More “Iraq News” Posted by Clare at KTFA 4-21-2025
KTFA:
Clare: APIKUR Pushes for Written Agreements in Ongoing Kurdistan Region Oil Export Negotiations
4/20/2025 ERBIL —
Member companies of the Association of the Petroleum Industry of Kurdistan (APIKUR) reiterated their call for formal written agreements during the latest round of discussions with Iraqi and Kurdistan Regional Government (KRG) officials over the resumption of oil exports via the Iraq-Turkey pipeline.
The meeting, held on April 20, focused on the necessary conditions to restart oil flows that have been suspended for over a year. While all sides presented their positions on a range of technical and legal matters, no final agreements were reached.
APIKUR member companies emphasized the need for fair implementation of Iraq’s federal budget law, especially regarding the role and responsibilities of an independent consultant tasked with overseeing oil production and exports. They also stressed that any future arrangements must not infringe on existing contracts with international oil companies (IOCs), which have been upheld by Iraqi courts.
Crucially, APIKUR is seeking written agreements that provide clear guarantees on payment terms and the settlement of outstanding arrears. According to a statement from the organization, the member companies "did not receive satisfactory assurances" on these key issues during Saturday's meeting.
In an effort to move the talks forward, several APIKUR members have submitted draft sales and lifting agreements, along with detailed recommendations for the independent consultant’s scope of work, to both KRG and federal Iraqi officials.
Despite the lack of immediate progress, APIKUR reaffirmed its readiness to resume exports—contingent on securing signed agreements that protect the fiscal and economic terms of their existing contracts.
The talks come amid growing pressure to resolve the impasse, which has had significant financial implications for both the federal and regional governments, as well as oil companies operating in the Kurdistan Region. LINK
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Since our announcement of LIBERATION DAY, many World Leaders and Business Executives have come to me asking for relief from Tariffs. It’s good to see that the World knows we are serious, because WE ARE!
They must right the wrongs of decades of abuse, but it won’t be easy for them. We must rebuild the Wealth of our Great Country, and create true RECIPROCITY.
But for those who want the easiest path: Come to America, and build in America!
Donald J. Trump @realDonaldTrump
NON-TARIFF CHEATING:
1. Currency Manipulation
2. VATs which act as tariffs and export subsidies
3. Dumping Below Cost
4. Export Subsidies and Other Govt. Subsidies
5. Protective Agricultural Standards (e.g., no genetically engineered corn in EU)
6. Protective Technical Standards (Japan’s bowling ball test)
7. Counterfeiting, Piracy, and IP Theft (Over $1 trillion a year)
8. Transshipping to EVADE Tariffs!!!
https://truthsocial.com/@realDonaldTrump
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Clare: Al-Sudani acknowledges the "actual" realization of the budget deficit
4/21/2025
Iraqi Prime Minister Mohammed Shia al-Sudani acknowledged on Monday that the federal budget deficit has been realized.
In his speech during a meeting with the head and members of the Dhi Qar Provincial Council, as reported by Shafaq News Agency, Al-Sudani said, "In our government, the budget deficit has actually appeared to achieve accomplishments, and there is efficiency in spending, performance, and work, while the previous deficit was planning."
He added, "Our government has arranged the spending mechanism according to the principle of the most important, then the important, and we have worked in many sectors and achieved positive results," indicating, "In the 2024 budget, (156) trillion dinars were spent out of (213) trillion planned, including (90) trillion for salaries, (40) trillion for operational, and (13) trillion for ministries and governorates' projects."
Last year's budget amounted to 211 trillion dinars, with revenues estimated at 144 trillion and 336 billion dinars, while expenditures amounted to 210 trillion and 936 billion dinars, and the deficit was 63 trillion and 599 billion dinars. LINK
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Clare: Al-Sudani's advisor: Iraq's foreign exchange reserves are fine.
4/21/2025- Baghdad
The Prime Minister's financial advisor, Mazhar Mohammed Salih, confirmed on Monday that Iraq's foreign exchange reserves cover 100% of the national currency.
