Ernst & Young, Oliver Wyman, K2, all these different entities...assessing and auditing Iraq...They know where the money's going. No different than here in the United States.
We're finding out where the money's been going and they're probably doing the exact same thing in Iraq, they found out where the money has been going.
I wouldn't be surprised if that's been going on for a lot of years, hence the Rafidain Bank situation. Why were all those dollars going to illicit corrupt items?...The plan has been brilliant and it's working.
The National Bank of Iraq announced its financial results for 2024, which showed a remarkable growth in various financial indicators, reflecting the strength of the bank’s performance and expansion in providing banking and credit services.
The bank’s assets during 2024 amounted to about 5.1 trillion Iraqi dinars compared to 3.9 trillion dinars in 2023, recording a growth rate of 30.8%. Credit facilities also rose to 1.78 trillion dinars after being 1.3 trillion dinars in 2023, achieving a growth of 36.9%.
As for the level of deposits, it witnessed a significant increase, reaching 3.46 trillion dinars in 2024, compared to 2.9 trillion dinars in 2023, an increase of 19.3%. Pre-tax profits also rose to 293.9 billion dinars during 2024, from 228.9 billion dinars in 2023, recording a growth of 28.4%.
In terms of revenues, it rose to 452 billion dinars during 2024, compared to 343.1 billion dinars in 2023, with a growth rate of 31.7%. The volume of the bank’s investments in government bonds amounted to about 920 billion dinars.
The bank achieved net profits after the income tax deduction amounting to 252.3 billion dinars last year, while the bank’s purchases for customers from the currency sale window amounted to more than $16.2 billion, resulting in commissions of 151 billion dinars.
I hope you have paid attention to my advice on tax mitigation and how to keep what you have earned by being faithful and forward looking...
There are simple things that can be done to prevent [The taxing agencies] from becoming your silent partner though they did nothing to help you earn your rewards. Stay alert, watch the progress the best you can and may we all Live Long and Prosper
The Presidency of the Republic approved on Thursday the laws of personal status, general amnesty and the return of real estate, after the Federal Supreme Court decided, on Tuesday, to reject the appeal filed against these laws and cancel the state order to suspend them.
The House of Representatives voted in its third session of its first legislative term, the fourth legislative year of the fifth electoral session, on January 21, chaired by Mahmoud Al-Mashhadani on three important laws. At the beginning of the session, the Council voted on the proposal to amend the Personal Status Law No. 188 of 1959 submitted by the Legal, Women, Family and Childhood Committees, in line with what is stipulated in Article (2) of the Constitution, which prohibits the enactment of any law that contradicts the constants of the provisions of Islam, in addition to Article (41), which guarantees the freedom of individuals to adhere to their personal status according to their religions, doctrines or beliefs.
The Council also voted on the draft law on the return of real estate to their owners covered by some decisions of the Revolutionary Command Council (dissolved), with the aim of restoring the rights to their owners and removing the effects of unfair expropriation that affected citizens’ lands.
With regard to general amnesty, the Council also voted on the draft law of the second amendment to the Amnesty Law No. (27) of 2016, which aims to provide an opportunity for perpetrators of terrorist crimes and organized crimes to reintegrate into society after their rehabilitation, with a focus on behaviors of kidnapping people, which are considered one of the most serious crimes.
MZ: The rumors started on some boards and social media that CMKX has started. I reached out to many of my CMKX contacts…no confirmations. We are so interconnected so if even one person got paid- we would all know it. But it’s hopeful and sounds good. Another rumor for now.
Member: Mark I heard big groups got paid , like Farm claims, Adjudicated groups? Hope its true
Member: Some are saying historic bond folks have been liberated
MZ: I have quite a few of them who are expecting and believe things are moving forward and they are positioning for a “shotgun” ….maybe a two day shotgun because of the liquidity rollout. I keep hearing dates like this Friday through Monday…..this weekend.
MZ: There are some bond folks and groups that are very excited. And receiving the same information.
MZ: Remember we do not know the timing….we only share what we are seeing and hearing.
Investments 2025: Economic renaissance under the umbrella of the general budget
Mazhar Muhammad Salih, financial and economic advisor to Prime Minister Muhammad Shia al-Sudani, confirmed today, Thursday, that investment projects for the year 2025 are an integral part of the investment section in the Federal General Budget Law.
