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The budget deficit is estimated at a record 64.36 trillion Iraq dinars, more than double the last budget deficit in 2021, according to a budget document and lawmakers. The budget sets the exchange rate for oil revenues in U.S. dollars at 1,300 dinars per dollar. It will remain valid through 2025, though it is subject to amendment, including to the oil price it uses given its near-total dependence on oil revenue. To break even, Iraq required an oil price of $96 bpd, it said, while the price averaged $71.3 bpd in May. Baghdad previously had no say over Kurdistan's expenditure of oil revenues, with Kurdistan unilaterally exporting crude via Turkey despite Baghdad's objections.

Persons: Mohammed Nouri, Ahmed Tabaqchali, Ahmed Rasheed, Timour, Shri Navaratnam, Robert Birsel Organizations: Media, REUTERS, London School of Economics Middle East Center, Monetary Fund, Thomson Locations: Baghdad, Iraq, REUTERS BAGHDAD, Kurdistan, Iraqi, Turkey, Erbil, Iraq's, Kurdish, Ankara

"The fresh water is finished," said Khamis Adel, a lifelong fishermen and indigenous Marsh Arab from Al-Khora in Basra. It's a question asked by many who once lived off Iraq's marshlands, rich waterways which gave birth to civilization in ancient Mesopotamia. As the rivers and marshlands dry out, so too does the economy that they sustain. "Now a fisherman is nothing, they are like beggars," he said, pushing his boat along the canal in humid heat. Even after the 2003 U.S. invasion, when parts of the marshes were flooded again, water levels did not fully recover.

Persons: Essam, Khamis Adel, Mohsen, Hasan Moussa, Hasan, Naame Hasan, Adel, Saddam Hussein, Ahmed Saeed, Issam, Timour Azhari, William Maclean Organizations: REUTERS, UNESCO, of, U.N's, Organization for Migration, WE, Thomson Locations: Iraqi, Basra, Iraq, BASRA, NAJAF, Al, Khora, of Eden, Mesopotamia, Turkey, Iran, Najaf, U.S, Issam Sudani, Timour, Baghdad

☆ Iraq launches $17 billion road and rail project to link Asia and Europe
▼ + stars: | 2023-05-27 | by ( Timour Azhari | ) www.reuters.com time to read: +3 min

"The Development Road is not just a road to move goods or passengers. This road opens the door to development of vast areas of Iraq," Farhan al-Fartousi, director general of the General Company for Ports of Iraq, told Reuters. The Grand Faw Port, which was devised over a decade ago, is halfway to completion, Fartousi said. Passenger transport between Iraq and Europe harkens back to grand plans at the turn of the 20th century to create a Baghdad to Berlin express. But officials say the Development Road is based on something new: a period of relative stability since late last year that they hope can be maintained.

☆ Iraq says Iran blames reduced gas exports on 'technical' matter
▼ + stars: | 2023-05-26 | by ( ) www.reuters.com time to read: +2 min

An Iraqi delegation led by the electricity minister will travel to Iran next week to discuss the issue, Iraqi state media reported on Tuesday, noting gas imports had decreased by 20 million cubic meters at the time. Iraq usually imports between 50 million to 70 million cubic meters of gas, according to Iraq's electricity ministry spokesperson Ahmed Moussa. Iraq imports electricity and gas from Iran that in total makes up between a third and 40% of its power supply, especially crucial in the sweltering summer months when temperatures can top 50 degrees Celsius (122°F) and power consumption peaks. During Friday's phone call, Amirabdollahian thanked Iraq for trying to resolve the issue of financial transfers with Washington, the statement said. Iraq spends roughly $4 billion per year on imports of Iranian gas and power while at the same time burning massive quantities of natural gas as a byproduct of its hydrocarbons sector.

