Aproposal to dissolve the Iraqi Ministry of Electricity: Annual spending of $8 billion remains unaddressed.

Iraqi economic expert, Munar Al-Obaidi, revealed on Monday that the annual spending on the electricity sector in the country has exceeded 10 trillion dinars, in light of the absence of radical solutions to address the chronic imbalance in this issue. He proposed dissolving the Federal Ministry of Electricity and that local governments in the governorates should manage the issue by contracting for generation in exchange for collection.

Al-Obaidi said in a statement received by Shafaq News Agency, “Data issued by the Ministry of Finance for 2024 indicate that total direct spending on the electricity sector, including operating and investment expenses, amounted to approximately 10.45 trillion Iraqi dinars, equivalent to approximately 8 billion US dollars.”

He explained that “the distribution of these expenditures was as follows: electricity costs 3.39 trillion dinars, expenses for purchasing imported fuel to operate the stations 3.3 trillion dinars, expenses for the Ministry of Electricity’s investment budget 1.2 trillion dinars, other expenditures such as compensation, grants and salaries 2.3 trillion dinars, in addition to expenses for importing energy from abroad, which amounted to 238 billion dinars.”

Al-Abidi explained that “these figures represent direct expenditures only, and indirect expenditures related to the electricity sector, such as government subsidies and the costs of technical and commercial losses in the network, are added to them.”

He pointed out that “there are no accurate figures available to illustrate the annual volume of electricity sector collections, making it difficult to measure the financial gap between what is actually spent and what is collected from citizens.” He emphasized that “this gap represents annual losses borne by the state without any real solution.”

He stressed that “the electricity issue has become one of Iraq’s most complex challenges, and patchwork solutions are no longer viable,” emphasizing that “the radical solution lies in transferring the powers of electricity production, distribution, and collection from the central government to local governments.”

Al-Obaidi suggested that “provinces should contract to establish local electricity generation units based on diverse energy sources, in addition to directly managing collection operations, which would enhance efficiency and reduce waste and corruption.” He added that “the central government’s role could be limited to drafting general legislation and regulating the market, allowing governorates to operate flexibly according to their needs and creating a local market for exchanging electricity between governorates with abundant supplies and those suffering from scarce supplies.”

He pointed out that “over more than twenty years, Iraq has spent approximately $200 billion on electricity without achieving commensurate results due to centralized decision-making, weak management, and widespread corruption.” He explained that “abolishing the Ministry of Electricity entirely and transforming its departments and units into provincial directorates may be the only path to real reform.”

Al-Obaidi warned that “if this bold course is not taken, Iraq will continue to drain huge resources without achieving sustainable electricity security.”

Shafaq.com

Iraq joins the club of advanced countries in electronic payments with 22 million bank cards.

Nabil Al Najjar, head of the electronic payments team, announced that Iraq has become one of the most advanced countries in this field, thanks to decisive government decisions and support from the Central Bank and the financial sector. He noted that the number of bank cards has exceeded 22 million, and that their usage is constantly increasing, with intensive efforts to deploy electronic payment devices throughout the country.
Al-Najjar said in a press statement, “The electronic payment project was not a spur-of-the-moment project. Rather, it was the result of prior preparations that paved the way for Iraq’s advancement in this field, despite its late entry, like the rest of the world. However, today we are among the advanced countries that use electronic payment tools.”

He explained that the success of this project depended on two key factors: desire and decision-making, adding, “The government’s desire came in 2023, specifically on January 18, with a decision to transform Iraq’s economic front from a paper-based cash system to an electronic payments system. Thus, we began gradually.”

He pointed out that the first experiment to impose the use of electronic payment was at gas stations, saying, “The first experiment was on a single day in June 2023, regarding the issue of forcing gas stations to use electronic payment tools. We certainly encountered problems at first. The project is new and faces many challenges.”

He pointed out that “the will was vested in the Central Bank of Iraq and the financial sector as a whole—banks and electronic payment companies, which have contributed significantly to shifting the economy from cash to cashless.”

He continued: “The number of cards, according to the statistics available to us, has exceeded 22 million, and thus this number is constantly increasing. The coming days will witness a higher rate of increase, given that on July 1, cash will no longer be accepted at all state institutions. While cash is currently available, it will be available in its entirety, including at gas stations.”

