The Central Bank of Iraq announces an increase in state revenues and expenditures during May.

The Central Bank of Iraq revealed on Tuesday that public revenues and expenditures increased during the month of May.

The bank stated in official statistics reviewed by Shafaq News Agency that public revenues for May rose to 46 billion and 157 million dinars, compared to 36 billion and 586 million dinars in April.

He added that the revenues were distributed between tax revenues amounting to 1.602 billion dinars, and other revenues amounting to 44.555 billion dinars.

He pointed out that the state’s public expenditures also increased, reaching 46 billion and 979 million dinars, compared to 37 billion and 586 million dinars in April.

The Central Bank explained that expenditures included current expenditures amounting to 43.951 billion dinars and investment expenditures amounting to 3.028 billion dinars, noting that the deficit between revenues and expenditures amounted to 822 million dinars.

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Baghdad and Erbil hold new meeting to resolve oil and salaries

Deputy Prime Minister and Minister of Planning, Mohammed Ali Tamim, held an expanded joint meeting on Tuesday between the federal government and the Kurdistan Regional Government to discuss salaries and oil issues.

The Iraqi Ministry of Planning stated in a statement received by Shafaq News Agency that “the meeting reviewed the progress made on the outstanding issues between the two parties, which included the oil production and export file, the non-oil revenues file, and the localization of salaries for the region’s employees, based on the Federal Court’s decision in this regard.”

According to the statement, the participants noted that significant progress had been made, particularly in the region’s oil production and export file, as all necessary conditions and requirements for commencing the production and export process through the National Oil Marketing Company (SOMO) had been met, and discussions were continuing to complete the remaining requirements related to other files.

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The value of Iraq’s gold reserves rose by 4.76% during the first half of the year.

The Echo Iraq Observatory, which specializes in economic affairs, announced on Tuesday that the value of Iraq’s gold reserves increased by 4.76% during the first half of 2025, due to rising global gold prices.

The observatory stated in a press release received by Shafaq News Agency, “Iraq possesses 162 tons of gold as part of its national reserves,” noting that “the price of a ton of gold was 105 million US dollars in January 2025, and gradually rose to 110 million US dollars by the end of June 2025.”

The statement explained that “this increase in the price of gold directly contributed to raising the value of Iraq’s gold reserves,” stressing that “gold remains one of the most important strategic assets that enhances the country’s financial strength.”

The Observatory also noted that the rise in global gold prices over the past few months reflects fluctuations in global markets and directly impacts the value of national reserves in many countries, including Iraq.

The statement added, “Regular monitoring of gold prices enables Iraq to accurately assess the value of its reserves and make appropriate economic decisions to maintain the stability of the country’s purchasing power.”

Last July, the Central Bank of Iraq revealed an increase in the value of gold in Iraq’s foreign exchange reserves.

The bank said in an official statistic seen by Shafaq News Agency that the value of gold in Iraq’s foreign currency reserves reached 22.492 trillion dinars by April, up 5.62% from March, when the value of gold reached 21.228 trillion dinars.

He added that the value of gold also rose by 17.72% compared to December 2024, when it reached 17.834 trillion dinars, up from 12.293 trillion dinars in December 2023.

It’s worth noting that the Central Bank previously revealed that Iraq’s foreign currency reserves at the end of April amounted to $98.089 billion, equivalent to 127.516 trillion dinars.

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In numbers: 10.5 million Iraqi citizens cost the state 8 trillion dinars per month.

The Finance Committee of the Iraqi Parliament revealed on Tuesday that more than 10 million citizens receive a monthly salary from the state.

Committee member Moeen Al-Kadhimi told Shafaq News Agency, “The Ministry of Finance secures 8 trillion dinars per month in salaries for employees, retirees, and those covered by the social security network.”

Al-Kadhimi added, “The number of employees receiving their salaries from the state has reached more than 4.2 million, while the number of retirees exceeds 3 million, and those covered by the social security network exceed 3 million people.”

He explained that the total number of beneficiaries receiving salaries from the state is 10.5 million, and that the salaries of these three categories are fully secured until the end of the current year, as oil revenues amount to more than $6 billion per month.

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Mohammed Al-Hassan: The United Nations will continue to work with the Iraqi government even after its mandate ends.

