Iraq Economic News and Points To Ponder Monday Evening 8-10-26
International Experts Join Iraq Effort To Trace Stolen Funds
2026-08-10 Shafaq News- Baghdad US and other international experts specializing in tracing stolen or smuggled funds have arrived in Baghdad to support Iraqi efforts to recover public money, an informed source told Shafaq News on Monday, as the government presses ahead with its Dawn Crackdown anti-corruption campaign, launched on June 28.
The international committee, which has been in the capital for several days, began working with Iraq’s anti-corruption team to track funds, particularly dollars, drawing on the experts’ knowledge of financial flows to identify the parties involved and methods used to smuggle public money.
The source expected the coming period to bring arrests of figures he described as “corruption whales,” indicating that the campaign would reach beyond ministers, deputy ministers, and directors-general to other key suspects whose identities would be disclosed later.
Meanwhile, money recovered from some individuals convicted of stealing public funds is undergoing audits and technical procedures to establish its original source before being processed through the state treasury system.
Salam Al-Zubaidi, a senior member of the Al-Nasr (Victory) Coalition, told Shafaq News that Baghdad was cooperating with the team and other international bodies experienced in combating corruption and recovering assets. He added that Iraq was seeking Interpol cooperation to arrest senior suspects who previously held political or government positions, including former ministers.
“No one is exempt from the law, and there is no immunity for the corrupt."
Iraqi authorities detained at least 210 officials, lawmakers, employees, and business figures during the first six weeks of the Dawn Crackdown, according to a Shafaq News review of cases documented between June 28 and August 9.
https://www.shafaq.com/en/Iraq/International-experts-join-Iraq-effort-to-trace-stolen-funds
Global Finance Awards An Iraqi Bank A Global Prize In Recognition Of Its Performance
Economy News — Baghdad 2026/08/10 - The National Bank of Iraq announced on Monday that it had won the “Best Bank in Iraq for 2026” award, granted by the international magazine “Global Finance”, as part of its annual Best Bank Awards 2026, which honors the most distinguished banking institutions worldwide.
The bank said in a statement, "This win is a significant milestone in the bank's journey, as it was chosen for the first time as the best bank in Iraq, alongside a select group of the most prominent banking institutions in the Middle East and the world, in an achievement that reflects the growing status the bank has attained and the confidence of local markets and international bodies in its performance and strategy."
He explained that "the awarding of this prize came in recognition of the development, institutional and digital transformation journey that the bank has pursued over the past years, and its continuous commitment to enhancing the quality of banking services and innovating advanced financial solutions that meet customer needs, in addition to its active contribution to supporting and developing the banking sector in Iraq."
Commenting on this honor, the Managing Director of the National Bank of Iraq, Ayman Abu Dahim, said, “The bank’s receipt of this award reflects the progress it has made in recent years in developing banking services and enhancing the bank’s digital infrastructure, within a vision aimed at improving customer experience and providing advanced financial solutions that meet market demands.”
Abu Dahim added, "This achievement is an incentive to continue working to consolidate its position as a leading banking institution in Iraq by expanding the scope of banking services and adopting the latest innovations in the financial sector, which contributes to supporting the development of the banking sector in Iraq and enhancing its role in supporting economic activity." https://www.economy-news.net/content.php?id=72449
Japan Backs Deeper Investment Ties With Reforming Iraq
2026-08-10 Shafaq News- Baghdad Japan linked Iraq’s economic growth and improving investment environment to greater security and economic stability, anti-corruption measures and policies aimed at attracting investment, Ambassador Akira Endo stated on Monday.
Endo made the remarks during a meeting with Prime Minister Ali Al-Zaidi, where he conveyed an official invitation from Japanese Prime Minister Sanae Takaichi for Al-Zaidi to visit Tokyo and deepen bilateral economic and investment cooperation. Al-Zaidi urged Japanese companies to expand their presence in Iraq, particularly in energy, technology and development, while calling for sustainable economic partnerships.
Iraqi Prime Minister Media Office
Prime Minister Ali Faleh Al-Zaidi Receives Official Invitation From Japanese Prime Minister To Visit Tokyo
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Prime Minister Ali Faleh Al-Zaidi received today, Monday, an official invitation from Japanese Prime Minister Sanae Takaichi to visit the Japanese capital, Tokyo.
The invitation was conveyed during the Prime Minister’s meeting with the Japanese Ambassador to Iraq, Mr. Akira Endo, who delivered the invitation on behalf of the Japanese government and expressed his country’s commitment to strengthening relations of cooperation and partnership with Iraq.
The Prime Minister expressed his appreciation for the Japanese invitation, emphasizing the importance and depth of Iraqi-Japanese relations and Iraq’s commitment to developing them across various fields, particularly in the economic and investment fields.