Regarding card usage, Al-Najjar explained that “the number of cards in use exceeds 17 to 18 million, and the situation is on the rise. We’re talking about more than 40% of citizens using electronic payment tools, and the coming days will witness further change.”

He added, “Most citizens own more than one card from more than one company and more than one bank. Their use is limited, and some only use them at government institutions. We need to educate more about the use of these cards in commercial markets and shops. This issue falls on us to raise awareness about the culture of electronic payment.”

In this context, Al-Najjar announced a new campaign to spread the culture of electronic payment, saying, “I announce that the “We Will Reach You” campaign, which was launched on January 11, 2025, will be available in the coming days, at the beginning of next month or the end of this month. We will be present in the Kurdistan Region to spread the culture of electronic payment widely.”

He explained that Iraq is striving to achieve global standards in this field, saying, “The global system speaks of one POS device for every 37 citizens. Today, in Iraq, we are striving to reach this point by deploying POS devices in shops, large and small markets, and even among kiosk owners.”

He pointed out that “electronic payment companies are trying to make these devices available and encourage their use by citizens through loyalty programs launched by companies and banking institutions.”

Regarding the situation in the Kurdistan Region, Al-Najjar said: “Today, the Kurdistan Region has entered the localization phase, so the POS deployment phases will be faster and more acceptable to the public, given that they have already gone through this experience in previous phases, but today it is becoming widespread.”

He explained that the devices are often distributed free of charge, and that sometimes a small insurance fee of no more than 200,000 to 300,000 dinars is imposed, which is refunded when the device is returned without defects.

Al-Najjar considered Halabja Governorate to represent a strategic launch for the “We Reach You” campaign, explaining: “Today, Halabja Governorate is a new Iraqi governorate. We used to have 18 governorates, now we have 19. Therefore, our people in the Kurdistan Region have a significant share of the electronic payment culture.”

He continued: “Choosing Halabja Governorate to launch the “We Will Reach You” campaign from this governorate is a move towards the Kurdistan Region, and also the northern regions of Iraq. I mean here the areas bordering the Kurdistan Region: Mosul, Kirkuk, Salah al-Din, and also the other governorates.”

Al-Najjar confirmed that this campaign is being directly sponsored by the Central Bank of Iraq and supported by several financial institutions, including the Bank of Baghdad, the Development Bank, Arab Bank, K-Card, Rafidain Bank, Al-Saqi Bank, Bank of the South, Amwal Bank, Al-Ahli Bank, and others.

He concluded his remarks by pointing out that “banking financial institutions and electronic payment companies are sparing no effort to motivate citizens through loyalty programs, under the direct supervision of the Central Bank of Iraq, the Payments Department, the Financial Inclusion Division, and other relevant departments, with the goal of delivering financial services directly to citizens.”

Alforatnews.iq

Iraq joins the international transit system, paving the way for a breakthrough on the path to development.

Iraq’s accession to the International Road Transport Association (TIR) ​​and the activation of international transport operations in cooperation with the International Road Transport Union (IRU) is a strategic step to support the country’s economy and enhance its commercial standing.

The measure aims to develop trade in the Middle East by activating the development road project, which will connect southern Iraq to northern Iraq and provide a vital trade corridor linking Asia and the Gulf Cooperation Council countries with Turkey and Europe.

Iraq’s accession to the international transit system will reduce transportation time by 80% and costs by 38%. Initial trials have shown that journeys can be completed in less than a week, compared to several weeks using alternative shipping methods. This could open new horizons for Iraq in the field of logistics and international trade.

Ihab Talib, transit official at the Iraqi General Authority of Customs, expects the international transit agreement to significantly enhance Iraq’s position in the trade and transport sectors, contribute to increased revenues, and facilitate customs procedures at all border crossings.

Following the agreement’s implementation, the authority recently received a transit flight from Poland bound for the UAE via Iraq, according to Taleb’s statement to Al Jazeera Net, pointing to effective coordination with the International Road Transport Union and government agencies.

