The war on revenues and corruption: Will Trump unleash $30 billion to rescue Baghdad's treasury?
Political and economic circles are turning their attention to Washington, coinciding with Prime Minister Ali al-Zubaidi's anticipated visit next month. This crucial visit comes at a time when Baghdad is seeking to resolve the issue of its frozen or withheld funds, amounting to $30 billion, held as financial guarantees. This is occurring amidst complex internal challenges, most notably combating corruption, and regional challenges stemming from the Strait of Hormuz crisis and its direct impact on oil revenues.
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Financial guarantees
Economic expert Abdul Rahman Al-Mashhadani told Al-Alam Al-Jadeed on Monday (June 29, 2026) that he does not have accurate information regarding the nature of the American financial guarantees, but he believes that they will be “credit lines or soft loans,” noting that “Iraq has benefited from a credit line since 2016 worth approximately $21 billion, while there is currently talk of financial guarantees of about $30 billion, which may be sufficient to cover operational expenses related to salaries and wages for four to five months, depending on the level of government spending.”
Press sources revealed on Sunday that Prime Minister Ali al-Zubaidi will discuss, during his upcoming visit to Washington next month, the release of one of the Iraqi bank guarantees currently frozen in the United States, amounting to approximately $30 billion, in addition to other economic and investment matters. This move aims to redefine the relationship between Baghdad and Washington more clearly and comprehensively. The sources explained that Iraq possesses numerous financial assets and guarantees, some of which are frozen and others held in reserve.
Al-Mashhadani affirms that “the economic crisis will remain as long as the Strait of Hormuz crisis continues, because the continuation of tensions and the closure of the strait directly affect the Iraqi economy, as it depends mainly on oil revenues, given the inability of customs, tax and other non-oil revenues to compensate for this shortfall.”
Corruption and revenues
Al-Mashhadani adds that “corruption is one of the most prominent reasons for the weakness of revenues, because customs revenues are supposed to be no less than seven billion dollars annually, while what is realized does not exceed two billion dollars to four billion. Also, non-oil revenues, which the three-year budgets estimated at about 27 trillion dinars, have not exceeded 16 trillion dinars realized, with the possibility of them rising to 20 trillion, but they remain insufficient to compensate for oil revenues.”
He points out that “increasing non-oil revenues requires a long-term plan spanning between 15 and 20 years,” citing the experience of the Kingdom of Saudi Arabia and Vision 2030, which has gradually succeeded in reducing dependence on oil from about 90 percent to about 55 percent.
He emphasizes that “corruption remains the biggest scourge facing the Iraqi economy, as evidenced by recent investigations that revealed large sums and assets in the possession of a number of defendants, including cash, real estate, cars and gold. Therefore, addressing this issue is one of the key elements for reforming the economic situation in the country.”
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Al-Mashhadani points out that “the Central Bank is able, based on its dinar reserves, to finance the government’s deficit in paying salaries until the end of the year,” noting that one of the Central Bank officials confirmed during a meeting he attended that the ability to finance extends until the end of the year, after which the bank will have only two options left, which are “printing new currency or adjusting the exchange rate.”
On Sunday, June 7, the Central Bank of Iraq issued a statement, which was reviewed by “Al-Alam Al-Jadeed”, confirming that printing currency is prohibited by law and does not reflect the nature of ongoing operations, explaining that there is a fundamental difference between discounting treasury transfers and printing currency on both the technical and economic levels.
The bank explained that discounting treasury bills is a government debt instrument that provides temporary liquidity against an existing financial obligation and is repaid upon maturity. It is an internationally recognized mechanism used by major central banks within specific regulations. In contrast, the bank clarified that printing money means issuing new currency without backing, leading to direct inflation and erosion of the currency's value. Furthermore, it is prohibited under Central Bank Law No. (56) of 2004.
According to political sources, Al-Zaidi’s anticipated visit to Washington in the middle of this month will include discussions on security and economic issues, foremost among them the security agreement, the future of the American military presence in Iraq, as well as expanding the economic and investment partnership, and a proposal to establish an Iraqi financial fund in the United States to finance development and infrastructure projects.
US Special Envoy to Syria and Iraq, Tom Barrack, also conveyed that US President Donald Trump is looking forward to receiving the Iraqi Prime Minister at the White House in mid-July to discuss the future of bilateral relations, while Al-Zaidi announced that the visit will be accompanied by delegations of businessmen with the aim of expanding joint investment opportunities and strengthening economic cooperation between the two countries.
