The United States and Kurdistan agree to strengthen relations and resolve outstanding financial issues.

Kurdistan Regional Government Prime Minister Masrour Barzani and the new US Consul General to the Kurdistan Region, Wendy Green, agreed during a meeting held on Sunday to strengthen bilateral relations and resolve outstanding financial issues between the region and the federal government.

The regional government said in a statement received by Shafaq News Agency that Masrour Barzani received today the new US Consul General to the region, Wendy Green.

The Prime Minister began the meeting by welcoming the Consul General and congratulating her on assuming her duties. He affirmed the government’s full readiness to provide all necessary support to ensure the success of her diplomatic mission. He also commended the United States’ continued support for the Kurdistan Region in various fields.

For her part, the Consul General expressed her pleasure at beginning her work in the region, praising the bonds of friendship between the two sides. She affirmed her country’s commitment to moving forward in strengthening and developing relations to serve mutual interests, and revealed an upcoming visit by a US trade delegation to the region in the near future.

The Consul General commended the reform package implemented by the Kurdistan Regional Government, specifically mentioning the “Ronaki” project, which provides 24-hour national electricity, and the “My Bank Account” project, which aims to digitize the financial sector.

The meeting also addressed the need to resolve the contentious issues between the Kurdistan Region and the federal government, ensuring the constitutional rights and financial dues of the region’s citizens, as well as the importance of resuming oil exports.

Shafaq.com

With a multi-billion dollar investment, Iraq opens the banks of the Tigris River to hotels and restaurants.

The head of the National Investment Commission, Haider Makiya, confirmed on Sunday that the volume of investments in Iraq has reached more than $100 billion, while revealing the nature of the developments that will take place along the banks of the Tigris River.

” The volume of investments in Iraq has reached more than $100 billion, with local investment reaching $38.6 billion and foreign investment reaching $64 billion,” Makiya told Shafaq News Agency .

He added, ” The government has a vision to develop the banks of the Tigris River, after the extensive neglect that occurred previously, and we are trying to add some investment projects to this project.”

He continued, ” Developing investment on the banks of the Tigris River will see the construction and development of hotels and restaurants, and the addition of river taxis. This will be a major investment opportunity for both foreign and local investors.”

Iraqi Prime Minister Mohammed Shia al-Sudani confirmed last January that Arab and foreign investments in Iraq had reached $63 billion over the past two years.

Shafaq.com

“I encountered some errors.” The Nineveh Commission conducts the third simulation in 142 locations.

The Nineveh Governorate Electoral Commission announced on Sunday the third simulation of the upcoming parliamentary elections.

“The simulation was conducted in 142 locations, including one in the Nineveh Operations Command and another within the Nineveh Elections Office, in addition to 140 centers distributed throughout the province,” Sufyan al-Mashhadani, media director for the Nineveh Elections Office, told Shafaq News Agency.

He pointed out that “more than 1,000 Commission staff participated in the operation, in addition to 150 members from the Nineveh Operations Command and the Ministry of Interior.”

Al-Mashhadani added that “the simulation included testing the new hardware and software adopted by the commission to test the transmission mechanism and use of the biometric card,” noting that “the experiment encountered some challenges and technical errors, but they were addressed immediately, enhancing the commission’s readiness to ensure a successful and transparent electoral process.”

The next parliamentary elections are scheduled for November 11, according to a decision by the Iraqi Council of Ministers, with campaigning set to begin shortly beforehand.

Nineveh Governorate has spearheaded the process of updating the voter registry across Iraq, while official statements indicate that the final figures reflect a high degree of readiness for the upcoming elections.

Shafaq.com

Japanese Ambassador: The Memorandum of Understanding with Iraq paves the way for economic integration between the two countries.

The Japanese Ambassador to Iraq, Akira Endo, affirmed today, Sunday, that the Memorandum of Understanding with Iraq will contribute to strengthening relations between the private sectors of the two countries, Japan and Iraq. In his speech following the signing of the Memorandum of Understanding between Iraq and Japan on (developing educational programs and proceeding with projects in the fields of technology, engineering, mathematics and arts), Endo expressed his “happiness to celebrate this valuable moment in the journey of Japanese-Iraqi friendship and the signing of the Memorandum of Understanding between Gakken Holding Company and the Iraq Development Fund (IDF).”

He added, “We have noticed an improvement in the political, economic, and security situation, as Iraq enjoys stability under the wise leadership of Prime Minister Mohammed Shia al-Sudani. The Iraqi government is pursuing a balanced diplomacy aimed at building good relations with neighboring and regional countries, and a diplomacy of economic partnerships aimed at strengthening economic relations.” He expressed Japan’s appreciation for these efforts by the Iraqi government.

He continued, “Since 2003, the Japanese government has implemented an aid program with grants worth approximately $2.8 billion to rebuild living infrastructure, such as schools, in addition to $11.5 billion in yen loans to rehabilitate and develop infrastructure, such as electricity, water, sanitation, and oil.”