He added in his statement to {Euphrates News} that "the three-year general budget was enacted to give the development policy sufficient flexibility in implementing investment projects without interruption, according to a flexible and rational vision that takes into account the indicators of the National Development Plan 2024-2028, and according to the available financing capabilities drawn up in the plan and the general budget together." link
FIREFLY:Sammy went up the ladder to talk to some of his friends and asked him what's going on? Why the delay?
He told Sammy that during those cross border training sessions Iraq discovered several issues with our banking system that could not handle this volume.
That's why we see so much talk lately about banking reforms...
Launching the implementation of the {Fursan} residential city.. and Al-Sudani: Iraq is facing a new industrial renaissance
Prime Minister Mohammed Shia Al-Sudani launched, today, Wednesday, the executive works for the development project of the Al-Fursan residential city in the Al-Nahrawan area in Baghdad, on an area of approximately (24,197) dunums, which includes the allocation of serviced residential lands distributed to members of the Ministry of Defense.
Al-Sudani handed over land ownership deeds to a number of families of martyrs from the armed forces.
Al-Sudani appreciated the efforts of the Ministry of Defense and other ministries supporting the launch of this project, stressing the work to provide serviced residential plots in the rest of the governorates, and directing the generalization of this experience to members of the rest of the other security agencies, indicating that the Knights City project will be implemented by the real estate developer and planned and implemented by the Ministry of Defense, with the support of the Ministry of Construction, Housing, Municipalities and Public Works, with the developer company obligated to implement with full specifications, and construct part of the basic services such as schools, health centers and service departments.
He explained that the project is one of the government's paths to address the housing crisis, and a model in the governorates to include all members, officers and leaders of the Ministry of Defense, stressing that the government left the issue of distributing residential lands without infrastructure services, or designs that are appropriate for modern cities and various requirements.
Al-Sudani referred to the residential cities that will be implemented for the members of the armed forces, including the Al-Ghazlani City project in Mosul, and another city in Basra, in addition to laying the foundation stone for the 6th of November City in Taji, to cover the needs of housing units for citizens and members of the security services.
The following are the most important points made by the Prime Minister:
- The Ministry of Defense personnel defended the greater homeland, and we must provide them with a small homeland represented by a residential plot of land and decent services.
We have a new city, “City of Roses,” at the level of a new governorate. It was referred to the investor, and we completed the contracts and its design, and implementation began.
- More than 110,000 housing units will be completed in “City of Roses”, which is 3 km away from the “City of Knights” residential project.
There is a 17 km road under construction, linking central Baghdad to the new residential cities and reaching the city of roses.
- Within the Baghdad Metro plan, new residential cities have been linked, and we are in the process of negotiating with international companies to implement this vital project.
The government has taken into consideration the advance planning for the next 30 years regarding the provision of services, means of transportation and a road network.
I renew the call to the private sector and businessmen to proceed with the implementation of housing projects and real estate development in Baghdad and the governorates, and the government will provide all facilities.
We call on the private sector to establish construction materials factories in light of the great urban renaissance in the country, as what is available does not cover the actual need.
The number of housing units in projects signed by the government has exceeded one million units.
The sovereign guarantees provided to the private sector confirm that Iraq is facing a new industrial renaissance for the emergence of national factories that cover the needs of the market.
The government is obligated to provide basic services such as sewage networks, drinking water, electricity, communications, and roads. link
IRAQI CONTRACTOR: I've been in all the executive branch meetings with the CBI. Right now the CBI is redoing my contract.
In fact, they're redoing all contracts in Iraq because there will be a rate change soon. Also the CBI and the GOI speaking.
I heard them at this meeting bring...up that the CBI and GOI will now release the articles on the lower notes - the pictures... descriptions for the citizens to see...
They used to pay us in American dollars...now all contracts are being paid only in dinars...To me the only important thing is my contact.
That comes first. I don't care about their currency. I don't care about what they're doing with the purchasing power...As long as the IQD value they come out with...matches the contract value they gave me in American dollars when they first wrote it to me...that's all I care about...I don't care about buying any stupid dinars. My profit is from investing in Iraq and there are no restrictions. The sky is the limit.
Russia: We were about to complete important energy projects in Iraq, but the events of 2004 led to their suspension
Elbrus Kotrashev, the Russian Federation's ambassador to Iraq, confirmed that the decision to evacuate hundreds of Russian experts from Iraq in 2004 came after Russian teams working in the country were directly exposed to terrorist attacks.