Saleh said, "Iraq's foreign currency reserves still have the capacity to cover 100% of the national currency issued, and that commercial efficiency has been achieved."
He added, "These reserves still cover the country's imports for three months, and therefore foreign reserves are considered stable." He pointed out that the development of the optimal external use of foreign currency is achieved through a careful balance between the role of these reserves in maintaining the foreign purchasing power of the dinar and the stability of the exchange rate, and the standard of reserve efficiency, which is one of the functions of monetary policy as an independent body in achieving its goals of monetary stability and economic development.
On March 31, 2025, the Central Bank of Iraq revealed that the central bank's net foreign reserves for 2024 amounted to 130.81 trillion dinars, a 10.18% decrease compared to the same period in 2023, when they reached 145.64 trillion dinars.
The Central Bank confirmed that the reason for the decline in foreign reserves is due to the rise in domestic public debt, which is intended to cover the real deficit in the state's general budget. LINK
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Clare: KRG Shifts “My Account” Salary Banking Project to Ministry of Finance
By Dler Mohammed ERBIL —
In a strategic move aimed at streamlining the salary distribution system, Kurdistan Region Prime Minister Masrour Barzani has issued a directive to transfer the management of the “My Account” banking initiative for public sector salaries to the Kurdistan Regional Government’s (KRG) Ministry of Finance and Economy.
The decision was officially confirmed on Sunday, in a formal statement signed by Omed Sabah, Head of the Council of Ministers' Office. According to the statement, the transfer of responsibility is based on Barzani’s order to ensure compliance with the legal and procedural standards of Iraq’s Federal Central Bank.
Under this shift, the Ministry of Finance will now oversee the implementation and administration of the “My Account” project, which is designed to deposit government employee salaries directly into individual bank accounts. The ministry is also tasked with ensuring that the project aligns with federal banking laws and regulations, safeguarding public servants' accounts' financial integrity and privacy.
The “My Account” initiative—Hajmari Min in Kurdish—was originally managed by a specialized team reporting to the Council of Ministers. It was launched as part of broader reform efforts by the KRG to modernize its payroll system, increase transparency, and reduce corruption related to salary disbursements.
By transferring authority to the Ministry of Finance, the government aims to centralize oversight, improve efficiency, and establish a more permanent institutional framework for the project. The move reflects a broader commitment to fiscal reform and digitization within the public sector, consistent with global standards for financial governance.
The transition also addresses concerns about regulatory compliance, particularly regarding federal oversight and banking law adherence—critical for ensuring continued coordination with Iraq’s financial institutions and international banking partners.
As the Ministry of Finance assumes full control of “My Account,” it is expected to roll out additional measures to protect user data and enhance the platform’s accessibility and reliability for tens of thousands of government employees across the Kurdistan Region. LINK
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Clare: Rafidain Bank announces the third issuance of national investment bonds.
4/21/2025
In line with the directives of the Ministry of Finance and the Central Bank of Iraq, Rafidain Bank is offering citizens and investors a unique investment opportunity through the third issue of national bonds, which will be offered for subscription from April 20, 2025, until May 20, 2025, in two categories that generate fixed and rewarding returns:
Details of the offered bonds:
1. Investment bond worth (500,000) five hundred thousand dinars
• Annual return: 8%
• Investment period: two years
• Interest payment: every six months
2. Investment bond worth (1,000,000) one million dinars
• Annual return: 10%
• Investment period: four years
• Interest payment: every six months
Why invest with us?
• A guaranteed and fixed return higher than traditional banking returns
• A national investment supported by the state through the Ministry of Finance and the Central Bank
• An ideal opportunity for savers and those looking for a safe investment
• Available to individuals and companies
We invite you to seize this lucrative investment opportunity by visiting the nearest Rafidain Bank branch in Baghdad and the governorates to submit a purchase request and benefit from the benefits of this issuance. LINK
