UN Secretary-General: We Are Pleased With The Positive Development Taking Place In Iraq
Reconstruction And Construction
Economy News – Baghdad UN Secretary-General António Guterres expressed his satisfaction on Saturday with the progress made by Iraq. While noting that the time is right to conclude the UNAMI mission in Iraq by the end of this year, which reflects the maturity of the Iraqi political process, he emphasized that the 34th Arab Summit is being held at a critical moment for the Middle East.
“I am pleased to be in Baghdad again to participate in the Arab League summit, at a crucial moment for the Middle East,” Guterres said at a press conference on the sidelines of the Arab Summit in Baghdad, as monitored by Al-Eqtisad News.
He explained that “the ground is shifting beneath our feet, but these radical transformations are not natural forces, but rather the results of specific choices, and the solutions are in the hands of decision-makers.”
He added that “these solutions must focus, first and foremost, on making the most of the region’s enormous potential,” adding: “We all know that the peoples of the Arab world aspire to a better future, and that there are demands for justice, dignity, and rights.”
He pointed out that “in Lebanon, the ceasefire, territorial integrity, and adherence to international resolutions must be respected. As for Syria, the Syrian people yearn for a comprehensive political transition that heals national wounds and strengthens Syria’s integration into the international community and economy, while also ensuring that the imposed sanctions are lifted.”
He continued, “The situation in Gaza is beyond description. There is a blockade, starvation, and a violation of international law, and it must stop.” He explained, “The collective punishment imposed on the Palestinian people cannot be justified.”
He explained, “We need a permanent ceasefire and to ensure the free flow of humanitarian aid into Gaza.”
Regarding the situation in Sudan, Guterres stressed, “Yesterday we held an important meeting with the Secretary-General of the League of Arab States and representatives of the African Union to continue coordinating peace initiatives in Sudan. We have unofficial representatives in Addis Ababa to facilitate coordination between the three mechanisms working towards a peaceful solution.”
Regarding the Iraqi file, Guterres said, “I am pleased with the progress made by Iraq,” stressing that “at the end of this year, the United Nations mission in Iraq will officially conclude, reflecting the maturity of the Iraqi political process.”
He explained that “UN agencies will continue to work in Iraq to support development, organize elections, and provide technical support to the Iraqi government.” https://economy-news.net/content.php?id=55555
Aboul Gheit: Iraq Is The First Country To Chair The Political And Economic Summits.
Money and Business Economy News – Baghdad Iraq is the first country to chair the political and economic summits https://economy-news.net/content.php?id=55559
The Iraqi Economy Supports Arab Economic Cooperation At The Arab Summit
Samir Al-Nusairi Economy News – Baghdad One of the most prominent topics on the table of Arab leaders at the Baghdad Summit is joint Arab economic cooperation.
The foundation and important pillar on which Iraq relies in discussing the mechanisms and programs of joint Arab economic cooperation and integration in the current circumstances is the stage of its transition to comprehensive economic reform and advancement and the bet on achieving sustainable development based on economic pillars that the economies of countries rely on,
which build their national economies on their own capabilities and in cooperation and integration with the economies of regional and neighboring countries in strong economic blocs and exploit their common resources and capabilities to form an independent economic pole to confront the risks and changes that occur and sweep the world, and that the Arab countries together may be an important and unified pole of economic and financial energies and resources.
By reviewing and analyzing the Iraqi economy’s progress, preliminary indicators, and financial and monetary data for 2024 and the first quarter of 2025, we are expecting a strong and robust economy with GDP growth of 5.3% and an inflation rate of around 2.5% in 2025.
This is based on the availability of foreign exchange reserves exceeding $100 billion, with 163 tons of gold, sufficient for a period of 18 months and a rate of 140% to cover imports, and the local currency in circulation.
The local currency issued has reached around 100 trillion dinars, and our dinar is recovering and gradually returning to its target exchange rate against the US dollar. Our banks are developing, modernizing, and increasing their capital, contributing to the transition to a rapidly growing national economy and providing a promising investment environment and map that has attracted around $88 billion.
