Al-Alaq reveals assurances: Banks banned from accessing dollars will return to their normal operations.
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Central Bank Governor Ali Al-Alaq revealed on Tuesday that there are assurances regarding the return of banks that were barred from dealing in dollars to the normal environment, after the completion of the required reform stages.
During a session attended by a select group of experts and specialists, His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, presented a comprehensive overview of the banking reform process and upcoming structural plans, emphasizing that rebuilding the banking sector is the cornerstone of the bank’s work at the present stage.
His Excellency explained that the contract with Oliver & Ayman (O&W) came after the ban on dollar transactions imposed on a number of Iraqi banks, with the aim of implementing deep and comprehensive reforms to ensure the banking institutions' compliance with international standards. He revealed that there are assurances regarding the return of these banks to normal operations after the completion of the required reform phases.
The Governor stated that all Iraqi banks have signed the reform document, emphasizing that compliant banks will be granted the ability to deal in other currencies in a phased approach. He also noted that international bodies are closely monitoring the progress of the banking reform process.
Regarding digital transformation, he confirmed that the digital dinar project is underway, but it requires time and integrated infrastructure to ensure its optimal launch.
The Central Bank Governor reiterated his commitment to maintaining overall price stability by keeping inflation at low levels through the stability of the official exchange rate, which is a major success for monetary policy. He added that reducing the dinar's exchange rate would have negative repercussions on this stability, harming broad segments of citizens with limited incomes and weakening confidence in the national currency.
He stressed the need to avoid using the exchange rate as a tool to address the structural deficit, which requires structural reforms aimed at maximizing local revenues with their vast and lost opportunities, controlling expenditures, diversifying the economy, and supporting the government’s directions in this regard.
The Central Bank reassures: Comprehensive reforms and a swift return of banks deprived of dollars.
The Central Bank of Iraq reassured the public on Tuesday (December 2, 2025) regarding the ongoing banking reforms, stressing that rebuilding the banking sector is the main pillar of its work at the present stage, during a session attended by a number of experts and specialists.
The bank said in its statement, received by “Baghdad Today”, that its governor, Ali Mohsen Al-Alaq, presented an extensive proposal for the reform plan, explaining that the contract with Oliver Wyman came after the restrictions imposed on a number of banks dealing in dollars, with the aim of implementing comprehensive reforms that ensure their compliance with international standards, noting that there are assurances that those banks will return to their normal environment after the completion of the reform stages.
The statement added that all Iraqi banks have signed the reform document, indicating that compliant banks will be granted the ability to deal in other currencies in gradual steps, while confirming that international bodies are directly monitoring the progress of work on this file.
He added that the digital dinar project is still under implementation and requires time and integrated infrastructure before it can be officially launched.
The bank noted that Al-Alaq reiterated the commitment to maintaining overall price stability by fixing the exchange rate and keeping inflation at low levels, warning that reducing the dinar's exchange rate would have negative repercussions on low-income groups and weaken confidence in the national currency.
The statement concluded by stressing the need to avoid using the exchange rate as a tool to address the structural deficit, emphasizing the need for structural reforms to maximize revenues, control expenditures, and diversify the economy, while supporting the government's directions in this area.
The Central Bank reveals assurances in the banking reform plan.
He stressed the need to avoid using the exchange rate as a tool to address the structural deficit, which requires structural reforms aimed at maximizing domestic revenues by leveraging the vast and currently untapped opportunities, controlling expenditures, diversifying the economy, and supporting the government's efforts in this regard.
Media Office
Financial corruption in Iraq is swallowing billions of dollars from the state treasury.
Financial corruption in Iraq has not been limited to stealing public money, but has changed the rules of the economy and politics, as it has led to the creation of new billionaires, the impunity of those with influence, and the deepening of the social justice gap, which calls for radical reforms to confront this financial savagery.
As you follow the news of financial corruption, crimes of wasting public money, and the plundering of Iraq’s wealth and assets, you can only open your mouth wide and rub your eyes hard, after organized corruption within the oil-rich state has become transcontinental and has become fiercely rampant in recent years, specifically since the American occupation of Baghdad in 2003, to the point that Iraq has been placed among the countries with the highest rates of administrative and financial corruption, joining Afghanistan, Somalia, Yemen, Sudan, and Libya, according to the Corruption Barometer statistics.
