An announcement made on Thursday by Mudhhir Muhammad Salih, the financial advisor to the Iraqi Prime Minister, stated that the country’s foreign debt has decreased to less than $10 billion.
Salih informed that the federal budget has allocated funds to settle Iraq’s foreign debt obligations, which remain below $10 billion.
“The Paris Club debt settlement, which includes obligations prior to 1990, is the primary source of these external debts. Salih elaborated, “This includes both foreign private sector debts and sovereign loans, with a plan to repay them all by 2028.”
The Paris Club announced in 2004 a comprehensive settlement to reduce Iraq’s debt—originally $120 billion—by 80 percent in three phases. He emphasized that Iraq’s low level of external debt has improved its financial creditworthiness, which is acknowledged by international rating agencies like the US-based S&P. During the 1980s, as Iraq borrowed money from Arab, European, and Western nations to finance its war with Iran, these debts were accumulated by the previous regime.
Tony’s Monologue: There’s good news, great news, and so-so news. There is really no bad news today as far as the dinar. Tony is concerned today because Israel is bombing Lebanon. In response the militia in Iraq shot missiles into Israel.
It is a possibility that Israel will shoot missiles into Iraq. The whole region seems to be getting worse. Tony can see that the groups in Iraq are going to attack Israel.
This seems to be an imminent attack and could affect the region. We have to look at this until the rv is live. It hasn’t affected it, and people say it won’t, but it could affect things tomorrow, a week from now, or three weeks from now.
Thursday at 1 pm, all the rates went off the screens at the banks because they were trying to fix their issues.
They thought the system was being reset and the rates would come back up. Tony was told they were trying to fix these issues.
The rates have not come back up but when they do, they have said that we will go. This came from a couple of different places. One of them even said after 5 pm, that was yesterday. Then Tony heard between 1 and 4 this morning. Now we are hearing it could be any minute now. So, we are waiting.
Yesterday, Tony got from bank managers that they got memos stating that the currency event has finally been finished. Finished, done, over with it. It went from the director level down to bank managers that got memos. Now we are just waiting to go. This should not happen until after 5pm.
Some think it will be Saturday morning. Just remember that Iraq wants it by the 30th and the UN wants it on the 1st. Tony doesn’t know who won. They told us that it is done, it is fixed, they told their people it is finalized, and once we see the rates we will be going to the bank. Somewhere starting after 5 this afternoon and no later than Tuesday morning will see it live and be going to the bank.
They are supposedly ready, staffed, have their schedules worked out, and they are just waiting to go when the numbers come up on the screen. It makes sense for us to see this Monday night, it satisfies what everyone wants, and we would be at the banks Tuesday morning. Everyone is kind of excited again.
Q & A:
- What kind of contracts will we see? 2-, 3-, and 5-year contracts. The rates you get will be based on how much you leave and for how long.
- Will 6 to 12 billion dollars get you the higher rates from your total exchange value? Yes, it should.
- Where would it put us if Israel does a bomb strike in Iraq? As per Tony we would be up a creek without a paddle.
- Did you see an article saying they are trying to pay salaries this weekend? They are putting off paying the salaries until the rv happens. Iraq doesn’t want war either so they can get paid, start their contracts, and be able to pay people.
- Are the banks on high alert? They are not on high alert, but they are fully staffed and waiting to go.
Wrap up: It could be they are just waiting for the numbers to come back on the screen and then we go. First opportunity is after 5pm today. Some of the three letter agencies think the rates could come back up between midnight and 4 am. They don’t know though if it will be tonight, tomorrow night, or Monday night. As some have suggested it might drag out to Monday to satisfy Iraq.
We are in our last 48 to 72 hours. It is sitting at the bank level. There is no more waiting for Iraq, IMF, or UST because it is done. They have given the banks the green light.
The systems are now fixed or supposedly will be fixed. The only thing they are waiting on is the 800 number and Tony won’t get the 800 hundred numbers until the rates come back up. There really isn’t anything bad but Iran could do something stupid to flare up the middle eastern. If it happens before we do our part, then it is up in the air. The good thing is it is done, there is money, and it could happen for us. Be ready.
ERBIL (Kurdistan24) – On Thursday, Iraq’s Prime Minister, Mohammed Shia al-Sudani, delivered a speech at the 79th session of the United Nations General Assembly (UNGA), addressing a wide range of critical global and regional challenges, from the ongoing conflict in the Middle East to Iraq’s own efforts at reconstruction and development.
