IRAQ HEADLINES NEWS: Iran-Iraq economic ties deepened in 2024

 IRAQ HEADLINES NEWS

Iran-Iraq economic ties deepened in 2024, with bilateral trade reaching nearly $12 billion, according to the Iran-Iraq Joint Chamber of Commerce. 

Secretary-General of the chamber Jahanbakhsh Shirazi stated that Iraq remains Iran’s second-largest trading partner, projecting a 20% growth in trade volume. 

He expressed optimism that trade will surpass $13 billion in 2025 and reach $15 billion by the end of 2026. : IRNA/ file

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Sharansh Resort, nestled in Duhok’s Zakho Administration, is bustling this Eid al-Adha, mainly with tourists from central and southern Iraq.

Kurdistan Region tourism officials say local turnout has declined due to unpaid salaries, but strong interest from other provinces is keeping the resort vibrant. : Ali Dewali/ Zoom News

TIDBIT FROM MARKZ

 MarkZ  

 [via PDK] 

 From Iraq: “Economic Council: A wide desire from regional and international companies to participate in the Iraq Investment forum”

  Many countries  and companies are showing up in Iraq with hundreds of billions for investment. Iraq is the most attractive place in the middle east to invest. 

Article:  “The coordination framework calls for resolving disputes between the centre and the region through the legislation of the Oil and Gas Law” 

...15 years ago – I was told that when this was done - we go…and quickly. I love seeing this enormous amount of political pressure. This law should be before parliament before the middle of June. 

MAJEED: NOW THEY ARE ONLY LETTING THE DINAR TO STAND UP INSIDE THE COUNTRY ‪@DINARREVALUATION‬

 

IRAQ NEWS HEADLINES: The Zaghitun Valley in Kirkuk is now fully under Iraqi Army control

 IRAQ NEWS HEADLINES

The Iraqi Ministry of Defense on Monday announced that Zaghitun Valley in Kirkuk is now fully under Iraqi Army control after being exploited by terrorist groups for the past 20 years, adding the Iraqi forces cleared hideouts, redirected water flow, and built new fortified outposts - statement : Iraqi News Agency

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Iraq’s Shiite Popular Mobilization Forces (PMF) announced the arrest of several individuals accused of exploiting the group’s name for electoral purposes and pressuring citizens to hand over their voter cards. In a statement, the PMF urged politicians and parties to keep security institutions out of political conflicts to safeguard the group’s reputation. : Iraqi News Agency/ file

WALKINGSTICK: For them to make this report is very good for what we're looking for

 Walkingstick  

Article:  "The currency printed in Iraq is at its lowest level since a year" 

 That's exactly what we want.  When they were collecting the 3 zero notes goal number 

one was to determine the value of the Iraq dinar.

  Number two...was to determine the number of notes that have been collected...

They are hitting both of these categories hard right now...

We believe this is leading to a 1 to 1 at least so it can float internationally...

For them to make this report is very good for what we're looking for. 

ABU SNWE: "Trump continues to dry up the dollar from Iraq" ‪@DINARREVALUATION‬ #trump #trump2024

 

The Ministry of Finance completes the 2025 budget schedules, and Al-Kadhimi warns: It must reflect the economic reality and the decline in oil prices

 The Ministry of Finance completes the 2025 budget schedules, and Al-Kadhimi warns: It must reflect the economic reality and the decline in oil prices.

The Ministry of Finance is moving toward completing final preparations for the 2025 budget schedules within the next few days. Meanwhile, parliamentary finance committee member Moeen Al-Kadhimi stressed the need for these schedules to reflect the current economic reality, especially in light of the decline in oil prices.

Al-Kadhimi explained in a statement followed by (Al-Mada) that "the schedules the ministry is working on are routine and were prepared according to a mechanism that has been followed for a long time," adding that it is likely that "they will be presented to the Finance Committee after the Eid al-Adha holiday, where they are expected to be reviewed in a single session during which recommendations will be presented and ratified by Parliament."

He explained that "the House of Representatives has the authority to reduce financial allocations without increasing them," adding that "the Finance Committee intends to use this right to control the size of public spending and align it with available resources."

He pointed out that "the 2023 budget amounted to 199 trillion dinars, but the actual expenditure did not exceed 146 trillion dinars. As for 2024, the budget was estimated at 211 trillion dinars, while only 156 trillion dinars have been implemented so far."

Al-Kadhimi stressed that "the 2025 budget schedules must be more realistic and based on actual revenues, not estimates," emphasizing "the need to take into account the financial challenges associated with declining oil revenues, while achieving a balance between the requirements of ministries and the aspirations of governorates, on the one hand, and the government's actual ability to finance, on the other."   link