach of electronic payments in the country. Apple Pay allows for easy payments using Apple devices and enables secure, contactless purchases in stores, through apps, and online.
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Experts believe it is a safer way to pay, as well as being very easy, and is an important step towards the future of contactless payments.
Historical turning point
The economist, Asaad Al-Rubaie, explained that the world is going through a historical turning point that is changing on several fronts. There are different conflicts: military, social, political, geographical, and economic. He pointed out that the economic conflict now is between the American global payment system “SWIFT”, which is globally dominant, and the Russian SPFS financial transfer system, which has been joined by more than 177 institutions from 24 countries, as well as the Chinese WeChat system, which has reached the stage of cloud-based electronic money.
Al-Rubaie added, in an interview with Al-Sabah, that this conflict is more important than all the current conflicts between the United States and its allies and China and Russia and their allies, explaining that the world is divided in two while Iraq still stands in the middle between BRICS and the Western bloc with their financial tools such as SWIFT, Apple Pay, Google Pay, and PayPal...
Shaping the economy
He pointed out that Iraq has been moving, for the past three years, towards what can be called the restructuring of the Iraqi economy, whether through linking Iraq to global financial institutions or creating a revolution in monetary policy and moving Iraq towards modernity and financial, monetary and economic development. He explained that the use or activation of electronic payment tools adopted by the Iraqi government, which led to an increase in the use of electronic transactions in Iraq from 5% to 50%, will link Iraq to the global economy through its financial tools, which will enhance e-commerce, encourage cross-border business and trade, provide many job opportunities and facilitate the purchase process for the Iraqi citizen from any country in the world with the click of a button and without obstacles, which will stimulate commercial activity and strengthen the local economy.
Al-Rubaie called on the government to proceed along this path, noting the need to strike a balance with the BRICS organization and to hold the stick in the middle in the secret trade war between the United States and China.
Global revolution
In this context, financial and economic expert Dr. Nabil Rahim Al-Abadi considered Iraq’s joining Apple Pay as an announcement of the country joining the ranks of the global financial revolution, noting that the joining represents economic and digital dimensions.
Al-Abadi explained to Al-Sabah that joining will facilitate combating the informal economy, which is estimated to be more than 40% of the gross domestic product in Iraq, noting that the Central Bank’s estimates indicate that the volume of cash transactions outside the banking system exceeds 25 trillion Iraqi dinars annually.
He added that Apple Pay will contribute to converting a large part of these transactions into documented digital ones, as every digital transaction means a step towards financial transparency and combating corruption, indicating that the rate of financial inclusion in Iraq does not exceed 23% according to World Bank reports, and therefore the service will contribute to attracting more than 3 million young people to the banking sector during the first year.
Official channels
Al-Abadi added that the service will encourage citizens to link their savings to the official banking sector and direct funds towards official channels instead of illegal methods.
Although Al-Abadi acknowledged that the Iraqi e-commerce market is growing at a rate of 35% annually, he noted that it suffers from weak secure payment systems for e-commerce stores, which reduce operating costs by 15-20%, and also reduce the costs of dealing with cash (counting, transporting, storing), which cost the merchant 5-7% of his revenues.
Regarding the benefits that will accrue to the government, the financial and economic expert said that the government will benefit from an increase in tax revenues of 15-20% over 3 years through documenting transactions, and it will lead to a reduction in the costs of printing and circulating money, which amount to 500 billion dinars annually, in addition to helping in combating corruption by tracking the financial path of transactions.
Great benefits
Regarding the benefits that citizens will gain from the service, Al-Abadi explained that it will save 2-3 hours per week that were wasted waiting in bank queues, reduce the costs of financial transfers by 60% compared to traditional methods, and increase financial security by 80% through biometric authentication technologies.
As for investors, it creates a more attractive business environment with the provision of advanced digital infrastructure, and achieves expected growth in the volume of e-commerce from $1.2 billion to $3 billion within two years, which is a positive indicator of market trends and transparency.
Al-Abadi reviewed what the service has achieved in a number of countries, explaining that it contributed in the Kingdom of Saudi Arabia to raising the rate of financial inclusion from 62% to 82% in 3 years, and that the entry of global payment systems in Egypt led to an increase in the volume of e-commerce by 400% during 4 years.
