not the exciting one this one came out this morning
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.
The video for this My FX Buddies Blog is below here:
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'seconomic and financial stability."
The Ministry of Finance begins preparing the 2027 budget; the first reading of the grants and borrowing law will take place next week.
link
The parliamentary finance committee confirmed on Friday that the Ministry of Finance has begun preparing the 2027 budget, while noting that the grants and borrowing law will be presented to parliament next week.
According to the official agency, committee member Ikhlas Al-Dulaimi said, “During the committee’s visit to the Prime Minister, several issues were agreed upon, including the agreement to send the 2027 budget.” She noted that “the Finance Committee has taken upon itself the legislation of the Grants and Borrowing Law, and an agreement was reached with the government to approve it, and 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, a number of ministries and representatives of the region, in order to send it to the committee."
She continued, "There is an agreement between the Prime Minister and the Finance Committee that there should be a budget and that it should be passed in the House of Representatives as quickly as possible, given that the country's situation requires a budget in order to achieve financial stability, which will determine the exchange rate, the price of a barrel, export mechanisms, and how to operate."
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 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," clarifying that "we hope to resolve the crisis of promotions and allowances in the budget."
Al-Zaidi Meets al-Maliki to Discuss Cabinet Formation
At a Glance
- Al-Zaidi meets Nouri al-Maliki
- Cabinet formation tops discussions
- Anti-corruption measures reviewed
- Foreign and economic ties discussed
Iraqi Prime Minister Ali Faleh al-Zaidi met with State of Law Coalition leader Nouri al-Maliki on Thursday to discuss political, governmental, and national issues.
Key Statements and Focus Area
- Cabinet formation: The two sides discussed completing the formation of the government.
- Rule of law: The meeting addressed anti-corruption measures.
- Security and stability: Government efforts to strengthen stability were discussed.
- Foreign relations: The meeting emphasized continued engagement with regional and international partners.
According to the Prime Minister’s Media Office, the meeting focused on a number of political and national issues, with the completion of the Cabinet formation among the main topics.
The discussions addressed forming the government in a way that supports the performance of state institutions and strengthens its work.
The meeting also covered government measures to combat corruption, promote integrity, and advance economic reform.
The two sides discussed the importance of ensuring that all arms remain under state authority and upholding the rule of law as part of efforts to strengthen security and stability and protect state institutions.
The meeting reviewed Iraq’s foreign relations and stressed the importance of maintaining engagement with regional and international partners.
It also highlighted the need to strengthen economic and investment partnerships as Iraq addresses regional challenges and their impact on the country’s economy.
FYI
The completion of Iraq’s Cabinet formation remains central to efforts to strengthen the functioning of state institutions and advance the government’s political and economic agenda. The latest meeting brings together the prime minister and the leader of the State of Law Coalition amid broader discussions on governance, institutional authority, economic reform, and Iraq’s regional and international relations.
"Iraq's openness to its surroundings is good."
Al-Maliki visits Al-Zidi to discuss completing the cabinet: We support you in restricting weapons and combating corruption.
Prime Minister Ali al-Zubaidi received Nouri Kamel al-Maliki, head of the State of Law Coalition, on Thursday (August 13, 2026) to discuss the completion of the formation of the cabinet and the strengthening of the performance of state institutions. The meeting witnessed al-Maliki’s confirmation and support for the government’s measures to combat corruption, implement economic reform, and restrict weapons to the state, as well as discussing foreign relations and emphasizing the importance of Iraq’s openness to its regional and international environment and the development of investment partnerships.
The Prime Minister’s Media Office stated in a statement received by Network 964 that “today, Thursday, he received the head of the State of Law Coalition, Nouri Kamel al-Maliki, and the meeting witnessed discussions on a number of political and national files and issues, most notably the completion of the formation of the cabinet, in a way that supports the performance of state institutions and strengthens the course of government work.”
The statement added that “the meeting addressed support for government measures in combating corruption and promoting integrity, economic reform, restricting weapons to the state and enforcing the rule of law, in a way that contributes to consolidating security and stability and protecting state institutions.”
The meeting reviewed “foreign relations files, and stressed the importance of continuing Iraq’s openness to its regional and international environment, in addition to strengthening economic and investment partnerships to confront the current challenges facing the region and to reflect on the Iraqi economy.”
World Gold Council: Iraq holds 174.6 tons of gold, ranking 28th globally and third in the Arab world.
Data from the World Gold Council for August 2026 showed that Iraq’s gold reserves amounted to 174.6 tons, ranking it 28th globally, while gold constituted about 23.1% of Iraq’s total reserves.
According to the data, Iraq came in third place in the Arab world in terms of gold holdings, after Saudi Arabia and the UAE, while the United States topped the global ranking with reserves of 8,133.5 tons.
The council noted that Iraq’s most recent data dates back to November 2025, meaning that the amount of gold recorded at 174.6 tons has not been updated in the table since that date, while the data for some countries dates back to months closer to the current period.
