Iraq's president signs budget bill into law

Jun 21, 2023

On June 11 the Iraqi lawmakers approved budget bill, which is the biggest in the country's history.

President Dr. Latif Rashid said, the signing is a "turning point" as the $158 billion budget will allow the government to implement its programs across every sector.

The president stressed the need to work on reorganizing expenditures, protecting public wealth, developing and diversifying economic resources, while the country is facing economic and environmental challenges.

The budget projects 2023 revenue at about $103.3 billion, based on a projected price of $70 per barrel for oil exports, the main source of income for Iraq, with exports estimated at 3.5 million barrels a day, including 400,000 thousand barrels from the Kurdistan region.

The budget estimates a deficit of about $48 billion.

The vote also approved the same budgets of $152 billion for 2024 and 2025 — apparently to avoid haggling over the issue for the next two years.

KRG expected to resume oil export

Bassem Mohammed, Iraqi Deputy Oil Minister, disclosed that the imminent meeting aims to address key aspects of the oil export resumption. He emphasized the expectation of reaching a consensus during the discussions, leading to a formal agreement for the recommencement of oil exports. Additionally, Mohammed underscored the companies' expressed interest in maintaining their operations within the Kurdistan Region.

He articulated, "The contracts under consideration must align with the framework established in the agreements signed with the UAE Crescent Company during the fifth phase of licensing." This statement emphasizes the importance of consistency and adherence to established precedents in fostering successful collaboration between the involved parties.

The anticipated meeting signals a pivotal moment in the ongoing negotiations between the KRG and oil companies, marking a proactive step toward revitalizing oil export activities in the Kurdistan Region. As the discussions unfold, stakeholders remain optimistic about the potential for a mutually beneficial agreement that will not only resume oil exports but also pave the way for sustained collaboration in the region.

World2 years ago

Iraqi President Latif Rashid Meets Pope Francis at the Vatican, Emphasizing Interfaith Harmony and Regional Stability

President Rashid emphasized the urgent need for consolidating values of brotherhood and humanity in the region. The Iraqi Presidency issued a statement, highlighting Rashid's stress on the importance of dialogue, cooperation, and collective action among people, recognizing the positive impact of the Holy See's messages in promoting understanding and calm.

President Rashid took the opportunity to showcase Iraq's strides in political and security stability, outlining the country's commitment to comprehensive development. Focus areas included improving citizens' living standards, repairing infrastructure, and driving economic development.

He reiterated Iraq's dedication to democracy, pluralism, and the protection of human rights. Addressing the relationship between the Kurdistan Regional Government (KRG) and the federal government, President Rashid assured a commitment to resolving outstanding issues based on the Iraqi Constitution and the Law.

In a significant move, President Rashid affirmed the government's commitment to the vital role of Christian communities in Iraqi society. He pledged to facilitate the resettlement of Christians, Yezidis, and other indigenous communities in their homes, stating that the Presidency is open to addressing their demands, ensuring livelihoods, and preserving diversity. Furthermore, President Rashid condemned human rights violations in Palestine and the Gaza Strip, urging the international community to intensify efforts to prevent such violations, protect civilians, and facilitate humanitarian assistance.

Pope Francis, in turn, welcomed President Rashid, expressing the Holy See's support for Iraqi efforts in strengthening intercommunity relations and interfaith harmony. The Pope acknowledged the sacrifices made by the Christian community for a prosperous Iraq and underscored the importance of enhancing global peace opportunities.

In recent years, Iraq has stood out in the Middle East as a place where the Christian population has been growing, with the Kurdistan region earning a reputation as a welcoming and friendly place for Christians. The Kurdistan region, in particular, has been recognized as a Christian-friendly area, contributing to the increase in the number of Christians in Iraq. This trend is noteworthy in a region where such growth has been relatively uncommon.

Middle East2 years ago

Israeli Defense Minister announces 'complete siege' on Gaza

Earlier on Sunday, footage from both Ashkelon and Sderot cities also showed army tanks in the streets as they reportedly moved towards the border with Gaza.

On Saturday, Hamas launched its biggest attack on Israel in decades, firing thousands of rockets and sending fighters who infiltrated Israeli towns near the Gaza Strip. The group said its attack was in response to Israeli violations in the flashpoint Al-Aqsa Mosque complex in occupied East Jerusalem and increased settler violence.

At least 700 Israelis, including 73 Israeli soldiers, have been killed and over 2,300 others wounded in the attack, according to the Israeli Health Ministry.

Israel retaliated, with the Israeli army initiating Operation Swords of Iron against Hamas with a series of airstrikes on the Gaza Strip, killing more than 430 Palestinians and wounding at least 2,300 others.

Israeli Prime Minister Benjamin Netanyahu has vowed to use all of Israel’s strength to destroy Hamas’ capabilities and “take revenge for this black day.”