He stressed the need to develop the internet infrastructure (current internet speed 6.5 Mbps vs global average 25 Mbps), qualify the banking sector through training programs targeting 5,000 banking employees, and increase digital awareness through awareness campaigns reaching 10 million citizens.
Al-Abadi, who mentioned at the end of his speech that the decision to join is not the end of the road, but the beginning of the road, stressed the importance of preparing for a wave of digital transformation that will affect all aspects of our economic lives, asking whether we are ready to deal with the future?
Economic crises are escalating... Contractors' dues are an early warning before the "Iraqi government shutdown".
Recently, complaints from contractors about the delay in receiving their financial dues have been growing, despite their completion of service and infrastructure projects in a number of governorates. This delay does not appear to be related to administrative procedures alone, but rather indicates clear funding bottlenecks within the general budget, and a slowdown in financial transfers between ministries and implementing bodies.
With the expansion of the “deferred payment” policy in an undeclared manner, the labor market, the construction movement, and the confidence of the private sector are facing increasing challenges that may affect economic stability and the development path in the country.
Dozens of contractors have demonstrated in various governorates in recent weeks, protesting the continued delay in the disbursement of their financial dues, stressing that this disruption has directly harmed their work and led to the suspension of a number of service projects.
Experts believe that the worsening crisis of contractors’ dues is linked to the current budget structure, which focuses heavily on operational spending at the expense of investment spending, thus reducing the liquidity allocated to projects. The multiple layers of auditing and review between regulatory and financial bodies also increase waiting periods and disrupt local reconstruction plans.
Multiple stakeholders
For his part, economist Ali Daadoush confirmed that “the government’s delay in paying the dues of contractors who completed service projects is due to severe funding bottlenecks within the general budget, in addition to weak cash flow and slow transfers between the Ministry of Finance and the implementing bodies, and the accompanying administrative routine and complexities in auditing and matching that delay the release of financial payments.”
Daadoush told Iraq Observer that “the multiplicity of regulatory and accounting bodies increases the delay periods, especially in projects implemented in the governorates or within local reconstruction plans, which has led to a large accumulation of unpaid financial claims.”
He explained that “the government actually tends to implement projects on credit in an undeclared manner, in light of a liquidity crisis resulting from fluctuating oil revenues, expanding operational spending, and rising internal obligations.”
He explained that “this approach may ensure the continuation of projects in stages, but it creates growing risks in the medium term, most notably the accumulation of internal debt on the treasury, a decline in the confidence of the private sector, and a slowdown in the labor market after contracting companies stop starting new projects.”
Daadoush added that “the continuation of this policy without a disciplined legal framework threatens the financial balance and jeopardizes economic stability,” calling for “rescheduling payments and activating phased disbursement mechanisms through bonds or short-term financial instruments to guarantee the rights of contractors and the continuation of work without burdening the economy with unforeseen future burdens.”
According to Central Bank Governor Ali Al-Allaq, Iraq’s internal and external debts amount to about $150 billion, which puts additional pressure on the state’s ability to meet its financial obligations, especially with regard to paying contractors’ dues and financing investment projects.
This size of debt points to accumulated challenges in managing liquidity and balancing the budget, in light of rising current expenditures and fluctuating oil revenues, which increases the risk of widening the deficit and pushes the government towards temporary solutions that may not be sustainable in the long term.
The Iraqi street demands that al-Sudani be appointed Prime Minister and that the results of the parliamentary elections be respected.
The Iraqi political scene is witnessing growing public support for the appointment of Prime Minister Mohammed Shia al-Sudani, whose Reconstruction and Development Coalition won the most seats in the recent parliamentary elections, to form the new government. This demand rests on two main pillars: first, respecting the will of the voters who entrusted him with their confidence, securing nearly twenty percent of the vote across eleven Iraqi provinces; and second, adhering to the constitutional process, which stipulates that the candidate of the winning bloc in the elections be tasked with forming the government.
There are many popular, legal and political opinions supporting this trend, as many believe that assigning the Sudanese represents the natural step to consolidate political stability and complete the projects that were launched during the previous session.
