Monday, March 10, 2025
$100 billion annually.. Iraq's spending exceeds the 3 most powerful economies in the world, 10 MARCH
$100 billion annually.. Iraq's spending exceeds the 3 most powerful economies in the world
The head of the Iraq Future Foundation, Munar Al-Obaidi, revealed the rate of Iraq’s revenues and expenditures during the last ten years. While he explained that the country spends $100 billion annually, which is higher than the annual expenditure of three countries with strong economies, he indicated that the country’s problem is not with resources, but with the way they are managed.
Al-Obaidi said, "Over the course of ten years, Iraq's total revenues amounted to 1,028 trillion Iraqi dinars, with oil revenues accounting for 92% of the total revenues, while tax, customs and other sources contributed only 8%."
He added, "In contrast, Iraq spent 1,007 trillion Iraqi dinars during the same period, in addition to unliquidated loans ranging between 100-150 trillion dinars, which means that total spending exceeded 1,100 trillion Iraqi dinars, which is approximately equivalent to 1 trillion US dollars."
He continued, "Therefore, Iraq's annual spending rate becomes around $100 billion, which is higher than the spending rate of many developed countries, as the annual spending rate for each of the following reached: the United Arab Emirates: $65 billion, Malaysia: $82 billion, and Singapore: $77 billion."
He stressed that "although Iraq spends more than these countries, its GDP still depends almost entirely on the oil sector, compared to these countries that have succeeded in diversifying their economies to reach a GDP of $500 billion annually."
He pointed out that "the great paradox lies in the fact that these three countries do not possess the enormous natural resources that Iraq possesses, nor do they possess the same size of the human population, and yet they were able to build strong and prosperous economies with budgets less than what Iraq spends, while Iraq is still suffering under the burden of oil control, the rentier economy, disguised unemployment, and many economic problems that are growing and getting bigger year after year."
He pointed out that "the problem was never in the resources, but in the way they were managed and employed to achieve sustainable development," adding that "Iraq needs deep economic reforms that focus on diversifying the economy, improving spending efficiency, and combating financial waste to ensure a sustainable economic future."
He concluded his post with, “Iraq needs five words mentioned by a famous program about development a few days ago, which are (a stable government to improve development management). Any loss of any word in this phrase will lead to the collapse of the entire sentence.” link
AJ : 🔥Government Advisor- The 2025 Budget Will Reach Parliament Before End of Ramadan, 10 MARCH
AJ
Government Advisor- The 2025 Budget Will Reach Parliament Before End of Ramadan
The Iraqi Prime Minister's advisor for economic affairs confirmed on Monday that there is a government-parliamentary understanding regarding the 2025 budget, expecting it to reach parliament before the end of Ramadan.
Mazhar Mohammed Saleh said, that there is an understanding between the Parliamentary Finance Committee, the Council of Ministers, and the Ministry of Finance regarding the budget schedules, stressing that there is an agreement on the date of sending it and voting on it.
Saleh explained that Article 77/ Second of the Federal General Budget Law for the year 2023 stipulates that the Ministry of Finance shall submit the budget tables annually, with the amendments that occur to operating and investment expenditures.
He added that the Ministry of Finance will send the 2025 budget tables to the Council of Ministers for discussion and voting, after which these tables will be sent to the House of Representatives.
Saleh indicated that the budget schedules are expected to reach Parliament before the end of Ramadan, which falls at the end of March.
Earlier, a responsible source in the Iraqi Ministry of Finance told Shafaq News Agency that the delay in sending the federal budget tables to the Council of Ministers is related to amendments to Article 12 of the Budget Law.
The Iraqi parliament recently approved an amendment to the general budget related to Article 12, which settles a dispute between the Kurdistan Region and the federal government over receiving the region’s oil.
In June 2023, the Iraqi Parliament voted on the draft general budget law for the fiscal years (2023, 2024, 2025), to approve special budget tables for those years, and they are sent by the Iraqi government to Parliament for voting.
Last February, the Iraqi Parliament voted to amend Article 12 of the budget law related to the costs of extracting oil from the Kurdistan Region.
“Coffee With MarkZ” Monday Morning Chat 3-10-2025
“Coffee With MarkZ” Monday Morning Chat 3-10-2025
Thank you MarkZ for all your time, and encouragement daily….. PDK
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: Happy Monday Morning
Member: Hey People! THIS WILL BE A GREAT DAY! Glad to see all of you this morning!