Corruption has become a drain on the state's vast resources, particularly oil revenues, having infiltrated the circles of political and economic decision-making. A succession of corruption scandals unfolds, with one quickly followed by another, and investigations reveal the involvement of high-ranking officials, influential figures in the government, and leaders of militias and political parties. This is accompanied by a clear government inaction, bordering on complicity, in recovering funds looted domestically and smuggled abroad.
Social Welfare Fund
A few days ago, the Minister of Labor and Social Affairs in Iraq, Ahmed Al-Asadi, came out to talk about the disappearance of a huge sum of money from the Social Welfare Fund, estimated at about $1.5 billion.
This number is considered normal in Mesopotamia compared to other cases of corruption that the Iraqi state witnesses from time to time, although it constitutes a major shock in other countries, and may even bring down major governments and keep leaders and officials behind bars for many years, but in Iraq it has become ordinary news in light of the repetition of huge numbers related to corruption and the theft of billions of dollars from the state treasury and the plundering of its resources without deterrent punishment.
Looking at corruption issues in Iraq, we find it deeply rooted within the state’s administrative apparatus and extending to all institutions, public deals and auctions, starting with infrastructure projects, railways, roads, bridges, hospitals, schools, electricity, sewage and water networks, and most importantly the oil sector, with its two arms, oil and gas, which is the vital activity on which the state depends to generate dollar resources, manage import needs and pay off the burdens of external debt.
Jumbo
Iraqis are discussing “Jumbo” corruption files, including the militias and parties seizing state properties, stealing oil directly from pipelines, thousands of fictitious and paper projects and contracts, and hundreds of thousands of employees receiving salaries from several institutions at the same time. The largest corruption deal in the history of Iraq’s railways since its establishment in 1916 was also revealed, during which billions of dollars of state resources were looted.
Who among us does not remember one of the most prominent corruption cases in Iraq, the “Theft of the Century” case, in which about $2.5 billion was stolen from the tax authority’s funds, or who does not remember the famous statement made by the former head of the Integrity Commission, Judge Rahim al-Akeeli, that corruption has swallowed more than $600 billion since 2003, and that Iraq’s mafias have surpassed Italy’s mafias and become a model for the world?
Or the statements attributed to MP Rahim Al-Daraji, a member of the Integrity Committee in Parliament, that there are more than five thousand contracts concluded by the state with fictitious companies, resulting in the waste of $228 billion in construction and infrastructure projects, on paper only, a value that exceeds three times the national budget and the country’s gross domestic product?
This corruption has brought about dramatic changes in the political, economic and social landscape within Iraq. It has created a class of new billionaires and nouveau riche, and has increased the audacity in attacking public funds after the public followed corruption cases involving former prime ministers and ministers who escaped punishment after looting billions of dollars, and the escape of influential people, militias and armed factions from punishment despite their judicial conviction on charges of looting state lands and properties and seizing public funds.
Trump speaks about the Sudanese man: "He is my friend and he nominated me for the Nobel Prize."
The US President revealedDonald TrumpOn Tuesday, he thanked the Prime MinisterMohammed Shia Al-SudaniHe pointed out thatIraqHe became closer to the United States.
Trump added, "Iran has been a bully in the Middle East, bullying Iraq in particular, but the American strikes on Iranian nuclear facilities have made Iraq more friendly in its relations with us. "US"
Trump added that Iran was a bully in the Middle East, bullying Iraq in particular, but that the US strikes on Iranian nuclear facilities had made Iraq more “friendly” in its relations with the United States.
Trump’s remarks came at the end of a long, two-hour meeting of the US administration at the White House, which concluded with a question from Kurdish journalist Diyar Kurda, who referred to the attacks on the Kormor gas field and asked the US president about the possibility of the Kurdistan Region obtaining US air defenses to prevent attacks by Iranian-backed factions and protect foreign companies investing in the region.
Trump responded that he was aware of what had happened and that it was at the top of his list of priorities, but said that the question about air defense systems for Iraq was unusual, and he spoke at length about the Sudanese’s “unexpected” stance regarding Trump’s support for winning the Nobel Prize.
New details have emerged about the framework talks for selecting a prime minister, and this is the American position.
Al-Saadawi said, during his appearance on the “Free Talk” program on Al-Furat satellite channel, that: “The regional and international situation is putting pressure on Iraq, especially since the next government is different from its predecessors as a result of political agreements, despite the relative calm in the scene.”
