ZOOM NEWS
: PM officeMILITIAMAN CC HIGHLIGHTS NOTES
In this lively Friday night video, the host discusses various significant updates regarding Iraq’s economic landscape, showcasing a mix of optimism and ongoing challenges.
The conversation begins with a personal touch, highlighting the beauty of a snowy day and enjoying a cup of Freedom Forged coffee, while encouraging viewers to engage with the channel. The host delves into recent developments in Iraq, touching upon the meeting between Al Hakim and Prime Minister Al Sudani, which is set against the backdrop of the U.S. administration’s decisions regarding Iraq’s gas imports from Iran.
There is a strong emphasis on Iraq’s financial reforms and the importance of diversifying revenue streams beyond oil, with a spotlight on the capabilities of Finance Minister T. Sami. The discussion also includes the Iraqi Commercial Bank’s recent accolades, discussions with international partners like the World Bank and Germany’s cooperation, and a focus on improving the lives of Iraqi citizens through better financial management and services. The host expresses a sense of hope and potential for Iraq’s economic future, while also acknowledging the complexities involved in moving away from a rentier economy.
☕ The Importance of Community Engagement: The host’s invitation to viewers to engage with the content through likes and subscriptions illustrates the growing role of community in content creation. Building a supportive community enhances the channel’s credibility and fosters a sense of belonging among viewers. This trend underscores the significance of audience interaction in modern digital content, emphasizing that creators thrive on feedback and engagement.
🇮🇶 Iraq’s Shift Towards Financial Independence: The discussion around Iraq’s commitment to diversifying its revenue streams highlights a significant shift from being solely reliant on oil exports. Finance Minister T. Sami’s proactive measures to implement reforms and attract international investment reveal a strategic pivot towards sustainable economic independence. This change is crucial for Iraq, as it seeks to stabilize its economy amidst fluctuating oil prices and geopolitical uncertainties.
🏦 Recognition of Financial Institutions: The accolades received by the Iraqi Commercial Bank are indicative of progress in the banking sector. These awards not only validate the bank’s efforts but also enhance investor confidence in Iraq’s financial institutions. By showcasing improvements in financial performance and innovation, the bank positions itself as a key player in Iraq’s economic resurgence, paving the way for further international partnerships.
⛴️ Trade as an Economic Indicator: The influx of 14 ships into Iraqi ports serves as a critical economic indicator, reflecting increased trade activity and potential growth. This development signifies that Iraq is not only improving its logistical capabilities but also enhancing its appeal as a trade partner in the region. Such positive signs may lead to greater foreign investment and economic diversification, propelling the country towards stability.
🔍 Focus on Human Capital Development: The collaboration with the World Bank emphasizes Iraq’s commitment to improving social infrastructure and human capital. By prioritizing areas such as education and social services, the Iraqi government aims to uplift its citizens, aligning with the broader goal of sustainable development. This focus on human capital is essential for long-term economic growth and stability.
⚡ Balancing Energy Needs: Prime Minister Al Sudani’s request for continued exemptions from U.S. sanctions on Iranian gas imports underscores the delicate balance Iraq must maintain in its energy sector. While seeking to develop its energy infrastructure, Iraq’s reliance on Iranian gas highlights the complexities of regional politics and energy security. This dependency may hinder Iraq’s ability to fully realize its economic potential unless alternative energy sources are developed.
📈 Optimism in Economic Prospects: The host’s overall tone of optimism regarding Iraq’s economic future reflects a broader sentiment among analysts who observe ongoing reforms and international engagement. As Iraq navigates its way through these changes, the potential for growth and stability appears promising, contingent upon the effective implementation of reforms and a commitment to transparency and accountability. This hopeful outlook is vital for fostering confidence among domestic and international stakeholders.
In conclusion, the video encapsulates a wide array of topics relating to Iraq’s economic landscape, highlighting both achievements and challenges. From banking improvements and increased trade activity to the importance of international partnerships and energy security, the host emphasizes a multifaceted approach toward economic reform and development. The insights provided paint a comprehensive picture of Iraq’s potential trajectory, underscoring the critical interplay between governance, community engagement, and economic sustainability.
Economic experts warn of dire consequences as US eyes sanctions on Iraqi bank
Shafaq News/ A call by US Republican Congressman Joe Wilson to impose sanctions on Iraq’s state-owned Rafidain Bank has sparked concerns among financial and banking experts over potential repercussions for the country’s banking sector.
