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Al-Gharibawi: It is truly astonishing that an oil-rich country does not own a single tanker for its exports!

Former member of the parliamentary Oil and Gas Committee, Bassem Al-Gharibawi, raised questions on Monday regarding Iraq’s lack of a maritime fleet for transporting and exporting oil, and the country’s complete dependence on foreign companies.

Al-Gharibawi told Al-Maalouma that “Iran allowed Iraq to export its oil,” but “the lack of oil tankers prevented this,” holding previous governments “responsible for the failure to manage the oil file and the failure to allocate or purchase tankers within a national fleet,” while adding that it is very strange for an oil-producing country not to own a single tanker to export its oil.

He added that “successive governments have not put the country’s interest among their priorities,” noting that “the Hormuz shock and the halt in exports revealed the extent of the shortcomings in preparing for such circumstances, or even in preparing alternative ways to export oil.”

The former MP continued, “Iraq lacks internal and external transport lines, oil transport and storage fleets, as well as a lack of interest in investing in oil outside the country, which reflects chaos in the management of the most important financial resource for the state.”

He pointed out that “Iraqi companies submitted proposals to develop production and raise its capacity in the Basra fields to 6 million barrels per day, but the government did not respond to them, and the reliance on foreign companies controlling the management of the fields remained.”

The recent closure of the Strait of Hormuz and the resulting halt in oil exports have paralyzed nearly 80 percent of Iraq’s oil exports, a vital artery that provides more than 95 percent of the country’s revenue.

Almaalomah.me

A member of parliament warns of impending inflation in the Iraqi economy and calls on the government to implement emergency plans.

MP Bassem Al-Gharabi warned on Tuesday of an impending wave of inflation looming over the Iraqi economy due to the financial mismanagement pursued by successive governments, calling on the new Prime Minister to adopt urgent plans to avert the crisis.

Al-Gharabi told Al-Maalouma that “the country’s almost total dependence on oil revenues and the fluctuation of their prices in global markets has caused clear confusion in the formulation of federal budgets in Iraq,” noting that “this one-sided rent has produced successive and cumulative economic crises over the past years.”

He added that “the current stage requires serious government action to change the prevailing financial philosophy and diversify national income sources,” stressing “the necessity for the new prime minister to formulate a flexible economic strategy to protect citizens’ purchasing power and prevent the country from sliding into inflation.”

Almaalomah.me

Al-Lami: Stopping gas flaring in Iraqi fields will be achieved by early 2027

The former member of the Parliamentary Energy Committee, Ali al-Lami, confirmed on Tuesday that halting gas flaring in Iraqi oil fields will become a tangible reality during the first quarter of 2027, provided the current pace of work continues.

Speaking to Al-Maalomah, al-Lami stated, “Stopping gas flaring in Iraqi oil fields is of paramount importance due to its significant environmental and health implications.” He pointed out that “this step will contribute to utilizing vast quantities of gas and transforming it into a vital economic resource by reducing imports of liquefied natural gas (LNG) and enabling the operation of power generation plants.”

He explained that “according to the current work plan, if the implementing companies maintain the same pace, halting gas flaring in oil fields will be a tangible reality by the beginning of the first quarter of 2027.”

Al-Lami pointed out that “Iraq has lost enormous quantities of gas over the decades due to its flaring in oil fields, which represents a significant economic loss and environmental damage.” He emphasized that “ending this practice will enhance the country’s environmental standing, especially since gas flaring has caused severe damage in the southern and central Euphrates regions, as well as other areas.”

Almaalomah.me

Al-Zaydi criticizes the work of the Financial Control Bureau and directs the use of international companies.

On Monday, Prime Minister Ali al-Zaidi criticized the work of the Financial Control Bureau in Iraq, directing the formation of a central committee from the Ministry of Finance and the use of international companies to improve the work of the Bureau.

Al-Zaydi said in a recorded speech during a cabinet session, “The Financial Control Bureau is the most important oversight institution in Iraq, as well as in the region, and I have some observations about its work, because some documents in the Bureau are destroyed after five years, and some public companies have not had their work audited for more than five years, and this is not right.”

