Arab Parliament adjourns the 4th session held in the Iraqi Parliament
This was stated in a brief statement by the Media Department of the Parliament, which was received by the Iraqi News Agency, INA.
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Shafaq News
9 hours ago
- Shafaq News
Iraq's oil fortune: The two-decade grip of a US 'fortress'
Shafaq News Before dawn in Basra, giant oil tankers edge into the jetties, loading arms glinting under floodlights as millions of barrels of crude stream aboard for export. Yet most of the proceeds from this trade never pass through Baghdad's vaults. Instead, they cross the Atlantic to a heavily fortified building in Manhattan — the US Federal Reserve Bank of New York — where they remain under strict American oversight. What began in 2003 as a 'temporary safeguard' after the invasion and the fall of Saddam Hussein has endured for 22 years, outliving its original UN mandate and embedding itself in Iraq's financial system — and in the debate over whether such oversight protects or undermines the country's economic sovereignty. From Mandate to Custody In May 2003, UN Security Council Resolution 1483 required Iraq to deposit all oil and gas revenues into a Federal Reserve account under UN monitoring, with 5% deducted for reparations to Kuwait. That same month, then-US President George W. Bush issued Executive Order 13303, granting the account full legal immunity from seizure. For nearly two decades, Iraq sent steady payments to Kuwait — $52.4B in total — until the last $44M cleared in late 2021, closing the file. Iraqi lawmakers hailed it as 'a new beginning,' yet the financial mechanism remained. UN Security Council Resolution 1956, adopted on December 15, 2010, ended the UN-supervised arrangements for the Development Fund for Iraq (DFI) as of June 30, 2011. Yet Washington has renewed the executive order every year since — most recently in May 2025. In US policy circles, the arrangement has shifted from a post-war safeguard to a permanent instrument — one that, according to American officials, helps stabilize Iraq's fragile economy and monitor dollar flows. Supporters point to improved investor confidence and reduced risk from oil market volatility, while critics see a foreign power keeping a hand on Iraq's wealth. Billions in New York Central Bank of Iraq (CBI) officials told Shafaq News, in condition of anonymity due to the sensitivity of the matter, that the US Federal Reserve currently holds between $80B and $85B of Iraq's reserves. These funds pay for imports, settle foreign obligations, stabilize the dinar, and help curb inflation — making uninterrupted access critical to Iraq's economy. However, that dependence has given US regulators leverage; after, what it alleged, tracing dollar transfers to sanctioned states such as Iran and Syria, the US Treasury barred 35 of Iraq's 72 licensed banks from dollar transactions. Iraqi officials note that banks can be reinstated if they meet compliance standards, but until then, access to dollars remains restricted. With fewer dollars in circulation, the parallel exchange rate climbed from about 1,470 dinars per dollar in 2022 to peaks of 1,600 in 2024. Higher import costs rippled through markets, straining traders, raising consumer prices, and fueling public frustration. Washington has also considered limits on foreign electronic payments, potentially affecting the use of international cards — a reminder that decisions made in New York can directly influence transactions in Baghdad's shops and markets. Old Debt, New Risks To some, this Fed account is a vital shield, including Washington-based economist and policy adviser Dr. Frank Masmar, who described it to Shafaq News as 'a safe haven for revenues in volatile oil markets' that also facilitates debt servicing and trade finance. He warned, however, that 'the United States can, if it chooses, use these funds as political leverage.' Others in Baghdad, such as Prime Minister's economic adviser Mudhir Muhammad Salih, call it a 'legal safety net' that has allowed Iraq to diversify reserves into other protected central banks. He stressed that while the US does not directly control oil inflows, the dominance of the dollar means transactions are inevitably subject to American oversight. Meanwhile, Economist Nabil al-Tamimi warned that Saddam-era claims could still be used to target Iraqi assets if they lose the Fed's legal protection, noting that gaps left since 2003 could be exploited by foreign creditors. Former senior banker Mahmoud Dagher agrees, arguing that with outstanding cases against the Ministry of Finance, moving the reserves would be 'a strategic mistake.' Both see the same hazard: without immunity, Iraq's wealth could become entangled in court battles abroad. A Delicate Balance Oil revenues fund more than 90% of Iraq's budget; any delay in accessing them would disrupt salaries, stall public services, and unsettle markets. Altering the arrangement could also raise borrowing costs, hurt credit ratings, and weaken the dinar — risks Baghdad cannot afford to ignore. Iraq's choices are few: keep the system, renegotiate it, or cut the tie entirely. Each path carries consequences beyond accounting and deep into the question of sovereignty. As some analysts put it, relying on the Federal Reserve is like walking a tightrope — it offers security, but it can become a pressure point the moment "Washington's political calculus shifts." Two decades after the first oil dollars landed in New York, Iraq's economic lifeline shall continue running through a foreign vault for the foreseeable future — a reminder that in global finance, the lines between protection and control can be dangerously thin.