Al-Zaydi: I will not receive a salary and I will not accept a gift... and the employees' salaries are guaranteed.
Al-Zaydi said in a press statement followed by Al-Furat News that “the salaries of state employees are secured and regular, and we are very keen on this point,” indicating that “the size of the debt at the beginning of the government’s work amounted to about 208 trillion dinars, while the budget depends on oil by 93%, compared to 7% non-oil revenues.”
He added: “I will not receive a salary, nor will I accept a gift, even if it is a necktie, and my hands will not touch public money,” stressing that “the government will direct the Minister of Finance to open a special account to recover Iraq’s money from those who were involved with it, and we will take a different stance with anyone who refuses to return it.”
He pointed out that "the National Sovereignty Conference will be announced at the end of this year, and will enshrine the monopoly of power in the hands of the state and its agencies only," noting that "the government will not run for another term and will not establish a political party, nor will it allow any dictates from outside the borders, neither from the East nor from the West."
Al-Zaidi explained that "his next visits after Washington will be to Türkiye, Iran and Saudi Arabia, in addition to receiving invitations to visit France, Britain and Germany."
On the economic front, Al-Zaydi announced the establishment of the “Energy and Development Fund” with contributions from the Central Bank of Iraq, which will be offered for public subscription. He indicated that the government will extend an invitation to Saudi Arabia, the UAE, and Qatar, in addition to American and European banks, to contribute to the fund, which will focus on financing development, industry, agriculture, and other sectors.
Following the extension for another year, concerns are growing about entrenching American dominance over Iraq's economy.
Former member of the Parliamentary Finance Committee, Mu'in al-Kadhim, warned on Monday against the continued American dominance over Iraq's financial system.
Al-Kadhim emphasized in a statement to the Information Agency that "US President Donald Trump's extension of the national emergency declaration concerning Iraq for another year is a measure that allows all oil revenues to be placed under American control."
He explained that "Washington is attempting to blackmail Iraq through this measure in order to advance its interests at the expense of the country's interests," noting that "these measures place the country's economy at the mercy of American dictates."
He added that "the Iraqi economy suffers from recurring crises due to American hegemony and control over the country's financial system."
Earlier, US President Donald Trump announced the extension of the national emergency declaration concerning Iraq for another year, a measure that allows all oil revenues to be placed under his control in an account at the Federal Reserve Bank of New York.
Kurdistan Region, Spain Launch Economic Forum to Boost Trade and Investment Cooperation
An official and economic delegation from the Kurdistan Region, headed by Mohammad Shukri, Chairman of the Kurdistan Region Investment Board, attended the opening session of the forum.
The Kurdistan Region–Spain Economic Forum officially opened on Monday in Murcia, Spain, bringing together more than 80 companies from both sides in a bid to strengthen trade ties and unlock new investment opportunities across a range of sectors.
An official and economic delegation from the Kurdistan Region, headed by Mohammad Shukri, Chairman of the Kurdistan Region Investment Board, attended the opening session of the forum, which focuses on expanding cooperation in tourism, industry, healthcare, construction, urban development, and other service sectors.
Addressing the forum, Shukri presented an overview of the Kurdistan Region's investment climate, highlighting the opportunities available to Spanish businesses. He underscored the Region's Investment Law, government-backed administrative support, tax exemptions, and legal guarantees designed to facilitate foreign investment and ensure project security.
Spanish business leaders and investors expressed strong interest in entering the Kurdistan Region's market, emphasizing the importance of establishing direct communication channels with the Region's private sector to accelerate future partnerships.
On the sidelines of the opening day, business-to-business meetings were held between representatives from both sides to discuss prospective cooperation. Several memorandums of understanding (MoUs) and commercial agreements are expected to be signed in the near future, paving the way for strategic joint projects.
The economic mission will continue on Tuesday in Valladolid, where the Kurdistan Region delegation is scheduled to meet with Spanish economic institutions and companies to further broaden bilateral business cooperation.
Spain and the Kurdistan Region maintain official diplomatic relations through Spain's Honorary Consulate in Erbil and the Kurdistan Regional Government's (KRG) Representative Office in Madrid. The KRG has maintained its office in the Spanish capital since 2010, serving as a platform for diplomatic engagement, cultural exchange, and support for the Kurdish community in Spain.
