Avoiding billions of dollars in losses, Iraq wins dozens of international lawsuits.
The Iraqi Ministry of Justice announced on Thursday that it had won 36 international lawsuits in favor of Iraq without incurring any losses, avoiding paying large sums estimated at billions of dollars if it lost those lawsuits.
The Ministry’s media office said in a statement, “The Ministry of Justice won 36 international lawsuits filed against the Iraqi state, without recording any significant losses. This achievement is a remarkable legal precedent achieved thanks to the direct and continuous follow-up by the Minister of Justice, Khaled Shawani, and as a result of the intensive efforts made by the Ministry’s Legal Department.”
The ministry affirmed, according to the statement, that “these cases, which were distributed among a number of international courts and bodies, involved huge financial claims, and that sound legal procedures and meticulous pleadings contributed to sparing Iraq the payment of large sums estimated at billions of dollars, which would have represented a heavy burden on the public treasury had it lost them.”
The Ministry of Justice reiterated its commitment to “continue to represent the Iraqi state competently and professionally in various judicial forums, in a manner that protects its rights and enhances its legal presence internationally.”
The Iraqi Ministry of Finance issues a new bond issue worth more than 2.2 trillion dinars.
The Iraqi Ministry of Finance announced on Thursday the launch of the third issue of national bonds for public subscription, with a total value of 2.262 trillion and 942 million Iraqi dinars.
The Ministry of Finance said in a statement that the issuance of these bonds is being done through the Public Debt Department in cooperation with the Central Bank of Iraq, indicating that the bonds include two categories: the first is worth 500,000 Iraqi dinars, and provides an annual return of 8% paid every six months for a period of two years, while the second category is worth one million Iraqi dinars, and provides an annual return of 10% paid every six months for a period of four years.
She added that the subscription period for these bonds begins on April 20, 2025, and continues until May 20, 2025.
According to the statement, subscriptions will be conducted by submitting purchase requests to branches of banks authorized by the Central Bank of Iraq, along with the required identification documents. The amount will be transferred via the RTGS system on the subscription day. Subscribers will receive a temporary receipt until the bond is prepared and delivered later.
The Ministry of Finance called on citizens, investors, and companies to take advantage of this issuance, which offers fixed returns and a government guarantee, noting the importance of this step in supporting financial stability and enhancing local investment opportunities.
The Iraqi dinar strengthens as the Baghdad and Kurdistan stock exchanges close.
The markets of the Iraqi capital, Baghdad, and Erbil, the capital of the Kurdistan Region, witnessed a decline in the exchange rate of the US dollar against the Iraqi dinar with the closing of the stock exchange on Thursday evening.
The dollar exchange rate fell on the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 144,600 dinars for every $100, after it was 145,200 dinars this morning.
Exchange rates also fell in Baghdad’s local markets, with the selling price reaching 145,500 dinars for $100, and the buying price reaching 143,500 dinars.
In Erbil, the capital of the Kurdistan Region, stock exchanges recorded a similar decline, with the selling price reaching 145,200 dinars per $100 and the buying price reaching 145,100 dinars per $100.
Iraq to be the third largest Arab exporter of goods in 2024
The World Trade Organization announced on Thursday that Iraq ranked third as the largest exporter of goods in 2024.
The organization said in a report that Iraq ranked third among Arab countries as the largest exporter of goods, with exports valued at $102 billion, a 3% change from last year, representing 0.5% of global exports.
The organization added that the UAE ranked first in the Arab world in commodity exports in 2024, exporting $603 billion, followed by Saudi Arabia in second place with exports amounting to $503 billion, followed by Qatar in fourth place with exports amounting to $94 billion, followed by Kuwait with exports amounting to $76 billion.
The organization added that Oman came in sixth place with exports amounting to $63 billion, Algeria came in seventh with exports amounting to $50 billion, Morocco came in eighth with $45 billion, Egypt came in ninth with $42 billion, and Libya came in tenth with exports amounting to $30 billion.
Al-Sudani: Our goal is to meet the needs of the Iraqi market and stop importing from abroad.
Prime Minister Mohammed Shia al-Sudani stated on Thursday that his government’s goals include strengthening public-private sector partnerships, meeting the Iraqi market’s need for local production, and halting imports.
This came in a speech he delivered during the inauguration of the executive works, via video conference, for six industrial projects in Muthanna Governorate, at a total financial cost of $1.171 billion.
In his televised address, he said that the private sector is the state’s true partner in fulfilling various developmental and service obligations and needs for citizens, adding, “We have great confidence in businesspeople in this field and in the facilities provided by the government.”
He added, “Our goal is to meet the needs of the local market and stop importing from abroad,” stressing the need to meet the needs of the local market, whether for government projects, ministries, governorates, or others.
Al-Sudani continued, “Iraq is currently witnessing a clear push to implement service and construction projects, which requires more diverse materials to meet the needs of this market, regardless of imports.”