He explained that "political agreements are proceeding as agreed, and there are no fundamental disagreements, and the candidate for the premiership will be from the coordination framework without putting forward a consensus president or a candidate from a small bloc," indicating that "six names have been submitted so far, but Mohammed Shia al-Sudani has the greatest chance for a second term."
Al-Saadawi said that “everyone today is looking for ministerial positions and there is no direct nomination from most blocs for this position except for the State of Law and Reconstruction and Development bloc,” stressing that “Al-Sudani is committed to the framework’s decisions and meetings and will not leave it or impose his convictions on it.”
He revealed that "no conditions were placed on the prime minister candidate, and the committee formed determined the mechanism, while one of the blocs within the framework put forward conditions, including that the candidate not belong to a party and not run for a second term, and these were rejected by all the forces."
Al-Saadawi said that “the arrival of American delegations to Iraq is a good thing and does not involve interference in the formation of the government or the selection of the prime minister, but rather it includes messages regarding figures on whom international sanctions are imposed, which are delivered through envoys to forces inside and outside the framework,” noting that “the government is dealing with this file at the present time.”
He stressed that "the United States does not have a problem with the Popular Mobilization Forces as an entity, but rather has indications about some factions," emphasizing that "the language of weapons cannot dictate Iraq's foreign policy, and that elections will determine the roadmap for the next stage."
He pointed out that "there are no sharp political storms and what Iraq is witnessing today is less complicated than what it has gone through previously," explaining that "the framework includes wise people capable of leading the country to safety and being a starting point for dialogue and warding off the specter of war."
He added that "the Reconstruction and Development Party is a fundamental pillar within the framework and does not have an alternative program at the moment to prevent Sudani from assuming a second term," calling for "respecting the constitutional timelines to proceed with the House of Representatives session."
Al-Saadawi pointed to "a dilemma in deciding on the Kurdish candidate for the presidency," predicting "the formation of the government within two to three months."
The former MP concluded by saying that "the ministerial change will be in the Ministries of Foreign Affairs and Education in favor of the Shiite component in the new government, and that the Ministry of Finance will return to the Kurds and the Ministry of Higher Education will go to the Sunnis, and this is a political reading that is currently being put forward."
American praise for the progress achieved in Iraq on both the security and infrastructure fronts
The US Under Secretary of State for Resources, Michael Regas, praised the progress made in Iraq on both the security and infrastructure fronts.
A statement from the Ministry of Foreign Affairs said that “the Undersecretary for Bilateral Relations, Ambassador Mohammed Hussein Bahr Al-Uloom, met at a working dinner in Baghdad with the US Under Secretary of State for Resources, Michael Regas, in the presence of Ambassador Mohammed Hisham Al-Fityan, Head of the Protocol Department, Ambassador Nizar Al-Hakim, Head of the America Department, Ambassador Mohammed Al-Shammari, in addition to the Chargé d'Affaires at the US Embassy, Ambassador Joshua Harris.”
He added that "the meeting included a discussion of a number of issues of interest to both countries, and mechanisms to strengthen the friendly relations between Baghdad and Washington in an institutional and balanced manner politically, economically and developmentally, including reconsidering the travel guidelines to Iraq, and reopening the American consulate in Basra."
The statement continued: “Regas also praised the success of the electoral process and the outstanding popular participation in the democratic process, and the progress achieved in the country on both the security and urban development levels,” noting that “future prospects for cooperation that can be effectively activated during the next stage were discussed, whether in the areas of investment, cultural exchange, or strategic coordination on files of common interest.”
On the regional level, the statement indicated that "developments in the region were reviewed, and the importance of supporting dialogue and diplomacy and reducing tensions, in order to contribute to strengthening stability in this vital region of the world."
At the conclusion of the meeting, Ambassador Bahr Al-Uloom, according to the statement, praised the opening of the new consulate in Erbil, and both sides stressed the importance of continued communication between the two countries in a way that serves the interests of the two friendly peoples.
Financial fraud weakens citizens' trust in banks.
For his part, Alaa Al-Fahd, a member of the Central Bank's media office, explained that the bank has strengthened its electronic security systems, issued alerts to banks, and participated in awareness campaigns and the pursuit of suspicious websites, emphasizing that recovering funds is only possible with very early reporting. Legal expert Mohammed Jumaa points out that outdated legislation does not cover modern cybercrimes, calling for updating laws to keep pace with developments. Economist Mustafa Al-Faraj affirms that the persistence of electronic financial fraud damages confidence in the banking system and hinders the transition to a modern economy.
