Parliamentary Finance Committee: The Ministry of Finance has begun preparing the 2027 budget.

The Parliamentary Finance Committee confirmed on Friday that the Ministry of Finance has begun preparing the 2027 budget. The committee also indicated that the Grants and Borrowing Law will be presented to Parliament next week. Committee member Ikhlas al-Dulaimi stated to the official news agency that “during the committee’s visit to the Prime Minister, several issues were agreed upon, including the agreement to send the 2027 budget.” She added that “the Finance Committee has taken upon itself the task of legislating the Grants and Borrowing Law, and an agreement has been reached with the government to approve it. The first reading will take place next week.”

She added that “the Ministry of Finance is directly involved in preparing the 2027 budget, and has prepared the budget strategy and involved the Finance Committee and a number of ministries and representatives of the region in it, in order to send it to the committee.” She continued that “there is an agreement between the Prime Minister and the Finance Committee that there should be a budget and pass it in the House of Representatives as quickly as possible, considering that the country’s situation requires that there be a budget in order to have financial stability in which the exchange rate, the price of a barrel, export mechanisms and how to work are determined.”

Regarding the confirmation of contracts, Al-Dulaimi explained: “We did not discuss the contracts with the Prime Minister and the Minister of Finance, but the financial situation is difficult due to the lack of oil exports, so we expect that the state will not get involved in the details of the financial aspects.”

The member of the Finance Committee also explained that “according to what is included in the Financial Management Law, the budget must reach Parliament on 10/15 of this month for its approval for next year,” explaining that “we hope to resolve the crisis of promotions and allowances in the budget.”

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Financial advisor: The government has developed plans aimed at increasing non-oil revenues to 45%

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed on Friday that the government’s economic direction focuses on transitioning from a rentier economy that relies on the distribution of oil revenues to a productive economy, by strengthening the role of the private sector, diversifying revenue sources, and financing infrastructure projects. Salih told the official news agency that “Prime Minister Ali Falih al-Zaidi’s economic vision stems from identifying two fundamental issues: first, the weak role of the private sector in productive activity, and second, the weakness of non-oil revenues in the budget due to the nature of the rentier economy.” He explained that “the goal is to move from a distributed and consumer economy to a productive and consumer economy, because sustainable consumption requires production.” EconomicReform analysis

He added that “the vision is based on dealing with oil as a productive asset and not a resource that goes to consumption, by seeking to add about two million barrels per day to Iraq’s production from its natural oil quota,” noting that “the proceeds of this additional production will be directed to a fund called the Energy and Development Fund.”

He also explained that “the Energy and Development Fund will allocate its proceeds in two main directions: first, developing strategic infrastructure, and second, supporting economic development,” noting that “Iraq needs infrastructure in the education, health, housing, energy and water sectors, in line with the expected growth in population and young workforce.”

He also pointed out that “the young workforce in Iraq will constitute a large percentage of the population in the coming years, and may reach about 60 percent by 2037, which represents a demographic gift that can turn into a large productive force if it is trained and provided with the requirements for living and working.”

Saleh stressed that “electricity is a fundamental pillar of the infrastructure, and no economic revival can be achieved without stable electrical power,” while also emphasizing the importance of “organizing and managing water resources for irrigation, drinking, and various developmental uses.”

He also noted that “investment will begin with the energy sector as a source of cash flows, while working to increase Iraq’s share of oil production,” explaining that “the government seeks to make OPEC understand Iraq’s need to restore its natural role in the oil market, after its share was affected during the past decades by geopolitical conflicts and instability.”

He explained that “the private sector has an important role in the Energy and Development Fund, as it is a sovereign fund directed towards domestic production and construction,” noting the possibility of “using part of the fund’s money as guarantees for the private sector to enable it to borrow from local and international financial markets and contribute to the advancement of the economy.”

He also added that “the Prime Minister chairs a number of councils and bodies concerned with market development, investment and combating corruption, which will contribute to drawing a roadmap for the role of the private sector in development and improving the business environment.”

Saleh emphasized that “the goal is to increase the private sector’s contribution to economic activity and raise non-oil revenues from 10% to 45% by 2037, which represents an important demographic turning point for Iraq, with the increasing proportion of the working-age population.”

He stressed that “the next stage requires investing in the demographic dividend and transforming it into a productive force by providing infrastructure, education, health and job opportunities, in order to ensure the building of a more diversified, sustainable and less oil-dependent economy.”

