Minister Of Finance: We Are Working To Modernize Systems And Enhance Transparency And Financial Discipline

 Minister Of Finance: We Are Working To Modernize Systems And Enhance Transparency And Financial Discipline

 
Economy     May 20, 2025, 9:14 PM  Baghdad – INA  Finance Minister Taif Sami confirmed on Tuesday that the ministry is working to
 
     modernize administrative and financial systems and
     enhance transparency and financial discipline,
 
in line with the priorities of the government program and to consolidate economic stability.
 
The ministry said in a statement received by the Iraqi News Agency (INA):
 
"Minister of Finance Taif Sami received the economic team at the US Embassy in Baghdad to discuss ways of joint cooperation within the FSVC program to enhance economic and financial capabilities in Iraq."  

The statement added that "the two sides discussed mechanisms to support the general budget and aspects of technical cooperation between the ministry and the US side   in the areas of budget preparation and government accounting,  through the mechanism for implementing the program and performance budget."  

According to the statement, the Minister of Finance stressed "the importance of leveraging international expertise to support ongoing reforms," ​​noting that  
 
"the Ministry is working to
 
     modernize administrative and financial systems,
     enhance transparency and financial discipline,
 
in line with the priorities of the government program, and consolidate economic stability." 

The statement continued, "The American team expressed its willingness to
 
     provide technical and advisory support, particularly in
     developing tools for preparing program and performance budgets,
     improving accounting systems, and
     developing financial information systems." The statement concluded by saying,
 
"The two parties agreed to 
     continue coordination and organize training workshops for Ministry employees in a number of technical specialties, to
     support the implementation of best practices in public finance management and
     achieving sustainable development."    https://www.ina.iq/234695--.html 

CRYPTO TRADER: Diplomatic and Technical Step to resolve protracted dispute over oil resources

 CRYPTO TRADER

#BREAKING: APIKUR says international oil companies and the Kurdistan Regional Government (KRG) have proposed a scope of work for an international consultant in line with Article 12 of Iraq’s Budget Law and existing contracts.

In a statement, it urges all parties, including the Iraqi government, to agree on terms that uphold the law and respect contracts recognized by both Baghdad and Erbil.

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📰 News Summary APiKUR (Association of the Petroleum Industry of Kurdistan) reports that international oil companies and the Kurdistan Regional Government (KRG) have proposed a scope of work for an international consultant, in line with: Article 12 of the Iraq Budget Law. Existing contracts between the parties. In its statement, APiKUR calls on all parties involved, including Baghdad (Iraqi Federal Government), to agree on conditions that: Respect the law. Recognize the current contracts, both by the Federal Government and the Regional Government.

🔍 Context Analysis 1. Political and Economic Background Iraq has a history of tensions between the central government (Baghdad) and the Kurdish regional government (Erbil), especially around the control and distribution of oil resources. Article 12 of the Iraqi Budget Law regulates the financial relationship between Baghdad and Erbil, including how revenues from oil produced in Kurdistan should be handled.

2. International Consultant Proposal The proposal to hire an international consultant seeks to create transparency, trust and an objective technical/legal basis to resolve differences. It aligns with the efforts of international companies to ensure that their contracts are respected and a stable investment environment is maintained.

3. Call for Cooperation APiKUR tries to ensure that the parties find a negotiated and legally sound solution, instead of maintaining disputes that affect production, exports and the economy of the region.

Legal and Economic Implications International oil companies want to protect their investments and contracts, avoiding legal conflicts with Baghdad. If an agreement is reached, oil exports from Kurdistan, stopped or limited by past disputes, can be reactivated. It could also improve foreign investor confidence in Iraq, which is key to its economy. 🧩 Conclusion This news reflects a diplomatic and technical step to resolve a long-running dispute over oil resources between Erbil and Baghdad. Involving an international consultant can be a strategic move to move towards a clear and widely accepted legal framework that respects both Iraqi sovereignty and trade agreements.

ADAM STEPHENS: The Arab Nations want to announce multiple currency revaluations!! #iraqidinar #iraq

 

Sudani: We have made significant progress in economic reform, and investments have reached $88 billion.

 Sudani: We have made significant progress in economic reform, and investments have reached $88 billion.

Prime Minister Mohammed Shia al-Sudani affirmed on Thursday that we have made significant progress in economic reform, with investments reaching $88 billion. Meanwhile, foreign companies have expressed their willingness to contribute to building a green economy, accessing clean fuels, and cooperating in transferring expertise to specialized personnel in Iraq .

Al-Sudani's office stated in a statement received by Mail that "Prime Minister Mohammed Shia al-Sudani received, today, Thursday, representatives of international companies participating in the International Conference on Carbon Economics, which was held over the past two days in the capital, Baghdad, in the presence of the Minister of Environment ."

The statement continued, "Al-Sudani congratulated the convening of the Carbon Economics Conference, the first of its kind in Iraq, and the resulting outcomes and ideas that support the government's efforts to invest in this field, in light of the climate challenges facing Iraq ."

Al-Sudani stressed that "the government has made significant progress in economic and financial reform and in creating an attractive environment for investors and global companies, with investments reaching approximately $88 billion ."

He added, "Iraq is rapidly moving toward a transition to clean and renewable energy, embodied by the government's establishment of the Carbon Economics Company, which has been granted the authority to contract with international companies to advance this new reality." He directed the Ministry of Environment and the Carbon Economics Company to "simplify procedures and move toward signing partnership contracts with companies, and move toward concrete action ."

For their part, company representatives expressed their interest in participating in the conference, stating that they were "there because of the developments Iraq has witnessed over the past two years, and that they will sign contracts and memoranda of understanding with Carbon Economics ."

They expressed their willingness to "contribute to building a green economy, accessing clean fuels, and cooperating in transferring expertise to specialized personnel in Iraq link

NADER FROM THE MID EAST: ABOUT THE DISTRUST IN FINANCIAL INSTITUTIONS IN IRAQ

 Nader From The Mid East  

Article: "Nearly 90% of Iraq's money supply is held outside the formal banking sector, largely hoarded in homes...

The vast 'leakage' of cash poses a serious challenge to the country's financial stability and long-term economic growth...

Saleh...stated the hoarding of cash...has reached critical levels...91-92 trillion dinars are currently outside the banking system...

driven by public distrust in financial institutions."

"We are in a 36-48 hour window" #iraq #iqd @DINARREVALUATION

 

Among them is Iraq.. Iran proposes forming an economic development group consisting of eight countries.

  Among them is Iraq.. Iran proposes forming an economic development group consisting of eight countries.

Iranian Ambassador to Saudi Arabia Ali Reza Enayati proposed establishing an economic development group comprising the Gulf states, his country, and Iraq, according to a report published by the semi-official Iranian Mehr News Agency on Friday.

In a speech delivered at the provincial diplomatic forum in Shiraz, Enayati said, "In addition to political relations, there must be public communication in various economic, tourism, and trade fields."

He added, "The security outlook is shifting from a geopolitical orientation to one of development," adding, "This shift in vision may take time, but we are clearly seeing it in the countries of the Persian Gulf region, and this shift has provided an important opportunity for the Islamic Republic of Iran."

Enayati continued, saying, "Iran and Iraq are located to the north of the Persian Gulf, and to the south of it are six countries. These eight countries can form a single group to develop economic cooperation."

He pointed to the importance of the corridors and Iran's strategic location, noting that "the Iran corridor represents the ideal advantage for Iran, and we can take advantage of this opportunity and transform it into a general economic route for the countries of the region that are now thinking about development." link