Iraq Economic News and Points To Ponder Friday Morning 6-19-26
Wall Street Journal: Pentagon Seeks $80 Billion In Additional Funding To Cover The Cost Of A War With Iran
Money and Business Economy News - Follow-up The Wall Street Journal, citing informed sources, reported that U.S. Deputy Secretary of Defense Stephen Feinberg told lawmakers in telephone calls this week that the Defense Department needs $80 billion to cover the costs of a war with Iran, in addition to other non-war-related expenses.
The newspaper added that a full supplemental funding request, including funding for the Pentagon as well as non-defense priorities such as agricultural aid and disaster relief, may be sent to lawmakers in the coming days.
Reuters was unable to immediately verify the report. Neither the White House nor the Pentagon could be reached for comment outside of business hours when contacted by Reuters, according to the news agency.
A Pentagon official told Reuters in April that the Iran war cost about $25 billion, providing the first official estimate of the war's costs.
The full cost of the conflict, which Trump initiated in cooperation with Israel on February 28, remains a point of contention in Congress. An initial request for $200 billion in additional funding was met with strong opposition from lawmakers.
In April, White House Budget Office Director Russell Vought told a House Budget Committee hearing that he had no estimates for the cost of the war, as part of his defense of Trump’s request for an annual military budget of $1.5 trillion.
The proposed budget reflects the Republican Party's priorities ahead of the midterm elections in November, as the party tries to maintain control of Congress but faces growing concern from voters about rising living costs, energy prices, and the financial burden of the Iran war. https://www.economy-news.net/content.php?id=70418
Al-Zaydi Issues 5 Directives Regarding The Work Of Border Crossings And Customs
Money and Business Economy News – Baghdad Prime Minister and Commander-in-Chief of the Armed Forces Ali al-Zaidi issued 5 directives concerning the work of border crossings and customs.
These directives came in light of the conference held on 15/6/2026 in the presence of the Prime Minister and Commander-in-Chief of the Armed Forces. The Commander-in-Chief directed the completion of the following procedures:
1- Rotate all employees at border crossings without exception and within (48) hours, and the Border Crossings Authority must submit a position supporting the implementation of the order.
2- Obliging the Ministry of Interior - Border Forces Command to close all gaps and unauthorized land and sea border crossings, while rotating all commanders of brigades and units in the Border Forces Command.
3- All officers, affiliates and employees assigned to work in the Border Ports Authority shall be returned to the Ministry of Interior, and the separation shall be within (48) hours and without exception.
4- Obliging the security and intelligence agencies, including (the Intelligence Service Office, the Internal Intelligence Office, the Customs Police Station, the Explosives Detachment, the Narcotics Division, and the (9k) detachments), to take their role by activating their security and intelligence role within the port and monitoring the non-passage of any prohibited materials or drugs through all border ports and submitting periodic reports directly to the Director of the border port in his capacity as head of the intelligence cell. These agencies bear the legal responsibility in the event of any security breach or illegal crossing.
5- Obliging the employees of the General Authority of Customs to conduct a thorough inspection of all goods entering the country without exception, and not to allow any truck to pass through except after conducting an inspection and verifying the details of the cargo. https://www.economy-news.net/content.php?id=70414
Iraq Receives Notification From The International Transport Federation Confirming Significant Progress In Implementing The TIR System
Money and Business Economy News – Baghdad The Ministry of Transport announced on Friday that Iraq has received notification from the International Transport Federation confirming that it has made significant progress in implementing the TIR system.
The Director of the Land Transport Department of the Technical Department at the Ministry of Transport, Israa Hanoun, stated that “a notification from the International Road Transport Union (IRU) reached the TIR Convention contact point at the Iraqi Ministry of Transport bearing the phrase (Iraq is stealing the offer) in a clear message confirming that Iraq has made high progress in implementing the TIR system during the year 2025.”
Hanoon explained that "the system has been fully operational and seven new international routes have been opened across Iraqi territory within eight months, and more than (1000) international transport operations have been carried out," noting that "the notification also confirms the continued adoption of the TIR system for the movement of goods in transit by land across Iraqi territory, which contributes to enhancing the efficiency and security of international trade and consolidating Iraq's position as an important regional logistics corridor." https://www.economy-news.net/content.php?id=70423
Gold Is Heading For Its Third Weekly Loss Amid A Rising Dollar.
Money and Business Economy News — Follow-up Gold prices edged lower on Friday and are on track for their third consecutive weekly decline, as a stronger dollar and dovish signals from the Federal Reserve weighed on the non-yielding metal.
Spot gold fell 0.5% to $4,189.26 an ounce by 0043 GMT. U.S. gold futures for August delivery dropped 0.9% to $4,207.80.
The dollar remained near its highest level in a year, increasing the cost of gold priced in the US currency for holders of other currencies. https://www.economy-news.net/content.php?id=70409
Bitcoin Continues Its Decline And Is Heading Towards The $60,000 Level.
Money and Business Economy News - Follow-up Bitcoin continued its decline towards the $60,000 level, and this decline is due to increasing concerns about the collapse of the funding mechanism of the company “Strategy”, in addition to concerns about raising interest rates that weaken the demand for high-risk assets.
The largest cryptocurrency had fallen below this level two weeks ago for the first time since late 2024.
The currency, which fell as much as 3.3% to $62,220 on Thursday, has lost about 50% of its value since reaching its highest level in October of that year.
Traders focused their attention on the share price of "Stretch," a subsidiary of "Strategy," which the largest company with Bitcoin holdings uses to fund recent purchases.
The price fell to record lows, making the sale of these securities unprofitable for the company headed by Michael Saylor.
Saylor had sparked market concerns earlier this month by selling a small amount of Bitcoin, after urging its holders for years not to sell their digital currencies. https://www.economy-news.net/content.php?id=70413