MP Mukhtar al-Moussawi: More than 50 MPs have been absent since the beginning of the session.

MP Mukhtar al-Moussawi issued a scathing warning on Tuesday (April 15, 2025) regarding the absence of more than 50 MPs from parliamentary sessions since the start of the current parliamentary session, referring to a phenomenon he described as “exceptional” and unprecedented, even in comparison to parliaments around the world.

Al-Moussawi said in a press statement that “a representative is only elected to be the voice of the people under the dome of parliament, and they are responsible for attending, interacting with legislative committees, and preparing reports.” He expressed surprise at the absence of such a large number of representatives “without attending even a single session.”

He added, wondering, “Do these representatives have convincing excuses? Are the salaries and benefits they receive permissible in light of this complete absence?” He warned that “the continuation of this situation sends negative messages to the public and undermines people’s confidence in the legislative institution.”

Al-Moussawi pointed out that “dividing the parliament’s presidency among the three components has weakened the mechanism for dealing with this phenomenon,” emphasizing that “the presence of these representatives in the sessions could have made a difference in passing dozens of important laws or bringing them up for discussion.”

He concluded by saying, “What is happening is painful for the legislative process and requires a serious stance from the presidency and political blocs to restore the prestige of Parliament.”

For years, the House of Representatives has witnessed widespread controversy regarding the performance of its members, particularly regarding attendance and actual participation in legislative sessions.

MP Mukhtar al-Moussawi’s remarks come at a time when Iraq is suffering from mounting political and legislative crises, requiring an active presence of parliamentarians to contribute to the passage of reform laws and monitor government performance.

Burathanews.com

Ports Director: We will adopt modern navigation equipment to operate the Grand Faw Port.

Director General of Iraqi Ports, Farhan Al-Fartousi, announced on Tuesday that the Grand Faw Port will be operational in the coming period after it has been equipped with modern navigation equipment. Al-Fartousi stated in a press conference that “the technical director of the International Academy for Maritime Aids (IALA), Julierdine Delano, is currently visiting Iraq to review the state of the maritime sector and its needs in terms of modern technology in the field of navigational aids, which includes the availability of buoys, lighthouses, and ship traffic signs.”

He added, “Iraq’s cooperation with international maritime organizations, such as the IALA International Academy, will enable the port sector to modernize its infrastructure, provide the port of Faw with the latest navigation equipment, and train the crews working at the port to use this technology.”

In contrast, the technical director of the Ayala Academy, Juliardine Delano, confirmed that “Iraqi ports are witnessing significant development in terms of performance and navigational equipment.”

She noted that she is currently visiting Iraq to review the state of the maritime sector and its needs, ensure Iraq’s commitment to implementing international requirements for maritime safety, and conduct a preliminary assessment of the Grand Faw Port’s need for such navigational aid, in preparation for its commencement of operations in the coming period.

She added, “Iraq’s compliance with international standards and its investment in safety measures will yield returns in the form of reduced prices for imported products, as well as insurance revenues paid by ships passing through ports.”

Burathanews.com

Banking sector update

Iraq has recently witnessed significant improvements on the political, economic, and security fronts, which has had a positive impact on attracting foreign and Arab investments, particularly in the banking sector.

The increasing presence of foreign and Arab banks in the country is evidence of a recovering investment environment and reflects government efforts to enhance economic stability.

Among the most notable positive indicators that have contributed to strengthening the investment environment are regional and international cooperation and Iraq’s openness to Arab and international countries. This has boosted investor confidence and encouraged Arab banks to expand their presence in Iraq, which is relied upon to provide advanced financial services, such as trade finance and Islamic banking, in addition to supporting the private sector and joint investments.

This step represents the optimal means for global integration through the entry of international banks, reflecting the return of investor confidence in the Iraqi economy.

Meanwhile, the Iraqi banking reform process, undertaken by the government to address the challenges facing the banking sector and keep pace with the digital age and international requirements, is proceeding along two parallel tracks. The first involves reforming private banks, led by the Central Bank, and ensuring compliance with international standards and the implementation of anti-money laundering and counter-terrorism financing requirements. This includes lifting the ban on dealing with Iraqi banks and cooperating with international companies to develop the technical infrastructure.

The second path is being adopted by the government to modernize state-owned banks, with support from the executive branch. This involves improving efficiency and adopting modern banking systems to reduce corruption, increase transparency, integrate with the private sector, and encourage partnerships between banks.

It’s worth noting that there are obstacles hindering banking development, including bureaucracy, legal complexities, weak digital infrastructure in some local banks, and the need for qualified human resources to manage modern financial systems. This goal aims to create a modern banking system that supports the national economy. However, complete success requires accelerating reforms to ensure compliance with international standards, transforming Iraq into an attractive financial center that contributes to economic diversification and the creation of new job opportunities, thus strengthening its regional and international standing.

