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Exclusive: Washington awaits “bold decisions” from Baghdad to implement new partnerships

Safwan Al-Amin, a researcher at the Atlantic Council, described on Tuesday the recent visit of Iraqi Prime Minister Ali Faleh Al-Zaidi to America as very successful in demonstrating US support for the new Iraqi government. WashingtonNews Updates

In a statement to Shafaq News Agency, the Secretary General commented on the dimensions and outcomes of the visit, noting a mutual desire to build a stronger relationship between the two sides, particularly in the economic field.

The Secretary explained that “the success of this approach and the shift in the course of the relationship with Washington remains conditional on the ability of the concerned parties to dismantle a number of complex challenges at both the internal and external levels.”

In analyzing how to balance this external openness with internal threats, the researcher noted that “American support, if translated into concrete steps on the ground, will undoubtedly contribute to enhancing the government’s chances of success.”

He added that “this support alone will not be enough to overcome the existing obstacles, as it primarily requires a decisive decision and internal political will that is agreed upon by the majority of the active forces in the Iraqi scene.”

Al-Zaidi and the high-level delegation accompanying him concluded last Saturday a five-day official visit to the United States of America, which focused on launching a comprehensive and diversified economic partnership to support the Iraqi economy, expand investment opportunities, revitalize the local labor market, as well as enabling Iraq to open new outlets for exporting crude oil and increase production and refining capacities.

The coordinating framework that brings together the Shiite forces in Iraq announced yesterday, Monday, its support for the results of Prime Minister Ali Faleh al-Zubaidi’s visit to the United States, and its support for the government in implementing the agreements and understandings concluded with Washington.

Shafaq.com

The Development Fund: Provides investment opportunities for the production of goods domestically valued at $40 billion.

The Iraqi Development Fund revealed on Tuesday that there are investment opportunities to produce goods worth $40 billion inside Iraq instead of importing them. The head of the fund, Muhammad al-Najjar, told the official agency that “the amount held by the fund is an investment amount, and is not allocated for use in the budgets,” explaining that “most of the budget items represent expenditures that are not expected to bring a return to the state, while the fund’s money is directed to investment projects that generate benefits and profits for the state, and then these returns are reinvested in other projects.” IraqPolitics Report

He added that “the fund represents one of the most important tools for continuing to build the alternative economy, especially in light of the failure to approve this year’s budget, and the circumstances that Iraq is going through due to the war and the cessation of oil exports. Therefore, the fund can be the spearhead in this direction,” noting that “the budget is concerned with spending, while the fund is concerned with investment, and there is a big difference in the method and way of thinking between them.”

He also explained that “the Fund has a Board of Directors consisting of the Minister of Finance, the Minister of Planning, and the Minister of Construction and Housing, and is chaired by the Prime Minister. The first meeting of the Board has not yet been held after the formation of the current government, because the previous Board of Directors stopped working due to the change in government,” noting that “the Board of Directors is the body that sets policies or adopts the policies presented by the Fund’s executive management.”

He stressed that “these policies have already been prepared and are awaiting the first meeting of the council for their adoption, and they are in complete line with the state’s direction towards finding alternatives to the rentier economy.”

He pointed out that “the talk about investment opportunities can be measured by the volume of annual Iraqi imports,” noting that “Iraq today imports most of its needs, and this means there is an opportunity to produce a large percentage of them locally, with the exception of some goods,” noting that “there are investment opportunities to produce goods worth $40 billion inside Iraq instead of importing them.” He continued: “If these imports are turned into local factories and investments, supported by international investments, this will contribute to reducing the burden of imports, and more importantly, it will provide job opportunities and launch a real development process,” explaining that “Iraq needs investment in various sectors.”

Burathanews.com

The Prime Minister’s advisor: Adopting the borrowing and grants law does not represent a permanent alternative to the budget.

The Prime Minister’s financial advisor, Mazhar Muhammad Salih, confirmed on Tuesday that the adoption of the borrowing and grants law is a temporary measure to ensure the continuation of spending until the budget is approved, and does not represent a permanent alternative to the general budget. He pointed out that the volatility of oil prices and the expansion of expenditures reinforce the need for borrowing to cover the deficit and secure the necessary financing. Salih told the official news agency that “if the borrowing and grants law is adopted as an alternative to the budget law, the government will resort to a temporary financing mechanism that allows it to continue to cover basic expenditures and fulfill its financial obligations until the general budget is approved.”

He added that “this mechanism includes domestic borrowing through the issuance of treasury bills or bonds subscribed to by local banks and financial institutions, and may also include external borrowing from international financial institutions or donor countries, as well as benefiting from international grants provided by regional and international bodies to finance specific projects or sectors.”

He explained that “the nature of financing is not necessarily limited to domestic borrowing, but is determined according to the size of financing needs, the availability of liquidity, the cost of borrowing, and the legal framework that allows the government to use these tools.”

