Iraq Economic News and Points To Ponder Tuesday Morning 6-16-26
United Nations: Iraq's Four Presidencies Agree On Ensuring A Decent Life For All Citizens
Iraqi News Agency (INA) Baghdad INA - June 15th, 2026 The UN Assistant Secretary-General and Regional Director of the United Nations Development Programme (UNDP) for Arab States, Abdullah Al-Dardari, affirmed on Monday that Iraq's four presidencies are in agreement on combating corruption and adopting a competitive economy to ensure a decent life for all citizens.
During a roundtable discussion with several media, including the Iraqi News Agency (INA), Al-Dardari stated, "During my visit to Iraq, I had the honor of meeting with the four presidencies and a number of ministers," indicating that "this demonstrates their interest in what the United Nations program can offer Iraq."
He added, "I heard comprehensive and aligned visions among the four presidencies regarding the necessity of transitioning to a strong, competitive Iraq that guarantees a decent life for all citizens and public services, with an economy based not solely on rent-seeking but on competitiveness, combating corruption, reforming and developing the social protection system, and reforming the subsidy system, as it does not satisfy the citizen and public finances in its current form.”
Al-Dardari emphasized, "I was surprised by the depth and breadth of the vision, and most importantly, the strong political consensus among the four presidencies regarding this vision and the boldness in confronting it," noting that "any government that confronts corruption, subsidies, arms control, social protection management, and economic diversification simultaneously is a testament to the boldness of its approach, and we cannot remain as we are."
Standard & Poor's Affirms Iraq's Sovereign Rating And Removes It From Negative Watch.
Economy - 13/06/2026 Mawazin News - Economy Standard & Poor's Global Ratings affirmed Iraq's sovereign rating at 'B-/B' and removed its long-term rating from negative watch. The agency assigned a negative outlook, citing risks of conflict in the Middle East over the next six to twelve months, including continued disruptions to export trade routes through the Strait of Hormuz and potential damage to infrastructure. Iraq's economy remains heavily reliant on the oil sector, making it particularly vulnerable to the decline in crude exports through the strategic waterway, according to Reuters.
The agency forecasts full-year oil production to average 2.9 million barrels per day in 2026, down approximately 28% from the pre-war average of 4 million barrels per day recorded in 2025, attributing its forecast to current production levels and the fragile recovery expected in the second half of the year.
The agency stated that, given that oil revenues constitute more than 90% of budget revenues and merchandise exports, Iraq's fiscal and balance of payments positions are likely to remain under pressure this year, projecting a 15% contraction in real GDP.
A rise in average oil prices during the period Standard & Poor's said that 2026 could provide some support for fiscal and external revenues, assuming a gradual recovery in oil exports in the second half, which remains its baseline scenario.
The agency had placed Iraq's long-term sovereign rating of "B-" on negative watch in March, citing the risk of a downgrade after a sharp drop in oil production linked to escalating conflict in the region.
https://www.mawazin.net/Details.aspx?jimare=283571
Source To Al-Sharq: Anticipation For The Arrival Of The US Envoy To Discuss The Completion Of The Cabinet Formation And Arrangements For The Meeting Between Al-Zaidi And Trump
Baghdad - One News - 6/15/2026An Iraqi government source revealed that the US Special Envoy to Iraq, Tom Barrack, will visit Baghdad in the coming hours to hold talks with Iraqi officials on a number of political and security issues.
The source explained that the visit will address the completion of Prime Minister Ali al-Zaidi's cabinet, in addition to discussing the issue of restricting weapons to the state and the factions that have agreed to hand over their weapons.
He added that Barak will discuss preparations for al-Zaidi's upcoming visit to the United States, and will also head to the Kurdistan Region to discuss outstanding issues between Baghdad and Erbil.
The visit comes at a time when al-Zaidi's anticipated visit to Washington represents an important step towards reorganizing the paths of political, security and economic cooperation between the two countries.
https://1news-iq.net/مصدر-للشرق-ترقب-لوصول-المبعوث-الأميرك/
US’s Barrack Arrives To Shape ‘New Direction’ In Iraq Ties
2026-06-15 / Shafaq News- Baghdad US Special Envoy to Iraq and Syria Tom Barrack arrived in Baghdad on Monday for meetings with Prime Minister Ali Al-Zaidi and senior Iraqi officials, focusing on shaping “a new direction for a strong and mutually beneficial US-Iraq relationship.”
Barrack said, shortly after his arrival, that he would convey US President Donald Trump's support for the Iraqi government during his meeting with Al-Zaidi.