Taleb added that pilot operations demonstrated the feasibility of completing the journey in less than a week, compared to a minimum of 14 days through the Red Sea, or 26 days if ships are forced to reroute around Africa (which has been occurring since November 2023 as Israel’s war on the Gaza Strip expanded and the Yemeni Houthi group threatened Israeli ships).

He pointed out that the International Transit Agreement operates under the auspices of the United Nations, and that Iraq has signed it with the International Road Transport Union. He noted that the Authority is currently working to implement its provisions, having previously conducted a successful trial run.

Talib said that Iraq’s strategic and vital location in the region makes it highly qualified to benefit from this agreement, which will play a significant role in strengthening its logistical position as a vital transportation route at both the regional and global levels. He emphasized that this agreement will represent a qualitative leap in Iraq’s international ranking in the fields of transportation and logistics.

Shipping procedures
Engineer Muhaimin Ammar Ibrahim, from the Transit Division of the Customs Authority, said that the entire process of receiving and processing a customs transit shipment was completed via the National Transit Platform, developed by the National Data Center at the Cabinet.

Ibrahim added to Al Jazeera Net, “We were able to accurately track the shipment’s path through the platform’s advanced tracking system from the moment it entered Iraqi territory until its exit, reflecting the platform’s efficiency and ability to provide a comprehensive view of the operations.”

He continued, “We are now looking forward to receiving more shipments that can be processed through this advanced platform, which will effectively contribute to accelerating the movement of goods and facilitating transit trade.” He expected that the activation of the international transit system in Iraq will reduce transportation time by 80% and costs by 38%, which will generate significant economic benefits and create new job opportunities.

Ibrahim pointed to the ongoing development plans and procedures the Authority is working on to enhance the monitoring system and ensure the success of the experiment. He emphasized that there are ongoing plans to ensure the success of this experiment and its completion in the simplest possible manner, as these shipments will continue, supporting Iraq’s efforts to become a regional transit hub.

strategic alternative
In turn, member of the Iraqi Parliament’s Finance Committee, Moein Al-Kadhimi, emphasized that Iraq’s accession to the International Transit Convention represents a crucial preliminary step toward the development road project.

The development road is a massive Iraqi project launched on May 27, 2023, at an estimated cost of $17 billion. It extends 1,200 kilometers, starting from the Grand Faw Port in southern Iraq, passing through several governorates, and ending at the Fish Khabur crossing in the north on the Turkish border. It includes a land route and a dual-track railway, and aims to connect Asia to Europe via Iraq.

Al-Kadhimi predicted to Al Jazeera Net that the development path would allow global trade to pass through the Grand Faw Port , then through the Fish Khabur crossing to Turkey, and on to the Port of Ceyhan and other ports in Bulgaria and European countries.

He added, “This road will be a strategic parallel to the Suez Canal, providing significant economic returns for Iraq and reducing its dependence on oil and the rentier economy.”

He pointed out that these roads and railways will provide an opportunity to establish factories in cooperation with China and other countries, enabling manufacturing within Iraq and the export of products to Europe. Population clusters will also be created along the development route.

On the other hand, Al-Kadhimi emphasized that this project “has strategic security implications at the global level. Iraq must remain stable, free from chaos and security threats, and the interests of the world’s countries will be linked to its stability. This is an important and fundamental goal that must be further strengthened.”

Aljazeera.net

Exclusive: US calls on Baghdad to negotiate quickly: Iraq’s independence from Iranian influence comes through Kurdistan’s gas

The US State Department considered, on Thursday, that the recent agreements concluded by the Kurdistan Regional Government with American companies to develop natural gas production constitute an important step towards addressing the chronic imbalance in the Iraqi energy sector, calling on Baghdad and Erbil to urgently coordinate to accelerate project implementation and enhance Iraq’s energy independence.

A ministry official told Shafaq News Agency, “The United States believes that Iraq will be more stable and sovereign by achieving energy independence and distancing itself from Iran’s harmful influence.”

He added, “The agreements recently signed by Kurdistan Regional Government Prime Minister Masrour Barzani with American companies to expand natural gas production in Iraqi Kurdistan support this goal,” noting that “these projects, whether in the region or across the rest of the country, are in the interest of all Iraqis, especially in light of the ongoing electricity crisis.”