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Ministry of Oil: Our oil exports since the beginning of August have reached two million barrels per day

Oil Minister Bassem Mohammed Khudair announced on Friday the opening of the central gas processing plant in the Al-Faihaa oil field. He also noted that four oil tankers are currently carrying Iraqi crude for export. He confirmed that oil exports have reached two million barrels per day since the beginning of August. Khudair stated in a joint press conference with Basra Governor Asaad Al-Eidani that “the ministry is proceeding with the implementation of service and community projects in the oil-producing areas, in coordination with the local government and the representatives of Basra Governorate,” pointing out that “the investment of oil and gas wealth is accompanied by the implementation of projects that serve the residents of the areas surrounding the fields.”

He also explained that “these projects come within the Ministry of Oil’s program and in direct coordination with the local government, through working as one team to achieve the best projects and reduce the suffering of the Iraqi citizen, especially in Basra.”

He added that “the directives of Prime Minister Ali Faleh Al-Zaidi confirm that investment must be accompanied by the establishment of service and community projects that serve the residents of the regions,” indicating that “the vision of the Ministry of Oil is based on making all governorates oil and gas governorates, which contributes to improving their economic conditions.” EconomicReform analysis

He also pointed out that “licensing rounds will provide an increase in production capacities and additional quantities of gas, as well as attracting manpower, reducing unemployment, and building oil and gas industrial infrastructure,” stressing that “building human beings comes in parallel with building oil infrastructure, as there is no oil infrastructure without human infrastructure.”

He pointed to the “continuation of service projects in Basra,” stressing that “the ministry is working in coordination with the local government to address service issues, including water, and to support projects that serve citizens.”

He noted that “the Ministry of Oil seeks to achieve self-sufficiency in gas and increase production capacities at the production and export levels,” explaining that “the central gas processing plant that was opened today in the Al-Faihaa field has a capacity of 130 million standard cubic feet per day, while the oil capacity of the field is 100,000 barrels per day.”

He also explained that “UAE is investing in three important fields in the south, namely the Faihaa field, the Siba gas field, and the Faw exploration area,” noting that “the initial signs of exploration operations in Faw have shown the presence of oil and gas, which is a new boon for Iraq.”

Regarding oil exports, the minister said: “Negotiations are underway with the concerned parties,” noting that “there are four oil tankers carrying crude oil, and that exports since the beginning of the month have reached an average of two million barrels, while exports for the seventh month reached about 49 million barrels,” stressing that “the staff of the Ministry of Oil, represented by the Oil Marketing Company, the Basra Oil Company and other companies, are making exceptional efforts to maximize exports,” pointing out that “more than 85 percent of the budget depends on exports.”

Regarding pipeline networks, he explained that “a consortium comprising Chevron and the Qatari company UCC will implement a pipeline from Basra to Fishkhabur, with a line extending from Haditha to Banias,” indicating that “the Ministry and the government’s strategy is based on multiple export outlets, with the Strait of Hormuz remaining one of the important outlets, in addition to Ceyhan.”

He stressed that “the Basra-Fishkhabur pipeline project will provide access to oil for all refineries, and thus maximize exports via Ceyhan, in addition to Banias,” noting that “the project is old, but it was disrupted due to financial circumstances, and the ministry is proceeding with its implementation along with other projects to modernize the infrastructure for production and export, maximize financial revenues and attract manpower.”

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Head of the Integrity Commission: There is no safe haven for looted funds or those wanted for justice.

The head of the Federal Integrity Commission, Mohammed Ali Al-Lami, confirmed on Thursday that there is no safe haven for looted funds or those wanted for justice, while indicating that the hand of justice is stronger than attempts to hide and smuggle funds, and that coordination between Baghdad and Ankara is sufficient to narrow the spaces for those wanted.

The head of the commission, Mohammed Ali Al-Lami, said in a statement that “Iraq and Turkey are moving towards translating the supreme political will between the two countries into decisive procedural steps in the files of justice and the recovery of funds and assets,” stressing that “cooperation between the two countries represents a practical path to pursue perpetrators of corruption and recover the money of the Iraqi people.”

During his visit to the Republic of Turkey and his meeting with Turkish Vice President Cevdet Yılmaz and officials in the Ministry of Justice, the head of the commission added that “the visit to Ankara comes as an extension and culmination of the strategic understandings established by Prime Minister Ali al-Zaidi and the accompanying delegation during his visit, and the high-level coordination with Turkish President Recep Tayyip Erdoğan,” indicating that “the commission is working to translate those understandings into practical and decisive measures in files related to justice and the recovery of funds and assets.”

Al-Lami highly valued the directives of the Turkish President to “accelerate the implementation of the joint understandings,” stressing that “there is no safe haven for looted funds or those wanted for justice in light of the sincere will of the two countries, and that the pursuit of corrupt individuals and the recovery of funds obtained from corruption crimes should not stop at national borders.”