[1/5] Iraqi residents walk along Mutanabbi Street in Baghdad, Iraq, May 14, 2023. "This push to develop the capital Baghdad is the most extensive undertaking of its kind," he told Reuters in an interview. 'BAGHDAD COMING BACK'Iraqi-Canadian artist Iyad Al-Mosawi fled Baghdad as a child amid war with Iran in the 80s and did not return until 2019. "I find that Baghdad is coming back," Mosawi said, noting he had attended eight exhibition openings in just two weeks. Reporting by Timour Azhari and Amina Ismail in Baghdad; Writing by Timour Azhari; Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

☆ Arabs bring Syria's Assad back into fold but want action on drugs trade
▼ + stars: | 2023-05-09 | by ( Maya Gebeily | ) www.reuters.com time to read: +6 min

Hezbollah, which deployed fighters to Syria to aid Assad's war efforts, has denied any role in the drugs trade. Aided by Iran and Russia, Assad steadily beat back his rebel enemies, some of whom had support from U.S.-allied Arab states that have now restored ties. The United States, United Kingdom and European Union have all placed new sanctions on Damascus in recent weeks over captagon. The United States has said it will not normalize ties with Assad and its sanctions remain in full effect. "I would put ending the captagon trade right at the top alongside the other issues", she said.

☆ Analysis: Arabs bring Syria's Assad back into fold but want action on drugs trade
▼ + stars: | 2023-05-09 | by ( Maya Gebeily | ) www.reuters.com time to read: +6 min

While denying any role in the trade, for which Syrian officials and Assad relatives have faced Western sanctions, Damascus has sought leverage from the issue. Hezbollah, which deployed fighters to Syria to aid Assad's war efforts, has denied any role in the drugs trade. Aided by Iran and Russia, Assad steadily beat back his rebel enemies, some of whom had support from U.S.-allied Arab states that have now restored ties. The Syrian source confirmed Riyadh had proposed a sum that would be paid as humanitarian aid, but could not say how much. "I would put ending the captagon trade right at the top alongside the other issues", she said.

Companies TotalEnergies SE FollowBAGHDAD, May 3 (Reuters) - Iraq and TotalEnergies (TTEF.PA) expect to kick-start a long-delayed $27 billion project within the next two weeks, Iraq's oil minister Hayan Abdel-Ghani said on Wednesday. Abdel-Ghani said at a conference in Baghdad he expected five side agreements related to the deal to be signed in the next two weeks, paving the way for implementation to commence. Chief Executive Patrick Pouyanne said last week the two sides had reached an agreement on Iraq's stake in the project. "I think (it) is a good setup with our finalising of all the paperwork," Pouyanne said on TotalEnergies' first-quarter results call last week. "The government of Iraq confirmed the whole contract, no modification at all ... so that was for me more than a good news," Pouyanne said.

ANKARA/BAGHDAD, May 2 (Reuters) - ISIS leader Abu Hussein al-Qurashi's six-month rule ended when he detonated a suicide vest during a Turkish special forces raid in northwest Syria on Saturday after refusing to surrender, a senior Turkish security official said. Turkish President Tayyip Erdogan said on Sunday Qurashi "was neutralized" as part of the intelligence forces' operation. Images of the site provided by the security official showed a red-roofed building with most of the walls on its ground floor blown out. An Iraqi intelligence official said: "The only safe haven for the senior Daesh (ISIS) leaders is in Syria, and specifically in areas bordering Turkey." A Turkish security official declined to comment on any Iraqi intelligence involvement in the operation.

☆ French prosecutors accuse Lebanon central bank chief of hiding fraud
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +3 min

BEIRUT/PARIS, April 21 (Reuters) - French prosecutors have told Lebanon's central bank governor Riad Salameh they plan to press preliminary fraud and money laundering charges against him, partly based on allegedly forged bank statements used to conceal his wealth, according to French court documents seen by Reuters. During that hearing, French prosecutors intend to press the preliminary charges and formally name him a suspect. As part of his response to accusations, Salameh sent French prosecutors a 65-page memo supplied by Marwan Kheireddine, the chairman of Lebanon's AM Bank. But according to the French court documents seen by Reuters, French investigators have reached the conclusion the bank statements were fake. Salameh "used fake records of bank accounts at AM Bank… provided by Marwan Kheireddine, to justify in a deceitful manner the origin of his properties or revenues," French prosecutors say in the court documents.