Sudani began by emphasizing the failures of the international system, particularly the United Nations Security Council, in maintaining peace and security, as conflicts in the Middle East and other regions escalate.
He called for urgent action to uphold international law, particularly in Palestine, where he highlighted the devastating impact of the ongoing conflict.
In a show of solidarity, Sudani also pledged Iraq’s continued support for Lebanon, which has been grappling with aggression from external forces.
Sudani’s speech also underscored the growing threats of hate crimes and religious intolerance worldwide.
He highlighted the rise of Islamophobia and other forms of discrimination, urging the international community to take a stand against hate speech and bigotry, which, he argued, undermines global peace and coexistence.
Iraq’s Path to Reconstruction
Despite these global challenges, Sudani offered a positive message regarding Iraq’s progress over the past decade.
“Iraq, a nation that saw a third of its territory occupied by ISIS and was once considered by many to be on the verge of collapse, is now, ten years later, implementing a comprehensive plan for reconstruction and development,” he stated.
Sudani noted the importance of continued democratic development in Iraq, including recent provincial elections and the upcoming elections for the Kurdistan Regional Parliament.
“We have successfully held provincial council elections after a decade-long suspension and are in the process of organizing elections for the Kurdistan Regional Parliament of Iraq. Our efforts continue to enhance the relationship between the federal government, the regional government, and local governments, in line with the constitution and the law, while protecting minorities and securing their needs,” the Iraqi Prime Minister emphasized.
He reaffirmed his government’s commitment to promoting national unity, improving federal-regional relations, and protecting Iraq’s diverse population.
Economic Reforms and Regional Cooperation
In outlining Iraq’s future priorities, Sudani stressed his government’s focus on creating jobs, reducing poverty, improving services, and combating corruption.
He highlighted significant steps Iraq is taking to diversify its economy, moving away from its heavy reliance on oil revenues.
The Iraqi Prime Minister pointed to the “Development Road” project, which aims to turn Iraq into a major regional trade hub by linking the Middle East with Europe through advanced transportation networks.
Sudani called for international support to help Iraq recover stolen assets and reform its financial systems, which are key to strengthening Iraq’s economic foundations.
Addressing Environmental Threats
One of the more urgent issues Sudani discussed was Iraq’s environmental crisis.
Desertification and water scarcity, exacerbated by climate change, are displacing millions of Iraqis, contributing to social and political instability.
The Iraqi Prime Minister called for global cooperation in addressing these environmental challenges, particularly in sustainable water management. He emphasized that water shortages pose an existential threat to Iraq’s agriculture, economy, and population.
Looking Ahead
As Iraq prepares to chair the Group of 77 and China in 2025, Sudani expressed optimism for the future of Iraqi diplomacy.
He described Iraq’s leadership in this international coalition as a sign of the country’s recovery and its commitment to fostering global economic reform, development, and cooperation.
In his concluding remarks, Sudani reaffirmed Iraq’s commitment to peace, security, and prosperity. He underscored Iraq’s determination to overcome the scars of its past, rebuild its future, and reclaim its rightful place on the international stage.
Full transcript of the Iraqi PM’s Speech at the 79th session of the UN General Assembly:
In the name of God, the Most Gracious, the Most Merciful
Mr. President of the General Assembly, Mr. Secretary-General, Ladies and Gentlemen, Peace, mercy, and blessings of God be upon you.
The seventy-ninth session of the United Nations General Assembly convenes at a time when the Middle East is facing perilous conditions. The global international system is under a severe test that threatens its existence and prevents it from fulfilling the purposes for which it was created—namely, the preservation of international security, stability, and human rights. We are witnessing an unprecedented disregard for international charters and norms, and the neutralization of international institutions that were intended to regulate and manage global relations in a way that promotes peace, stability, and the betterment of humanity, free from violence and cruelty.
Core principles such as sovereignty, territorial integrity, multilateral cooperation, the laws of war, humanitarian laws, international humanitarian law, the responsibility to protect, and the right to self-determination are being ignored. This negligence is pushing the world into comprehensive conflicts, while the UN Security Council remains impotent and ineffective.
