MP: The government has awarded investment contracts to controversial figures.

MP: The government has awarded investment contracts to controversial figures.

Khamis al-Khanjar; a Millionaire Holding Multiple ...Representative Yasser Al-Husseini accused the current government on Monday of awarding a number of investment contracts to controversial political figures, most notably Khamis Al-Khanjar.

Al-Husseini said in a statement to Al-Maalouma Agency, “Awarding investment contracts to influential politicians is a violation of the principle of economic justice and deepens the phenomenon of corruption,” indicating that “these contracts were not built on professional and economic foundations, but rather came as a result of narrow political agreements and interests.”

He added that “the Iraqi economy suffers from mismanagement of the investment file, as major projects are awarded to economically unqualified parties, which leads to the disruption of real growth and the distortion of the investment environment in the country.”

Observers believe that the continued awarding of sensitive projects to controversial figures will exacerbate the economic crises and undermine the chances of real reform in the management of national wealth.

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Can Iraqi banks free themselves from the restrictions of the dollar?

Can Iraqi banks free themselves from the restrictions of the dollar?

293,100+ Dollar Bills Stock Photos, Pictures & Royalty-Free ...Economic data shows that monetary policy in Iraq remains restricted by its dealings with the US dollar, which makes the Iraqi economy hostage to US financial restrictions and policies, especially since Iraq relies almost entirely on oil revenues, which are priced in dollars. Accordingly, Iraqi banks remain subject to this system, which requires them to take serious steps towards reform and freeing themselves from this dependency by modernizing the operational structure and enhancing banking efficiency.

In this context, financial and banking expert Mustafa Hantoush stressed that the Iraqi banking sector is currently on the cusp of a new phase that may witness the beginning of freedom from dollar restrictions, but it still requires radical and comprehensive reforms. Hantoush told Al-Maalomah News Agency, “About 90% of the banking system in Iraq is still affected by dollar restrictions due to the problems and suspicions that have accumulated over the past years,” noting that “it is expected that some banks will begin gradually freeing themselves from these restrictions over the next three months.”

He added that “the banking process in Iraq is still limited in activity and requires the introduction of an integrated system that includes deposits, loan financing, and expanding investment areas, in cooperation with the Central Bank of Iraq to update existing banking standards.”

He explained that “achieving full financial inclusion is an essential step towards developing the banking sector by diversifying services and not limiting current accounts only,” stressing “the need to strengthen relations with international banks and open new correspondence channels that enable Iraqi banks to effectively integrate into the international financial system.”

He also pointed out that “updating technical systems and simplifying procedures to serve citizens represents a crucial stage in the reform process, provided that the complexities and administrative routine that limit the efficiency of banks’ performance are overcome.”

Meanwhile, Member of the Parliamentary Finance Committee, MP Moeen Al-Kadhimi, confirmed that the rise in the dollar exchange rate is mainly due to the trend of most traders towards the parallel market (black market) to purchase hard currency to finance import operations.

Al-Kadhimi said in a statement to Al-Maalouma Agency, “Most traders resort to the parallel market to obtain dollars,” indicating that “this trend has led to an increase in demand for the dollar on the black market, which has caused a significant rise in the exchange rate.”

He added, “The solution requires the Central Bank and the Ministry of Finance to facilitate banking procedures for real traders and control the movement of funds through the official banking system to reduce the need for the parallel market,” noting that “the continuation of this situation will lead to increased economic pressures and higher prices in local markets.” Al-Kadhimi concluded his remarks by stressing that “the Parliamentary Finance Committee is closely following this issue and will work to find urgent solutions that ensure the stability of the exchange rate and protect consumers from the repercussions of the dollar’s rise.”

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Al-Dulaimi: Trump’s envoy demanded control of seven sovereign ministries in the next government. Including the Central Bank!!!

Al-Dulaimi: Trump’s envoy demanded control of seven sovereign ministries in the next government. Including the Central Bank!!!

676 Central Bank Of Iraq Stock Photos, High-Res Pictures ...Abdul Sattar Mohammed al-Dulaimi, a member of the Azm Alliance, confirmed on Monday that US Special Envoy to Trump, Mark Savia, informed senior officials in the political process of the necessity of not interfering in the selection of senior positions and seven sovereign ministries.