During his interview on the "Qasary Al-Qawl" program with Salam Musafir on RT Arabic, on the occasion of "Diplomats' Day," he explained that "these attacks resulted in the martyrdom and injury of a number of experts, including Iraqis, which prompted the Russian authorities to take the decision to evacuate to protect the lives of its citizens."
"Russian companies were about to complete important projects in Iraq that began before 2003, especially in the energy sector, but the painful security events that occurred in 2004 led to the suspension of these projects and the evacuation of more than 900 Russian experts," Kotrashev added.
He continued: "After that, there was a long interruption in cooperation due to the turbulent security situation, but we want to continue the work and complete it successfully, especially since we are witnessing the suffering of the Iraqi people due to the scarcity of electr
icity."
Despite these challenges, the Russian ambassador stressed that relations between Baghdad and Moscow, which date back 80 years, are still strong and distinctive at all levels, describing them as going through their most beautiful stages in terms of the level and strength of cooperation. He pointed out that cooperation between the two countries covers multiple fields, including energy, education and culture.
Regarding cultural exchange, Kotrashev expressed Moscow's desire to open a Russian cultural center in Iraq, as it was during the Soviet era, explaining that the delay in this step is due to logistical reasons, not political or economic. He also spoke about educational cooperation between the two countries, noting that the number of Iraqi students in Russian universities ranges between 2,500 and 4,000 students.
Regarding cooperation in the energy sector, the ambassador pointed out that Russian investments in the Iraqi oil and gas sector amount to about $20 billion, and may be more. He stressed that Russia leads oil investments in Iraq, surpassing the United States and China, expressing his optimism about the possibility of expanding these investments in the future.
Regarding the possibility of a visit by a senior Russian official or President Putin to Iraq, Kotrashev said: “I hope the visit will be great, and I expect a warm welcome from the Iraqi government and people, but I do not know if it will happen soon because the president is busy with domestic and international issues.” link
Member: Is it true that the rate they drop will not be our rate?
MZ: I have been told that because of the “Oil for Dinar “ program we should receive up to $2 more. We will have to wait and see
Member: I am fine with the street rate……just do it already!!
MZ: I have a banker that said some of the rates that they have been seeing is right at $3.24 consistently now…and on and off for days. That doesn’t mean that is the final rate….just what they have been reporting.
America Stops The Monetary Dollar On Iraq: Does The Dollar Rise Against The Dinar?
February 12, 2025 Last update: February 12, 2025 Independent/- In a surprising step, reports indicate that the United States of America decided to stop sending the cash dollar to Iraq, a decision that may have profound implications for the Iraqi economy and its financial market.
This shift raises many questions about its impact on the value of the Iraqi dinar, currency markets, and the local banking sector.
What is the cash dollar? The cash dollar indicates the money that is financially sent to Iraq by the United States, usually through banks or through other economic mechanisms.
This cash flow was playing an important role in supporting the Iraqi economy, especially in light of the economic challenges facing the country.
The reason for the American decision
The sources indicate that the American decision comes in the context of economic and diplomatic pressures on Iraq, which includes issues related to the national economy and monetary policies.
Some reports also indicate that the United States may seek to reduce the use of the dollar in Iraqi financial transactions, in an attempt to enhance the stability of the local currency and reduce dependence on foreign currencies.
The impact of the decision on the Iraqi dinar
This decision is expected to lead to noticeable fluctuations in the local currency market.
The US dollar is considered one of the basic currencies that are traded in Iraq, and
its cash flow stopped may lead to a lack of supply, which may push the dollar to rise against the dinar.
The impact of the rise on the Iraqi market
Increasing the value of the
dollar may lead to high prices in the Iraqi market, which exacerbates the burden of inflation and affects the ability of citizens to buy basic commodities.
This may also indirectly affect economic activity, especially in sectors that depend heavily on import.
Are there solutions?
The Iraqi government will have a major challenge in dealing with these developments.
The next stage may require the development of new economic and financial strategies to alleviate the impact of sudden changes in currency rates.
It is necessary that there be a trend towards strengthening the Iraqi dinar and diversifying the sources of the national economy away from the great dependence on the dollar.
