Iraq Economic News and Points To Ponder Late Monday Evening 9-28-26
Finance Refers The Draft Federal Budget For 2027 To The Ministerial Council For The Economy
Money and business Economy News – Baghdad The Ministry of Finance referred the draft federal budget for 2027 to the Ministerial Council for the Economy, after completing the stages of its preparation.
The ministry said in a statement that the completion of the draft budget is the result of continuous working meetings of the Supreme Committee for the preparation of the budget, including hosting representatives of ministries, the Kurdistan region and the provinces, as well as consulting financial experts from inside and outside Iraq.
The minister stressed that the ministry has fulfilled its obligations in the completion of the draft budget within the specified times, indicating that its preparation includes a gradual application of the approach of budgeting programs and performance in the electricity sector and the governorates of Diwaniyah and Salahuddin, in order to enhance the linkage of allocations to goals and results and measure the impact of spending, in preparation for the expansion of its application to state institutions.
He pointed out that the draft budget took into account the priorities of the government program, taking into account the economic and financial changes, spending priorities and the needs of important segments of society, within the limits of the available financial potential, with a focus on enhancing non-oil revenues and consolidating fiscal discipline.
The Ministerial Council of the Economy is scheduled to discuss the draft budget, in preparation for the completion of its discussions and submitted to the Council of Ministers in accordance with the approved contexts. https://www.economy-news.net/content.php?id=74395
Reconstruction: Initiation Of Procedures For The Transfer Of Land Ownership Of The One Million Plots Of Land Initiative
Money and business Economy News – Baghdad The Ministry of Construction, Housing and Public Municipalities is currently coordinating with the competent authorities to initiate the procedures for the transfer of land ownership of the One Million Land Initiative.
The official spokesman of the ministry said that "the Directorate of Public Municipalities of the ministry is represented in the technical committees formed with the competent authorities, preparing to initiate the procedures of transferring the ownership of land for the initiative of Prime Minister Ali al-Zaidi to distribute one million plots of land among the beneficiaries of citizens."
He added that "the Directorate, in coordination with the municipal departments in the provinces and the ministries of defense and agriculture, in addition to the Directorate of Real Estate Registration and State Real Estate, is currently working to address technical obstacles and dismantle the overlaps between the land and sort the allocation of the initiative."
Sabah revealed that "there are 275 thousand plots of land in Baghdad and all governorates have been allocated to the initiative as a first stage," pointing to "the existence of land with agricultural rights for people to be compensated by the Ministry of Agriculture, and others of the Ministry of Defense entered within its plan to own its members, such as the city of Al-Fursan in Al-Nahrawan in Baghdad."
In the same context, he said that "land can not transfer its ownership to the municipal departments only after the completion of its main designs to determine whether it is within the municipal borders or outside."
He pointed out that "the provinces are currently working on the completion of designs for these cities or the expansion of their basic."
The official spokesman of the ministry warned that "these procedures are being resolved by the competent authorities in full swing and through intensive meetings in order to move the initiative to an advanced stage of implementation, especially since it is scheduled to launch a platform and an official integrated electronic link to receive citizens' requests from the targeted segments during the month of October."
He pointed out that "five provinces announced their readiness to implement the initiative, namely Karbala, Najaf, Anbar, Muthanna and Maysan, while coordination is underway with the rest of the provinces to complete their procedures and start implementation," noting that "the calculation of the number of land in the provinces is in accordance with the census, and the poverty rate for each of them, which is determined by the Ministry of Planning."
Sabah stressed in the same regard, that "the country's actual need of housing units currently reaches two million and three hundred thousand, and therefore the initiative of Prime Minister Ali al-Zaidi, will solve a large part of the need of Baghdad and the provinces https://www.economy-news.net/content.php?id=74434
Iraq And The United States Discuss Strengthening Cooperation In The Recovery Of Smuggled Funds And Extradition
Money and business Economy News – Baghdad The head of the Federal Integrity Commission, Dr. Mohammed Ali Al-Lami, stressed that combating corruption and protecting public money requires concerted national and international efforts, and strengthening cooperation in the prosecution of those involved in corruption and enrichment issues at the expense of public money, and the recovery of wanted persons and smuggled funds.
