Foreign Investment: The Non-oil Revenue Source Iraq Needs to Ensure a Vibrant and Sustainable Economy . BY BASTA SIRWAN* Executive Summary: For Iraq, Foreign Direct Investment (FDI) could be the answer to fiscal improvements and increasing foreign currency reserve in the market. Global demand for oil export is expected to continue, thus exploiting high energy prices to m
Read More
Russia-aligned Iraq has awarded the development of a crucial gas field to a Ukrainian firm. The importance of the Akkas gas field for Russia, Iran, and China can barely be overstated. The Akkas field is one of three big gas sites that form a skewed triangle across southern Iraq. So strategically vital to Russia, Iran, and China is the Akkas gas field i
Read More
China is seizing an opportunity in the Middle East to improve its energy security and global influence, with Iraq a particular beneficiary This push has its risks, though, and Beijing’s neutrality will face challenges in a region fraught with long-standing rivalries and competing interests Chinese firms recently won the lion’s share of licences for oil and gas exp
Read More
Despite sharing a border, Iraq and Turkey have had a history marked by tensions; however, recent developments indicate that the two countries are now entering a new, positive phase in their relationship. Meeting in Baghdad on April 22, Iraqi Prime Minister Mohammed Shia‘ al-Sudani and Turkish President Recep Tayyip Erdoğan, the latter making his first visit to Iraq in 13 yea
Read More
Washington, DC – May 16, 2024: On May 13, 2024, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Iraq and considered and endorsed the staff appraisal. Domestic stability has improved since the new government took office in October 2022, facilitating the passage of Iraq’s first three-year budget, which entailed a large fisc
Read More