Lawyer Hussein Ali points out that “the democratic experiment in Iraq cannot succeed unless the will of the voter is respected. The appointment of Al-Sudani is a direct application of the constitutional texts, and represents a clear protection of the citizen’s right to choose who manages the affairs of the state.”
Lawyer Salman Abbas adds, “Bypassing the first winner in the elections will put the political system in doubt and create a crisis of confidence between the citizen and the institutions. The constitution has set binding mechanisms and everyone must abide by them without interpretations.”
Citizen Alaa Latif affirms that “Al-Sudani did not come with slogans, but with actual work. The citizen witnessed tangible service and administrative reforms and improvements, so returning to him to form the government is not just a political option, but a response to a broad popular desire.”
Citizen Bassem Kazem says, “Iraqis are tired of multiple experiments. They want a figure capable of managing heavy files. Al-Sudani has proven over the past two years that he is capable of handling crises.”
Citizen Narjis Abdul Sattar points out that “electoral awareness this year was different; people voted for the one they saw as having a real ability to achieve. That is why the Sudanese won a big victory.”
Sheikh Kamel Abdul Saheb explains that “the sons of the tribes participated actively in the elections, and they witnessed the extent of the support that Al-Sudani received. Ignoring this popular will will create an unjustified social and political rift.”
Sheikh Thaer Mohammed Al-Jabri says that “appointing the first winner is the only guarantee to prevent political conflicts that could take the country back to square one. Everyone wants a stable and strong government that has real popular support.”
Sheikh Hussein al-Abadi adds, “The results were clear. Whoever has the people’s trust should be given the opportunity to form the government, and this is the simplest standard of democracy.”
Political activist Zahraa Mohammed believes that “the large vote in favor of Al-Sudani is not just an electoral number, but a national mandate to manage the next stage. The public wants to complete the development projects that have recently started, and changing the leader in the middle of the road is not in the interest of stability.”
Political activist Ali Mazhar says, “Al-Sudani was able to create a rare state of political balance, and he managed to bring together multiple forces at one table without creating a crisis. This in itself is a great political achievement that must continue.”
Activist Wadad Karim asserts that “Al-Sudani adopted a practical approach that was not based on incitement or exaggeration. People want officials who work, not those who make promises, and that is why he received popular support.”
Independent politician Ahmed Abdul-Muttalib adds that “forming a new government led by al-Sudani will give Iraq an opportunity to build on its achievements and strengthen its regional position, especially given the changing economic circumstances.”
As popular demands continue to escalate and expand across social media platforms and statements from elites, tribal leaders, and civil society organizations, the Iraqi public awaits the outcome of the political consultations among the winning parties. Most observers agree that appointing the leading candidate is the natural and constitutional option to ensure the stability of the political process and protect the will of the Iraqi voter.
The Sudanese president received the British ambassador and they discussed cooperation in the investment, energy and industry sectors.
Prime Minister Mohammed Shia Al-Sudani received the British Ambassador to Iraq, Irfan Siddiq, on Saturday.
A statement from the Sudanese office said that “during the meeting, the British ambassador conveyed the congratulations of the United Kingdom government to Iraq, both government and people, on the occasion of the parliamentary elections that were successfully conducted by the Iraqi government, in a manner that garnered international praise.”
The meeting witnessed discussions on bilateral relations and ways to strengthen and develop them in various fields, particularly in the investment, energy and industry sectors, in order to contribute to achieving the common interests of the two countries.
An economist told Nina that international conflicts have negatively impacted oil prices, and that Iraq should exercise caution in public spending.
Economic expert Raad Tuwaij confirmed that the deterioration of international relations and the decline in international competitiveness will inflict significant losses on the oil market.
Tuwaij told the Iraqi National News Agency ( NINA ): "International relations are at their worst, with conflict replacing competition, which has led to a significant drop in competitiveness in the global economy. This will negatively impact global economic growth and slow it down, resulting in a decline in oil prices and substantial losses for the oil market.
" Tuwaij stressed "the necessity for Iraq to exercise precision and caution in its spending levels across all sectors, particularly regarding the spending levels of the previous parliament. This must be reflected in all areas by avoiding waste and achieving efficiency in the use of public funds."