He also stated that “Japan has become one of the leading donors of official development assistance to Iraq in recent years,” noting that “Japan has consistently provided support to the Iraqi people to help them continue their journey toward a brighter future, by supporting their efforts in nation-building, economic reconstruction, and development alongside the Iraqi people.”

The Japanese ambassador also explained that the Iraq Development Fund highlighted the areas of education, agriculture, housing, digital transformation, manufacturing, food security, and the environment, noting that the Iraqi government has prioritized these areas under the leadership of the Sudanese Prime Minister.

He also explained that “Gakken has been one of the leading Japanese companies since its founding in 1946. Over the course of nearly 80 years, it has contributed to the overall reconstruction of the country by enhancing the academic capabilities and social skills of all Japanese citizens, especially in the field of science.” He expressed his hope that “Gakken’s expertise in Iraqi educational fields will be employed to enhance the development of human resources that will lead Iraq’s future industries, which will contribute to the country’s reconstruction and economic development after the war.”

He continued, “The signing of the Memorandum of Understanding between Gakken and the Iraq Development Fund (IDF) is a very important and timely event that will contribute to strengthening relations between the private sectors in Japan and Iraq in terms of information exchange, support, promotion, and coordination of businesses.”

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Minister of Finance: Continuing partnership with the World Bank to support the government’s financial reform priorities

Finance Minister Taif Sami affirmed on Sunday the continuation of the partnership with the World Bank to support the government’s financial reform priorities. A statement from the ministry stated, “Finance Minister Taif Sami affirmed the continuation of the partnership with the World Bank to support the government’s reform priorities and improve financial management.”

The statement also indicated that “this came during her reception of the Director of the World Bank Office in Iraq, the Middle East, and North Africa, Emmanuel Salinas, where existing areas of cooperation were discussed, as well as programs and projects supported by the World Bank, particularly those related to economic reform plans and the development of public spending systems.”

The World Bank’s country director expressed the mission’s “commitment to continuing to provide technical and advisory support to bolster the Iraqi government’s efforts to achieve economic stability and sustainable development.”

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The Kurdistan Region deposits 120 billion dinars of non-oil revenues into the Iraqi treasury account.

The Kurdistan Region’s Ministry of Finance and Economy announced on Thursday that non-oil revenues for June had been deposited into the federal Ministry of Finance’s bank account.

The Ministry of Finance stated in a statement today that the region’s non-oil revenues for June 2025, amounting to 120,000,000,000 dinars (one hundred and twenty billion dinars), were deposited in cash into the Federal Ministry of Finance’s bank account at the Erbil branch of the Central Bank of Iraq.

On Tuesday, August 26, the Federal Council of Ministers approved the Ministry of Finance’s payment of salaries to Kurdistan Region employees for June 2025, with the regional government paying 120 billion dinars as a non-oil revenue payment.

An informed source revealed to Shafaq News Agency last month the details of the agreement between Baghdad and Erbil regarding the resumption of Kurdistan’s oil exports. He confirmed that the agreement stipulated that the Kurdistan Regional Government would receive 240 billion dinars in revenues for May and June, at a rate of 120 billion dinars per month, in addition to delivering 230,000 barrels of oil per day to Baghdad, in exchange for the latter sending the salaries of the region’s employees for those two months.

The roots of this crisis between the federal government in Baghdad and the Kurdistan Regional Government (KRG) lie in ongoing disagreements over oil export mechanisms and the unification of public revenues. This is a long-standing crisis that resurfaces from time to time, but it has worsened significantly since May 2025, when the federal government refused to send salaries to the region’s employees.

Shafaq.com

Expecting a record collapse in the toman, the Revolutionary Guards’ media attacks a “pessimistic” report by the Iranian Chamber of Commerce.

In a recent report, the Iranian Chamber of Commerce presented the worst-case scenario in the event of the activation of the “snapback” mechanism, predicting that the exchange rate would jump to 165,000 tomans and inflation would exceed 90% by the end of 2025.

However, the Tasnim news agency , affiliated with the Iranian Revolutionary Guard, attacked the report, warning that such forecasts could turn from a “warning tool” to a “tool of inflammatory intent,” sparking a wave of panic in the markets more than the facts on the ground reflect.

Shocking numbers and a bleak scenario

The report, translated by Shafaq News Agency, divided the economic outlook into three paths: optimistic, probable, and pessimistic. The outcome in all three is negative: an economic contraction ranging from -0.6% to -3.1%, and inflation ranging from 60% to 90%. However, the greatest focus was on the darkest scenario, which would raise the free exchange rate to historic levels of 165,000 tomans.

Economists believe that announcing such figures in an economy that is quickly affected by psychological expectations could push markets into a wave of monopoly and price hikes. “Mere talk of a currency collapse could translate directly into a real market collapse, even if no change in sanctions occurs,” one expert said, according to a report by the Iranian Tasnim News Agency.