Al-Zaydi continued: “Every fiscal year that ends, the Audit Bureau must conduct an audit in the seventh month of the following year. If there are minor observations, they are addressed, but if there are substantial observations, they are referred to the judiciary.”

For its part, the Prime Minister’s Media Office said in a statement received by Shafaq News Agency that Al-Zidi chaired the third regular session of the Council of Ministers, during which the general situation in the country was discussed, and the topics on the agenda were considered and the necessary decisions were made regarding them.

During the meeting, Al-Zaydi stressed the importance of the work of the Federal Financial Control Bureau and its overall performance in the field of protecting public funds and financial auditing of spending on projects, as the Council hosted the head of the Federal Financial Control Bureau to review the Bureau’s work.

Al-Zaydi emphasized the tasks assigned to the Bureau within the framework of oversight and prevention, and in the paths of combating corruption, controlling financial spending, and identifying the necessary solutions in dealing with government spending, directing the adoption of a mechanism to determine a higher ceiling for contracts, and anything exceeding the specified ceiling is referred to a specialized central committee that takes over its approval.

Al-Zaydi instructed that pre- and post-audit processes be adopted for the implementation of projects, expenditures, and spending of public funds, stressing the importance of not delaying the financial audit of public companies each year and that it should not exceed the fiscal year to address observations, and to refer the necessary ones to the judiciary.

Al-Zaydi stressed the importance of using international auditing firms, developing the auditing mechanism used by the Diwan, and monitoring funds until the end of their investment in projects.

Al-Zaydi directed that the head of the Financial Control Bureau be given the authority to rotate general managers in their duties, and to support the work of the Bureau with all the functional staff and human resources required to accomplish its tasks.

Shafaq.com

Iraq is gradually returning to the Indian market with its crude oil.

Trade data showed that India, the world’s third-largest oil importer, has turned to increasing its purchases of crude from Latin America and Africa after supplies from the Middle East were disrupted by military tensions and the closure of the Strait of Hormuz.

According to data from Kpler, India halted imports of Iraqi oil during April due to the crisis-related export stoppage, before resuming imports on a limited scale during May at around 41,000 barrels per day, a significant decline compared to previous levels.

In response, Indian refineries increased their imports from Venezuela, Brazil, Angola and Nigeria to compensate for the shortfall, with Russia remaining a major supplier of crude to India despite a drop in Russian supplies in April.

The data also showed that the UAE and Saudi Arabia maintained an important role in supplying India with oil thanks to their pipelines that bypass the Strait of Hormuz, unlike Iraq, Kuwait, Qatar and Bahrain, whose oil exports depend heavily on the waterway.

Shafaq.com

Government advisor: The dollar is the basis of Iraq’s cash reserves.

On Tuesday, Mazhar Mohammed Saleh, the financial advisor to the Iraqi Prime Minister, stated that diversifying Iraq’s foreign reserves within a balanced investment portfolio represents a strategic monetary policy aimed at enhancing financial stability and reducing the risks associated with relying on a single asset or currency.

Saleh told Shafaq News Agency that the management of foreign reserves at the Central Bank of Iraq is based on liquidity, security and return standards, explaining that the philosophy of managing reserves is based on achieving a balance between protecting the value of the national currency and ensuring the ability to intervene in the exchange market and finance foreign trade, in addition to reducing sovereign and financial risks resulting from global market fluctuations and geopolitical tensions.

He explained that Iraq, as an economy heavily dependent on oil revenues and foreign imports, keeps the US dollar as a key component of its foreign reserves due to its direct link to foreign trade, noting that the diversification policy also includes other currencies and assets such as the euro, yuan, and gold to enhance flexibility and reduce the risks of monetary concentration.

He added that the distribution of reserves is not limited to foreign currencies, but includes multiple investment instruments such as treasury bonds and sovereign deposits, explaining that the goal is not to achieve high profits as much as it focuses on maintaining security and liquidity while achieving an acceptable return.

He explained that gold is an important component of reserves within global diversification standards, as it provides a safe cover in times of turmoil, but it is not a complete substitute for the rest of the foreign assets because it does not generate a direct return and the costs of storing and securing it are high.