In the face of this failure, alternative mechanisms may be employed, and the disregard for these institutions risks plunging international relations into chaos. We must not, however, overlook the courageous efforts of certain individuals who lead these global organizations, such as Secretary-General António Guterres. But despite their efforts, effective influence remains absent.
Halting the violations occurring in Palestine and the region is a collective responsibility, particularly that of the Security Council, which has failed to uphold its primary mission of maintaining international peace and security.
In occupied Palestine, we are witnessing an aggressor military force displacing millions, killing thousands, and openly discussing the starvation and extermination of a people. Senior officials from the occupying entity talk of using nuclear weapons to annihilate them, without facing deterrents. The international community has shirked its responsibility to protect the Palestinian people as required under international law.
The Palestinians have been denied the right to live in dignity, in their own state, like other nations. This is amidst a disgraceful global failure, where criminals are emboldened to deepen conflicts and attack others, aided by international support that grants them repeated impunity.
We have also witnessed further disdain for international law and Security Council resolutions, reducing them to mere words on paper. This is evident in the series of attacks on countries in the region, the occupation and annexation of land, and the altering of international borders by force, all in violation of Security Council rulings. These actions represent dangerous precedents that threaten the global system and undermine the foundations of international institutions, with catastrophic consequences for all of humanity.
The occupying power is escalating its actions under the pretext of Security Council Resolution 1701 to justify its aggression against Lebanon. It selectively applies this resolution while ignoring numerous other Security Council rulings, including Resolutions 242, 246, 252, 265, and 297, as well as fundamental principles of international law.
We are witnessing an indiscriminate campaign of killings, carried out with advanced technology from a distance, with no regard for civilian lives. This alarming precedent reveals the extent of the occupying power’s involvement in crimes against humanity.
Today, Iraq—its government and its people—guided by its supreme religious authority, stands in solidarity with Lebanon and its brotherly people as they endure another episode of premeditated, brutal aggression. This aggression seeks to engulf the region in further conflict, which we have previously warned against. We will continue to offer every form of assistance to mitigate the impact of these attacks.
Our stance is based on a history of mutual support and a well-known Iraqi resilience that rejects aggression and occupation. We stand firm against the deprivation of peoples’ rights to their lands, heritage, and sacred sites, and we consistently condemn any international support or justification of the aggressor's motives.
We must also highlight the ongoing systematic targeting of international agencies and humanitarian organizations in occupied territories. The audacity to harm their personnel, including United Nations agencies such as UNRWA in Gaza, is a clear violation of international law.
These attacks not only obstruct humanitarian work but also violate international standards that protect civilians and aid workers in conflict zones.
The latest actions of the occupying power threaten to destabilize the region, pushing it towards a large-scale regional war. Iraq, as a founding member of the United Nations, hopes that this body will fulfill its purpose of preserving peace and security, sparing the world from the wars and tragedies it has endured throughout history.
We express our disappointment in the failure of the Security Council and the international system to meet their obligations.
Ladies and Gentlemen, we are witnessing an alarming rise in hate crimes and bigotry that threaten our security and stability. We are in urgent need of international cooperation to foster a spirit of tolerance and mutual respect, combating hate speech, discrimination, and violence, which are steadily increasing worldwide. A significant aspect of this hate speech is the growing phenomenon of Islamophobia, which undermines global efforts to achieve peace, security, and coexistence. It also creates an environment for attacks on our social and moral values, which are integral to our human existence.
Therefore, I call on the United Nations to intensify efforts to promote dialogue and understanding between different cultures and religions. I stress the importance of unity and solidarity in the face of increasing polarization and urge world leaders and heads of international institutions to take a stand against religious fanaticism and hatred.
On a positive note, Iraq, a nation that saw a third of its territory occupied by ISIS and was once considered by many to be on the verge of collapse, is now, ten years later, implementing a comprehensive plan for reconstruction and development. Cities are being revitalized, infrastructure is rising, and security prevails.
We still face significant challenges in achieving economic, administrative, and environmental reforms and diversifying our economy. However, we have made great strides in securing the country and achieving victory over terrorism. Soon, we will solidify this victory with an important joint declaration alongside our allies and friends, who stood with Iraq against a brutal enemy that threatened the entire world.