The Special Representative of the Secretary-General for Iraq, Mohammed Al-Hassan, affirmed on Tuesday that the United Nations will continue to work with the Iraqi government. In his speech during the memorial service for the victims of the bombing of the United Nations headquarters in the Canal Area in Baghdad, Al-Hassan said, “On this afternoon twenty-two years ago, the Canal Hotel was pulsing with the rhythm of daily work. In an instant, that ordinary day ended with a single explosion that turned routine into tragedy.” He pointed out that “the United Nations lost 22 employees, including the Special Representative of the Secretary-General, Sergio Vieira de Mello, in addition to wounding more than 150 people.”

He added, “That day was a turning point in the history of the United Nations. It was a deliberate, large-scale attack on the organization and Iraq, and a wound to the humanitarian community and the Iraqi people.”

He continued, “The work of the United Nations Assistance Mission for Iraq (UNAMI) will end at the end of this year,” stressing that “the United Nations will continue to work side by side with the people and government of Iraq.”

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Electronic Payment Team: The “We Reach You” campaign included villages, rural areas, and remote areas.

The electronic payment team announced on Tuesday that the “We Will Reach You” campaign will soon knock on the doors of Halabja Governorate, while indicating that the campaign included the outskirts of the governorates, villages, rural areas, and remote areas. The head of the electronic payment culture team, Nabil Al-Najjar, told the official agency, “The “We Will Reach You” campaign will soon knock on the doors of Halabja Governorate because it needs many financial services, as there is a lack of financial services in this governorate.” He explained, “We will head to hold a specialized financial conference and exhibition for the governorate, and it will be sponsored by the Central Bank and Halabja Governorate.”

He added, “The governorate needs significant efforts and a financial infrastructure. The purpose of holding the conference, rather than a workshop or tour, is to demonstrate the governorate’s development. This governorate has three summer resorts, enjoys beautiful nature, and lacks hotels or financial institutions. Our goal is to reach the governorate’s financial institutions by promoting financial inclusion and delivering financial services directly.”

Al-Najjar also confirmed that “the ‘We Will Reach You’ campaign began in the outskirts of the governorates, villages, rural areas and remote areas. We started from the Al-Amel neighborhood in Baghdad, and from there to the other areas. We headed to Anbar in the Khalidiya area, Habbaniyah district, Hit district, Haditha, Nasiriyah, Najaf and Karbala,” noting that “the next plan will be to Rawah, Ana and the areas adjacent to them.”

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“Two qualified companies”… Iraqi Oil affirms the “transparency” of the LNG platform project.

The Iraqi Ministry of Oil issued a statement on Saturday detailing the floating platform project to import liquefied natural gas (LNG) to power the country’s power plants. The statement emphasized the transparency of all procedures related to the project, while noting that two companies have been technically and commercially qualified to implement it.

The statement said that the project stems from Iraq’s urgent need to secure electricity and operate power plants, and aims to diversify sources of liquefied gas imports to boost electricity production, under the direct direction of the Prime Minister.

The Ministry added that the Council of Ministers and the Ministerial Council for Energy issued decisions to determine the implementation mechanism, including Ministerial Council for Energy Decision No. (55) of 2025, which issued invitations to 6 companies to submit their technical and commercial offers, with the formation of specialized committees to study the offers and take appropriate decisions.

The statement explained that the Ministry of Oil, represented by the South Gas Company and the Oil Projects Company, has begun construction of a 40 km long, 42 knot diameter gas pipeline from Khor Al-Zubair to the Shatt Al-Arab Regulator. Work on the pipeline began on February 9, 2025, and was completed on schedule in June of this year, making it ready to receive gas.

The second pipeline, from Mahmoudiya to the Bismayah Power Plant, is 45 km long and 42 knots in diameter. The Oil Projects Company completed the pipeline in record time, despite challenges and high temperatures. It is also ready to receive imported gas.

Regarding the results of the tender study, the statement indicated that only two companies were technically and commercially qualified after both submitted acceptable bids. One company withdrew after submitting an unacceptable first bid, and a subsequent bid with a capacity of less than 500 megawatts (MW) was rejected by the Ministry of Electricity. Its proposal to use two separate platforms for storage and gasification was also rejected by the Iraqi Ports Company.

