A high-level US economic delegation visits Iraq, affirming partnership and economic development.
The Vice President of the U.S. Chamber of Commerce, Steve Lutes, confirmed on Wednesday that the U.S. Treasury will play an active role in developing the Iraqi economy, noting that Iraq is witnessing increasing openness to economic partnerships with the United States. Lutes stated during a press conference that “our visit to Iraq represents the largest delegation of American businessmen to visit the country, and includes diverse sectors of the American economy,” stressing that “Iraqi Prime Minister Mohammed Shia al-Sudani is working to strengthen partnerships between Iraqi companies and their American counterparts to develop the industrial and economic sectors.”
He also explained that “the US Treasury Department and the US Chamber of Commerce represent key players in supporting joint economic cooperation between the two countries, with the aim of achieving sustainable development and expanding the horizons of joint action.”
In contrast, Ibrahim al-Baghdadi, head of the Iraqi Economic Council, emphasized during the conference that “the country has witnessed a significant decline in the level of education in recent years since liberation, but the presence of the American University in Iraq represents an important step toward saving education and represents a real lifeline.”
Al-Baghdadi added, “We cannot forget the role of the United States in liberating Iraq from dictatorship. It is a pioneering country in many fields and continues to contribute to supporting Iraq.”
He pointed out that “the visit of the American delegation, consisting of more than 100 figures representing more than 60 companies, is clear evidence of the development of economic relations between Baghdad and Washington,” noting that “the Private Sector Development Council was launched two days ago, headed by Prime Minister Mohammed Shia al-Sudani, and including the First Deputy Prime Minister, the Minister of Planning, and the Second Deputy Prime Minister.”
He concluded by saying, “Iraq is dozens of times better off today than it was in recent years, and we welcome any company willing to invest and work within Iraq to develop its industrial and economic sectors.”
Iraqi government: Washington’s tariffs have no significant impact on the Iraqi economy.
Government spokesman Bassem Al-Awadi said on Wednesday, April 9, 2025, that “Washington’s customs tariffs have no significant impact on the Iraqi economy.”
Al-Awadi stated in a statement to the official agency that “the American delegation came carrying a message of support for Iraq and a real investment in relations,” noting that “mega-projects for power generation and electrical transmission will be launched in partnership with American companies.”
He pointed out that “the Iraqi private sector must be a true partner in economic relations with Washington.”
He explained that “the US delegation’s visit reflects a mutual belief in developing relations on solid foundations,” considering that “investments in digitalization and artificial intelligence are among the priorities for cooperation with Washington.”
Al-Awadi continued, “The government’s reforms have attracted the interest of major American companies,” adding, “Sovereignty issues are being formulated in Iraq, and our goal is self-sufficiency in energy, agriculture, and industry.”
Earlier on Wednesday, Prime Minister Mohammed Shia al-Sudani received a large economic delegation from the American Chamber of Commerce, along with a number of American business leaders and investors. In his speech, he said, “Iraq has an investment law that provides many advantages to investors, and the government is working on a package of laws that encourage foreign investment.” He pointed out that “Iraq’s trade balance does not suffer from a deficit, but what is required is to correct the imbalance in the structure of the economy and reduce dependence on oil.”
He added, “There are those who paint a negative picture of the situation in Iraq, which is unfair and inaccurate.”
Rafidain Bank announces the activation of the comprehensive banking system in 57 branches.
Rafidain Bank announced on Thursday the activation of its comprehensive banking system in 57 branches, as part of its efforts to digitally transform and provide advanced banking services. The bank’s media office stated in a statement, “The comprehensive banking system has been implemented in the Bab al-Muadham and Oil Products Distribution Authority branches in Baghdad, as part of its ambitious digital transformation plan.”
The statement added, “Thanks to this achievement, we now have 57 branches connected to an advanced electronic system that facilitates all your financial transactions.”
The bank affirmed that “this step reflects our ongoing commitment to providing smooth and rapid banking services that guarantee a distinguished banking experience,” noting that “we will continue to include all of the bank’s branches in the electronic system.”
Al-Sudani stresses the importance of expanding cooperation with JP Morgan
Prime Minister Mohammed Shia al-Sudani stressed on Tuesday the importance of expanding partnerships between Iraqi banks and JPMorgan Chase, noting the government’s readiness to provide all forms of support to strengthen this relationship.
A statement from the Prime Minister’s Media Office, received by Al-Sabah, stated that “Al-Sudani received a delegation from JPMorgan Chase, headed by the bank’s Deputy Director, Daniel Zelikow, on the sidelines of the Iraqi Banking Sector Reform Conference held in Baghdad.”
The statement added, “During the meeting, discussions focused on enhancing cooperation in the financial and banking fields, including the bank’s participation in financing various investment projects. Mechanisms for securing credits and financial transfers and ensuring their delivery to those entitled to them in Europe and the United States were also discussed, which will contribute to improving services provided to Iraqi traders and importers.”
Al-Sudani pointed to “the importance of expanding the scope of partnership between Iraqi banks and JP Morgan,” noting “the government’s readiness to provide all forms of support to strengthen this relationship.”
