Wednesday, April 2, 2025

Iraq is recovering... an important message from Grand Ayatollah Sistani

Iraq is recovering... an important message from Grand Ayatollah Sistani to the Iraqi people.

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Iraq's highest religious authority, Grand Ayatollah Ali al-Sistani, called on Iraqis on Tuesday to adhere to their national principles and maintain hope for the future.

The video for this My FX Buddies Blogpost is below here:

In a message conveyed by one of his representatives and monitored by the Video News Agency, Ayatollah Sistani said, "The country is moving toward recovery and stability," calling on everyone to "not fear and to cling to hope for a better future."

 
According to the letter, Ayatollah Sistani emphasized "the importance of Iraqis adhering to authentic customs, values, and principles, as they are the foundation that preserves the unity and identity of society."
 

According to the letter, Ayatollah Sistani specifically addressed the Shiite sect, saying, "Shias possess a great cultural heritage, and it is essential that they recognize and preserve it as part of their cultural and historical identity." 


Final budgets return to the forefront as Parliament awaits the arrival of the 2025 budget schedules.

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Final budgets return to the forefront as Parliament awaits the arrival of the 2025 budget schedules.

Discussion of the final budgets has returned after the Minister of Planning announced the completion of the final accounts for the 2025 budget. Experts believe that the final accounts for the 2024 fiscal year will serve as the basis for approving the 2025 budget.

Financial expert Salah Nouri explained in a statement to {Euphrates News} that: “Article 13, Paragraph {Third} of the Financial Administration Law No. {6} of 2019 addressed the case of non-approval of the draft federal general budget law, according to the following text: In the event that the draft federal general budget law for a specific fiscal year is not approved, the final financial statements for the previous year shall be considered the basis for the financial statements for this year and shall be submitted to the House of Representatives for approval.”

He added, “This article was added as a result of the failure to approve the draft federal general budget law for the year 2014, which created a vacuum that was not addressed at the time.

” Nouri added, “For the proper implementation of the aforementioned Article (13), the Ministry of Finance must have completed the final account for the fiscal year 2024, which will be the basis for approving the 2025 budget and submit it to the House of Representatives.”
On March 26, Minister of Planning Mohammed Tamim announced the completion of the preparation of the 2025 budget tables and their submission to the Council of Ministers.

The Minister of Planning confirmed that the budget tables do not include any new projects, but rather include funding for ongoing projects.

For his part, Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, revealed that the committee noted a clear flaw in the estimation of non-oil revenues. Through amending the law of the General Authority for Monitoring the Allocation of Federal Revenues, we seek to determine the size of revenue from investing state assets and other revenue sources, so that we have a clear vision when formulating the country's financial policy.

Al-Atwani affirmed the committee's determination to activate the work of this important constitutional body and grant it broader powers so that it can assume its responsible national role. He expressed his concern over the halt in listing projects and the procrastination in financing ongoing projects, noting that "these reasons are a dangerous prelude that may return us to the problem of stalled projects."


Warning of something that could cause the Iraqi economy to stagnate

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Warning of something that could cause the Iraqi economy to stagnate

warnedFinance CommitteeToday, Wednesday, a recession may hit the Iraqi economy.

The committee member saidMustafa Al-KarawiForAlsumaria News"The reason citizens store their money at home is their lack of trust in government banks and the banking services they provide. This has led to a decline in the flow of money within the country, as well as in economic and monetary activity."

 
He added, "Plans and programs must be put in place to gain citizens' trust, activate e-commerce, and ensure that funds are held by government banks so they can be recycled into economic activities." He noted that, "according to information, funds stored in homes exceed 100 trillion dinars."

He warned that, "This is causing a recession in the Iraqi economy," noting, "We need a real economic shock so that we can activate these funds and circulate them in economic activities that will have positive repercussions in developing the domestic economy and activities and interactions between citizens."


The performance of the Iraqi banking sector during the year: decline in some indicators and growth in others.

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The Iraqi banking sector witnessed significant changes in its financial indicators over the past year, according to published data. These data reflect the performance of commercial banks, cash flows, dollar purchases and sales, and the policies of the Central Bank.

Commercial banks: decline in some assets and growth in private deposits

Data showed a 0.92% decline in commercial bank assets, falling from KWD 205.25 trillion at the end of 2023 to KWD 203.36 trillion at the end of 2024. Current deposits also declined by 9.38%, while private deposits increased by 10.63%, indicating increased consumer confidence in private banks compared to traditional current deposits.

Dollar movements: Central bank purchases drop sharply

The Central Bank's dollar purchases recorded a significant decline of 61.97%, falling from $8.35 billion to $3.18 billion. In contrast, cash dollar sales saw a slight decline of 0.92%, reflecting a decline in demand for hard currency in local markets.

Cash: A decrease in the money supply and a decline in the issued currency reserves

The issued currency decreased by 1.36%, while cash outside banks decreased by 10.26% to 130.35 trillion dinars, compared to 145.26 trillion dinars the previous year. The ratio of required reserves to issued currency also decreased from 143.14% to 129.64%, indicating a decrease in cash liquidity available in the market.

Central Bank: Increase in loans and decrease in gold reserves

Loans granted to small and medium enterprises (SMEs) saw a significant increase of 47.02%, reflecting a trend toward supporting economic development through project financing. Meanwhile, gold reserves fell by 8.69% to 189.90 trillion dinars, compared to 207.96 trillion dinars last year.

Inflation and exchange rate: a significant decline

The inflation rate fell by 35.56%, from 4.50% to 2.90%, reflecting improved price stability. The exchange rate on the parallel market also declined by 1.32%, indicating relative stability in the value of the dinar against the dollar.



One of them is in Iraq...American "BlackRock" acquires ports in the Middle East.

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US asset management firm BlackRock and Italian shipping company MSC have acquired 43 ports owned by Hong Kong-based multinational CK Hucheng Holdings in a deal that will give the US asset manager control of 12 ports in the Middle East, located on strategic coasts stretching from the UAE and Oman to Iraq and Egypt. 

In March 2025, a consortium of BlackRock and MSC reached a $22.8 billion deal to acquire 43 ports owned by CK Huzhen, a Hong Kong-listed company owned by one of Asia's richest men, 96-year-old billionaire Li Ka-shing.

The deal made headlines because it would give BlackRock and MSC control of two ports at each end of the Panama Canal, the strategic waterway that US President Donald Trump has threatened to seize to limit China's influence in the Western Hemisphere.

But the agreement's impact extends beyond Panama to the Middle East, where Arab countries, particularly the Gulf states, are seeking to diversify their economies away from oil. The shipping and ports sectors represent another source of economic diversification for these countries.