Al-Rafidain Bank announces it collected more than 816 billion dinars in electronic payments during the month.
Rafidain Bank announced on Tuesday that it processed over 816 billion dinars and 72,046 electronic payment settlements during November 2025.
In a statement, the bank said it "achieved outstanding results in electronic payment collection during November 2025, with settlements processed for government departments exceeding 816 billion dinars, totaling 72,046 electronic settlements. This reflects the significant development in the bank's digital system performance." The statement
further explained that "this achievement coincided with a notable expansion in the number of government departments activating the electronic payment system, rising to 2,334 departments during November 2025, compared to only 1,130 departments during the same period in 2024. This reflects the system's widespread adoption and the government's reliance on the bank's electronic payment services."
Al-Rafidain Bank confirmed that these results were the fruit of joint governmental efforts and the implementation of digital transformation plans, as well as the development of banking technologies that contributed to raising the efficiency of collection and ensuring its accuracy and smoothness.
Finance in Iraq: Financial chaos and potential risks
For months, Iraq has been experiencing a clear disruption in the implementation of service and investment projects, as a result of the delay in sending the 2025 budget schedules to Parliament, and the accompanying administrative paralysis and funding stoppage.
The continued application of the 1/12 monthly rule, according to Financial Management Law No. 6 of 2019, has resulted in the inability to finance new projects or complete stalled ones, which has cast a heavy shadow on ministries, governorates and implementing companies, and has led to a decline in basic services and an increase in the levels of delays in completion.
The effects of this delay are compounded by the political and technical disputes that have disrupted the completion of the budget schedules, in addition to the widespread criticism of the previously imposed three-year budget (2023–2025), which experts believe opened the door to manipulation of public funds and was not implemented transparently, thus exacerbating the financial turmoil and delaying the funding of vital projects.
Deteriorating services
Meanwhile, MP Mahma Khalil, who won the recent parliamentary elections, says that the budget delay has negatively impacted the level of services and projects, as the astronomical three-year budget for the years 2023-2024-2025 was not spent transparently and was marred by numerous suspicions that led to the stagnation of service projects.
Khalil adds to Shafaq News Agency that the spending in the three-year budget gave the government leeway to manipulate public funds, considering it a resounding failure that necessitates demanding final accounts to know the true size of spending, especially since the 2025 budget has not yet been completed despite the approaching end of the year.
For his part, Baghdad Provincial Council member Amer Dawood Al-Faily told Shafaq News Agency that the lack of budgets has disrupted projects in general, noting that the Baghdad Provincial Council’s budget for 2025 has not been released yet, which has caused obstruction of service projects and delays in payments to implementing companies.
According to Al-Faily, the problem is clearly evident in the projects department of the Baghdad Municipality, where implementing companies stopped working due to the lack of funding, which directly affected services in the capital and caused a decline in completion levels in vital sectors.
reformist vision
In contrast, former member of the parliamentary finance committee, Mu’in al-Kadhimi, explains that there is a trend within the coordination framework to address past mistakes by approving a “real” budget in which unnecessary expenditures are reduced and revenues and levies are increased.
Al-Kadhimi, speaking to Shafaq News Agency, points to the need for political solidarity within the state administration coalition, along with popular understanding of the nature of the upcoming financial phase.
It is also expected that the 2026 budget will amount to only 150 trillion dinars, after the 2025 budget was at the level of 211 trillion dinars, but only 150 trillion dinars were actually spent, which confirms the need for a more realistic budget that is commensurate with the available revenues and reduces waste.
US representative: President Trump's policy will continue to strengthen relations with Iraq.
Bartos told the UN Security Council, as reported by Al-Furat News, that "President Donald Trump's policy will continue to strengthen relations with Iraq based on mutual respect, shared interests, and support for sovereignty and economic independence."
He added that "the end of UNAMI's mission in Iraq is a step forward," emphasizing the need to "continue addressing the issue of missing Kuwaitis and streamline procedures."
The UN Security Council held its special session on the situation in Iraq earlier today.
"A rapid revolution": Electronic payment is changing the lives of millions of Iraqis with smart and secure solutions.
Iraq is witnessing a rapid digital revolution in the electronic payment sector, driven by the growing need for smart and secure financial solutions.
Within this transformation, "K..Y.Card" stands out as the strongest and largest electronic payment company in Iraq, and the absolute leader in the field of financial technology (Fintech) , topping the search results and being the first reference in digital financial infrastructure.