He explained that “his discussions with the Turkish Vice President, Cevdet Yılmaz, and officials in the Turkish Ministry of Justice, in the presence of the Iraqi Ambassador in Ankara, Majid Al-Lajmawi, and a number of members of the Iraqi diplomatic mission, focused on establishing understandings and concrete points of contact that would facilitate and expedite the implementation of Iraqi judicial rulings related to the recovery of funds belonging to those accused and convicted of corruption cases who are present on Turkish soil,” stressing that “the Commission brought with it to Ankara files for the recovery of funds that have completed the procedures and is seeking, in cooperation with the Turkish side, to move them to the implementation stage.”

He pointed out that “the discussions also focus on institutionalizing cooperation between the two sides and opening direct communication channels between the Iraqi Integrity Commission and its counterparts in Turkey, which will contribute to overcoming obstacles and resolving outstanding issues in record time, and transform bilateral cooperation from general understandings into sustainable implementation mechanisms.”

The head of the commission stressed that “drying up the sources of corruption and pursuing its perpetrators does not stop at national borders,” noting that “Iraqi-Turkish cooperation presents a distinguished regional model that proves that the hand of justice is stronger than attempts to hide and smuggle money, and that the integration of efforts between the two countries is capable of narrowing the spaces for wanted individuals and the money obtained from corruption crimes.”

He pointed out that “protecting the movement of trade, investment and development agreed upon by the two countries requires a safe and clean environment free from corruption,” stressing that “recovering the money of the Iraqi people is an integral part of supporting reconstruction efforts and strengthening the economic partnership between Baghdad and Ankara.” EconomicReform analysis

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Al-Zaydi’s financial advisor reveals the features of the 2027 budget: a tool for regulating Iraq’s economy.

The financial and economic advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, revealed on Thursday the outlines of the 2027 budget, stressing that it will be a tool for reorganizing the country’s financial and economic structure, and not just a management of revenues and expenditures. Iraqeconomy updates

Saleh told Shafaq News Agency that “the 2027 budget is expected to have more advanced features at the level of public finance management, through expanding the application of programs based on the program and performance budgeting approach, which represents a qualitative shift in the governance of public resources and raising the efficiency of government spending.”

He added that “next year’s budget will shift from focusing on the size of spending and its allocations to measuring the results and specific goals achieved by the spending, so that financial resources are linked to programs, projects, performance indicators and targeted development results. This shift is of particular importance in light of the challenges facing Iraqi public finances, foremost among them the need to maximize non-oil revenues, rationalize expenditures, raise the efficiency of public finance management, reduce waste and ensure that spending is directed towards activities and programs of economic and social priority.”

He continued: “From this perspective, the 2027 budget should not be viewed as merely an annual budget for managing revenues and expenditures, but rather as one of the tools for reorganizing the financial and economic structure of Iraq, by linking fiscal policy to the goals of development and economic reform in the medium and long term.”

He revealed that “this comes within the framework of the trend towards building a more sustainable financial system, in which the general budget is a tool for planning and development and not just a means to cover current expenditures, which enhances the state’s ability to manage its resources efficiently, and provides a better basis for implementing development plans and programs within the national vision extending towards 2035, leading to Iraq’s goals of sustainable development, progress and prosperity by 2050.”

He pointed out that “the real challenge facing the 2027 budget will not only be in its approval, but in its ability to translate financial reform into actionable figures and programs, and to achieve a balance between the requirements of public spending, the sustainability of resources, and the protection of the country’s economic and financial stability.”

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The Iraqi central bank’s reserves have declined to 102 trillion dinars, and its liabilities to the government have doubled.

The head of the “Iraq Future” Foundation for Economic Studies and Consultations, economic expert Manar Al-Obaidi, revealed today, Thursday, significant shifts and declines in the financial indicators of the Central Bank of Iraq, pointing to an increase in the bank’s net claim on the government compared to a decrease in the size of official reserves. Dailynews reports

Al-Obaidi explained in an economic analysis based on the latest operational and banking data that the net claims of the Central Bank on the Iraqi government recorded a significant increase to reach 66.6 trillion Iraqi dinars, compared to 35 trillion dinars that it had recorded at the beginning of 2025.

He added that the net official reserves at the Central Bank have decreased to 102 trillion Iraqi dinars, after having been 130 trillion dinars at the beginning of 2026.

The head of the institution pointed out that in July alone, the Central Bank lost about 10.3 trillion dinars of its foreign and banking reserves.

