Al-Sudani: The partnership between Iraq and the United States has achieved important results.

The commitment of Iraq and the United States to implementing the provisions of the joint declaration on the withdrawal of international coalition forces is clear evidence of the government’s ability to manage strategic security issues wisely and responsibly, while preserving citizens’ interests and promoting national stability.

Prime Minister Mohammed Shia al-Sudani and the commander of the US Central Command stressed the need to adhere to all provisions of the joint declaration regarding the withdrawal of international coalition forces from Iraq by the end of this September.

The Prime Minister’s media office stated that Al-Sudani “received, yesterday, Tuesday, the new commander of the US Central Command, Admiral Brad Cropper, and his accompanying delegation, in the presence of the US Chargé d’Affaires in Iraq.”

He explained that the meeting witnessed discussions on various security and military aspects between Iraq and the United States, the progress achieved in the war on terrorism, and follow-up on the implementation of the joint declaration issued in September 2024 regarding the withdrawal of international coalition forces. The meeting also witnessed an emphasis on the importance of continuing dialogue on joint security cooperation at the bilateral level between Iraq and the United States, in addition to exchanging views on aspects of the bilateral partnership and ways to develop it.

The Prime Minister pointed out that the partnership between Iraq and the United States has achieved significant results that serve the interests of both countries and have contributed to enhancing security and stability locally, regionally, and internationally.

For his part, Admiral Cooper praised Iraq’s role as a model of successful counterterrorism cooperation, reiterating his commitment to building on existing successes and continuing security cooperation and enhancing strategic communication in the coming period.

Alsabaah.iq

The Central Bank launches new services via electronic wallets.

The Central Bank of Iraq announced the launch of reciprocal money transfer services via electronic wallets, which will enable individuals and business owners to conduct their financial transactions with greater speed and flexibility.
These services include, according to a statement from the Central Bank, a copy of which was received by {Euphrates News}:

1- Reciprocal financial transfers between permanent, effective, verified wallets of various service providers.

2- Reciprocal financial transfers from permanent, effective, verified wallets to merchant wallets of various providers during purchase operations.

The statement explained that “launching this step represents a qualitative shift in the path to enhancing financial inclusion, supporting digital transformation efforts, facilitating the movement of funds, supporting the business sector, and expanding the use of financial technologies in Iraq.”

Alforatnews.iq

BP begins development work on the Northern Oil and Gas Company: “A qualitative leap and a huge investment figure”

Oil sources in the two government-owned companies, the North Oil and North Gas, reported on Wednesday that experts from the British oil company BP have begun work on developing the two companies’ infrastructure and production facilities, as part of a contract signed with the Iraqi Ministry of Oil.

The sources told Shafaq News Agency, “A team of engineers and experts arrived at the two companies’ headquarters in Kirkuk and began a comprehensive assessment of the fields and facilities, in preparation for developing a long-term development plan aimed at raising production levels and improving extraction efficiency.”

She added, “The partnership with BP comes as part of a government plan to modernize the oil sector’s infrastructure in the north of the country and increase production capacity to meet local market needs and export plans.”

Last February, the Iraqi Ministry of Oil signed an agreement with the British company BP to develop four of the largest oil and gas fields in Kirkuk (Baba, Awana, Bay Hassan, Jambur, and Khabbaz), with an estimated investment level ranging between $20 and $25 billion, according to what the Iraqi government announced at the time.

According to the ministry, the agreement includes the preparation of advanced technical and geological studies, the use of modern technologies in reservoir management and the prevention of associated gas flaring, as well as the rehabilitation of old facilities and the training of Iraqi personnel to enhance their technical proficiency.

Regarding current production figures, the Ministry of Oil’s data indicates that “Kirkuk fields currently produce between 285,000 and 330,000 barrels per day, most of which is allocated for local consumption, with limited quantities exported to Jordan. Baghdad aims, through this partnership, to gradually increase production by a rate of between 50,000 and 100,000 barrels per day over the coming years, as part of its national plan to increase production capacity to more than 6 million barrels per day by 2029, compared to a rate of approximately 4 million barrels per day currently.”

