Iraq Economic News and Points To Ponder Tuesday Afternoon 9-9-25
Parliamentary Call To Establish A "Petrodollar Fund"
Second and third 09/09/2025 Baghdad: Janan Al-Asadi Basra MP Asaad Al-Bazouni called for the establishment of a special fund known as the "Petrodollar Fund," to address environmental pollution and the significant rise in cancer rates in Basra, given the province's heavy reliance on oil revenues in the general budget. Without any real plan to address the negative impacts of oil extraction operations.
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Basra MP and member of the parliamentary investment committee, Asaad Al-Bazouni, told Al-Sabah:
“Iraq’s revenues depend on oil for more than 90 percent of its revenues, and most of these revenues come from Basra province, especially after the halt in exports from the Kurdistan region.
” He explained that “despite the allocation of five dollars for every barrel of oil extracted for the benefit of the province, these funds have not been transferred or received in full, which has left approximately 27 trillion dinars owed to the province that have not yet been disbursed.”
Al-Bazouni added, "The efforts have not yet succeeded in providing serious solutions to the problem of environmental pollution resulting from oil extraction operations, nor have they addressed the rising rates of cancer among citizens.
" He explained that "serious solutions begin by directing the allocated funds of five dollars per barrel to a 'special fund' whose mission is to address environmental pollution and cancer in the governorate, similar to reconstruction funds in other governorates.
This provides a transparent and effective mechanism for managing these funds and investing them in necessary health and environmental projects.
" He pointed out that "the establishment of this fund will address environmental and health imbalances in the governorate and provide direct economic and social support to residents suffering from the effects of pollution resulting from the oil industry."
This demand comes at a time when local and international reports indicate a significant increase in cancer rates in Basra Governorate due to emissions from oil gas flaring and oil extraction.
Hundreds of cases are recorded in the governorate each month, and medical sources have confirmed that the number of infections exceeds official statistics, with warnings that this situation will continue and that infection rates will increase in the future. https://alsabaah.iq/120221-.html
Iraq's Non-Oil Revenues Jump To 7 Trillion Dinars Thanks To Reforms.
September 9, 2025 Last updated: September 9, 2025 Al-Mustaqilla/- The Prime Minister's Advisor for Economic and Financial Affairs, Mazhar Mohammed Salih, announced a significant jump in Iraq's non-oil revenues this year,thanks to the reform packages adopted by the government.
Saleh explained in a statement to the official newspaper, which was followed by Al-Mustaqilla, that
non-oil revenues increased from 420 billion dinars in the first half of 2023 to more than 7 trillion dinars in 2024.
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He pointed out that this growth was the result of implementing eight reform packages that included expanding the tax base, activating digital governance, and developing electronic payment mechanisms, which contributed to reducing the shadow economy and enhancing the transparency of financial performance.
He added that the three-year general budget law increased the contribution of non-oil revenues to approximately 20% of total revenues, an important step toward reducing dependence on oil as the primary source of economic revenue.
Saleh explained that these reforms were not limited to the financial aspect alone, but also included strengthening partnerships with the private sector and supporting youth entrepreneurship through the launch of the Riyada Bank, which aims to finance productive projects and encourage innovation.
Experts believe that these indicators represent a strategic shift in the structure of the Iraqi economy,particularly as the government seeks to diversify sources of income and promote sustainable development, independent of the fluctuations in global oil markets.
https://mustaqila.com/إيرادات-العراق-غير-النفطية-تقفز-إلى-7-تر/
Strengthening Digital Infrastructure
Economic 09/09/2025 Dr. Nabil Rahim Al-Abbadi Electronic signatures are a cornerstone of banks' digital transformation, providing a reliable technical and legal basis for electronic transactions.
This aligns with Iraq's efforts to improve its digital infrastructure, as stated by the Minister of Communications.
Relying on electronic signatures will reduce the need for paper documents, lowering operational costs associated with printing, torage, and ransportation.
It will also speed up transaction procedures such as opening accounts and issuing loans, reducing waiting times from days to minutes in some cases. Furthermore, it uses advanced encryption technologies, reducing the chances of forgery and fraud.
This enhances customer confidence in digital banking services, a vital step in an environment marked by increasing cyber risks.
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Having an internationally recognized electronic signature means that Iraqi banking documents and transactions will be accepted internationally, opening doors for cooperation with international banks and making Iraq more attractive to foreign investment.
Digital signatures are the fuel for accelerating digital banks (or digital branches of traditional banks), enabling the provision of complete services online without the need for a physical presence, such as opening accounts completely remotely, signing contracts and agreements securely, and completing lending and financing transactions seamlessly.
With a solid legal and technical foundation, banks can develop and offer innovative financial services such as mobile banking with a more secure experience, crowdfunding platforms that require authenticated signatures on agreements, and Wealth-Tech (digital wealth management) services that rely on secure electronic contracts.
Electronic signatures eliminate geographical barriers, allowing banks to reach customers in remote areas or those who prefer a fully digital banking experience.
This aligns with the digital transformation vision that aims to include all citizens.
Despite the significant advantages, the success of e-signatures in the Iraqi banking sector faces some challenges, most notably digital infrastructure.
Gaps in internet coverage and reliability remain in some areas of Iraq, potentially limiting the effectiveness of e-signatures.
Culture and trust are also key here, and both customers and employees need to be educated about the importance and security of e-signatures.
Intensive training programs are also needed, as is cybersecurity.
With increased reliance on digitization, banks increasingly need to invest heavily in advanced cybersecurity systems to protect customer data and transactions from attacks.
The launch of e-signatures in Iraq is a step in the right direction and could be a powerful catalyst for the banking sector.
To realize the full benefits, collaboration between the public and private sectors is essential:
Banks should work closely with the Ministry of Communications and regulatory authorities to ensure that e-signature systems comply with international standards, invest in infrastructure and security, and adopt technologies such as cloud computing and blockchain to enhance security and efficiency.
I see the imperative of organizing comprehensive awareness campaigns to educate customers on the benefits and use of electronic signatures to build trust and drive adoption.
I also believe it is imperative to conduct ongoing training for staff to develop the skills of bank employees to navigate new technologies and manage digital platforms efficiently.
In short, this decision is not just a technical addition, but a strategic shift that lays the foundation for the Iraqi banking sector to compete regionally and globally, and to enter the era of digital banking with confidence and security. https://alsabaah.iq/120203-.html
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