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Al-Zaydi inspects “Iraq’s Sky Shield”: “No aggression from our airspace, nor any breach of it.”

Prime Minister and Commander-in-Chief of the Armed Forces Ali Faleh al-Zaidi visited the Air Defense Command Operations Center late Wednesday night to monitor the readiness of Iraqi airspace protection systems, coinciding with preparations for the end of the international coalition forces’ mission and the planned withdrawal on September 30. Dailynews reports

The Prime Minister’s Media Office stated in a statement that Al-Zaydi was briefed on the reality of the air defense system and its tasks in protecting the country’s skies, and listened to a briefing presented by the Air Defense Commander regarding the deployment of units, control of operational sectors, and plans to develop capabilities during the next phase.

According to the statement, the briefing addressed the air defense capability building plan for the years 2026-2031, which includes the development of radar detection and monitoring systems, weapons, command and control, leading to the construction of an integrated air defense system.

The visit comes at a time when Iraqi forces are preparing for the post-international coalition phase, with a government focus on strengthening the army’s capabilities and air defense systems to fully assume responsibility for protecting the airspace and national sovereignty.

Al-Zaydi said during his meeting with air defense leaders and officers that “air defense represents the shield of Iraq’s skies and the first line of defense for its sovereignty,” stressing that building capable armed forces is a fundamental pillar in strengthening the country’s ability to make its political and military decisions independently.

The Commander-in-Chief of the Armed Forces directed that the needs of the Air Defense Command be met, its combat and technological readiness levels be raised, and the requirements for developing systems capable of protecting Iraqi airspace be provided.

Al-Zaydi stressed that Iraq “will not allow its airspace to be violated or its security to be compromised by any party whatsoever,” while also emphasizing that Iraqi territory or airspace will not be allowed to be used as a launching pad for any attack on neighboring countries.

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Baghdad caught between Washington and Hezbollah: British report reveals Iraqi mediation efforts

The developments related to Iraq’s position on Lebanese Hezbollah reflect the hedging policy pursued by Ali al-Zaidi’s government, which is “unable” to completely separate itself from the factions linked to Iran, while at the same time flirting with the United States and the Gulf states, according to the British website “ Amwaj ”.

The website, in a report translated by Shafaq News Agency, indicated that a delegation from the party had met with al-Zaidi before his recent visit to Washington, where the Iraqi Prime Minister offered to mediate between the party and Washington to facilitate talks between them. Dailynews reports

The British website said in its report that the United States is exerting pressure against the Lebanese Hezbollah from Baghdad to Damascus and Beirut, adding that since the overthrow of Saddam Hussein’s regime after the 2003 invasion of Iraq, successive Iraqi governments have maintained strong ties with the Lebanese party.

However, the website noted in its report that recent developments have raised questions about whether this policy might change, recalling that the Iraqi Ministry of Finance quietly ordered Iraqi banks in mid-July to implement US Treasury sanctions against individuals and companies linked to the party.

The report also stated that the official gazette had listed Hezbollah and the Yemeni Ansar Allah movement as “terrorist” entities last November, before Baghdad quickly backtracked, blaming what happened on a technical error.

The report noted the incident on July 16 in which Syrian customs intercepted a shipment of weapons hidden in an oil tanker, believed to have been destined for Lebanon from Iraq.

According to the report, these two incidents show that the Iraqi government is caught between competing patrons, as Baghdad appears unable to decisively break away from the Iranian-aligned Iraqi armed factions at home, while courting Washington and the Gulf capitals abroad, adding that al-Zaidi adopted this hedge rather than clearly siding with either direction.

He went on to say that it was uncertain whether Baghdad would be able to maintain this position until the September 30 deadline for bringing armed factions under state control.

The report quoted regional analyst Emile Nakhleh, a former CIA officer, as saying that Baghdad is “getting closer to Washington,” noting that al-Zaidi is seeking to establish a closer relationship with US President Donald Trump, while distancing Iraq from Iran and Hezbollah.

According to the report, this assessment is consistent with the broader US campaign against Hezbollah’s financial and logistical affairs, which extend to Beirut, Damascus, and Baghdad. It notes that Washington has shown more willingness to use its influence over Baghdad to limit Iran’s regional presence, which was clearly demonstrated by US President Donald Trump’s objection to the nomination of State of Law leader Nouri al-Maliki for a third term as prime minister, and the threat of Iraq losing economic support, which led to the selection of al-Zaidi at the end of April.