During his meeting with the Chargé d'Affaires of the Embassy of the United States of America in Iraq (Stephen Fagin), Al-Lami stressed the importance of activating international cooperation mechanisms and benefiting from the contents of the United Nations Convention against Corruption, in particular the provisions of Chapter V on asset recovery, describing the recovery of funds and assets obtained from corruption as a cornerstone of international efforts to combat it, while alerting to the importance of removing obstacles to recovery such as dual nationality, different legislation and allegations of political targeting.
He pointed out the importance of giving the preventive aspect a wide area in anti-corruption strategies, in line with Chapter II of the UN Convention, through the development of preventive measures, the promotion of integrity, transparency and accountability, the consolidation of functional codes of conduct, the reduction of conflicts of interest, the promotion of transparency of public money management and government procurement, as well as the expansion of community and media participation in prevention efforts and the dissemination of a culture of integrity.
He pointed out that the promotion of integrity and the fight against corruption contribute to the creation of a safe and attractive environment for investment, through the establishment of the rule of law, transparency and equal opportunities and the protection of investors and money from corrupt practices, stressing the importance of supporting government trends aimed at expanding investment opportunities and enhancing economic cooperation with foreign countries and companies.
For his part, the Chargé d'Affaires of the United States of America in Iraq (Stephen Fagin) expressed his country's desire to intensify cooperation with Iraq in various fields, especially with the development of cooperation paths between the two countries from the field of military support to the expansion of economic cooperation, as well as the areas of integrity and the fight against corruption, stressing the importance of continued coordination and exchange of experiences to serve the common interests of the two countries.
During the meeting, they discussed the prospects of cooperation between the Integrity Commission and the US side in the fields of preventing, preventing and combating corruption, exchanging experiences and enhancing coordination in files of common interest, in order to support efforts to protect public money and prosecute and recover the proceeds of corruption
Iraq Recovers 80 Smuggled Artifacts Abroad
Money and business Economy News – Baghdad The Ministry of Justice announced on Monday the restoration of more than 80 Iraqi artifacts and artworks that had been smuggled out of the country, as part of continuous legal efforts to protect the cultural heritage of Iraq and the recovery of its historical property.
The ministry said in a statement received by "Economy News" that its legal efforts, and under the follow-up of Minister of Justice Khaled Shawani, resulted in the restoration of a number of Iraqi artifacts and artworks, as part of efforts to pursue smuggled property and return it to the country in accordance with the approved legal frameworks.
She added that the Directorate of External Claims Management, through the Department of Antiquities and Funds Recovery, continues to follow up and manage cases and claims for the recovery of antiquities, and take the necessary legal measures to recover the pieces resulting from random exhumation, as well as the antiquities that have been stolen, smuggled and traded outside Iraq.
The ministry pointed out that these efforts are being carried out in coordination with the Ministry of Foreign Affairs, the Embassy of Iraq in Washington and the relevant authorities, as part of a continuous program to recover Iraqi antiquities and funds.
She stressed that the measures come in the context of protecting the cultural heritage of Iraq, preserving the heritage of Mesopotamia, and restoring its historical property from outside the country https://www.economy-news.net/content.php?id=74438
China's Big Industrial Firms' Profits Rise 15.7% In 8 Months
Money and business Economy News - Follow-up
Profits of major industrial companies in China rose 15.7% year-on-year during the first eight months of 2026.
Data released by China'sNational Bureau of Statistics on Monday showed that industrial companieswith at least annual major business revenues of about $2.97 million (20million yuan) each, had a combined profit of about $750 billion (5.27trillion yuan) between January and August, according to Xinhua https://www.economy-news.net/content.php?id=74433