 

Which ports will BlackRock and MSC acquire in the Middle East?
Under the deal reached between the US-based BlackRock and Italy's MSC Group, the two companies are set to acquire 12 ports in the Middle East, distributed as follows:

Egypt (5): Alexandria - Dekheila - Abu Qir - Ain Sokhna - and the new B100 berth at Alexandria Port
Emirates (4): Ras Al Khaimah - Ajman - Khasab - UAQ
Sultanate of Oman (1): Sohar
Iraq (1): Basra
Saudi Arabia (1): Jazan



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Government statement on Iraq's foreign reserves: at their highest levels

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The Prime Minister's financial advisor, Mazhar Mohammed Saleh, confirmed on Wednesday that foreign reserves are at their highest historical levels, helping to achieve economic balance and stability for the country. He also noted that reserves still cover more than 100% of the currency in circulation. 

“The slight decline in the Central Bank’s reserves, estimated at 1% of the country’s total foreign reserves, is linked to two things: First, the high level of reinforcements of the Iraqi banking system with foreign currency from their correspondents abroad for the purposes of financing trade and external transfers, which led to a significant decline in the exchange rate of the dollar in the parallel market against the dinar and an increase in the value of the dinar in that parallel market,” Saleh told the official agency, followed by “Al-Eqtisad News.”

He explained that "control over domestic liquidity levels has become high, significant, and influential in light of the increasing external value of the dinar, which continues to indicate a decline in the effectiveness of the parallel or secondary market in the country. There has also been a very clear decline in growth rates in the general price level and a very high level of price stability, unlike anything the country has ever witnessed before."

 He added, "The other issue depends on the degree of growth in the amounts in which the public finances exchange monthly oil revenues in foreign currency for the dinar for the benefit of total spending (which is the basis of foreign reserves) and converting them into Iraqi dinars," noting that "this is also linked to the degree of discipline and control of public expenditures on the one hand, and thus the slowdown in the liquidation of government foreign currency proceeds into domestic liquidity that can be spent on the other hand through the general budget." 

He pointed out that "taking into account the risks of fluctuations in average export oil prices of about $70 or less per barrel in energy markets, which occurred in recent months, this means that the compatibility between the level of replenishment of foreign reserves (through collecting them through cash issuance), which may have become slower and less rapid on the part of public finance, and external transfers in foreign currency for the benefit of financing private sector trade on the part of the monetary authority, which is still at a relatively high pace, is what caused this deficiency or slight decline in foreign reserves."

Saleh continued, "Foreign reserves remain at their highest historical levels, achieving economic balance and stability for the country. The function of foreign reserves remains to defend price stability. However, it is also wise for the Central Bank of Iraq to closely monitor the movements of the current account of the balance of payments to maintain the stability of foreign reserves and monitor their growth safely." 

He stressed that "these foreign reserves still cover more than 100% of the currency in circulation and enjoy a high commercial efficiency of more than 15 months of imports, compared to the global standard of three months." He added that "the monetary authority is the only competent entity responsible for managing the country's monetary policy at the domestic and external levels, with a high degree of consensus in terms of balance and transparency to achieve and maintain economic stability."


ASYCUDA representative to Rudaw: Iraq has completed the automation of 18 border crossings.

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 ASYCUDA's representative in Iraq, Nizar Al-Ammari

 
ASYCUDA's representative in Iraq, Nizar Al-Ammari, confirmed that the customs automation system is currently implemented at 18 of the 21 ports, with difficulties in implementing it on the Syrian border despite the port's readiness. He noted that two additional ports (one sea and one land) will be operational by the 15th of this month, thus completing the automation of all Iraqi ports.
 
Al-Amari told Rudaw Media Network on Wednesday (April 2, 2025) that the ASYCUDA system focuses on the three basic customs operations: import, export, and transit, and includes all customs procedures from the moment goods are registered until they leave the customs port. All of these operations have become fully electronic, including payment.
 
He added that the system has entered its second phase, which includes automating the remaining ports and adding new applications to improve monitoring and maximize trade revenues. The third phase will include the implementation of a single window for foreign trade, which will make all foreign trade operations in Iraq fully automated, eliminating any paper transactions or cash payments.
 
Al-Amari emphasized that the new system will improve the accuracy of trade statistics in Iraq, helping to develop clear economic and strategic plans, a matter of utmost importance to the international community. He explained that the automation of customs will enhance trade fairness for all traders, as customs laws will be applied uniformly to all.
 
He pointed out that the system automatically calculates customs duties and regulates import and export permits, reducing the possibility of tampering with customs data. He emphasized that work is also underway to link the Iraqi system with those of neighboring countries, which will enable the identification of incoming goods before they arrive in Iraq, thereby limiting any attempts at manipulation or smuggling.
 
He stressed that the United Nations respects the sovereignty of states and regions, and that its role in Iraq is limited to providing technical and economic advice without political interference. He noted that the ASYCUDA system was agreed upon between the Iraqi federal government and the Kurdistan Regional Government.
 
Regarding the implementation of ASYCUDA in Kurdistan, Al-Amari pointed to three options: first, the Kurdistan Region would continue to use its current system or a different system with the possibility of linking it to ASYCUDA, provided it complies with international standards. Second, the Kurdistan Region would adopt the ASYCUDA system in full in the region through the Iraqi government, but this would be a complex option due to the linguistic and technical differences between the two systems.
 
The third option is to develop the ASYCUDA system in Kurdistan independently, linking it to the Iraqi system, as is the case in many countries that adopt unified systems with integration between local and international systems, he said.


Al-Maliki calls on those who reject the elections to participate widely in the 2025 elections: The last one was not up to scratch despite the fatwas.

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Al-Maliki calls on those who reject the elections to participate widely in the 2025 elections: The last one was not up to scratch despite the fatwas.

State of Law Coalition leader Nouri al-Maliki called on Iraqis to participate in the parliamentary elections scheduled for late 2025, stressing that they have no choice but to resort to the ballot box if they want "confirmation" or "change," and that "we will not return to the days of coups and conspiracies."

 

In a recorded speech delivered by Maliki on Wednesday, he said, "We are making steady progress towards the constitutional requirement that awaits us this year, which is the holding of elections. Elections that give the nation its role in managing the political process and its affairs. The key to establishing the nation's role is the electoral process. These elections, which are expected to be at this level of effectiveness, must be elections that include significant contributions and integrity, and are far removed from the process of investing public funds, and far removed from manipulation, fraud, and anything that disturbs the serenity of the political process."

 

Iraq is expected to hold a new round of parliamentary elections in November 2025 to elect members of the sixth term of the Council of Representatives.

 

Al-Maliki stated that the democratic system upon which the political process, government, and its formations are based absolutely depends on elections. "If we want to consolidate a regime, we have no choice but to do so through elections. If we want to achieve a smooth, peaceful change of power, we have no choice but to vote," he said.

