Tishwash: Iraq’s 2025 Budget Schedules “You’re Going Where You Are” and the Reason: Amendments to Article 12
Parliamentary Finance: No signs of sending the tables due to the amendments to Article 12 that changed the equation.
The fate of the 2025 budget tables remains uncertain, despite the approval of the amendments. She pointed out thatFinance Committee There is no intention to send the latter, citing the continued amendments to Article 12 that will affect revenue and expenditure figures. There are also warnings that this delay may negatively affect many entitlements. link
Tishwash: Ramadan between spirituality and the blaze of prices.. Warnings as the holy month approaches
Economic expert Ahmed Al-Tamimi warned, today, Sunday (February 23, 2025), of the rise in food prices with the approach of the month of Ramadan.
Al-Tamimi told Baghdad Today, “There is a fear among the Iraqi street of rising food prices with the approach of the holy month of Ramadan, especially with the presence of some greedy merchants, and this is why we find a rush to the markets these days for shopping, fearing a rise in prices in the coming few days.”
He added, “The competent supervisory authorities in the Ministry of Interior and the Ministry of Commerce must monitor prices in the markets on a daily basis to prevent any manipulation of prices and raise the prices of some food items that are in high demand during the month of Ramadan. This sends messages of reassurance to citizens.”
Ramadan is a special time for Muslims, when people come together in a special spiritual and social atmosphere. However, many face increasing economic challenges during this month, most notably the rise in prices of food and basic products, which burdens low-income families.
There are many reasons for this increase in prices, including increased demand for food, some traders taking advantage of this opportunity to raise prices, in addition to problems related to supply chains and economic inflation. In some countries, governments are seeking to take control measures to limit these increases, such as imposing fixed prices or providing support for some basic commodities. link
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Tishwash: Huge” wealth.. What do you know about “precious” minerals in Iraq?
Economy Sumerian is witnessing Iraq An important shift in its economic strategy, as the government is moving towards diversifying sources of income and strengthening non-oil sectors, with the project to localize precious metals among the most prominent projects on this path.
And decided The Council The Industrial Coordination Committee on February 16th localized the manufacture of precious metals, including gold and jewelry, in addition to cosmetic products, with a focus on providing all necessary facilities for those wishing to establish their own factories.
And occupiesIraq28th place globally and 4th in the Arab world – afterSaudi ArabiaLebanon and Algeria – in the classificationCountriesThe highest gold reserves in the world, according toThe Council GlobalFor gold.
According to the latest table published by the Council, “Iraq raised its gold holdings to 162.7 tons, representing 12.7% of its total other reserves.”
The Central Bank also resolvedIraqiRanked first in the Arab world and seventh globally on the list of banksCentralMost purchased gold in 2024, according to the Gold Council dataGlobalThe volume of purchases reachedIraqAbout 20 tons of gold.
A qualitative leap, confirmed Abdul Hassan Al-Ziyadi, a member of the Businessmen Union Council.IraqiThe new government’s plans in the industrial field, especially its orientation towards localizing precious metals, will represent a qualitative leap for Iraq, and will enable it to achieve leaps at the level ofGlobalIn the field of investment.
Al-Ziyadi said that the project of localizing precious or rare materials, or the rare metals industry, is one of the successful projects in Iraq, because the landIraqIt contains sufficient and surplus raw materials to launch such projects.
He pointed out thatIraqIt has rare and precious resources, and is one of the good and fruitful spots for gold, and other projects such as phosphate, and other precious metals, especially in Anbar Governorate.
Al-Ziyadi explained thatIraqHe began to think about using these resources and supporting the localization project to develop and benefit from it, stressing that the current government is ready to work and develop the work of its institutions, and direct it towards investment and encouraging investments.
He pointed out thatIraqHe began to think about building economic institutions of good benefit, and he also began to think about the precious metals that he could exploit to develop his economy.
Huge wealth awaits investment and is consideredIraqA country rich in its diverse mineral resources, as these resources are spread across its various governorates, and Anbar Governorate is the richest governorate in this field.
*According to the Iraqi Phosphate General Company, affiliated with the Ministry of Industry, surveys have revealed the availability of huge and confirmed reserves of phosphate amounting to about two billion confirmed and unexploited tons, with unconfirmed quantities that may exceed 7 billion tons.
*Iron ore, as its presence is particularly concentrated in the desert southwest of Anbar, where the underground reserve is estimated at about 60 million tons.
*Anbar governorates also have a large reserve of uranium in the Akashat area within the phosphate layer formations in the Western Desert.
*Anbar’s mineral resources do not stop there, as silica is concentrated in the Western Desert region, and appears in the form of layers of white sand, where the reserve amounts to about 75 million tons.
*As for gold, it is found in the governorates of Anbar and western Nineveh.
