Government advisor: The dollar is the basis of Iraq’s cash reserves.

On Tuesday, Mazhar Mohammed Saleh, the financial advisor to the Iraqi Prime Minister, stated that diversifying Iraq’s foreign reserves within a balanced investment portfolio represents a strategic monetary policy aimed at enhancing financial stability and reducing the risks associated with relying on a single asset or currency.

Saleh told Shafaq News Agency that the management of foreign reserves at the Central Bank of Iraq is based on liquidity, security and return standards, explaining that the philosophy of managing reserves is based on achieving a balance between protecting the value of the national currency and ensuring the ability to intervene in the exchange market and finance foreign trade, in addition to reducing sovereign and financial risks resulting from global market fluctuations and geopolitical tensions.

He explained that Iraq, as an economy heavily dependent on oil revenues and foreign imports, keeps the US dollar as a key component of its foreign reserves due to its direct link to foreign trade, noting that the diversification policy also includes other currencies and assets such as the euro, yuan, and gold to enhance flexibility and reduce the risks of monetary concentration.

He added that the distribution of reserves is not limited to foreign currencies, but includes multiple investment instruments such as treasury bonds and sovereign deposits, explaining that the goal is not to achieve high profits as much as it focuses on maintaining security and liquidity while achieving an acceptable return.

He explained that gold is an important component of reserves within global diversification standards, as it provides a safe cover in times of turmoil, but it is not a complete substitute for the rest of the foreign assets because it does not generate a direct return and the costs of storing and securing it are high.

He stressed that the sound management of foreign reserves aims to achieve a balance between exchange rate stability, protecting the national economy, and reducing exposure to international market fluctuations, through building a balanced investment portfolio that provides liquidity, security, and an appropriate return.

Shafaq.com

Al-Zaydi calls on Christian businessmen abroad to return to Iraq

Prime Minister Ali al-Zaidi called on Christian businessmen abroad on Tuesday to return to Iraq and contribute to development.

His media office said in a statement received by Shafaq News Agency that Al-Zaidi today visited St. Joseph’s Church in the Mansour district of Baghdad, where he met with His Beatitude Patriarch Younan III Nona.

During the visit, Al-Zaydi congratulated the Patriarch on gaining the Pope’s trust and assuming the patriarchal throne of the Chaldean Church in Iraq and the world, stressing the work to consolidate the Iraqi national fabric and enhance coexistence among its components.

Al-Zaydi stressed that Christians are an integral component of the Iraqi people, calling on businessmen from this community residing abroad to return to Iraq and contribute to economic, development and construction projects.

For his part, the Patriarch congratulated Al-Zaidi on gaining the confidence of the House of Representatives and forming the government, wishing him success in performing his duties.

Shafaq.com

Kurdistan Finance Ministry: Baghdad cut 80 billion dinars, and the funding is insufficient to cover salaries.

The Ministry of Finance and Economy of the Kurdistan Regional Government announced on Tuesday that it had deposited 50 billion dinars into the account of the Federal Ministry of Finance as a payment of half of the non-oil revenues for the month of May, stressing that Baghdad had sent funding less than the amount required to cover the salaries of the region’s employees by more than 80 billion dinars.

The ministry stated in a statement received by Shafaq News Agency that the regional government sent, at the end of last week, the list of salaries for the month of May and the audit balance report for the month of April to the federal Ministry of Finance, noting that on Monday morning, in accordance with an official letter, it deposited an amount of 50 billion dinars into the bank account of the federal Ministry of Finance at the Erbil branch of the Central Bank of Iraq, even though the month has not yet ended.

She added that “this measure is unprecedented in any accounting system,” explaining that “Baghdad requested half of the non-oil revenues for the month of May six days before the end of the month, but the regional government responded in order to cut off any pretexts,” according to the statement.

The ministry indicated that “the Federal Ministry of Finance sent only 890 billion and 502 million dinars, out of more than 970 billion dinars representing the total funding for the salaries of employees and salary recipients in the region, which means there is a shortage of more than 80 billion dinars.”

The ministry confirmed: “Despite the official holiday, we have directed all banks, treasuries and directorates to start disbursing salaries immediately upon receiving the funds from the Central Bank of Iraq and transferring them to private banks within the My Account project and to the governorates and independent administrations.”