An economic expert says Iraq faces a "trillion-dollar" deficit, putting employee salaries at risk.
– Economic expert Manar al-Ubaidi confirmed on Saturday that Iraq faces a budget deficit exceeding 15 trillion dinars by the end of this year.
In a post on his Facebook page, al-Ubaidi stated, "The financial situation in Iraq continues its downward spiral towards a dangerous crisis." He explained that, "According to data from August 2025, total revenues reached 82 trillion dinars, of which 73 trillion dinars came from oil, compared to only 9 trillion dinars from non-oil revenues."
He added, "In contrast, public expenditures reached 87.5 trillion dinars, including 73 trillion dinars in operational expenses, in addition to 5 trillion dinars in government advances that are often included in actual expenditures at the end of the year. This means that the real deficit by the end of August 2025 reached approximately 10 trillion dinars."
He continued, "Based on this trajectory, estimates indicate that the actual budget deficit may exceed 15 trillion dinars by the end of this year."
Meanwhile, data from the Central Bank of Iraq reveals that it purchased only $49 billion worth of currency from the Ministry of Finance during the first nine months of the year, while it sold more than $60 billion through foreign currency sales windows. This means that the bank was forced to use about $11 billion of its reserves to cover the increasing demand for dollars, according to Al-Obaidi.
He explained that "this continuous drain, amid declining oil prices within the range of $60-65 per barrel, indicates that neither the current government nor any subsequent government will be able to cover a large portion of essential operating expenses unless it takes radical and swift measures to increase revenues and rationalize spending to the lowest possible level."
He continued, "Although the government may resort to borrowing again, this step will not be as easy as before, especially after the internal debt has exceeded 90 trillion dinars and the local market's capacity to absorb more debt instruments has diminished.
" Al-Ubaidi emphasized that "the real solution begins with a detailed analysis of public spending schedules down to the smallest expenditure unit in state institutions, focusing on uncovering areas of financial waste, particularly in the files of fictitious salaries, pensions, and social welfare programs, a large portion of which, as everyone knows, goes to those who are not entitled to it, in addition to its occasional exploitation for electoral purposes."
He added, "The files of the food ration card, drug subsidies, and other support programs must also be reviewed, as they require a precise evaluation to determine their efficiency and whether they achieve their actual objectives." He clarified that "Iraq is currently facing a critical financial juncture." Especially given the possibility of a delay in approving next year's budget due to the formation of the new government, which means entering an uncertain fiscal year without a clear spending ceiling.
According to Al-Ubaidi, the situation has gone beyond mere rhetoric. The actual deficit, which is approaching 15 trillion dinars—more than 10% of total public revenues—is no longer just a figure in reports, but a real threat to the state's ability to continue paying salaries and fulfilling its obligations.
He explained that unless the crisis is addressed quickly and with responsible decisions, the state will be forced to adopt coercive measures that will affect the poor and unemployed even more than employees.
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Sudani is making a two-day visit to the Kurdistan Region
An informed source reported on Saturday that Federal Prime Minister Mohammed Shia al-Sudani will visit Erbil next Monday.
The source told Shafaq News Agency that Al-Sudani will hold a meeting with Kurdistan Region Prime Minister Masrour Barzani and a number of regional government officials.
The source added that Al-Sudani will head the following day (Tuesday) to the city of Duhok, where he will participate in a special event for the MEPs conference at the American University of Kurdistan in Duhok.
This is the first visit by a senior federal official and the first by a winner in the recent elections to the region.
Preliminary results announced by the Independent High Electoral Commission showed that al-Sudani and nine members of his government won, while four other ministers lost despite receiving thousands of votes.
The Independent High Electoral Commission of Iraq announced on Wednesday evening that the “Reconstruction and Development” alliance, led by Al-Sudani, had made significant progress in the preliminary results, achieving 1,317,346 votes in 12 out of 18 governorates. The Progress Party, headed by former Speaker of Parliament Mohammed Al-Halbousi, came in second, and the State of Law Coalition, led by former Prime Minister Nouri Al-Maliki, came in third.
According to election monitoring organizations, Shiite lists obtained 187 seats out of the total number of seats, including some seats within Sunni lists.