 

He added, "We have not and will not return to the days of coups and conspiracies that drain and manipulate the will of the nation. Elections are essentially a right and a duty, a right for every citizen who must directly contribute to managing their country's affairs, and a duty because the nation is charged with managing its own affairs, and for that purpose, it has no choice but to go to the polls."

 

The leader of the State of Law coalition addressed the voters, saying: "Do not listen to those who say to you, 'What if I am absent from the elections?' or those who level accusations against the political process. Absence from the elections will allow corruption and the corrupt to continue and become more concentrated, and they are the ones who will go to the ballot boxes if you, the sons of the Iraqi people, are absent." He pointed out that "the elections will not stop, but rather those who have wills that are not in line with the will of the nation will enter them."

 

Al-Maliki stated that "the experience is no longer new, and that Iraq has managed the electoral and democratic process smoothly so far," noting that "the recent elections did not meet the required level in terms of the level of participation, and some scholars have issued fatwas mandating participation in the process."

Al-Maliki continued: “Let our people, whether they are willing or not, know that you have no choice but to go and compete at the ballot boxes. If you want to be confirmed, or if you want change or development, or if you want accountability or reward, you have no choice but to elect a genuine parliament of representatives who possess the oversight and legislative capacity and the ability to steer the parliament to support the government and the state.” He noted: “I will speak later about the dangers surrounding the electoral process and the great possibilities that accompany it, so that we can reach an agreement and a covenant among all citizens to protect the electoral process and reject cases of manipulation and money that seek to spoil the electoral process and thus spoil the political process.”


Araqchi: Iran will not seek to research, produce, or possess nuclear weapons under any circumstances.

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 Iranian Foreign Minister Abbas Araqchi stressed that Iran will not seek to research, produce, or possess nuclear weapons under any circumstances.

The minister said in a press statement that the 2015 nuclear agreement included a fundamental commitment from Iran that still stands and the United States has benefited from it.

He explained that there is not even the slightest evidence that Iran has violated its commitment to the 2015 nuclear agreement.

He stressed that diplomatic engagement has proven effective in the past and can remain effective until now.

He continued that it must be clear to everyone that there is no such thing as a military option, let alone a military solution.

He pointed out that the catastrophic failures in the region, which cost previous US administrations more than seven trillion dollars, speak for themselves enough. 

 

Iran avoids US escalation: Ready to negotiate

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Iranian Foreign Minister Abbas Araqchi affirmed on Wednesday that his country will continue to develop its peaceful nuclear program within international standards .

According to the Iranian Foreign Ministry, Araqchi said, "We are ready for indirect negotiations with America, away from threats," criticizing "the European Union's failure to take a position against Washington's statements that threaten international security ."

He pointed out that "the threats made by American officials against us are unacceptable, contradict international laws and the UN Charter, and complicate the current situation ."

He added, "We will respond quickly and decisively to any attack that threatens our sovereignty, territorial integrity, and national interests ."


Iran committed to implementing agreements with Iraq

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Iran committed to implementing agreements with Iraq

Iranian President Masoud Pezeshkian reaffirmed Tehran’s commitment to strengthening ties with Iraq, emphasizing the importance of implementing all bilateral agreements to neutralize enemy plots in the region.

 

Speaking in a phone call with Iraqi Prime Minister Mohammed Shia' Al-Sudani on Tuesday, Pezeshkian congratulated the Iraqi government and people on Eid al-Fitr, highlighting Iran’s deep-rooted friendship with its neighbor.

"Iran is determined to operationalize all its agreements with Iraq to reinforce our brotherly ties and thwart enemy conspiracies aimed at dividing the region," Pezeshkian stated.

For his part, Prime Minister Al-Sudani extended his Eid greetings to Iran’s leadership and people, expressing hope for greater unity among Islamic nations.

He stressed that strengthening the Iran-Iraq partnership is essential for maintaining stability in the region, adding that the unity between the Iranian and Iraqi nations must grow stronger to counter external threats.

Iraq stands in solidarity with Iran and remains committed to expanding economic and political cooperation, he said.

Al-Sudani further expressed confidence that Iran, under the guidance of the Leader of the Islamic Revolution, will successfully overcome the challenges it faces, emphasizing that Iraq will continue to stand by its strategic partner against any external pressures.

 


Iraq joins TIR transit system

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The global TIR transit system became fully operational in Iraq on April 1, 2025.

The International Road Union (IRU) said that Iraq is poised to strengthen its position as a key trade hub in the Middle East, making goods transport more efficient and secure across the country’s borders and beyond. The initiative connects southern and northern Iraq, also providing an efficient trade corridor linking Asia, the Gulf Cooperation Council (GCC) region, Türkiye and Europe.

Iraq transport minister H.E. Razzaq Muhaibes Al-Saadawi said: “The operationalisation of the TIR system in the Republic of Iraq, in which IRU played a significant role, marks a significant milestone as it places the country on the brink of a new phase of potential investments and interregional trade with our neighbours and other countries in the region.”

The TIR system is expected to leverage Iraq’s strategic location and to increase the efficiency of cross-border trade, and it is forecast to reduce transport time by 80 percent and costs by 38 percent. “For the last two years, we have been working tirelessly on upgrading the road transport infrastructure in cooperation with all relevant parties. We are therefore committed to maximising the advantages of the TIR system in Iraq to boost the transport sector and the national economy,” said Al-Saadawi.

 

IRU secretary general Umberto de Pretto, commenting on the launch, said: “For almost eight decades, TIR has been driving secure trade. I look forward to seeing the first TIR truck crossing the territory of Iraq.

“Trucks will seamlessly transit the country and proceed along corridors offering a high level of security, opening a new chapter for the country and its role in international trade.”

The integration of TIR’s Electronic Pre-Declaration (TIR-EPD) system with Iraq’s national URUK platform allows the submission of advance cargo information. Throughout a journey, trucks can be closely monitored using GPS tracking, while regular checkpoints ensure cargo and transport security, before it ultimately reaches its final destination safely and on time.

 

NATO Secretary General: We are working to combat ISIS and helping Iraq strengthen its military capabilities

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الأمين العام للناتو: نعمل على مكافحة داعش ونساعد العراق على تعزيز قدرات جيشه

NATO Secretary General Mark Rutte affirmed on Wednesday that NATO is working to combat the terrorist organization ISIS and help Iraq strengthen its military capabilities.

"We are working to combat ISIS and helping Iraq strengthen its military capabilities," Rutte said at the NATO Foreign Ministers' Summit, which was followed by the Fourth Summit.

He added that "there are no plans for any NATO member to withdraw, and Washington is committed to its commitments," noting that "the security challenges are greater than any NATO member can bear alone."