Member: Hope Mark and Zester had a great trip this weekend.
Member: Hoping for some great news today!
MZ: It was a good event….just very busy and schedule was tight….wish I would have had a chance to meet more of you.
MZ: I have better than normal news for a Monday morning. Usually Mondays there is no news at all.
Member: Mark if the mediators were paid then it has definitely moved forward correct? So now we just hope no more delays with bond guys etc!
MZ: I have a couple of interesting things from a couple of bond contacts. They are being told the vast majority of money definitely moves in March. They believe this is their month for redemptions.
MZ: There are a number of them with dollars…small amounts. My understanding is the full amount- the bulk of their dollars will move all at the same time….and on the same day. I got that from 4 different bond contacts in different groups.
MZ: they are all saying the big dollars will release all at once for all of them.
MZ: A couple of groups are working hard and they are also being told that this is their month. Crossing my fingers it is true and we don’t get another letdown. But there is certainly a lot of chatter right now.
MZ: We will never be in a perfect spot for this, but at some point they have to pull the trigger. Fantastic news over the weekend…it just needs to manifest.
Member: Mark, did your contact with a Saturday currency apt get liquidity?
MZ: I don’t have an update, but as of Saturday where they had a tenetavie appointment to exchange some currency…they have not gone.
Member: it sounds like we will all have a shotgun start….So hopefully when bonds go…we all go.
Member: Walkingstick says "Day and Rate" fixed after big bank meetings in Iraq.
MZ: “ US gas move: Iraq’s race to avert power crisis” Us has gone full tilt with Iraq to stop Iranian influence and rebuild Iraqi infrastructure. They are adding power plants as well as rebuilding the power structure. This will put Iraq at the forfront in the region….and with that we get the economic reforms or a higher value to lift the purhasing power of Iraq.
Member: Sounds like they could use additional funds for all of that…..Release the RV Iraq.
MZ: “ Official working hours will be suspended next Sunday” They will be shutting down their Gov on Sunday to remember victims of several Crimes against humanity ……Datewise this falls on the 16th. I am hearing many things pointing to the 16th and 17th.
MZ: what a great time to change things and put Iraq back on its feet.
MZ: “Government advisor: 2025 budget will reach Parliament before the end of Ramadan” in other wrds they will have the budget and its tables in the month of March.
Member: Everything is lining up , for everything to happen all at once .
Member: When I begin to think that this RV will never occur, I just remind myself that Iraq cannot go international at a $1,320 exchange rate.
Member: I don't see it going to the end of the month, personally. I think it will be sooner. At this point, Iraq is losing $$ every day we wait.
Member: I believe Apr 01 is the beginning of Iraq's new quarter.
Member: I heard a rumor that the 12th is going to be the day-for the DINAR to be at it’s peak and the time to change currencies
Member: Nader has a video this morning that he says by the end of the week
Member: Trusted bank worker said a man came in and had 150 zeros behind his balance in his account. He told her he was from Iraq and the currency revalued at 4.47. I believe her but not sure about customer.
Member: Kuwait revalued March 24, 1991 a SUNDAY
Member: After Iraq was expelled from Kuwait, the banks revalued their currency to $3.47
Member: Dow down −350.65 in the opening bell
Member: The news is surely interesting and seems we are moving ahead.
Member: is this going to be our week, trump said big things this week! let's hope its our week.
Member: What date is the audit of Fort Knox? I suspect we will RV around then.
MZ: Remember there are no podcasts on Monday and Friday nights anymore. So no podcast tonight
Member: . Thank You for your commitment to this community Mark and Mods…..Have a great day everyone.
TIDBIT FROM JEFF, 10 MARCH
Jeff
What they've told us is that going into 2025 they were going to end the currency auctions. We know that much.
They did say they transitioned to that new method of transferring foreign currencies abroad... allowing specific local banks within the country of Iraq to send the foreign currencies...But they never officially ended the currency auctions...
We know the currency auctions have to end at least by the time the rate changes. We also know that from last November through the end of January the currency auctions went up from about $280 million to $300 million, then in January of this year...went higher from $290 million to $300 million...
Their actions of incrementing the currency auctions to higher amounts suggest we're getting getting very close to nearing the end of this..
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