Conclusion
With these developments, it will be important to follow the effects of this decision in the short and long term. Iraq needs decisive steps to secure the stability of its national currency and protect its economy from the repercussions of the decision to stop the monetary dollar. https://mustaqila.com/أمريكا-توقف-الدولار-النقدي-على-العراق/
MarkZ Update – Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Good Evening and Welcome to all
Member: Markz, you always told us it’s gonna get crazy at the end !!
Member: Looks like cross border training found errors that is holding up the RV. This is from Frank26 Sammy and Fnu Lnu separately.
MZ: There are rumors running around that they did…they are corrected and they are prepared. And the World court will sign off on it Friday or Monday. Lots of rumors out there.
Member: What are the odds this will go into March now?
MZ: IMO extremely low odds that it will stretch into March.
Member: How is CMKX going ?
MZ: The rumors started on some boards and social media that CMKX has started. I reached out to many of my CMKX contacts…no confirmations. We are so interconnected so if even one person got paid- we would all know it. But it’s hopeful and sounds good. Another rumor for now.
Member: Mark I heard big groups got paid , like Farm claims, Adjudicated groups? Hope its true
Member: Some are saying historic bond folks have been liberated
MZ: I have quite a few of them who are expecting and believe things are moving forward and they are positioning for a “shotgun” ….maybe a two day shotgun because of the liquidity rollout. I keep hearing dates like this Friday through Monday…..this weekend.
MZ: There are some bond folks and groups that are very excited. And receiving the same information.
MZ: Remember we do not know the timing….we only share what we are seeing and hearing.
MZ: There will be “no fly zones “ over Brussels this Friday……kinda interesting. Maybe a coincidence…just stay calm…..many rumors out there.
Member: Charlie Ward always said it was gonna happen on a Thursday he just didn’t know when
Member: Trump officials say he is talking about going back to the gold standard
Member: Doesn’t the Fed reserve have to be taken down publicly before the money switches?
Member: Vietnam and Indonesia joined BRICS??
Member: I read budget tables done on Sunday in Iraq.
MZ: That is exactly what I am hearing. That they expect it then. They are clear as to why the budget tables havn’t already been finished…it’s because they are all contingent on Article 12 and many people believe there is a rate hidden in it.
Member: Is it true that the rate they drop will not be our rate?
MZ: I have been told that because of the “Oil for Dinar “ program we should receive up to $2 more. We will have to wait and see
Member: I am fine with the street rate……just do it already!!
MZ: I have a banker that said some of the rates that they have been seeing is right at $3.24 consistently now…and on and off for days. That doesn’t mean that is the final rate….just what they have been reporting.
Member: Monday Feb 17th is Presidents Day…and a three day weekend.
Member: Enjoy the rest of your night and God Bless.
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, medical opinions or many guests on this stream……just RV/currency related topics.
THANK YOU ALL FOR JOINING. HAVE A BLESSED NIGHT! SEE YOU ALL IN THE MORNING FOR COFFEE @ 10:00 AM EST ~ UNLESS BREAKING NEWS HAPPENS!
Iraq is facing increasing challenges due to the scarcity of cash liquidity, which negatively affects the markets and daily financial transactions. While some are looking for quick solutions to overcome this crisis, the option of printing more local currency remains controversial, given the serious economic repercussions that may result from it.
The Iraqi government faces challenges in managing cash liquidity in dinars, as it suffers from a chronic shortage of this currency, which affects its ability to meet its financial obligations to pay employee salaries, repay debts, and finance projects.
Since the 1990s, and specifically during the period of the economic blockade, Iraq has witnessed hyperinflation in its national currency (the dinar). This situation prompted the ruling regime at the time to take the decision to print the currency locally.
After 2003, the previously circulating currency was disposed of, new denominations with updated designs were issued, and the exchange rate of the Iraqi dinar was fixed against the US dollar based on a decision by the then civil governor of Iraq, Paul Bremer, who in turn announced the details of the new currency and its official exchange rate.
Iraq currently has a range of paper denominations that cater to various daily transactions, starting from small denominations such as 250, 500 and 1,000 dinars, all the way to larger denominations such as 5,000, 10,000, 25,000 and even 50,000 dinars that are used in major transactions.
Where is the Iraqi currency printed?
On January 19, 2025, the Central Bank of Iraq revealed new security features on circulating banknotes, with the aim of reducing counterfeiting and protecting the national currency.
According to economic observers, the Central Bank has included these signs in the new banknotes to raise awareness among the public, companies and banks alike.