Government advisor: The 2025 budget includes significant adjustments in spending and deficit.

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The Prime Minister's advisor for financial affairs, Mazhar Mohammed Saleh, confirmed that "the general budget amendments enhance stability and support the country's urban renaissance."

Saleh told Al Furat News Agency that: "The financial and legal flexibility available in the Federal General Budget Law No. 13 of 2023 (the three-year budget), in accordance with the implementation of the amended Financial Management Law No. 6 of 2019, has allowed the executive authority to proceed with the implementation of its government service program for ongoing projects without interruption and at a high level of stability."

He explained that "these efforts have been clearly reflected in all governorates of the country, as they are witnessing a continuous and organized urban renaissance." He pointed out that the financial tables for the year 2025 will soon be submitted to the Council of Representatives in accordance with Article 77/Second of the Three-Year Budget Law, which will include some important adjustments in spending, sources of public revenue, and deficit management."

He pointed out that these adjustments come after the Council of Representatives approved, in early February of the month before last, the amendment to Article 12 of the Budget Law, related to the mechanisms for calculating the extraction of oil from the Kurdistan Region in the areas of extraction and transportation operations.

The Financial Advisor emphasized that the financial track is proceeding regularly and effectively, with a high level of governance, transparency, and financial integrity, thanks to close coordination between the legislative and executive authorities. 


Iraq moves under US pressure to limit Houthi activities

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Pro-Houthi tribesmen gather to protest against the United States, Britain and Israel in Sanaa, Yemen on December 23, 2024 [Mohammed Hamoud - Anadolu Agency]

The Iraqi government has pledged to restrict the activities of Yemen’s Houthi-aligned government within its borders, confining their operations to media and cultural endeavours, according to sources cited by Al-Araby Al-Jadeed. This decision comes amid heightened international scrutiny and pressure, particularly from the US, which has intensified its aggression against Yemen.

Since 2018, the Houthis have maintained a presence in Baghdad’s Jadriya neighbourhood, operating an office overseen by Abu Idris Al-Sharafi. This office has facilitated coordination with Iraq’s Popular Mobilisation Forces (PMF) and other pro-Iran factions. According to the Carnegie Endowment for International Peace (CEIP), the Houthis have leveraged Iraqi territory for logistical support, including the smuggling of arms and subsidised fuel to Yemen, often in violation of international embargoes.

The Houthis’ integration with Iraqi resistance factions has extended to joint military operations. In July 2024, Houthi missile specialist Hussein Mastour was killed alongside members of Kataib Hezbollah in a US air strike targeting a drone facility in Jurf Al-Sakhar.

Despite official denials of an operational Houthi presence, sources indicate that “many of their activities — particularly political and media-related ones — have been halted, but the movement’s representatives remain in Iraq.” Abdulrahman Al-Jazaeri of the State of Law coalition acknowledged international pressure to close Houthi offices, stating, “All such activities are being monitored… strictly limited to civilian, media and cultural work only.”

Supporters of the Sanaa-based government, currently only recognised by Iran, argue that Iraq has offered them essential space to resist aggression and support the resistance in Gaza against the occupation state. Far from posing a threat, the Houthis’ presence in Iraq is seen as part of a broader struggle for sovereignty and regional justice in the face of Western-backed encirclement.



US official: US troop numbers in the Middle East have increased to approximately 40,000.

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A US official said on Wednesday (April 2, 2025) that the number of US forces in the Middle East will reach approximately 40,000 soldiers with additional reinforcements.

The US official stated in a press statement that "the military reinforcements in the Middle East include F-15, F-16, and F-35 aircraft."

He explained that "the military reinforcements in the Middle East include air defenses, the locations of which we will not announce."

The US official noted, "Sending B-2 bombers to Diego Garcia is part of the reinforcements in the Middle East."

"The aircraft carriers Truman and Vinson will deploy simultaneously to the Middle East," he added.

The US official stressed that "the additional reinforcements in the Middle East are a message to Iran and the Houthis."

The United States announced on Tuesday that it would deploy a second aircraft carrier to the Middle East, amid escalating tensions with Yemen's Houthi rebels, who are disrupting shipping in the Red Sea.


Iraq Signs Contract for New Economic City

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The National Investment Commission (NIC) has signed the Task Order for Phase One of developing the Al-Tayeb Specialised Economic Service Zone in Maysan Province, positioning it as Iraq's first integrated economic city.

Key Developments:

  • NIC Chairman Dr. Haider Mohammed Makiyah stated that Al-Tayeb Economic City will attract global investors across agriculture, industry, tourism, housing, and entertainment sectors, serving as a model for future multi-service economic cities in other provinces.
  • The contract, signed with U.S. firm KBR, includes strategic economic studies, investment opportunity packaging, and sectoral planning for the area.

The project aims to:

  • Establish a major economic hub linked to the Development Road project.
  • Boost Iraq's economy and provide local employment in Maysan.
  • Strengthen interagency coordination for smooth project execution.

The meeting was attended by the Governor of Maysan, members of Executive Order Committee 24771, the Maysan Investment Commission, and representatives from the Prime Minister's Office. Discussions focused on ensuring timely implementation, promoting sustainable development, and creating attractive investment opportunities in Iraq.



Video: Money Moves interviews Mohammed Khudairi

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In this episode of Money Moves, Muhammed Mekki sits down with Mohammed Khudairi, an Iraqi-American entrepreneur and investor who's helping rebuild Iraq, one business at a time.

Mohammed's family company, Khudairi Group, has grown into a multinational spanning oil and gas, construction, and retail. But what sets him apart is his passion for Iraqi startups. From backing the country's first major tech exit to advising early founders, Mohammed is proving that doing business in Iraq isn't just possible, it can be incredibly profitable.

They talk about:

  • What it takes to succeed in frontier markets like Iraq
  • How the Iraqi diaspora is returning to build the country
  • Why the future of tech in Iraq is brighter than you think
  • Real estate, startup exits, and investing in one of the most misunderstood economies on earth

Join Muhammed Mekki as he uncovers Mohammed's unique vantage point, from negotiating with global partners to mentoring Iraq's next generation of builders.

If you're curious about tech in the Middle East, emerging market investing, or doing business in post-conflict economies, this conversation is unmissable.

Click here to view the full interview.

https://www.youtube.com/watch?v=TUwSFrDAlDk


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Sudani, Alaq and Private Bank Guy 



That other video  shoppers on Eid


Monday, March 31, 2025

Iraq Central Bank: We will launch a major initiative to finance industrial projects

Central Bank: We will launch a major initiative to finance industrial projects

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The Central Bank of Iraq announced on Sunday its intention to launch a major initiative to finance industrial projects in cooperation with the Trade Bank of Iraq and the Industrial Bank.

