Iraq Economic News and Points To Ponder Thursday Evening 6-25-26
French Public Debt Hits A New Record High, Exceeding 3.5 Trillion Euros
Arabic and international French public debt reached a new record high in the first quarter of 2026, exceeding the 3.5 trillion euro mark for the first time.
According to a report by the National Institute of Statistics and Economic Studies in France, public debt at the end of the first quarter of 2026 amounted to approximately 3,536.1 billion euros.
The institute noted that exceeding the €3.5 trillion mark is a first in the country's history. The debt-to-GDP ratio also reached 117.5%, slightly below the peak of 117.8% recorded in 2021.
This figure places France third among EU countries in terms of debt size, after Greece and Italy.
Former French Prime Minister Francois Bayrou stated in August 2025 that the public debt was increasing at a rate of five thousand euros every second, while the then acting Interior Minister Bruno Retailleau confirmed that the country had never before been so close to the risk of financial collapse. https://www.economy-news.net/content.php?id=70703
The Prime Minister Arrives In Karbala And Follows Up On The Implementation Of The Procedures Related To The Ashura Pilgrimage Ceremonies.
Localities Prime Minister Ali Faleh al-Zaidi arrived in the holy city of Karbala on Thursday. While monitoring the implementation of procedures for the Ashura commemorations, he directed the organization of processions and the provision of transportation to ensure the smooth return of pilgrims.
The Prime Minister's Media Office stated in a press release that "Prime Minister and Commander-in-Chief of the Armed Forces, Ali Faleh al-Zaidi, arrived in the holy city of Karbala today, Thursday, as part of his on-site monitoring of the implementation of service and security plans for the Ashura commemorations, in the presence of a number of officials and military and security leaders." The statement
added that "the Prime Minister chaired a meeting during which he received a detailed briefing on the security and service plan for the pilgrimage. He emphasized that the pilgrimage to Imam Hussein (peace be upon him) is no longer a local event but has become a global one, for Hussein (peace be upon him) belongs to all of humanity. His revolution embodied the principles of truth in confronting falsehood, rejecting injustice, and fighting corruption."
According to the statement, Al-Zaydi stressed the importance of projecting a positive image to the millions of pilgrims arriving from outside Iraq, from the moment they arrive until their departure, by providing the best possible services, attention, and care.
In this context, Al-Zaydi directed the organization of the processions, emphasizing the need to consider service and security aspects, as well as the smooth flow of traffic, particularly during the Ashura procession.
The Prime Minister also directed the provision of transportation to ensure the smooth return of pilgrims after the completion of the pilgrimage rituals without delay, noting the importance of coordination between relevant authorities and volunteers who will play an active role during the pilgrimage.
During his visit, the Prime Minister toured several processions and met with pilgrims, expressing his praise and appreciation for the significant efforts made by the procession organizers in serving the pilgrims.https://www.economy-news.net/content.php?id=70707
The European Union Extends Economic Sanctions Against Russia Until 2027
Arabic and international The European Union Council announced on Thursday that it is extending economic sanctions against Russia for an additional year, until July 31, 2027, due to the war in Ukraine.
The council said in a statement that the decision comes in response to what it described as Russia’s continued destabilization of Ukraine, noting that the sanctions include the trade, finance, energy and dual-use technology sectors, as well as Russian oil and a number of Russian banks and media outlets.
The European Union confirmed its readiness to take further action against Moscow, while EU leaders agreed during their summit in Brussels to extend sanctions for a full year, while calling for the acceleration of the adoption of a new package of restrictive measures against Russia.https://www.economy-news.net/content.php?id=70706
France, Italy Agree On Post-Unifil Coalition For Lebanon
2026-06-25 Shafaq News- Paris Italy and France agreed to form a coalition to support Lebanon after the mandate of the United Nations Interim Force in Lebanon (UNIFIL) expires at the end of this year, Italian Prime Minister Giorgia Meloni announced on Thursday.
Speaking at a joint press conference with French President Emmanuel Macron, Meloni said that the two leaders discussed the possibility of holding an international conference dedicated to supporting Lebanon during the post-UNIFIL phase. She noted that Italy and France "can certainly make a difference," adding that an international presence is needed to prevent "a highly dangerous security vacuum."