Our focus now is on strengthening Iraq’s democratic process, consolidating the social contract and national cohesion, in accordance with our people’s choice as expressed in the 2005 permanent constitution. We have successfully held provincial council elections after a decade-long suspension and are in the process of organizing elections for the Kurdistan Regional Parliament of Iraq. Our efforts continue to enhance the relationship between the federal government, the regional government, and local governments, in line with the constitution and the law, while protecting minorities and securing their needs. Justice and the preservation of diversity remain among our top priorities, as they are among Iraq’s greatest assets.
Ladies and Gentlemen, this government has set five key priorities: creating job opportunities, improving services, fighting poverty, combating corruption, and implementing economic reforms.
The Iraqi government has made significant strides in building state institutions, enforcing the rule of law, and rehabilitating human resources. It is working to activate the role of the private sector, address administrative inefficiencies, diversify income sources, reform the banking and financial sectors, manage the energy transition, and address the underlying causes of social, economic, and political unrest.
While this transformation poses challenges, particularly given Iraq’s structural economic dependence on the public sector to absorb labor, and the reliance on oil revenues to pay millions of salaries, our efforts to diversify the economy are paramount. Iraq’s over-reliance on oil, compounded by decades of war, economic sanctions, and poor governance, has hindered our ability to fully develop our human and material resources.
Good governance, combating corruption, and implementing digital transformation and e-government initiatives are central to our reform strategy. However, we call on the international community to support our efforts in recovering the looted funds that rightfully belong to Iraq and to eliminate the legal and legislative obstacles—such as banking secrecy—that allow these funds to be hidden in foreign countries.
Ladies and Gentlemen, Iraq seeks to promote regional security and stability through constructive partnerships that address common challenges and enhance cooperation. We are preparing to launch initiatives that foster economic integration and regional stability, with the most notable being the "Development Road" project. This project aims to transform Iraq into a major regional trade and transportation hub, linking the Middle East to Europe via railways, highways, and industrial cities, and connecting the Grand Faw Port in southern Iraq to Europe through neighboring countries.
This project is one of the most critical steps toward enhancing regional cooperation and integration and aligns with Iraq’s broader goals of economic reconstruction and service improvement.
Iraq also faces severe environmental challenges, exacerbated by climate change and desertification. Addressing these challenges requires enhanced international cooperation, as the desertification of land and the destruction of vegetation are displacing millions in search of stability, worsening social and political crises.
We call for international solidarity in confronting these environmental challenges and increasing awareness of the importance of sustainable water resource management. Water scarcity poses an existential threat to Iraq’s agriculture, economy, and millions of lives. Thus, this issue is a top priority for the Iraqi government, which is working with neighboring countries to achieve sustainable solutions.
Finally, I would like to express my deepest gratitude to the United Nations for the support it has provided to Iraq over the past two decades. We look forward to entering a new phase of cooperation with the United Nations in Iraq, which will commence at the end of 2025. We hope this marks the beginning of a new era filled with stability and prosperity for our people, and a fresh chapter in our partnership with the United Nations. We are dedicated to building a better future for future generations, and we look forward to continuing our collaboration with the international community to achieve this vision.
Iraq’s selection to chair the Group of 77 and China for the year 2025 is a testament to the success of Iraqi diplomacy, which strives to achieve development goals, close the technological gap between North and South countries, and reform the international economic system for greater integration.
During our leadership of this important international group, comprising 134 member states, we look forward to working towards a more stable and just world, where all nations have the opportunity to develop and prosper.
In conclusion,
Our policy places Iraq, its people, security, sovereignty, and prosperity above all else. We are moving forward with confidence, determined to erase the scars of the past, including wars, dictatorship, and terrorism. At the same time, we are committed to rebuilding Iraq and positioning it in the regional and international arenas, in the rightful place it deserves.
May the peace, mercy, and blessings of God be upon you.
Helene: Yes. Okay. Thank you so much for the wonderful information and the intel. I have a question. Actually, I just saw this topic in our chat room regarding the property purchase. Do you think it's proper to ask the information about the property purchase after the event at the appointment? Like, what contract do we use and the property purchase and, under the coming law or under the current law?
Ginger: Definitely, you can ask any questions you want to at your appointment. They may refer you to another team, like a wealth management team, a project team. They may tell you, we don't have time to really discuss that here. We have a team that you'll meet with to get those type of questions answered. Be ready for that.