The video for this My FX Buddies Blogpost is below here:

"We are currently making arrangements to finance major industrial projects through coordination between the Trade Bank of Iraq and the Industrial Bank. This will be done by utilizing the liquidity available at the Trade Bank of Iraq and recycling this money in the Industrial Bank to launch a major initiative to finance industrial projects in Iraq, which will soon see the light of day," Central Bank Governor Ali Al-Alaq told the National News Agency, as reported by Kalamah News.

He added, "This initiative was recently proposed by the Cabinet as part of the government's banking sector reform program and government measures with the Central Bank," noting that "the Cabinet agreed to cooperate between government banks with a financial surplus to finance a package of industrial projects through the Industrial Bank."

He explained that "all other projects are funded according to their sectoral channels, as part of the government's general approach to supporting industrial, agricultural, housing, education, health, investment, and other projects."


from Kurdiish News   MAR 30 25

Massive U.S. Airstrikes Hit 100+ Houthi Targets in Yemen


Targets included air defense systems, weapons depots, command centers, and facilities used to coordinate maritime attacks.

In a dramatic escalation of its military campaign in Yemen, the United States has launched what officials are calling the most extensive wave of airstrikes to date, targeting more than 100 Houthi-linked positions across six Yemeni provinces.

The strikes, which took place overnight, mark the most violent single night in Yemen since the U.S. began operations in the region aimed at deterring Houthi aggression in the Red Sea.

American fighter jets and drones carried out at least 44 airstrikes in Sanaa, Saada, Al-Hudaydah, Al-Jawf, Amran, and Marib. The campaign, according to U.S. officials, focused on degrading the Houthis' offensive capabilities and neutralizing key military infrastructure.

Targets included air defense systems, weapons depots, command centers, and facilities used to coordinate maritime attacks.

Speaking to The Wall Street Journal, a U.S. military official confirmed that several high-ranking Houthi commanders were killed in the operation. However, the official emphasized the challenge of gauging exact results due to the Houthis' tendency to downplay American successes and overstate their own retaliatory capabilities. "It is largely because of the nearly 10 years of support provided by Iran," he noted.

According to a detailed report by The Wall Street Journal, despite what President Trump called an “unbelievably successful” campaign, the strikes have not yet achieved the core objective of deterring the Houthis.

The group continues to fire missiles almost daily toward Israel and remains capable of harassing international shipping routes. Recent days have seen renewed attacks on the USS Harry S. Truman and commercial vessels transiting the Red Sea.

The Houthis, supported militarily and financially by Iran, maintain an extensive network of missile stockpiles and drone assembly lines, many believed to be hidden in rugged mountainous terrain and underground facilities.

The White House confirmed the latest strikes in a statement outlining their strategic objectives. "The targets included key Houthi leadership, air defense systems, command and control centers, and weapons manufacturing and storage sites," the statement read. The administration emphasized that operations will persist until the Red Sea is secured and safe passage for commercial and naval vessels is guaranteed.

The Houthi-affiliated Al-Masirah news outlet also reported on the attacks, claiming that dozens of airstrikes had targeted multiple locations across Yemen. According to the outlet, seven airstrikes hit the capital, Sanaa, including two that struck the city’s airport. Ten airstrikes were reported in Saada, while Al-Hudaydah and Al-Jawf each witnessed three. Nineteen airstrikes were said to have hit Amran, and four others targeted the province of Marib.

Houthi health authorities reported seven injuries in Sanaa’s Bani Hashish district, although there has been no independent confirmation of casualties.

While the strikes have reportedly killed dozens and damaged critical infrastructure, observers cited by The Wall Street Journal caution that airpower alone may be insufficient to defeat the Houthis. The group, which controls large swaths of Yemen including areas housing two-thirds of its population, has previously survived eight years of aerial bombardment by the Saudi-led coalition. Analysts warn that the group’s ability to endure and adapt, combined with its strategic use of asymmetric warfare, poses a persistent challenge.

The Journal also noted that this new phase of U.S. strikes appears far more targeted and coordinated than previous campaigns, aiming to dismantle the Houthis' senior command structure. Houthi leaders have reportedly reduced their social media presence and communications to avoid detection, while continuing to claim that their operations against the U.S. and Israel will persist.

This surge in military action comes amid a sustained campaign by the Houthis to disrupt maritime traffic through the Red Sea and the Bab al-Mandeb Strait. Their targeting of commercial vessels and alleged threats to global shipping lanes have prompted repeated warnings from Washington, culminating in this latest show of force.

U.S. officials have reiterated that the aim of the strikes is not only to protect maritime trade but also to degrade the operational command structure of the Iran-backed militia. While no new deployments have been announced, American military assets in the region remain on high alert for further retaliation or escalation by the Houthis or their regional backers.

With tensions rising and regional security hanging in the balance, the coming days will likely test the limits of military deterrence and the resolve of both the United States and the Houthis. As airstrikes continue and diplomatic efforts stall, Yemen once again finds itself at the center of a volatile geopolitical confrontation.



Parliamentary Committee: Political Disagreements Obstruct Passage of Oil and Gas Law

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Th0e House of Representatives' Oil, Gas, and Natural Resources Committee acknowledged on Sunday that political differences are impeding the passage of the oil and gas law, stressing that consensus between Baghdad and Erbil is a prerequisite for its passage.

Committee member Bassem Al-Gharibawi told Al-Maalouma News Agency that “disagreements between the federal government and the Kurdistan Region are hindering the passage of the law in parliament.”

He pointed out that "political ambiguity remains an obstacle to resolving the issue during the current parliamentary session."

He pointed out that "the law is considered controversial legislation, and it can only be passed with political consensus among all parties."


Iraq surpasses Saudi Arabia in oil exports to the US

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The U.S. Energy Information Administration announced on Sunday that Iraq's oil exports surpassed those of Saudi Arabia last week, reaching 203,000 barrels per day.

The administration explained, in its weekly schedule, that "the average US imports of crude oil from ten major countries reached 5.648 million barrels per day, an increase of 975,000 barrels from the previous week, when the average was 4.673 million barrels per day."

She added, "Iraq's oil exports to the United States have risen to 203,000 barrels per day, meaning that Iraq has surpassed Saudi Arabia, whose exports reached 144,000 barrels per day."

Regarding other countries, the administration indicated that "the largest US oil revenues last week came from Canada, at a rate of 3.983 million barrels per day, followed by Mexico, at a rate of 393,000 barrels per day, then Brazil, at a rate of 241,000 barrels per day, and Venezuela, at a rate of 195,000 barrels per day."

The report continued, explaining that US crude oil imports also included Colombia at a rate of 190,000 barrels per day, Saudi Arabia at a rate of 144,000 barrels per day, Ecuador at a rate of 127,000 barrels per day, and Libya and Nigeria at a rate of 86,000 barrels per day each.

