Government Advisor: Iraq's Debt Does Not Pose A Burden On Financial Stability
Economy | 20/12/2025 Mawazin News - Baghdad: The Prime Minister's Financial Advisor, Mazhar Muhammad Salih, confirmed that Iraq's external debt is 4%, which is within safe limits. He also indicated that both internal and external debt are within internationally accepted safe limits.
Salih stated, "Iraq's external public debt constitutes only about 4% of its GDP, a very low percentage compared to internationally recognized safe limits, which allow external debt to reach up to 60% of GDP." He added, "This means that Iraq is outside the circle of external debt overburden, which is clearly reflected in its stable credit rating at level B over the past years and up to the present."
He continued, "As for domestic public debt, the accumulated amount during the current government's term does not exceed 34 trillion dinars, a figure significantly lower than the hypothetical ceilings anticipated in the three-year budget."
He added, "The financial planning for that budget assumed annual borrowing levels nearly double what was actually achieved over the three years, meaning that the ratio of actual domestic debt to the planned amount did not exceed 15% during the implementation period of the three-year budget, as stipulated by Law No. (13) of 2023."
He pointed out that "the 2026 budget planning takes into account that the outstanding debt balance, particularly the inherited domestic debt accumulated over more than a decade, along with the remaining external debt, collectively constitutes only 31% of the total annual GDP. This percentage also falls within the globally safe range for financial stability and does not represent a structural burden on public finances."
He added, "The 2026 budget's reliance on a hypothetical borrowing ceiling is not a cause for concern; rather, it falls within the framework of sound risk management, particularly regarding the risks of global oil market volatility and its potential impact on planned revenue levels."
He pointed out that "this approach is reinforced by adopting a high level of fiscal discipline, the foundations of which are being laid in the draft federal budget law for next year, through controlling expenditures, enhancing non-oil revenues, and implementing high-level financial governance, while taking into account external shocks, especially those related to energy markets." https://www.mawazin.net/Details.aspx?jimare=271809
As the world moves deeper into economic uncertainty, investors are increasingly seeking stability outside traditional financial systems. Rising debt, geopolitical realignment, currency debasement, and declining trust in fiat money are accelerating a global shift toward precious metals as safe-haven assets.
In a recent in-depth discussion hosted by Jon Dowling, Micah Haince, Senior Sales Associate at Noble Gold Investments, shared powerful insights into the future of gold, silver, and the global economy heading into 2026 and beyond.
With nearly a decade of experience in precious metals investing, Micah outlined why we may be entering a historic “perfect storm”—one that could reshape wealth preservation for generations.
A Perfect Storm in the Precious Metals Market
According to Micah Haince, several converging forces are aligning to drive gold and silver into unprecedented territory:
, as industrial demand continues to rise from sectors such as:
Renewable energy
Electric vehicles
Advanced electronics
Defense technologies
Mining production has failed to keep pace, creating a long-term imbalance that strongly favors higher prices.
2. Undervaluation in U.S. Portfolios
Historically, Americans hold less than 1% of their wealth in precious metals, far below global norms. As awareness grows, even a modest reallocation could trigger explosive price movement.
BRICS, De-Dollarization & the Rise of a New Financial Order
One of the most critical themes discussed was the accelerating rise of BRICS nations (Brazil, Russia, India, China, and South Africa) and their push toward a gold-backed alternative financial system.
These nations are actively:
Reducing dependence on the U.S. dollar
Increasing gold reserves
Establishing trade settlements outside SWIFT
As confidence in the dollar erodes, gold and silver emerge as neutral, trusted stores of value—free from political manipulation.
Could a Gold Standard Return in the Late 2020s?
While controversial, Micah emphasized that a return to some form of gold-backed monetary system is no longer unthinkable.
With:
Exploding sovereign debt
Persistent inflation
Central bank credibility under strain
Gold could once again serve as an anchor for global financial stability.
Micah also speculated that a future U.S. administration—possibly under Donald Trump—could:
Restructure the Federal Reserve
Merge Treasury and Fed functions
Introduce radical monetary reforms
Though speculative, such discussions reflect how unstable the current system has become.
Gold & Silver Price Forecasts: What Comes Next?
Micah Haince shared bold but data-driven projections:
Gold: Potentially
$10,000 per ounce by 2030
Silver: Could surge to $300 per ounce or higher
These forecasts are driven by:
Finite supply
Rising industrial usage
Loss of faith in fiat currencies
Central bank accumulation
Silver’s dual role as both a monetary and industrial metal positions it as one of the most undervalued assets of the decade.
Why Physical Precious Metals Matter Now More Than Ever
Micah stressed that physical ownership—not paper contracts—is key to true wealth protection.
