MILITIAMAN: Iraq Dinar News-Final Budget Accounts-Black Rock in Iraqi Port-Rafidain Bank Global Financial System

Introduction

In this chapter, we delve into the recent developments surrounding Iraq’s fiscal policy, budgetations, and economic advancements as indicated in a video discussion that took place on Liberation Day, April 2. 

The speaker provides insightful commentary on the notable link between the completion of prior budget accounts and the formulation of the upcoming 2025 budget, emphasizing the significance of financial management laws established in Iraq.

 Key actors, such as the Ministry of Finance, BlackRock, and the Rafidain Bank, are essential components of the restructuring and modernization of Iraq’s economy.

 This discussion not only highlights the thought processes and essential legislation guiding Iraq’s financial kingdom but also addresses the prospects of economic stability and growth, showcasing the critical dynamics at play in shaping Iraq’s future.

The Importance of the 2025 Budget and Financial Accounts

• The speaker begins by referencing a recently published article discussing the return of final budgets as Iraq prepares for the 2025 fiscal budget. This indicates increased governmental transparency and accountability.
• The importance of Article 13, Paragraph 3 of the Financial Management Law (FML) Number 6 of 2019 is emphasized, which states that if the federal budget draft for a fiscal year is not approved, the previous year’s financial statements will serve as a reference point.
• This procedure has roots going back to 2014, indicating a long-standing effort to ensure budgetary compliance and diligence in managing Iraq’s finances.

Completion of Final Accounts

• The completion of the 2024 final accounts is critical as it will form the basis for assessing the 2025 budget. The next steps rely heavily on the Ministry of Finance finalizing these accounts.
• Muhammad Tamin, the Minister of Planning, announces that the 2025 budget tables are ready for submission, indicating a positive trajectory towards fiscal consolidation.
• The upcoming budget will not include new projects and will solely finance ongoing initiatives, demonstrating a focus on sustainability over expansion during this transitional phase.

Non-Oil Revenue and Budget Adjustments

• Atwan Alawi, the chairman of the Parliamentary Finance Committee, points out the need to address the imbalance within the estimates of non-oil revenues, crucial for the stability of Iraq’s economy.
• The government plans adjustments to the general authority related to federal income controls to gain better insight into the investment income from state assets.
• Additionally, AAA an emphasis is placed on comprehensive revenue assessments, which will enable effective fiscal policy formulation leading into 2025.

Urban Renaissance and Governance

• The speaker cites the thoughts of Muhammad, the Prime Minister’s advisor, who stresses that the 2025 budget amendments aim to enhance stability and foster an urban renaissance in Iraq.
• The current legal framework and budget flexibility provide the necessary foundation to implement government services without interruption.
• Recent discussions indicate a positive outlook, with strategic governance reflecting high-level cooperation between legislative and executive authorities, facilitating stability and transparency.

The Role of BlackRock in Iraq’s Economic Development

• One of the most impactful developments discussed is the acquisition by BlackRock and  MSC of multiple ports in the Middle East, signaling a strategic investment in key trade waterways.
• This deal includes the control of a vital port in Basra, Iraq’s only deep-water port, further emphasizing its significance for Iraq’s trade and import channels.
• BlackRock’s acquisition illustrates a move towards economic diversification and stability, integral to Iraq’s growth trajectory.

Anti-Money Laundering (AML) Efforts

• The Rafidain Bank is highlighted for its commitment towards improving its Anti-Money Laundering (AML) systems, enhancing financial transparency in a landscape increasingly scrutinized for financial crimes.
• Dr. Ali Karim Hussein, the General Director of the bank, discusses the vital importance of AML processes, stating that these will include Know Your Customer (KYC) protocols to ensure proper fund source transparency.
• This focus on combating corruption and enhancing monitoring capabilities places the Rafidain Bank at the forefront of financial reforms in Iraq, preparing to align itself more closely with international standards.

Development Projects and International Cooperation

• The chapter also references upcoming high-level discussions involving Iraq’s Prime Minister, Muhammad Shia Al-Sudani, with Turkey and Gulf nations like the UAE and Qatar regarding major development projects such as the Development Road Project.
• This infrastructural project aims at strengthening the economic link between Iraq and Europe, presenting opportunities for significant foreign investment and cooperation.
• The expectation of financial backing from these Gulf nations reflects a growing interest in Iraq’s progress and international engagement.

Conclusion

The discussions surrounding Iraq’s financial developments reveal a landscape poised for transformation, driven by strategic budgeting practices, international investments, and a renewed emphasis on transparency and governance. The convergence of key players like the Rafidain Bank and BlackRock within Iraq not only signifies a vital step towards economic recovery but also sets the stage for potential integration into the global financial system. Overall, the anticipated discussions and legislative movements surrounding Iraq’s financial health are promising indicators of a nation ready to embark on a path of sustainable growth and development, marking a crucial moment in the country’s journey towards economic stability.

This chapter underscores the importance of these developments, which will be continuing signals of progress and engagement in Iraq’s economic future, inviting thoughtful observation as events unfold.