Iraq’s PM seeks EBRD support for banking reforms, infrastructure projects
Shafaq News/ Iraqi Prime Minister Mohammed Shia Al-Sudani met, on Thursday, with a delegation from the European Bank for Reconstruction and Development (EBRD) in London, led by the bank’s President, Odile Renaud-Basso.
According to a statement from the Prime Minister's media office, the meeting addressed the implementation of an agreement between Iraq and the EBRD, previously ratified by the Iraqi Parliament. Discussions included the bank’s potential role in “developing Iraq’s private sector and advancing renewable energy projects such as solar and wind power to reduce carbon emissions and enhance energy efficiency.”
During the meeting Al-Sudani expressed gratitude for the EBRD’s decision to approve Iraq’s membership last October, calling it an “important step” toward strengthening partnerships.
“This collaboration aligns with our government’s priorities across multiple sectors,” he stated.
Al-Sudani emphasized the government’s focus on critical infrastructure projects that could benefit from EBRD financing, particularly in areas impacted by conflict. “Key projects include roads, bridges, and public transportation, which are essential for Iraq’s recovery and development,” he said.
The Minister also requested technical assistance from the EBRD to modernize Iraq’s banking sector and improve its overall financial environment.
To further strengthen cooperation, Al-Sudani extended an invitation to Renaud-Basso to visit Iraq and assess potential opportunities for collaboration firsthand. Additionally, a proposal was made to “establish a joint working group tasked with prioritizing projects in which the EBRD would participate in Iraq.”
Trade, private sector, which it's now very very good...You're going to see a lot of thing about the private sector how good it become and how good they invest into it and the third thing it's Forex.
FRANK26: "2ND READING OF '25 BUDGET AMENDMENT, DONE".........F26
The House of Representatives completes the second reading of the draft amendment to the budget law
1/13/2025
The Council of Representatives concluded, in its session today, Monday, the second reading "Report and Discussion" of the draft law of the first amendment to the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2024 - 2025) No. (13) of 2023.
MZ: In the past we were told close the RV- peace would suddenly break out in the middle east…The news today about an agreement between Hamas and Israel might be it. It all seems to be coming together.
Member: This puzzle has definitely been challenging to piece together, but man is the final picture going to be gorgeous
Member: Some Gurus are expecting the RV tomorrow.
MZ: I am not. Most of what I am seeing – is around the 21st and 22nd.
Member: Tony said that the RV switch will be flip in 24 hrs and the 24 hrs has already started
Member: Was the third reading of Iraq’s budget today?
MZ: it was not today. I was told it was now scheduled for Sunday
Member: 3rd reading or not, doesn’t it become law 15 days after the 2nd reading?
Member: Frank26 said they don’t need a third reading because they are only voting on an amendment and the rest of the bill was already passed
MZ: “Parliament to add amendment clause to next Sunday’s agenda” so this Sunday they do the last reading.
FRANK26: "BARZANI WORKS WITH SUDANI!!!".........F26
Establishing a "Kurdistan Oil Company"... a movement maturing under the dome of the Iraqi parliament
1/13/2024
While the issue of the Kurdistan Region's financial dues to the federal government in Baghdad has sparked widespread political controversy over the past few days, a parliamentary movement is taking place in the Iraqi Council of Representatives by a number of committees to make some amendments to the budget schedules for the year 2025, especially the item related to facilitating the resumption of the region's oil exports, and among these options is the establishment of the "Kurdistan Region Oil Company".
Earlier on Monday, Kurdistan Region President Nechirvan Barzani, during his meeting with Iraqi Parliament Speaker Mahmoud al-Mashhadani, called for amending the budget law in a way that guarantees the rights and entitlements of the Kurdistan Region.
Nechirvan Barzani has been visiting the federal capital, Baghdad, since yesterday, in order to put an end to some of the differences between the regional and central governments, regarding financial issues related to dues and salaries, and other oil issues related to resolving the issue of resuming the export of Kurdistan Region’s oil, which is suspended due to the cost of extraction for companies operating in the region.
In this regard, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, told Shafaq News Agency,"The committee hosted today a delegation from the Ministry of Finance from the budget, accounting and public debt departments regarding the implementation of the general budget for the year 2024 and the complaints submitted by ministries and governorates about the lack of funding in the approved budget."
Al-Kadhimi explained that "the budget allocated for the year 2024 was 211 trillion dinars, while the actual expenditure in the same year was 156 trillion dinars, considering that the revenues did not exceed 137 trillion dinars and the remaining amount was provided from loans."
He stressed the need for the general budget for the year 2025 to be more realistic and not exceed 150 trillion dinars, and after voting on amending the budget law in the House of Representatives, the government will calculate what is required for extracting and transporting oil in the Kurdistan Region, where the cost varies from $6 to $16 in the upcoming budget tables.
For his part, the member of the parliamentary oil committee, Basem Al-Gharibawi, stated that the parliamentary oil and gas committee held a meeting to discuss amending the general budget law related to the Kurdistan Region’s oil, and that the committee agreed that the amendment should be in accordance with the Iraqi law and constitution .
Al-Gharibawi pointed out that there are a number of proposals submitted by the committee members regarding amending Article 12 of the Budget Law, and the proposals will be written into recommendations and will be presented in the second reading of the law.
He stressed that "some of the proposals include establishing a company under the name of the General Company for Oil of the Region, similar to other companies, and this company would be directly linked to the Ministry of Oil, and the management of the process of extracting and exporting oil in the Kurdistan Region would be under the supervision of the aforementioned company. This matter will contribute to resolving the crisis between Baghdad and Erbil."
During his meeting with Al-Mashhadani, Nechirvan Barzani calls for amending the budget and ensuring Kurdistan’s dues
1/13/2025
On Monday, during his meeting with the Speaker of the Iraqi Parliament, Mahmoud Al-Mashhadani, the President of the Kurdistan Region, Nechirvan Barzani, called for amending the budget law in a way that guarantees the rights and entitlements of the Kurdistan Region .
A statement issued by the presidency of the region, received by Shafaq News Agency, stated that "Nechirvan Barzani, President of the Kurdistan Region, as part of his visit to Baghdad, met this morning with Mahmoud Al-Mashhadani, Speaker of the Iraqi Parliament ."
According to the statement, the two sides discussed "the Kurdistan Region's relations with the federal authorities, stressing the importance of enhancing cooperation to resolve outstanding problems in accordance with the Iraqi constitution ."
The two sides also agreed on "the need to enhance joint cooperation in a way that helps ensure stability and development in the country ."
President Barzani pointed out "the importance of the role of the Council of Representatives in strengthening national dialogue, ensuring justice and equality for all components of Iraq, and solving the country's problems, especially the problems of Erbil-Baghdad ."
In the same context, President Barzani called on the Speaker of the Council of Representatives to "exercise his role in amending the Federal Budget Law for the year 2025 in a manner that achieves justice in ensuring the financial rights and entitlements of the Kurdistan Region, especially the file of securing the salaries of the Kurdistan Region's employees, similar to the rest of Iraq ."
In another aspect of the meeting, according to the statement, the two sides discussed "developments in the region and the changes that occurred in Syria, and stressed the importance of coordination between all parties to confront the challenges ."
Earlier today, Federal Prime Minister Mohammed Shia al-Sudani and Kurdistan Region President Nechirvan Barzani stressed the need to enhance cooperation to confront "national challenges ."