Al-Dulaimi said in a statement to Al-Maalouma Agency, “The US envoy stressed that the selection of the presidency, the prime ministership, and the speaker of the parliament, in addition to the ministries of interior, defense, finance, oil, and the central bank, will be subject to the American vision, without allowing the elected government to interfere in the files of these positions due to their sensitivity, according to what Savia informed him.”

He added that “the United States expressed its welcome for cooperation with Sunni and Shiite figures and from various components within the framework of forming an Iraqi government with American privilege,” noting that “senior officials received threats that corruption files concerning them would be exposed and their assets outside the country would be confiscated if they did not adhere to the American approach.”
Al-Dulaimi confirmed that “Safia is currently working to implement Trump’s plan in Iraq, which aims to impose complete control over political decisions.”

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Iraq generates over $48 billion in oil revenues in nine months and negotiates with OPEC.

Iraq generates over $48 billion in oil revenues in nine months and negotiates with OPEC.

Iraq generates over 48 billion in oil revenues in nine months and negotiates with OPECThe State Oil Marketing Organization (SOMO) announced on Monday that Iraq’s oil exports during the first nine months of 2025 exceeded 900 million barrels, generating revenues exceeding $48 billion.

According to statistics reviewed by Shafaq News Agency, Iraq’s total oil exports during the period from January to September amounted to approximately 918,290,407 barrels, at a monthly average of 102,032,297 barrels.

SOMO explained that total exports from Basra and central fields via Basra ports amounted to 900,564,077 barrels, while exports from the Qayyarah field in Kirkuk amounted to approximately 7,099,154 barrels.

She added that oil exports from the modern Kirkuk depot to Jordan during the same period amounted to 1,866,194 barrels, indicating that Iraq has not exported crude oil to Jordan since last July.

Statistics show that financial revenues from exports for the months of March, April, May, June, July, August, and September amounted to approximately $48 billion, 821 million, 656 thousand, and 726 dollars.

In this context, Oil Minister Hayan Abdul Ghani announced that Iraq is negotiating the size of its OPEC quota within its available production capacity of 5.5 million barrels per day, stressing Baghdad’s commitment to its current quota of 4.4 million barrels per day despite possessing greater production capacity.

During an oil conference held on Monday, Abdul Ghani explained that Iraq’s total oil exports currently stand at 3.6 million barrels per day, noting that the fire that broke out on Sunday at the Zubair oil field in the south of the country did not affect exports.

He added that exports from the Kurdistan Region in northern Iraq currently amount to approximately 195,000 barrels per day, sometimes reaching as high as 200,000 barrels per day. He noted that oil pumping from Kirkuk to the Turkish port of Ceyhan resumed in late September after a two-and-a-half-year hiatus, with the first exports commencing in October.

It’s worth noting that Saudi Arabia, OPEC’s largest producer, had presented plans last April to implement further production cuts to compensate for oil production exceeding the agreed-upon quotas within the organization.

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Exclusive: The US State Department outlines Trump’s strategy toward Iraq.

Exclusive: The US State Department outlines Trump’s strategy toward Iraq.

Exclusive - The US State Department outlines Trumps strategy toward IraqThe US State Department outlined the Trump administration’s strategy toward Iraq on Friday, emphasizing that the United States prioritizes “trade over conflict.”

The ministry’s clarification came in an exclusive comment to Shafaq News Agency regarding how the US administration interpreted the letter of thanks recently sent by President Donald Trump to the President of the Kurdistan Region, Nechirvan Barzani, in which he praised his efforts in supporting “peacebuilding” and “ending regional conflicts.”

Last Wednesday, US President Donald Trump expressed his thanks and appreciation to Kurdistan Region President Nechirvan Barzani for his efforts to promote peace and peaceful coexistence, and his endeavors to end conflicts in the Middle East.

In this regard, a State Department spokesperson told Shafaq News Agency, “President Trump has prioritized trade over conflict,” noting that Washington “actively supports the growing interest of American companies in the Iraqi market.”

According to the spokesperson, these companies “will bring advanced technology, increased revenue, and improved customer service to Iraq,” as Iraq focuses on improving internal security and transparency. He reiterated the United States’ commitment to “partners across Iraq working to build a truly sovereign, stable, and prosperous state.”

