Economy Update – Baghdad
Prime Minister Farhad Aladdin has affirmed the government’s commitment to diversifying its gas import sources in an effort to reduce reliance on Iranian gas, which currently accounts for approximately 46% of Iraq’s electricity generation. In a recent televised interview, Aladdin highlighted ongoing efforts to develop infrastructure and engage in negotiations with alternative suppliers such as Qatar, despite the United States maintaining its exemption for Iranian gas imports.
In addressing economic perceptions, Aladdin noted the government’s collaborative work with the Ministry of Foreign Affairs to counteract misleading rumors, particularly those related to dollar smuggling. He emphasized the importance of clarity and truth, indicating that officials are actively visiting the U.S. Congress to provide factual insights and address misconceptions regarding Iraq’s economic practices.
Regarding Iraq’s international economic relationships, Aladdin pointed out that China has emerged as the largest importer of Iraqi oil and highlighted strong commercial partnerships with both China and Russia, emphasizing the economic nature of these alliances. He reiterated Iraq’s strategy of maintaining balanced diplomatic relations with all global partners.
Strengthening Ties with Saudi Arabia
Prime Minister Aladdin lauded the strengthening ties with the Kingdom of Saudi Arabia, describing the current state of relations as exceptionally positive. Notably, Saudi Arabia is investing billions of dollars in various projects in Iraq. Significantly, a security agreement has been established between the two nations for the first time since 1982.
Furthermore, Aladdin acknowledged Iraq’s ongoing need for technical support from international organizations such as the United Nations Development Program (UNDP) and the United Nations Children’s Fund (UNICEF), reaffirming that these organizations will continue to operate within Iraq, independent of the United Nations mission’s activities.
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