For its part, the JP Morgan delegation expressed its “willingness to increase cooperation with Iraq by expanding the number of correspondent accounts opened for Iraqi banks, and its willingness to finance a number of investment projects directly or through partner financial institutions.”
IMF: Iraq needs oil prices above $90 per barrel
The International Monetary Fund revealed on Wednesday that Iraq needs an oil price above $92 per barrel to achieve a balanced budget for 2025.
According to the fund, which revealed in a table the oil price OPEC countries need to balance their national budgets for 2025, and which Shafaq News Agency reviewed, “Iraq needs an average price of $92.43 per barrel to balance its national budget.”
He added, “The highest average oil price required by countries to balance their national budgets was Iran, at $124.12 per barrel, followed by Algeria, at $118.95 per barrel, and then Kazakhstan, at $115.93 per barrel.”
The Fund continued, “Saudi Arabia needs an average price of $90.94 per barrel, followed by Kuwait at $81.84, Azerbaijan at $73.14, Libya at $70.05, and the UAE is the lowest-priced country at $49.95.”
Global oil prices have fallen in recent days, affected by the repercussions of tariffs imposed by US President Donald Trump on a number of US trading partners. This has raised concerns about a slowdown in global economic growth and its impact on oil demand forecasts. OPEC has also restored some of its production, raising concerns about a supply glut.
Government advisor: The dollar exceeds 40% of Iraq’s foreign currency reserves.
The financial advisor to the Iraqi Prime Minister, Mazhar Mohammed Salih, revealed on Wednesday that more than 40% of the country’s foreign currency reserves are in US dollars.
Saleh told Shafaq News Agency, “The US dollar accounts for more than 40% of Iraq’s investment portfolio of foreign reserves,” noting that “this is due to the fact that oil revenues are received in dollars.”
He added that “Iraq’s foreign reserves, which have reached $110 billion or less, play an important role in protecting the national economy from external shocks,” noting that these reserves are diversified between various foreign currencies and gold in the national investment portfolio.
According to the Central Bank, Iraq has foreign exchange reserves of 130.8 trillion dinars, including 162.6 tons of gold.
Al-Sudani presents huge investment opportunities to the American Chamber of Commerce.
Iraqi Prime Minister Mohammed Shia al-Sudani received a large economic delegation from the American Chamber of Commerce on Wednesday, including a number of American company presidents and investors, in the presence of the Chargé d’Affaires at the US Embassy in Iraq.
His office said in a statement received by Shafaq News Agency that Al-Sudani reviewed, at the beginning of the meeting, the facilities and measures taken by the Iraqi government to facilitate the entry of businessmen and companies into the Iraqi market.
He explained that Iraq now possesses many promising opportunities across various sectors, as the Iraqi market represents a broad and diverse market encompassing a wide range of products, goods, and services of interest to investors.
In his remarks, Al-Sudani emphasized that the Iraqi people have accomplished much in confronting terrorism and have laid solid foundations for their developmental renaissance. He noted that Iraq today has become a distinguished democratic model in the region.
He stressed the importance of bilateral relations with the United States and efforts to strengthen them, particularly in the economic and investment fields.
The Prime Minister also addressed the challenges Iraq has faced in recent years due to successive wars, noting that the country’s development has been significantly impacted by the war of the 1980s, the blockade of the 1990s, and the war on terror over the past two decades.
However, he emphasized at the same time that Iraq has become a fertile ground for investment opportunities across all sectors, as the country’s political, security, and social situation has become stable, contributing to an unprecedented development renaissance.
Al-Sudani emphasized that Iraq boasts a skilled workforce and promising talent across various fields, and that the government has worked hard to improve the country’s business environment by reforming laws, facilitating company registration procedures, and streamlining operations in Iraq.
He explained that Iraq has an investment law that offers numerous benefits to investors, and that the government is working on a set of new laws that encourage foreign investment.
The Prime Minister noted that Iraq’s trade balance does not suffer from a deficit, but what is required is reforming the economy’s structure and reducing its dependence on oil. He also emphasized that Iraq is a major industrial and agricultural country and is the shortest corridor between global trade between the East and the West, with many trade routes passing through it to Europe via Türkiye.
He added that the “Development Road” project will be the shortest economic corridor linking Asia to Europe, featuring lower freight transport costs.
Al-Sudani touched on Iraq’s mineral wealth, noting that there are many minerals that have yet to be exploited, such as sulfur and phosphate. Iraq ranks first globally in sulfur reserves and second in phosphate.
He also pointed out that Iraq produces 4 million barrels of oil per day, but that the gas associated with this production is burned, while Iraq imports gas to operate its power plants.
He revealed the government’s vision for implementing projects aimed at halting gas flaring by 2028, and has begun implementing contracts with international companies for this purpose.
Speaking about Iraq’s energy situation, Al-Sudani emphasized that Iraq is among the top ten countries in the world in terms of natural gas reserves. He also noted that there are attempts to paint a negative picture of the situation in Iraq, which is unfair and inaccurate.
The Prime Minister noted that Iraq has witnessed the entry of numerous investment companies to implement projects in the energy, housing, industry, and agriculture sectors.
He explained that the value of investment licenses granted in the country has reached $88 billion, stressing that the government has granted sovereign guarantees to the private sector to ensure the implementation of projects in various sectors.