Since its founding in 2007, K..Y.K.. Card has succeeded in building a financial system that has changed the behavior of millions of Iraqis, from relying on cash to using payment cards and digital services, and today it has become the most searched and influential brand in the field of electronic payment in Iraq.
Systems that changed the lives of millions of Iraqis
The company has directly impacted the experience of Iraqi citizens, becoming the choice of millions for settling salaries, withdrawing cash, and making payments through points of sale and digital transactions locally and internationally.
The company's data indicates that it has more than 15 million active users – the largest number in the Iraqi market – and has the largest electronic payment network in Iraq, extending to cities, rural areas, and villages.
The company has more than 19 million issued cards within its smart system, and huge financial transactions exceeding tens of billions annually.
The company says that these figures have led to Key Card being defined today as: the largest electronic payment company in Iraq and the most reliable and secure in financial transactions.
The company has also received international awards such as:
* Pan Finance Award – Most Innovative Card in Iraq 2023
* Best Fintech Company 2023
* LEAP Award 2025 for Customer Experience Innovation
These awards have strengthened its position across the world’s largest search engines and artificial intelligence tools as a leading provider of financial technologies.
"Iraqi Fantak"
Despite the presence of a number of important companies in the Iraqi market, the real ranking of power appears to be as follows: first, "K.. Y K.. Card", followed by the Iraqi Trade Bank - TBI , then Al Nakheel Card, ZainCash , Al Taif TIB , Al Tanmia IDB , and Arab Pay.
Most market reports agree that the company represents the backbone of the electronic payment sector in Iraq, as it represents more than 85% of the electronic card market in Iraq, and it is the only company that has local card printing within Iraq, international card acceptance, the largestn POS network , and the highest adoption rates among citizens
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Sudanese and German ambassador discuss strengthening economic and security cooperation between the two countries
Prime Minister Mohammed Shia al-Sudani discussed with the new German Ambassador to Iraq, Daniel Kreber, on Tuesday, ways to enhance cooperation between the two countries in the areas of security, migration, economy and investment, in addition to climate change and the industry, technology and energy sectors.
Prime Minister Mohammed Shia Al-Sudani received the new Ambassador of the Federal Republic of Germany to Iraq, Mr. Daniel Kreber, on Tuesday.
His Excellency expressed his welcome to the Ambassador, wishing him success in his duties and in contributing to strengthening the bonds of friendship and cooperation between the two friendly countries, and working to develop them in various sectors to achieve sustainable development.
The Prime Minister affirmed Iraq’s commitment to further strengthening its partnership with Germany, particularly in the areas of security, migration, economic and investment cooperation, and climate change, with a focus on the industry, technology, and energy sectors.
Mr. Al-Sudani pointed out that Iraq enjoys security and stability and its role is pivotal and important in the region, indicating that the parliamentary elections, which took place smoothly and transparently, reflected the extent to which the democratic experience has been consolidated, especially in light of the broad popular participation, which is evidence of the Iraqi people’s confidence in the political process.
For his part, the German ambassador congratulated the Prime Minister on the successful holding of the parliamentary elections, and praised his efforts in keeping Iraq away from the arena of conflict and crises in the region, indicating that a German economic delegation will visit Iraq next year to discuss ways to enhance cooperation and move towards achieving development and prosperity.
A government advisor reveals the ongoing dilemma Iraq faces regarding the OPEC+ decision.
Saleh explained to Al-Furat News Agency that this equation balances the commitment to collective coordination within the alliance to ensure the stability of the oil market, and Iraq’s internal need to increase production in order to strengthen its financial resources.
He described it as a delicate test between Iraq's identity within the international oil system and its ambition to establish a stable national economy that relies on the primary oil revenue source to feed the budget revenues.
Saleh pointed out that freezing Iraq's oil production at 4.27 million barrels per day for 2026 places clear constraints on its ability to increase revenue through quantitative production expansion. He noted that this makes the budget more vulnerable to fluctuations in global prices, rather than relying on increased production volume. However, Saleh emphasized that the decision does not negate the oil field development strategy, but rather propels it toward a long-term investment horizon that takes into account global demand trends for Iraqi crude in the coming years.
Saleh emphasized that Iraq remains a vital energy hub in the global market and a strategically influential player as the second-largest oil producer in OPEC. However, he pointed to internal structural challenges facing Iraq, particularly regarding development financing, especially for oil infrastructure projects. These projects include ports, pipelines, storage facilities, and export terminals—long-term strategic options that rely primarily on oil revenues for their funding.