 

Iraq's budget in limbo: Funding woes and oil risks grow

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Iraq's budget in limbo: Funding woes and oil risks grow

 Iraq’s 2023–2025 budget, approved in June 2023, is the largest in the country’s history, allocating around 198.9 trillion dinars ($153 billion) annually. With a focus on infrastructure development, public sector salaries, and fostering economic growth, the budget promises to play a pivotal role in shaping Iraq’s future.

The Kurdistan Region is set to receive 12.67% of the total budget, amounting to over $12 billion annually. With oil prices projected at $70 per barrel, Iraq expects oil revenues to reach approximately 117 trillion dinars each year.

However, despite the budget's expansive scope, its implementation has faced significant obstacles. What was intended to be a smooth, multi-year framework has, instead, transformed into a series of annual plans, delaying progress and creating uncertainty.

Still, the government remains committed to ensuring economic stability.

Implementation Hurdles

Mudher Mohammed Saleh, financial adviser to Prime Minister Mohammed Shia Al-Sudani, reaffirmed that the 2025 budget is legally grounded under Law No. 13 of 2023, which mandates a three-year spending plan.

Saleh acknowledged delays in allocations but emphasized that 90% of Iraq’s financial operations remain unaffected, stating, "The financial and economic situation is stable, with a high degree of certainty." He underscored the close collaboration between legislative and executive authorities.

Nevertheless, slow disbursements have raised concerns. Moein Al-Kadhimi, a member of the Parliament’s finance committee, warned that delays in finalizing both operational and investment budgets could harm market liquidity, hinder businesses, and stifle economic growth. “The key issue isn’t just a budget approval, it’s funding,” Al-Kadhimi remarked.

Although the 2024 budget is in place, funding for regional development and ministries remains stalled, delaying new projects.

Al-Kadhimi projected total revenue from oil and non-oil sources at no more than 140 trillion dinars ($107 billion). He also called for a cap on allocations at 150 trillion dinars—127 trillion for operations and 23 trillion for investments—to preserve fiscal stability.

The Crude Calculation

Iraq’s heavy reliance on oil revenues continues to strain the country’s finances. The 2023 budget projected oil exports at 3.5 million barrels per day at $70 per barrel.

However, actual exports fell to 3.2 million barrels per day, creating a 3 trillion dinar ($2.3 billion) gap. This shortfall has compounded the financial pressure, with oil prices fluctuating between $60 and $80 per barrel.

Ahmed al-Jassim, a financial analyst, pointed out, "Oil prices, the backbone of Iraq’s budget, remain highly volatile. The government faces mounting pressure to manage expenditures carefully."

Looking ahead to 2025, Iraq anticipates a budget deficit of 64 trillion dinars ($48 billion), the same as in 2023 and 2024. While total budget allocations have risen from 198 trillion dinars to 211 trillion dinars, the persistent shortfall raises concerns about the need for increased borrowing, potentially draining foreign reserves and destabilizing the economy.

Former Prime Minister Mustafa al-Kadhimi stressed the importance of diversifying Iraq’s revenue sources to mitigate these risks.

With oil prices potentially falling to $60 per barrel, he emphasized the need to boost non-oil revenues through customs duties, taxes, telecom revenues, utility fees, and state property income.

"Current non-oil revenues are below 15 trillion dinars but should reach at least 30 trillion," al-Kadhimi asserted.

Despite these challenges, al-Kadhimi remains optimistic. As long as Iraq maintains an export rate of 3.5 million barrels per day, liquidity should remain intact, with a funding ceiling of 50 trillion dinars.

However, without significant reforms or a reduction in the deficit, Iraq risks excessive borrowing and depletion of foreign reserves, endangering long-term financial stability.

Baghdad-KRG Rift

The budget delays have been primarily driven by a long-standing dispute between Baghdad and the Kurdistan Regional Government (KRG).

Abdul-Hassan Al-Ziyadi, an economic expert, highlighted the inefficiency of Iraq’s budgeting process, which often extends for months, sometimes even a full year. "This uncertainty ripples across both public and private sectors, making strategic planning nearly impossible."

At the heart of the deadlock is a revision to Article 12, Section (C), which recalculates the cost of producing and transporting crude oil from the Kurdistan Region. Initially set at $10 per barrel, the cost was raised to $16, sparking disputes that have delayed the 2025 budget submission.

The conflict also reflects deeper political and economic rifts. The KRG insists on maintaining control over its oil revenues, a right it claims is enshrined in Iraq’s Constitution. However, Baghdad argues for central oversight, citing the national importance of oil revenues.

A key point of contention is Article 14 (7), which allows Baghdad to allocate funds directly to KRG provincial governments if the regional administration fails to distribute them fairly.

The Kurdistan Democratic Party (KDP) opposes this provision, with spokesperson Shaswar Abdulwahid describing it as “an unconstitutional power grab” that undermines the Kurdistan Region’s authority over its own resources. Baghdad, however, argues that the measure ensures equitable distribution of resources across Iraq.

Compounding the crisis is the KRG’s growing financial strain, exacerbated by the suspension of its independent oil exports through Turkiye.

Since March 2023, a dispute between Baghdad and Ankara over the legality of Kurdish oil exports has shut down the Ceyhan pipeline, severing the region’s primary revenue stream.

The resulting losses, estimated at $5 billion, have made it increasingly difficult for the KRG to meet its financial obligations, including salary payments.

Late Is Better Than Never

An official source revealed to Shafaq News that Iraq is preparing to submit its final 2025 budget to Parliament in the coming days.

The finalized budget is expected to be delivered either after the Eid al-Fitr holiday on March 31st or by mid-April for legal review. This schedule aligns with the government’s financial priorities and requirements.

The 2025 budget, projected at around $200 billion, faces a significant deficit. This gap is primarily due to a sharp decline in Iraq’s strategic reserves of gold and foreign currency, as well as liquidity shortages.

Furthermore, the government’s ongoing commitment to large-scale projects requiring substantial funding has put additional strain on Iraq’s finances.

As a result, the operational budget will see reductions, and the pace of government service projects will slow.

Sectors under Siege

Public Service Strain

The budget crisis has had far-reaching consequences, particularly in the public services sector. Disruptions in funding have left healthcare, education, and social programs in limbo, directly affecting millions of Iraqis who rely on government services.

Manar Al-Abidi, executive director of the Iraq Future Foundation, noted, "Each delay not only disrupts contractors and businesses but directly affects citizens. From hospitals to schools, funding interruptions have stalled essential services, straining the systems people depend on."

According to the Ministry of Planning, up to 30% of essential public services have been affected.

Salary delays for 2.5 million government employees, including teachers and doctors, have fuelled public frustration, while pensioners continue to struggle with delayed payments.