* Huge quantities of sulfur are concentrated in Anbar, Salah al-Din and Nineveh, and the reserves are estimated at more than 600 million tons.
* As for sodium sulfur, it is widespread in Salah al-Din Governorate and the general reserve is estimated at about 22 million tons.
* As for quartzite, it is widespread in the Rutba area in Anbar and its reserves are estimated at about 16 million tons.
* Celestite (strontium sulfur) is widespread in the governorates of Najaf and Karbala, where it appears in the form of sandy rock lenses, and the country’s reserve is estimated at about 0.8 million tons that are not exploited.
* Glass, its presence is concentrated in Anbar Governorate in the form of shiny surface sand in the plains and plateaus, and the existing quantities are estimated at about 400 million cubic meters.
* Lead is found in the governorates of Dohuk and Sulaymaniyah in the Kurdistan Region in the form of sedimentary carbonate rocks, and the reserve is estimated at more than 50 million tons.
*Statistics indicate the presence of dolomite in the provinces of Anbar and Muthanna, where the country’s reserves are estimated at about 330 million tons.
*As for gypsum, it is concentrated in Nineveh, Kirkuk and Salah al-Din, and its reserves are estimated at about 130 million tons.
*Lime is found in Anbar, Muthanna, Najaf, Nineveh and Kurdistan, and its reserves are estimated at about 8 thousand million tons.
*Silver is found in the regions of KurdistanIraqWithin volcanic rocks.
* Bauxite is concentrated in Anbar, and its reserves are estimated at about one million tons.
* Feldspar sands are concentrated in Najaf Governorate, and its reserves are estimated at about 2.3 million tons.
* Quartz is concentrated in Anbar and the city of Faw, located on the waters of the Arabian Gulf in Basra, where its reserves are estimated at about 855 million cubic meters.
* As for copper, it is found in Sulaymaniyah Governorate, and its volume estimates vary between 10 and 20 million tons.
Reducing the exit of currency
To talk about the extent of the decision’s impact on the market, economic expert Salah Nouri believed that it is too early to determine the level of prices and quality for the gold and jewelry industry, because the Cabinet’s decision has not yet begun to be implemented.
Nouri explained that importing gold and precious metals constitutes a high percentage of total imports, and therefore this decision will contribute to reducing the exit of foreign currency (dollar) from the country, noting that the Ministry of Trade has been tasked with facilitating the import of raw materials for manufacturing purposes in coordination with the Central Bank.
He added that the manufacture of gold and jewelry insideIraqIt is supposed to make its local prices lower than its import price, warning that this industry may face the risks of fluctuations in global gold prices, which may in turn affect the stability of the local market.
Diversifying budget resources
Government advisor Alaa Al-Fahd confirmed that activating the precious metals localization sector will have an effective role in bringing outIraqFrom total dependence on oil as a major source of budget revenues.
Al-Fahd said thatIraqToday, it has the ability to diversify its sources of income by localizing the precious metals industry, which will have a positive impact on the economy.IraqiBy diversifying revenues and activating this vital industry, noting thatIraqHe has large reserves of gold that can be exploited in local manufacturing instead of importing ready-made gold jewelry from abroad.
Al-Fahd explained that Iraqi lands are rich in many undiscovered precious metals, and that these potential discoveries will directly contribute to increasing reserves and diversifying the economy, stressing that this requires conducting economic feasibility studies to determine the extent of the impact of these minerals and activating the industry.
He stressed that the matter is not limited to owning these minerals, but rather requires developing realistic plans to activate these industries and develop the economy, stressing that paying attention to these industries and localizing them in Iraq, in addition to providing facilities and attracting foreign investments, will have a direct impact on the economyIraqiAl
-Fahd pointed out that this requires a government decision, and that this decision is available today, and it is a message to attract development investments in this field to activate the mining industry in Iraq, especially since there is a basis and ownership of these natural resources that can be exploited to strengthen the economy.
He explained that supporting the budget by activating this sector is inevitable, as any industry will contribute to raising production capacities and increasing production, which leads to the development and activation of the industry, pointing out thatIraqThese transformation industries are needed to exploit the available infrastructure for minerals.
Al-Fahd explained that all opportunities are available today for investment in this field, and that investment in this sector is no less important than investment in any other sectors that contribute to developing the economy and supporting the budget, especially in light of the fluctuations in oil prices, stressing the need to search for alternative sources of income and revitalizing the industrial, agricultural and tourism sectors.
Al-Fahd stressed that these sectors can contribute effectively to achieving revenues and diversifying the economy, indicating thatIraqHe should follow suit.CountriesThe Arab and Gulf countries have emerged from their dependence on oil and have begun to stimulate other industries and develop their natural resources. link