Saleh confirmed that government plans aim to raise production capacity to more than 5 million barrels per day, especially with the expansion of refining capacities for the purpose of exporting and maximizing added oil value chains.
He clarified that the current OPEC+ decision places a temporary ceiling on this strategic ambition, though it does not eliminate it. He added that new field development projects will continue, but will be transformed into future-proof investments, to be activated as soon as the alliance allows increased production or when global demand conditions improve.
Our besieged economy
The Iraqi economy today lives trapped in a clear paradox: despite the world witnessing profound transformations in concepts, values, and mechanisms of regional and international economic transactions, we remain trapped in the same cycle of stagnation, relying on oil rents as our almost sole source of income. And because energy has become the focus of international conflict over influence and dominance, rentier economies are increasingly vulnerable to instability and pressure.
There is no doubt that a country's wealth is measured by the amount of natural and human resources it possesses. According to global standards, Iraq is among the richest countries in the world and ranks highly in wealth classifications. But the fundamental question remains:
Does Iraq really live up to this classification?
The answer is probably: no.
True wealth is not achieved merely by possessing riches, but by managing them wisely. Iraq's wealth remains squandered due to mismanagement, corruption, and the squandering of resources that could have placed the country among the emerging nations, at the very least, as seen in its Arab and regional surroundings.
Countries that effectively utilize their resources, particularly in the Arabian Gulf, have confidently advanced to influential positions in the international economic and political systems. Saudi Arabia is perhaps a prime example of a nation that has acted according to a clear vision, enabling the world to recognize it as a significant power, and it is now among the G20's leading nations, regardless of any controversies that may arise.
It is not shameful for Iraq to acknowledge its mistakes; what is shameful is persisting in repeating them. Since the establishment of its modern state, Iraq has been a center of influence and polarization in the region, deriving its strength from a network of mutual interests with the world. However, this position has declined because our economy has become besieged from within as a result of the mismanagement of its resources and its captivity under a policy that relies on exporting oil and distributing its revenues through stagnant, consumer-driven budgets that do not reflect the country's stature or the potential of its people.
The next stage should be a real turning point in economic thinking, especially after the launch of Iraq’s 2050 vision for development and the future, which is based on breaking the internal siege by moving from a rentier economy to a productive one. This requires the next government to draw up solid economic policies that work to diversify sources of income to the point where oil becomes a secondary resource, not the sole focus of the state.
This necessitates investing oil revenues in stimulating the real sectors: industry, agriculture, tourism, technology, and productive and digital services, while seriously utilizing the expertise of economists and academics who have long been marginalized despite the urgent need for their insights in charting a rescue plan for our self-imposed economic crisis. To be fair, the outgoing government took important initial steps in building some basic infrastructure and developing a strategic vision for partnership with the private sector, paving the way for a more mature development path. However, success requires a firm political will and bold reform decisions, even if they conflict with electoral calculations, because those calculations have been, and continue to be, one of the reasons for Iraq's failure to keep pace with global development and to occupy its rightful place among influential nations.
The Iraqi and American foreign ministers discuss government formation and review regional challenges.
Iraqi Deputy Prime Minister and Foreign Minister Fuad Hussein discussed with US Deputy Secretary of State Michael Regas on Tuesday joint cooperation in various political, economic and security fields and the regional and international challenges facing the region. While stressing the need to expedite the formation of the federal government, Hussein called for a review of travel warnings to Iraq.
This came during Fuad Hussein’s reception of the US Deputy Secretary of State in Baghdad, where the meeting discussed ways to strengthen bilateral relations between Iraq and the United States, and to follow up on frameworks for joint cooperation in various political, economic and security fields.
According to a statement issued by the Iraqi Ministry of Foreign Affairs and received by Shafaq News Agency, the meeting included a review of "regional and international challenges facing the region, including efforts to achieve stability, the need to support dialogue, with a focus on the situation in Syria and Iran, and the importance of working to reduce tension and build understanding to enhance security and stability in the region."
Hussein emphasized the importance of de-escalating regional tensions, stressing Iraq's role in supporting stability efforts. He also reviewed the political developments following the elections.
He stressed "the need to expedite the formation of the federal government in accordance with constitutional timelines, while taking into account the balance between political forces to ensure the regularity of the democratic process and the activation of parliament and government, in a way that contributes to the efficient and effective implementation of government programs."