The giant strategic projects planned until 2028 confirm that Iraq is on the verge of a major economic renaissance. It is proceeding steadily in accordance with the government and Central Bank’s strategy for reform, development, digital transformation, and compliance with international standards.
The number of Iraqi banks that have banking relationships and accounts in solid international correspondent banks and deal directly with them in foreign transfers has reached approximately 20 banks, and they deal in multiple foreign currencies with several countries.
The Central Bank is making great efforts to qualify, develop and assist other banks to join the twenty banks mentioned above.
With a close eye on the reality of monetary policy implementation and the Central Bank’s procedures, its close monitoring of international economic variables and their impact on the Iraqi economy, and its compliance with international standards that enable Iraq to integrate into the global banking system and control the movement and safety of foreign currency trading, the banks’ commitment to implementing the new foreign exchange instructions and addressing obstacles promptly has led to a gradual recovery of the Iraqi dinar over the past several weeks, with its purchasing power increasing.
Through our precise knowledge of the Central Bank’s monetary policy applications, its coverage of the entire demand for the US dollar in the trading market and through its various official outlets, and its control over the distribution of cash dollars according to a new method praised by the US Treasury and considered a globally advanced method in distributing the US dollar, and the trend towards completing daily transactions with credit cards abroad, decisive understandings were reached with the US Treasury and the US Federal Reserve in In this field.
The next stage will be an evaluation and analysis stage of the achievements made and a re-evaluation of the next stage.
Towards achieving comprehensive economic progress, moving towards activating the real sector, and reducing dependence on oil. As a major source of revenue.
Maintaining stability in the financial and monetary system and achieving important steps to stimulate and enable the banking sector to contribute to investment and development, as stated in paragraph 7 of axis twelve in the government program for reforming the financial and banking sector, because banking reform is the beginning of comprehensive economic reform.
Certainly, the above-mentioned pillars upon which the Iraqi economy is based will ensure that Iraq’s economic initiative at the Arab Summit will receive a positive response from the attendees, and we expect it to be approved. https://economy-news.net/content.php?id=55536
Basra Crude Records A Weekly Loss Of More Than 1%
Energy Economy News – Baghdad Basra Heavy and Medium crude oil recorded a weekly loss of more than 1%, as global oil prices gained on the back of a trade truce between Washington and Beijing.
Basra Heavy crude closed the final trading session on Friday, down 75 cents, reaching $60.49 per barrel, recording a weekly loss of 67 cents, or 1.1%.
Basra Medium crude closed down 57 cents, settling at $63.64, with a weekly loss of 67 cents, or 1.04%.
Globally, Brent crude and US West Texas Intermediate crude posted weekly gains of about 1%, supported by a temporary trade agreement between the United States and China to de-escalate the trade war for 90 days, including reciprocal tariff reductions, which boosted global market appetite. https://economy-news.net/content.php?id=55533
The Dollar Price Rose In Baghdad And Stabilized In Erbil As The Stock Exchange Closed At The Beginning Of The Week
Saturday, May 17, 2025, Economic Number of reads: 114 Baghdad/ NINA / The dollar prices rose slightly in Baghdad markets, and stabilized in Erbil Governorate with the closure of the stock exchange at the beginning of the week. The
dollar prices recorded a rise with the closing of the Al-Kifah and Al-Harithiya stock exchanges, recording 142,450 dinars for $100, while this morning it recorded 142,400 dinars for $100.
Selling prices in exchange shops in local markets in Baghdad witnessed stability, as the selling price reached 143,500 dinars for $100, while the purchase price reached 141,500 for $100.
In Erbil, the dollar recorded stability, as the selling price reached 142,250 dinars for every $100, and the purchase price was 142,100 dinars for $100. https://ninanews.com/Website/News/Details?key=1227514
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