The Ministry of Health has warned that 60% of public hospitals are running low on essential medical supplies, forcing patients to seek private care.

Meanwhile, more than 7,000 schools have had operations delayed, impacting 2.8 million students and raising concerns about Iraq’s long-term educational prospects.

Economic researcher Ahmed Eid described the situation as a “major crisis” that could upend Iraq’s economic stability.

"A budget isn’t just a financial document, it’s the backbone of economic growth, job creation, and financial security," Eid emphasized.

He warned that continued delays risk stalling progress, scaring off investors, and weakening market confidence.

Private Sector Struggles

The private sector is also feeling the strain. The Ministry of Planning reports that 42% of key development projects planned for 2024, worth more than $12 billion, have been put on hold. This is particularly evident in the construction sector, where activity has dropped by 20% due to the suspension of government contracts.

Businesses dependent on public sector spending are also facing mounting challenges. "This delay is fuelling economic uncertainty," Eid cautioned. "Companies are hesitating to invest, and hiring freezes are spreading across industries."

The Federation of Iraqi Industries has reported that 35% of small and medium-sized enterprises have experienced declining revenues, while private sector employment has shrunk by 8% in the first quarter of 2024.

As the budget impasse continues, experts are urging a swift resolution. "The budget is not just about numbers—it’s about Iraq’s future," Eid concluded.

"It’s crucial that the government prioritize public interests over political bargaining to safeguard the country’s economic future."


Iraq is accelerating its efforts to wean itself off Iranian gas. What are the immediate alternatives?

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Member of the Parliamentary Electricity and Energy Committee, Hatem Al-Saadi, confirmed on Sunday that the government has begun to look for alternatives to Iranian gas to power power plants, especially with the approaching summer season and increased energy demand. He also pointed to a number of alternatives to compensate for Iranian gas, which is under US sanctions.

Al-Saadi said, "The move toward clean energy has become a foregone conclusion, especially after the imposition of US sanctions on the Islamic Republic of Iran and the resulting damage to Iraq. The Iraqi government had to find alternatives to Iranian gas, which will lead to a significant shortage in electricity supply next summer."
 
Al-Saadi added, "Solutions must be immediate and swift. There are gas imports from abroad, offshore platforms after construction, and oil pipelines being constructed by the Oil Projects Company from the ports to the power plants in Basra Governorate."
 
Al-Saadi continued, "The government has begun to move toward renewable energy and existing waste, especially since a number of investment companies are interested in generating electricity by establishing stations after incinerating existing waste in Iraq." He noted that "there is a directive from the Ministry of Electricity to all governorates to provide plots of land for this purpose."
 
The parliamentary energy member continued, "Electricity is a crucial element, and the government has taken proactive steps to minimize the damage caused by the Iranian gas cutoff. If there is a shortage of electricity, we could witness demonstrations due to the deterioration of electricity services over the past 20 years, due to the rampant corruption of successive governments, without any deterrent to all these corrupt individuals."
 
Al-Saadi pointed out that "gas imports will currently be from Qatar and the Sultanate of Oman, which are the closest and best options, given their proximity to the Arabian Gulf."

 

Al-Sudani and Allawi discuss government efforts to achieve economic reform.

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Al-Sudani and Allawi discuss government efforts to achieve economic reform.

 

Prime Minister Mohammed Shia al-Sudani discussed with former Prime Minister Iyad Allawi on Saturday strengthening government efforts to achieve economic reform.

Prime Minister Mohammed Shia al-Sudani receives former Prime Minister Iyad Allawi, and they discuss strengthening government efforts to achieve economic reform.


Prime Minister: We renew our commitment to implementing the government's program and continuing to work under all circumstances without interruption.

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Prime Minister: We renew our commitment to implementing the government's program and continuing to work under all circumstances without interruption.

Prime Minister Mohammed Shia al-Sudani congratulated Iraqis on the occasion of Eid al-Fitr.

A statement from the Prime Minister's Office, a copy of which was received by {Euphrates News}, quoted Al-Sudani as saying: "On the occasion of the blessed Eid al-Fitr, we pray to God Almighty to bless its days for our noble Iraqi people and for the entire Islamic nation, and to accept our acts of obedience, good deeds and striving to please Him, and to spread peace and security throughout the world."

He added, "We renew our commitment to implementing the government's program in all its service, social, and economic dimensions, and to continue working at all times and under all circumstances without interruption, and to exert every effort for reconstruction and development, in accordance with what is required by the supreme interests of our people and the aspirations of all its citizens."

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News for MON MAR 31 25

Trump to visit Saudi Arabia in mid-May

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The American website Axios revealed the date of US President Donald Trump's visit to Saudi Arabia. The website quoted a source as saying: "Trump may visit Saudi Arabia on his first foreign trip in mid-May."

"This will be his first foreign trip since returning to the White House," he added. The website noted that Trump's first foreign trip during his previous presidency was also to Saudi Arabia. Earlier, Trump said he planned to visit Saudi Arabia, citing a major $1 trillion investment deal from the kingdom in the United States. When asked if he would meet Russian President Vladimir Putin in Saudi Arabia, Trump confirmed his intention to visit the kingdom, noting that commercial motives were primary. He recently said he decided to visit Saudi Arabia instead of Britain on his first trip in 2017 because the kingdom had promised to purchase $450 billion worth of American products. Trump has established close business ties with Saudi Arabia, with the Trump Organization announcing in December the construction of a Trump Tower in Jeddah. The Trump administration has pledged to move quickly to persuade Saudi Arabia to normalize relations with Israel.


Iraq's domestic debt is expected to rise to 81 trillion dinars in 2024.

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The Central Bank of Iraq announced on Monday an increase in domestic debt, while also noting a decline in foreign reserves for 2024.

The bank stated in its report on monetary and financial indicators in Iraq, which was reviewed by the Iraq Observer, that "the Central Bank's net foreign reserves for 2024 amounted to 130.81 trillion dinars, a decrease of 10.18% compared to the same period in 2023, when they amounted to 145.64 trillion dinars."

He added, "The reason for the decline in foreign reserves is the rise in domestic public debt, which is needed to cover the real deficit in the state's general budget."

The report indicated that "Iraq's domestic public debt increased by 17.70% to reach 83.05 trillion dinars in 2024, compared to 70.56 trillion dinars in 2023."


Rafidain Bank CEO: The bank is at the beginning of a new phase with greater influence on the Iraqi financial landscape.

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Rafidain Bank General Manager Ali Al-Fatlawi announced that "the bank is at the beginning of a new phase, one that is more advanced and influential in the Iraqi financial landscape."

Al-Fatlawi said in a press statement, "The bank has witnessed a qualitative transformation in recent years, becoming a pillar of the modern Iraqi banking sector."