Hussein also praised the positive atmosphere that prevailed during the elections and the high voter turnout, stressing the importance of continued political stability in the country.
He pointed to the imminent opening of the US consulate in Erbil, and what it represents in terms of strengthening diplomatic cooperation between the two countries, while stressing the need to reopen the US consulate in Basra Governorate.
Hussein stressed the importance of "continued coordination between Iraq and the United States, and continued cooperation in the areas of economy, infrastructure and investment, in order to promote development and support the return of American companies to invest in Iraq."
He also called for a review of travel warnings to Iraq, given the security stability the country is experiencing, and for facilitating investment opportunities.
For his part, Michael Regas expressed the United States’ appreciation for the progress Iraq has made in promoting stability and security, stressing his country’s support for efforts in this area.
He pointed to the importance of continued regional and international coordination to address economic, political and security challenges, stressing the importance of working within a positive bilateral relationship with the Iraqi government.
Mohammed Hassan: I call for the formation of both the Kurdistan Regional Government and the Iraqi government as soon as possible
The UN Secretary-General's Special Representative for Iraq and the Levant (SRSG) has called for the formation of a new government in Iraq and the Kurdistan Region (KRG).
On Tuesday, December 2, 2025, Mohammed Hassan, the UN Secretary-General's Special Representative for Iraq and Head of UNAMI's Baghdad Envoy to the UN Security Council, delivered a speech on the latest developments in Iraq.
"I call for the formation of a new government between the Kurdistan Region and Iraq as soon as possible, which will lead to resolving the issues between them and improve their relations," Hassan said.
There are about one million internally displaced persons in Iraq, and more than 100,000 Yazidis from Sinjar are still living in camps after 11 years. He added that despite the fact that Iraq has overcome the internal conflicts, but so far the security and economic problems have not been fully resolved.
The UN Secretary-General's Special Representative for Iraq said he was deeply concerned about the attacks on Iraqi institutions, especially the Kormor gas field, and that these attacks must stop immediately and those responsible must be brought to justice.
Hassan said the Iraqi government is responsible for implementing human rights standards, including the rights of communities, youth and women, as well as freedom of expression, which is the basis for a democratic society.
He also called on Iraqi leaders to respect girls, prevent early marriage and resolve the issue as Iraq moves towards a new stage with the United Nations.
"Although UNAMI's mission in Iraq will end early next year, our coordination with that country will continue and a new phase will begin and continue to support Iraq to rebuild itself in consultation with the United Nations on economic, climate, human rights, refugees.
The world's largest US consulate will open in Erbil today
The new US Consulate General in Erbil, the world's largest consulate, will be opened Wednesday, December 3,
The new building will be officially opened by US Deputy Secretary of State for Management and Resources Michael Rigas.
The project, which was laid on July 6, 2018, cost more than $795 million and covers an area of 51 fadans (206,000 square meters).
The consulate complex is not just an administrative building, but is designed as a small town and includes the main office, staff accommodation, security and visitor accommodation, shops and parking, as well as a large area of greenery.
Technically and environmentally, the building is constructed in a modern and environmentally friendly manner. It has an advanced water recycling system and 15% of its electricity needs are supplied by solar energy, with the aim of reducing the impact on the environment.
The new building can accommodate 1,000 people and the opening of the largest US consulate in Erbil is seen as a sign of the US administration's attention to its relations with the Kurdistan Region and Iraq.
Barbara Leaf: The opening of the US consulate is not just a building, but a US commitment to the region
Barbara Leaf: Iraqi leaders must bravely disarm outlaw groups
The former US Assistant Secretary of State said the opening of the US consulate in Erbil is a clear message of Washington's commitment to the Kurdistan Region and their common history, while praising the peaceful policy of the Kurdish leadership.
On Tuesday, December 2, 2025, Barbara Leaf, former US Assistant Secretary of State for Middle East Affairs, was an online guest on Basi Roj hosted by Zhino Mohammed Coordination from all sides The United States is expanding its relations.
"This is as US support for the Kurds, who have an ancient history and have gone through many difficult situations together and fought together, so the opening of the consulate is committed to the US relations with the Kurdistan Region.
The former US Assistant Secretary of State for Middle East Affairs said the situation in the Middle East has changed a lot and new developments have occurred in the region, there are concerns in countries, but the Kurdish leadership and decisions for peaceful dialogue.