☆ Saudi Arabia, Syria welcome thaw in ties, agree to fight drug trafficking
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +3 min

[1/3] Deputy Minister of Saudi Foreign Ministry, Waleed El Khereiji meets with Syrian Minister of Foreign Affairs and Expatriates, Faisal Mekdad in Jeddah, Saudi Arabia, April 12, 2023. Saudi Press Agency/Handout via REUTERSRIYADH, April 12 (Reuters) - Saudi Arabia and Syria's foreign ministers on Wednesday welcomed a thaw in bilateral ties, including steps to resume consular services and flights, and agreed to cooperate to fight drug trafficking and facilitate Syria's return to the Arab fold. Assad, with the help of his main allies Iran and Russia, regained control over much of Syria, and Saudi Arabia has said isolating him was not working. Much of it is thought to be sold to buyers in Gulf Arab countries, including Saudi Arabia. Mekdad's trip to Jeddah came two days before Saudi Arabia hosts another meeting of regional foreign ministers that will discuss Syria's return to the Arab League.

The Lebanese bank did not respond to a message seeking comment. Bank statements seen by Reuters show how the Salameh accounts at AM Bank ballooned from $15 million in 1993 to more than $150 million by 2019. Lebanese prosecutors suspect the accounts, from which regular cash withdrawals were made, were used to conceal money laundering activity, a Lebanese judicial source said on Saturday. According to the lawyer, French prosecutors have summoned his client with a view of naming him a formal suspect. If French prosecutors suspected Salameh of wrongdoing, they could not hear him as a witness, Sur said.

☆ European investigators to revisit Lebanon in central banker fraud case
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

BEIRUT, April 5 (Reuters) - European investigators will return to Beirut in April to question two key people who have been charged in Lebanon in a case involving alleged fraud by Lebanese central bank governor Riad Salameh, two sources with direct knowledge of the probe told Reuters. Lebanon and at least five European countries are investigating whether Salameh and his brother Raja Salameh took more than $300 million from the central bank between 2002 and 2015. The three have been charged in Lebanon with embezzlement, illicit enrichment and money laundering in two separate cases but have not been detained. The European investigators are due to arrive in Beirut on April 24. The governor enjoyed strong backing from Lebanese elites in his three decades as central bank chief, during which the central bank financed a state rife with corruption and enforced policies that earned commercial banks massive profits.

☆ Lebanon in confusion as daylight savings dispute deepens divisions
▼ + stars: | 2023-03-26 | by ( Timour Azhari | ) www.reuters.com time to read: +4 min

It said it would turn clocks forward on Saturday night and other Christian organisations, parties and schools announced similar plans. Businesses and media organizations, including two of Lebanon's main news channels LBCI and MTV, announced they too would enter daylight savings on Saturday night. But later that day, Mikati issued the decision to stay in winter time. Independent MP Waddah Sadek said on Twitter decisions were taken without "any consideration for the consequences or confusion that they cause". Some Twitter users shared an old recording of famed Lebanese composer and musician Ziad Rahbani speaking about daylight savings.

☆ Lebanon has two times of day amid daylight savings dispute
▼ + stars: | 2023-03-26 | by ( Timour Azhari | ) www.reuters.com time to read: +4 min

BEIRUT, March 26 (Reuters) - Lebanon woke up in two time zones on Sunday amid an escalating dispute between political and religious authorities over a decision to extend winter time for a month. Businesses and media organizations, including two of Lebanon's main news channels LBCI and MTV, announced they too would enter daylight savings on Saturday night as calls for disobedience gained steam. LBCI said in a statement that it would disobey Mikati's decision because it would have harmed its work, adding: "Lebanon is not an island". But later that day, Mikati issued the decision to stay in winter time. Some Twitter users shared an old recording of famed Lebanese composer and musician Ziad Rahbani speaking about daylight savings.

