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Top Saudi Delegation Attends Saudi-Iraqi Coordination Council in Baghdad

File photo: Saudi Arabia's King Salman bin Abdulaziz meets with Iraq's President Barham Salih during his visit in Riyadh, Saudi Arabia, November 18, 2018. Reuters
File photo: Saudi Arabia's King Salman bin Abdulaziz meets with Iraq's President Barham Salih during his visit in Riyadh, Saudi Arabia, November 18, 2018. Reuters
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Top Saudi Delegation Attends Saudi-Iraqi Coordination Council in Baghdad

File photo: Saudi Arabia's King Salman bin Abdulaziz meets with Iraq's President Barham Salih during his visit in Riyadh, Saudi Arabia, November 18, 2018. Reuters
File photo: Saudi Arabia's King Salman bin Abdulaziz meets with Iraq's President Barham Salih during his visit in Riyadh, Saudi Arabia, November 18, 2018. Reuters

A top Saudi delegation led by Minister of Commerce and Investment Majid al-Qassabi will travel to Baghdad on Wednesday to meet Iraqi officials on trade and investment and attend the second meeting of the Saudi-Iraqi Coordination Council.

The delegation is scheduled to hold talks with Iraqi President Barham Salih, Prime Minister Adel Abdul Mahdi and Speaker Mohammed al-Halbousi.

Iraqi Foreign Ministry spokesman Ahmed al-Sahhaf told Asharq Al-Awsat that the visit of the Saudi delegation comes within the framework of coordination between the two countries at all levels.

Sahhaf pointed out that Saudi Arabia can play a role in Iraq’s reconstruction phase, and cooperate with various economic figures.

The first session of the Saudi-Iraqi Coordination Council was held in October 2017 under the patronage of Saudi King Salman bin Abdulaziz and former Iraqi prime minister Haider al-Abadi.

During Wednesday’s visit, the two sides are expected to sign important agreements and launch a number of projects in several fields.

Saudi Ambassador to Iraq Abdul Aziz al-Shammari noted that Saudi-Iraqi relations are at their best.

The diplomat indicated that Riyadh plans to issue visas to Iraqi citizens through a consulate that is set to open in Baghdad in the coming months.

The Saudi-Iraqi Coordination Council aims to enhance relations between both countries in all fields and coordinate efforts to serve the interests of the peoples of the two states.

It also aims to promote the exchange of technical expertise between Saudi Arabia and Iraq and enhance cooperation in the field of scientific research.

Earlier, the Saudi ambassador told Asharq al-Awsat that the Arar border crossing will open in June, after Riyadh pledged to fully establish an Iraqi crossing point with all the needed requirements including the infrastructure, technical and office supplies, and inspection equipment.

Shammari stressed that area will host the largest trade exchange facility between the two countries, and will be on the Saudi side. He asserted that all imported goods from Saudi Arabia will cost less when transferred via Arar and will have a positive impact on Iraq’s economy.

The diplomat also revealed that the two countries are mulling to sign an agreement to issue visas for Iraqi businessmen and citizens to enter Saudi Arabia.

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IMF Says US Tax, Spending Bill Runs Counter to Deficit-Cutting Advice

Pens lay on a table before House Speaker Mike Johnson, R-La., arrives to sign President Donald Trump's signature bill of tax breaks and spending cuts, Thursday, July 3, 2025, at the Capitol in Washington. (AP)
Pens lay on a table before House Speaker Mike Johnson, R-La., arrives to sign President Donald Trump's signature bill of tax breaks and spending cuts, Thursday, July 3, 2025, at the Capitol in Washington. (AP)
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IMF Says US Tax, Spending Bill Runs Counter to Deficit-Cutting Advice

Pens lay on a table before House Speaker Mike Johnson, R-La., arrives to sign President Donald Trump's signature bill of tax breaks and spending cuts, Thursday, July 3, 2025, at the Capitol in Washington. (AP)
Pens lay on a table before House Speaker Mike Johnson, R-La., arrives to sign President Donald Trump's signature bill of tax breaks and spending cuts, Thursday, July 3, 2025, at the Capitol in Washington. (AP)

The massive US tax and spending bill slated for a final vote in Congress runs counter to the International Monetary Fund's recommendations that Washington reduce fiscal deficits over the medium term, IMF spokesperson Julie Kozack said on Thursday.

Kozack told a regular news briefing that there was a broad consensus that the Republican bill will add to US fiscal deficits, while the US needs to start a fiscal consolidation.

"From the IMF side, we have been consistent in saying that the US will need to reduce its fiscal deficit over time to put public debt-to-GDP on a decisive downward path," Kozack said. "Of course, the sooner that process starts to reduce the deficit, the more gradual the deficit reduction can be over time."

Kozack said that there were many policy options for the US to reduce deficits and debt, adding: "It is, of course, important to build consensus within the United States about how it will address its these chronic fiscal deficits."

In recent years, the IMF has recommended that the US raise taxes, including on middle income earners, to close fiscal deficits. The Republican tax bill extends 2017 tax cuts and adds new tax breaks for many Americans.

The IMF advice is at odds with the views of US Treasury Secretary Scott Bessent, who has consistently said that he disagrees with traditional budget forecasts and believes that the so-called "One Big Beautiful Bill Act" will spur additional US economic growth that will boost revenues.

The United States is the biggest shareholder of the IMF. Bessent, who manages the US stake, has criticized the Fund for straying too far from its core economic stability and surveillance missions.

Kozack said that the IMF was examining details of the US legislation and the likely impact on the economy, and will incorporate its analysis into the late July update of its World Economic Outlook global growth forecasts.

The forecasts also will assess the state of play on US tariffs, after President Donald Trump's July 9 deadline to subject many countries to sharply higher duties unless they agree trade deals.