IMF: Iraq's inflation rate set to rise to 3.5% in 2025
Shafaq News/ The International Monetary Fund (IMF) projected a slight increase in Iraq's inflation rate for 2025 in a report released in October on inflation indicators for Arab countries.
"Iraq's annual inflation rate was recorded at 3.2% in 2024, compared to 4.4% in 2023 and 5% in 2022,” IMF data showed.
The IMF expected the country’s inflation rate to rise slightly to 3.5% in 2025, before decreasing to 3% in 2029.
IMF data also indicated that “Oman will experience the lowest inflation rate among Arab countries in 2025, at 1.3%, while Sudan will have the highest rate at 200.1%.”
Preliminary designs completed for $24B Iraq-Turkiye Development Road Project: Global Construction
Shafaq News/ The first engineering designs for the Development Road Project, which will link Iraq and Turkiye, have been completed, the London-based "Global Construction Review" affirmed in a report.
According to the report, the project’s design includes a 1,200-kilometer motorway between Iraq and Turkiye, aimed at boosting the economic corridor between the PersianGulf and the MediterraneanSea.
The report also highlighted that the project would include a railway and an oil pipeline, with estimates indicating that Turkiye and Iraq plan to invest $24 billion in the corridor.
Qatar and the UAE have joined talks to invest in the project, which revolves around Al-Faw Port, Iraq's only deep-water port capable of handling large ships and containers.
Currently, the Port is undergoing a $2.6 billion modernizationby South Korea’s Daewoo E&C. “A five-berth container terminal with an initial capacity of 3.5 million containers a year is expected to open for business in 2025, with full completion to follow in 2028,” the report said.
Supporters of the project hope that the road between Al-Faw and Istanbul will serve as “a new artery for global trade,” potentially bypassing the Suez Canal and reducing shipping time between China and Europe by two weeks.
“The Development Road would follow the Euphrates River from Basra to Nasiriyah, passing through the Shia pilgrimage cities of Najaf and Karbala, and continuing to Baghdad and Mosul,” the report pointed out. “From there, it would reach the southern Turkish border city of Mersin before finally extending to Istanbul and Europe.”
Furthermore, the report noted that construction of the project is set to begin in 2025, with completion expected in three phases: in 2028, 2033, and 2050. However, “progress would depend on Iraq and Turkiye resolving a number of political disputes.”
Among the key issues are the Kurdistan Workers’ Party (PKK) and Turkiye’s use of water from the Tigris and Euphrates rivers, “which Iraq says is hurting its irrigation-dependent agriculture,” the report confirmed.
Development Road Project
Iraq’s Development Road project, officially launched during Turkish President Tayyip Erdogan's visit to Baghdad in April, is set to become a cornerstone of regional trade and economic growth. Earlier, Iraqi Prime Minister Mohammed Shia Al-Sudani stated that the vital Road project "will transform Iraq from a landlocked country to an open one."
The project features a 1,275-kilometer (792-mile) rail and road network designed to streamline the movement of goods between Europe and the Gulf region. It is anticipated to significantly reduce trade costs between China and Europe, with energy playing a crucial role due to Iraq's substantial oil reserves.
Iraq holds approximately 10% of global oil reserves and contributes 5% of global production. This strategic advantage is expected to enhance the project's impact on regional trade.
The investment budget for the project is estimated at $17 billion, with $6.5 billion allocated for highways and $10.5 billion designated for an electrified railway.
In addition to transforming regional trade dynamics, the Development Road Project is forecasted to create 100,000 jobs in its first phase and potentially up to one million jobs upon completion.
[via PDK] ...articles on the exchange rate are sounding so much like what we saw in Kuwait.
“Deletion of zeros and revaluation of Iraqi dinars”
...this article talks about what is involved and why they need stability ...And they have ticked almost every single one of the things needed to revalue.
There are open conversations going on in Iraq talking about the changing of the value of the dinar and the deletion of the zeros.
The families of the detainees demanded that Netanyahu grant the team the authority to conclude a deal.
Netanyahu welcomed Egypt’s willingness to push for Gaza deal
A leadership delegation from Hamas headed by Khalil Al-Hayya arrived in Cairo
The office of the Prime Minister of the occupation, Benjamin Netanyahu, announced today, Thursday, that the head of Mossad, David Barnea, will leave next Sunday to meet in Doha with the head of the Central Intelligence Agency, Bill Burns, and the Prime Minister of the State of Qatar and Minister of Foreign Affairs, Sheikh Mohammed bin Abdulrahman Al Thani, to discuss the various options for resuming the Gaza negotiations in light of the recent developments.