In any case, there is no alternative but to integrate with the global financial and banking climate, after comprehensive reform is completed, with the aim of creating a unified national banking market, directing banking credit towards investment, driven by the promising economic stability our country enjoys.

Alsabaah.iq

Al-Sudani’s advisor: Annual returns from investing reserves are no less than $2 billion.

Shafaq News / The Prime Minister’s advisor for financial affairs, Mazhar Mohammed Salih, confirmed on Tuesday that the “annual returns” from investing foreign reserves are no less than two billion dollars, according to his estimates.

“These investments are often short-term and directed toward US, European, or British treasury bonds, with the aim of achieving appropriate returns,” Saleh told Shafaq News Agency.

He added, “These investments are characterized by low risk and generate appropriate returns, and the invested assets can be quickly converted into cash without incurring losses.”

Saleh pointed out that “profits generated from reserves are divided into two types: the first is realized, represented by direct interest, and the second is unrealized, resulting from diversifying the investment portfolio, in addition to realizing potential profits from exchange rate differences between currencies and gold.”

The Central Bank of Iraq previously revealed a decline in foreign reserves for 2024, reaching 130.81 trillion dinars, a 10.18% decrease compared to the same period in 2023, when these reserves reached 145.64 trillion dinars.

Shafaq.com

The American Chamber of Commerce told Shafaq News: We have huge opportunities in Iraq.

Shafaq News / Steve Lutes, Vice President of the U.S. Chamber of Commerce, who is currently visiting Iraq with the “largest economic delegation in history,” revealed on Wednesday that they are discussing the development of various sectors, including technology. While he announced that American companies in the energy and health sectors will visit Baghdad in the coming period, he emphasized the “huge” opportunities in the country.

Last Monday, a US delegation arrived in Iraq on the largest US trade mission, comprising representatives from 60 companies across various sectors.

“The American delegation was honored to meet with Iraqi Prime Minister Mohammed Shia al-Sudani and listened to his speech on relations between Iraq and the United States and ways to develop them,” Lutz told Shafaq News Agency.

The Vice President of the American Chamber of Commerce added, “The American economic delegation signed several important agreements with Iraq, some of which were attended by the Iraqi Prime Minister, and this was in coordination with the US Treasury Department.”

Lotts confirmed that “the US economic mission met with a number of ministers and will meet with others as well, and there is a discussion about developing the Iraqi technological and economic sector.”

The Vice President of the American Chamber of Commerce revealed that “the current delegation is the largest in history, and that American companies in the energy and healthcare sectors will be visiting Iraq in the coming period.”

Lutz noted that “this visit will be a new spark for developing relations between American economic and business companies and Iraq, especially given the many investment opportunities we seek to capitalize on in light of the long-term partnership with our Iraqi partners.”

The Vice President of the American Chamber of Commerce emphasized that “American companies have tremendous opportunities to develop various Iraqi sectors in the oil and gas sectors, and that the US Treasury Department believes that American companies are the strongest and most advanced, and therefore they can compete with and outperform other companies.”

Earlier today, during a press conference attended by a Shafaq News Agency correspondent, Lutz affirmed that the Treasury Department will play a role in developing the Iraqi economy. Meanwhile, the head of the Iraqi Economic Council, Ibrahim al-Baghdadi, stated that the country is faring better economically today than in previous years.

Al-Baghdadi stated, “Unfortunately, the recent years since the liberation have witnessed a significant decline in education in Iraq. However, I hope that it will develop again with the presence of the American University, which will save education and represent a lifeline for Iraq.”

He stressed that “we cannot forget the role of the United States in liberating Iraq from dictatorship. The United States is the world’s leading nation in various fields and is the one who has the credit for Iraq’s liberation.”

Al-Baghdadi pointed out that “the visit of the American delegation, consisting of more than 100 figures and more than 60 American companies, is evidence of the progress made in relations to develop the Iraqi economy,” adding that “two days ago, we launched the Private Sector Development Council, headed by Prime Minister Mohammed Shia al-Sudani, the First Vice President, the Minister of Planning, and the Second Vice President.”

Al-Baghdadi stated, “Iraq today is dozens of times better off than it was in the past, and we welcome any company that wants to work in Iraq to develop its industry and economy.”

Shafaq.com

Al-Sudani stresses the importance of expanding cooperation with JP Morgan

Prime Minister Mohammed Shia al-Sudani stressed on Tuesday the importance of expanding partnerships between Iraqi banks and JPMorgan Chase, noting the government’s readiness to provide all forms of support to strengthen this relationship.

A statement from the Prime Minister’s Media Office, received by Al-Sabah, stated that “Al-Sudani received a delegation from JPMorgan Chase, headed by the bank’s Deputy Director, Daniel Zelikow, on the sidelines of the Iraqi Banking Sector Reform Conference held in Baghdad.”