He also pointed out that “resorting to this option instead of passing the budget law is often linked to the delay in the budget and the resulting lack of the necessary legal cover for government spending, which pushes the government to look for temporary financing tools that ensure the continued payment of salaries, the financing of public services, and the implementation of urgent financial obligations,” indicating that “weak liquidity or a decrease in public revenues, especially in light of fluctuating oil prices and the expansion of expenditures, may be an additional factor that reinforces the need to borrow to cover the deficit and secure the necessary financing.”

He also pointed out that “adopting the borrowing and grants law is not a permanent alternative to the budget, but rather represents an exceptional and temporary measure aimed at ensuring the continuity of the work of state institutions until the completion of the constitutional and legislative procedures for approving the general budget.”

Burathanews.com

The Coordination Framework announces its support for the results of Al-Zaidi’s visit to Washington and its backing of the government.

The Coordination Framework announced on Monday its support for the results of Prime Minister Ali al-Zaidi’s visit to Washington, stressing its support for the government in implementing the agreements.

A statement from the framework read, “The Coordination Framework held its 284th regular meeting this evening, Monday, in the presence of Prime Minister Ali al-Zubaidi and the leaders of the Coordination Framework. The attendees listened to a detailed presentation by the Prime Minister regarding the results of his recent official visit to the United States of America, the meetings he held with American officials, and the understandings and agreements that resulted from the visit in a number of sectors that serve the higher interests of Iraq.” IraqPolitics Report

The Coordination Framework expressed its support for the results of the visit and its backing of the government in implementing the agreements and understandings reached, which will enhance Iraq’s international standing, preserve its sovereignty and independence of national decision-making, contribute to developing its economic and security capabilities, attract investments, achieve sustainable development, and provide job opportunities for citizens.

According to the statement, the coordination framework discussed the government measures taken in the field of combating corruption, stressing its continued full support for the government, the judiciary, and the Integrity Commission in pursuing corruption, protecting public funds, recovering looted funds, and holding those involved accountable in accordance with the law, emphasizing that the framework will not provide political cover for any person proven by the competent judicial authorities to be involved in corruption cases.

The coordinating framework stressed the importance of adhering to legal and judicial contexts and including all those involved, regardless of their affiliation, to ensure the integrity of the anti-corruption campaign. The framework also discussed the overall situation in the country, enhancing political and security stability, improving the level of services, and addressing economic and social challenges, in order to meet the aspirations of citizens, according to the statement.

Burathanews.com

Parliamentary Finance Committee: The move to legislate the 2026 borrowing and grants law due to the failure to approve the budget.

The head of the parliamentary finance committee, Uday Awad, confirmed on Monday that the House of Representatives is moving towards legislating the draft law on borrowing and grants for the year 2026, in light of the absence of a general budget law.

Awad told the official news agency that “the parliamentary finance committee and parliament are moving towards legislating the draft law on borrowing and grants for the year 2026 due to the absence of a budget.”

He added, “The lack of a legal cover for borrowing prompted the submission of a proposal to legislate a borrowing law, which was discussed with the Minister of Finance, Faleh Al-Sari, and officials, and we are now in the process of legislating the law.”

He explained that “the Minister of Finance, Falih Sari, will submit the proposal to the Finance Committee to adopt the legislation of the law,” indicating that “internal borrowing is financed by the Central Bank, while external borrowing is from countries or the World Bank.”

He pointed out that “the law will grant the government the authority to seek loans, and there are many countries from which it can borrow, in addition to the Central Bank of Iraq,” noting that “the House of Representatives will, through the law, grant the Council of Ministers and the Minister of Finance the authority to borrow in order to secure the payment of salaries and run the affairs of the state.” ForeignInvestment Guide

Burathanews.com

Experts: Decision to qualify 7 banks is a step towards global financial integration

Financial and economic experts considered the Central Bank of Iraq’s agreement with the US Treasury Department to qualify seven Iraqi banks to return to foreign correspondent banking channels as an important step in the path of reforming the banking sector and strengthening its integration into the global financial system, indicating that it frees banks from financial isolation, breaks the monopoly of the parallel market, and attracts foreign direct investment. Anti-CorruptionCampaign Updates

Prime Minister Ali Faleh al-Zaidi welcomed the understanding reached between the Central Bank and the US Treasury Department, considering the move as confirmation of the success of the financial reform approach adopted by the government, enhancing confidence in the Iraqi banking sector, and opening broader horizons for the economy.

National and investment.

The Beginning of a New Phase

Regarding the importance of understanding, the economic expert, Dr. Nabil Al-Abadi, considered it a very positive and necessary step, indicating that it is the beginning of a new phase that carries great strategic gains, in contrast to strict implementation challenges.