☆ Missile attack targets U.S. base in east Syria - security source, media
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +1 min

BEIRUT, March 24 (Reuters) - A U.S. base at the Al-Omar oil field in Syria's northeast was targeted with a missile attack on Friday morning, according to Lebanese pro-Iranian TV channel Al Mayadeen and a security source. The source told Reuters the attack took place at around 11 a.m. (0900 GMT) and it was unclear whether it had caused casualties. Thursday's attack took place at a coalition base near Hasakah in northeast Syria, the Pentagon said in a statement. The U.S. intelligence community assessed that the one-way attack drone was Iranian in origin, the Pentagon said, a conclusion that could further aggravate already strained relations between Washington and Tehran. Reporting by Orhan Qereman Writing by Timour Azhari Editing by Andrew Cawthorne and Frances KerryOur Standards: The Thomson Reuters Trust Principles.

Just a day after the deadly attack on U.S. personnel in Syria, which Washington blamed on a drone of Iranian origin, sources said a U.S. base in Syria's northeast was targeted with a new missile attack. The U.S. strikes were in response to an attack earlier on Thursday by an attack drone against U.S. personnel at a coalition base near Hasakah in northeast Syria. Three service members and a contractor required medical evacuation to Iraq, where the U.S.-led coalition battling the remnants of Islamic State has medical facilities, the Pentagon said. NEW ATTACK INEFFECTIVEA U.S. base at the Al-Omar oil field in Syria was targeted with a missile attack on Friday morning, according to Lebanese pro-Iranian TV channel Al Mayadeen and a security source. U.S. forces first deployed into Syria during the Obama administration's campaign against Islamic State, partnering with a Kurdish-led group called the Syrian Democratic Forces.

☆ IMF: Lebanon in 'very dangerous situation' with reforms stalled
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +3 min

BEIRUT, March 23 (Reuters) - The International Monetary Fund warned on Thursday that Lebanon was in a very dangerous situation a year after it committed to reforms it has failed to implement, and the IMF urged the government to halt borrowing from the central bank. "One would have expected more in terms of implementation and approval of legislation" related to reforms, he said, noting "very slow" progress. "Lebanon is in a very dangerous situation," he added, in unusually frank remarks. Still, Rigo said that the IMF would "never walk away" from helping a member country and there was no deadline for Lebanon to implement the reforms. Rigo said that Lebanon should move towards a market-determined exchange rate, rather than maintaining multiple rates including the central bank's Sayrafa exchange rate, which is not set by market forces.

JANDARIS, Syria, March 22 (Reuters) - Hussein Mankawi has little hope he will ever rebuild his home and food distribution businesses in the north-west Syrian city of Jandaris after they were reduced to rubble by last month's deadly earthquake, wiping out his life's work. There is nothing but tents," he said, standing by the mangled ruins of his home in the rebel-held region. The Feb. 6 earthquakes were the worst modern-day natural disasters to strike Syria and Turkey, killing more than 56,000 people across the two countries. The U.N. says more than 100,000 people have been displaced in the region since the first quake struck on Feb. 6. "We were looking for a better life," he said as he waited to be let through the border with his family.

☆ Turkey earthquake survivors search rubble for their gold savings
▼ + stars: | 2023-03-07 | by ( Timour Azhari | ) www.reuters.com time to read: +3 min

Reyhan Vural, 48, and her 59-year-old husband Metin survived the devastating Feb. 6 quake that killed more than 50,000 people in Turkey and Syria. "Our everything is in the rubble," Vural said, gesturing at the mound of debris that was her home on a quiet street lined with citrus trees. "We were going to buy a house and the gold for it was in there," she said. They believe in gold," said a contractor clearing rubble and who declined to give his name. Authorities are swiftly clearing the rubble and starting to focus on rebuilding for the millions who lost their homes.