Precious metals act as a hedge against:
Currency devaluation
Stock market crashes
Banking instability
Geopolitical conflict
With uncertainty accelerating into 2026, waiting may no longer be an option.
Featured Snippet: Key Takeaway
Gold and silver are entering a historic revaluation cycle driven by global de-dollarization, supply shortages, and collapsing confidence in fiat currencies—making physical precious metals a critical hedge for the 2026 economy and beyond.
Q&A: Investor Questions Answered
Q: Why are precious metals rising now?
A: Supply deficits, rising industrial demand, central bank buying, and global currency instability are converging simultaneously.
Q: How does BRICS impact gold prices?
A: BRICS nations are reducing dollar dependence and increasing gold reserves, boosting long-term demand.
Q: Is silver more undervalued than gold?
A: Yes. Silver’s industrial use and limited supply make it one of the most underpriced assets today.
Q: Should investors own physical metals instead of ETFs?
A: Physical metals eliminate counterparty risk and provide direct ownership outside the financial system.
Final Thoughts: Preparing for the 2026 Economic Reset
The conversation between Jon Dowling and Micah Haince paints a clear picture: the global financial system is transforming rapidly, and precious metals are reclaiming their historic role as real money.
For investors seeking protection, diversification, and long-term stability, gold and silver may no longer be optional—they may be essential.
🎥 Be sure to watch the full video featuring Jon Dowling for deeper insights and expert analysis on what lies ahead.
Jon Dowling: 2026 Economy Outlook, Global Reset Predictions & Gold Revaluation with Micah Haince
As we navigate the complexities of the global economy, investors are increasingly turning to precious metals as a safe-haven asset.
In a recent podcast episode, Micah Haince, a senior sales associate at Noble Gold Investments, shared his expert perspective on the current and future state of the precious metals market, particularly gold and silver.
With nearly a decade of experience in precious metals investing, Micah provided valuable insights into the key drivers behind the recent price surges, the undervaluation of precious metals in American portfolios, and the impending economic shifts that could shape the market heading into 2026.
According to Micah, a “perfect storm” is brewing in the precious metals market, driven by a combination of technical and fundamental factors.
One of the primary drivers is the supply deficit in the market, which is expected to continue as industrial demand for silver and other precious metals remains strong. Additionally, geopolitical movements, such as the rise of the BRICS nations and their gold-backed alternative financial system, are likely to further fuel the demand for precious metals.
The BRICS nations, comprising Brazil, Russia, India, China, and South Africa, have been working towards creating a new financial order that is less dependent on the US dollar.
As this movement gains momentum, it is likely to erode confidence in the US dollar and drive investors towards alternative stores of value, such as gold and silver.
The conversation with Micah also touched on the possibility of a return to a gold standard in the mid-to-late 2020s. While this may seem like a radical idea, it is not entirely implausible.
With the US dollar facing increasing pressure from global economic shifts, a gold-backed financial system could provide a much-needed anchor for the global economy.
Micah speculated that a Trump Administration could potentially lead to significant changes in the Federal Reserve leadership and the merging of the Fed and Treasury. While this is still speculative, it highlights the potential for significant shifts in the global economic landscape.
Despite the potential risks and uncertainties, Micah remains optimistic about the future of precious metals. He forecasts that gold could potentially reach $10,000 per ounce by 2030, driven by fundamental scarcity and a shift in global currency confidence. Silver, in particular, is expected to surge to $300 per ounce or more, driven by its industrial demand and limited supply.
Micah stressed the importance of proactive investment in physical precious metals as a hedge against currency devaluation, stock market crashes, and economic instability. With the global economy facing increasing uncertainty, investors would do well to consider diversifying their portfolios with precious metals.
In conclusion, the insights shared by Micah Haince provide a compelling case for the importance of precious metals in a diversified investment portfolio. As the global economy continues to evolve, it is likely that gold and silver will play an increasingly important role as safe-haven assets.
Investors would do well to take a proactive approach to investing in physical precious metals, and Noble Gold’s holiday promotion provides a timely opportunity to do so.
For further insights and information, be sure to watch the full video from Jon Dowling. With expert analysis and commentary, this video provides a valuable resource for investors looking to navigate the complexities of the precious metals market.
THE CENTRAL BANK REASSURES: COMPREHENSIVE REFORMS AND A SWIFT RETURN OF BANKS DEPRIVED OF DOLLARS
The Central Bank of Iraq reassured the public on Tuesday (December 2, 2025) regarding the ongoing banking reforms, stressing that rebuilding the banking sector is the main pillar of its work at the present stage, during a session attended by a number of experts and specialists.