Al-Abadi explained to Al-Sabah that allowing these banks to deal in other currencies (the euro, the dirham, and the Jordanian dinar) is like a lifeline for them. He pointed out that halting dollar transactions is akin to “clinical death” for these banks, and their return to external channels will keep them alive and prevent their bankruptcy.

He added that the success of these banks in conducting foreign financial transactions legally and systematically will reduce pressure on the demand for dollars in the parallel market, which will positively impact the stability of the dinar-dollar exchange rate in the medium term. He pointed out that foreign investors need secure banking channels to bring in their funds and repatriate their profits. The rehabilitation of seven banks sends a reassuring message to the international community that Iraq has begun to take the issue of combating money laundering and terrorist financing seriously, a fundamental requirement for any investment.

Restructuring

The economist noted that returning to international channels necessarily entails full compliance with US Know Your Business (KYC) and AML standards. This means that any financial activity by these banks will be under US scrutiny, which could complicate some commercial transactions with certain entities and deprive Iraq of some of its traditional financial flexibility. He added that announcing the names (which have not yet been revealed) will be a true test. Whether these banks are private sector or large state-owned banks (such as Rafidain and Rasheed), their success will require a radical administrative restructuring.

Al-Abadi concluded that the step was 100 percent correct and that the Iraqi economy could not bypass it, because remaining outside the global financial system was a disaster, adding that the biggest challenge is not in reaching an understanding, but in the daily implementation within the banks.

Stimulating economic activity

In a related context, economist Dr. Mustafa Akram Hantoush believes that building a strong economy begins with adopting an efficient financial and banking system capable of stimulating the movement of money and recycling capital within the market.

Hantoush told Al-Sabah that successful experiences, including the Egyptian experience in developing the financial system, have proven that facilitating financial operations and enhancing payment and financing tools contribute to stimulating economic activity and increasing investment and production. He pointed out that reviving the capital cycle raises the efficiency of markets, provides greater liquidity for projects, and positively impacts job creation and the achievement of sustainable economic growth.

Restoring trust

Meanwhile, academic Dr. Ali Fakher stated that the Central Bank’s commitment to international standards, transparency, and anti-money laundering measures positively impacts building trust between citizens and the state, given that the Central Bank is the official body of the country.

Fakher added, in an interview with Al-Sabah, that the greatest importance lies in attracting foreign investments, as the latter are looking for a banking system capable of carrying out international transfers easily, noting that the return of Iraqi banks to the global financial system is extremely important for improving investments and increasing the flow of funds.

He stressed that the basic standard for cash transactions is trust, and the more the citizen trusts the banks, the higher the deposit rates will be. He explained that the use of electronic payment methods reduces the hoarding of money outside the scope of the bank and limits informal transactions. Moreover, the stability of the exchange rate through the dealings of Iraqi banks with their global counterparts reduces the pressure on the dollar market.

He explained that this step represents the transition from a sanctions economy to an open economy, given that Iraqi banks have long been associated with oversight, rather than financial partnerships built on trust. He pointed out that it is possible to raise their credit rating, which will have a positive impact on financial institutions, improve the business environment, and reduce international financial isolation.

He said that any success in banking reform will necessarily reflect on economic reform and achieve important results by maintaining compliance and governance standards, and will grant international confidence through transparency. Therefore, it is a step towards restoring international confidence and achieving a more robust economy.

Alsabaah.iq

Parliamentary movement to question al-Zidi and Al-Abadi about the $60 billion agreements with Washington

Member of Parliament Ahmed al-Shammari revealed on Monday that a broad parliamentary movement has garnered over 70 signatures from MPs to submit a formal request to summon Prime Minister Ali al-Zubaidi and Oil Minister Basim al-Abadi to Parliament.

Al-Shammari told the Information Agency that “the summons aims to compel the Prime Minister and the Oil Minister to clarify the nature of the agreements, contracts, and memoranda of understanding signed during their recent visit to Washington, D.C..”
He added that “the parliamentary request focuses primarily on the need to reveal the opaque mechanism related to the Energy and Development Fund, in addition to the issue of supporting the U.S. strategic reserves and its impact on the country’s economic sovereignty.”

It is worth noting that during the Prime Minister’s visit to Washington, D.C., a number of agreements and memoranda of understanding were signed, totaling 48, with a combined value exceeding $60 billion. These agreements covered vital sectors including energy, electricity, oil and gas, digital communications, and agriculture. EconomicForecast Reports

Almaalomah.me

Will Baghdad open the “postponed accounts” with the region and end the era of political compromises?

The latest data from the Federal Integrity Commission indicates that indicators of public funds mismanagement and the recovery of smuggled funds have reached record levels. Meanwhile, oversight reports concerning border crossings, oil revenues, and civil servants in the Kurdistan Region continue to face legal and political obstacles preventing their full audit by the Federal Board of Supreme Audit.