Official gold reserve data, according to the World Gold Council methodology, is based primarily on IMF statistics, with the dates of the latest available data varying between countries depending on when reserves are reported.
The World Gold Council had previously confirmed in its statements that Iraq’s gold holdings remained stable at 174.6 tons, with no new purchases recorded during 2026, according to the data available at the time.
Washington threatens Iran with unprecedented economic isolation and new measures next week.
The United States vowed on Friday evening to impose additional economic measures on Iran, as part of escalating financial pressure in parallel with the continuation of the naval blockade, amid assurances that the anticipated steps will push Tehran towards an unprecedented level of economic isolation.
The White House said Washington still has more tools to put pressure on Iran, stressing that measures aimed at punishing Tehran and crippling its economy will continue.
For his part, US Treasury Secretary Scott Bisent revealed that President Donald Trump’s administration is preparing to announce an additional package of measures against Iran next week.
In an interview with Newsmax, Bessent explained that the anticipated measures would be at a level “unprecedented in the history of a country’s economic isolation,” without revealing any details.
He noted that the US strategy would combine increased financial pressure with a continued naval blockade, preventing goods from entering or leaving Iranian ports.
ThanksSupport My FX Buddies
BuyMeACoffee CashApp:$tishwash
https://paypal.me/tishwash
.jpeg)
Oil company signs agreement with Japan's JGC to boost gasoline and liquefied gas production
The Ministry of Oil signed an agreement on Friday with the Japanese company JGC to boost production capacity for gasoline, gas oil, and liquefied petroleum gas (LPG).
In a statement received by Mawazin News, the Ministry of Oil said, "The ministerial negotiating committee, under the supervision and guidance of Oil Minister Basim Mohammed Khudair Al-Abadi, and chaired by the ministry's advisor, Hamid Younis, with the participation of the Director General of the South Refineries Company, Hussam Hussein Wali, reached an agreement with the Japanese company JGC, the operator of the FCC catalytic cracking project, to resume work on the project on August 10, 2026."
The statement added that "the company has begun transferring its personnel to the project site and resuming operational work and the necessary preparations for the units to complete the project and operate it at its design capacity. The project will contribute an additional 5 million liters per day of gasoline, approximately 7 million liters per day of gas oil, and 400 tons per day of LPG."
Despite the decline in the central bank's reserves, an economist told Iraq Observer: Al-Zidi is launching financial reforms and attracting investments to boost the Iraqi economy.
Prime Minister Ali Faleh al-Zaidi's recent actions have highlighted significant economic achievements. He announced a program and performance-based budget for the first time, linking government spending to results in a move aimed at improving the efficiency of public finances. He also launched a series of financial reforms, including austerity measures and salary restructuring, along with initiatives to encourage employees to take extended leave at half pay to ease pressure on the budget.
Economist Idris Ramadan emphasized that Prime Minister al-Zaidi's initiatives to attract global investment and implement financial reforms came despite the decline in the Central Bank's reserves to 102 trillion dinars.
Ramadan told Iraq Observer that “sovereign expenditures, including employee salaries, are increasing year after year, hindering the government’s efforts to achieve monetary stability.”
He added that “the government has initiated reform measures such as granting employees five-year leave at half pay, adopting austerity policies, and opening the door to foreign investment, including American investment, to alleviate pressure on foreign currency reserves.”
He continued, “These steps aim to protect the Central Bank from depletion and ensure the sustainability of reserves, at a time when the Iraqi economy remains hostage to fluctuating oil prices and high government spending.”
Ramadan concluded by saying that “the Prime Minister has focused on attracting global investment, with major companies, including American and European ones, expressing interest in entering the Iraqi market, which enhances opportunities for economic diversification and reducing dependence on oil. He also emphasized combating corruption and creating a secure investment environment, as all these reforms aim to protect the Central Bank’s foreign currency reserves and ensure financial stability.”
Iranian Central Bank Governor: Iran will soon join the BRICS New Development Bank
Abdolnaser Hemmati, the governor of Iran’s central bank, said in a report published by state media on Wednesday, ahead of a meeting of BRICS finance ministers in India, that Iran will soon join the New Development Bank, a development finance institution established by the BRICS group of nations.
Iran remains subject to comprehensive US and international sanctions, and has yet to reach a peace agreement to end the current conflict with the United States and Israel, giving Tehran an additional incentive to seek alternative financial channels outside the dollar system.
Iran joined the BRICS group in 2024 as the group expanded, in a move aimed at deepening economic ties between emerging economies, and has since clearly expressed its desire to become a member and shareholder of the New Development Bank.
Brazil, Russia, India, China, and South Africa established this bank in 2015 to finance infrastructure and sustainable development projects. Since then, the bank has expanded its membership to include the UAE, Egypt, and other emerging economies.
Hemmati added, according to state media: "The most important result of cooperation between the BRICS member states is the establishment of the New Development Bank, and our country will soon become a member of this bank."
Hemmati is attending the first meeting of BRICS finance ministers and central bank governors, hosted by India, which holds the rotating presidency of the BRICS group this year.
