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

To compensate for Iranian gas, Iraq plans to build two floating platforms in the Gulf.

Bloomberg reported that Iraq is trying to address the electricity shortage caused by US sanctions on Iran by negotiating with several companies to establish two floating platforms at sea to store and transfer gas by next June.

The US report, translated by Shafaq News Agency, indicated that Washington had decided earlier this March not to renew the presidential waiver that had allowed Iraq to purchase electricity from Iran, as part of pressure from the administration of US President Donald Trump on Tehran to negotiate a new nuclear agreement. The report added that “this move made the Iraqi government need more gas to meet the growing demand for electricity .”

The report cited statements made by Iraqi Oil Minister Hayan Abdul Ghani on Sunday, in which he said, “Two floating platforms for storing liquefied natural gas (LNG) and converting it to gas will be built near the Khor al-Zubair port in Basra .”

The report drew attention to the Iraqi minister’s statement, in which he revealed that Iraq relies on domestic gas production to meet approximately 60% of its needs, while imports cover the remaining 40%. However, during peak consumption periods, this percentage increases to 50 %.

According to the report, the Iraqi government has also issued a tender to establish a fixed gas reprocessing platform at the Grand Faw Port. The report added that Iraq is attempting to limit the amount of gas it burns without utilizing it in order to reduce its gas imports, even as demand is increasing. It also seeks to completely stop gas flaring by the end of 2028 .

He added that “negotiations between Iraq and oil companies operating in the Kurdistan Region have reached advanced stages, according to the Iraqi Oil Minister, who also expressed his hope that exports from the region would resume within a week .”

The report stated that “Iraq has repeatedly announced progress in restarting the northern export pipeline,” noting that “the group representing the region’s oil producers has emphasized that it needs more clarity on the issue of compensation, and that the contracts necessary to resume exports have not yet been concluded . ”

The report noted that Iraq had pledged to honor its OPEC+ quota after the northern crude oil export pipeline was restarted, but has yet to clarify how it will achieve this.

Shafaq.com

Rafidain Bank launches a banking transactions monitoring system in a number of its branches.

Rafidain Bank, in partnership with leading global and international institutions, announced the launch of the Daily Financial Transactions Monitoring (AML) system in six major branches of regulatory importance: Al Waziriyah, Al Muheet, Al Rafie, Al Dora Oil Complex, Zurbatiyah, and Safwan.

The bank said in a statement received by {Euphrates News} that: “The remaining branches will be included successively,” indicating that “this achievement comes as part of the bank’s commitment to implementing strict international standards in combating money laundering and terrorist financing, which is a basic requirement to enhance confidence in the Iraqi banking sector regionally and globally.”

He explained, “The new system enables advanced monitoring and analysis of financial transactions, which helps detect suspicious activities and reduce the risks associated with financial crimes. It also provides accurate centralized audit procedures by the Anti-Money Laundering Reporting Department to ensure full compliance with international regulations.”

The bank added, “This transformation also represents a qualitative leap, as it keeps pace with the latest global banking technologies, enhances transparency, and reduces reliance on paper-based procedures. This contributes to accelerating inspection and auditing processes and achieving unprecedented levels of financial security and economic stability.”

He stated, “With this step, the bank affirms its leadership in developing the Iraqi banking sector and preparing it for integration into global financial markets, which will enhance the confidence of investors and international correspondents and position Iraq in a leading position within the regional and international financial system.”

Alforatnews.iq

Among them is a strategic bomber… a joint air exercise between Iraq and the United States

Iraqi Air Force aircraft conducted a joint military exercise with US Air Force aircraft.
A statement by the Security Media Cell, a copy of which was received by {Euphrates News}, stated that “to develop the capabilities of the Iraqi Air Force and to raise readiness, a joint military exercise was carried out between a formation of Iraqi F-16 aircraft and a formation of US Air Force B-52 (strategic bomber) and F-15 aircraft.”

The statement added, “This exercise demonstrated the Air Force’s high readiness to confront security challenges.”

He pointed out that “the exercise aims to strengthen military relations, exchange expertise in planning and implementation, unify the concept of joint action, and open new horizons for future military cooperation between several countries, including France, the United States, and Italy.”

Alforatnews.iq

Al-Sudani forms a 40-member council to promote the private sector

The Ministry of Planning announced on Sunday the issuance of a royal decree to form a private sector development council, headed by the Prime Minister. The council’s members will be 40.

The ministry said in a statement received by Shafaq News Agency, “A royal order was issued to form the Permanent Private Sector Development Council, headed by Prime Minister Mohammed Shia al-Sudani, and two deputies. The first is Deputy Prime Minister and Minister of Planning Mohammed Ali Tamim, while the second deputy will be a representative of the private sector, elected by the council members.”

She added that “the council consists, in addition to the first and second deputies, of (38) members, (10) of whom represent the government agencies related to the private sector development file, while the (28) members represent the various activities under the banner of the private sector, which include industrial and agricultural activities, banking sectors, contracting and public investments, entertainment investments, hotels and restaurants, general trade and commercial agencies, communications and health, private education, residential activity, real estate development and energy.”