This discrepancy in figures places decision-makers in Baghdad under increasing public and legal pressure, and raises the inevitable question in political and public circles: When will the preferential treatment of the region end, and when will the equation for opening corruption files be applied equally to the region without exception or political immunity?

At this time, parliamentary and public demands to open corruption files in the Kurdistan Region are escalating, amidst repeated accusations from political circles in Baghdad of misappropriating public funds and wasting state money through oil and border crossings.
In this context, MP and former minister Wael Abdul Latif affirmed on Monday that the federal government’s dealings with the Kurdistan Region remain shrouded in ambiguity and uncertainty, particularly regarding matters related to the state’s sovereign rights. He stressed that the region is an integral part of Iraq and must be subject to the same regulations as all other provinces and state institutions.

In a statement to Al-Maalomah News Agency, Abdul Latif said, “The Kurdistan Region is not immune to the quagmire of corruption, and those involved in corruption there must be pursued and condemned, specifically concerning the ongoing smuggling of oil abroad on a daily basis without the knowledge or consent of the federal government.”
He added, “The region has been smuggling oil for a long time, transporting between 50 and 60 tankers daily at a minimum,” asking, “We still don’t know where these smuggled shipments are sold, at what price, or which political parties or entities benefit from the financial proceeds.”

Abdul Latif called on “the current government and the judiciary to take serious and effective action to open major corruption cases within the region, and to completely abandon the policy of political favoritism adopted by previous governments, which led to the squandering of the Iraqi people’s wealth.”

For his part, a leading source within the coordination framework, who preferred to remain anonymous, confirmed that the volume of corruption cases linked to the Kurdistan Region and some of its representatives in the federal government “has become too large to ignore,” considering that successive governments have dealt with these cases cautiously for political reasons.

The source told Al-Maalomah News Agency that “previous and current governments have pursued a policy of turning a blind eye to many corruption cases related to the region under the pretext of maintaining political agreements and not complicating relations with Kurdish leaders.”

He added that “there are accusations related to oil and investment files, smuggling networks, as well as awarding projects to companies linked to the region, which necessitates opening transparent legal investigations to uncover the facts and hold those involved accountable if the violations are proven.”

As for the general irrigation situation, experts believe that the anti-corruption campaign will face a real test if it extends to all files without exception, away from political pressures or partisan calculations, since the principle of equality before the law represents one of the most important criteria for the success of any reform project.

Observers note that resolving the contentious issues between Baghdad and Erbil through legal and judicial frameworks could contribute to strengthening confidence in oversight institutions and confirm that combating corruption is not linked to a specific region or political entity, but rather targets anyone proven to be involved in wasting public funds or abusing their influence.

Amidst the ongoing debate, the focus remains on the ability of judicial and oversight institutions to manage this issue according to evidence and legal procedures, ensuring the consolidation of the principles of justice and the rule of law, free from selectivity or political considerations. This is because combating corruption only achieves its objectives when it encompasses all those accused without discrimination, regardless of their location. ForeignInvestment Guide

Almaalomah.me

Instead of a budget, the Iraqi parliament is moving towards passing a borrowing law.

On Monday, the parliamentary finance committee revealed that it had discussed the draft law on borrowing, grants and subsidies with Finance Minister Faleh al-Sari, stressing that the law would be an alternative to the 2026 general budget law, in preparation for its inclusion on the agenda of the House of Representatives.

The head of the parliamentary finance committee, Uday Awad, told Shafaq News Agency that “the committee hosted Al-Sari today to discuss a number of proposed laws, most notably the law on borrowing, grants and subsidies, which aims to maximize public revenues in a way that supports the Iraqi state treasury.” NewsArticle Subscription

He added that “the borrowing law will be an alternative to the 2026 budget law, and the committee read the draft law and discussed it with the Minister of Finance, before voting by majority to include it in the agenda of the upcoming sessions of the House of Representatives.”

Awad explained that “the law includes mechanisms for internal and external borrowing, without specifying a particular amount or financial ceiling,” indicating that “the draft law grants specific powers to each minister with regard to spending, in addition to other powers granted to the Council of Ministers in accordance with the provisions of the law.”

Awad had revealed to Shafaq News Agency yesterday, Sunday, that the committee intends to discuss the possibility of separating the allowances and promotions of state employees from the budget law.

Earlier, Finance Committee member Hussein Al-Daraji revealed to Shafaq News Agency that the legislative and executive authorities intend to gradually move towards implementing a “programs and performance budget” starting from next year, 2027, to ensure the regulation of spending and the protection of public funds.

The committee had hosted the Minister of Finance and senior officials in the ministry on July 7 to discuss the financial and economic situation and the mechanisms for preparing the draft federal budget for 2027.

Shafaq.com