I know that at your actual redemption appointment, they don't want them to be really long and drawn out. They would really like to have people in and out within 30 to 45 minutes, and that also includes gathering your currency and your notes, passing them through the DeLarue machine, testing their authenticity, discussing your QFS account, getting you set up, making sure you know how to access your money, and answering your questions.
And also discussing your NDA. So, you can see how there's already a lot to be covered. They may not have time to entertain your questions regarding your property, but I do encourage everyone to have questions formulated and allow them time to answer whatever they have time or will endeavor to cover for you. Does that help you, sweetie?
WASHINGTON DC, United States (Kurdistan 24) “To be clear, the United States is not withdrawing from Iraq,” a senior administration official said, as he, along with a senior U.S. defense official, briefed reporters on Friday on the future of Washington’s security relations with Baghdad.
In the course of the briefing, as journalists pressed for clarity, the senior defense official described the Kurdistan Region as “a very productive location from which to do our counter-ISIS operations.”
Briefing was to Clarify US-Iraqi Understanding, but Questions Remain
The purpose of the briefing was to clarify the status of discussions between the U,S. and Iraq on a “Transition Plan for Combined Joint Task Force—Operation Inherent Resolve in Iraq” (the formal name for the anti-ISIS Coalition), as the Pentagon and State Department titled the briefing.
But the event actually left journalists befuddled, with many of their questions unanswered. What exactly had the U.S. and Iraq agreed upon?
Two things were clear. One is that the Coalition’s mission in most of Iraq will end in September 2025. Security relations between Iraq and the U.S., as well as Iraq’s ties with some of the other members of the Coalition, will transition then from multilateral to bilateral relations.
The Coalition’s mission in the Kurdistan Region will last longer: “until at least September 2026, subject to conditions on the ground and, obviously, consultations among future political leaders of Iraq, the United States, and Coalition members,” the senior administration official explained.
The ostensible reason for the difference is that “the U.S. and Iraq recognize that ISIS in Syria remains a significant threat to the region and are committed to continued working to ensure the enduring defeat of ISIS,” he said.
The forces of the anti-ISIS Coalition in Syria are supplied out of the Kurdistan Region. Hence, the apparent need for extending the Coalition presence in Erbil.
But doing so also provides flexibility in regard to the future of the anti-ISIS Coalition in Iraq as a whole. If the situation deteriorates, it will be easier to surge troops back into the country.
Whatever the reason, the extension of the Coalition presence in Erbil will be welcomed by the Kurdish leadership.
Indeed, when the long-time Kurdish leader, Masoud Barzani, now head of the Kurdistan Democratic Party (KDP), visited Baghdad in July, he met with the U.S. ambassador, Alina Romanowski.
Barzani advised Romanowski that the continued presence of Coalition forces is a national issue transcending party lines, underscoring the importance of considering Iraq's stability and national interests.
The U.S. is Not Leaving Iraq—this is a Transition
The second point that the two officials made clear in their briefing is that the U.S. is not leaving Iraq. Rather, this is a transition—“an evolution of the military mission in Iraq,” in the words of the senior administration official.
He stressed that while “ISIS is down, they are not out” and “ISIS continues to pose a real threat, although diminished, in Iraq and the wider region.”
“We will continue to work with the Iraqi Security Force, including the Kurdish Peshmerga forces, to build up their capabilities and ensure an Iraqi-led enduring defeat of ISIS,” he added.
However, when journalists pressed for clarification of the future of the U.S. presence in Iraq—like how many troops would remain, where would they be based, etc.—the general response was that those details are still under discussion.
“We’re not going to speak to our plans concerning specific base locations or troop numbers,” the senior defense official responded, as he replied to one such question.
“We have been, and will continue to be, in active dialogue with the government of Iraq about how our bilateral relationship will evolve, which will certainly include changes to our force posture and troop numbers,” he continued. “For now, that remains in a planning process and under review.”
Even with such reluctance from the briefers to provide details on future U.S. deployments in Iraq, it did seem reasonable to conclude that one key reason for keeping troops in Erbil was to supply the forces that will continue to fight ISIS in Syria.
But even this, the briefers would not confirm. However, the senior defense official did respond to such a question with an expression of appreciation of the ties between the U.S. and the KRG.
“Just to speak about Erbil,” he said, “we do, of course, have a significant presence there and a strong partnership with the Kurdish Regional Government that is the host under the Iraqi federal government as well, and so that’s been a very productive location from which to do our counter-ISIS operations.”
