“Estimated at $16 trillion,” a government advisor said. “Iraq ranks first in the world in terms of its concentration of natural resources.”
The Prime Minister’s financial advisor, Mazhar Mohammed Salih, confirmed on Friday that Iraq ranks ninth globally among countries rich in natural resources, while pointing to a move to invest in strategic minerals whose revenues rival those of oil .
The Prime Minister’s financial advisor, Mazhar Mohammed Salih, said in a statement to the official media, monitored by “Mil”, that “Iraq ranks ninth among the world’s ten richest countries in terms of natural resources, as its wealth in precious metals, minerals, and other resources is estimated at at least $16 trillion, according to preliminary global estimates .”
He pointed out that “Iraq ranks first in the world in terms of the concentration of natural resources per square kilometer of its vast and diverse geography, particularly in the Mesopotamia Basin region, which is rich in underground resources .”
He explained that “investing in strategic minerals such as thorium and uranium could generate returns comparable to those of oil, as thorium is a cleaner and more important alternative for energy generation compared to uranium.” He noted that “linking the value of the national currency to investment in these minerals depends on Iraq’s ability to enter value-added chains, which contributes to raising the gross domestic product .”
He added that “the discovery of large quantities of thorium and uranium in southern Iraq represents ‘strategic news’ that will have a significant impact on diversifying the national economy if exploited optimally, especially if linked to the investment policies associated with the Development Road Project .”
Saleh emphasized that “advancing the exploration and manufacturing processes for these two resources will pave the way for the development of non-oil resources, enhancing Iraq’s global geo-economic position. Furthermore, this development will chart the outlines of a new industrial map linked to the path of development, establish a sustainable future, attract major global mining companies with advanced technological capabilities, and provide quality job opportunities within the Iraqi market .”
He pointed out that “this boom in mineral investment will have a positive impact on fiscal and monetary policy, by enhancing monetary stability and increasing national income, which will contribute to improving citizens’ well-being .”
He continued, “The importance of thorium and uranium minerals in the global energy market, and the presence of major economic partners such as India, China, and the United States, make Iraq a pivotal player in the field of unconventional fuel resources and an influential center in facilitating international security and energy paths.”
Including “liquidity shortages,” the Parliamentary Finance Committee explains the reasons for the delay in the 2025 budget schedules.
Parliamentary Finance Committee member Mustafa Al-Karawi explained on Saturday the reasons for the delay in submitting the 2025 budget schedules. While he attributed this to a lack of liquidity and a lack of an economic vision, he noted that this will lead to the disruption of employee dues.
Al-Karawi said in a statement to Al-Maalouma Agency that “the government’s delay in sending the 2025 budget tables is a clear legal violation of Article 77/Second of the General Budget Law, noting that “this delay reflects the government’s failure to implement its legal obligations.”
He added that “the delay in sending the tables will have a direct impact on employees’ financial dues, such as certificates, transportation, bonuses, promotions, and others,” noting that “monthly salaries will not be directly affected, but the impact will include the rest of the details related to employee rights.”
He explained that “the operational and investment budget will also be significantly affected, which will negatively impact the level of public spending,” stressing “the need to send the tables in accordance with what the law requires.” He pointed out
that the delay is due to “the lack of sufficient financial liquidity, as well as the government’s lack of a clear economic vision regarding oil prices and revenues, which is pushing the government to reduce the spending period within the fiscal year.”
Regarding the legislative session, Al-Karawi explained that “the delay in the arrival of the tables may lead to an extension of the session for a month, but if “If it arrives, the legislative recess will be entered, which means the budget cannot be approved before the end of the current year.”
It is noteworthy that the House of Representatives had previously voted on the budget amendment law and sent it to the government to send the budget schedules.
Faw Grand Port is the region’s gateway to development
Omani Minister of Transport, Communications and Information Technology, Said bin Hamoud Al Maawali, described it on Friday as “the region’s gateway to development.”
A Shafaq News Agency correspondent said that a high-level Omani delegation headed by the Omani Minister of Transport, Communications and Information Technology, Saeed bin Hamoud Al-Maawali, accompanied by the Iraqi Minister of Transport, Razzaq Muhaibis Al-Saadawi.
The Iraqi Minister of Transport said in a joint press conference, “The Omani delegation expressed great admiration for the Faw Port and the advanced progress achieved in a number of its affiliated projects. They considered this a major achievement for Iraq and the region and a qualitative leap forward in trade and the economy.”
For his part, the Omani minister said, “This massive project represents the region’s gateway to development. We have similar experiences that we are working to develop jointly with Iraq. We have closely examined the components of the Grand Faw Port project, and we affirm our desire for an ambitious start and a significant partnership.”