Spanish companies have shown growing interest in investment opportunities in the Kurdistan Region, particularly in infrastructure, vocational training, and agro-industry. Previous proposals have included the construction of railway projects and the establishment of municipal partnerships, including a potential sister-city agreement between Erbil and Malaga.
The forum reflects ongoing efforts by both sides to deepen economic cooperation and expand commercial partnerships between the Kurdistan Region and Spain.
The Kurdistan Region–Spain Economic Forum, June 29, 2026. (Photo: Submitted to Kurdistan24)
The Kurdistan Region–Spain Economic Forum, June 29, 2026. (Photo: Submitted to Kurdistan24)
The attendees of the Kurdistan Region–Spain Economic Forum pose for a picture, June 29, 2026. (Photo: Submitted to Kurdistan24)
From markets to screens: How has e-commerce changed Iraqis' consumer habits?
E-commerce expert Mohammed Salman Al-Amiri confirmed on Monday (June 29, 2026) that Iraq is witnessing a rapid shift in consumption patterns, driven by digital developments and the spread of communication and e-commerce applications, which has changed consumer behavior and methods of purchasing and payment in recent years.
Al-Amiri told Baghdad Today that the great development in digital technologies and the emergence of dozens of electronic applications have provided unprecedented flexibility in communication and exchange of services, which has directly affected the daily lives of Iraqi families, especially in shopping methods and meeting needs.
Online shopping and delivery services are leading the way.
He explained that a large segment of citizens now rely on purchasing their needs through social media platforms and electronic applications, especially in the areas of food, clothing and household appliances, in conjunction with the continuous expansion of delivery services that have become an essential part of commercial activity inside and outside cities.
He added that "delivery" services are no longer limited to residential neighborhoods or city centers, but have expanded to include the transport of goods and orders between governorates through companies and digital platforms that connect stores with consumers directly, noting that the rates of reliance on this type of shopping are recording annual growth ranging between 10 and 25%.
Ready-made meals top consumer priorities
Al-Amiri explained that the demand is no longer focused on traditional goods only, but has increasingly extended to ready-made meals and food, which have become a daily choice for a large number of families, especially families where both spouses work or employees face time constraints.
Continued growth despite the challenges
He pointed out that the digital transformation also included payment methods, with the increasing use of bank cards and electronic financial services, compared to a relative decline in reliance on cash among a segment of citizens, despite the continuation of some concerns related to the security of electronic payments and the previous experiences of some users.
He stressed that market indicators show the continued expansion of e-commerce and digital financial services in the coming years, with expectations of an increase in the number of users who will rely on bank cards and electronic wallets as a primary means of purchasing, saving, and conducting daily transactions.
Over the past decade, Iraq has witnessed a remarkable expansion in the use of the internet and smartphones, which has contributed to the growth of e-commerce, delivery services, and digital payment.
Experts believe that this transformation is reshaping Iraqi consumer behavior and creating new economic opportunities, but it requires developing the digital infrastructure and enhancing confidence in the electronic payment system.
The coordination framework affirms support for anti-corruption efforts and Operation Dawn Strike.
The Coordination Framework renewed its support on Monday (June 29, 2026) for the government’s “Dawn Campaign” in the field of combating corruption.
The media office of the framework stated, as received by "Baghdad Today", that the framework "held its periodic meeting in the office of the head of the National Approach Alliance, Abdul Hussein Al-Moussawi, in the presence of the Prime Minister, Ali Al-Zaidi."
At the beginning of the meeting, the attendees reiterated, according to the statement, "their condolences to the Islamic nation and the Iraqi people on the martyrdom of the grandson of the Messenger of God and his family and companions in the immortal event of Ashura, appreciating the role of the security and service agencies and the Husseini processions in the success of practicing this great ritual.
The coordinating framework called on its supporters to participate widely in the funeral procession of the martyr of the Islamic nation, Khamenei, on Iraqi soil, in loyalty to that pure blood."
The Coordination Framework reiterated its support for anti-corruption efforts and Operation Dawn, as the participants affirmed their support for the governmental and judicial steps that restore confidence in the political process, stressing the need to sustain these efforts, purge state institutions of corrupt and negligent individuals, and stop the waste of public funds.
