Some “Iraq News” Posted by Clare at KTFA 2-25-2025
KTFA
Clare: Al-Sudani and US Secretary of State discuss areas of coordination between the two countries by phone
2/25/2025
Prime Minister Mohammed Shia Al-Sudani received a phone call today, Tuesday, from US Secretary of State Marco Rubio.
A statement from the Prime Minister's Office, a copy of which was received by {Euphrates News}, stated that "during the phone call, the two sides discussed the overall bilateral relations between Iraq and the United States, and ways to enhance and develop them."
The statement added that "the call witnessed a discussion of areas of coordination between Iraq and the new US administration, and frameworks for cooperation in the context of bilateral agreements."
He pointed out that "the progress made in joint work in various fields was reviewed, and it was agreed to intensify communication and deepen cooperation." LINK
Clare: After a "difficult labor", the 2025 budget tables finally find their way to the Council of Ministers
2/24/2025
A responsible source in the Iraqi Ministry of Finance stated on Monday that the delay in sending the federal budget tables to the Council of Ministers is related to amendments to Article 12 of the Budget Law.
The Iraqi parliament recently approved an amendment to the general budget related to Article 12, which settles a dispute between the Kurdistan Region and the federal government over receiving the region’s oil.
In summary, the Iraqi Parliament voted in June 2023 on the draft general budget law for the fiscal years (2023, 2024, 2025), to approve special budget tables for those years, which will be sent by the Iraqi government to Parliament for voting.
The government source told Shafaq News Agency, "The Ministry of Finance has been working for some time on preparing the general budget tables for the year 2025, in order to send them to the Council of Ministers for approval."
He pointed out that "the Ministry of Finance will finish preparing the tables and send them to the Council of Ministers for voting on them in the middle of next month," noting that "the Council of Ministers will vote on the tables without delay and then send them to the House of Representatives for voting on them."
The Federal Ministry of Oil announced yesterday, Sunday, the completion of the necessary procedures to complete the export of oil produced in the Kurdistan Region via the Turkish port of Ceyhan, stressing that this step comes in accordance with the mechanisms specified in the budget law and its amendment, and within the production ceiling set for Iraq in the OPEC organization.
The Kurdistan Regional Government's negotiating delegation responded to the Ministry of Oil's announcement by calling on the federal government to implement its obligations before proceeding with the oil export process.
The delegation explained that despite the regional government’s confirmation of its commitment to implementing the first amendment law to the federal general budget law, which relates to re-exporting oil produced from the region’s fields to the Turkish port of Ceyhan via SOMO, implementing the law requires agreement on several basic points, including determining the quantities allocated for local consumption in the region, in line with actual needs, similar to the rest of Iraq, and establishing a clear and specific mechanism for paying the dues of production and transportation companies to the regional government, in accordance with what is stated in the law. LINK
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Clare: PM Advisor announces Launch of 70 Banking Products to Promote Development and Financial Inclusion
2/25/2025 Baghdad-
The Prime Minister's Advisor for Economic Affairs, Abdul Hussein Al-Anbaki, announced today, Tuesday, the launch of 70 new Islamic banking products.
Al-Anbaky told the Iraqi News Agency (INA) that "the Sharia Standards Committee for Islamic Banks continues to review more standards to ensure their compliance with national regulations, within the framework of cooperation with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)," noting that "the Sharia standards set by the organization are adopted in 37 regulatory bodies across 26 countries as a basis for formulating local regulations and are not mandatory."
He added that "the new banking products represent a qualitative shift in the banking sector, and will contribute to attracting savings, stimulating development financing, and reducing the phenomenon of hoarding, which negatively affects the Iraqi economy, with 73% of the money supply remaining outside banks."
He explained that "these products provide banking solutions that are compatible with Sharia controls, which enhances customer confidence in Islamic banks, and pushes towards expanding financial inclusion and raising the credit rating of Iraqi Islamic banks. It will also allow a large segment of society to return to banking transactions, after having been deprived of them due to the absence of products compatible with Islamic Sharia."
Al-Anbaki called on "the Central Bank to support these products and integrate them into monetary policies, to ensure their positive impact in enhancing financial stability, stimulating the supply of money and demand for it, and increasing the doubling of credit," stressing that "this step will enable Iraq to benefit from global experiences in Islamic banking systems, which will contribute to achieving comprehensive economic development." LINK
Clare: The Central Bank organizes a workshop on the international Islamic standards issued by the AAOIFI
The Central Bank of Iraq organized a workshop on the international Islamic standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
The workshop witnessed the participation of a number of employees of the Central Bank and employees of the banking sector in Iraq.
The workshop discussed the international Islamic standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the importance of applying them at the level of the Iraqi banking sector.
It is noteworthy that the Central Bank of Iraq organizes seminars and workshops on an ongoing basis to advance the banking sector and its employees alike.
Central Bank of Iraq
Media Office
February 25, 2025
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Clare: Iraq signs agreement with British Petroleum to rehabilitate four Kirkuk fields
2/25/2025
On Tuesday, the Iraqi government signed an agreement with the British Petroleum
(BP) company to rehabilitate and develop the four Kirkuk fields, under the auspices and attendance of Prime Minister Mohammed Shia al- Sudani .
The Prime Minister's Office stated in a statement received by Shafaq News Agency, "This signing comes after an agreement with the concerned company on technical issues and contractual terms, including the economic model of the project, based on the memoranda of understanding that were signed in London during Al-Sudani's last visit to Britain, which aimed to ensure the best contractual terms and benefits for the Iraqi side, after detailed and lengthy negotiations with the Ministry of Oil, according to his directives, for the optimal investment of energy and providing crude oil to the northern refineries and reducing their dependence on southern oil, and the agreement is the final stage before signing the contract in a final manner."
The statement added, "The agreement includes developing the four main Kirkuk fields (Bai Hassan, Kirkuk with its two domes "Baba and Avana", Jambur, and Khabbaz), in a way that guarantees the investment of associated gas, as well as the rehabilitation and expansion of gas facilities in the North Gas Company and the establishment of a power station with a capacity of 400 megawatts to achieve the desired goals of this integrated strategic project."
The statement indicated that "this project will provide for the absorption of workers in various specializations, operate local companies, implement social benefit projects, and develop the skills of engineering and technical resources, supporting the staff of the North Oil Company and the North Gas Company, within the government's vision for training programs and raising the level of competencies within the framework of what British Petroleum provides, in coordination with the Ministry of Oil." LINK