Macron said Paris and Rome want to launch the coalition in coordination with the European Union and the United Nations, “to strengthen Lebanon's sovereignty and armed forces and prevent the country's territory from becoming a base for regional escalation.”
UNIFIL was first deployed in 1978 after Israel’s advance into southern Lebanon, and its mandate expanded in 2006 following the July Israel–Hezbollah war. The peacekeeping mission includes troops from more than 40 countries and conducts patrols along the Blue Line, a 120-kilometer boundary set by the UN in 2000 following Israel's withdrawal from Lebanon.
https://www.shafaq.com/en/World/France-Italy-agree-on-post-UNIFIL-coalition-for-Lebanon
Iraq Denies Plans To Leave OPEC, Urges Higher Oil Production Quota
In a statement on Thursday, Iraq's Oil Ministry said Baghdad had urged OPEC to reassess production baselines and increase Iraq's quota, citing the damage inflicted on its oil sector by decades of conflict and the recent Middle East war.
ERBIL (Kurdistan24) – Iraq has reaffirmed its commitment to the Organization of the Petroleum Exporting Countries (OPEC), dismissing reports that it is considering withdrawing from the oil-producing alliance, while calling for an increase in its production quota to reflect the country's economic and security challenges.
In a statement on Thursday, Iraq's Oil Ministry said Baghdad had urged OPEC to reassess production baselines and increase Iraq's quota, citing the damage inflicted on its oil sector by decades of conflict and the recent Middle East war.
The ministry stressed that production baselines should be reviewed to ensure they accurately reflect the sustainable production capacities of member states and take into account "Iraq's unique security and economic circumstances."
Addressing speculation about a possible Iraqi exit from OPEC, Oil Ministry spokesperson Salim al-Rikabi told AFP that Iraq "has no intention of withdrawing from the organization and remains committed to its mechanisms."
However, Rikabi emphasized that Iraq expects a fair adjustment to its production allocation.
"OPEC has to raise Iraq's production quota. Otherwise, a decision will have to be made about whether to stay or leave the organization," he said, while reiterating that Baghdad remains engaged within the group's framework.
The ministry also rejected reports suggesting that Iraq was preparing to leave OPEC, stating that such claims "do not reflect" the government's official position.
According to the ministry, OPEC has already begun reassessing the production capacities of its member states. Iraqi officials expressed confidence that fellow members understand the country's circumstances following decades of wars, economic sanctions, and recent attacks on oil infrastructure during the regional conflict.
The ministry added that these factors would be taken into consideration to ensure Iraqi oil production reaches a "fair level."
Iraq, a founding member of OPEC, relies heavily on crude exports, which account for approximately 90 percent of government revenues. The country's oil industry was significantly affected by the recent Middle East war and Iran's temporary blockade of the Strait of Hormuz, which disrupted exports and forced production adjustments across the region.
During the conflict, several Iraqi oil fields were targeted by drone attacks.
Before the outbreak of the war, Iraq produced around four million barrels of oil per day and exported an average of 3.5 million barrels daily, most of it through the Strait of Hormuz.
An Iraqi withdrawal from OPEC would represent a major setback for the organization, particularly after the departure of the United Arab Emirates earlier this year, which cited national economic interests and long-term diversification plans as reasons for leaving the organization.
Iraq Says No Obstacles Remain To Kurdistan Region Oil Exports
Iraq's Oil Ministry says no barriers remain to the production and export of oil from the Kurdistan Region
ERBIL (Kurdistan24) - Iraq's Oil Ministry has reiterated that no obstacles remain to the production and export of oil from the Kurdistan Region, as major international operators continue returning to work after completing repairs at fields damaged during recent attacks.
Speaking to Kurdistan24 on Thursday, Salim Rokabi, spokesperson for Iraq's Oil Ministry, said there were no remaining issues preventing the production or export of Kurdistan Region oil.
"We are only waiting for all oil companies to return to work at the oil fields and resume their operations once again," Rokabi said.