The bank said in its statement, received by “Baghdad Today”, that its governor, Ali Mohsen Al-Alaq, presented an extensive proposal for the reform plan, explaining that the contract with Oliver Wyman came after the restrictions imposed on a number of banks dealing in dollars, with the aim of implementing comprehensive reforms that ensure their compliance with international standards, noting that there are assurances that those banks will return to their normal environment after the completion of the reform stages.
The statement added that all Iraqi banks have signed the reform document, indicating that compliant banks will be granted the ability to deal in other currencies in gradual steps, while confirming that international bodies are directly monitoring the progress of work on this file.
He added that the digital dinar project is still under implementation and requires time and integrated infrastructure before it can be officially launched.
The bank noted that Al-Alaq reiterated the commitment to maintaining overall price stability by fixing the exchange rate and keeping inflation at low levels, warning that reducing the dinar’s exchange rate would have negative repercussions on low-income groups and weaken confidence in the national currency.
The statement concluded by stressing the need to avoid using the exchange rate as a tool to address the structural deficit, emphasizing the need for structural reforms to maximize revenues, control expenditures, and diversify the economy, while supporting the government’s directions in this area.
📌 Introduction: A New World for Iraq and the Global Financial System
According to Militia Man, Iraq is not just adjusting its currency—it is preparing to enter a completely different financial world, one that aligns with global transformation, digital finance, and tokenized currencies.
At the same time, recent diplomatic developments highlighted by Clare suggest that Iraq’s international positioning—especially with the United States—is fundamentally changing.
Together, these developments point to structural, not cosmetic, change.
💱 Iraq’s Currency Revolution: More Than a Rate Change
Militia Man framed Iraq’s monetary evolution as part of a broader global shift, stating:
“We’re going into a different world with the Iraqi dinar, and we’re going into a different world with the globe.”
Key Themes Highlighted:
Tokenized currencies are coming
Executive orders related to financial systems matter
Monetary reform will happen on their time, not on speculation timelines
Transparency will come after implementation, not before
This perspective emphasizes process over prediction.
🏦 100% Banking Compliance Is Non-Negotiable
One of Militia Man’s strongest points was banking readiness.
He stressed that:
All Iraqi banks must be 100% compliant
Partial compliance is not acceptable
This aligns with:
International banking standards
AML / KYC requirements
Cross-border settlement systems
This requirement explains why reform takes time and why completion matters more than speed.
🪙 Tokenized Currencies & Executive Orders
Militia Man connected Iraq’s progress to:
Tokenization of assets and currencies
Digitization of settlement systems
Executive orders that support systemic financial change
His takeaway:
These things should be taken seriously.
This places Iraq’s reform within the context of a global monetary reset toward digital and asset-backed systems, rather than an isolated national event.
🇺🇸 Diplomatic Signals: Trump Acknowledges U.S. Envoy to Iraq
Article Highlighted by Clare:
“At Christmas Party, Trump Publicly Acknowledges U.S. Envoy to Iraq”
During the 2025 White House Christmas Party, President Trump publicly acknowledged Mark Savaya, the U.S. envoy to Iraq.
Savaya later wrote on X:
“President Trump, thank you for your kind acknowledgment… Merry Christmas and may God bless you and the United States of America.”
This brief moment drew attention within diplomatic circles, signaling:
Continued high-level engagement
Strategic importance of the U.S.–Iraq relationship
🤝 From Conflict to Partnership: A Major Shift
Another article cited by Clare reinforces this shift.
Article:
“The Iraqi government told Shafaq News: The relationship with Washington has moved from ‘conflict’ to ‘partnership’”
Key statement from Farhad Ala’addin, Prime Minister’s Advisor for Foreign Affairs:
The U.S. decision to revoke the authorization to use force against Iraq confirms Iraq is fully sovereign and marks a shift from conflict to partnership.
Why This Matters:
Signals normalization of relations
Reinforces Iraqi sovereignty
Creates a more stable environment for:
Investment
Banking reform
Monetary confidence
⭐ Featured Snippet: Key Takeaways
Iraq’s Current Direction
Currency reform aligned with global tokenization
100% banking compliance required
Reform will occur on official timelines
U.S.–Iraq relations shifting to partnership
Sovereignty and stability reinforced
❓ Q&A – Common Questions
Q: Is Iraq moving toward digital or tokenized currency systems?
A: According to Militia Man, yes—aligned with global trends.
Q: Why is bank compliance so important?
A: International integration requires full regulatory compliance.
Q: Does U.S. acknowledgment signal political support?
A: It suggests continued strategic engagement and partnership.
Q: Is this just about the dinar?
A: No. This is about systemic financial transformation.
🔍 Why This Update Is Significant
When you combine:
Monetary reform
Banking compliance
Tokenization trends
Diplomatic normalization
You see alignment across financial, political, and international layers.
This is not random—it is structural.
