Iraq, KRI agree to implement Unified Pension Law No. 9
Shafaq News/ Iraq and the Kurdistan Region have reached an agreement to implement the Unified Pension Law No. (9) for 2014 concerning employee entitlements, the Kurdish Ministry of Finance and Economy announced on Monday.
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Shafaq News
2 hours ago
- Shafaq News
Turkiye grants visas to stranded Iraqis as Basra reopens for flights
Shafaq News/ Turkish authorities are continuing to issue entry visas to stranded Iraqis arriving from third countries and seeking to return home, Iraq's ambassador to Turkiye confirmed on Sunday. In a statement, Ambassador Majid Al-Lajmawi said that the Iraqi Embassy in Ankara is closely coordinating with Turkish authorities to facilitate the issuance of five-day entry visas for stranded Iraqi nationals. 'The measure follows directives from Iraq's Ministry of Foreign Affairs and aims to ensure an orderly and secure return of Iraqis stranded at Turkish airports due to recent regional developments that prompted the airspace shutdown.' He also announced the launch of a new direct flight route between Dubai and Basra, operated by Iraqi Airways with two daily flights. Iraq's Ministry of Transport recently confirmed that air traffic remains suspended across the country's airports—except for Basra International Airport, which reopened for daytime operations starting Sunday. Additionally, the head of Iraq's Civil Aviation Authority, Benkin Rikani, noted that these measures fall under the broader efforts of the Iraqi government to secure an orderly and safe return for nationals affected by the ongoing regional crisis. تحديث معلومات للعراقيين المتواجدين في الخارج ١- بالنسبة الى تركيا تمنح فيزا في مطار اسطنبول للقادمين والراغبين للدخول براً بناءاً على تدخل سفارتنا في تركيا .٢- من يوم غد سيم افتتاح مطار البصرة والبدء بتوجيه جميع الشركات لاعادة المسافرين اليه بدلاً من المطارات العراقية الاخرى… — بنگين ريكاني Bangen Rekani (@BangenRe) June 14, 2025
Shafaq News
4 hours ago
- Shafaq News
Kurdistan confirms stable supplies despite regional tensions
Shafaq News/ Markets in Al-Sulaymaniyah remain stable with sufficient supplies of food and essential goods, the city's Chamber of Commerce and Industry reported, despite heightened tensions following Iran-Israel airstrikes. In a statement released on Sunday, the chamber confirmed that the import activity continues uninterrupted, stressing that the warehouse inventories are sufficient to meet demand for several months. The Chamber is coordinating closely with government bodies and the private sector to maintain price stability, ensuring the steady flow of goods. Residents were further encouraged to avoid panic buying, disregarding rumors suggesting shortages. The announcement comes amid growing concern among traders and residents over rising gold prices and a stronger dollar, with many turning to gold as a safe-haven asset amid regional uncertainty. Meanwhile, food prices have also increased, adding further pressure on household purchasing power.
Shafaq News
7 hours ago
- Shafaq News
Caught in the Crossfire: Israel–Iran escalation puts Iraqi economy at risk
Shafaq News/ Though not a direct participant in the Israel–Iran conflict, Iraq finds itself in the middle of its economic fallout, with its geographic proximity, oil-dependent economy, and heavy reliance on US dollar mechanisms making it acutely vulnerable to regional shocks. As Iran and Israel continue to exchange missile and drone attacks in the wake of Operation Rising Lion and True Promise 3, Iraq's fragile market has begun to absorb the pressure: the local currency has weakened, food prices are climbing, and concerns are mounting over disrupted trade routes and logistical bottlenecks at ports and borders. Currency Jitters Amid Regional Firestorms The moment Israeli airstrikes intensified against Iranian nuclear and military targets, the Iraqi dinar began slipping—a reflection not of market speculation alone, but of broad anxiety over Iraq's ability to contain the fallout. On Friday, just hours after Israel's unprecedented assault on Iranian soil, the exchange rate soared above 146,000 dinars per 100 US dollars in several parallel markets, marking its lowest point in months. 'This isn't just a technical reaction,' said Ahmed Eid, an economic researcher. 'It's a wave of panic. People aren't just worried about the missiles—they're worried about what comes next: tighter US restrictions on transfers, more scrutiny from the Treasury, and possible banking disruptions.' He warned that continued smuggling of US dollars to Iran will only deepen monetary instability, noting that 'Iraq's economy is externally dependent—we don't produce, we import almost everything. And with every shock in the region, we're the first to crack.' Despite these concerns, Finance Committee member Moein Al-Kadhimi confirmed to Shafaq News that airspace closures would not disrupt the flow of dollar remittances from the US Federal Reserve, which handles Iraq's oil revenues. 'There's no impact on employee salaries or cash liquidity,' he said. Still, the psychological toll of regional instability is already rippling through Baghdad's currency markets and consumer confidence. Oil Windfall or Energy Trap? At first glance, the 5% spike in global oil prices that followed the Israeli strikes seems like a boon for Baghdad. With over 90% of its national budget funded by oil revenues, Iraq stands to benefit from Brent crude's jump to $74.23 and US crude reaching $72.98. But experts warn that this short-term gain masks deeper vulnerabilities. 'This is a fragile profit,' said economist Safwan Qusay, noting that any threat to the Strait of Hormuz—through which over 3 million barrels of Iraqi oil flow daily—could unravel Iraq's fiscal position overnight. 'Even if Iraq reactivates the Turkish Ceyhan pipeline as an alternative route, it can only handle a third of exports, and with high logistical costs,' he said. 'We're talking about thousands of trucks and expensive security requirements.' JPMorgan has warned that oil could surge to $120 per barrel if Middle East tensions worsen. But for Iraq, higher prices won't help if tankers can't move. The Red Sea and Strait of Hormuz—now central to Houthi and Iranian military calculus—remain key vulnerabilities. Broader Economic Pressures Mount Beyond currency and energy risks, Iraq faces a range of indirect threats from the Israel–Iran escalation including flight suspensions due to airspace closures that are disrupting commerce and mobility, especially for Iraqi pilgrims, students, and workers returning from Iran. Supply chain disruptions also loom large as cargo movements via ports or land routes may slow amid rising insurance and security costs. The specter of refugee inflows or economic migration from Iran could add pressure to already strained public services in Iraqi provinces bordering Iran. Financial expert Mahmoud Dagher told Shafaq News that Iraq is still 'in a stage of economic endurance,' propped up for now by high oil prices. But he cautioned that the country's exposure is growing rapidly. 'The worst-case scenario is a full closure of the Red Sea or the Gulf. If that happens, it's a blow not just to Baghdad but to every economy in the region,' he said. Strategic Paralysis in a Dependent Economy What makes Iraq uniquely exposed is its lack of economic insulation. With limited domestic production, high import dependency, and entrenched dollarization, the country has little room to maneuver. Even minor geopolitical tremors—let alone open conflict between Israel and Iran—send immediate shockwaves through Iraqi markets. In the absence of robust local industries, the average Iraqi household feels the crisis not just through headlines, but in the price of rice, medicine, and fuel. Iraq's economy, in essence, remains a passenger car hitched to the region's volatile geopolitical locomotive. And with missiles flying between Tehran and Tel Aviv, that ride is growing bumpier by the day.
