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Clare » April 15th, 2025
Al-Sudani’s advisor: Annual returns from investing reserves are no less than $2 billion.
4/15/2025-Baghdad
The Prime Minister’s financial advisor, Mazhar Mohammed Saleh, confirmed on Tuesday that the “annual returns” from investing foreign reserves are no less than $2 billion, according to his estimates.
Saleh said, “These investments are often short-term and directed toward US, European, or British treasury bonds, with the goal of achieving appropriate returns.”
He added, “These investments are characterized by low risk and generate appropriate returns, and the invested assets can be quickly converted into cash without incurring losses.”
Saleh pointed out that “profits generated from reserves are divided into two types: the first is realized, represented by direct interest, and the second is unrealized, resulting from diversifying the investment portfolio, in addition to realizing potential profits from exchange rate differences between currencies and gold.”
The Central Bank of Iraq previously revealed a decline in foreign reserves for 2024, reaching 130.81 trillion dinars, a 10.18% decrease compared to the same period in 2023, when these reserves reached 145.64 trillion dinars. LINK
Parliament expresses surprise at the government’s delay in submitting the 2025 budget schedules.
4/15/2025
The Finance Committee of the Iraqi Parliament expressed surprise on Tuesday at the government’s delay in submitting the 2025 budget schedules to the parliament, despite previous promises.
Committee member Saad al-Nubi told Shafaq News Agency, “The Parliamentary Finance Committee recently hosted both Minister of Planning Mohammed Tamim and Minister of Finance Taif Sami to discuss the 2025 general budget law schedules. The two ministers informed the committee that the schedules would be sent to the Council of Ministers.”
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He added, “However, we still note the government’s delay in sending the budget tables to Parliament for discussion and voting,” considering that “there is a clear challenge on the part of the government in not sending the tables to Parliament without knowing the reasons.”
Al-Nubi continued, “The budget was supposed to reach parliament before the end of last month, but we don’t know the reasons for this delay.” He noted that “the committee pressured the Minister of Planning and the Minister of Finance, asking them to explain the reason for the delay in submission, but has not received a response yet.”
It is noteworthy that the Iraqi Parliament voted in June 2023 on the draft general budget law for the fiscal years (2023, 2024, 2025). LINK
Source: Dinar Recaps
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