IMF expects Iraq’s non-oil economy to continue growing at 3.5% in 2025
The Iraqi delegation concluded its meetings with the International Monetary Fund in Amman during the period from February 24 to 26, 2025, with the participation of the Minister of Finance, Taif Sami Muhammad, and the Governor of the Central Bank of Iraq. Iraq’s economic performance and prospects for sustainable growth were discussed, amid appreciation for the progress made.
The discussions focused, according to the Finance Ministry statement, a copy of which was received by {Euphrates News}, in which experts from the Ministries of Finance, Planning, Oil, Electricity and the Central Bank participated, on: “Macroeconomic indicators, where a remarkable growth in non-oil GDP was recorded at 5% for the year 2024, driven by the expansion of the agricultural sector and the increase in public spending, with growth expected to continue at 3.5% in 2025.”
The mission confirmed that “these figures reflect an improvement in economic diversification and a reduction in dependence on oil, which enhances the stability of the national economy, in addition to reviewing actual expenditures and expected revenues for the year 2024 and expectations for the year 2025 and how to finance the deficit.”
The statement added, “The meeting also discussed updating the public debt strategy with mechanisms that ensure public financial sustainability and enhance investor confidence in government bonds.”
The IMF stressed “the importance of developing the banking sector to support investments and attract foreign capital, which contributes to creating a more stable financial environment,” affirming “its support for Iraq in developing financial policies by providing advisors and experts to help the Ministry of Finance manage public debt and improve the tax system in line with the requirements of economic growth.”
In the context of enhancing financial stability, it was agreed to “intensify efforts to expand cooperation with foreign correspondent banks, which facilitates foreign trade financing operations, in addition to enhancing the use of the Iraqi dinar in major transactions, which enhances the strength of the national currency.”
The meetings also stressed, according to the statement, “the continued progress in financial and economic reforms, which reflects the Iraqi government’s commitment to achieving financial sustainability that supports development and stimulates investment, in light of an ongoing strategic partnership with the International Monetary Fund.”
Iraq’s gold reserves grow by 45.1 percent
The Central Bank of Iraq announced today, Sunday, that gold reserves recorded a growth of 45.1 percent.
The Central Bank said in a statement received by /Al-Maalouma/ Agency, that “the gold reserves of the Central Bank of Iraq recorded a growth of (45.1%) in the fourth quarter of 2024 compared to the same quarter of the previous year, as they rose from (12.29 trillion dinars in the fourth quarter of 2023 to (17.83) trillion dinars for the same quarter in 2024 as a result of the increase in the amount of gold and gold prices.”
He added that “this carries great benefits as it enhances economic and financial stability and protects against risks, and is considered an important tool for intervening in the exchange market.”
Iraq achieves self-sufficiency in liquefied gas and begins exporting surplus
The Ministry of Oil confirmed, on Sunday, achieving self-sufficiency in liquefied gas, and exporting the surplus to foreign markets.
A statement by the ministry received by /Al-Maalouma/ agency stated that “Undersecretary of the Ministry of Oil for Gas Affairs, Izzat Saber Ismail, visited the Middle East Factory for the manufacture of liquefied gas cylinders, which is one of the private sector investment projects in Basra Governorate,” stressing “the great support provided by the government and the ministry to the private sector and investment projects in all aspects related to the field of liquefied gas industry.”
Ismail said: “Investment projects contribute to the development and advancement of the national industry,” stressing “the importance of supporting projects for factories manufacturing iron or plastic cylinders according to approved international specifications, and setting appropriate mechanisms for the marketing and local consumption process, in coordination with the relevant authorities in the Gas Filling and Services Company, in a manner that achieves the common goals of the ministry and the investment project.”
He pointed out that “the ministry succeeded in achieving self-sufficiency in liquefied gas and exporting the surplus to foreign markets, as daily production reached more than eight thousand tons per day, in addition to implementing development plans and increasing the area of consumption of liquefied gas instead of liquid fuel of all kinds, through supporting investment projects, whether for industrial, service or residential projects.”
The statement explained that “the Undersecretary’s visit was accompanied by the Director General of the Oil Projects Company, the Director of the Liquefied Gas Filling and Services Company branch and a number of officials, and included a tour of the factory and reviewing the production process.”
Iraq carries out the first historic international land transport operation
The Iraqi Ministry of Transport announced, on Sunday, that Iraq received the first experimental flight in coordination with the International Road Transport Union (IRU) via the (TIR) system.
The Ministry’s media office quoted the Director General of the General Company for Land Transport, Murtada Karim Al-Shahmani, in a statement today, as saying, “Today, Sunday, we received the first experimental trip via the (TIR) system, which departed from the Turkish port of Mersin via Iraqi territory, where its entry procedures were received at the Ibrahim Al-Khalil port and it departed towards the Umm Qasr port, and its final destination will be Khalifa Port in (Abu Dhabi).
The ministry stressed that “Iraq is close to achieving a historic achievement in cross-border trade, noting that transport operations are expected to continue under the umbrella of the international land transport system soon, as this event represents a turning point for the country and a major step towards full integration into the internationally recognized system for customs transit.”
The International Road Transport Union (IRU) announced early last February that Iraq was ready to implement the first historic transport operation via the TIR system, in a historic step towards enhancing cross-border trade.
The union says its system involves shipping goods from the country of origin to the country of destination in sealed cargo compartments under customs control via a multilateral and mutually recognised system.
