Iraq Economic News And Points To Ponder Monday Evening 5-5-25
Minister Of Finance: The Iraqi Economy Is Expected To Achieve 5% Growth In Non-Oil GDP In 2024.
Monday, May 5, 2025 | Economic Number of readings:152 Baghdad / NINA / Finance Minister Taif Sami announced on Monday that the Iraqi economy recorded a 5% growth in non-oil GDP in 2024, while indicating that the budget deficit is low and does not pose a threat to Iraq's public debt.
"A high-level government delegation, including Central Bank Governor Ali Al-Alaq, accompanied us, and
discussed the latest economic and financial developments in Iraq with an International Monetary Fund mission during a meeting held in the Jordanian capital, Amman," Sami told the official agency.
She added that "the IMF mission found several positive indicators related to the Iraqi economy,
most notably a 5% growth in non-oil GDP in 2024,
driven by growth in the agricultural sector and increased public spending," indicating that
"expectations indicate continued growth of 4% in 2025."
She added, "The level of oil GDP will remain dependent on OPEC decisions regarding production ceilings and global crude oil prices."
Regarding the fiscal deficit, Sami explained that "the deficit reached 5 trillion dinars in 2024, equivalent to 1.5% of GDP, excluding debt repayments and overdue payments for investment and energy projects,"
noting that "this is a low level that does not negatively impact the public debt ratio,
according to International Monetary Fund estimates."
The Minister of Finance stressed the "need to restructure government banks to enable them to absorb government financing instruments and stimulate the market," noting that
"the Ministry of Finance, in cooperation with the International Monetary Fund,
will contract with consulting firms to support the Public Debt Department, in addition to
appointing new staff with advanced degrees
to activate the public debt management and financial analysis system."
She indicated that " the International Monetary Fund expressed its readiness to provide technical and advisory support to Iraq, particularly in the areas of
public debt management,
tax reform, and
determining the most appropriate tax systems for the Iraqi social situation,
through the Middle East Technical Assistance Center (METAC)," explaining that
"the delegation and the International Monetary Fund stressed the importance of
strengthening the relationship with foreign correspondent banks in the field of
financing foreign trade, as well as
supporting the use of the Iraqi dinar in economic transactions
to maintain the stability of the local currency." /End9 https://ninanews.com/Website/News/Details?key=1224836
Agriculture: Iraqi Crops Have Reached Markets In The Gulf, Jordan, And Europe
Iraqi agricultural crops - Money and Business Economy News – Baghdad The Ministry of Agriculture announced on Sunday that it exported more than 1.5 million tons of surplus agricultural produce last year. It noted that the use of protected agriculture and modern irrigation contributed to
increased production and the availability of surplus produce for export.
The ministry also confirmed that it
is working to hold several exhibitions and meetings with European embassies
to open markets for Iraqi agricultural products in the European Union.
The Undersecretary of the Ministry, Mahdi Sahar Al-Jubouri, said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that
"the data completed for the export of surplus agricultural commodities during the year 2024 was
estimated at more than 1,500,000 tons,
led by dates with more than 650,000 tons, then
vegetable crops with about 308,000 tons, and among these crops were
potatoes, the first crop, then tomatoes,
then eggplant, peppers and cucumbers, in addition to several crops such as
amber rice and jasmine that were exported abroad in quantities." He added,
"This surplus was during the 2024 season, and
we expect it to exceed this amount and this shift as a result of the
use of protected agriculture for vegetable crops, in addition to the
use of modern irrigation with fixed sprinklers and drips, and
this was reflected in the increase in production of agricultural crops in general." He pointed out that
"large quantities of fodder crops were exported,
including clover, alfalfa, and tobacco, after meeting local needs for them,
especially with the increase in livestock numbers during the recent period due to the expansion of cultivated areas using the modern irrigation system."
He pointed out that"Iraqi crops are exported extensively to Gulf countries, Jordan, and European Union countries,
with the ministry working to hold several exhibitions and meetings with European embassies to open markets for Iraqi agricultural goods in the EU." He stressed that
"the quantities exported during the first four months of 2025 exceeded 300,000 tons of various agricultural commodities," noting that
"the quantity is subject to increase, exceeding 1,500,000 tons, which will be a major shift in the process of exporting agricultural commodities abroad." https://economy-news.net/content.php?id=55112
From Wasted Fire To Productive Energy... Rashidiya Gas Revives The Taji Station And Saves The Environment.
Economy 3-05-2025, Baghdad Today – Baghdad In the heart of Baghdad, where gas has been burning for decades in the Rashidiya field, turning into smoke that clouds the city's air and is wasted for no good,
a new story has begun, written with decades of will and planning.
This vital resource has stood witness to the absence of optimal exploitation and to years of neglect and delay.
But today the scene has changed.
That wasted fire is being transformed into a flowing energy that lights up Iraqi homes and
revives hope in a summer that has long been marked by power outages and the suffering of citizens.
In the same context, the Middle Oil Company announced today, Saturday (May 3, 2025), in Baghdad, that it had supplied the Taji power station with 17 megawatts of gas, which contributed to the station’s production reaching about 80 megawatts to serve citizens, while indicating that the
Minister of Oil, Hayan Abdul Ghani, directed work to
increase the quantities of gas supplied to the power stations, especially with the onset of summer.
The company's general manager, Mohammed Yassin, told Baghdad Today,
"Gas has been flared in the Rashidiya field in Baghdad since the 1980s.
However, the Central Oil Administration, under the direction of Minister Al-Sawad, worked to maintain the equipment and units used for gas compression.
Gas was produced to supply the Taji power station with the best types,
which contributed to the production of 80 megawatts per day."
He stressed that "these efforts have resulted in gas production and environmental protection from its continued flaring," noting
"the company's determination to increase gas production from its fields in the governorates."
The Rashidiya field is one of the oldest gas fields in the capital, Baghdad, having been operational since the 1980s.
Despite its rich gas resources, this resource has been flared for decades without any real investment, causing significant economic losses and accumulated environmental damage.
Given the growing need for electricity, especially during the summer,
the importance of harnessing this wasted gas has become clear, particularly at a time when the national electricity system faces major challenges related to production and distribution. https://baghdadtoday.news/273439-.html
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