She explained that “the distribution of salaries will begin after the announcement of the schedule, and will continue during the days of Eid al-Adha as well, starting from ten o’clock in the morning, whether in cash or through the My Account project,” calling on the ministry to call on employees who receive their salaries in cash to “visit the banks starting from five o’clock in the evening, while those covered by the My Account project can withdraw their salaries through ATMs starting from three o’clock in the afternoon.”

The ministry concluded its statement by emphasizing that it “decided to cover the deficit in salaries through borrowing, to ensure that all employees receive their dues before the holiday and that they are not delayed.”

The Ministry of Finance and Economy of the Kurdistan Regional Government announced yesterday, Monday, that it had deposited 50 billion dinars in “non-oil revenues” for the month of May into the account of the Federal Ministry of Finance.

Shafaq.com

A member of parliament warns of an economic catastrophe threatening Iraq.

MP Adel Al-Mahalawi warned on Wednesday of the seriousness of the current economic situation in the country, describing the crisis as “major” due to the tensions and rapidly evolving circumstances in the region.

Al-Mahalawi told the Information Agency that “Iraq is going through a dangerous economic juncture that requires exceptional measures to protect it from any external repercussions,” adding that “the Prime Minister possesses an economic background and vision that can be utilized to find real solutions.”

He further stated that “the new government is urgently required to develop comprehensive strategic plans and clear visions to avoid an economic catastrophe that could directly affect the livelihood of citizens and the financial stability of the country.”

Almaalomah.me

Jassem: The current government was created by American will and with Trump’s approval.

The head of the Conscious Elites Gathering, Hussein Ali Jassim, described the current government on Wednesday as a direct product of American directives and Trump’s approval. He asserted that the pressures exerted by Washington on the political scene prevent this cabinet from achieving any tangible progress in restoring national sovereignty or freeing Iraqi funds seized from foreign control.

Jassim told Al-Maalomah News Agency, “The country is facing a government whose ministers possess a waiting mentality, seeking permission and external signals before making any decisions.” He explained that “the American side cleverly exploited the escalating conflict and infighting among Shiite parties, coinciding with what he called a conspiratorial movement by Sunni and Kurdish forces, to ensure the obstruction of the rise of honest and independent ministers, including those from the State of Law Coalition.”

He added, “These upturned balances within the political process open the door wide to major structural changes, with expectations indicating a very high probability of the Speaker of Parliament and his deputies being ousted and dismissed from their positions in the coming period.” He warned that “the forces within the Coordination Framework will deeply regret the concessions and political compromises they have made, from which the Iraqi people will gain nothing.”

Almaalomah.me

No red lines… Parliamentary Integrity Committee vows to expose big names in the theft of the century

Member of the Parliamentary Integrity Committee, Ahmed al-Shammari, revealed on Wednesday that there is close parliamentary and oversight activity underway to reopen the infamous “Steal of the Century” case in the coming days. He emphasized the determination to pursue and expose all names and figures involved in this major economic crime without any red lines.

Al-Shammari told the Information Agency, “The coming days will witness decisive and surprising developments regarding this case, as the true perpetrators will be revealed and brought down, regardless of their names, job titles, or party and political affiliations.” He expressed the committee’s insistence on fully recovering the looted funds and holding the perpetrators accountable.

He added, “The ‘Steal of the Century’ case was subjected to systematic procrastination and cover-ups during the previous government due to pressure and blatant interference by some influential political parties and entities to protect their interests and illicit gains.” He indicated that “the committee currently possesses new indicators and evidence that will bring everyone before the Iraqi judiciary to end the era of impunity.”

Almaalomah.me

The State of Law coalition is moving to challenge the vote on the government.

The State of Law Coalition parliamentary bloc revealed on Wednesday its imminent legal action to file a formal appeal with the Federal Supreme Court regarding the constitutional and procedural violations that occurred during the vote on the government program and the formation of the cabinet. MP Ibtisam al -Hilali, a member of the bloc, told Al-Maalomah News Agency that “the session to grant confidence to the government and the ministerial program was conducted in a manner that violated proper constitutional procedures.” She revealed that “the State of Law Coalition intends to appeal to the Constitutional Court due to the existence of highly significant objective and procedural grounds.”