“I believe that relations between the Kurdistan Region and Washington are improving. As we see, a high-level delegation has come to Erbil to open the consulate, which is a very good sign. Meanwhile, Kurdish leaders have always reaffirmed their commitment to their relationship with the United States and the stability of their neighbors.
He stressed that Washington wants the Kurdish parties to form a coalition to form a responsible and productive government in Baghdad.
"I think the biggest obstacle to the formation of the federal government is foreign interference and illegal armed groups, and there is a lot of corruption that these groups commit, so the United States has emphasized that the issue of these groups must be resolved.
Barbara Leaf said that the Kurdistan Region has been attacked several times in the past six years, causing casualties, that these outlaws have repeatedly shown their responsibility and often hid, that these attacks are completely unacceptable and threaten the citizens and interests of the Kurdistan Region.
"Iraqi leaders must take courageous decisions not to allow these attacks to happen again and disarm these groups," he said.
The advance customs declaration comes into effect
The decision to activate the system of prior customs declarations will come into effect starting today, Monday, in a step that is considered pivotal to regulating trade, controlling the market and preventing the disruptions that accompany import operations, as well as its role in protecting the local product and enhancing the confidence of the private sector and citizens in the integrity of the procedures.
This system represents an essential tool for tightening control over the entry of goods, as it requires the submission of the advance customs declaration issued by the ASYCUDA system, including the rapid access code (QR), via the OR platform within the validity of issuance system, along with the final commercial documents that include the declaration number, a final commercial contract or invoice with the total value, a description of the materials, their quantities, the country of origin and shipping, the name of the exporter and importer, the border crossing, the chassis number for cars, the name and code of the importing bank and company, and the data of the clearing agent.
The decision also requires that no external transfer be carried out by banks unless they are provided with the prior customs declaration and accompanying documents, and obliges them to include the declaration number in the transfer system (SWIFT) instead of the previous data, which makes the declaration a “passport” for any commercial transfer.
Economic expert Khaled Al-Jabri told Al-Sabah that "regulating the market begins with accurately controlling import and export operations, and knowing the nature of the goods entering and leaving and the entities that own them."
He added that in order for the advance customs declaration to play its true role, the legislative framework needs to be updated through a new tax law and a clearer companies law, in addition to regulating the labor law and commercial agencies.
Dollar transfers
The spokesperson pointed out that this regulation should be accompanied by clear oversight of dollar transfers to prevent any ambiguity that could negatively affect market stability.
Al-Jabri explained that these measures will determine the routes of commercial transfers and control border crossings and customs revenues, which gives regulatory institutions greater ability to follow up and enhances the confidence of the private sector and citizens in the integrity of the procedures, warning that the continuation of chaos keeps the door open for manipulation, while precise regulation constitutes an essential step towards a more stable market.
Updating the commercial register
Al-Jabri addressed the phenomenon known as "burned companies" and said: Registering alternative companies to escape accountability is a practice that must end in conjunction with cleaning up and updating the commercial register.
He pointed out that eliminating this method will reduce evasion and enhance legal accountability, stressing the need to impose strict controls on importers and adopt precise specifications that ensure the entry of compliant goods and enhance transparency and smoothness in the market.
Clear customs system
For his part, industrial development consultant Amer Al-Jawahiri believes that the advance customs declaration represents a new method for regulating financial movement, and it should be applied in all of Iraq’s ports without exception.
He pointed out that the success of this step is linked to providing accurate pricing at the ports, which ensures a clear customs system that reduces cases of illicit enrichment.
Al-Jawahiri stated that the application of this system must be based on modern digital means that ensure the accuracy of the procedures, indicating that the evaluation of its results will be clearer after a period of its application.
Adjusting procedures
It is worth noting that the pre-declaration system will be implemented gradually starting from the first of this month, initially applying mandatorily to a range of goods including gold, cars, electrical appliances, and mobile phones, with the aim of expanding its application to all goods by the beginning of next year. This system is expected to streamline customs procedures, regulate imports, and provide accurate statistics to inform import policy.
Post-check
The advance declaration is also expected to become a passport for financial transfers, which will facilitate subsequent auditing and reveal cases of inflated invoices that some importers previously resorted to. The regulatory bodies will perform the matching according to digital mechanisms that were prepared in advance for this purpose, in addition to the oversight carried out by the Border Ports Authority and the newly established auditing centers in the Customs Authority.
In light of these measures, observers predict that the coming period will witness the establishment of new companies or the entry of others into the field of banking transfers, in an attempt to escape the violations that befell what is known as the "burned companies".
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