Companies return in phases
The remarks come as the Kurdistan Regional Government (KRG) announced that international oil companies have begun gradually restoring production following the completion of rehabilitation work at affected facilities.
KRG spokesperson Peshawa Hawramani said operators are returning according to a phased timetable after repairs were completed at fields that sustained damage during recent attacks.
According to Hawramani, HKN has already resumed production at a rate of 7,000 barrels per day and is scheduled to restart operations at the Atrush oil field on Sunday, June 28.
He also confirmed that Gulf Keystone has resumed production at the Shaikan field, while DNO is expected to restart operations on Friday at the Tawke and Peshkabir fields.
Meanwhile, Hunt Oil is scheduled to return to operations on July 8.
Hawramani said the delayed return of some companies was linked to the extensive damage inflicted on oil infrastructure during the attacks.
He explained that affected operators required additional time and technical preparations to rehabilitate facilities and restore them to normal operating conditions before production could resume.
The KRG spokesperson noted that companies are returning to work in stages as repair and maintenance efforts are completed across the region's oil sector.
The announcements from both Baghdad and Erbil signal continued progress toward restoring activity in the Kurdistan Region's energy sector after months of disruption.
While production is resuming gradually, Iraqi officials say all necessary conditions are now in place for exports to proceed once companies fully return to their fields and operations reach normal levels.
The latest developments provide the clearest indication yet that oil production across the Kurdistan Region is moving toward recovery, with major international operators steadily returning to service following the completion of repair work.
Judiciary Orders Legal Action Against Polluters In Iraq
2026-06-25 Shafaq News- Najaf Iraq's Supreme Judicial Council instructed courts to pursue legal action against any entity responsible for environmental pollution, including government institutions, to strengthen enforcement of environmental protection laws.
Jamal Abdul Zaid Shalaka, director of Najaf's Environment Directorate, told Shafaq News on Thursday that the directive, which followed a June 23 request from the Ministry of Environment for stricter enforcement, requires competent courts to apply Article 32 of the Protection and Improvement of Environment Law No. 27 of 2009 equally to public and private entities by prosecuting those responsible for environmental violations. It also obliges violators to eliminate sources of pollution, restore damaged areas, and compensate those affected in accordance with Iraqi law.
Earlier this month, a specialized environmental team identified 54 pollution hotspots and environmental violations affecting water quality along the Euphrates River from the Iraq-Syria border to Haditha Lake.
Environmental expert Samim Salam Abu Furat told Shafaq News that the four-day survey documented untreated sewage discharges, illegal sand quarries, poultry waste and animal carcasses dumped into the river, unlicensed fish ponds, construction debris obstructing water flow, and encroachments along the riverbanks.
Read more: The cost of filth: Iraq among the world’s most polluted nations
https://www.shafaq.com/en/society/Judiciary-orders-legal-action-against-polluters-in-Iraq
Erbil Marks Ashura With 400kg Community Meal
2026-06-25 Shafaq News- Erbil An Ashura mawkib* in Erbil turned 400 kilograms of meat into free meals on Thursday evening, feeding mourners and visitors in a city where the annual commemoration is marked through food, service, and collective memory.
Ashura, observed on the 10th day of Muharram, the first month of the Islamic calendar, marks the killing of Imam Hussein bin Ali, the third Shia Imam, at the Battle of Karbala in 680 CE. For Shia Muslims, the day carries themes of sacrifice, dignity, and standing for truth against power.
Um Mustafa, who runs the mawkib, told Shafaq News that she organizes the initiative every year in Erbil. Volunteers cook rice and qeema, a meat-based Iraqi dish commonly served at religious gatherings, before distributing the meals free of charge to mourners and passersby.
The initiative is meant to “preserve Ashura rituals” and serve those taking part in the commemoration.
While Iraq’s largest Ashura gatherings take place in Karbala and Najaf, the rituals are also observed annually in the Kurdistan Region, including in Erbil, where black banners, mourning gatherings, and food distribution mark the day.
* A mawkib is a volunteer service station that provides food and support during religious commemorations.
https://www.shafaq.com/en/Kurdistan/Erbil-marks-Ashura-with-400kg-community-meal