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Iraq's anti-corruption operation widens; Is FBI involved?
Iraq's sweeping anti-corruption campaign has targeted dozens of senior officials, but analysts and politicians remain divided over whether the crackdown will ultimately reach the country's most powerful figures, with some arguing the operation has been driven in part by US pressure and financial oversight. A Rudaw analyst said the Federal Bureau of Investigation could be behind the raids.
At least 47 senior Iraqi officials and lawmakers have been arrested in a wide-ranging anti-corruption operation that began in the early hours of Sunday, with the investigation centered on the former deputy oil minister for refining affairs, Adnan al-Jumaili. Iraq's Commission of Integrity said Sunday the campaign had led to the detention of a deputy oil minister, 12 members of parliament, and other senior officials.
The Sunday raids are believed to be connected to the ongoing investigation into Jumaili whose arrest last month has snowballed into one of Iraq's largest corruption probes in years. Kurdish lawmaker Sherwan Dubardani had previously told Rudaw that Jumaili named dozens of individuals allegedly involved in the scheme during his interrogation.
Speaking at Rudaw’s flagship program Lagal Ranj (“With Ranj” in Kurdish) aired late Sunday, Nahro Mohammed, an editor at Rudaw's Iraq desk, said the current operation is only one part of a much broader campaign.
"Approximately 128 people are wanted in this specific case, while 952 individuals are wanted across Iraq," he said, adding that corruption files are ready for most Iraqi officials; it is simply a matter of the time and place for their execution not yet being determined," he said.
Mohammed argued that Iraq's most influential political figures have yet to be targeted.
"Two weeks ago, Iraq entered into a money-laundering prevention project with the US; the FBI [Federal Bureau of Investigation] is behind this,” he said, citing Iraqi sources. “This is intended to resolve Iraq's financial issues, as most Iraqi officials are implicated in corruption," he added.
US authorities have not commented on the raids.
From Washington, Rudaw bureau chief Diyar Kurda said US authorities had shared financial intelligence with Baghdad but were not directly involved in carrying out the arrests.
"The US was not directly involved in the operation, but the US Treasury provided full information to Iraq to take serious steps," Kurda said.
"There are some extremely high-ranking officials, even within Zaidi's own government, whom he must confront," he added.
Kurda said there was "significant pressure on the Iraqi government to fulfill these demands to bring transparency to its peak and leave no more room for corruption."
Former Iraqi deputy finance minister Fazil Nabi said during the program that Prime Minister Ali al-Zaidi's anti-corruption efforts were linked to prior understandings with Washington.
"A month before Ali Zaidi was asked to be nominated for prime minister, the US reached an agreement with him that he must implement certain steps. One of those steps was tackling corruption. Therefore, Ali Zaidi has backing from the US," Nabi said.
He described the strategy behind the arrests, saying investigators deliberately avoided starting with senior leaders.
"They worked smartly. If they had started from the top down, they wouldn't have succeeded, so they did the opposite," he said.
Nabi added that US authorities possessed extensive intelligence on corruption networks.
"The Americans would visit me; their information was much more precise than mine. They knew every detail, including names and locations," he said.
According to Nabi, "90 percent of the power in Iraq is infected with corruption. Corruption is a massive industry."
He also alleged major financial losses in Iraq's oil sector.
"One million barrels of oil are provided to refineries daily, and none of that money enters the state treasury. If that money were returned to the treasury, it would amount to $1.5 billion monthly and $18 to $22 billion annually," he said.
Ali Hama Saleh, lawmaker and leader of the National Stance Movement (Halwest), described corruption as a deeply rooted network.
"This is a massive network involving many people. All implicated officials are terrified; they have turned off their phones and changed their locations," he said.
Saleh claimed bribery was widespread across Iraqi ministries.
"In some places, they have told people, 'Go buy us 10 Rolex watches,'" he said.
He also said Kurdish officials were implicated in corruption cases.
"There are Kurdish officials involved. It may not necessarily be through this specific file, but rather within their own ministries. Kurds, Sunnis, and high-profile people are all included; powerful figures are behind this corruption," Saleh said.
Claiming to possess additional evidence, Saleh added, "I keep 395 files that are 25 times larger than today's case in the Kurdistan Region, but in the Region, no one is arrested for it."