On the gas front, the North Gas Company produces approximately 410 million standard cubic feet of associated gas per day, having increased its supplies to power plants by 50 million standard cubic feet per day over the past year, in a move aimed at reducing reliance on imports and enhancing national energy security.

The source explained that “BP has completed preliminary surveys of a number of oil fields, and in the coming days, the first phase of the survey work for the North Oil Company will be completed, followed by the transition to the North Gas Company, and drafts will be prepared to develop the company, increase its production, and develop its infrastructure.”

In the same context, oil expert Abbas Mahmoud told Shafaq News Agency, “BP will invest between $25 and $30 billion in developing the North Oil and North Gas companies, a huge investment figure that will create a qualitative shift in the oil sector in northern Iraq.”

He explained that these investments “will include infrastructure rehabilitation, reservoir development, modernization of export channels, and the introduction of modern technologies for processing associated gas,” stressing that the project “represents a milestone in attracting foreign investment and enhancing Iraq’s ability to respond to local and regional market demands.”

Regarding the strategic importance, he explained, “The entry of BP experts into Kirkuk represents an important strategic step in Iraq’s efforts to attract foreign investment and modernize the energy sector, especially since the province possesses large oil and gas reserves but has suffered for years from declining production rates due to the age of its facilities and weak investments.”

Shafaq.com

Central Bank of Iraq: Revenues and expenditures rise for June

The Central Bank of Iraq revealed on Wednesday that public revenues and expenditures increased during the month of June.

The bank said in official statistics seen by Shafaq News Agency that public revenues for June rose to 62 billion and 4 million dinars, compared to 46 billion and 157 million dinars in May.

He added that the revenues were distributed between tax revenues amounting to 1.944 billion dinars and other revenues amounting to 60.060 billion dinars.

Central Bank statistics also showed an increase in public expenditures, reaching 56.712 billion dinars, compared to 46.979 billion dinars in May.

The Central Bank stated that the expenditures included current expenditures amounting to 52.768 billion dinars and investment expenditures amounting to 3.944 billion dinars.

Shafaq.com

Controversy over the effectiveness of “economic laws” in Iraq

Controversy is growing over the enactment of new laws to reform Iraq’s banking system, with economists emphasizing the importance of updating them to reflect current developments.

Economic expert Abdul Rahman Al-Shaikhli told Shafaq News Agency, “Despite three decades having passed since the change in the political system, legislators, especially the House of Representatives, have not paid attention to the antiquity of economic laws that have been in effect for decades.” He explained that “many of these laws are no longer valid for the current stage, such as Law No. 111 of 1969, as amended, which is still in effect and includes a paragraph related to a fine of 100 dinars.”

He pointed out the “importance of amending and updating laws in line with contemporary requirements and actual needs,” adding that “Article 28 of the Banking Law does not permit currency trading, which leads to the deterioration of the operations of banking institutions, which are the backbone of the economy.”

Al-Shaikhli continued, “It is necessary to review all economic and banking laws, including those enacted by Paul Bremer during the special circumstances of the invasion of Iraq, which are still in effect.”

Other experts believe that there is no longer time to enact new laws to reform the banking system, as this would require a long time. It would be better to work on updating existing laws based on the powers of the federal government and the Central Bank of Iraq.

In the same context, the Prime Minister’s economic advisor, Mazhar Mohammed Salih, told Shafaq News Agency that “the time is not right to amend the legal provisions related to banks, as this is a rigid and slow legislative issue. It is possible to arrange the economic and banking situation based on the current laws that include flexibility.”

According to Saleh, comprehensive legal reform requires a long time, but it could be pursued in the future. He explained that banking reform does not require new laws, as the laws already exist, and updating them falls under the responsibility of the government and the Central Bank, through a series of special measures within their mandate to modernize banking and financial policies.