The tables also showed that Sunni lists won 77 seats, while Kurdish lists won 56 seats, and Yazidi candidates won one seat.
US State Department: Elected Iraqi leaders have the authority to form the next government
The US State Department confirmed on Saturday that the parties and political forces that won the sixth parliamentary elections in Iraq, which were recently held, can proceed with forming the new federal government.
A spokesperson for the US State Department congratulated the Iraqi people on the "peaceful" elections, adding that "their elected leaders now have the sovereign authority to determine the formation of the next Iraqi government."
He affirmed that "we will continue to strengthen US-Iraqi relations based on mutual respect and common interests."
Last Thursday, the US President’s Special Envoy to Iraq, Mark Savva, offered his sincere congratulations to the Iraqi people on the successful completion of the recent parliamentary elections, considering it “a fundamental step to strengthen democracy and stability in the country.”
The US envoy affirmed that "the United States remains strongly committed to supporting Iraq's sovereignty, reform efforts, and reducing foreign interference and armed groups," noting that his country "looks forward to working with the Iraqi government to deepen the strategic partnership in the areas of security, energy, and development, and to contribute to building a stable and prosperous future for all Iraqis."
On the ninth and eleventh of November, Iraq held special and general voting in the parliamentary elections for the sixth parliamentary session, as part of a democratic practice in the political process that emerged after 2003 through the overthrow of the former Baath regime by the forces of the United States of America and its allies.
Strengthening Iraq's steps towards joining the World Trade Organization
The Ministry of Trade has adopted steps aimed at enhancing Iraq’s chances of joining the World Trade Organization, stressing that it has made great progress in supporting local products and strengthening the private sector to meet the needs of local markets for various products.
The official spokesman for the Ministry, Mohammed Hanoun, stated in a statement to “Al-Sabah” that joining the World Trade Organization, which Iraq had submitted a request to through the Ministry, represents a strategic step towards full integration into the global economy and reflects the country’s commitment to reforming the economic and trade system in accordance with international standards.
He noted that joining the organization obliges the government to implement an economic reform program, in addition to strengthening trade policy and improving the business environment, as well as creating favorable conditions for foreign investment, pointing out that the ministry is working in coordination with relevant authorities to take the necessary steps to complete the accession process.
Negotiations for Iraq’s accession to the organization began in 2004 and stopped in 2008. An informal meeting was held in 2017, while a third meeting was held on June 18 of last year.
Hanoun explained that the necessary procedures include reviewing existing trade legislation to determine its compatibility with WTO agreements, as well as enhancing the investment environment by streamlining procedures and removing obstacles to the movement of goods and services. He also emphasized the importance of strengthening the competitiveness of the private sector and improving the quality of national products. He affirmed that the country has made significant progress in this area by supporting local production, particularly grain, which has become a focus of interest for neighboring countries. Furthermore, he highlighted the importance of strengthening the role of the private sector as a partner to the public sector in meeting the needs of local markets. The ministry spokesperson stated that Iraq's accession to the WTO will increase export opportunities for local products by establishing an international market for them. This will also attract foreign investment and bolster international confidence in the Iraqi economy, while the ministry remains committed to ensuring a balance between the interests of the local market and protecting domestic products. National.
Strengthening Iraq's steps towards joining the World Trade Organization
The Ministry of Trade is adopting strategic steps to enhance Iraq’s chances of joining the World Trade Organization as a full member.
The Ministry's official spokesperson, Mohammed Hanoun, told Al-Sabah newspaper that joining the WTO represents a significant step towards full integration into the global economy and reflects Iraq's commitment to reforming its economic and trade systems in accordance with international standards. Hanoun added that joining requires the government to implement a reform program that includes strengthening trade policy, improving the business environment, and creating favorable conditions for foreign investment. He explained that the Ministry is working in coordination with relevant authorities to take all necessary steps to complete the accession process.
Foreign reserves are a pillar of monetary stability.
Economic researcher Dr. Nabil Rahim Al-Abadi explained that foreign currency reserves have reached approximately $100 billion, which covers the issued local currency amounting to about 98.4 trillion dinars, registering a decrease of 3.8% compared to the same period last year.
The period from 2024.