He further claimed, "I have a file showing that $300 billion has been taken out of Iraq. I have evidence of where it has been taken; it covers up to 2015, consists of 300 pages, and includes all the banks involved. If this case continues, Iraq will enter a new phase."
Ahmed Anwar, head of the Kurdistan Region's Commission of Integrity, told the program that authorities in Erbil had cooperated with Iraqi investigators regarding Jumaili's assets.
"They did not coordinate with us. However, in the past two weeks, we had three communications with the head of the [Federal] Integrity Commission and his two deputies. There was some information regarding the properties of Adnan al-Jumaili in the Kurdistan Region; we assisted them and are ready to continue helping," he said.
Commenting on corruption, Anwar remarked, "In Baghdad, if you just say 'hello,' you have to at least give them a [prepaid] phone card. Though it is less prevalent in the Kurdistan Region."
Sherwan Dubardani, a Kurdish lawmaker in Baghdad, said the investigation extends beyond the Jumaili case.
"It is not just the Adnan al-Jumaili case; there are several files and they are very broad, involving oil, gas, and even some people close to [former Prime Minister] Mohammed Shia al-Sudani," he told Rudaw.
"The Ministries of Defense, Interior, and Industry have massive corruption files," he added.
Dubardani also pointed to what he described as inflated government contracts.
"A few days ago, a contract for 800 cars worth over 862 billion dinars [$657 million] - where they contracted each car for $300,000 - was exposed," he said.
Warning that the investigations could reach much further, he added, "If the investigations continue, no one will be left to govern Iraq because they will all turn out to be corrupt."
Finance Committee member Jamal Kochar said the operation aims to dismantle corruption networks rather than prosecute isolated individuals.
"Zaidi wants to find the corruption networks, not just the individuals," Kochar said.
He argued that recovering stolen funds was essential to protecting future state finances.
"If this work hadn't been done now - given that lawmakers have spent billions of dollars - it would have been drawn from the 2027 budget and the state would have collapsed," he said.
"If this campaign continues, a full budget's worth of money will be recovered from these officials. The budgets for 2027, 2028, and 2029 were in danger," he added.
Former Finance Committee member Sami Atrushi, however, expressed skepticism that Iraq's most powerful political figures would ultimately be held accountable.
"The 'big fish' will not be exposed; eventually, each of them will be silenced. They will just be told to bring the money back, and that is not a real solution," he said.
Whitkopf and Kushner brief Congress on Iran
A U.S. State Department official said on Monday that President Trump's envoys Steve Wittkopf and Jared Kushner will brief the U.S. House of Representatives and Senate on the agreement with Iran.
The official, in a statement carried by Arab media, said that the briefing would be given today, and would be via telephone.
The White House had announced earlier on Monday that Wittkopf and Kushner would attend a planned meeting on Iran in Doha on Tuesday.
Fox News quoted White House spokeswoman Carolyn Leavitt as saying that technical talks with Iran would be held on the sidelines of the high-level discussions.
Earlier, US President Donald Trump announced that Tehran had requested a meeting to be held tomorrow in the Qatari capital, Doha.
Trump said in a post on the Truth Social platform that “Iran will not have a nuclear weapon.”
He added that “Iran has requested a meeting, and it will be held tomorrow in Doha,” without disclosing further details.
A source familiar with the talks between Washington and Tehran said earlier on Monday that technical teams from Iran and the United States would meet in the Qatari capital, Doha, in the coming days to discuss mechanisms for implementing the memorandum of understanding signed between the two sides.
The source told Reuters that technical teams are tasked with monitoring the implementation of the memorandum of understanding, noting that mediatorshave established special communication channels to contain any potential incidents and reduce tensions between the two sides.
A leader in reconstruction: It is necessary to protect recovered funds from corruption and spend them in their proper places.
Al-Jazairi told Al-Furat News Agency that “the process of drying up the sources of corruption is a healthy situation that should continue and not end with changing governments,” calling for “setting clear mechanisms and timelines to ensure the continuation of the campaign away from political and whimsical pressures.”
He added that "the recovered funds are public funds belonging to the Iraqi state from budget allocations and public revenues, and they must be managed through a special fund that ensures they are not lost and are spent in their proper places, which represents a message to the people that these funds will not be wasted."
He stressed "the need for all political forces to be partners in the success of the government," calling on Parliament to "grant the government more powers and flexibility through legislation that supports anti-corruption efforts while providing protection for the constitutional institutions concerned with the campaign."
