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The oil conflict between Iraq and Kurdistan has reached at a serious stage where both of the regions have taken stand on their own conditions to resolve this matter. Kurdistan decided to boycott all parliamentary sessions and meetings for discussions and approval of the annual budget of Iraq, until new rules and regulations for oil and gas.

The militants of ISIS, the Sunni Muslim armed group want to gain the control of Baghdad after gaining the control of some major cities of Iraq. Hillary Clinton is not in the favor to send troops in Iraq like past, instead she wants to talk with the other neighboring countries like Iran to talk on some action plan against these militants in the country.

The increasing deficit of the general federal budget to more than 35 billion dollars will play objection large and categorical rejection by the International Monetary Fund and the World Bank, because it will lead to problems of economic and financial in the country and perhaps affect the market becomes faulty and conflicts between fiscal and monetary policy of the country.

This is the positive side of Iraq's economy. On the other hand, Iraq is still going through a tough time. It is still in the condition of war. Although, there is no direct war going on in the Iraq, but terrorism act is taking huge revenue from Iraq. Iraq's current government is made by Shia party. Sunni party has conflict about it.

The member of finance committee of Iraq, Mustafa Jamal said yesterday that continuous borrowing from central bank of Iraq for the investments needs is not in the favor of Iraq and its economy. The borrowing will be conflicted with the predefined rules of state budget in the country.

While concerns over tensions in Ukraine due to Russia and United States conflict as sentiment on the green back remained fragile, the dollar was steady to lower against other major currencies of the world.

Iraqi Dinar 123 News:- The value of dollar is continuously decreasing in the international market due to unrest political and law and order situation in Iraq. The conflict in Ukraine is also considered as the major reason for decline of dollar in the international market.

The US Joint chiefs of Staff briefed to the Congress that the Iraqi government has asked to the United States that the Iraqi government needed to use the US air power in the conflict against the ISIS militants. The ISIS (Islamic State in Iraq and Syria) is a branch of Al Qaeda, in which most of the militants are Sunni Muslims. This group has a success story in Syria, they are batting Syrian President Bashar Ul Assad's security forces.

The oil policy defined in the annual budget is the main conflict between Baghdad and Kurdistan. According to this new policy, Kurdistan will have to export 400,000 barrels oil per day through Baghdad pipelines and in the failure, the 17% deduction will be made in the final budget of Kurdistan. Kurdistan is not ready to accept this term and consider as against the interest of Kurdistan.

The political leader and the MP for the coalition of state law, Abdul Salam Al Maliki said that looking present political environment of the country, it is difficult to say that the budget of Iraq will be approved in 2014. There is a deadlock on the both sides and no one is ready to compromise on the conflicted issues.

The general budget of Iraq is always declared in the month of October every year. Unfortunately the budget is declared in Iraq often late in the country that caused many of the issues in the country. The unstable political situation of Iraq was always a big hurdle for approval of the budget. The conflict of Iraq and Kurdistan is the major cause of the delay of the Iraq general budget every year.

Along with President of China Iraq Prime Minister will also meet with the Iranian President to discuss the conflict of government with the Kurdistan. The arbitration offer made by United States of America will be under discussion between both of the leaders. Iran does not want United States of America to play any role to resolve this issue between government and Kurdistan.

Iraqi Dinar 123 News:- Revaluation of Iraqi dinar is delayed due to some administrational reasons. The government of Iraq wanted to revalue the currency before general elections but could not do so because of some internal conflicts with Kurdistan regional government. People are now confused with the ever changing dates for revaluation of Iraqi dinar.

The government officials and the opposition parties were busy in their election campaign and therefore they could not pay proper attention to the budget discussions and finally the budget delayed. As far as my opinion is concern, you cannot neglect the conflict between government and Kurdistan as it is the actual reason behind the budget delay.

Iraq is looking to develop consensus with Kurdistan to approve annual budget because budget cannot be approved without cooperation of Kurdistan. The new ambassador of United States of America for affairs of Iraq will meet Noor Al Maliki by 25th May to discuss the present economic and political condition of Iraq. The Kurdistan and Iraq conflict will be at the top of the list in the discussion.

The gold prices went down on Tuesday. This happened with the stocks of Asia which rose and remained above the level of $ 1300 per ounce. This happened within the tensions that are hovering in the conflict in the Ukraine and Gaza area. This increased the demand of expensive metals as an asylum. Despite the conditions in these areas, everything is still in demand.