The US official continued, “We encourage Baghdad and Erbil to work together to begin gas production as soon as possible.”

The Kurdistan Regional Government announced the signing of two agreements with American companies HKN Energy and WesternZagros to develop the Miran and Topkhana-Kurdimir fields in Sulaymaniyah Governorate, with a total value estimated at approximately $110 billion, in one of the largest deals in the region’s energy sector.

The agreements aim to exploit natural gas resources more widely to meet the region’s and Iraq’s electricity needs and reduce reliance on Iranian gas imports.

The move sparked protests from the federal government in Baghdad, with the Iraqi Oil Ministry describing the agreements as “null and void,” noting that natural resource management falls solely within the purview of the federal government.

Investment efforts in Iraq’s energy sector face recurring legal and political challenges, given the absence of a federal law regulating the management of natural resources between the central government and the region.

The energy crisis is one of the most significant challenges facing Iraq, with most of the population suffering from frequent power outages, which worsen during the summer months. Iraq relies heavily on gas imported from Iran, at a time when supplies are affected by political and economic factors, most notably regional tensions and mounting debt issues.

Relations between Baghdad and Kurdistan have recently become strained, particularly after the signing of the gas contract with Washington. The Iraqi Ministry of Finance announced it would halt funding for the salaries of Kurdistan Region employees until May 2025, citing the region’s exceeding its budget share and its failure to deliver oil and non-oil revenues to the federal government.

In contrast, the Kurdistan Regional Government (KRG) considered the decision politically motivated and a violation of the constitution and Federal Court rulings. The KRG asserted that Baghdad had failed to honor its financial commitments despite Erbil’s previous commitments, and that the decision directly impacts more than 1.2 million employees ahead of Eid al-Adha.

Shafaq.com

Al-Sudani: Our industry has reached self-sufficiency, and we aim to convert oil exports into derivatives.

Iraqi Prime Minister Mohammed Shia al-Sudani said on Thursday that local industries have reached self-sufficiency, revealing at the same time that the government is targeting the conversion of oil exports into “high-value and high-yield” derivatives.

This came in a speech delivered by Al-Sudani during the celebration of National Industry Day, held by the Iraqi Federation of Industries.

In his speech, Al-Sudani said that Iraqi industrialists have proven their ability to innovate and withstand challenges throughout the various periods that Iraq has gone through, adding, “After 2003, there was an ill-considered openness that flooded the Iraqi market with imports, and industrialists turned into traders and contractors.”

He added, “Our industry has reached self-sufficiency in goods and products, from food industries to pharmaceuticals,” stressing that “no economic reform will be achieved without national industry, and we have given the private sector a role in decision-making and setting priorities.”

Al-Sudani also pointed out that “the government, for the first time, has included sovereign guarantees for private sector projects in the budget law… which has encouraged us to bring in modern technology, equipment, and production lines to develop and provide the product locally.”

He stressed that “priority was given to the construction, food, and pharmaceutical industries,” noting that “the Cabinet is prepared to go beyond decisions to protect local products, and we may even ban the import of a commodity if it is available locally.”

Al-Sudani stated, “We still need to achieve better investment in the petroleum products industry, which will increase their value.”

He continued, “We aim to transform our oil exports into high-value, high-yield derivatives by creating an important petrochemical industry that is in demand for export.”

The Prime Minister concluded his remarks by saying, “We are moving forcefully to modernize the banking sector, increase control over border crossings, and limit the entry of substandard goods.”

Shafaq.com

The Kurdistan Regional Government responds to accusations by the Iraqi Ministry of Oil.

The Ministry of Natural Resources in the Kurdistan Region considered, on Thursday, the federal Ministry of Oil’s accusations against the region of oil smuggling as “a blatant attempt to divert attention from widespread smuggling and corruption in other parts of Iraq,” describing the Iraqi Ministry of Finance’s suspension of funding for salaries of public sector employees and workers in the region as a “blatant violation.”

In a lengthy statement, the Ministry of Natural Resources responded to these accusations by saying, “The federal Ministry of Oil issued a political statement that is far removed from objective facts, and through it insists on holding the Kurdistan Region responsible for accumulated failures that are, essentially, the result of (central) policies that did not take into account the foundations of true partnership upon which federal Iraq was built.”

