Article: "The dollar continues to decline against the dinar in Baghdad"
Quote: "The exchange rate of the US dollar against the Iraqi dinar continued to decline on Tuesday morning in Baghdad markets."
Article: "Al-Nusairi confirms that the Central Bank's approach to banking reform and development contributes to accelerating Iraq's accession to the World Trade Organization."
White House announces date of Trump’s visit to 3 Gulf countries
US President Donald Trump will visit Saudi Arabia, Qatar and the United Arab Emirates in May.
White House spokeswoman Carolyn Levett told reporters on Tuesday that Trump’s upcoming visit to Saudi Arabia, Qatar and the UAE will take place from May 13 to 16.
It almost looks like they're having some sort of synchronicity because they have this meeting with a neighboring trading partner, we have trading that's going to be done in a digital environment and it's going to have efficiency and transparency and we're talking about digital payments across the region and across borders.
That's going to take new technology and it's going to take what the Central Bank of Iraq has done for the last 10 years...This process isn't just something that got started two days ago or a week ago...Iraq's doing this...It's a global thing.
The impact that Iraq is going to have and other currencies in the world when they all adjust, as [Guru] Petra says, all boats rise with the tide. A lot of boats are going to start rising. All this stuff is being synchronized.
WASHINGTON DC, United States (Kurdistan 24) — U.S. President Donald Trump will visit Saudi Arabia, Qatar, and the United Arab Emirates (UAE) next month, White House Press Secretary Karoline Leavitt told reporters on Tuesday.
Trump’s trip to the three Gulf countries will take place between May 13 and May 16.
Originally, that trip was scheduled to be Trump’s first trip abroad, underscoring the importance of those countries, particularly Saudi Arabia, in the administration’s policy making.
That is a continuation of Trump’s approach from his first term in office. Then, Trump made his first trip abroad to Saudi Arabia.
However, with the death of Pope Francis, Trump his first trip overseas in his second term will be to Rome, where he will attend the pope’s funeral on Saturday.
In addition, Qatar’s Prime Minister, Mohammed bin Abdulrahman Al Thani, who is also his country’s Foreign Minister, is visiting Washington, and he met on Tuesday with Secretary of State Marco Rubio.
Strengthening Ties with Middle Eastern Allies
“The president looks to strengthen the ties between the United States and these countries” that he will be visiting next month, Leavitt said on Tuesday, as she discussed Trump’s upcoming trip.
Although Saudi Arabia is the focus of this diplomacy, it is broad and far-reaching, and it includes the Kurdistan Region as well.
This diplomacy goes back to the first days of Trump’s second term. Saudi Arabia served as the site for the initial talks that the Trump administration held related to its mediation of the war between Russia and Ukraine.
That event marked the first of a series of meetings between senior U.S. and Saudi officials. It is now culminating in Trump’s visit to Saudi Arabia.
Thus, in mid-February, Rubio and National Security Council Advisor Michael Waltz travelled to Saudi Arabia, where they met with Russian officials. In that context, they also saw the Saudi Crown Prince and de facto ruler, Mohammed bin Salman.
In hindsight, those meetings have served to help prepare for Trump’s visit next month to Saudi Arabia, as well as to the much smaller Gulf states of Qatar and the UAE.
Qatari Prime Minister and Foreign Minister
Indeed, Mohammed bin Abdulrahman Al Thani, Qatar’s Prime Minister and Minister of Foreign Affairs, met with Rubio in Washington on Tuesday.
Qatar hosts the largest U.S. air base in the Middle East, Al Udeid. The British Royal Air Force is also located there.
In their meeting, Rubio and Al Thani “discussed the important strategic partnership” between their two countries, “including close security and economic cooperation and shared efforts to address regional challenges in Gaza, Lebanon, and Syria,” the U.S. read-out said.
They also pledged closer coordination, as they “reiterated both countries’ support for greater security and stability in the Middle East and emphasized the importance of increased collaboration on bilateral and regional issues.”
The IMF now predicts Iraq’s economy will SHRINK by 1.5% in 2025, slashing its earlier forecast of +4.1% growth.
Falling oil prices + stalled reforms = looming crisis.
Can Iraq turn it around? https://is.gd/zNhyv2
----
The International Monetary Fund (IMF) has revised its outlook for Iraq's economy, projecting a contraction of 1.5% in 2025—a significant downgrade from the previous forecast of 4.1% growth.
This downturn is attributed to declining oil prices and reduced global demand. Given that oil accounts for over 90% of Iraq's state revenue, the country's economy remains highly vulnerable to fluctuations in the oil market. Brent crude prices have recently fallen to a four-year low, exacerbated by increased production from OPEC+ and global trade tensions.
The IMF estimates that Iraq requires oil prices to average $92 per barrel to meet its budgetary needs, yet current prices are significantly lower, posing challenges to fiscal stability. شفق نيوز
In response to these economic challenges, the IMF emphasizes the need for Iraq to implement sound macroeconomic policies and structural reforms to ensure fiscal and debt sustainability. Recommendations include controlling the public wage bill, phasing out mandatory hiring policies, mobilizing non-oil revenues, and better targeting social assistance.