The Central Bank of Iraq had previously contracted with Oliver Wyman to conduct reviews and studies related to the Iraqi banking sector as part of a plan to modernize and develop the sector.

The Iraqi banking sector faces a host of challenges, including corruption, red tape, and a failure to keep pace with technological advancements. Furthermore, the difficulty of integrating into the international banking system due to US sanctions is compounded by the lack of transparency.

Shafaq.com

$200 billion in trade between China and Iraq by 2024

The Chinese Embassy Counselor in Iraq, Xu Haifeng, confirmed on Wednesday that Iraq is a key partner for his country, noting that China imported approximately 64 million tons of crude oil from Iraq in 2024.

In a press conference held in Baghdad to mark the 80th anniversary of the victory over Japan, attended by a Shafaq News Agency correspondent, Haifeng said that Chinese companies have been operating in the energy sector in Iraq for many years, especially after 2003, and have contributed to the reconstruction of the oil sector and the export of crude oil to foreign markets. He stressed the readiness of both the Iraqi and Chinese sides to enhance cooperation in the fields of oil and electricity, with expectations of more diverse partnerships in the future.

The Chinese diplomat added that his country had invited 26 countries, including heads of government, parliaments, political leaders, and military leaders, to participate in China’s celebrations of its victory over Japan. He noted that the Chinese president emphasized in his speech that the Chinese people’s resistance was the first struggle against foreign aggression and contributed to saving human civilization. He affirmed his country’s commitment to working with the world to build a bright future for humanity.

Haifeng explained that China’s relations with its neighboring countries during World War II were intertwined, as the region’s peoples fought against Japanese aggression. In response to our correspondent, the Chinese diplomat noted that his country is now open to economic cooperation in Iraq through its companies operating in the energy, electricity, and communications sectors.

He pointed out that cooperation between China and Iraq includes combating terrorism, with Beijing providing training programs for Iraqi security forces.

The Chinese official concluded his remarks to the agency by pointing out that the volume of trade between the two sides reached approximately $200 billion in 2024. He explained that Chinese companies have also participated in the reconstruction of the Kurdistan Region’s economy, with financial cooperation expanding over the past two years.

Shafaq.com

Source: Iraqi retirees’ salaries postponed until September

An informed source reported on Wednesday that the disbursement of retirees’ salaries has been postponed until further notice.

The source told Shafaq News Agency that the salaries of civilian and military retirees for the current month of September have been postponed until further notice, which has not yet been announced, due to the lack of financial liquidity. He expected them to be distributed at the beginning of next week.

He added that it would have been more appropriate for the Ministry of Finance to borrow from government banks to cover the salaries of retirees who are in dire need of them, rather than granting loans under the so-called “initiative.”

The source also noted that the General Retirement Authority had announced four days ago a statement regarding the completion of the disbursement of retirees’ salaries for September, but that funding has not yet been received. He noted that retirees have what is known as a retirement fund, and the lack of financial liquidity is not expected to affect it.

Rafidain Bank announced this week the funding of the eighth tranche of Riyadah loans under the Central Bank of Iraq’s initiative, which amounts to between 20 and 100 million dinars.

Shafaq.com

German Ambassador: Access to Finance Guide will develop Iraq’s financial sector

The Chargé d’Affaires of the German Embassy in Iraq, Roland Westebe, confirmed on Wednesday that the Access to Finance Guide is a strategic step for small and medium-sized enterprises (SMEs). He pointed out that the cooperation with the Central Bank aims to strengthen and support the financial sector in Iraq for the coming years. Westebe told the official agency, “The Access to Finance Guide offers many financial services, but SMEs are unable to access them because there is a lack of information available to them, or it may be offered privately.”

He also pointed out that “the guide will be the primary reference for small and medium-sized enterprises to understand the types of services provided and how to access and evaluate them.”