He stressed that the sound management of foreign reserves aims to achieve a balance between exchange rate stability, protecting the national economy, and reducing exposure to international market fluctuations, through building a balanced investment portfolio that provides liquidity, security, and an appropriate return.

Shafaq.com

Al-Zaydi calls on Christian businessmen abroad to return to Iraq

Prime Minister Ali al-Zaidi called on Christian businessmen abroad on Tuesday to return to Iraq and contribute to development.

His media office said in a statement received by Shafaq News Agency that Al-Zaidi today visited St. Joseph’s Church in the Mansour district of Baghdad, where he met with His Beatitude Patriarch Younan III Nona.

During the visit, Al-Zaydi congratulated the Patriarch on gaining the Pope’s trust and assuming the patriarchal throne of the Chaldean Church in Iraq and the world, stressing the work to consolidate the Iraqi national fabric and enhance coexistence among its components.

Al-Zaydi stressed that Christians are an integral component of the Iraqi people, calling on businessmen from this community residing abroad to return to Iraq and contribute to economic, development and construction projects.

For his part, the Patriarch congratulated Al-Zaidi on gaining the confidence of the House of Representatives and forming the government, wishing him success in performing his duties.

Shafaq.com

Kurdistan Finance Ministry: Baghdad cut 80 billion dinars, and the funding is insufficient to cover salaries.

The Ministry of Finance and Economy of the Kurdistan Regional Government announced on Tuesday that it had deposited 50 billion dinars into the account of the Federal Ministry of Finance as a payment of half of the non-oil revenues for the month of May, stressing that Baghdad had sent funding less than the amount required to cover the salaries of the region’s employees by more than 80 billion dinars.

The ministry stated in a statement received by Shafaq News Agency that the regional government sent, at the end of last week, the list of salaries for the month of May and the audit balance report for the month of April to the federal Ministry of Finance, noting that on Monday morning, in accordance with an official letter, it deposited an amount of 50 billion dinars into the bank account of the federal Ministry of Finance at the Erbil branch of the Central Bank of Iraq, even though the month has not yet ended.

She added that “this measure is unprecedented in any accounting system,” explaining that “Baghdad requested half of the non-oil revenues for the month of May six days before the end of the month, but the regional government responded in order to cut off any pretexts,” according to the statement.

The ministry indicated that “the Federal Ministry of Finance sent only 890 billion and 502 million dinars, out of more than 970 billion dinars representing the total funding for the salaries of employees and salary recipients in the region, which means there is a shortage of more than 80 billion dinars.”

The ministry confirmed: “Despite the official holiday, we have directed all banks, treasuries and directorates to start disbursing salaries immediately upon receiving the funds from the Central Bank of Iraq and transferring them to private banks within the My Account project and to the governorates and independent administrations.”

She explained that “the distribution of salaries will begin after the announcement of the schedule, and will continue during the days of Eid al-Adha as well, starting from ten o’clock in the morning, whether in cash or through the My Account project,” calling on the ministry to call on employees who receive their salaries in cash to “visit the banks starting from five o’clock in the evening, while those covered by the My Account project can withdraw their salaries through ATMs starting from three o’clock in the afternoon.”

The ministry concluded its statement by emphasizing that it “decided to cover the deficit in salaries through borrowing, to ensure that all employees receive their dues before the holiday and that they are not delayed.”

The Ministry of Finance and Economy of the Kurdistan Regional Government announced yesterday, Monday, that it had deposited 50 billion dinars in “non-oil revenues” for the month of May into the account of the Federal Ministry of Finance.

Shafaq.com

A member of parliament warns of an economic catastrophe threatening Iraq.

MP Adel Al-Mahalawi warned on Wednesday of the seriousness of the current economic situation in the country, describing the crisis as “major” due to the tensions and rapidly evolving circumstances in the region.

Al-Mahalawi told the Information Agency that “Iraq is going through a dangerous economic juncture that requires exceptional measures to protect it from any external repercussions,” adding that “the Prime Minister possesses an economic background and vision that can be utilized to find real solutions.”

He further stated that “the new government is urgently required to develop comprehensive strategic plans and clear visions to avoid an economic catastrophe that could directly affect the livelihood of citizens and the financial stability of the country.”

Almaalomah.me