Iraq Economic News and Points To Ponder Thursday Morning 5-21-26
Al-Zaydi Discloses His Financial Assets And Submits Them To The Head Of The Integrity Commission.
Money and Business Economy News – Baghdad Prime Minister Ali Faleh al-Zaidi submitted his financial disclosure statement to the head of the Integrity Commission on Thursday.
A statement issued by the commission and received by “Al-Eqtisad News” stated that “this measure comes within the framework of enshrining the principle of transparency, as Al-Zidi was the first to comply with the obligations set by the Integrity and Illicit Gains Commission Law No. (30 of 2011 amended), within his ministerial cabinet, and pledged to remove all conflicts set by the law within the time limits and legal periods in force that regulate conflict of interest and holding public office.”
The Prime Minister had instructed the members of the ministerial team to expedite the disclosure of their financial assets within a period not exceeding one week from the date of assuming responsibility.https://www.economy-news.net/content.php?id=69360
Iraq Tops Importers Of Sri Lankan Tea Despite A Decline In Exports In March
Money and Business Economy News – Baghdad Sri Lanka's tea industry is facing increasing economic pressure due to the fallout from the conflict in the Middle East, which has impacted exports and raised energy and shipping costs, according to a Reuters report.
Sri Lanka’s tea sector is heavily dependent on Middle Eastern markets, which account for about half of Ceylon tea exports, making it one of the sectors most affected by transport disruptions and rising fuel prices.
Data from the Sri Lanka Export Development Board showed that tea export revenues during March 2026 decreased by 17.3% year-on-year to reach $114.75 million.
Data for March also showed a 38% decline in tea exports to Iraq, the largest importer of Sri Lankan tea, while shipments to the UAE fell by 93%.
Iran imports between 8 and 10 million kilograms of premium Sri Lankan tea annually, amid concerns that regional tensions will continue to affect trade and shipping.
Sri Lankan tea companies confirmed that rising fuel and logistics costs have prompted them to expand into alternative markets such as Canada, the United States and South America.
The tea sector is one of the most important economic sectors in Sri Lanka, with a value of about $1.5 billion and providing employment for about 2.4 million people, at a time when farm workers are facing increasing living pressures due to inflation and rising prices. https://www.economy-news.net/content.php?id=69358
A Government Advisor Emphasizes The Importance Of Activating The Market Development Council And Investing In Five Million Dunams.
Money and Business Economy News – Baghdad The Prime Minister’s financial advisor, Mazhar Muhammad Saleh, stressed on Thursday the importance of activating the Market Development Council to support the modern economy in Iraq, while emphasizing the need to invest in five million dunams of agricultural land that have been damaged by desertification.
Saleh told the Iraqi News Agency, as reported by "Economy News": "The government program aims at institutional reform and defining institutions, their mechanisms, and their performance, as Iraq has a large number of institutions, and they are also weak." He explained that rebuilding Iraqi institutions is a very important matter, because the large capacity without oversight has drained the Iraqi state.
He added that "government institutions have become bloated and large and constitute a burden on the national economy, so that they have become market-based, meaning that market institutions are being stifled by heavy state institutions."
He pointed out that "economic reform begins with reforming old institutions and their laws and facilitating procedures," explaining that "many administrative complexities have become inherited and are not based on a legal basis."
He added that "young leaders are important in the economic reform process, as they possess a mindset of development, openness and change."
Regarding building a diversified national economy, he stated that "coexisting with a rentier oil economy and relying on the budget is one of the fundamental problems," calling for "turning towards all available non-oil resources."
He pointed out that "Iraq has natural resources that have not been invested in, and the private sector has not been allowed to partner and invest in them," noting that "our mission today is for the national and international private sector to partner with the government, using the latest technologies, to re-engage all of Iraq's resources."
He explained that "the agricultural sector represents the first starting point through the agricultural sovereignty and agricultural licensing project," indicating that "Iraq owns five million dunams of land affected by desertification, and a joint governmental-private holding company can be established on it, in cooperation with international companies, such as agricultural licensing rounds."
He added that "this step will lead to a green revolution starting with four or five million dunams that will secure Iraqi food security."
He continued, "The digital economy is a key focus in the reform process, through the creation of a strong institutional entity that oversees the digital cloud, cybersecurity, and attracting modern technology."
He pointed out that "the Market Development Council represents the link between the state and the private sector," stressing "the importance of redefining the council and activating it to support the birth of the modern economy in Iraq."
https://www.economy-news.net/content.php?id=69354
Transportation: Commencement Of The Second Phase Of The Trade Exchange Area
Money and Business Economy News – Baghdad The Ministry of Transport has begun implementing the second phase of the trade exchange yard project located in the Al-Taji area at the entrance to Baghdad-Salah Al-Din, as part of its plans to develop logistical infrastructure and enhance trade exchange between governorates and border crossings.
The Director of the General Company for Land Transport affiliated with the Ministry, Murtadha Karim Al-Shahmani, said in an interview with the official newspaper, which was followed by “Al-Eqtisad News”, that the engineering and technical staff affiliated with the Ministry have actually started the work of the second phase of the project, which extends over an area of (387) dunams, indicating that the work is taking place in parallel with the completion of the contracting procedures for the commercial exchange square project at the entrance to Baghdad - Al-Kut, which has an area of about (210) dunams.
He added that the trade exchange yards projects are witnessing remarkable progress in completion rates, especially the projects surrounding the city of Baghdad, which are known as “retail” projects, noting that these projects represent an important step to support the land transport sector and regulate loading and unloading operations, as well as their role in reducing congestion within the capital and enhancing the efficiency of logistical services.
Al-Shahmani explained that the ministry is preparing to begin work on the Baghdad-Kirkuk trade exchange yard project, which covers an area of (350) dunams, after obtaining official approvals and no objection from the relevant government agencies to allocate the land and implement the project, noting that this project will constitute an important addition to the commercial transport network in the country.
He pointed out that the project for the trade exchange yard at the entrance to Baghdad - Anbar - Babylon has reached very advanced stages of implementation, especially after the start of work to connect the yard with the international road, which will contribute to facilitating the movement of trucks and goods, and achieving greater smoothness in transportation and trade exchange operations between the governorates.
Regarding the trade exchange yards projects at the border crossings, Al-Shahmani affirmed that the Ministry continues to follow up on the procedures related to the Shalamja, Al-Shaib, Arar and Trebil yards projects, while working to study the technical and administrative obstacles that may face the implementation phases, and finding appropriate solutions to ensure the completion of these projects according to the specified time plans, in order to enhance the role of the border crossings in supporting the national economy and stimulating regional trade. https://www.economy-news.net/content.php?id=69350