The Chamber of Commerce likened the current situation to the beginning of the last decade when UN sanctions were reinstated. Many of the UN sanctions cited as a “potential threat” have not yet been fully lifted, such as restrictions on maritime insurance and the sale of dual-use goods.

Tasnim, on the other hand, points out that experience has proven that the heaviest pressure on Iran did not come from the Security Council, but rather from the US Treasury Department, which included central bank sanctions, isolation from the SWIFT system, and a ban on oil sales.

She added that these measures have tightened the noose far more than any international resolution, meaning that the UN’s snapback may be more symbolic than practical.

The Iranian agency’s report also highlights that “despite sanctions, Iranian oil exports have increased to approximately 1.7–1.8 million barrels per day, a figure unimaginable a decade ago. Changes in sales channels and adaptation to sanctions have made the economy more resilient than before.”

Shafaq.com

Through two projects, the Iraqi Oil Minister promises to achieve self-sufficiency in gasoline production by 2025.

Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani al-Sawad said on Thursday that Iraq will achieve self-sufficiency in gasoline production by 2025 through the launch of two new projects in Basra and Kirkuk governorates.

The ministry said in a statement today that the minister, during the opinion council meeting, reviewed the ministry’s key achievements and topics during the current month, including the opening of a fat refinery at the Northern Refineries Company, which will meet 70% of the country’s needs. He directed the refinery companies to develop their fat refineries to achieve self-sufficiency.

Al-Sawad pointed out that the Ministry has achieved self-sufficiency in gas oil and kerosene, and the Ministry’s efforts to achieve self-sufficiency in gasoline production during the current year by completing the FCC projects in Basra, the naphtha improvement project in Kirkuk, and other projects.

The statement quoted the minister as saying that a contract had been signed with Schlumberger to raise production rates in the Akkas field to 100 million standard cubic feet per day. A preliminary agreement had also been signed with the American company Chevron to develop four exploration blocks in the Dhi Qar Oil Company, in addition to the Balad oil field and any other exploration field or block.

Al-Sawad noted the ministry’s intention to increase cooperation with international companies specializing in the oil and gas sector, including American companies.

On July 7, Prime Minister Mohammed Shia al-Sudani announced that Iraq would stop importing gasoline this year, asserting that the country was on the verge of self-sufficiency in petroleum products, with a future export plan.

Iraq is one of the countries that partially relies on imports to meet its needs for refined gasoline, despite having several major refineries.

Shafaq.com

Iraq’s imports of goods amounted to about $90 billion during the year.

The Central Bank of Iraq revealed on Thursday that Iraq’s imports of goods from around the world will exceed $87 billion in 2024.

The bank stated in statistics reviewed by Shafaq News Agency that “the value of imported goods reached $87.410 billion, a 32.78 percent increase compared to 2023, when the value of Iraqi imports reached $65.826 billion.”

He added that “Asian countries came first in terms of the value of imports, which amounted to $59.045 billion, followed by Western European countries with a value of $11.058 billion.”

The statistics continued, “Arab countries came in third with a value of $9.073 billion, South American countries came in fourth with a value of $4.082 billion, and North American countries came in fifth with a value of $2.736 billion.”

She also indicated that imports from Eastern Europe amounted to $1.031 billion, from Oceania countries $140 million, from non-Arab African countries $131 million, and finally from Central American countries $114 million.

According to the bank, the top imports included transportation equipment and machinery valued at $33.653 billion, followed by miscellaneous goods valued at $13.811 billion, manufactured goods valued at $9.965 billion, mineral fuels valued at $8.566 billion, and food products valued at $4.720 billion.

On Tuesday, August 26, Prime Minister Mohammed Shia al-Sudani estimated the financial value of Iraq’s imported goods at more than $70 billion in 2025.

Shafaq.com

Oil Products: Our revenues from electronic payments have increased to 700 billion dinars per month.

The Oil Products Distribution Company confirmed on Thursday that its revenues from electronic payments have risen to 700 billion dinars per month. In a statement to the official news agency, the company’s general manager, Hussein Talib, stated that “the company was among the first government departments to adopt electronic payments,” noting that “all failures encountered during the experiment have been addressed and the system has been rolled out across the company’s various departments.”

He also explained that “all of the company’s departments are currently operating on an electronic payment system, which covers 100% of the supply of petroleum products to beneficiaries, in addition to activating electronic payment for citizens through fuel stations,” noting that “work is underway to fully complete this process in the coming period.”

He continued, “The company generates sales of approximately 700 billion dinars per month via electronic payments, which constitutes two-thirds of its revenues.” He noted that “the problems associated with the payment mechanism are simple and not complex, as daily coordination is conducted with the Central Bank and electronic payment gateways to address any errors or failures immediately.”

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