He explained, "We have contracted with the American University of Baghdad to implement advanced programs in banking management, financial risks, and compliance," noting that "advanced systems have been adopted to combat money laundering and terrorist financing, including the UN-backed GoAML system."

Al-Fatlawi continued, "We launched a team dedicated to developing banking initiatives and contributed to settling electronic payment revenues for most government departments."

He added, "We launched electronic payment services that made it easier for employees and retirees to receive their benefits. We aspire to make Rafidain Bank a model of banking leadership in Iraq and the region."


Rafidain Bank General Manager: Financial technology is the future of the banking sector in Iraq.

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Rafidain Bank's General Manager, Ali Al-Fatlawi, confirmed that the bank has witnessed a qualitative transformation in recent years, becoming a pillar of the modern Iraqi banking sector through adopting financial technology, enhancing banking inclusion, and adhering to international standards of integrity and compliance.

Al-Fatlawi said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News," that the success was not merely the result of administrative decisions, but rather an integrated vision based on investing in human capital, building strategic partnerships, and upgrading banking services in accordance with the latest international standards.

Al-Fatlawi believes that no financial institution can achieve success and sustainability without qualified personnel possessing modern skills. Therefore, investing in the development of the bank's employees was one of our main priorities. We allocated large budgets for training, sent our staff to educational programs inside and outside Iraq, and contracted with the American University in Baghdad to implement advanced programs in banking management, financial risks, and compliance.

The General Manager of Rafidain Bank added that enhancing financial integrity was a priority, and we adopted advanced systems to combat money laundering and terrorist financing, including the UN-supported GoAML system, and cooperated with the global company K2 to develop compliance systems. He indicated that these steps strengthened the confidence of international regulatory and banking authorities in the bank and contributed to improving our position in the financial market.

He pointed out that financial inclusion is not an option, but an economic necessity. Therefore, we launched a team specialized in developing banking initiatives and contributed to the settlement of electronic payment revenues for most government departments, which reduced reliance on cash. We also launched electronic payment services that facilitated the easy collection of dues for employees and retirees.

He announced the launch of the ATM service for the first time, and the introduction of a savings card as a new service to enable customers to invest their money intelligently. We are also in the process of issuing a credit card, which will facilitate financial transactions inside and outside Iraq, placing us among the ranks of digitally advanced banks.

The General Manager of Rafidain Bank pointed to the establishment of partnerships with global institutions such as Ernst & Young (EY) to develop banking governance, and with K2 Global to enhance financial compliance, noting that these partnerships have increased the efficiency of our operations and made us more compliant with international banking standards.

He explained that Rafidain Bank is at the beginning of a new, more advanced and influential phase in the Iraqi financial landscape, as we continue to launch digital services, enhance financial inclusion, and expand our international partnerships. He indicated that we aspire to make Rafidain Bank a model of banking leadership in Iraq and the region.

 


Iranian Revolutionary Guard officers respond to Trump's threats


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In response to US warnings, Iranian Revolutionary Guards Commander  Major General Hossein Salami said  on Monday (March 31, 2025) that "the enemy has not learned a lesson from the events that took place over the past decades."

Salami pointed out that the "enemy's" use of threatening language toward the Iranian people is a repetition of a failed habit.

For his part, the deputy commander of the Revolutionary Guards, Brigadier General Fadavi, told foreign media: "The possibility of harming the United States at sea is very great. 40% of the world's oil exports pass through the Strait of Hormuz, and we control it."

The commander of the Iranian Revolutionary Guard Corps' Air Force, Ali Hajizadeh, also threatened the Americans with strikes against their bases in the region, particularly those surrounding Iran, in response to recent US threats.

"The United States has at least 10 military bases in the region, especially around Iran, with more than 50,000 troops. This means they are sitting in a glass house," Hajizadeh said on the sidelines of Eid al-Fitr prayers in Tehran.

He added, "Those who sit in a glass house should not throw stones at others."

It's worth noting that US President Donald Trump warned Iran in remarks on Sunday that if it did not adhere to the agreement, it would face an unprecedented military response.

This morning, the Iranian Foreign Ministry summoned the Swiss ambassador to Tehran, who represents US interests in Iran, and delivered an official memorandum warning against any hostile actions and affirming the Islamic Republic of Iran's resolve to respond decisively and immediately to any threat.


Trump expresses his willingness to cooperate with Tehran if that is Iran's goal.



US President Donald Trump expressed his willingness to cooperate with Tehran on Monday (March 31, 2025) if that was "Iran's goal."

Yesterday, Trump issued a strong threat to Iran, threatening to bomb it and impose secondary tariffs if it did not reach an agreement on its nuclear program with the United States.

"If they don't make a deal, there will be a bombing," Trump said in an interview with NBC News.

Trump also indicated the possibility of reimposing economic restrictions, similar to his previous measures.

"There's a possibility that if they don't make a deal, I'll impose secondary tariffs on them, just like I did four years ago," Trump told NBC's Kristen Welker. "That put them in a position they were desperately seeking."

During his first term, Trump withdrew from the 2015 nuclear agreement between Iran and world powers, which imposed strong restrictions on Tehran's controversial nuclear program in exchange for sanctions relief.

The Iranian president said on Sunday that the Islamic Republic rejects direct negotiations with the United States over its rapidly advancing nuclear program, in Tehran's first response to a letter sent by President Donald Trump to Iranian Supreme Leader Ali Khamenei.

OTHER NEWS

Video: Iraq's Economy between US, Iran: Perceptions & Realities




The London School of Economics (LSE)'s Middle East Centre has hosted a talk by Ahmed Tabaqchali, exploring the economic and financial interactions of the Iraqi economy with the outside world, particularly the use of the dollar in relation to Iran and the US.

While the US' Iraq policy is still fluid, there have been signs that America's 'maximum pressure campaign' towards Iran will have spillover effects in Iraq, with the Trump administration viewing policy towards Iraq solely through the lens of a perceived threat of Iranian dominance in the country. Iran's economic footprint in Iraq, both perceived and real, will be an issue for Iraq and its relationship with the US and the West.

According to Tabaqchali's data, in 2024 China imported about 95 percent of Iran's 1.55 mbpd of oil exports, worth $36 billion; $3bn of LPG, and $11 billion in other imports, for a total of $50 billion, using an extensive global financial web. In the same period, Iraq imported $3 billion in gas and electricity (which Iran does not receive and which are governed by waivers for humanitarian goods), and $7.7 billion of private sector imports. "So," argues Tabaqchali, "which is the lung here?"

The session, chaired by Toby Dodge, ended by a lively 40 min Q&A session.

Click here to view the full discussion.

Younger Iraqi Lady Rescues More Mature Iraq Woman

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