Al-Abadi added in an interview with Al-Sabah that the decline in the value of the local currency contributed to a decrease in the inflation rate to 0.8%, a decrease of 76% compared to 2024, which had a significant impact on maintaining the general price level.
He added that foreign reserves at their current rate are sufficient to cover the equivalent of 18 months of imports, in addition to the fact that the precautionary reserve of gold reached about 167 tons, which ranks fourth in the Arab world and thirtyth globally according to the World Gold Council, noting that it constitutes an important part of Iraq’s foreign reserves, as it recorded a large growth rate of 55% until the first half of 2025, as its value reached about 22.8 trillion dinars compared to its value of 14.7 trillion dinars in the second half of 2024, and that the safe investments of the reserves contributed greatly to the growth of investment portfolios, accompanied by good growth rates in returns to investment portfolios.
He stressed that the growth rates achieved in foreign reserves were consistent with the Central Bank’s plan to enhance returns and build capacity in the field of self-management of reserves, which enabled the establishment of international banking relationships and the entry into agreements and memoranda of understanding with classified international banks, reputable financial institutions, international financing and consulting organizations, the Arab Monetary Fund, and international institutions concerned with investment management.
It also contributed to helping banks build international banking relationships with correspondent banks in accordance with the Central Bank’s plan to regulate foreign trade financing and implement the comprehensive banking reform program.
Rafidain Bank announces the addition of 20 of its branches to the anti-money laundering system.
Rafidain Bank announced on Sunday that 14 new branches have joined the Anti-Money Laundering (AML) system, bringing the total number of branches operating according to the latest approved regulatory standards to 20.
According to a statement issued by the bank, which was received by ( IQ ), this development comes within the bank’s strategy to raise the level of financial security and enhance integrity and transparency in daily transactions, and to build a banking environment that is in line with national and international compliance requirements.
The bank confirmed in its statement that bringing these branches into the advanced system represents a qualitative step that enhances the ability to monitor financial transactions and reduce any suspicious activities, thus supporting the state’s efforts to protect the financial system and preserve citizens’ money.
The head of the Iraqi Media Network, Karim Hammadi, proposed holding the "Iraqi-Spanish Media Week" in Baghdad, during the network's delegation visit to Madrid, where the Arab-Spanish House hosted the delegation headed by the network's president, and included the Vice President of the Board of Trustees, Sanaa Saeed, and board member Islam Al-Saadi, in addition to the directors of the Iraqi News Agency, Al-Sabah newspaper, foreign media, electronic media, public relations and drama.
During his participation in the joint media workshop, the Ambassador of the Republic of Iraq to Madrid, Saleh Al-Tamimi, gave a comprehensive presentation to Spanish journalists on the course of bilateral cooperation between the two countries, emphasizing that "Iraq and Spain are moving towards diverse economic partnerships encompassing investment, energy, and culture." Al-Tamimi also reviewed the Iraqi media's experience in supporting the democratic system and consolidating freedom of expression.
For his part, the head of the Iraqi Media Network, Karim Hammadi, presented a detailed overview of the media landscape in Iraq and the challenges it faces. He highlighted the network's role in strengthening national identity and reflecting the true image of Iraq, including its development, stability, and mature democratic experience. Hammadi explained that organizing the "Iraqi-Spanish Media Week" in Baghdad will allow Spanish journalists to conduct field visits to Baghdad and other provinces, enabling them to observe the media landscape and visit historical and tourist sites. This, he said, will contribute to presenting a positive image of Iraq to the Spanish and European public, boosting tourism, and potentially improving travel restrictions to Iraq.
Sanaa Saeed, Vice Chair of the Board of Trustees, and Islam Al-Saadi, a member of the Board, presented an overview of the Board's work and its coordination mechanisms with the network's leadership, emphasizing the role of Iraqi women in leadership, executive, and media positions. The delegation discussed ways to enhance joint media cooperation, including organizing training workshops, exchanging news, and translating it into multiple languages, while also sharing the professional and media experiences of the delegation members.
These initiatives are part of the Iraqi Media Network’s efforts to promote transparency, convey an accurate and objective image of Iraq to the international arena, and strengthen media relations between Baghdad and Madrid.
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