Rudaw Net
12 hours ago
- Rudaw Net
Conditions at Makhmour camp not eased despite PKK peace talks, say residents
Also in Iraq Kurds underrepresented in Kirkuk institutions despite half the population: MP Iraq drew over $100 billion foreign investment in two years: PM US senator warns PMF bill grants Iran 'backdoor' into Iraq Iraq-Iran new security deal updates 2023 agreement: Security advisor A+ A- ERBIL, Kurdistan Region - Residents of a camp in northern Iraq housing Kurdish refugees from Turkey say difficult conditions in the camp have not eased despite peace talks between Ankara and the Kurdistan Workers' Party (PKK). 'Iraqi forces don't even allow workers and patients to go to Iraqi provinces,' a camp resident told Rudaw, requesting anonymity due to safety concerns. Makhmour camp, located southwest of Erbil and administered by Nineveh province, is home to approximately 10,000 Kurdish refugees from southeastern Turkey. Most were displaced during Turkey's decades of conflict with the PKK. According to camp authorities, residents are currently barred from working, accessing hospitals, or enrolling in universities. Many have been unable to renew expired refugee documents, preventing them from passing through checkpoints. This restriction on their movements has led to a shortage of basic essentials in the camp, including medical supplies. In a message earlier in August, PKK founder Abdullah Ocalan said that progress in the peace talks would allow Makhmour camp residents to return home. Despite this hopeful news, residents say pressure on the camp has increased. 'After the message of leader Apo [Ocalan], we want the situation to calm down,' said another resident. Camp officials, however, told them 'a special war is being waged' to give them false hope, they added. A camp official, who also spoke on condition of anonymity, said that the policy for residents has not changed: 'The situation is unchanged. Evacuation is not on the agenda, and we don't want to say anything.' The Iraqi Ministry of Migration and Displacement has denied there are any restrictions on the movements of camp residents. 'They are officially registered with the Iraqi state and have no problems and are free to move to all provinces,' ministry spokesperson Ali Abbas told Rudaw last month. The camp has been caught in regional tensions for years. Turkey considers it a PKK stronghold, President Recep Tayyip Erdogan has labeled it an 'incubation center for terrorism.' The camp has been the target of Turkish airstrikes and drone attacks. The PKK, which has fought Turkey for decades, deployed fighters to protect the camp from Islamic State (ISIS) attacks in 2014 but said they withdrew in October 2023. On July 11, the PKK held a ceremonial disarmament in the Kurdistan Region. Thirty members and commanders burned their weapons, acting on Ocalan's call to abandon their armed struggle for a political solution to secure Kurdish rights in Turkey. A Turkish parliamentary commission has been formed to establish a legal framework for the peace process. Iraq banned the PKK last year under pressure from Ankara. Soran Hussein contributed to this article.
Shafaq News
13 hours ago
- Shafaq News
Kocho massacre 11 years later: Wounds remain, justice awaits
Shafaq News — Sinjar Eleven years after one of ISIS's worst atrocities, grief still hangs over the Iraqi village of Kocho — etched into its soil and carried in the memories of survivors. The massacre was part of ISIS's 2014 campaign against the Yazidis, which the United Nations later recognized as genocide for its systematic killings, mass enslavement of women and girls, and the forced displacement of thousands. In Kocho, the assault followed a 12-day siege, when ISIS militants overran the village, and herded residents into the local school. The men were executed, while the women and children were taken away to be enslaved. For Huzni Murad, a village elder and brother of UN Goodwill Ambassador Nadia Murad, this day marks 'a deep wound in Kocho's memory' — the day he buried his brother. From hiding, survivor Khedr Ismail listened to the deafening bursts of gunfire and watched friends and relatives collapse, including his father and two brothers, whose remains have yet to be found. For him, the massacre did not end with the gunfire; its echo lingers in years of waiting, unanswered questions, and the absence of justice. Nineteen mass graves in and around Kocho hold the remains of more than 500 villagers, yet only 169 victims have been identified and reburied. Murad faults the authorities for failing to complete exhumations and return the dead to their families. Both Murad and Ismail called on the Iraqi government and the international community to accelerate the search for the missing and return them to their families — steps they say are essential "if Kocho is to close a chapter that has haunted it for more than a decade."