A source in the Central Bank of Iraq spoke about details related to the process of printing Iraqi banknotes, indicating that “the currency was previously printed in Switzerland, but the printing is currently done at the British Institute in London,” which is considered one of the most prominent institutions specialized in printing currencies globally.
In an interview with Al-Jabal platform, the source explained that “Iraqi banknotes are manufactured according to high-quality specifications, aiming to prevent their rapid damage and ensure their ability to withstand daily use for long periods, through the use of modern materials and technologies that increase their lifespan.”
According to the same source, “the cost of printing one banknote ranges between 4 and 5 US cents, a cost that includes the use of the latest security technologies to prevent counterfeiting,such as watermarks, optically variable inks, and security threads.
In contrast, the Central Bank confirms that currency printing operations are subject to strict standards to ensure their quality and durability. The design of banknotes is also updated from time to time according to technical and security needs, to ensure the currency is protected from counterfeiting and improve its technological properties.
An option on the government’s table
In addition, Mazhar Mohammed Saleh, the economic advisor to the Iraqi Prime Minister, says, “Financing the deficit in the general budget through the issuance of cash is a cautious approach, but it remains a possible option in light of the availability of high foreign reserves, capable of covering the money supply of the national currency by no less than 75%.”
Saleh added, during his interview with the “Al-Jabal” platform, that “resorting to this method is temporary and periodic, as 40% to 50% of the issued cash is directed towards internal transactions, not just external transactions, which makes it an available option when needed, provided that the coverage rate remains high according to the mentioned standards.”
Saleh continues his talk by saying: “The monetary policy in Iraq is proceeding according to balanced standards with the fiscal policy, and is consistent with the cycle of oil assets. In the event that oil prices fall to low levels, it is possible to resort to financing the deficit by borrowing from banks and deducting the borrowings from the monetary issuance authority, provided that the coverage equation is maintained until the end of the cycle of falling prices.”
Saleh points out that “the decline in oil prices to below their real value in energy markets is not unusual, and it happens sometimes, which requires dealing with it through balanced monetary and financial mechanisms to ensure the stability of the national economy.”
It is noteworthy that the Central Bank of Iraq issued, in 2018, a second edition of banknotes in denominations (25,000, 10,000, 1,000, 500, 250).
The Central Bank also previously added some technical and technological updates to the 2003 issue for all types of local currency, except for the (50) dinar category, which was withdrawn from circulation in 2015, while at the end of 2015 it issued the (50,000) dinar category to complete the current series in circulation.
Pros and cons of printing
In this regard, financial expert Jalil Al-Lami said, during his interview with Al-Jabal platform, that “the issue of printing local currency is one of the most sensitive economic policies, given its direct impact on the financial and economic stability in the country.”
Iraq, according to Lami, sometimes faces cash liquidity crises due to economic and political challenges. Technically, it can resort to printing currency to cover the deficit, but this does not depend only on technical capacity, but is subject to complex economic determinants such as the level of foreign exchange reserves, the monetary policy of the Central Bank of Iraq, and general economic stability.
Al-Lami added that “the Central Bank of Iraq, as the only body authorized to issue the currency, adheres to strict standards to ensure that it does not harm the national economy,” warning against “unstudied monetary expansion, which could lead to dire economic consequences.
Regarding the positives of printing currency, Al-Lami reviewed some of the potential positives of printing currency, including providing quick cash liquidity, which helps finance salaries and projects and pay urgent obligations, in addition to supporting the economy in crises such as wars or epidemics, in addition to stimulating local demand by increasing the money supply.
Regarding the negatives of printing currency, Al-Lami believes that it may lead to hyperinflation, as when currency is issued without real economic cover, it leads to an uncontrolled rise in prices, in addition to a loss of confidence in the national currency, in addition to the deterioration of the exchange rate as a result of the increase in the money supply without sufficient economic support, and the gap between wages and prices may widen.
Al-Lami suggested a number of sustainable solutions that could help Iraq confront liquidity crises without resorting to printing currency, including “reforming the tax system by improving tax collection and reducing tax evasion to increase government revenues and diversify sources of income, in addition to internal and external borrowing and reducing unnecessary expenses.”
Other proposals, according to Al-Lami, include “enhancing foreign investment and reforming the financial and banking sector.”