The statement added, “During the meeting, discussions focused on enhancing cooperation in the financial and banking fields, including the bank’s participation in financing various investment projects. Mechanisms for securing credits and financial transfers and ensuring their delivery to those entitled to them in Europe and the United States were also discussed, which will contribute to improving services provided to Iraqi traders and importers.”

Al-Sudani pointed to “the importance of expanding the scope of partnership between Iraqi banks and JP Morgan,” noting “the government’s readiness to provide all forms of support to strengthen this relationship.”

For its part, the JP Morgan delegation expressed its “willingness to increase cooperation with Iraq by expanding the number of correspondent accounts opened for Iraqi banks, and its willingness to finance a number of investment projects directly or through partner financial institutions.”

Alsabaah.iq

Al-Baldawi: The government still has the 2025 budget schedules, and delaying them violates the law.

Al-Maalouma / Baghdad…. Deputy Chairman of the Parliamentary Planning Committee, Mohammed Al-Baldawi, confirmed on Wednesday that the 2025 budget tables are still with the government and have not yet reached Parliament, noting that the government has not explained the reason for this delay.

Al-Baldawi said in a statement to Al-Maalouma Agency, “Amending Paragraph 12 of the Federal Budget Law was one of the reasons that led to the rearrangement of the tables.”
He pointed out that “they have not been completed by the government yet.” He also added that the Council of Ministers has not officially sent the tables to Parliament, expecting them to arrive soon.

Member of the Parliamentary Finance Committee, MP Hussein Mounes, confirmed in a previous statement to Al-Maalouma that the delay in sending the 2025 budget tables is a violation of the budget law itself as well as the Financial Management Law. It is an incorrect basis, considering that last year there was also a delay in the arrival of the tables, which creates confusion in the issue of monitoring and following up on budget implementation.

Almaalomah.me

Economist: Strengthening the private sector is key to stabilizing the labor market in Iraq.

Al-Maalouma / Baghdad… Researcher and expert in financial and banking affairs, Mustafa Hantoush, confirmed on Wednesday that the stability of the labor market in Iraq is closely linked to the development of the private sector and enabling it to perform its true role in supporting the national economy.

Hantoush said in a statement to Al-Maalouma Agency, “The Iraqi state does not face a problem in paying employee salaries, especially with the continued export of more than 3.3 million barrels of oil per day at prices exceeding $50 per barrel,” noting that “the real dilemma lies in the mismanagement of operating and investment expenses, which requires realistic and urgent solutions.”

He added that “the size of the domestic debt has reached about 83 trillion dinars, a number that calls for sounding the alarm bell and imposes the need for radical solutions, foremost among which is opening the way for the private sector to absorb the increasing numbers of graduates and young people seeking work.”

He explained that “stability of the labor market cannot be achieved through the government sector alone, especially with the high rates of retirement and the halt in new appointments.”

He warned that “continuing this approach will further complicate the crisis, making support for the private sector an inevitable strategic option for achieving sustainable economic development.”

Almaalomah.me

Government advisor: The dollar exceeds 40% of Iraq’s foreign currency reserves.

Shafaq News / The financial advisor to the Iraqi Prime Minister, Mazhar Mohammed Salih, revealed on Wednesday that more than 40% of the country’s foreign currency reserves are in US dollars.

Saleh told Shafaq News Agency, “The US dollar accounts for more than 40% of Iraq’s investment portfolio of foreign reserves,” noting that “this is due to the fact that oil revenues are received in dollars.”

He added that “Iraq’s foreign reserves, which have reached $110 billion or less, play an important role in protecting the national economy from external shocks,” noting that these reserves are diversified between various foreign currencies and gold in the national investment portfolio.

According to the Central Bank, Iraq has foreign exchange reserves of 130.8 trillion dinars, including 162.6 tons of gold.

Shafaq.com

Baghdad informs Washington that Iran is using “forged Iraqi documents” to sell its oil.

Minister of Oil Hayyan Abdul Ghani, on US-Iraqi talks regarding the accusations against…Iraq About SOMO’s involvement in selling Iranian oil as Iraqi to help…Iran In bypassing the issue of sanctions.

Abdul Ghani said in statements to state television, “US naval forces seized Iranian tankers carrying oil and found documents indicating that the oil was Iraqi, even though it was Iranian.”

He pointed out that “it later became clear that these documents were forged, as these Iranian tankers were forging Iraqi documents to sell oil to international companies as if it were Iraqi.”

He stressed that “we spoke with the American side and explained the truth of the matter, that these documents are forged and that we have nothing to do with them, and they understood the matter.”

During the past months, information circulated about SOMO’s involvement in exporting and smuggling Iranian oil, and that American sanctions would affect the company. However, the company previously denied this information. In general, many information and stories began to circulate about “American intentions” towards Iraq…are revealed and fall apart in succession as political leaders and government figures reveal that most of this information comes from a misunderstanding between the two sides, and that much of it has been retracted by the American side.

Alsumaria.tv