He added, “The project is a major strategic step towards improving access to financing for small and medium-sized enterprises and enhancing the financial sector in Iraq, in cooperation with the Central Bank and the Association of Banks,” noting that “we will continue to provide support to the Iraqi financial sector in the coming years.”

Burathanews.com

Monetary stability and exchange rate liberalization.

In economic feasibility studies, the financial, marketing, and technical studies cannot be prepared in an investment environment unless that environment enjoys monetary stability, paving the way for stable exchange rates for the local currency against foreign currencies. This allows the economic feasibility researcher—particularly the foreign investor—to calculate costs, returns, and profits over the time periods within the project’s lifetime.

This means that monetary instability can be a factor that repels investment capital, even if the investment environment is promising. Therefore, monetary authorities, through their available tools, seek to achieve the goal of monetary stability and reassure investors and those preparing economic feasibility studies, with stability that makes the margin of error in forecasts very small. This leaves it to the executive, legislative, and judicial authorities to establish attractive security, legal, and social environments through security stability and social acceptance, along with the presence of a legal system and judicial institutions that regulate and protect market relations on the one hand, and the relations of business owners with institutional and social formations on the other, in a manner that ensures integrity and integration with societal customs and traditions.

Based on this and other factors related to the inflationary situation and its extension to the areas of growth rates and development, the local currency exchange rate and monetary stability have been among the priorities of the monetary authority in our country over the years of economic adaptation to the phase of the macroeconomic transition to a market economy in light of structural imbalances, the inability of productive sectors to finance domestic demand due to the disruptions of the transition phase and the internal influences related to financing foreign trade, and the growth of the black market for currency exchange.

After the country witnessed security stability, an increase in the level of services and sectoral growth rates, with a clear reduction in the circles of administrative slackness due to the introduction of technologies and electronic payment systems, in conjunction with measures to tighten control over border crossings, and transfer the mechanisms of foreign currency flow to finance foreign trade through the banking system, the rates of the dollar mass flow outward to the local market decreased, which was reflected positively in favor of the Iraqi dinar, and which bodes well for the black market exchange rate approaching the official exchange rate.

However, achieving monetary stability under the conditions of economic reform, which include the liberalization of the exchange rate, does not mean a decline in the black market exchange rate in favor of the official exchange rate. Rather, it means price stability in a market capable of financing aggregate demand at a point close to or identical to the official rate, with the possibility of maintaining this stability in the face of the many variables and transformations witnessed by the country and the region. In other words, achieving stability is conditional upon the liberalization of the exchange rate, which favors the adoption of a managed float method, through a free market in which minor fluctuations in the exchange rate are permitted, while the monetary authorities intervene when necessary to support price stability in cooperation with the executive and legal authorities.

Alsabaah.iq

Signing the contract to establish the National Mobile Telephone Company in Iraq

Prime Minister Mohammed Shia al-Sudani sponsored the signing ceremony of the founding contract for the National Mobile Phone Company today, Sunday.

On March 11, 2025, the Iraqi Council of Ministers, headed by Mohammed Shia al-Sudani, approved the establishment of the National Mobile Telecommunications Company to operate 5G in partnership with Vodafone, with contributions from the Ministry of Communications, the National Retirement Authority, and the Trade Bank of Iraq.

In a video statement following the voting session, Minister of Communications Hiyam Al-Yasiri said that the decision to establish the company, with contributions from the Ministry of Communications, represented by the Al-Salam General Company, the Trade Bank of Iraq, and the National Retirement Authority, aims to maximize the employee retirement fund and provide subsidized services to retirees.

Last December, Minister of Communications Hiyam Al-Yasiri announced that the Council of Ministers had issued an important decision approving the selection of Vodafone International as the operator of the government’s national 5G mobile phone license. This decision was based on the recommendations of the negotiating team formed by the Ministry of Communications.

Shafaq.com