Al-Jazairi concluded his statement by emphasizing "the importance of strict procedures and avoiding protecting any corrupt individual or anyone obstructing the reform process."
An economist told Nina: The Strait of Hormuz and traders are behind the rise of the dollar in Iraq.
Economic expert Safwan Qusay attributed the rise in the dollar exchange rate on the parallel market to the closure of the Strait of Hormuz and the shift of Iraqi traders to importing through the Kurdistan Region and western border crossings.
Qusay told the Iraqi National News Agency ( NINA ): "The rise in the dollar exchange rate on the parallel market, reaching 157,000 dinars per 100 dollars, is a result of the closure of the Strait of Hormuz and the shift of Iraqi traders to importing through the Kurdistan Region and western border crossings. Most of these traders do not have bank accounts through which they can access official Central Bank accounts, thus increasing the demand for dollars in an unregulated manner."
He pointed out that "reopening the Strait of Hormuz will lead to an increase in the Central Bank's daily sales, which have decreased to $130,000, and will allow unofficial traders in the Kurdistan Region and western areas to access the platform."
He added, "The continued opening of the Strait of Hormuz to restore the trade system to its previous state, the lifting of sanctions on Iran, and Iranians' free access to dollars could lead to a decrease in the exchange rate in Iraq. We hope that the withdrawal of dollars from Iraq to finance trade with Iran will be halted."
The economic expert continued, "Despite the decline in Iraq's oil exports and the impact on the Central Bank's reserves due to deductions from remittances resulting from continued spending on items governed by permanent laws, the Central Bank's reserves are still able to protect the dinar at a ceiling of 1300 dinars per dollar, and there are no indications of a change in the exchange rate at present."
Al-Zaydi directs the opening of a special account to collect funds "looted" from public property in Iraq
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The government gives the facts until September 30 to hand over their weapons.
The Iraqi government announced on Monday that it will give groups close to Tehran until September 30 to hand over their weapons to the state, which coincides with the end of the international coalition's mission.
The announcement comes ahead of a planned visit in mid-July by Prime Minister Ali al-Zaidi to Washington, which will be his first trip abroad since taking office last month and pledging to restrict the weapons of the factions.
Government spokesman Haider al-Aboudi said in his weekly press conference that “all armed groups have been informed of a specific date that represents the end of this file (...) which is September 30, the date on which the presence of the international coalition also ends.”
He added, "After this date, all weapons outside the framework of the state will be subject to legal action."
Is it true that the Sudanese man is being held under house arrest in the Green Zone?
MP Kamel Anid, from the Reconstruction and Development Coalition, confirmed today, Monday, his coalition’s absolute support for the legal and judicial measures taken against those wanted for justice, while warning at the same time of systematic campaigns led by corrupt individuals to confuse matters and mislead public opinion.
Anid told Al-Maalomah that "the Reconstruction and Development Coalition is based on a firm belief in the principle of the rule of law and the independence of the judiciary, stressing its full support for referring all corruption cases to the competent courts, and proceeding with them in accordance with constitutional and legal frameworks to consolidate the principle of accountability and responsibility, away from any political considerations or pressures."
Anid added that "the last few days have witnessed an escalation in smear campaigns and the circulation of false information by parties involved in corruption, with the aim of achieving narrow political goals," stressing "the need to rely on official narratives and accurate information issued by the competent authorities to block attempts to falsify the facts."
In a related context, the MP from the Reconstruction and Development Coalition refuted "the information circulating regarding the detention of the head of the coalition, Muhammad Shia al-Sudani, and the imposition of house arrest on him inside the Green Zone, in the center of the capital, Baghdad, after the dawn raid on Sunday, indicating that there is no truth to this information."
The government's crackdown early Sunday morning resulted in the arrest of 47 individuals accused of corruption, including 12 members of parliament, as well as prominent government officials and politicians. The government affirmed its continued pursuit of corrupt individuals in Baghdad and the provinces.
Parliament is expected to convene in early July to decide on nine ministerial portfolios in al-Zidi's government.
Member of the Coordination Framework, Uday Abdul-Hadi, predicted on Monday that a session of the Council of Representatives would be held during the first week of July to vote on nine ministerial portfolios in Ali al-Zaidi's government.