She pointed out that “the council includes a group of experts and representatives of youth and entrepreneurship,” explaining that “the Permanent Council for Private Sector Development is of great importance, as it is the effective representative of all economic activities in this sector, and will play a fundamental role in formulating economic and investment policy, contributing to achieving a true partnership with the public sector.”

Shafaq.com

Ministry of Oil: Planning to increase oil production to more than six million barrels per day by 2029

The Iraqi Ministry of Oil announced ambitious plans on Sunday to increase oil production to more than 6 million barrels per day by 2029, citing an agreement with BP to develop four oil fields in Kirkuk. Undersecretary of the Ministry of Oil, Bassem Mohammed Khudair, stated that the ministry is working to increase oil and gas production capacity within a clear five-year plan, aiming to reach this figure between 2028 and 2029.

Khader added that the ministry seeks to achieve these goals through various projects in all governorates, leveraging the exploratory activities undertaken by the Oil Exploration Company, in addition to the drilling and production operations taking place in the fields under the six licensing rounds.

Among the most prominent current projects highlighted by Khadir was the integrated gas development project in the south, in the Artawi field, along with other projects, most notably the development of four important oil fields in Kirkuk. An agreement has been reached on this matter, and the final contract with BP is scheduled to be signed in the coming days.

The Undersecretary also emphasized that national extraction companies are now responsible for 70% of operational activities in the oil sector.

Burathanews.com

Rashid to an American newspaper: Iraq is ready to mediate between Washington and Tehran

Iraqi President Abdul Latif Rashid confirmed on Tuesday that Baghdad wants to play a mediation role between Washington and Tehran, while calling on US President Donald Trump to implement his promises regarding ending conflicts in the Middle East.

“Iraq has changed a lot from what it was under Saddam Hussein, and the time of entering into conflicts and challenging the rights of other countries is over,” Rashid said in an interview with the Washington Times, translated by Shafaq News Agency. “Some major companies, in the energy sector and others, are active here in petrochemicals and oil, and I don’t think we are facing a conflict with the United States. On the contrary, we welcome all the help we can get from the United States, and we want to have a really good and friendly relationship with the United States.”

He pointed out that “Iraq can play an important role in mediation because it is in constant contact with Iranian policy,” indicating that “Iraq has no reservations about meeting senior Iranian officials, and has played a role in making Iran and Saudi Arabia understand each other, and re-establishing the diplomatic service, which has benefited everyone, and has also made some suggestions to Jordan and other countries.”

Regarding Iraq’s possible role in Syria, the president continued, saying, “It is clear that Syria is an independent state and has a new administration or new rulers, and we want the Syrian government to reflect the will of the Syrian people, either through elections or through the democratic steps that must be taken,” stressing that “the Syrian administration must try to accommodate all segments of society, so that no one feels that he has been excluded or not treated as an ordinary citizen.”

He stressed that “there is one very important point for Iraq, which is the presence of large numbers of terrorists or families of terrorists on the Syrian border, and there is concern about that, and some arrangements must be made so that the border does not get out of control.”

Asked if the Iraqi president would receive an invitation to visit the United States, Rashid said, “I honestly don’t know. I sent President Trump a congratulatory message and encouraged him to implement what he promised to maintain peace in the world, to end conflicts,” noting that “life will not be easy, especially in our region, where we have conflicts in Syria, in Palestine, and we have problems in Lebanon, in Yemen, in Sudan, and in Somalia.”

Shafaq.com

Iraqi government announces establishment of “National Mobile” in partnership with Vodafone

The Iraqi government agreed during its meeting today, Tuesday, headed by Mohammed Shia Al-Sudani, to establish the “National Mobile Phone” to operate the fifth generation in partnership with “Vodafone”.

Al-Sudani’s media office said in a statement received by Shafak News Agency that the Council of Ministers approved the establishment of the National Mobile Phone Company, with the contribution of the Ministry of Communications, the National Retirement Authority, and the Trade Bank of Iraq.

He explained that the company will operate the national license for fifth-generation technology, in cooperation with the international telecommunications company Vodafone.

In turn, Minister of Communications Hiyam Al-Yasiri said in a video statement, “The Council of Ministers issued a decision to establish the National Mobile Phone Company with the contribution of the Ministry of Communications represented by the General Peace Company, the Trade Bank of Iraq, in addition to the National Retirement Authority, with the aim of maximizing the employees’ retirement fund and providing subsidized services to retirees.”

She pointed out that “the ministry is proceeding to complete the technical preparations for the project with Vodafone International and the Communications and Media Commission,” indicating that “this project was part of the government’s ministerial curriculum decisions and will be implemented soon.”

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 national government license for 5G mobile phones, which came based on the recommendations of the negotiating team formed by the Ministry of Communications.

The decision authorized the Ministry of Communications to negotiate to provide financial support to prepare the preliminary procedures for launching the project, which will be implemented in the coming months.

Shafaq.com