The former governor of the Central Bank, Mustafa Makhif, announced in 2022 that “the bank is working on completing a new denomination worth 20,000 dinars based on a study and comparative research with neighboring countries, and is working on completing the shape of the note and it will be announced in the coming days.”
At the time, he also spoke about the “issue of deleting zeros from the local currency,” and stressed that “the process of deleting zeros from the currency requires enacting a law and making some amendments.”
Numbers and statistics
The Iraqi government decided to change the exchange rate of the Iraqi dinar against the US dollar in 2020, as the price was adjusted from 1,182 dinars per dollar to 1,450 dinars per dollar.
This decision sparked widespread popular discontent, especially after the prices of food and all commodities in the markets witnessed a significant increase, and this change was confirmed in the federal budget approved by the Iraqi Council of Representatives on March 31, 2021.
Data from economist Nabil Al-Tamimi indicate that printing any currency clearly contributes to increasing inflation, as the increase in the volume of cash in circulation leads to an increase in prices. Therefore, countries are keen to avoid printing money to cover the deficit in their budgets except in limited and studied proportions, through which they try to achieve a balance between the volume of cash circulation and economic activity, i.e. the gross domestic product, which is known as natural inflation.
Al-Tamimi continued, in his interview with Al-Jabal platform, saying: “In some cases, monetary authorities may resort to withdrawing part of the cash and drying up the markets to control inflation, despite the economic slowdown that may result from that.”
According to Al-Tamimi, “Increasing the volume of printing leads to an increase in demand for hard currency, especially in countries that depend on importing goods and services, such as Iraq. The more local currency in circulation in dinars, the higher consumer spending, and most of this spending goes to imported goods and services that are paid for in foreign currency, which leads to an increase in demand for the dollar.”
In a free market, Tamimi said, “this could lead to fluctuations in the exchange rate, but if the central bank intervenes through a currency auction, the daily sales volume will increase to maintain monetary stability.” Data indicates that the Iraqi central bank’s dollar sales have reached about $300 million a day, compared with about $180 million a day in previous years.
He added, “The Central Bank of Iraq relies on its foreign currency reserves on government revenues from oil sales, which change according to the fluctuations of the oil market, as the reserve ranges between 50 and 100 billion dollars. To ensure monetary stability, the Central Bank’s accounts must be based on the minimum reserve, i.e. 50 billion dollars, to cover imports and control local demand for hard currency at approximately this level.”
Al-Tamimi concluded his speech by saying, “The period from 2003 to 2019 witnessed a relatively balanced monetary policy regarding printing currency, as the total issued currency during this period amounted to about 55 trillion dinars. However, the monetary policy during 2020 and 2021 led to clear inflation, with the volume of issued currency doubling to more than 100 trillion dinars. This was reflected in a significant increase in prices, as the inflation rate reached about 15%.”
Many years ago, the Director of Issuance at the Central Bank, Ihsan Al-Yasiri, said, “The Central Bank of Iraq prints a thousand 25,000-dinar notes in the most reliable international companies at a cost of less than $60,” noting that “the bank will not spend a large amount of cash to print the new banknotes, because their cost is low.”
(Yes, so you just heard it “the bank will not spend a large amount of cash to print the new banknotes, because their cost is low.” So no more excuses as to why you can’t do the Project to Delete the zeros due to a high cost of printing the new lower denominations, which we know are partly already printed anyhow.)
NEXT WEEK: Submission of 2025 Budget:Reason for Delay: The delay is due to amendments needed following the House of Representatives' vote to change Article 12, Second C, concerning the region's oil.
Expected Submission: The budget tables are expected to be sent to the committee next week.
Budget Deficit: Parliamentary Finance Committee, mentioned that the 2025 budget deficit might be similar to the planned deficit for 2024.
Amendment Details: The amendment to Article 12, Second C, of the Triennial Budget Law for 2023-2025 led to the need for further changes in the budget tables.
Summary:
The Parliamentary Finance Committee has announced that the government has not yet forwarded the 2025 budget tables due to necessary amendments following a legislative change regarding the region's oil policy. The delay in sending these budget documents stems from the recent vote by the House of Representatives to amend Article 12, Second C, of the Triennial Budget Law. These amendments require modifications to the budget before it can be submitted, with an expectation that it will be sent next week. Also, indicated that the deficit for the 2025 budget would mirror the planned for 2024. This situation highlights the ongoing adjustments in Iraq's budgetary process influenced by regional oil policy changes.