She added that “the government program was passed without genuine discussion by members of Parliament, unlike previous sessions, and was limited to brief paragraphs.” She also pointed to “premeditated political intentions and a clear targeting of State of Law Coalition candidates by placing them at the bottom of the voting list, at a time when the sovereign Ministry of Interior should have been presented immediately after the Ministries of Finance and Oil.”

Al-Hilali accused the Speaker of Parliament of “passing the vote on the Ministries of Electricity and Transportation illegally and without a true count of the votes of the representatives present in the chamber,” asserting that “the lawsuit that will be filed before the Federal Court will be based entirely on these blatant constitutional violations.”

Almaalomah.me

Shaalan: The parliament’s leadership is responsible for obstructing the formation of the government.

MP Ali Shaalan pointed out on Wednesday a decline in the performance of the Speaker of Parliament during some recent periods, considering this stumbling block to have contributed to delaying the resolution of a number of scheduled issues within the parliament.

Shaalan told the Information Agency, “The Speaker of Parliament has not succeeded on several occasions in managing some sessions as required,” indicating that “the most prominent evidence of this is the failure to approve some of the appointed ministers for the remaining portfolios in Prime Minister Ali al-Zidi’s government.”
He added that “the current stage requires greater seriousness from the Speaker to overcome the political obstacles that are delaying the completion of the cabinet formation,” stressing the importance of activating the parliamentary role to ensure filling the ministerial vacancies and supporting the executive performance of the state.

Almaalomah.me

Al-Zidi directs the increase of oil exports and the diversification of export outlets.

Prime Minister Ali Faleh al-Zaidi directed officials on Wednesday to follow up on the issue of increasing oil exports and diversifying export routes.

The Prime Minister’s Media Office stated in a press release received by the Information Agency that “Prime Minister Ali Faleh al-Zaidi visited the Ministry of Oil headquarters in Baghdad today, where he chaired a meeting with senior ministry staff, in the presence of the Ministers of Oil and Foreign Affairs and the Director of the Prime Minister’s Office.”

The statement added that “the Prime Minister listened to a briefing presented by the Minister of Oil on the progress of the ministry’s projects, particularly those related to addressing the crisis of the Strait of Hormuz closure and the resulting halt in oil exports. He also reviewed ongoing associated gas projects and the main challenges facing their implementation.” The statement continued, “The meeting also discussed the issue of oil exports and finding diverse export routes, the mechanism for implementing Cabinet decisions in this regard, and the Ministry of Foreign Affairs’ procedures for following up on agreements concluded with several neighboring countries for overland oil exports.”

Almaalomah.me

The era of raised hands is over… Parliament enters the era of electronic voting.

The adoption of electronic voting technology in the Iraqi Parliament represents a strategic step towards enhancing the freedom of expression of representatives and ending the skepticism and controversy that have long accompanied the manual counting and sorting of crucial legislation.

The Iraqi Parliament is entering a new phase with the initiation of efforts to adopt electronic voting technology, a move aimed at bolstering transparency and accountability among representatives, and eliminating the doubts that previously plagued manual vote counting.

Member of Parliament Yasser Iskandar Watout confirmed that a group of representatives intends to compel the Parliament’s leadership to transition to electronic voting within the parliamentary chamber, following the example of advanced legislative and international institutions.

Watout told Al-Maalomah, “Relying on modern electronic voting technologies will dispel the suspicions and doubts that have plagued the process of counting representatives’ votes by raising hands.”

He pointed out that “the current manual mechanism compels many political blocs to resort to the Constitutional Court and file appeals that can be lengthy, thus disrupting and delaying the enactment of laws and decisions that directly impact citizens’ lives.”
For his part, former MP Hussein Ali Mardan called on the Parliament and the leaders of the political blocs to make the voting process in the upcoming session exclusively electronic, stressing that this measure is the only way to end the doubts and ensure the transparency of future decisions.

Mardan told Al-Maalomah, “Adopting an electronic voting mechanism removes doubts and accusations against the Parliament’s leadership and gives the MP’s vote its true value by publicly displaying their name and electoral card before the public and the Iraqi people.”

He added, “Announcing the names places the MP in a position of responsibility and accountability before their constituents regarding their choices concerning laws or candidates for office.”

Mardan emphasized that “any non-electronic voting mechanism will be completely unacceptable, as it opens the door wide to the exchange of accusations of treason and suspicion between political forces and the people’s representatives.”

Almaalomah.me