The Prime Minister noted that Iraq attaches great importance to building sustainable economic partnerships and expanding joint cooperation in the fields of energy, technology, and development, in a manner that contributes to building a more effective economic model. He also called on Japanese companies to expand their presence and investments across various development sectors in Iraq.
For his part, the Japanese Ambassador expressed his pleasure at conveying his government’s invitation to the Prime Minister to visit Japan, noting that the visit represents an important step toward strengthening bilateral relations and will open broader prospects for cooperation between the two countries, particularly in the economic and investment fields.
The Ambassador noted that Iraq, under its new government, is witnessing economic growth and an improved investment environment, supported by security and economic stability, the government’s anti-corruption measures, and economic policies aimed at promoting development and attracting investment.
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Media Office of the Prime MinisterAugust 10, 2026
Iraqi authorities detained at least 210 officials, lawmakers, employees and business figures during the first six weeks of the Dawn Crackdown anti-corruption campaign, according to a Shafaq News review of confirmed cases between June 28 and August 9. The campaign reached at least ten provinces and several ministries.
Read more: Corruption arrests in Iraq pass 210 under PM Al-Zaidi
https://www.shafaq.com/en/Iraq/Japan-backs-deeper-investment-ties-with-reforming-Iraq
Pm Al-Zaidi Discusses Fiscal Reforms With Finance Committee
Mohammed Jangadost2
At a Glance
Inter-branch coordination prioritized to align executive strategies with parliamentary oversight.
Performance-based budgeting introduced for the first time to streamline federal expenditure.
Power sector prioritized alongside an uncompromising anti-corruption drive across state institutions.
Economic strategy unveiled to build an administrative framework designed to attract global investment.
Prime Minister Ali Faleh al-Zaidi hosted the Chairman and members of the Parliamentary Finance Committee at the Prime Minister's Office, alongside the Minister of Finance and the Governor of the Central Bank of Iraq.
The high-level meeting focused on aligning fiscal policy, executing structural economic reforms, and strengthening institutional coordination between the executive and legislative branches to tackle Iraq's priority development challenges.
Key Statements and Focus Area
Performance Budgeting: "For the first time, Iraq has initiated the transition toward program and performance budgeting, establishing a strategic roadmap that directly links public expenditure to concrete outcomes and economic efficiency."
Anti-Corruption Commitment: "There are zero red lines in prosecuting corrupt individuals. Parliamentarians must exercise their constitutional oversight to support government measures aimed at drying up the sources of corruption."
Economic Vision: "The administration is formulating a state-building strategy centered on creating a new economic model for Iraq, establishing corruption-free public agencies, and strengthening constitutional security institutions."
Executive-Legislative Framework and Fiscal Planning
During the consultation, Prime Minister Al-Zaidi emphasized the critical role of the Council of Representatives and its Finance Committee in advancing government reforms designed to address legacy systemic challenges. Central to the financial agenda is Iraq's historic pivot toward performance-based budgeting, a framework designed to replace traditional line-item spending with outcome-oriented resource allocation.
The Minister of Finance and the Central Bank Governor outlined complementary monetary and fiscal measures aimed at reinforcing market stability and safeguarding public funds.
Priority Sectors, Anti-Corruption, and Foreign Investment
The Prime Minister designated the electricity sector as an area requiring exceptional state focus, committing dedicated administrative resources to overcome infrastructure bottlenecks.
Al-Zaidi further highlighted growing international corporate interest in Iraqi markets, alongside readiness from global financial institutions to support the nation's economic trajectory.
To capitalize on this interest, the administration is actively refining regulatory frameworks to establish an attractive climate for foreign direct investment.
Legislative support and Institutional Coordination
To maintain continuous alignment, Prime Minister Al-Zaidi directed the establishment of a formal schedule for regular joint meetings between executive officials and parliamentary committees.
In response, the Chairman and members of the Parliamentary Finance Committee affirmed their full support for the government's direction.
Lawmakers presented specific legislative proposals to spur non-oil economic sectors, streamline energy projects, and foster job creation through industrial diversification and private sector growth.
FYI
Iraq's fiscal governance has long faced structural hurdles, including heavy reliance on volatile oil revenues and public sector wage burdens.
The implementation of program-based budgeting represents a significant shift toward modernizing public financial management, bringing Iraq closer to international fiscal standards.
Furthermore, institutionalized cooperation between the Prime Minister's office, the Central Bank, and the Finance Committee is vital for securing legislative backing on crucial fiscal bills, improving investment security, and sustaining public infrastructure development amid broader regional economic shifts. https://channel8.com/english/news/6345