He emphasized that the bilateral partnership aims to “protect Iraq’s sovereignty, enhance regional stability, and strengthen economic relations,” adding that this is “in line with the Strategic Framework Agreement between the United States and Iraq.”

The spokesman concluded by saying that this agreement includes cooperation on key issues such as “Iraq’s energy independence from Iran, the commercial investment climate, private sector and banking reforms, in addition to cultural preservation, educational opportunities, security, and defense.”

In his letter to Nechirvan Barzani, President Trump emphasized the importance of “overcoming old rivalries” for “a shared future of peace, success, and progress.”

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Expert: Iraq needs a US envoy to address current circumstances and regional crises

Expert: Iraq needs a US envoy to address current circumstances and regional crises

Expert - Iraq needs a US envoy to address current circumstances and regional crisesSecurity expert Fadel Abu Raghif confirmed on Friday that Iraq needs an American envoy, similar to other countries that send their own envoys.
Abu Raghif added in a statement to Al Furat News Agency that “the United States has great influence in the region and holds the primary role in changing the balance of power in the Middle East.”

He explained that Iraq is currently going through dire circumstances, including the holding of elections and their results, political transformation, and democratic transition.
He also pointed out that “the expected war on Iran and the worsening situation in Syria, Gaza, and Iran are all factors that make the presence of an American representative necessary and important for the purpose of managing dealing with matters.”
The security expert pointed out that among these issues that need to be discussed are the economic aspect that has affected Iraqi banks and the placement of Iraqi figures on the terrorist list. He expressed his belief that this envoy may understand some of the problems and reconsider them again.

US President Donald Trump’s appointment of the 40-year-old Iraqi businessman, Mark Savaya, as a special envoy to Iraq represents an exciting turning point in the bilateral relationship.

This decision has sparked widespread discussion in Iraqi political and security circles, as it is viewed as an indication of a new American trend towards directly dealing with the Iraqi issue, away from the usual diplomatic channels. Observers believe that Savaya’s business background, political allegiance, and Iraqi roots provide him with a flexible approach to the complex Iraqi landscape.

Envoy Savaya, a Chaldean Christian businessman and CEO of medical cannabis companies, has been praised by Trump for his role in his campaign and his understanding of bilateral relations.

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“Iraq First” is in trouble.. A Western view: Al-Sudani faces victory without authority

“Iraq First” is in trouble.. A Western view: Al-Sudani faces victory without authority

Iraq First is in trouble.. A Western view - Al-Sudani faces victory without authorityA report by British think tank Chatham House suggests that Prime Minister Mohammed Shia al-Sudani may achieve a significant electoral victory in the November elections. However, this victory will not be enough to retain power, as the position in Iraq is decided through post-election agreements and deals, not through the ballot box.

According to a report by the British Institute, translated by Shafaq News Agency, expectations indicate that there will be no significant turnout among Iraqis in the November 11th elections, and that the real competition will be among the elites over power-sharing. The report noted that despite the streets being decorated with election campaign posters, there is little enthusiasm in the air, as many Iraqis are expected to stay home, frustrated that the elections have not brought about change in two decades of democracy.

According to the British report, there is already a broad consensus on the likely outcome of the elections, with Prime Minister Mohammed Shia al-Sudani’s electoral list seen as the favorite, while the ruling Shia-led “Coordination Coalition” is expected to retain power through a consensus government comprising the main Kurdish and Sunni blocs.

However, the report considered that al-Sudani himself would not be able to remain prime minister even if his list won the largest number of votes, as the decision would be made through complex negotiations between the parties to form a government after the elections, as has happened in every previous election where the winner did not become prime minister.

The report continued, noting that despite the expected results, the elections remain contested, with the major blocs spending enormous sums on their campaigns. In this context, it cited statements by former Prime Minister Haider al-Abadi, who stated that the elections “will not depend primarily on popularity. Rather, they will depend on spending money and buying votes.”

The report considered that the reality is that the elections are not a referendum on the government’s performance, but rather an opportunity for the deeply entrenched party elites to recalibrate the distribution of power among themselves, including senior government positions.

According to the report, these inter-party bargaining could prove to be a test of Iraq’s stability, explaining that the country is entering the elections from a rare period of calm, based on a fragile elite pact that has replaced reform with order. If the process proceeds smoothly, it will be a further confirmation that Iraq’s stability will be managed through another round of competition within the system. It points out that if the rival factions perceive an imbalance or attempt to disrupt long-standing arrangements, instability, even momentarily, could disrupt Iraq’s fragile balance.