Immediately after the announcement, the families of the Israeli detainees in the Gaza Strip demanded that the prime minister “give the negotiating team full powers to reach a deal,” as Netanyahu had foiled several rounds of negotiations to conclude a prisoner exchange deal with Hamas.
In a later statement, Netanyahu said he welcomed Egypt’s willingness to push for a deal to release prisoners in the Gaza Strip. He added that he had decided to send the head of the Mossad to Qatar “to rally support for a series of initiatives on the agenda” after meetings in Cairo, which is mediating talks on a ceasefire and prisoner release.
For its part, Hamas-affiliated media outlets quoted informed sources as saying that a leadership delegation from the movement headed by Khalil al-Hayya arrived in Cairo to meet with the head of Egyptian intelligence, Hassan Mahmoud Rashad. A Hamas official told Agence France-Presse that a delegation from the movement discussed proposals for a ceasefire with Egyptian officials in Cairo on Thursday, stressing the movement’s “readiness” to stop the fighting if Israel commits to a ceasefire, withdraws from the Strip, returns the displaced and concludes a prisoner exchange deal.
The movement official, who requested anonymity, said, “A leadership delegation from the movement arrived in Cairo today, where it met with Egyptian officials, and ideas and proposals were discussed regarding the resumption of negotiations for a ceasefire and prisoner exchange.” He stressed that “Hamas has expressed readiness for a ceasefire, but what is required is Israel’s commitment to a ceasefire, withdrawal from the Strip, the return of the displaced, and a serious deal to exchange prisoners and bring in aid.”
On Thursday, US Secretary of State Anthony Blinken said that the negotiation process is moving forward, and that a negotiation session on a ceasefire and prisoner exchange between Israel and Hamas will be held within days, noting that Israel has achieved the goals of the war, dismantled the military structure of Hamas, and that “this is the moment to act to end the war, return the hostages to their homes, and build a better future for the people of Gaza.”
“The negotiations will take place in the coming days and we will know if Hamas is serious about them,” Blinken added during a press conference with Qatari Prime Minister and Foreign Minister Mohammed bin Abdulrahman Al Thani in Qatar. “We reject the generals’ plan and starving people and killing them. It is essential that we have a plan that allows Israel to leave the Gaza Strip and prevents the return of Hamas,” he added.
“We are focused on returning the hostages, stopping the war, and alleviating the suffering. The obstacle was that Sinwar (Yahya, head of Hamas) is no longer here. We are working to prevent the conflict from expanding,” Blinken continued, adding, “We do not want to see a vicious cycle of escalation, and we support Israel’s right to defend itself against Iran.”
For his part, Qatari Prime Minister and Foreign Minister Mohammed bin Abdulrahman Al Thani said, “We were informed of the results of Blinken’s visit to Israel, and that an American negotiating team will visit Doha to discuss ways to achieve a breakthrough in the negotiations,” noting that he discussed with Blinken how to stop the war on Lebanon. He added, “We are coordinating with Egypt regarding any initiative… Today there are talks between Egypt and Hamas.” He stressed that Qatar wants to avoid any escalation in the region, and its goal is to end the war on Gaza and Lebanon.
Earlier, the Israeli Prime Minister claimed that Tel Aviv is at the beginning of the end of the war on the Gaza Strip , in an interview with the French news network “CNEWS”, excerpts of which were published by a website affiliated with the Israeli Ministry of Foreign Affairs today, Thursday.
Netanyahu said: “We are at the beginning of the end of the war in Gaza” without details, claiming “to deal severe blows to Hamas, and to eliminate those who led the bloodiest attack in Israel’s history”, referring to the head of the political bureau of Hamas,
Yahya Sinwar, who was martyred on October 17 in clashes with the Israeli occupation army in the southern Gaza Strip.
“But we have not achieved all the goals yet,” he added. Netanyahu has set his goals for the Gaza war as ending Hamas rule, eliminating it, and freeing the Israelis currently held by the movement in the Strip. “I will not hesitate and I will not give in. We will continue the battle until we achieve absolute victory,” Netanyahu said. He did not set a time frame for ending the war, which began more than a year ago.