The response statement addressed the Ministry of Oil, saying, “You are the ones who flagrantly and continuously violate the constitution, and have been a stumbling block to the passage of the federal oil and gas law for many years, a law that represents the cornerstone for resolving all oil-related issues. Instead, you persist in clinging to the system of legislation of the former regime, which are outdated, centralized Ba’athist laws, especially the 1976 law, which clearly and explicitly contradicts the principles of the federal system and the articles of the current constitution.”

The Ministry of Resources continued its response, saying, “You did not stop there. You have also cut off the salaries and livelihoods of the region’s citizens, in a blatant violation of their most basic human rights. You are practicing a systematic policy of starvation against them in an effort to implement your discriminatory, unconstitutional plans. This is one of your most egregious violations.”

The statement described the accusations of oil smuggling from the region as “a blatant attempt to divert attention from the widespread smuggling and corruption in other parts of Iraq,” adding, “You are the ones who smuggle oil from the south and commit all forms of corruption in full view of everyone, as attested to by local and international reports that expose the extent of waste and corruption. You are the ones who mix oil and serve the interests of others instead of serving Iraq and its people, with unfortunate policies that have damaged the reputation of Iraqi oil globally.”

The Ministry of Natural Resources noted in its statement that “the Kurdistan Region has fulfilled all its obligations, despite the other party’s failure to fulfill its constitutional responsibilities and duties.”

The statement addressed the Oil Ministry, saying, “Blaming the region for OPEC’s surplus is your fault, because you are selling other people’s oil in the name of Iraqi oil. The region’s constitutional right to produce is double what it is now, but the region, out of concern for the country’s public interest, is not even producing half of this amount due.” It added, “We have delivered to you more than 11 million barrels of oil, and you have not sent a single dinar in return to the Kurdistan Region, in clear violation of agreements and financial obligations.”

The statement continued, “As for what was stated in your last statement, we clarify the following facts in an unambiguous manner:

1- The regional government is not the party responsible for the halt in oil exports. Rather, this came as a result of the lawsuit filed by the Federal Ministry of Oil against the Turkish Ministry of Energy, which resulted in the halt in exports on March 25, 2023, costing the federal government, the region, and companies losses of more than $25 billion.

2- Within a few days, specifically on April 4, 2023, an agreement was reached with the Ministry of Oil to resume the export process. However, the budget law stipulated a specific amount for the cost of production (which is six dollars per barrel), which prompted most producing companies to refrain from production under this specification.

3- Based on the request of the Ministry of Oil, quantities of the region’s oil were delivered to one of the refineries working for the Ministry of Oil, for a period exceeding five months. The total amount delivered amounted to (11,826,218) barrels. Despite this commitment on the part of the region, not a single dinar was paid for this quantity, and as a result, the producing companies refrained from delivering their production to the Ministry of Oil.

4- At the outset of the formation of the current federal government, a joint committee was formed to prepare a draft federal oil and gas law, and several meetings were held for this purpose. However, these efforts have not yet yielded any results, and there is a clear slowness and delay on the part of the federal government in following up on this extremely important issue, which represents the key to a real solution to the outstanding disputes between the two governments.

5- Since the system of government in Iraq is a federal system, and it is the constitutional right of the region to have its own legislation that regulates its affairs, the Ministry of Natural Resources in the Kurdistan Region concluded its contracts with international oil companies based on Oil and Gas Law No. 22 of 2007. If there was a real legal problem in these contracts, then international companies with a prestigious reputation would not have invested billions of dollars in the region without legal basis.

6- Iraq has a constitution. If its provisions were implemented in letter and spirit, far from selectivity and narrow interests in application and interpretation, the general situation in the country, and the oil file in particular, would not have reached this level of complexity and crisis.

7- The Kurdistan Regional Government has fully fulfilled its obligations regarding efforts to resume exports, as it agreed to: sell oil produced in the region through the State Oil Marketing Organization (SOMO), deposit all sales revenues into the state treasury, appoint a consulting company, and open an escrow account in the name of the companies.

8- The oil companies operating in the region are required to do the following: (Adhere to the contracts in terms of the economic model, the commercial terms in the contract, and not to touch the contracts as they have taken their legal course in federal and international courts).