After noting the ability of American desires to shape Iraqi policy, the report said at the same time that the coordinating framework, whose parties maintain deep ties with armed groups allied with Iran, leaves al-Zaydi with little room to make a decisive move against the Iraqi allies of Lebanese Hezbollah, pointing in this context to the leader of the Iraqi Hezbollah Brigades, Ahmed al-Hamidawi, who maintains close coordination with Lebanese Hezbollah, and who opposes Baghdad’s efforts to further integrate armed factions into the official state security structure.

The report quoted Ali Al-Mamouri, a researcher at Deakin University, as saying that “Hezbollah’s ties to Iraq are rooted in decades-long relationships with Iraqi Shiite opposition groups that developed during their exile in Syria and Lebanon throughout the 1980s and beyond,” adding that many of these figures now occupy influential positions within Iraq’s political and security institutions, noting that this long-standing relationship makes it unlikely that Baghdad will significantly change its stance to actively work against the party.

The report noted that the party’s designation as a terrorist organization in Baghdad was not addressed during Lebanese Prime Minister Nawaf Salam’s visit to Baghdad on July 26, as he discussed with al-Zaidi the revival of the Kirkuk-Banias pipeline and the possibility of extending it to the Lebanese coastal city of Tripoli.

The report went on to say that this engagement reflects how Washington is now positioning its economic incentives for both Baghdad and Beirut in bilateral relations in Iraq and Lebanon.

Faced with Washington’s increasingly firm stance, the British report said that al-Zaidi might seek to hedge as an active strategy rather than take a passive hedging position, quoting an official in the Lebanese Hezbollah as saying that al-Zaidi’s administration had offered to sponsor direct talks between the party and Washington.

According to the same source, a delegation from the Lebanese party quietly visited al-Zaidi in Iraq in early July, and during the talks, the Iraqi Prime Minister made “a proposal under which Iraq would sponsor and host talks between Hezbollah and the US administration.”

The report noted that the offer appeared to have preceded al-Zaidi’s trip to Washington, although the official did not clarify the party’s response.

The report continued, noting that Trump appeared to have left the door open to such Iraqi mediation, saying on July 21 that he would be willing to talk to Hezbollah leaders if Lebanese President Joseph Aoun thought it would be helpful.

Shafaq.com

The “Reconstruction and Development” bloc: The government pledged to send the Popular Mobilization Forces law to parliament within a week.

The “Reconstruction and Development” parliamentary bloc confirmed on Thursday that the government pledged to send the draft law on service and retirement for the Popular Mobilization Forces to the House of Representatives within about a week, expressing its regret that the legislation has turned into a tool for “consumption and political pressure”.

The head of the bloc, Bahaa al-Araji, said in a press conference held at the parliament building and attended by a correspondent from Shafaq News Agency, that the recent events that led to casualties among the Popular Mobilization Forces required urgent action towards legislating a law to preserve their rights.

He explained that the bloc had already begun writing a draft of the law and surveying the opinions of some political forces regarding it, adding that a signal had been received from the Prime Minister indicating that there was a draft law prepared by the government and that it would soon be sent to Parliament.

Al-Araji added that the bloc has set a deadline of about a week to send the government draft law on service and retirement for the Popular Mobilization Forces to the House of Representatives to proceed with its programming and legislation.

The Popular Mobilization Forces in Iraq were established in mid-2014 under the fatwa of “sufficient jihad” issued by the highest Shiite authority, Ayatollah Ali al-Sistani, following the fall of the city of Mosul to the “ISIS” organization. Iraqeconomy updates

In November 2016, the Iraqi parliament voted on a law legalizing the Popular Mobilization Forces as a security institution within the armed forces, but the law lacked clear organizational details, which opened the door to repeated demands for its redrafting and legal restructuring.

Shafaq.com

Iraq holds 174.6 tons of gold; its latest data dates back to 2025.

The World Gold Council’s table for August 2026 showed that Iraq’s gold reserves amounted to 174.6 tons, ranking it 28th globally, with gold constituting about 23.1% of its total reserves. Dailynews reports

According to the Council’s statistics, which were reviewed by Shafaq News Agency, the latest data for Iraq dates back to November 2025, meaning that the recorded quantity of gold, amounting to 174.6 tons, has not been updated in the table since that date, while the data for a number of countries dates back to months closer to the current period.

Iraq comes in third place in the Arab world in terms of gold holdings, after Saudi Arabia and the UAE, while the United States tops the list globally with reserves of 8,133.5 tons.

The World Gold Council’s methodology explains that official gold reserve data is based primarily on IMF statistics, with the date of the latest available data varying from country to country, as some countries may be late in reporting their data.

The World Gold Council had indicated in previous statements that Iraq’s holdings were stable at 174.6 tons, with no new purchases recorded during 2026 in the data available at that time.

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