The report continued, noting that politicians are spending large sums of money, which one expert described during a roundtable discussion at Chatham House as “billionaire elections,” noting that elections have become high-risk investments for elites, where influence and access to state resources are negotiated.

He explained that the restrictions imposed by the United States on the banking sector in Iraq mean that many wealthy individuals are directing their capital toward local projects, including politics, making these elections another lucrative investment opportunity.

The report examined the low turnout rates in the Iraqi elections, which began in December 2005 with a high of 80%, but have been steadily declining, reflecting widespread skepticism that voting can change who governs or how they govern.

He noted that for many Iraqis, the political system does not appear to represent them or respond to their demands. He explained that, two decades after elections and promises of reform, daily life for the majority of Iraqis remains difficult and neglected, that the state is failing, and that despite its vast oil wealth, the country remains among the worst performing countries in providing services and among the most corrupt in the world.

The report noted that the Sadrist boycott of the elections would also contribute to a decline in turnout.

The report considered the fragmentation in the Iraqi elections to be more strategic than ideological, noting that each faction competes separately in an effort to calculate its electoral weight and accumulate bargaining chips for post-election negotiations. It added that once seats are exchanged for positions, these groups converge within their traditional ruling blocs, reassembling the same system of power in a slightly different form.

The report added that this cycle continues, as “the same elite, reorganized and rebranded, returns to power under the familiar pretext of democratic renewal.”

The report stated that Iraq’s post-2003 electoral system was designed to prevent the return of dictatorship, adding that elections were supposed to serve as a rebalancing mechanism, held periodically every four years, and as a means of recalibrating political representation and enabling parties to compete for power peacefully within a constitutional framework.

He added that the goal was also to create pluralism, and that inclusiveness across ethnic and sectarian lines was to protect stability, while the public’s hope was that through elections, Iraqis would be able to hold their leaders accountable.

The report added that two decades later, this system has produced something different. Rather than preventing tyranny, it has fostered a competitive political system in which elections continue. However, democracy and accountability are eroding, and the very institutions established to uphold democratic standards, transparency, and the rule of law have been hijacked or politicized by the same elite.

The report ruled out a comprehensive reform of the Iraqi political system in the near term, adding that the Coordination Framework is expected to continue to guide government formation and maintain its central role in determining the prime minister and executive positions within the government.

As for the Sadrist movement, the report predicted it would likely maintain “one foot inside and one foot outside” the regime, and would have sufficient influence to shape the outcome, but would be far from claiming opposition status.

As for the major Kurdish and Sunni parties, they will attempt to recoup what they lost during the last government formation process and secure a greater share of power.

Therefore, the report stated that “rebuilding trust requires addressing Iraq’s democratic deficit at its core and then restoring the link between elections and accountability.” Furthermore, Iraq will need electoral laws that give votes real value, through clearer mechanisms for allocating seats, transparent vetting of candidates, enforcement of laws related to campaign and political party financing, and protection of the Electoral Commission from political control. This will also require strengthening the oversight capacity of the House of Representatives, enabling committees to effectively audit budgets, monitor ministries, and question senior officials without partisan impediments.

While noting that such steps require political will, the report cautioned that without structural reform, Iraq’s elections will remain arenas for elite competition rather than tools for citizens to hold to account.

He added that the elections will continue to reflect the appearance of a democratic choice, but without its substance. He emphasized that true reform can ensure that Iraqi democracy begins to deliver on its previous promises, not just by reorganizing power, but by restoring trust.

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Minister of Trade: Economic reforms are a revolution for joining the WTO

Minister of Trade: Economic reforms are a revolution for joining the WTO

Minister of Trade - Economic reforms are a revolution for joining the WTOMinister of Trade, Atheer Dawood Al-Ghariri, affirmed that economic reforms in Iraq represent a true revolution paving the way for Iraq’s accession to the World Trade Organization.

During his participation in a dialogue session in Geneva, the minister said, “Iraq has witnessed a fundamental transformation from a totalitarian socialist economic system to a market economy,” noting that “the past years have witnessed the issuance of numerous laws and legislation that paved the way for this transformation. However, the current phase requires further technical support and capacity building through training, courses, and international cooperation to fulfill the requirements for accession to the World Trade Organization.”

