Iraq Economic News and Points To Ponder Thursday Afternoon 5-28-26
Iraq To Probe Major State Contracts In Corruption Crackdown
2026-05-28Shafaq News- Baghdad Iraqi Prime Minister Ali Al-Zaidi on Thursday ordered corruption investigations into several major government contracts as part of his new administration’s anti-corruption campaign and “efforts to protect public funds.”
Al-Zaidi directed oversight authorities and law enforcement agencies to examine contracts previously signed by ministries and state institutions to determine whether they “complied with Iraqi laws, safeguarded public interests, and resulted in financial harm to the state.”
The investigations will also seek to identify those who benefited from the contracts “at the expense of the public interest,” in addition to uncovering negligence, abuse of authority, and potential misuse of public funds.
Although Al-Zaidi’s office did not offer further details, the investigations could affect contracts tied to infrastructure, procurement, energy, and public spending at a time when the government has pledged to attract foreign investment and reform state institutions.
After taking office earlier this month, Al-Zaidi described corruption as “an obstacle to development that delays the progress of the state” and vowed to “protect public funds and pursue administrative and financial corruption in all its forms.”
Iraq ranked 136th globally in Transparency International’s 2025 Corruption Perceptions Index with a score of 28 out of 100, keeping Iraq among the world’s lowest-ranked countries in public-sector transparency and making corruption one of the country’s most persistent political and economic challenges despite repeated reform campaigns launched by successive governments since 2003.
The country has also faced repeated corruption scandals in recent years, including the 2022 “theft of the century” case involving roughly $2.5 billion in missing tax funds, one of the largest financial scandals in modern Iraqi history.
Read more: Iraq's corrupt maze: Oil, bribes, and broken trust
https://www.shafaq.com/en/Economy/Iraq-to-probe-major-state-contracts-in-corruption-crackdown
Oil Prices Surge 3% On US-Iran Military Clash
2026-05-28Shafaq News Oil prices jumped more than 3% on Thursday after Iran's Revolutionary Guards said they targeted a U.S. airbase in response to a U.S. attack near Bandar Abbas airport.
Brent crude futures rose $3.51, or 3.72%, to $97.8 a barrel by 0344 GMT, while the more active August contract gained $3.35 or 3.63%, to $95.6. The July contract is set to expire on Friday.
The U.S. West Texas Intermediate futures were up $3.31, or 3.73%, at $91.99.
Both benchmarks slipped more than 5% to touch their lowest in a month in the previous session on the possibility of a U.S.-Iran deal to end their war and reopen the Strait of Hormuz.
Iran's Revolutionary Guards said on Thursday they targeted a U.S. airbase after what they described as an early morning U.S. attack near Bandar Abbas airport, Tasnim news agency reported.
They warned that any repeat of what they called aggression would draw a "more decisive".
The U.S. military launched new strikes in Iran targeting a military site that officials believed posed a threat to U.S. forces and commercial maritime traffic in the strait, a U.S. official told Reuters.
"Oil supply remains constrained, and key sticking points have yet to be resolved," ANZ commodity strategist Daniel Hynes said in a note.
In the U.S., crude oil stockpiles fell by 2.8 million barrels last week, the sixth straight week of declines, according to American Petroleum Institute data.
Official inventory data from the U.S. Energy Information Administration are due on Thursday, a day later than usual due to the Memorial Day holiday on Monday.
(Reuters) https://www.shafaq.com/en/Economy/Oil-prices-surge-3-on-US-Iran-military-clash
Prime Minister's Advisor: Iraq Is On The Verge Of Major Economic Changes Under The Guidance Of Al-Zaidi
Baghdad Today - Baghdad:The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Saleh, confirmed on Wednesday (May 27, 2026) that Iraq is going through an important transitional phase at the economic level, noting that the directives of Prime Minister Ali al-Zaidi have brought about a shift in the philosophy of managing the state's financial and economic affairs, which paves the way for broad transformations during the coming period.
Saleh said in a statement followed by “Baghdad Today” that “Al-Zidi assigned the Minister of Finance the duties of Deputy Chairman of the Ministerial Council for the Economy, which is a measure that reflects the philosophy of the modern state that sees the Ministry of Finance as a sovereign institution concerned with planning the economic future, and not just an entity for distributing salaries.”
