Clare
Article: "Three reasons behind it... Al-Sudani's advisor to Rudaw: About 90% of Iraq's monetary mass is hoarded outside banks."
Quote: "Saleh, economic advisor to Iraqi Prime Minister Mohammed Shia al-Sudani, believes that approximately 90% of Iraq's monetary mass is outside the banking sector and hoarded in homes.. .
The currency issued outside the central bank and circulated outside banks is called external leakage,"
Foreign Minister: Iraq is working to achieve self-sufficiency and energy independence.
Foreign Minister Fuad Hussein affirmed on Saturday that Iraq is working towards achieving energy self-sufficiency and independence, while expressing his regret that a number of Western countries continue to classify Iraq as a high-risk country.
This came during his meeting with US Senators Angus King, an independent from Maine, and James Lankford, a Republican from Oklahoma, according to a statement issued by the Ministry of Foreign Affairs.
The statement quoted Hussein as saying that Iraqi-American relations are strategic, extending from partnership in the war on terrorism to cooperation in reconstruction and enhancing stability in the region, as well as other vital areas, including energy and education.
He also noted Iraq's aspiration to expand the horizons of these relations and increase the presence of American companies to take advantage of promising investment opportunities and contribute to construction and development efforts.
In a related context, the minister affirmed that Iraq is working rapidly to achieve self-sufficiency and energy independence by investing in associated gas, enhancing electricity interconnection projects with neighboring countries, and exploring new gas fields. This will position it as a gas-producing country, in addition to being a major oil producer. In this context, he called on specialized American companies to invest in this strategic sector.
He also pointed out that Iraq is set to hold its sixth legislative elections in November of this year, reflecting the consolidation of the democratic experience among the population and contributing to achieving stability and reconstruction.
Hussein expressed his regret that a number of Western countries continue to classify Iraq as a high-risk country in travel advisories for their citizens, which negatively impacts foreign companies' entry opportunities and hinders the development of tourism and cultural exchange.
On the other hand, the two sides affirmed that the terrorist organization ISIS continues to pose a significant threat to countries in the region and the world alike, and emphasized the importance of unifying international efforts to eliminate it and prevent its return.
They also discussed developments in the ongoing negotiations between the United States and Iran, agreeing that dialogue is the best way to resolve outstanding issues, achieve stability, and avoid escalation and confrontation.
In conclusion, the two parties affirmed their support for a political process in Syria that ensures the establishment of a comprehensive democratic process that reflects the aspirations of the Syrian people and leads to the formation of an elected government that represents the various components of society and protects their rights. link
BROTHERS TECHNOLOGY
In cooperation with the International Air Transport Association, the Ministry of Transport announces that Iraqi Airways has completed 65% of the requirements for lifting the European ban.
----
The Central Bank of Iraq launched the first National Strategy for Financial Inclusion for the period 2025-2029.Economist: No budget schedules and investment projects are at risk of being halted
Economic expert Abdul Rahman Al Mashhadani ruled out the existence of budget schedules for 2025, and that 2026 will also not witness a budget.
Al-Mashhadani confirmed to Al-Furat News Agency that government spending will be done according to the 1/12 rule of the 2024 budget.
Al-Mashhadani pointed out that the 2024 budget deficit is clear and ranges between 15 and 16 trillion dinars.
He explained that "total spending was 156 trillion dinars, while revenues ranged between 140 and 141 trillion dinars, which confirms the clear and known financial deficit."
The economic expert stressed that "the economic situation in general is linked to global oil prices."
Al-Mashhadani explained that "within normal rates, things are proceeding normally," but he warned that "the absence of budget schedules means no spending for investment and commodity aspects."
The economic report predicted that "projects that are currently being spent and implemented may stop, and spending will be limited to salaries only."
Regarding next year's budget, he also expected that "the budget deficit will be lower, given that spending will be restricted to the 1/12 system of what is spent in the 2024 budget." link
Militia Man
2023 Article quote: "...Because the project to delete the zeros still exists [Alaq] says when this is done correctly we can expect Iraq to become a strong dinar that is considered a store of value and perhaps even stronger than the dinar that was before 1980."
That's the expectation of this - before 1980. That's coming from the Central Bank of Iraq.