Abdul-Hadi told Al-Maalouma, "There is political support for completing the formation of Ali al-Zaidi's government from the forces within the Coordination Framework, in coordination with the other political forces and movements." He anticipated "a session of the Council of Representatives in the first week of July to vote on the candidates for nine ministerial portfolios, in order to complete the remaining cabinet positions."
He added that "next week will witness an important round of political meetings, especially among the forces within the Coordination Framework, to finalize the choices regarding the candidates' names, particularly for the sovereign ministries." He indicated that "expectations point to reaching a comprehensive agreement that will lead to holding the parliamentary session and voting on the candidates for the nine ministerial portfolios."
A politician reveals that the arrest of Al-Sudani and Al-Halbousi has been postponed until the next round of arrests.
he director of the Iraqi Media Center in Washington
, Nizar Haider, revealed on Monday that the arrest warrants for the head of the Progress Alliance, Mohammed al-Halbousi, and former Prime Minister Mohammed Shia al-Sudani remain in effect and will be executed within the next few days on charges related to corruption and money laundering.
Haider told Al-Maalomah News Agency that "the Integrity Commission will execute arrest warrants within the next few days against former Prime Minister Mohammed Shia al-Sudani and the head of the Progress Alliance, Mohammed al-Halbousi, for their involvement in stealing huge sums of money and transferring them to foreign banks, in addition to possessing a fortune equivalent to the budgets of some countries."
He added that "the US Federal Reserve has placed al-Sudani and al-Halbousi at the top of its list of most wanted individuals for their involvement in corruption cases during their tenure in leadership positions in the central government," clarifying that "the arrest of al-Sudani and al-Halbousi has been postponed until the coming days, and what has been rumored about political settlements to cancel the arrest warrants is baseless."
He added that "Prime Minister Ali al-Zaidi's office, in coordination with the Counter-Terrorism Service, will pursue those involved in stealing huge sums of money from the country's treasury in hard currency and imprison them to recover the stolen funds."
Nissan includes Najaf in its global plan and proudly considers Iraq a priority in the Middle East.
Independent/-Nissan confirmed that the Iraqi market is a priority within its Middle East strategy and global plan, noting that it continues to enhance its growth in Iraq “with full confidence” after opening a new branch in Najaf.
Al-Sour Company, the exclusive agent for Nissan cars in Iraq, said in a statement that it “opened a branch in Najaf in response to the growing demand for Nissan cars from customers in Iraq.”
“At Al-Sour Company, we do not just trade cars, but we strive to build an integrated experience that focuses on quality, service and reliability,” said the CEO of Nissan Iraq Al-Sour, Ahmed Mushir Sharif. “Therefore, this branch was designed to provide the latest global standards of Nissan through advanced showrooms, integrated service centers and a qualified team to ensure the best possible experience for our valued customers.”
He emphasized, “We are proud of our strategic partnership with Nissan Global, a partnership based on the values of innovation, continuous development, and transferring the latest Japanese technology to the Iraqi markets.”
He continued, “Yesterday we were in Baghdad, Erbil, Sulaymaniyah, Zakho and Mosul, and today we are proud to be in Najaf, and tomorrow we will continue our journey towards the city of Basra, God willing.”
For his part, Terry Sabbagh, President of Nissan and Infiniti in the Middle East, Saudi Arabia, CIS countries and India, said, “Less than six months ago we celebrated the opening of our new center in Mosul, which marked a major milestone in our journey. Today we continue this momentum with the official opening of the new Nissan center in Najaf, to continue to strengthen our growth in Iraq with confidence and determination.”
He emphasized that “this step reaffirms the Iraqi market’s position as a priority within our strategy in the Middle East region, in line with our global plan for Nissan.”
Expressing his gratitude to Al-Sour Company, led by Ahmed Mushir, he said, “Without his vision and great commitment, we would not be celebrating this remarkable achievement today.”
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To combat waste and corruption: The Law for the Protection of Currency Issuance in Iraq
According to official statements issued by the Central Bank of Iraq, the total volume of Iraqi currency in circulation is 100 trillion dinars. Based on relevant statements and analyses, 70% of this currency is not circulating within the national banking sector (both public and private) and is hoarded by individuals and companies for various purposes. The presence of cash outside the banking system has numerous negative consequences and risks for the economy. Holding cash is different from saving and hoarding money; its presence in such quantities reduces the money supply and creates an impression of illicit activity.