The ministry confirmed that a final decision will be made at the next meeting of the Diwani Order Committee, emphasizing that all procedures and negotiations were conducted in accordance with legal procedures and under the supervision of specialized ministerial committees, and that the ministry is not the sole entity responsible for decision-making. It also announced that a complaint would be filed against media outlets that distort public opinion regarding the government’s and the Ministry of Oil’s achievements.

Shafaq.com

America is preparing to launch a “hidden space weapon.”

Washington – The US Space Force is preparing to launch the X-37B orbital test vehicle on its eighth mission on August 21, carrying potentially game-changing technology for both military and civilian applications.

The vehicle carries a quantum inertial sensor, an innovation that could end reliance on GPS and redraw the global navigation map.

According to US reports, the GPS system, which guides aircraft, ships, and even our smartphones, is the backbone of modern life. However, its vulnerabilities are serious. Its signals can be easily jammed or spoofed, and they can be completely lost in deep space, the depths of the sea, or on battlefields crowded with electronics.

The reports continue: “Here comes the quantum solution, which requires no external signals, but rather relies on atoms cooled to absolute zero, which are transformed into waves used to measure acceleration and rotation with incredible precision, without the drift that plagues conventional systems.”

The technology will enable the X-37B to achieve precise navigation even in lunar orbit or on journeys into deep space, where GPS becomes worthless. It will also enable American submarines and aircraft in warfare to operate independently of any space signals, meaning overwhelming superiority on electronic battlefields.

In 2024, companies such as Boeing and AOSense demonstrated the technology’s success in a four-hour flight, and Britain also preceded it with a piloted flight on a civilian aircraft.

While quantum computing and encryption were once the hallmarks of the future, it appears that quantum watches and sensors will be the first real weapons to enter the realm of practical use.

If the X-37B’s eighth mission is successful, it could go down in history as the moment when absolute reliance on GPS died and the era of “unhackable navigation” began.

According to experts, the issue is not just about navigation, but also about geopolitical dominance. The country that monopolizes quantum navigation will control maritime and air trade routes and possess unhindered military capabilities, potentially reshaping the global balance of power.

The upcoming X-37B mission is not just a journey into space; it could be a formal declaration that humanity has entered the age of quantum navigation—an era that could make today’s systems seem primitive and open the door to a new global race to control the “compass of the 21st century.”

shafaq.com

The Central Bank of Iraq launches a guide to financing small and medium-sized enterprises.

The Central Bank of Iraq announced on Sunday the launch of a guide to accessing financing for micro, small, and medium-sized enterprises (MSMEs), in cooperation with the German International Cooperation Agency (GIZ) and the Iraqi Private Banks Association.

In his speech at the guide’s launch ceremony, Deputy Governor of the Central Bank of Iraq, Ammar Khalaf, said that Iraq has witnessed a multiplicity of lending providers. The Central Bank, through its National Lending Strategy, has developed a guide that complements this strategy, enabling entrepreneurs to develop their businesses, serving as a mature and informative destination for all loans, and providing a new opportunity for easier access and faster procedures for obtaining financing.

The Deputy Governor noted that the banking reform strategy adopted by the Central Bank will support procedures for accessing project financing based on a clear vision to enhance confidence in the Iraqi banking system.

Shafaq.com

Revenues from trade, Baghdad Municipality, and electricity are on the agenda of a meeting chaired by Al-Sudani.

Prime Minister Mohammed Shia al-Sudani chaired a meeting on Sunday to discuss ways to maximize non-oil revenues and support and enhance the state’s financial resources. The meeting was attended by the Minister of Finance, the Minister of Trade, the Mayor of Baghdad, the Governor of the Central Bank of Iraq, and a number of advisors and general managers.

A statement issued by Al-Sudani’s office, received by Shafaq News Agency, stated that the meeting discussed the use of modern technologies, digital mechanisms, and automation to maximize revenues and promote projects with higher returns. The Prime Minister emphasized that economic development must proceed through optimal investment of funds in the most feasible locations, and the development of plans to rationalize spending and reduce financial waste.

The meeting also addressed the Ministry of Trade’s revenues and how to maximize them, enhancing the quality of ration card items, and studying the best economic methods for managing wheat purchasing, storage, and capacity for future seasons.

The meeting also discussed the organization of Baghdad Municipality’s revenues, the optimal path to managing real estate resources, institutions, and their projects, and collection methods. They also discussed the implementation of collection in the electricity sector and the plans in place in this regard.

Shafaq.com