The Ministry of Resources concluded its statement by saying, “The (temporary) agreement to resume oil exports, and the subsequent meetings and gatherings, represent conclusive evidence of the Kurdistan Region’s flexibility and willingness to cooperate, rendering your ministry’s claims that previous talks with the region were futile and baseless.”

Earlier Thursday morning, the Iraqi Ministry of Oil issued a statement stressing the “necessity for the Kurdistan Regional Government to abide by the constitution, Federal Court decisions, and applicable laws, including the general budget law, which obligates the regional government to hand over oil produced from its fields to the federal Ministry of Oil for export and to replenish the public treasury with its revenues.” The statement added that “the ministry had previously sent official letters and delegations to the regional government on a persistent and continuous basis to achieve this, but to no avail.”

She stressed the “need to immediately commence oil deliveries, in accordance with the text of the amended budget law that was enacted in agreement with the regional government, and the need for the regional government not to shirk its obligations.”

According to a statement from the Ministry of Oil, “The continued failure to deliver oil is causing major financial losses to Iraq and is harming Iraq’s international reputation and its oil commitments. The KRG’s failure to abide by the constitution and the law has led to a loss to Iraqi oil exports and the public treasury twice: the first is the failure to receive and export the oil produced in the region and benefit from its revenues, and the second loss is the federal Ministry of Oil being forced to reduce production from the remaining oil fields outside the region in compliance with Iraq’s OPEC quota, which counts production from fields located in the region as part of Iraq’s quota, regardless of the violations indicated.”

The Iraqi Oil Ministry accused Kurdistan of continuing to “smuggle oil from the region outside Iraq,” holding the “regional government fully legally responsible for this,” and that it “reserves the right to continue taking all legal measures in this regard.”

Shafaq.com

A strongly worded statement from the Ministry of Oil to the regional government: Abide by the constitution and the law.

The Federal Ministry of Oil issued a strongly worded statement on Thursday to the Kurdistan Regional Government, demanding that it adhere to the law, the constitution, and agreements regarding oil exports and the transfer of revenues.

The ministry said in a statement, “The Ministry of Oil stresses the necessity for the Kurdistan Regional Government to adhere to the constitution, the decisions of the Federal Court, and the applicable laws, including the general budget law, which obligates the regional government to hand over the oil produced from the fields located within it to the federal Ministry of Oil for the purpose of exporting it and supplying the public treasury with its revenues. The ministry has previously sent official correspondence and delegations to the regional government on an urgent and continuous basis to achieve this, but to no avail.”

The ministry stressed “the need to immediately begin delivering oil, in accordance with the text of the amended budget law, which was enacted in agreement with the regional government, and the need for the regional government not to shirk its obligations.”

The ministry continued, “The continued failure to deliver oil causes major financial losses to Iraq and exposes Iraq’s international reputation and its oil obligations to harm. The regional government’s failure to abide by the constitution and the law has led to the loss of Iraqi oil exports and the public treasury twice: the first by not receiving and exporting oil produced in the region and benefiting from its revenues, and the second loss by forcing the federal Ministry of Oil to reduce production from the remaining oil fields outside the region in compliance with Iraq’s quota in OPEC, which counts the production of fields located in the region as part of Iraq’s quota, regardless of the violations indicated.”

The ministry noted that it is “monitoring information indicating the continued smuggling of oil from the region outside Iraq. The ministry holds the regional government fully legally responsible for this and reserves the right to continue taking all legal measures in this regard.”

Burathanews.com

The Pentagon to Shafaq News: No change in the plan to withdraw from Iraq.

The US Department of Defense (Pentagon) confirmed, in a statement to Shafaq News Agency on Tuesday, that the plan for the withdrawal of US forces from Iraq is still proceeding within the announced framework, denying any changes or delays due to recent political or regional developments.

The Pentagon said in an official response to Shafaq News Agency’s inquiry: “We are on the same path that was reaffirmed in the joint statement below issued in September 2024.”

This response comes amid talks held within the framework of the Joint High Military Committee between Baghdad and Washington, which was formed in 2023 to discuss the future of the US military presence in Iraq and determine the mechanism for transitioning the relationship from a combat framework to bilateral security cooperation, including training and intelligence support.