It also exposes its holders to various risks, including theft, assault, and damage. Furthermore, the existence of unused cash creates an incentive to convert it into other forms, some of which are detrimental. Some resort to converting dinars into foreign currencies, most notably the dollar, which puts undue pressure on demand and leads to higher exchange rates in the parallel market. Others use it for real estate purposes, such as land and buildings, creating high demand and price imbalances.
Cash can also... It is diverted to stagnant and economically unproductive uses such as gold, diamonds, and the acquisition of expensive items like watches and accessories. This encourages the illegal trade of bringing in these goods through outlets outside the authority of the state, which already exist.
The hoarding of cash is not always due to weaknesses in the banking sector. It may stem from a reluctance to disclose the source of the funds deposited. Those who hoard cash can certainly be divided into categories.
The first consists of public and private sector employees with surplus income who haven’t found suitable ways to invest it. The second comprises business owners and investors across various sectors who receive high revenues and profits and prefer to keep all or part of their earnings in cash, believing it to be the safest and most flexible method of investment.
The third category is largely made up of tax evaders who don’t want to disclose their wealth and are waiting for an opportunity to convert it into concealed assets. The most dangerous category consists of corrupt individuals, thieves, and those with ill-gotten gains who fear exposure due to the suspicions and questions that such figures raise.
Finally, there is a category of people who cannot publicly disclose their financial dealings because the source of their funds is unknown. Illicit trade in prohibited substances such as drugs and weapons increases the hoarding of money whenever there are pressures, restrictions, or fears to convert it into funds through investments or deposit it outside the country. It is certain that the crises that befell the banks of neighboring countries are related to the increase in hoarding of money within the country.
The issue of hoarding cash is not hidden from any official body. The Central Bank is the one that announces the decrease in the percentage of uncirculated currency issued from time to time. The case of (A.J.), which is expected to be a gateway to revealing corruption, is what stirred people’s feelings about the subject, especially after showing scenes and pictures that reveal the hiding of billions in miserable ways and the burning of millions of dollars. According to leaks and expectations, there are trillions hidden in various ways in places chosen by cash hoarders. This is a serious and important matter, especially when a percentage of the currency issued is unused or in the possession of thieves and corrupt people, with the possibility of it being damaged when the refuge is burning, burying, or other reactions. All of these things happened and are happening because the authority responsible for currency did not find the appropriate methods to attract and bring that money into local circulation.
Current instructions impose restrictions on the amount that a traveler can take out not exceeding $10,000, with the prohibition of taking out the dinar commission outside of official transfers.
We believe it has become essential for legislative and executive bodies to adopt a draft law (or amend an existing law) accompanied by regulations and instructions aimed at protecting the issuance of currency, without infringing upon personal freedoms and property rights guaranteed by the constitution and laws. This can be achieved through several means and tools, the
first of which is: setting a maximum limit for cash holdings, whereby any natural or legal person is prohibited from holding liquid cash exceeding 100 million dinars or the equivalent of 50,000 US dollars in foreign currencies outside the banking system. Any amount exceeding this must be deposited within six months of the law’s enactment.
The second is: restricting transactions to banks and subjecting all sales, purchases, and transfers of goods and services exceeding 10 million dinars to payment through banking channels (check, transfer, card, electronic wallet), making cash payments a violation with penalties.
The third is: activating the “From Where Did You Get This?” law, requiring every depositor with an amount exceeding 50 million dinars to disclose the source of funds, and obligating banks to audit and report any suspected money laundering.
Fourth: Criminalizing the destruction and concealment of currency. Destroying, burning, burying, or concealing the national currency is considered a violation of sovereignty and a crime of economic sabotage, punishable by imprisonment for 5-10 years plus a fine many times the amount.
Fifth: Tax clearance for valuable goods. Purchasing, importing, and trading any commodity or possession exceeding 50 million dinars in value (real estate, car, gold, watches, precious items) requires submitting a tax clearance certificate and payment exclusively through the banking system.
Sixth: Bank transparency. The Central Bank shall require government and private banks to adopt transparent windows for transfer and deposit operations, similar to the dollar sale window, and to publish a weekly report on the volume of major deposits and withdrawals. Seventh: Granting a reward of 5% of the seized amount to anyone who reports illegal cash outside the regulations, with a guarantee of legal immunity for the informant and confidentiality of information.
