Iraq Economic News and Points to Ponder Tuesday Afternoon 3-25-25
MP: The 2025 Budget Amounts To 216 Trillion Dinars, And Sending Its Schedules To Parliament Has Been Postponed
Deputy Chairwoman of the Parliamentary Finance Committee, Ikhlas al-Dulaimi, ruled out on Tuesday the government's submission of the 2025 budget tables within the next two months, confirming that their total value amounts to 216 trillion dinars.
Al-Dulaimi explained that the Ministry of Finance has not yet sent the 2025 budget tables to the Council of Ministers, even though the Financial Management Law stipulated that they be submitted in October 2024 for approval before the start of the new year.
She added that the actual spending in the budget is estimated at 160 trillion dinars, noting that the Ministry of Finance has not yet completed preparing the tables, which could lead to postponing the budget approval until after the election.
The Iraqi Parliament voted last February on the first amendment to the Federal General Budget Law for the fiscal years 2023, 2024, and 2025. https://www.radionawa.com/all-detail.aspx?jimare=41469
Iraq Suspends Official Work Throughout The Next Week
Local Economy News – Baghdad The Council of Ministers decided, on Tuesday, to suspend official work throughout the coming week on the occasion of Eid al-Fitr.
The Prime Minister's Media Office said in a statement received by Al-Eqtisad News that "the Council of Ministers has decided to suspend official work throughout the coming week on the occasion of Eid al-Fitr." https://economy-news.net/content.php?id=53783
Prime Minister's Advisor: Iraq Attracts Major Us Investments
The Prime Minister's Advisor for Foreign Relations, Farhad Ala'aldin, confirmed on Tuesday that Iraq's economic development has attracted major American investments, pointing to an upcoming visit by a high-level US delegation to study investment opportunities in Iraq.
Ala'aldin explained in a statement that "the relationship between Iraq and the United States is a strategic one based on common interests and mutual respect, in accordance with the Strategic Framework Agreement between the two countries."
He stressed that the two sides are working to develop a roadmap to expand and deepen this relationship and enhance cooperation in areas such as investment, infrastructure development in the energy, technology, and agriculture sectors, in addition to continuing the partnership in the fight against terrorism and regional and international coordination.
He pointed out that Iraq is witnessing remarkable economic development that provides promising opportunities in several vital sectors, explaining that there is growing interest from the United States to invest in the Iraqi market. He pointed out that there is ongoing communication with major American companies wishing to enter the Iraqi market, in light of the government's facilitations to ensure an attractive investment environment.
Ala'aldin also announced an upcoming visit by a high-level delegation of American companies to discuss investment opportunities in Iraq, in addition to holding meetings with government officials and local companies.
Regarding the Prime Minister's official visits, Alaa El-Din emphasized that each visit is organized according to a schedule and program that serves the common interests of both countries. He added that a visit to a regional country is coming soon, followed by preparations for the Arab Summit, which comes at a sensitive time given the security and political challenges facing the region. https://www.radionawa.com/all-detail.aspx?jimare=41473
Oil Exploration: We Possess Modern Technologies That Rival International Companies
Energy Economy News – Baghdad The Oil Exploration Company announced on Tuesday that it possesses modern global technology comparable to that of international companies. It also indicated a five-year plan for exploration and determining the size of oil reserves.
"The Oil Exploration Company is the only company in Iraq that explores oil and gas sites across Iraq, from north to south," said Osama Raouf, the company's general manager, in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News."
He explained that "the size of Iraqi explorations in relation to reserves is measured through a five-year plan and an annual plan, whereby plans are measured in relation to the size of reserves existing in Iraq. The larger the exploration plan, the greater the percentage of reserves in Iraq."
He added that "the percentage of reserves is primarily due to exploratory drilling operations. The more exploratory drilling sites there are, the greater the reserves in Iraq."
He explained that "reserves in Iraq are due to increased exploratory drilling and the discovery of new reservoirs, both visible and invisible, that were not previously explored and were recently explored."
He continued, "The Oil Exploration Company possesses modern global technology that matches the technologies found in international companies," stressing that "the company relies primarily on 100 percent national cadres.
We do not have experts, but we have global technologies that match the technologies of international exploration companies." https://economy-news.net/content.php?id=53776
Iraq Begins Implementing The TIR System: A Step Towards Boosting International Trade And Reducing Transportation Costs
Buratha News Agency832025-03-25 The American Transportation Bulletin, a website specializing in commercial shipping affairs, stated that Iraq will begin implementing a global transportation system next week, marking the beginning of a new era in logistics and international trade.
The website's report explained that the TIR system will become fully operational when it goes live in Iraq on April 1, 2025. TIR is an international customs transit system that allows goods to pass from the country of origin to the country of destination in sealed loading containers with customs controls throughout the supply chain, helping transportation companies and customs authorities save significant time and money at the border.
The report also noted that this important achievement strengthens Iraq's position as a major trading hub in the Middle East, making the transport of goods more efficient and secure across and beyond Iraq's borders.
In addition, the report stated that the TIR system will play a significant role in transforming Iraq's "Development Road" project into reality, which will connect southern Iraq to northern Iraq and provide an efficient trade corridor linking Asia, the Gulf Cooperation Council countries, Turkey, and Europe.
According to the report, logistics and transportation companies are ready to begin implementing TIR operations from points of origin such as Mersin in Türkiye to GCC countries via the Iraqi port of Umm Qasr.
Trial operations have shown that this journey can be completed in less than a week, compared to a minimum of 14 days via the Red Sea, or 26 days if the ship has to make a circuit around Africa.
In contrast, Iraqi Minister of Transport Razzaq Al-Saadawi stated: "The operation of the TIR system in Iraq, in which the IRU played a significant role, represents a major achievement, positioning the country for a new phase of potential investment and inter-trade with our neighbors and other countries in the region."
Al-Saadawi added that TIR will benefit from Iraq's strategic location, contributing to enhancing the efficiency of cross-border trade. He noted that this move, supported by Prime Minister Mohammed Shia al-Sudani, will reduce transportation time by 80% and costs by 38%, providing significant economic benefits and job opportunities.
Al-Saadawi added that Iraq has worked to develop its land transport infrastructure over the past two years in cooperation with all relevant stakeholders, and that the government is committed to maximizing the benefits of the system to support the transport sector and the national economy.
For his part, IRU Secretary General Umberto de Pretto expressed his enthusiasm for this "historic" achievement, saying: "For nearly eight decades, the TIR system has contributed to promoting safe trade, and I look forward to seeing the first TIR truck cross Iraqi territory."
He explained that these trucks will transit the country smoothly through corridors that provide a high level of security, opening a new chapter in Iraq's role in international trade.
The report concluded by emphasizing that integrating the electronic pre-declaration system with the local Iraqi TIR platform will allow for advance submission of shipment information, enhancing the efficiency of customs procedures.
Meanwhile, stakeholders will be able to closely monitor trucks using GPS technology, with regular checkpoints to ensure the safety of shipments and transportation so they reach their final destination safely and on time. https://burathanews.com/arabic/economic/458009
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