Iraq Economic News and Points To Ponder Friday Morning 5-29-26
A US budget of $778.5 million to upgrade 5 military bases
Money and Business Economy News — Follow-up Pentagon documents for fiscal year 2027 show that the Missile Defense Agency requested $778.5 million in funding to upgrade the ground infrastructure of the missile defense system at five military bases.
The Russian news agency Novosti, after reviewing the documents, indicated that the Pentagon is seeking to upgrade five military bases to accommodate new interceptor missiles.
According to the documents, the modernization work will include Fort Greeley and Erickson Air Station in Alaska, Vandenberg Space Force Base in California, Fort Drum in New York, and the Missile Defense Integration and Operations Center in Colorado.
The funds are earmarked for upgrading fire control systems, protected networks, communication stations, and launch platforms.
The funding requested is roughly double last year’s budget of $390.1 million, with documents attributing the increased spending to the move toward a hybrid interceptor missile system, which includes the use of both the older generation (GBI) and the new generation (NGI).
Additional funds will also be allocated to enhance protection against cyber threats and to upgrade the communications network of the missile defense system.
This plan is the largest spending item within the overall budget for the US ground-based missile defense system for 2027, which amounts to $1.36 billion. https://www.economy-news.net/content.php?id=69625
Localities Economy News — Baghdad The Ministry of Construction, Housing and Municipalities confirmed on Friday that the closure of the Hamrin Bridge was a precautionary measure to preserve the safety of citizens, stressing that the bridge structure and concrete supports are completely safe.
Ministry spokesman Nabil Al-Saffar said, “Erosion occurred in the approaches to the Hamrin Bridge because they are earthen dams that were not protected by implementing cladding for the side slopes of the dam,” explaining that “the rise in the water level of Lake Hamrin caused the erosion of the edges of the earthen approaches.”
He added that "the project has reached 89% completion and has not yet been fully completed, and that the previous opening of the bridge was a temporary opening."
Al-Saffar pointed out that “the Diyala Roads and Bridges Directorate sent a letter to the Diyala Governor’s office, the Operations Command, and the Police Command to close the bridge, based on the directives of the Roads and Bridges Department, in order to preserve the safety of road users,” stressing that “the bridge body is structurally sound at 100%, and the concrete supports are also sound, and the problem is limited to the dirt approaches only.” https://www.economy-news.net/content.php?id=69627
France Freezes €4 Billion In Government Spending To Offset Losses Related To The Middle East Conflict
Arabic and international Economy News — Follow-up Media reports, quoting French Finance Minister David Amiel, revealed that the Finance Ministry has decided to freeze government spending of nearly 4 billion euros to compensate for the country’s losses related to the repercussions of the conflict in the Middle East, while keeping the defense and justice budgets unchanged.
Amil explained that the Ministry of Economy and Finance revealed yesterday a plan to freeze state budget allocations worth 3.2 billion euros, in addition to canceling additional allocations of about 847 million euros, as part of measures aimed at containing the costs resulting from the war in the region, according to French media.
This measure complements a previous government plan that saved an estimated 2.2 billion euros, obtained by freezing the reduction in social security contributions for low-wage workers, which was announced by the French government last week.
The French government expects to achieve savings of €6 billion, distributed between €4 billion from the budgets of most ministries and €2 billion from social spending. However, the budgets of the Ministries of Defense and Justice will not be reduced.
The Ministry of Finance indicated that these measures are temporary in nature, noting the possibility of lifting the freeze on funds during the current year depending on developments. A new meeting is scheduled for the end of June to discuss the upcoming emergency austerity measures . https://www.economy-news.net/content.php?id=69626
The Civil Service Council Announces The Completion Of All Procedures Related To The Employment File And Is Awaiting The 2026 Budget.
Localities Economy News — Baghdad The Federal Public Service Council announced on Friday that it has completed all the technical procedures related to the employment file, while making the launch of appointments and the application form contingent on 3 main axes.
Council spokesman Fadel Abdul Zahra Al-Gharawi said, according to the official agency, that "the launch of the new appointments and the electronic application form is linked to several factors and is not limited to the technical aspect only."
He added that “appointments in state institutions are linked to three main axes: firstly, the availability and creation of job positions; secondly, the provision of the necessary financial allocations, which is directly related to the 2026 budget and what it will include in terms of job positions and financial allocations; and thirdly, the need of ministries and government agencies for the required specializations according to their plans and job structure.”
Al-Gharawi pointed out that "the Federal Public Service Council has completed, from a technical standpoint, all procedures related to employment files, application mechanisms, and the employment form. However, the Council is still waiting for the approval of the 2026 budget and the financial allocations and new job grades that will be included in it in order to begin the technical procedures related to the employment file."
He stressed that "the council is keen on all its graduate students, and works according to national and professional responsibility in managing the employment file, adopting the principles of transparency, integrity, justice and equality in all application, nomination and distribution procedures, in order to ensure equal opportunities for all."