☆ Lebanon judge sets March 15 hearing for central bank chief in graft probe
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

BEIRUT, March 6 (Reuters) - A Lebanese investigative judge has scheduled a March 15 hearing for Lebanese central bank governor Riad Salameh as part of a cross-border corruption probe into Salameh and close associates, a judicial source said. Judge Charbel Abu Samra took over the case late last month after another judge charged Salameh with embezzlement, illicit enrichment and money laundering. The charges against Salameh are the product of an 18-month probe into whether Salameh and his brother, Raja, embezzled more than $300 million from the Central Bank between 2002 and 2015. Salameh, central bank governor since 1993, still enjoys backing from powerful Lebanese leaders. He was charged last year over illicit enrichment in a case related to the purchase and rental of Paris apartments, including some to Lebanon's central bank.

☆ In Turkey's quake-devasted city of Antakya, an antiques seller is determined to stay put
▼ + stars: | 2023-03-04 | by ( Timour Azhari | ) www.reuters.com time to read: +4 min

Close by was a mosaic portrait of Ataturk, the founder of modern Turkey, old magazines and several Turkish flags. "Even before the earthquake, these chairs were outside, I had items outside to show that we run an antique shop ... In one room, a wall collapsed on top of his collection of Turkish antique glassware. A man who has made a living from old things, Sincan said he took a historical view of the earthquake's devastation. Sincan said he was confident the city would rise again.

☆ New Turkey quake kills one person, flattens more buildings
▼ + stars: | 2023-02-27 | by ( Timour Azhari | ) www.reuters.com time to read: +3 min

The latest aftershock, with a magnitude of 5.6 and depth of 6.15 km, hit three weeks after a massive quake that killed more than 50,000 people in Turkey and Syria. Turkey has arrested 184 people suspected of complicity in the collapse of buildings in this month's earthquakes and investigations are widening, a minister said on Saturday. On Sunday, AFAD announced that the death toll in the devastating quake three weeks ago had risen to 44,374. More than 160,000 buildings containing 520,000 apartments collapsed or were severely damaged in Turkey by the disaster, the worst in the country's modern history. After the latest tremor, AFAD issued a fresh warning on Twitter telling people not to enter or even stand near damaged buildings in the earthquake zone.

[1/3] A man carries a sofa out of a destroyed apartment building in the aftermath of the deadly earthquake in Antakya, Hatay province, Turkey, February 20, 2023. More than 160,000 buildings, containing 520,000 apartments, collapsed or were severely damaged in Turkey in the earthquakes. Turkish President Tayyip Erdogan has pledged to rebuild homes within a year, although experts have said the authorities should put safety before speed. Many survivors have left the region of southern Turkey that was hit or have been settled in tents, container homes and other government-sponsored accommodation. Additional reporting by Mehmet Dinar; Editing by Michael Georgy and Edmund BlairOur Standards: The Thomson Reuters Trust Principles.

☆ Explainer: The probes into Lebanese central bank chief Salameh
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +5 min

BEIRUT, Feb 23 (Reuters) - Lebanese authorities charged longtime central bank governor Riad Salameh, his brother Raja and one of his assistants on Thursday with money laundering, embezzlement and illicit enrichment after months of delay in the high-profile case. Top prosecutor Ghassan Oueidat stopped Tannous from attending a Paris meeting last year with European prosecutors investigating Salameh, Reuters reported. In June 2022, Oueidat ordered a prosecutor to formally charge Salameh with crimes including money laundering, illicit enrichment, forgery and tax evasion. On Thursday, a newly appointed prosecutor, judge Raja Hamoush, charged Salameh with money laundering, embezzlement and illicit enrichment. The finance minister said this month replacing him would be difficult, citing Lebanon's political complexities.

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