He pointed out that "Iraq is about to undergo broad changes in its economic structure," noting that "the Prime Minister has asked the Ministry of Finance to prepare a long-term plan and move from the role of treasurer to a ministry that leads the reform of the philosophy of the economic system and creates a balanced partnership between the state and the market, within the framework of Iraq Vision 2035."
Saleh explained that "the Ministerial Council for the Economy has become the main engine for economic policies, and that it will lead the next phase by transforming temporary solutions into sustainable institutional work aimed at reforming the structure of the national economy."
He also explained that "implementation includes comprehensive oversight extending from the Financial Control Bureau to ministries such as industry and agriculture, reaching the oversight of financial markets," stressing that "the citizen is the primary goal of development programs and improving the standard of living."
In the same context, Saleh stressed that “the Central Bank of Iraq is independent in its work, but it coordinates within the Ministerial Council for the Economy, which is headed by the Ministry of Finance,” explaining that “there is a Council for Economic, Monetary and Financial Stability in which all essential economic files are presented.”
https://baghdadtoday.news/300161-.html
Integrity Commission Foils Attempt To Seize 1.5 Trillion Dinars From Rafidain And Rasheed Banks In Baghdad
Thursday, May 28, 2026 10:47 | General Baghdad/ NINA /The Federal Integrity Commission announced the thwarting of an attempt to seize one and a half trillion dinars from Al-Rafidain and Al-Rasheed banks in Baghdad.
The Commission stated in a press release that "the field team in the Baghdad Investigation Directorate, in direct coordination with the competent judicial authorities, went to Al-Rafidain Bank/General Administration, where, after monitoring and investigation, they were able to apprehend (3) defendants in possession of forged statements and checks which they intended to cash illegally.
" The statement further indicated that "(7) forged checks, allegedly issued by Al-Rasheed and Al-Rafidain Banks, with a total amount of approximately one and a half trillion dinars, were seized, intended for the benefit of the defendants."
It explained that "during the operation, which was carried out in accordance with the provisions of Articles (298 and 289) of the Penal Code, the original contract for the sale of a deposit in the name of one of the defendants for the amount of (612,000,000,000) dinars was seized." The statement noted that "the defendants confessed to attempting to process the check cashing transaction in violation of the law."
It also indicated that "coordination with the management of Al-Rafidain Bank was underway." The investigation uncovered the forged checks, and initial inquiries by the team revealed no such sums or accounts belonging to the accused.
A formal seizure report was prepared and presented, along with the accused, before the judge of the Second Karkh Investigation Court, which specializes in integrity cases. The judge ordered their detention pending the completion of investigative procedures. /End 2. For more news, subscribe to our Telegram channel. https://www.ninanews.com/Website/News/Details?Key=1298228
Prime Minister: Confining Weapons To The State Is A Decision, Not An Option, And Boosting Investment Is A Government Priority
Baghdad - One News 5/28/2026 Prime Minister Ali Falih Al-Zaidi received a group of tribal sheikhs and dignitaries today on the occasion of Eid al-Adha, stressing the government’s continued commitment to implementing the project of restricting weapons to the state and enhancing security and economic stability in the country.
The Prime Minister said that the government “is proceeding with the project called for by the Supreme Religious Authority, which stipulates that weapons be restricted to the state,” stressing that “the state must be the only entity that has a monopoly on weapons, and that the possession of force must be limited to state institutions, and this is a decision, not an option.”
He stressed the importance of preventing the spread of weapons and their use in random shooting or tribal conflicts, calling on Iraqi tribes to play a greater role in supporting security and stability and preventing any violations that threaten the country’s security.
On the political and economic front, the Prime Minister explained that Iraq continues to strengthen its relations and cooperation with the international community, noting that the government is working on “drawing a new economic identity for Iraq and moving away from the socialist mentality by attracting global companies to invest.”
He added that the government will not allow any cases of extortion or obstruction of the work of foreign companies inside Iraq, stressing the provision of a stable investment environment that supports economic development and job opportunities.
He also stressed the importance of balance in political and social discourse and promoting coexistence among all components of the Iraqi people, in order to ensure the protection of citizens’ rights and consolidate national stability.
https://1news-iq.net/رئيس-الوزراء-حصر-السلاح-بيد-الدولة-قرا/