The current US military presence in Iraq is distributed across several bases, most notably Ain al-Asad in Anbar and Harir in Erbil. The estimated number of troops is approximately 2,500, performing tasks related to combating ISIS remnants and providing logistical support to Iraqi forces, within the framework of the international coalition.

In early 2020, the Iraqi parliament voted on a resolution requiring the government to set a timetable for ending foreign presence. This followed escalating tensions following the assassination of Iranian Quds Force commander Qassem Soleimani and deputy head of the Popular Mobilization Forces (PMF), Abu Mahdi al-Muhandis, near Baghdad airport.

Despite political pressure from Iraqi Shiite political parties, the United States emphasizes that any withdrawal must be carried out in full coordination with Baghdad and ensure that terrorist threats do not return. The United States emphasizes that the issue is still under negotiation through joint official channels.

Shafaq.com

The Iraqi currency: a document that attracts tourists and investors.

Currency has played a significant role in regulating economic and political life in Iraq, with its forms and symbols evolving over the ages, all the way to the modern era. It has become an essential part of the national and international economic structure, and with Baghdad being designated the Arab Capital of Tourism, it represents a means of attracting tourist investors.

The Iraqi currency has undergone many transformations, as historian Dr. Adel Shaker explains in a statement to Al-Sabah: “Commercial transactions in Iraq were based on a commodity exchange system, with commodities such as wheat, sheep, and vegetables being exchanged before they were regulated by written laws. These laws were written in cuneiform script, protected the rights of merchants, and regulated exchange operations.”

He emphasized that over time, currencies evolved and diversified in their forms. Gold and silver coins appeared bearing important slogans, such as “There is no god but God, Muhammad is the Messenger of God” or “Ali is the guardian of God.” They immortalized the names of kings and historical events, especially in regions such as the city of Hatra in northern Iraq, which went through multiple political phases. Its kings placed slogans expressing their beliefs and deities, such as the sun god.

The system was initially disorganized, until laws intervened to regulate these processes. Priests controlled the temple and regulated religious, social, and political life. They wrote down laws on cuneiform tablets, which are now part of museums and illustrate ancient trade operations.

Shaker explained that the beginnings of the use of currency in Iraq date back to the First World War, when Iraq was part of the Indian monetary region, and the Indian rupee was used as legal tender during that period until the year 1932. In the year 1931, the Iraqi Currency Committee was established pursuant to Law No. (44) of 1931, then it was abolished and the National Bank of Iraq was established pursuant to Laws No. (42, 43) of the year (1947) to undertake the issuance of currency.

Pointing out that the Iraqi currency went through several stages, namely the royal edition bearing the image of King Faisal, which continued until 1958, the edition bearing the republican emblem until 1978, and the international edition called (the Swiss edition), which was printed by the British company Delao and the Soviet Exportless until 1990. As a result of the economic blockade that Iraq went through, the Central Bank of Iraq printed banknotes at the Al-Nahrain Printing House, which did not meet security specifications and were made of plain paper. In early 2003, the Central Bank withdrew all local and international banknotes called the Swiss edition, and introduced the new series of Iraqi dinars, consisting of seven denominations, which were printed with high security specifications, and continued to be developed.

Alsabaah.iq

The Minister of Finance discusses with the World Bank developing the private sector and encouraging investment.

Finance Minister Taif Sami and the World Bank’s representative to Iraq discussed enhancing cooperation to support development projects, grow the private sector, and encourage investment on Sunday.

The ministry said in a statement received by Al-Maalouma that “Minister of Finance Taif Sami Mohammed received the World Bank representative to Iraq and his accompanying delegation to discuss plans to enhance cooperation to support development projects by leveraging the technical and financial support provided by the bank in implementing strategic projects to stimulate economic growth, particularly in the areas of infrastructure and human development.”

The statement added, “The two parties discussed developing the private sector and encouraging investment as the primary driver of sustainable economic growth, in addition to the need to support financial reforms to achieve stability and growth.”

The statement explained that “the bank’s representative expressed his commitment to continuing to support Iraq in achieving its development goals and enhancing its ability to confront economic and development challenges.”

Almaalomah.me