Wilson claimed in a post on X on Jan. 30 that “under Biden and Brett McGurk, the US treasury allowed Rafidain Bank, the largest in Iraq, to become the money laundering machine for the Iranian regime and its puppets to obtain US$,” stressing that sanctions must be imposed on the bank, and that “Trump will fix it.”
Experts warn that such sanctions could lead to a shortage of US dollars in Iraq, push up exchange rates, and isolate the country from the global financial system. The worst-case scenario, they say, would be severe and comprehensive measures that could disrupt salary payments and development projects.
"If sanctions are imposed on Iraq’s banking system, the impact would be significant and far-reaching," said Nawar Al-Saadi, professor of international economics. "Iraq relies heavily on the US financial system for international transactions, including transfers and reserves held at the US Federal Reserve. Any restrictions could create a liquidity crisis, drive demand for dollars on the black market, and lead to a sharp depreciation of the Iraqi dinar."
Al-Saadi told Shafaq News Agency that sanctions targeting Rafidain Bank or other institutions handling foreign reserves would complicate financial transfers, affecting both foreign trade and remittances from Iraqis abroad. "This would harm the private sector, which depends on imports, forcing Iraqi businesses to seek costlier and less efficient alternatives, such as intermediaries or informal financial networks," he added.
Moreover, Al-Saadi highlighted potential political consequences because, according to him, the sanctions would strain US-Iraq relations and could push Baghdad to explore alternatives outside Washington’s influence, such as increased dealings with China or Russia. However, “shifting away from the Western financial system is neither easy nor swift, given Iraq’s deep economic ties with it," he said.
In a worst-case scenario, severe and comprehensive sanctions could trigger an economic crisis, making it difficult for the government to fund salaries and infrastructure projects, leading to higher unemployment and declining foreign investment, he warned. "This could escalate into broader security and political instability."
Al-Saadi suggested that partial or targeted sanctions could limit the impact but still send a message that Iraq must reassess its financial dealings, particularly regarding its ties with Iran. "Regardless of their scope, sanctions would compel Iraq to rethink its financial policies and consider reforms to reduce its dependence on US-controlled financial channels," he said.
Wilson has previously criticized the Biden administration for its handling of Iraq and Iran, arguing that Iraq continues to send $10 billion annually to Iran for oil and electricity purchases due to a US waiver. He called for the waiver’s revocation, asserting that Iraq should source energy from the Arab world instead.
EXCERPTS FROM MARKZ
MZ: I have had so many messages from bank personnel today that have told they are working tomorrow. These are lower level, mid level,
teller level who have no idea what’s going on but have been called into work this weekend. Could it have something to do with updates or a change in bank systems?
MZ: Or does it have something to do with the Fed migration?
“ Preparing for the Fedwire migration to ISO20022 in March 2025”
This is the full migration on the Us banking system to ISO20022 …maybe it has something to do with that? I don’t know. But it’s interesting that I got it from many bank sources.
Iraq revives 35 wells in Kirkuk to boost output
Shafaq News/ Iraq has resumed production from 35 oil wells in Kirkuk Province as part of an output enhancement campaign, a source at the North Oil Company (NOC) said on Saturday.
NOC Director General Amer Khalil Ahmed met with technical and engineering teams at the Sarlu and Sarbashakh stations—part of the Kirkuk oil field—to review production operations and the company's plan to increase output, the source told Shafaq News.
"The company’s engineering and technical teams launched a well reactivation and production enhancement campaign, successfully reviving 17 wells in Bai Hassan oil field, 7 in Kirkuk field, and one in Jambur field—wells that had been inactive for a long time. They also reactivated Kirkuk Well 361, perforated Kirkuk Well 344 in Sarbashakh, and are evaluating several other wells in the area," the source added.
NOC, according to our source, is reportedly set to work this week on Kirkuk Wells 234, 329, 328, 327, and 341 in the Sarlu and Sarbashakh, along with Bai Hassan Wells 49, 161, 164, and 184 in the Kathka and Dawood Karka areas, and Kirkuk Well 257 in the Shoraw area.
“The company's current production is approximately 330,000 barrels per day (bpd), with most allocated for refining, while around 10,000 bpd are exported to Jordan,” he affirmed.
In January, the NOC launched field development projects to enhance production in its Kirkuk fields. Technical and engineering teams successfully restored 20 wells in the Jambur field that had been inactive for years, adding around 10,000 bpd to output.
