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Opportunity or Risk? Parliamentary Oil Committee Explains the Impact of Rising Oil Prices on the Iraqi Economy
Zainab Al-Moussawi, a member of the Parliamentary Oil Committee, confirmed today, Saturday, that the rise in oil prices represents a great opportunity for Iraq to achieve financial stability, but at the same time it poses economic challenges if it is not managed wisely.
Al-Moussawi told Al-Furat News Agency that “the increase in oil prices leads to an increase in public revenues, which prompts the government to increase spending on salaries, services, infrastructure, and investment projects, which may enhance economic growth. However, she warned that this increase in spending may also lead to inflation if it is not well controlled.”
She added, “The increase in oil revenues reduces the need to impose taxes or implement economic reforms that may be unpopular, which reduces pressure on the government to diversify sources of income.”
She stressed that “making the most of this opportunity requires wise financial policies that focus on diversifying the economy, enhancing investments, and reducing dependence on oil as the sole source of revenue.” link
Deputy Speaker of Parliament: New US decisions may be issued regarding Iraq
Shakhwan Abdullah, deputy speaker of the Iraqi parliament, said on Saturday that the administration of US President Donald Trump may make new political and economic decisions regarding Iraq.
This came during his speech at a scientific conference on the present and future of Kirkuk, which was held at Soran University in the Kurdistan Region of Iraq.
In his speech, Abdullah explained that Kirkuk has always been the focus of conflict between the great powers due to its wealth of intellectual, mineral and natural resources. He added that its geographical location has made it face policies of Arabization and demographic change over the decades.
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He stressed the need for all parties to work to restore rights to their owners in Kirkuk, with the aim of addressing the effects of previous policies that affected the city’s demographics.
Abdullah confirmed that the Iraqi parliament has reactivated the Article 140 Committee, in a move aimed at abolishing the legacy of the Baath regime and addressing the changes that have occurred in the demographic composition of the areas covered by this article.
He also referred to his recent visit to the United States of America, where he returned to Iraq this morning. He explained that during the visit, he discussed the issue of Kirkuk and the disputed areas with the US Assistant Secretary of State and the head of the religious authority in the United States, noting that the American side views these areas with great importance.
The Deputy Speaker of the House of Representatives concluded his speech by pointing out that the new US administration may issue several political and economic decisions concerning Iraq and the United States, which has been discussed on several occasions with the federal government. link
Swiss Ambassador: Iraq is an important regional player and we seek to be an active element in local investments
The Swiss government appreciated the efforts of Prime Minister Mohammed Shia al-Sudani in developing bilateral relations and supporting investment.
The Swiss Ambassador to Iraq, Daniel Hohn, said during his participation in a dialogue session on the second day of the Baghdad International Dialogue Conference, today, Sunday, in Baghdad, that “there are great efforts made by Prime Minister Mohammed Shia al-Sudani to restore relations between Geneva and Baghdad, and there are also common interests between the two countries, and there are important investment opportunities in Iraq that we seek to work on and enter the Iraqi market.”
He added, “We have an Iraqi community that wants to return to Iraq to regain its interests, and we also have interests with Iraq that we are working to support and sustain,” indicating that “the Swiss government realizes that Iraq is an important regional player in the region and has many investments, so we seek for Swiss companies to be a contributing and effective factor in achieving these investments.” link
Source: Dinar Recaps
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