The BRICS countries have sought to reduce dependence on the US dollar by encouraging trade and financial transactions in local currencies.
Hemmati said that Iran believes BRICS countries can conduct trade transactions using their local currencies, and seeks to establish bilateral and trilateral monetary cooperation with other member states.
3 drones shot down in Iraq's Kurdistan region
Aug. 14 (Xinhua) -- Three drones were shot down early Friday over Erbil, the capital of Iraq's semi-autonomous Kurdistan region, local authorities said.
The regional Directorate General of Counter Terrorism said in a statement that U.S.-led international coalition forces shot down the drones.
The statement said no casualties were reported.
No group has claimed responsibility for the attack so far.
Iraq's Kurdistan region has recently seen a rise in drone and missile attacks amid regional tensions linked to the ongoing confrontation between the United States and Iran. ■
Qaani defies Baghdad: He rejects al-Zaidi's visit to Jurf al-Sakhr and gives the green light for the redeployment of factions.
A report attributed to the London-based Quraish newspaper revealed disagreements regarding how to deal with the armed factions and the Jurf al-Sakhr issue, indicating that the commander of the Iranian Quds Force, Ismail Qaani, rejected a proposal put forward by the head of the Badr Organization, Hadi al-Amiri, to reduce the political and popular tension related to the region.
According to the report, Qaani informed the leaders of armed factions of the need not to make concessions regarding weapons or enter into political settlements , while maintaining a limited political presence within parliament, in conjunction with discussing arrangements for the redeployment of factions in sensitive areas within Baghdad and other governorates following the anticipated American withdrawal.
The report indicated that al-Amiri put forward a proposal to allow Prime Minister Ali Faleh al-Zaidi to visit Jurf al-Sakhr publicly and on camera, and to meet with the leaders of the factions there, in an attempt to reduce tension and show some political openness, without government forces entering the area.
But the proposal, according to the report, did not receive Qaani’s approval, in an indication that the report described as reflecting the hardening of the Iranian decision and its insistence on managing the factions file away from the Iraqi government arrangements .
The report added that Qaani toured sites belonging to the factions in Jurf al-Sakhr, including combat and intelligence sites and facilities related to drones and missiles, before armed elements spread out on the roads surrounding the area in conjunction with his movements.
The report puts al-Amiri in an embarrassing political position, as his proposal, according to the account in it, appears unable to overcome the Iranian decision, while Qaani appears as the one with the most influential word on a sensitive issue within Iraqi territory.
Saudi Arabia condemns the targeting of ADNOC tankers and demands that Iran cease its violations.
link
Saudi Arabia has called on Iran to immediately cease its violations in the Strait of Hormuz and to respect international law, following the attack that targeted two Emirati tankers in this vital waterway.
The Saudi Foreign Ministry expressed its strong condemnation and denunciation of the targeting of the two tankers belonging to the Abu Dhabi National Oil Company (ADNOC) in the Strait of Hormuz, stressing that the repetition of such attacks represents a dangerous escalation and a direct threat to the security of international maritime navigation in a region that is a major artery for global energy supplies.
Riyadh stressed that it holds Iran fully responsible for the consequences of its continued attacks, warning of the catastrophic repercussions of such actions that aim to destabilize the region and undermine regional and international security.
The Kingdom also reaffirmed its full solidarity with the United Arab Emirates in the measures it takes to preserve its sovereignty, security and capabilities, stressing that the security of the two countries is indivisible.
Associated Press: Baghdad unlikely to succeed in disarming factions by September 30
The Associated Press (AP) has suggested that the Iraqi government will face difficulties in completing its disarmament project by the September 30 deadline, given the continued refusal of Iranian-backed armed groups to relinquish their weapons .
The agency explained in a report translated by Al-Sa’a Network that “Iraqi Prime Minister Ali al-Zaidi set September 30 as the deadline for ending the presence of weapons outside the framework of the state, coinciding with the completion of the withdrawal of the international coalition forces led by the United States from Iraq,” stressing that “the continuation of carrying weapons after the departure of foreign forces will not leave any justification for the existence of non-governmental armed formations.”
The agency added that “some Iraqi factions were justifying their retention of weapons by the presence of US forces, even though the current military mission came at the request of the Iraqi government in 2014 to support the war against ISIS. However, factions supported by Iran announced that they do not intend to hand over their weapons, which makes achieving the government’s goal within the specified timeframe unlikely,” according to the report.
The report indicated that "the US military is proceeding according to the timetable agreed with Baghdad to complete the withdrawal of all its forces by the end of September, after it ended its presence in most Iraqi bases during the past year, while the redeployment of forces and equipment in the Kurdistan Region continues in preparation for the complete withdrawal."
This comes at a time when the Iraqi government is continuing its efforts to restrict weapons to the state, amid internal and external pressures to end the presence of armed formations outside official institutions, while the position of the factions that refuse to give up their weapons remains one of the most prominent challenges facing the implementation of this project before the end of the government deadline .