He added, “Iraq has significant opportunities and investments in various sectors, and the success of these projects can only be achieved through full engagement in the multilateral trading system, which enhances the competitiveness and stability of the national economy.” He pointed out that “UNCTAD (the United Nations Conference on Trade and Development) has contributed, through its expertise and capabilities, to supporting Iraq through training programs aimed at developing local government competencies and enabling them to manage negotiation processes and keep pace with economic reform paths consistent with World Trade Organization decisions.”

The minister explained that “the committee overseeing Iraq’s accession bid at the WTO described the economic reforms that Iraq has witnessed over the past few years as a revolution for reform, not a simple one,” explaining that “Iraq has launched major strategic investments, including the Grand Faw Port project and the development road, which strengthens its position as a regional and global economic hub.”

Al-Ghariri affirmed that “the Iraqi government aspires to further technical and institutional support to accelerate the process of accession,” emphasizing that “free trade agreements represent Iraq’s gateway to full integration into the global economy, and that it seeks to become an active part of the multilateral trading system as soon as possible.”

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$150 billion expected investments in the “Development Road”

$150 billion expected investments in the “Development Road”

150 billion expected investments in the Development RoadThe Iraq Development Fund revealed its expectations that the volume of investments in the Development Road Project will reach about (150) billion dollars, subject to increase in the coming years, stressing that the project represents a qualitative economic shift that will redraw the investment map in Iraq and the region, and open new horizons for cooperation with international partners.

The head of the fund, Muhammad Al-Najjar, said in a statement to Al-Sabah: “Major changes are looming on the horizon for the Iraqi economy, with investments in the project expected to reach about (150) billion dollars, most of which are partnerships between Iraq and international companies within a safe and attractive investment environment.”

He added that the fund plans to launch an international investment conference to market the project. This conference could be held at the Faw Port or as a global tour to showcase investment opportunities to governments, sovereign wealth funds, and major corporations.

Al-Najjar pointed out that the development road project includes an integrated economic system that includes transportation, industry, energy, agriculture, housing and logistics services, on an area of ​​approximately (24) thousand square kilometers, which is equivalent to the area of ​​the State of Belgium, which allows for the establishment of industrial and residential cities and modern production projects.

The Fund Chairman confirmed the exclusion of any financial or funding obstacles, noting that the government has established an independent legal framework to manage the project, ensure transparency, and protect investor rights, while closely monitoring all specialized opportunities across various sectors, including oil and gas, industry, and agriculture.

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British report: Modernizing Iraq’s underdeveloped banking system is a priority.

British report: Modernizing Iraq’s underdeveloped banking system is a priority.

British report - Modernizing Iraqs underdeveloped banking system is a priorityThe British magazine “Global Finance” revealed on Thursday that economic diversification in Iraq is limited, considering that modernizing the “backward” banking system is a priority for the country.

In a report on the performance of central banks in the Middle East, seen by Shafaq News Agency, the magazine said, “Iraq’s GDP growth is expected to recover in 2025 after two consecutive years of recession, driven primarily by a recovery in oil production.” It noted that “the economy remains heavily dependent on hydrocarbons, which constitute 95% of government revenues, making it vulnerable to fluctuations in global oil prices.”

She added, “Although economic diversification has long been on the agenda, real progress has been limited. In response, the Central Bank of Iraq is promoting what it describes as ‘developmental central banking,’ focusing on directing credit toward strategic sectors, such as agriculture and industry, to expand the country’s economic base.”

The report explained that “modernizing Iraq’s underdeveloped banking system is another priority. Reforms are underway in state-owned banks, along with initiatives aimed at reducing the use of cash.”

In May 2024, new regulations were issued for digital banks and electronic payment companies, prompting several new players to enter the market.

According to the report, “Despite efforts to combat money laundering and terrorist financing, the Central Bank still faces severe compliance challenges, and many Iraqi banks remain restricted from dollar transactions due to concerns about illicit financial flows to sanctioned entities.”

The magazine noted in its report that “in early 2025, authorities uncovered a new scheme involving prepaid Visa and Mastercard products used to transfer funds to Iranian-backed militias. In response, the Central Bank of Iraq set a monthly cross-border transfer cap of $300 million and capped individual cardholder transactions at $5,000.”

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