🏁 Final Thoughts
Militia Man’s message is clear:
The change is real
The scope is global
The timing is controlled
The foundation must be solid
And as Clare’s articles show, Iraq is positioning itself as a sovereign partner, not a conflict zone.
Iraq's currency revolution...We're going into a different world with the Iraqi dinar and we're going into a different world with the globe. We know we have tokenized currencies that are coming. We've seen executive orders being placed and those things should be taken seriously.
The bottom line is they're going to show you how they're going to do it on their time. We don't know exactly when that's going to happen...One thing for sure, all of Iraq's banks will need to be compliant 100%...
Clare
Article: "At Christmas Party, Trump Publicly Acknowledges U.S. Envoy to Iraq"
Quote: "A brief but pointed acknowledgment by U.S. President Donald Trump of America’s envoy to Iraq, Mark Savaya, during the White House’s 2025 Christmas party has drawn attention in diplomatic and political circles...In a post on X dated Dec. 19, 2025, Savaya publicly thanked President Trump for recognizing him during the White House Christmas gathering, writing: 'President Trump, thank you for your kind acknowledgment at the 2025 White House Christmas party. You are truly the greatest president this country has ever had. Merry Christmas and may God bless you and the United States of America.' ”
Article: "The Iraqi government told Shafaq News: The relationship with Washington has moved from 'conflict' to 'partnership' ".
Quote: "The Prime Minister’s Advisor for Foreign Affairs, Farhad Ala’addin, affirmed on Thursday thatthe United States’ decision to revoke the authorization to use force against Iraq confirms that the country is now fully sovereign and signifies a shift in the relationship from 'conflict' to 'partnership.' "
SAMIR AL-NASSIRI: THE BANKING REFORM PLAN IS BEING IMPLEMENTED SUCCESSFULLY ACCORDING TO ITS TIMETABLE
Banking consultant and expert Samir Al-Nassiri confirmed that the Central Bank, Oliver Wyman, and other banks are continuing to implement the standards of the banking reform plan in partnership and daily coordination, according to the plan’s timeline, which was launched on April 7, 2025.
The Central Bank published the project implementation mechanisms and the banks signed an agreement to comply with the plan. Preparations are now underway to launch the first evaluation cycle during the first quarter of 2026.
The procedures and efforts undertaken by the Central Bank of Iraq, in cooperation and consultation with the consulting firm and private banks, have resulted in tangible steps during the current quarter in facilitating the implementation of the objectives, programs, mechanisms and standards of the comprehensive banking reform project, within the framework of implementing the Central Bank’s third strategy.
He explained that the main objective of this project is to build a sound, modern, comprehensive and flexible banking sector that contributes to achieving rapid growth in the national economy, a cumulative increase in GDP, and enhancing the market value of the banking sector.
Al-Nassiri pointed out that economic reform begins with banking reform, explaining that the challenges facing the Iraqi economy simultaneously present significant opportunities to reform and develop the banking and financial sector, in line with the government’s program and the Central Bank’s future vision. He added that the banking sector will play a pivotal role in achieving sustainable development and attracting investments, as well as supporting ongoing efforts to activate non-oil productive sectors with the aim of diversifying national income sources and ensuring financial sustainability and balanced economic growth.
Al-Nassiri explained that the role of the Central Bank is also embodied in regulating the financing of foreign trade and implementing infrastructure projects related to comprehensive digital transformation, in addition to expanding the use of electronic payment tools in a way that enhances the achievement of financial inclusion.
He stressed that these efforts will contribute to providing real opportunities for reforming, developing and empowering the private banking sector during the period 2025–2028, through a set of key objectives, most notably:
* Developing the Iraqi banking system to keep pace with internationally approved banking and accounting standards.
* Building a sound, modern, comprehensive and flexible banking sector capable of adapting to economic changes.
* To enhance citizens’ confidence in the local banking sector and achieve international recognition of its transparency, progress, and commitment to international standards, thereby strengthening the confidence of global correspondent banks in dealing with it.
* Rehabilitating restricted or weakly active banks to enable them to return to the banking market with their full internal and external activities.
* Refocusing the role of banks on their core function of financing and lending for development, while promoting financial inclusion and increasing its rate in accordance with the established plans.
* To promote the transition from a cash economy to a digital economy by attracting funds circulating outside the banking system, which represent about 90% of the money supply, and bringing them into the formal banking cycle.
Al-Nassiri explained that although the period specified for their implementation according to the banking reform project and the Central Bank’s strategy extends to three years, what was achieved during the years 2023, 2024 and 2025 is considered an important achievement, as solid foundations and rules were built that formed the main pillar for the desired reform path.
He added that these achievements will contribute to the process of evaluating and classifying Iraqi banks based on the extent to which they achieve the goals set within the banking reform project, in accordance with the approved international standards and criteria.