Ambassador Tom Barrack @USAMBTurkiye Happy and honored to be back in Baghdad, meeting with our great U.S. Embassy team led by Chargé d’Affaires Joshua Harris. Today I will meet with Prime Minister Al-Zaidi to convey President Trump’s support for his government, and discuss our partnership on a new direction for a strong and mutually beneficial US-Iraq relationship.
A government source previously told Shafaq News that the visit will cover Baghdad's position on armed factions seeking to dismantle their military wings and join the Popular Mobilization Forces (PMF), Iraq's state-sanctioned security umbrella.
Discussions are also expected to pave the way for Al-Zaidi's planned trip to the United States and explore proposals to ease political tensions while preserving the country’s power-sharing framework.
Read more: Trump's new Iraq-Syria envoy faces an Iran test Syria never posed
https://shafaq.com/en/Iraq/US-s-Barrack-arrives-to-shape-new-direction-in-Iraq-ties
The Parliamentary Finance Committee Rules Out Approving The Budget And Calls For Exploring Financial Alternatives.
Information / Baghdad... Member of the Parliamentary Finance Committee, Hussein al-Daraji, ruled out the possibility of approving the general budget this year, indicating that the Finance Committee will hold a series of meetings during the upcoming legislative session to discuss available options and alternatives.
Al-Daraji told the Information Agency, "Current data does not suggest the possibility of approving the general budget this year given the existing financial and economic challenges."
He added, "The Parliamentary Finance Committee will begin holding intensive meetings during the upcoming legislative session to study suitable alternatives that can ensure the continued funding of state institutions and cover necessary expenditures."
He pointed out that "the next phase requires developing financial and economic solutions that are appropriate to the current reality and ensure the continued fulfillment of governmental and service obligations."
He affirmed that "the Finance Committee will work in coordination with relevant authorities to reach realistic solutions that contribute to overcoming the existing financial challenges." End/25
Supporting Iraq With Electricity: The Most Prominent Topic Discussed In The Meeting Between Al-Zaidi And Trump's Envoy
Money and Business Economy News — Baghdad Prime Minister Ali Faleh al-Zaidi and US President Donald Trump’s special envoy Tom Barrack renewed on Tuesday their shared commitment to establishing a strong and mutually beneficial Iraqi-American partnership.
A statement from the Prime Minister's office, received by "Al-Eqtisad News," stated that "Al-Zaidi and President Trump's Special Envoy Tom Barrack reaffirmed the shared commitment of the Iraqi government, led by Prime Minister Ali Al-Zaidi, and the United States government, led by President Trump, to establish a strong and mutually beneficial US-Iraqi partnership capable of fulfilling the aspirations of Iraqis for a future of sovereignty, security, and prosperity, and providing tangible benefits to both the Iraqi and American peoples."
The statement added that "Barak conveyed Trump's desire to receive Prime Minister Ali al-Zaidi at the White House in mid-July to discuss the future of this important relationship."
According to the statement, the two sides discussed "the shared and ambitious vision of the Iraqi government to build a brighter future free from terrorism, and to implement Iraqi plans aimed at the complete disarmament and disbanding of all armed groups and formations operating outside the authority and control of the Iraqi state, and to confine weapons to the hands of the state, and to impose full sovereignty, in a way that ensures that Iraq is kept away from conflicts and that its territory is not used by any party to threaten regional peace," noting that "al-Zaidi and Barak stressed the urgent need to fully accomplish these efforts."
Al-Zaidi reiterated Iraq's commitment to deepening trade and investment relations between the two countries, which Barak welcomed as a shared approach.
According to the statement, both sides also praised “Iraq’s decision to complete the granting of the operating license to Starlink, to provide world-class internet services to Iraqi consumers, and to launch negotiations with Chevron to develop the West Qurna-2 and Nasiriyah oil fields, in a way that achieves mutual benefit for both sides, and to enable the American companies HKN, Western Zagros and Hunt to resume their operations with the provision of full security guarantees, and to move forward with the memorandum of understanding with TI Capital to rehabilitate the Kirkuk-Banias pipeline as a vital route for oil exports.”
The Prime Minister and the Special Presidential Envoy also reaffirmed "the shared commitment to expanding trade cooperation between the United States and Iraq to support Iraq's electricity needs, including Excelerate Energy's project to develop a floating liquefied natural gas (LNG) import terminal in Khor Al-Zubair."
Both sides also emphasized "the importance of supporting a strong, united, sovereign, federal, democratic Iraq based on well-established constitutional institutions, and ensuring full equality for all citizens, thereby enhancing Iraq's unity, stability, and prosperity." https://www.economy-news.net/content.php?id=70299