Al-Sudani: Customs Revenues Increase And Inflation Declines In Iraq, 18 APRIL

 Al-Sudani: Customs Revenues Increase And Inflation Declines In Iraq

Money and Business  Economy News – Baghdad  Prime Minister Mohammed Shia al-Sudani stated on Wednesday that his government has succeeded in maximizing non-oil resources by increasing customs revenues and decreasing inflation in the country.

Al-Sudani said during the forum that today we are entering the second quarter of the twenty-first century and our country is brimming with unique success stories in every corner of it, and in every Iraqi city there is a tireless service and construction workshop, noting that infrastructure has grown in all Iraqi cities.

He added that the inherited stalled projects have decreased to less than 850, after previously numbering in the thousands. He explained, "We have embarked on the highest production plan to build power plants and for the first time, we have entered solar, clean, and renewable energy projects, and the rate of gas flaring cessation has exceeded 70 percent."

He continued, "It is unacceptable for political competition to devolve into the use of defamatory language and the concealment of the truth about government performance. Iraq needs bold and comprehensive reforms." He explained that the true value of any reform lies in reaching the poor and marginalized groups and saving them from the clutches of poverty.

Al-Sudani revealed that customs revenues increased by 128 percent and the annual inflation rate declined, noting that Iraq is proceeding with confidence in agriculture, ensuring food security, and achieving self-sufficiency.

Al-Sudani also stressed that Iraq has maintained its firm and principled positions, especially its position on the Palestinian issue, and that Iraq is prepared to be a reliable partner and an effective contributor to regional stability.

Al-Sudani announced his intention to run in the elections scheduled for November of this year, stressing that the alliances will be announced in the coming days. He added that the elections represent an opportunity to support a reform project in Iraq.

He also touched on the relationship between Baghdad and Erbil, saying that it had moved to a technical and legal dialogue for the first time, and that the oil and gas law had become an urgent necessity. He also stated that the Popular Mobilization Forces were an essential part of the security system.

Meanwhile, the Prime Minister announced that Syrian President Ahmed al-Shara will attend the Arab Summit scheduled to be held in the capital, Baghdad, next month. Al-Sudani stated, "Al-Shara is welcome to attend the Arab Summit in Baghdad, and an official invitation has been extended to him in this regard."   https://economy-news.net/content.php?id=54494

AJ UPDATE, 18 APRIL

 AJ 

Iraq has delayed the submission of its 2025 federal budget to parliament, citing technical adjustments linked to oil-related expenditures in the Kurdistan Region, a senior government advisor confirmed Wednesday. Mudhhir Mohammed Saleh, Financial and Economic Adviser to the Prime Minister, sais that the postponement stems from amendments to the Federal Budget Law No. 13 of 2023—particularly Article 12, which was revised in February. The changes, he noted, have complicated the finalization process due to their impact on the financial arrangements with the Kurdistan Region. “Signs of a global oil market downturn are becoming evident due to geopolitical volatility, the Russia-Ukraine conflict, instability in the Middle East, and recent OPEC+ decisions.” On Tuesday, the Parliament’s Finance Committee expressed concern over the delay. Member Saad Al-Noubi remarked that Planning Minister Mohammed Tamim and Finance Minister Taif Sami had previously assured lawmakers that the tables were ready for Cabinet review.

12:35 PM · Apr 16, 2025

Iraqi Dinar RV: The Number’s Set, Just Not Public Yet! @DINARREVALUATION #iraqidinar #iraq

 

Economist: Financial Debts Have Caused A Liquidity Crisis In Government Banks And The Pension Fund., 17 APRIL

 Economist: Financial Debts Have Caused A Liquidity Crisis In Government Banks And The Pension Fund.

Time: 2025/04/16 12:35:41 Read: 2,010 Times  {Economic: Al Furat News} Economic expert Salah Nouri confirmed on Wednesday the existence of a liquidity crisis at a number of government banks, including Rafidain and Rashd banks, in addition to the Trade Bank of Iraq and the Iraqi Employees' Retirement Fund. He attributed the reason to the accumulation of internal debts at the Ministry of Finance as a result of its reliance on domestic borrowing to cover the budget deficit over the past years.

Nouri told Al Furat News Agency, "There is a liquidity crisis plaguing government banks and the pension fund, as a result of the Ministry of Finance's mounting internal debts to cover the budget deficit for several consecutive years. "

He added that "this crisis has directly impacted these institutions' ability to meet their obligations," while noting that he "does not have precise figures that can confirm or deny the statements made by several MPs on this matter, due to the Ministry of Finance's directive not to provide government banks with any financial information."

In recent years, the Iraqi Ministry of Finance has relied on a policy of domestic borrowing to cover recurring deficits in the public budget, by borrowing from government banks and the employees' pension fund.

This approach, although a temporary measure to address operating expenses, has led to the accumulation of massive debts for the Ministry of Finance, directly impacting the liquidity of lending financial institutions.  LINK

EXCERPTS FROM MARKZ: " IQD values are going kooky…" , 17 APRIL

 MarkZ  

 [via PDK]  

 Bank stories really do give us hope for timing…and I love this one…: My son was not a believer in the IQD…but he is now. My son is a day trader…and as plugged into the traditional system as you can get… 

 “Here is what he texted: “I noticed lots of movement in the market and IQD  values on the trading views

 (MZ: in other words - he was looking at the screens and saw this) IQD values are going kooky…

so I reached out to a friend at a bank 9, an old friend and employer, and asked what is going on?  The response from the banker was this...

 "You should definitely get some…Hold some dinar…keep it close by…I believe very soon it will be exchanging…I am serious.”   MarkZ:  So now her son is a believer

WALKINGSTICK: "Aki's bank is for the exchange of the three zero notes" @DINARREVALUATION #iqd

 

An Economic Expert Told NINA: US Tariffs Will Contribute To Raising Oil Prices, 17 APRIL

 An Economic Expert Told NINA: US Tariffs Will Contribute To Raising Oil Prices

Wednesday, April 16, 2025 14:55 | Economic Number of reads: 142  Baghdad / NINA / Economic expert Safwan Qusay confirmed on Wednesday that imposing US tariffs on some countries will contribute to raising oil prices and thus reflect on the oil-producing countries of the Middle East.

He said in a statement to / NINA /: "Imposing economic tariffs by Washington will contribute to the withdrawal of many American investments in the world, as well as the possibility of increasing the production volume of companies within the US to meet demand within the Washington environment, stressing that raising such tariffs on Chinese goods will contribute to reducing oil consumption in China until China succeeds in finding other markets, and this issue needs some time and will be reflected in oil prices and thus reflect on the oil-producing countries of the Middle East."

He stressed, "Iraq needs to intensify trade conditions with the United States of America to ensure the presence of American goods in the Iraqi market and to support the issue of reducing these tariffs."

He continued, "Iraq can contain this crisis and has succeeded in establishing good relations with the United States of America, and there are no indications of oil prices falling below their current levels of $65, which is a price sufficient to cover operating expenses for this period." /End  https://ninanews.com/Website/News/Details?key=1198180